tolleson, oklahoma -- to tulsa, oklahoma on the 100th anniversary of a massacre there. he is proposing a plan that will help close the black-white wealth gap. opec and allied producing countries are confirming plans to restore output levels to more than 2 million barrels of crude oil a day. saudi arabia's energy minister says recent market developments have moved the april decision to gradually increase production. he said there were still concerns about the recovery and demand for energy. moderna says it is seeking full approval for its covid vaccine. the drugmaker says it will submit data to the food and drug administration to support its application for use of the vaccine in people 18 and over. along with the pfizer vaccine,

the moderna shot for -- shot has been a big part of the u.s. vaccination effort. there's a report that japan will allow some spectators at the olympic games. organizers will lead to fans attend the games. spectators will be required to provide a negative virus test or a vaccine certificate. fans from overseas would not be allowed to see the olympics in person. 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 am mark crumpton. this is bloomberg. matt: 1:00 in p.m. in new york.

i am matt miller. welcome to bloomberg markets. here are the top stories we're following for you. oil surges but investors worry opec-plus is too cautious on supply. we break down the plan to hike output in july and what it means for prices with a senior entity trader at cibc. huge price pressure is the housing market. we will discuss president biden's proposal to ease demand and increase supply. a new regime for global economic policy? we dive into the big k today. how the pandemic has led to new thinking on tackling economic recoveries after big busts. let's check on what is going on. not a lot of movement in equity indexes although they are hovering near all-time highs. not they are on the stoxx 600

europe. -- not on the s&p but on the stoxx 600 in europe. crude up to percent and change. -- crude up 2% and change. brent crude goes up or $70. amc currently up 20%. 230 million shares from amc bought at $27 and change a piece. they already said, or it has been reported, that they have sold those shares at a profit, so fascinating stuff with one of the meme stocks that's been on an incredible tear over the last couple weeks. back to the oil story. for more on what's going on with demand, supply, opec, we bring in rebecca babin, cibc wealth

management senior energy trader. what do you make of the opec meeting announcement today? rebecca: thank you for having me. the opec meeting was about what they did not say in the meeting as opposed to what they did say. basically, we are pressed pretty hard to say what is your plan for after july when you bring back this 2.1 million barrels and you haven't given us any guidance? they have held fast to we are not giving guidance on that at this time. we will meet again in july and we are just attending to the market. that was the term prince abdullah used frequently during this call. i think that gave the market a reason to rally because it said they are not ready to play anything out. i think they are really watching this thing they did not specifically address in the meeting, which was important,

which is what is happening with iran. iran's negotiations with the u.s. have stalled. we are backing up the timeline of when we think a radiant barrels will hit the market from june to august -- we think iranian barrels will hit the market from june to august. they did not address and kind of brushed off questions about inflation and what they thought inflation could mean for the market, so this kind of subtle lack of saying anything that gave this market the confidence that they will continue to allow prices to increase without stepping in. matt: on the other hand, rebecca, they don't want prices to rise too much, do they? that's a real headache for opec. they have to make money, though. how much is it costing them to get these barrels of oil out of the ground? rebecaa: that's a great question. it is different for every nation within opec. in saudi arabia, the cost to get crude out of the ground is five

dollars a barrel or something extremely low, so a higher price is phenomenal for them and helps their the -- there economy significantly. that does not apply for every opec nation. how much price increase is enough to restore some of their economic shortfall but not too much that they start to through the market into a panic mode is the needle they have to thread. they have not specifically said this, but most analysts see that price point as kind of above $80, when they start to get concerned about braces overheating. i don't think they are super concerned about that overheating scenario around $70. matt: how much demand bounce back are they calculating in here? as we see everything rallying on the reopening trade, how much is

opec calculating that into their supply forecast? rebecaa: great question and i think that's another thing that came out of this meeting that wasn't really addressed. they really changed their tone. they are positive on demand even with what is happening in india. they see the market being at a deficit of about 2 million barrels a day and an average of 1.4 million barrels a day for all of 2021. basically, the u.s., europe and china are going to be a -- be back at precode levels this year and maybe even above that even without a full recalibration of airlines demand and jet fuel, so i think they are looking a lot more positive on demand, the tone with which they address demand more positive than in previous meetings, and i think that helps

a booming market. matt: rebecca, how much to technicals matter in this market? what are you watching? rebecaa: great question. tentacles matter. technicals always matter on crude. i am watching brent to see if it can hold. i am watching positioning. the speculative market has come off quite a bit. i think it will be critical to watch what u.s. production does. it has been disciplined in the first half of the year, being forced to not drill. we get about $70 in brent, and that is about to change, but from a technical level, if we don't hold $70 in brent, we drift lower back to like the $65 level. matt: rebecca, great insight. rebecca babin, cibc energy

trader, thank you. next, we break down how the pandemic has shifted ideas about managing the economy. it is a huge shift, a sea change. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller. in the new bloomberg markets magazine that came out today, the issue focuses on economics. the main article is about the austerity we have been used to for the last 40 years went into a rapid retreat around the world in 2020.

a new attitude towards economics has emerged era joe weisenthal takes a look at how fiscal policy took over from monetary. >> for generations, there have been certain ways to manage economic crises. covid-19 changed that. last year, the doctrine of austerity changed and fiscal expansion took over from monetary policy. government assistance went directly to households and businesses, running up record deficits, and central banks played a supportive role. even an historically fiscally conservative germany, parliament scrapped a rule regarding balanced budgets, and some have said that the biggest threat to recovery is if governments curtail their spending too soon. clearly, no americans lost jobs through any fault of their own. that led the way to the big fiscal response. >> with interest rates at

historic lows, the smartest thing we can do is act big. in the long run, the benefits will out rated costs -- will outweigh the costs. >> president biden's team has embraced the approach, embracing policies largely out of favor since the 1970's. we have to grapple with theoretical problems posed by surging growth. inflation concerns are fueling the debate. some economists are more worried than others. >> the highest inflation numbers are just ahead of those per ultimately, it will be more temporary. >> i was on the worried side about inflation and it has all moved much faster, much sooner, then i had -- than i had predicted and i think that has to make us nervous going forward. >> other economists also say we already had a generation of

economic policy dominated by fears of doing too much and now the economic attitude seems to have broken out of that mindset. lessons have been learned about how to get out of a downturn and now we have to talk about managing and sustaining the boom. matt: let's bring in bloomberg news monetary policy reporter matt bosler, who wrote the story for the magazine. i love this new feature on the terminal. kudos on this story. you did a great job in describing a phenomenon we have all been witnessing and talking about for a few months, but i think you really pinned it down. one of the questions i came away with is how much does this continue? in your story, someone says we have to continue this. does that mean the governments that have started will have to keep pumping money out into the system? matt b.: that is the key question because if you look at what has gone on in the several

years leading up to this moment, there have been regrets about how the 2008 crisis was handled, a lot of concerns about the distributional impacts of these policies and the uneven recovery that took so long after the great recession, and then of course, the inequality that has continued rise unabated, really, and without any inflation problems to go along with the, so you look at the underlying drivers of where we are now and it is really much bigger than just the short-term emergency that demanded a large emergency response and so that kind of perhaps indicates that some of this is going to be longer-lasting going forward into the future and perhaps a new template for the way we do things. matt: really a seachange from what started with reagan and vol ker. you see a completely new paradigm now. matt b: absolutely.

for the last 40 years, inflation was public enemy number one in the minds of economic policymakers. that was certainly the case in the 1970's. most of the current crop of policymakers at the fed and other bodies came of age during that experience, so for the longest time, that's what their whole orientation has been toward, and over the last 10 years, that playbook didn't work out well. we never saw the inflation and it led to these concerns about is this really the right approach? are we focused on the right problem? that's what we are seeing now emerging in the last several months in response to the pandemic, kind of a rethink of the priorities there. matt: one of the great things -- i am flipping through the bloomberg this morning and i was reading a long story about president xi in china trying to rein in moral hazard, and then i see a professor at john jay

college saying we can replace 100% of lost income in a crisis like this. why don't we replace one hunter percent of people's lost income in every cyclical downturn? why don't we send out money helicopter style every time the market crashes? >> this falls under the same rubric of the same traditional economic policy concerns that have been cast aside over the last year or so. inflation is the big looming talked about. also concerns about the public buildup of government debt and trying to get that in check. and work incentives. unemployment checks cut off very early after the great recession, whereas now, we have done this big unemployment insurance program and you are having these debates about whether they are limiting incentives to work, but the

bottom line is they are still in place. this is very different from the last recovery, when they were taken away, what many people thought to be prematurely. so it kind of underscores this idea that a lot of these concerns that have dominated the economics profession for many decades are really receding into the background at the moment. matt: when you looked for a counterpoints in your reporting of this story, you included glenn hubbard, but there really aren't many keynesian economists, austrian, freshwater, whatever you want to call them. there really aren't that many conservative economists out there in terms of the people we see, hear from, read about. is that whole branch just gone? matt b: you know, i think that sort of ideology has taken on a lot of water in the last several years just because of the facts on the ground and the way the economy has progressed. we haven't had the inflation

problem. we haven't had the debt crisis. there's some big debate right now over the extent to which these unemployment insurance benefits are the major factor restraining employment right now, so your took -- now, so to your point, that has receded, but the other big development is that democrats have retaken the white house and both branches of congress for the first time in several years, so to some extent they are just out of power, which may be part of the reason we are not talking about the as much -- about them as much. matt: fantastic article. loved it. matt bosler, who wrote this story for the bloomberg markets magazine. you can see it in the edition that came out today, or if you have a terminal in front of you, you can take ni big take, a great new function that allows deeper dives.

president biden takes on housing. we will take a look at his plan to boost supply and ease pandemic soaked demand. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller. president biden is pushing for the biggest federal housing investment in decades, one designed to advance his goals on climate and racial equality. olivia rockman wrote about this plan and the most recent issue of bloomberg businessweek and joins us now with a look at what biden's proposals entail. housing has been one of the difficult issues to solve. the other things you name, food and clothing, are easily affordable, but shelter and

health care are problems. what does biden want to do about housing? olivia: he has proposed up to $300 billion in funds for housing. on top of that, there's already been about $50 billion that's gone out in rental and mortgage assistance, and pandemic aid specifically. this is a historic investment in housing we haven't seen in decades. matt: so is there going to be any kind of change to the bureaucracy, the creeping bureaucracy, that has fenced housing in over the last few decades? this is a complaint we typically hear about housing unlike those other things that you need. there's so much regulation around it that it becomes impossible to navigate. olivia: we haven't really heard that biden is going to be "deregulating" housing, which is what would perhaps centralize this more than anything, we have spoken to white house

officials who say the departments in the white house are more coordinated than ever following the pandemic because of the way they have had to allow rental assistance and they are hoping to carry those relationships forward. matt: what challenges will they face? when you look at expanding supply -- we see here in berlin, i saw it back to new york -- there are a lot of people who don't want low-cost housing in their neighborhoods. olivia: we know that density is a hugely controversial topic. the nimby argument -- not in my back yard -- that people who historically support equality and a lot of liberal principles don't want density in their neighborhoods when it comes to where they live and work, so that still will continue to be the biggest challenge for the biden administration. matt: a lot of people don't want to live in dense areas. we just saw from the pandemic a flood. those who could afford it went

out to suburban or rural areas. does that going to be a factor if you try and stuff people that cannot afford it into these incredibly dense places? olivia: yeah. i mean, right now, we see there is a major k-shaped difference in housing in america. rates are superlow. wealthy people can buy third, fourth properties. lower income americans were more likely to lose their jobs and become homeless. so there is a question of where it can be built, what can be built, what cities will take on the contracts? that remains to be seen. in another question -- which of these bills will pass through congress? matt: that is a question. olivia rockman, thank you. shares of amc still gaining. we have had an amazing roller

coaster of news today. first, we found out that much rick bought a ton of newly issued shares. we found that on the same day they sold those shares at a profit nonetheless, yet amc is still trading at $31.31. this is bloomberg. ♪

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>> the supreme court has ruled that johnson & johnson must pay a $2.1 billion reward to women

who claimed its baby powder was contaminated with asbestos. the nation's highest court rejected the appeal of a lower court decision. it was the largest verdict. democratic lawmakers want to double government funding for research of gun violence. the fiscal 2022 budget that president biden proposed friday sets aside $50 million for that purpose. that would match what they wanted for 2021 which got cut to 25 million dollars in the final agreement. emma kratz say the research needs to be aimed at improving gun violence programs and reducing gun crimes. two reports from the international atomic energy agency are expected to cause a rise in tension over iran. one report says iran has continued to stonewall dipping -- diplomatic investigating of

decades-old uranium in undeclared sites. another says iran is blocking iaea monitors. the reports were circulating as iran and global powers talk about reviving the 2015 nuclear agreement. higher energy prices are one of the reasons inflation in europe -- in the euro area climbed to the highest level in years. consumer prices rose 2% in may, more than economists predicted. a separate report says factories heighten their prices by the largest amount in more than 18 years. 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. i am amanda lang. basco im matt miller. we welcome our audience each day at this hour. here are the top stories from around the world. box starts june with a mixed picture. we'll hitting his that its highest level in years. amc draws attention. finding big returns and the dog so the dow. we talk dividend inflates with thread needle. betting on a rebound in new york tourism. we talked to the ceo of the dream hotel group which has reopened two properties. horneman: -- >> it is a flat day, but as flat as we get.

you have action. mixed picture for the s&p. though we are weaker than we had been to start off the session, energy is rocketing higher as oil moves higher thanks to confirmation of what opec will do. the big tech stocks that make up this subgroup's, tech, communications, basically flat and modestly positive. -- is a drag on the health care group. that whole space is falling. toronto cracked 20,000 for the first time. we are keeping our eye on that. all on a day when -- confirms the economy is strong then prices are high. it did not shock anyone. but, here is your luck at ism manufacturing and inflation rates. keep your eye for what it is worth on vacancy rates in manhattan. this is a story we are going to

be talking about. we've got record supply in manhattan. 17% availability. a lot of businesses contemplate what to do. will they go back to the office? how much space do you need? where will this leave all of the investment in downtown new york? matt: i just thought of this, i am searching for a pad in new york city, or the area around it , why don't i just put a shower and some old office space and move in? residential is too expensive, but maybe i can find some old banking offices in the financial district and live there. [laughter] amanda: i feel like there is a woman involved in this equation who might object to the shower in the office. matt: she would. she is against the entire united states idea, so getting her into an office would be a moot point. [laughter] amanda: didn't mean to tread too

deeply. we hope you come back. connecticut is lovely. moving into headlines, mother capital has sold its stake in amc entertainment. that is the same day the movie theater disclosed the investment . amc is the stock of the hour. we have kathleen dority with us. pretty interesting, catherine, catch us up. >> today we had an announcement from the company that mudbrick had entered into a deal to buy shares that were around $230 million. this is fresh equity to support acquisitions and subsequently, speaking with sources, we have learned that mode rick -- mudrick has sold all of its

shares in amc. their entire stake. it really shows where things are headed, at least from the firm's standpoint. the valuation, they believe, is overvalued. they are telling investors that the data level is too high and the cash is not enough to support the credit moving forward. so they made the decision to sell out. matt: does it strike you as -- i mean -- it just doesn't seem very nice too, on the same day the news comes out that you have made this big capital investment in a company, to than not only sell the shares -- i guess you are taking profit over 20%, that make sense, they got in for 27 and shares are trading at what, 31.5? but to tell people they think

they are overvalued and that they hold too much debt? what's up with that? >> you have to understand the other side to the story is that mudrick has been a lender to amc. they have actually supported them through the pandemic and closures and periods when the company was headed toward bankruptcy. they have avoided that. part of them being able to avoid bankruptcy is because mudrick has stood by them. they had earlier this year exchanged some debt for equity in the company. today, even though they are selling out of stocks, they are still supportive and still believe in some future for amc. it is just a matter of the fundamentals they are talking about and that is not something we dive into when we have read about recent rallies in equities and traders. who are not looking for,

necessarily, diving into the numbers as closely. for a firm like mudrick that specializes in distressed debt, they are going into the nitty-gritty. it is not as if they are saying this and giving their opinion to necessarily change of the game in any way other than just telling their investors where they stand and why they are making this decision today. but, you are right. it is a big contrast between the news we reported this morning and just a few hours later what the firm has decided. matt: frankly, it makes your scoop all the juicy. congratulations on this story. what a saga. catherine dority reporting on amc. which, don't forget, more than doubled last year alone and is still up 20%. i can't wait to go back to the

movies. i will go into a theater the first chance i get. i think "a quiet place 2" is what i will see. the first one was good. we speak to dave king of columbia threadneedle about investing in dividends. this is bloomberg. ♪

♪ matt: this is "bloomberg markets." investing in dividends can be big returns for investors and built a steady source of income. you may not know this, and amanda, the kids are daytrading

in and out of these things, but john authers points out that if you have invested in dividend yielding stocks in the past few decades, you've made a ton of money. >> obviously there is income compliance. you've got to reinvest dividends to capture that long-term upside. that was a good call, though set aside some time to read it because it is complicated. one question i have, is there a right time to invest in dividends, and conversely a wrong time? matt: especially as we look at the popularity of meme stocks, tech stocks taking off, everybody wants growth but one person we talked to made a lot of money investing in the so-called dogs of the dow. dave king at columbia, thread needle investments, dave, when

you look at these stocks, you are not talking super sexy names with internet platforms or that are involved with cryptocurrencies, you are talking about old companies that make money and give it back to shareholders. have they fallen out of favor? >> they have and i think that is the linchpin to the whole case. clearly there is the benefit of the compounding dividends and making money and getting rich slowly over time. that does not go out of favor. but when you came into this year, last year was the 30th or so year of market bonds and treasuries are 1% or 2%. parallel to that, you had a rally and disruptive growth stocks. it is a starting point, which is what makes the idea of buying these large companies very interesting to me. and has for months. you are starting to see the

trend work, it can work for quite a while. amanda: when doesn't it work? is this a longer moving trends that in the end, it acts well either way? dave: the answer lies in a -- counter question, which is to say that if we do have persistent inflation, financial assets will suffer broadly and these stocks won't be exempt. however, if you go back to the 1970's, one of the worst investments you would make would be a quality bonds. because they depreciated so significantly. if we have somewhat persistent inflation, these companies will probably keep pace with it nominally, they will raise prices to go along with inflation. more importantly, dividends will keep pace. if it is a choice between a

treasury where you are not going to get back more at the end of the contract and they are not going to raise your coupon, i would rather own --, because if you don't make headway, your dividend will go up year after year end your starting point is better. so, there isn't a great answer in financial assets to the inflation conundrum other than gold stocks or whatever. but hey, those are representative in these big stocks, these chevron's and exxons, but additionally ted that we will do better than bonds and that is the relative comparison for investors. there is not that many investors that were choosing between owning uber and chevron. matt: do you care about the economic reopening? it has been powering stocks in europe for the last couple of weeks. the s&p up to 4200.

we are seeing restaurants and movie theaters open up and come back. the grateful dead minas phil lesch and jerry going back on tour with john mayer, playing in new york in august. everything is coming back. does it matter to the stocks you are buying? >> it does -- dave: it doesn't matter in a crucial way like cruise lines, but a big percentage of coca-cola's business is on-site entertainment. it makes a difference to gasoline consumption. it makes a difference to all kinds of broad shopping experiences like walgreens. it will matter. it is an interesting thing on the margin, investing is often on the margins of the business has got to be really great at a lot of fast companies, but it was really great all through the downturn. they were working remotely and not affected by retail businesses.

they are probably going to keep doing great but if all of a sudden, business is better than it was at kraft foods, that matters on the stock market. nobody is saying macaroni and cheese is a growth business, but if you eat lunch at home twice a week because you only go in three days a week, that fuels growth of macaroni and cheese. it sounds silly, but it is important. the big part of my cases that chief starting valuation, the fact that an incremental economic boom helps these stocks and really doesn't help super growth companies as much. a little inflation helps the profits of these companies and they will have a -- it does not have a good impact on bonds at all. amanda: in terms of how we might look at the dividend yield, my understanding is that underpinning the high yields is an assumption the company is not

going under and the dividend is safe, right? almost 7%, you might say that is signaling trouble, but it is at&t. what would be the level of yield you would extrapolate to a non-dow company might be less familiar with to say that yield is in a sweet spot, but it is not so high that we are nervous? >> you raise an excellent point, we would never pick a stock just on current yield. that is the starting point of investment work. specifically, the dogs, tn -- at&t is not even on the dow anymore. looking at the 10 stocks that are there, chevron is not a likely dividend cutter, it was just invested in by buffett and company. same with verizon, dow chemical, walgreens. merck, no, coke know, 3m, i doubt it.

i think specifically of these 10 stocks of the highest yields on the dow, dividend is flat for the next three to five years, which is a nice comparison to bonds. 20 of the 30 stocks on that now in my opinion will provide higher yield than 10 year treasury over the next year. it all comes down to starting point. this area has been left behind and it is attractive for that reason. on the margin it is not bad. if we have a little inflation or economic growth is probably more positive than negative. amanda: great to have you with us. dave king is cfo manager at thread needle columbia. up next, some of that reopen we have been -- some of reopening we have been talking about will hit the hospitality industry. we talked to the ceo of dream hotels.

♪

♪ amanda: this is bloomberg markets. we saw an uptick in air travel this weekend in the u.s., playing into that reopening trend we expect to continue in travel. what will that mean for the hotel industry? i want to start right there, what it is you are seeing by way of an uptick in your properties. what can you tell us? >> as people get on planes, they need a place to stay. that is what we were missing for over a year. air traffic is starting to pick up her leisure. some corporate, but not really anything significant international. at least we are getting leisure

travel back and numbers are dramatically up on travel by air. hotels are seeing it. we are getting close to full demand, pre-pandemic demand on weekends. properties in new york city are still slower. bid to become a a couple of markets were getting close to pre-pandemic levels, particularly miami. nashville, hollywood, still work to go on the weekends, but almost back to pre-pandemic levels. scripps international, we just got that -- [indiscernible] matt: i've got to ask you about hiring, how difficult has it been? we know that a lot of workers are still receiving unemployment benefits and you are going to need to pay them a little more to get them back in the hotel. plus, you need skilled workers. >> some unskilled, some skill.

it has been difficult. but, it was difficult before covered. it is nothing we are not used to. we would like to see unemployment come to an end. september 5, but i would like to see that moved up if the government would be willing to do that it would help the country. i hear them say that if people are making $700 a week staying home or $900 at work, they would go to work, but i am not so sure that is true for some people. i think for a lot of businesses it will be -- once it comes to an end. matt: i'll be doing my first business trip to new york in a couple of months, so i will look you up. jay stein, ceo of the dream hotel group, talking about the reopening. we have seen it in airlines, no restaurants. movie theaters and hotels as

well. so, amanda, what do you think? you've got time for a leisure trip? business travel? amanda: well, there is still a non-essential travel man at the canadian border. once they open come i will be on the first flight. yes. i love hotels. matt: i want to go camping in the algonquin state park. amanda: you camp, i will go luxury. matt: this is bloomberg. ♪

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mark: opec and ally producing countries are confirming plans

to rest or output levels of up to 2 million barrels of crude oil a day. saudi arabia's oil minister says recent market developments have proved the april decision to gradually increase production was right. >> we will not leave this market exposed to -- [indiscernible] mark: the minister said there were still concerns about the recovery and demand for energy. one of the world's busiest port is is -- is predicting shipping delays. a worker reportedly set all shipments leaving the southern china port will require reservations and the facility has beefed up covid-19 testing for imports, which could delay incoming cargo. the container yard at the port has been partially shut down after a covid-19 outbreak among workers. the world health organization has come up with the