says. >> we have already had a bit of a melt up in the first half of the year so we don't necessarily see another melt up happening. >> the idea of transitory is a debate we will be having consistently until october. >> even if we get decent cpr for the next several months, i don't think that will be enough to force the fence and into tightening anytime before 2024. >> you cannot really push the story of inflation targeting and then have a rate hike as soon as 2022. >> this is "bloomberg surveillance." jonathan: from new york city, good morning. this is "bloomberg surveillance." i am jonathan ferro. equity futures up on the s&p 500 this wednesday morning. we advance about 11 points. nasdaq, of 30. talking about talking about

tapering. that wasn't the most important development, it was the bond market. what it did off the comments. 10-year comfortably lower. tom: that banner across the tv of 1.567 speaks volumes to huge body of market participants, this is a global wall street shocked over this move. we have the equity left with us as well and we are seeing some dynamics and into currency market with remember yet to new strength. there is some real nuances. i want to stop the show. the future of richard clarida in the january 22 and may be on this may wednesday it begins to percolate about the makeup of the fed and the next year. jonathan: let's talk about how things changes. i doubt it becomes hawkish. it is set to become devilish maybe. we about in the running to take

the top job at the fed. you have to say it is said to get more dovish, not less so. tom: michael mckee under consideration as well. yes, the trend is hock-dev and toward dove but mostly toward global economists and academic, about the chops of the people involved. the names you mentioned are usually qualified. jonathan: we have become desensitized. lisa: the data ultimately will determine a lot of these paths. however, i will say randy quarles is who i'm looking at stop -- i'm looking at. under fire from no less and senator warren basically saying, you feel the financial system. i'm not sure exactly what she's referring to accepting the fact he has reduced some of the regulations. how will this just tell potential volatility?

jonathan: along the financial system will be safer. lisa: heart -- harsh. tom: review of richard clarida versus the bank regulates inside. lisa, i would say that is more of the political site. lisa: i think the whole thing is becoming political. it will be interesting to see how volume dovetails if it in evidence with his ongoing wish and how does it get more dovish? jonathan: we have the wall street ceos testifying on capitol hill a little bit later today. are they going to beat the drum about the lack of lending with the ceo sitting and saying it is lack of demand? lisa: that is exactly what today is going to look like. why are you not lending more? why are you not trying to bring up the lowest income americans? the question i have is, is fed policy hindering the banks

abilities this point to lend? is this creating some sort of disruption, credit function? this is what we see on an ongoing basis with the glut of cash in the financial system. jonathan: looking forward to that later. one of the main events. the other two in a moment. let's get to the equity market. up about 12 points. nasdaq doing ok, up 34. yields, what the bond market did not do that was interesting. yields what lower. yields higher but not even a basis point this morning. lisa: one of them us under the radar data points yesterday was consumer confidence that came out and showed deterioration in some of the confidence due to inflationary concerns. the idea that is dampening perhaps some people's ability or willingness to go out and spend freely. it is this idea that higher inflation expectations could

slow growth. today we're going to be hearing about those wall street ceos who will be testifying in front of the senate. we have already talked about that very much front and center is a lack of lending at a time when they are flush with cash. 1:30 p.m. i doubt tom is not that enamored -- i know that thomas. that enamored with treasury auctions. but this is interesting. thanks looking to park cash at the federal reserve in return for a small bit of income. it has surged to the highest level since 2016. this speaks to the glut of cash, this idea they just need a list to park it raises questions about for the disruption in the lending function as we see an amazing amount of money clogging up the system, this irony and embarrassment of riches. at 2:00 p.m., gary gensler testifying. interesting to hear what he says about crypto, how much they're going to regulate bitcoin.

we have heard from increasing number of congress members who are concerned about some of the volatility we have seen. at what point will this rise to action? it seems like near-term rather than in the distance. jonathan: why can't all governors be like governor or of new zealand? "these are highly conditional predictions, talking about the second half of next year, who knows where we will be?" isn't that refreshing? "who knows what is going happen next year?" tom: looking out, maybe three or six months, maybe a new induced view on gdp. jonathan: central bank governor being open and honest about an inability to predict the future. howard, what an important transition point for this economy. as you pointed out, peak growth is who potentially and we are about to make this transition from recovery to expansion. how do you think about that

dynamic? how important is it? howard: first of all, you have to say we could argue about the amount of stimulus was the fed is done, but it has been successful. the economy is riproaring. this is a quarter where we will transition from recovery to expansion. we don't know the exact date. maybe it is today. maybe the expansion began this morning. i don't know. the outlook remains sterling in terms of growth. you're looking at 6% plus growth this year. we have not seen that in this country since 1984. after last year, we had negative growth, the worst since 1946. next year we're looking for a slowdown to around 4%. we have not even had that for 20 years. the stimulus and the reopening of the economy is providing a tremendous left. i do think you're talking about the bank lending earlier, i

think you will see the demand for loans pickup. it has to. tom: you talk about the rocky road ahead. we had a lovely move here coming out of this expansion. you are enthusiastic. but you talk about a grind and a rocky take. what am i in if i am enjoying a rocky take day-to-day? howard coble typically, the second year after -- howard :, typically, the second year is much more muted. if you went back and compared the current trajectory of the market to what happened coming out of the 2009 bottom, we have been that path very closely. if we do continue to follow that path or that script, we will have a hiccup or two in the next six months because in 2010 after a surging market in 2009, that

is exactly what happened. that market stuff closed higher in 2010 and will -- still closed higher in 2010 and most likely will this year, but the earnings outlook is truly remarkable, disabled least. the consensus earnings expectations would be for growth of about 30% this year and 13 percent next year, so $182 on the s&p this year, $205 next year. if you look at the first quarter earnings that have been reported, the annualized run rate is around $200. that was adjust the consensus earnings numbers for both this year and next year are materially lower. they could be substantially higher. i do think, yeah, we will have a rocky take. you've seen that a lot of it. should be grinding higher contingent with an economy the strong and heightened inflationary fears. it is going to be that grinding higher interest rates that

create rocky tape but beyond that, the outlook remains very positive. i would not be too cute in time to trade this market. it is too early to turn your back on this bull market. lisa: i am wondering what is priced into u.s. equities given the fact janus henderson upgraded the forecast for global dividend payments to $1.36 trillion, third highest on record. howard: there's a lot priced in. if you look to the consensus numbers and markets 23 or so times for 12 month earnings, historically, for example, 2019 when rates were and it below 2% range on the 10 year had the market at around 60.5 times forward earnings. there is a -- 16.5 times forward earnings. there is a pretty big gap.

in the next six to 12 months, is back and 2.5% range, that is my opinion, so if you go back to that range, that should call -- pressure on equity prices. i have to go back to my comment on earnings. if we earned over $200 this year and $225, maybe even $235 next year and interest rates are moving higher, who is going to want to own anything but stocks? bonds will be negative returns. stocks are really the only game in town. i think people have to bear in mind we could be getting a lot of money coming out of both cash where a lot of money went during the last 12 months, both cash as well as fixed income in order to feel continued gains in stocks. jonathan: we have to leave it there. howard ward.

nasdaq of 38. tom, just for you, it is a happy birthday. tom: it is a happy birthday. lisa: the what? tom: grandpa was long american cotton oil. jonathan: 25 years old today. lisa: [laughter] i am blown away right now. tom: i am beating you to death all day. jonathan: the next time i will quote the dow. this is "bloomberg." ♪ >> secretary of state antony blinken is in egypt the next leg of a diplomatic nation aimed at shoring up the cease-fire between israel and hamas. he will meet with top officials, including egypt's president. rebuild gaza while promising to make sure none of the eight

destine for the territory reaches hamas. justin trudeau beginning to sketch out plans to reopen the u.s. border but canadians don't appear keen to rush it. when travel resumes,, does they overwhelmingly agree proof of vaccination should be mandatory. nearly half of respondents said the border should remain closed until at least september. in india, more than too many people have flat homes is a powerful cyclone hammerson east coast packing winds of up to 96 miles per hour and may push sea levels 10 feet above regular levels. the second severe storm in 10 days and comes as the country battles the worst outbreak of covid-19. one of japan's most influential newspapers, spatial -- calling for the olympics to be canceled. the paper says it will be "unforgivable to go forward the summer games and risk further

spread of covid-19." the latest blow for the olympics scheduled to start july 23. many parts of japan remain under state of emergency. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is "bloomberg." ♪

>> we are focused right now on

responding to the urgent needs that exist in gaza on the humanitarian basis, the urgent need for rebuilding and reconstruction. and then looking to see actions on the part of both israelis and palestinians that take on tension. jonathan: antony blinken. good morning stub i am jonathan ferro. -- good morning. alongside lisa abramowicz and tom keene, i am jonathan ferro. after the treasury market just shrugged in a subtle involution of the language in vice chair clarida, talking about tapering maybe. a load of hedges around that. still come to see yields lower

on the day, i think was quite remarkable. tom: one of the great services we have at "surveillance" is to translate the king's english. what in god sanders crackers mean? jonathan: replace crackers with nuts. tom:. crackers. jonathan: dominic cummings in hearing today saying it is crackers --nuts went --wrong. not surprising this is the tone, the comments the prime minister is making. tom: crackers moving from loud braggart to the northern realm over to nuts.

we digressed to the crackers of washington. emily wilkins joins us in washington. i want to get away from the news flow today to a leading story as they look at where this federal reserve is heading. it is may. we get to the summer. we move on an year. it may be a new fan. how the president shape the federal reserve? emily: at this point, president biden as try to be as hands-off as he possibly can with it. he has not spoken of a lot of numbers. he is not try to influence them. a dryships what we saw with former president trump -- a shift from what we saw with former president trump. it is a little unclear exactly how president biden is going to go forward but we know yes pressure from within his own party. yesterday we saw senator elizabeth warren in hearing with

one of the vice chair zinke was that up to the oversight that was needed on some of these federal institutions, including -- jonathan: the federal reserve chair has not spoken to the president because this administration is where he got trading on the independence of the federal reserve, yet listen to the conversation we are about to have. the administration -- i have no issue, had no issue the previous administration with the fed. but if you're recasted with the federal reserve is going to look like, you're doing that for your own personal gain. tom: a massive astra, they're resetting after the unique reserve tone of a trumpet administration. emily wilkins, i believe there is an advisor, what is secretary yellen going to tell him about the next chair of the next vice-chairman of monetary policy? emily: look, secretary yellen is

in this unique role where she has held all of these different positions within the federal government, has this really unique insight to the role and to what is needed. what we would expect a certain extent, she is in biden's cabinet and we would expect the two of them to speak with each other. i think a lot of it will be coming -- what we are going to see the economy do as we continue this recovery. are we going to continue to see high inflation numbers? are we going to see unemployment really not come back with what we were initially expecting? i think they are a lot of metrics to consider. a lot of questions about what the economy as would a look like and what the fed's role in stimulating it needs to be. lisa: senator warren's comments to randy quarles really highlights perhaps divide in terms of congress members when it comes to big banks and this comes ahead of the hearing sensor today in front of the senate.

what jonathan was talking about, senator warren sing "i financial system will be safer when you are going. i urge president biden to fill your role was someone who will keep our financial system safe." is the argument the financial system has not been safe? emily: it senator warren has always been sort of very diligent, perhaps, is the word or very progressive could be another word when it comes to the financial market, making sure consumers are being protected. she has called out this one instance as a concern for her. but this has been her role as a big watchdog of the financial institutions. i would say her views are not necessarily shared by everyone within the democratic party. she is a strong and outspoken was. i'm sure there are many that have thoughts about how the biden administration can best receive what they would like to see coming up from the federal reserve in the next -- i think

senator warren is a loud voice, but she's also not the only was. jonathan: thank you emily wilkins. the numbers don't help the banks. you're not allowed to make money in the downturn. wall street's biggest banks. you know where they will point. it will be interesting. lisa: they can point to they have been a bastion of civility. perhaps not at risk of any sort of insolvency whatsoever, even with pretty big missteps, but i am looking at this and thinking, ok, yes, they have record profit. but on the financial stability site, do you really see any argument? jonathan: i am with you. but this is about objects. it is about the politics and the optics. you know how this works. you take the video, clip it, put it on youtube and send it out to constituents. that is how this works. that is what this is going to be. lisa: i wonder how much the infosys is going to be on

lending? why are they not lending to more people and could not the banks seo say that is not profitable press? tom: i hate to get back to the microeconomic sense for the conversation, but that demand is not there. jonathan: yet $5 billion or something and a market funds. tom: do you have the chart right now? lisa mentioned this earlier, it is all over come zero hedges has tended a bigger. the amount of cash parked. it is unreal. on radio, there is a spike up in a circle, which is like five days ago. now we have exploded up to near record cash parked because they don't know what to do with that. lisa: this goes into the reverse repo operations. the fed has been offering. he said the biggest taken by the bank since 2016. banks are searching for a way to put that cash somewhere they can get any modicum of income.

jonathan: likely to be a bit of a soap opera. surprised me. coming up, chief economist. i grew futures, 4196 on the s&p. this is "bloomberg." ♪

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jonathan: good morning. price action this morning. story of the equity markets. talking about tapering. you are so bored by that. yields were lower on the session. that is the story on the side of the atlantic. germany, another soft bond auction. 15 your maturity.

let's finish with euro-dollar. tom, briefly, pushing back against the idea of scaling back the asset purchase program seems to be the view over the ecb. imagine on june 10 he might get a little more of that from president lagarde. the euro weaker. tom: a real shift here. i would go back again to the 120 for the birthday of the dow jones industrial average. "the wall street journal" writing up a beautiful treatment on the scope and scale of the doubt. this is my parents heritage. they were depression babies. the dow did not hit a new high off 1929 until 1953. we have no modern analog to that. jonathan: do youquote the temperature in fahrenheit? tom: we do in america.

jonathan: quite meaningless. lisa: that is a low blow. jonathan: we can wrap it up. my favoritequote of the doubt, quoting the scores of again nobody plays anymore. that is my view of the dow. whatever that is worth. happy birthday to the dow jones industrial average, 125 years is great. tom: 34,000, which i never thought we would bring to see. we welcome all of you worldwide on radio and television. i look, lisa, and where we are, this to of an end, stop lisa, to me, the end of may is we are resetting what growth will be later this year. i would say we're getting away from the gloom that was there six weeks ago. lisa: things are not looking gloomy but people are talking about deceleration and growth.

one metric that came out yesterday really went under the radar. m to money supply. you see increasing number of analysts wondering if this perhaps is what is creating some of the wobbles you are seeing any risk orchids, the idea we are not creating money and it is system as quickly as we were the past 12 months. tom: i have trouble with that analysis. i think there has been a lot of good research on this that does not push it aside but it does not have to focus it had when the dow was and 10,000. jonathan: thank you, tom. [laughter] there is not been a strong enough supply. that is why so many economists have pushed back because looking at that on most exclusively as a read on what is about to happen with price pressure. lisa: that is fair. tom: i do think the -- i don't know with the vogue is right now but i'm sure it is very few people are on board with c major

-- steve major. jonathan: yields are lower and have been. tom: we are talking about the fed shift in the ambiguities that are out there. is it just certitude that we get inflation or can you give us a different spin from that? >> i think we already have inflation. it is very clear there are very widespread price pressures in the economy at this point with the ppi up over 6%, cpi up over 4%. i think the realization that price pressures are well above expectation is why we are hearing from fed officials so frequently. the message that inflation is going to prove transitory. tom: then why are yields in? clips i think right now the market is buying the fed message of inflation dismissal. we heard from a number of dead presidents yesterday and this

message that inflation is going to be temporary, is going to prove transitory by the end of the year. and the more that fed officials job on the market, the more we are going to see this more positive reaction in terms of downward pressure on yields. jonathan: do you think in many ways that fed and the market have been on the same page despite the kind of conversations we've had on this program? >> i do think so. there's a lot of concern out there in terms of a longer run inflationary implications, particularly as we see this insatiable appetite for further government spending. in the near term, the market does seem to be in lockstep with the fed really buying this notion that inflation is just a reflection at a temporary recalibration as a stimulus field consumer puts pressure -- temporary pressure on producers but eventually that evens out and we find a new post-pandemic equilibrium.

jonathan: we have new zealand 20 canada starting to push back against loose monetary policy. do you think the fed could get left behind here but the central banks around the world? >> if anything, the fed is pushing the opposite direction, meaning perpetual accommodative policy. the fed has adjusted their framework in how they approach meeting the dual mandate stable prices for employment. from an employment standpoint, they will look at it from a more diversified perspective, meaning even if the national unemployment rate comes down into the fed's range of a live employment, if a group of the labor force is that behind, of the black unemployment rate or female and implement rate, the fed will err on the side of caution, keeping rates lower for longer to give that group left behind additional time to catch up with the rest of the country. on the inflation side, the fed is targeting an average of 2% inflation. this really gives the fed a lot of leeway to let inflation run

high without feeling the pressure to the just policy. this do framework really opens up the runway, gives the fed an incredible amount of room to keep rates lower than they would have otherwise historically under the old framework. lisa: is inflation good or bad? >> i suppose it depends on how much inflation. the fed things a certain amount, minimal amount of inflation is a positive indication the economy is growing. but if you get too much inflation, this can undermine the investment in the savings of the country. a spike into this hyperinflation cycle. is inflation good? a little bit is good. but too much can be very detrimental to the longer-term prospects of the country. lisa: which raises the question about, what is too much? i am thinking about a survey that came out yesterday that showed a decline bigger than

expected on inflation expectations, the fact people expect their money not to go as far going forward. we are seeing this increasingly. at what point to higher inflation expectations dampen economic growth just at a time when the fed does not want to see that? >> right. i think the comfortable range would be a sustained level of about 3% or i should say the uncomfortable range would be sustained level of 3%. the fed, however, has widened the range to suggest they would be comfortable with and above 3% pace for an extended period of time. as i mentioned a second ago, they're targeting an average of 2%. with inflation right now averaging 1.3% since 2015, could easily let inflation write about 3% for the next five years and still not exceed the longer run average of 2%. tom: too much inflation is

detrimental but there's a part that is good. the bright lights of inflation. what is the appropriate run rate for this economy? what is the appropriate nominal gdp? >> i think the long-term potential for this country is one tom: .8%. wow. >> i think what we start to remove the punch ball that has really supported as the primary support for the 2021 growth profile, i see the economy slowing to a closer to a 2%, 3% rate next year and then flowing further into the longer-term, somewhere around 120% to 2%. -- 1.8% to 2%. the bare minimum we should expect. it is what i anticipate in terms of the longer run forecast. jonathan: lindsey piegza, thank you. that right there, forgive the cliche, is why so many people said they want to write value cyclicals and own growth because

this transition back to trade growth is when i take you back to those own names, all names being big tech. tom: i think your dad on. what you want to rent and what you want to own? you hear that. you wonder within the dow or even the younger standard & poor's index, where is the growth and where is the value? that is the great partition. jonathan: are you done on the s&p? tom: i think the s&p is great. i think we visualize our culture off the dow at 34,000, we frame that back to our yields, back to american cotton oil. the national distillery and the other stocks that grandpa own. jonathan: the next decade i'm sure. our guest later on, pushing that he should stay with the cyclicals the cycle, that things have changed. the reluctance is still out there largely because of what

lindsey described, this return to 2%. lisa: i was looking this morning at the month to date returns for the russell 2000. it is the biggest loss since september of last year and it is underperforming a number of other metrics. the s&p is up on the month. to give you sense of how people have been rotating out of some of the cyclicals. is it too early or have we already got to peek growth and looking at a deceleration in the near term? jonathan: it is getting heated. as americans may use fahrenheit but you still use stones for weight. what if i started this morning? tom: can i do a quick shout out? i am still in all of this from what the wall street journal." -- i'm stealing all of this from "the wall street journal." as much as i can. jonathan: coming up johns

hopkins emergency measure -- tom: copper. jonathan: 4196. the yield on the 10 year. this is "bloomberg." ♪ >> carl icahn says crypto may be here tuesday but he has not bought any. in any interview, he also said president biden must be careful not to over stimulate the u.s. economy and said inflation "already missed and that will cause a correction." we will hear more from him at 2:10 p.m. u.k. is backtracking over the tent to restrict travel to coronavirus hotspots and a england. introduced -- backlash triggered

from members of parliament over the and clear guidance which led to the cancellation of public events and some people halting plan vacations. please in northern italy have arrested three people in connection with the cable car accident that left 14 people dead officials say a claim placed on the emergency brake several weeks ago as a temporary repress was never removed. it prevented the brakes from working when the cable snapped. a five-year old boy remains hospitalized. a start of connects restaurants with vegetable to producers has filed for an ipo offering in the u.s. bloomberg has learned they're working with banks, including bank of america and morgan stanley. bloomberg reported they have ribs the considered racing about $300 million.

global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is "bloomberg." ♪

>> in the united states, i think

would be difficult to see this virus spiral out of control again. the virus does not treat people equally. we have to vaccinate aggressively in those groups of people. to me i think we have removed the ability from the virus to treat it much more like other respiratory viruses. jonathan: time to move on, seems to be the message. from new york city this money, good morning. alongside tom keene and his aroma, i'm jonathan ferro. your wednesday morning price action looks like this. the bond market yields, not doing much. libido pushback from the ecb -- a little bit of pushback from the ecb. tom: i would go to the lower

yield as being profound over the last few days. america is opening up. capacity, 63,000. wrigley field in chicago where the chicago cubs are going to move to 60% capacity of almost 42,000 seats. lauren sauer joins from johns hopkins emergency medicine. it is become the theme of the show, which is how to the unvaccinated bounce up an opening america? wrigley field, you put them in section 503 to section five up the middle and nowhere? what do we do with the unvaccinated at sports events? >> i think the biggest thing we have to do is make vaccine available. maybe we have off events, vaccine assets -- available so we can encourage them to get

vaccinated. i think the outdoor events will be where you see a lot of co-mingling vaccinated and unvaccinated people. the place we are in america right now is vaccinated and unvaccinated are going to be together. in many cases, they will be mask less. it is an honor system. tom:, on. i don't mean to interrupt, but you've hit the third rail. an honor system? we did not do that with typhoid. we did not do that with tetanus. we did not do that with diphtheria. where did we come up with pros like you with an honor system? >> i mean, i don't think there is a way around it the way it has been set up. i don't think it is a good system, perfectly frank. i am nervous about being out in public as an individual were so many people in certain places are not vaccinated. and we don't have a way of enforcing vaccination. we don't have a way of document

and vaccination in a meaningful way. -- documenting vaccination in meaningful way. our disparate rules around who could do what is going to create spaces where people may not be as comfortable being in then and you're going to have places where people are mixing vaccinated and unvaccinated no matter what. lisa: can you elaborate a little bit on not feeling safe? there are potentially 70 people who are unvaccinated and not wearing masks. what do you worried that as a vaccinated individual? >> me personally, i am worried about getting a low-grade infection like a breakthrough indexing -- infection and spreading it to people i am close with who have -- who are at higher risk or people i come into contact with that are high-risk. i will continue to wear my mask until i feel like there is a space where we can do that safely, were the vaccination rates are much higher.

in some areas, they are very high. but across the u.s., we have a patchwork of high and the vaccination rates. that is the space we have to work in. i am not worried about myself getting very sick. i think the vaccines show us that is not happening. i think for the most part, we are seeing the vaccinations prevent infection transmission. but there are these cases that potentially allow me as a vaccinated individual to spread covid. i think it is worth that amount and convenience of wearing a mask to take an extra step to prevent that. lisa: tom was talking about the honor system and the third rail and how this was not the case for typhoid and diphtheria. i think about the mmr vaccines, the role we have to give schools to give our children to allow our children to go to them. at what point is this going to be on that list, especially if you want to get kids back in the classroom this september? >> i think they're probably

really close to seeing that happen. the space where we are right now is we have several emergency use authorization vaccines. as we move those into approval, we will see many more places feeling comfortable adding them to the required vaccination list. you will still have individuals and families and groups of people who have exemptions and you will have to manage those, but making them mandatory in spaces will remove a lot of people who are on the fence because it is required. so they will get the vaccine because it is required. any moves that happened toward approval versus the correct status of emergency use authorization's will make that path smoother and shorter. tom: to cut to the chase, we're only using -- asking these questions for lisa. padres-mets, just off the third base dugout, lisa needs to

go with her offspring. should she go? will they be safe? >> i think that an outdoor event like that is a great option for safe and fun activities you can do with kids. when you get there come if you feel like it is a little too crowded for your liking, especially if your kids are younger and have not been vaccinated yet, put the mask on. that creates the extra barrier we are starting to see evidence that shows it does work. it is a space where we can take one extra step that will make us feel a little safer. a large, open, outdoor event is a good option. jonathan: is it about being safer or making us feel safer? >> i think it is a mix. i think the masks are an extra

step that allow us to have a slightly higher level of protection. if it makes you feel safer, then you probably makes you behave safer and that is a benefit in the right direction. if you are wearing a mask, it might not make you safer but does make to judge you come in contact with later safer because of this sort of stopping of the transmission chain for people living vaccinated but have low levels of disease, then it is a mild inconvenience. i think it is always going to be a mix of both. a lot of our public health activities are a mix of being safer, creating a safer environment, and making people feel safer. that combination is always going to be there and it is always going to be important. jonathan: nobody is safe in lisa's at the game. lisa: thank you. jonathan: lauren sauer, emergency medicine.

tom: but that is -- she will be outdoors. lisa: that will be me, pushing people out of the way to get the ball. jumping up. tom: more dow trivia coming up. jonathan: 4197 on the s&p. this is "bloomberg." ♪

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>> the market is not necessarily 100% comfortable with the fed's ability to do everything that it says. >> we've already had a bit of a melt up in the first half of the year, so we don't necessarily see another melt up happening. >> the idea of transitory is a debate we will be having consistently until october. >> even if we get some decent cpi prints, i don't think that will be enough to force the fed's hand into tightening any time before 2024. >> you cannot really push the story of inflation we are seeing and then have a rate hike as soon as 2022. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up 12 on the