and so far, so good. >> what we have got is a great reshuffling. >> i do not see anti-inflation kicking in. i see inflation in a some supply chains and some goods and so on and so forth, but no jitter increasing inflation. >> this is "bloomberg surveillance." jonathan: good morning, good morning. this is "bloomberg surveillance." equity futures doing a whole lot of nothing from s&p 500 almost totally unchanged. let's go to the fx market. dollar-lera, looking at 880 early this one. you know dori when the president of turkey begins with "i spoke with our central bank have an are." you know what came next. tom: turkish lira weakness and

the way it was weaker. this is a soap opera. we use transitory as a drinking joke. previous was idiosyncratic. this was idiosyncratic until it is not. jonathan: rates can begin to fall. the new central bank governor, let's be clear, serving as a leader of the country in the central bank avenue for many people in this market, erdogan. tom: what is so important is to go back to the history of 2002 and the success of mr. erdogan stunting the permanent devaluation and appreciation of the lira. he got high marks for that and it has unraveled in the last 4, 5, six years. what you do, and i know we do this on a wednesday of a four-day workweek, you go to logs. even if you go to logs on the y axis, there is a curvature to

the lira weakness which means acceleration. maybe -- can we dare say this morning nine lira per dollar? jonathan: i had a look earlier, a 62. lisa: if you don't have a lot of circumstances for the president firing the central banker for having a rather unorthodox view, his view, then if you cut rates, somehow stave off inflation. this is not intuitive. there is a larger point. this is key. we will be talking about it the next couple of months. banks are starting to try to figure out they can do with inflation, what the inflationary pressures are come and try to understand the dynamic which has been a mystery. jonathan: we see different banks respond different into the same incoming data, whether you look at turkey -- you are right, idiosyncratic. elsewhere, the bank of canada, one, ecb, and other. each with a different reaction

responding to similar data. tom: the reaction function, i mentioned moments ago, this is original territory. i was thunderstruck, june busted out all over yesterday, and how correlated we are -- renewed, it is a debt market this morning but i love the way it is dead. waiting to see the economic data. lisa: oh, my god. i love the way it is dead. wow. jonathan: let's get to it, equity futures. lisa: fascinating. tom: let's go to cash. jonathan: fx market. dollar lira still positive by about 1%. that is a weaker turkish lira and stronger u.s. dollar. in the bond market, or 10 year

yield, 1.6062. lisa: this has not been a very interesting market. it has been pretty static. what could change it? what could ignite some sort of conviction we do not see currently in terms of what is next? 1:10 p.m., christine lagarde will be speaking at the green swan event. basically, this is bankers coming together and policymakers to talk about level climate change -- global climate change. interesting to think of that is part of the banker mandate, there increasing power, increasing political footprint. tom:, on, no. i don't agree. they're looking for a new thought and the thought is climate change. lisa: when is the next time i will hear you say thought leaders? tom: they're just picking up on the theme. i get that. help me. jonathan: now, no, no, don't

bring the into it. lisa: 2:00 p.m., your next favorite, the beige book. i've been looking forward to trying to sell the beige book for the past month. it will be really interesting to see the wage dynamic, how people are coming into the labor force to try to understand how much employers are having to tee up the salaries to get them into the workforce. this is not a huge mystery. we do not understand what is causing the friction that is leading to so many job openings and still so many unemployed workers. 2:45 p.m., this will be interesting, president biden meeting with the republican senator who is leading the republican effort to get this bipartisan infrastructure bill. interested to see how much structure is redefined, how much is new spending, as well as what the sentiment is in terms of getting some sort of cohesive deal. jonathan: we finally got through that.

amc in the premarket, absolutely flights, up more than 30% following the news and equity capital raise of $230 million. tremendous reporting from our team here at bloomberg. funded the capital raise, 230 my nose for the additional equity, then flipped it -- $230 million additional equity, then flipped it. because amc was "massively overvalued." tom: we have to get to ms. lee. jason metric is the real freaking deal. no other way to put it. a lot of people talk and more that you and jason is one of them. jonathan: we will pick up on that later this morning. let's bring in jennifer lee. i want to start with the industry comments in the past 24 hours. here are a few -- the situation does not look to improve most of the on

difficulty finding workers. he busy but still experiencing labor shortages. labor shortages and hiking internal and supplier reduction. give her that, treat again and again and again in the ism and repeatedly over the past several weeks. tom: the ism details that and we have to see the data. that's all there is to it. jonathan: that commentary is not going away anytime soon. lisa: including elon musk, toilet paper. jonathan: jennifer lee with us now. your take on the commentary on the ism? does that set us up for lower pram? jennifer: i focus on the ism surveys. i have been saying that for a long time. headlines are important, but it is the comments are what are important. the guys on the ground and what they are facing. seeing what -- that we have been

hearing for a number of months now about the labor shortages, i think it does suggest they're going to be challenges within each industry, within each sector. if you are so tight for people and looking for someone to help create these widgets, i say, i think it is going to start with stronger wages perhaps. i think we could see the return of even stronger payroll growth. i don't know if it will be in the millions. obviously it was a crazy mess last month but we have to remember during normal times, 266,000 is still a very decent figure. lisa: jennifer, on the supply chain issues for a moment longer. elon musk tweeting at 3:59 a.m. eastern time, "our biggest challenge supply chain, chips. never seen anything like it." how the fear is causing going to overwater like this toilet paper shortage.

is it obviously not a long-term issue? jennifer: it will depend on how you define long-term. it will not be fixed overnight. some of the experts are saying it could take years but, obviously, the big producers are all over -- other starting to create some production in north america as well. not depending on these global -- or these other countries for such a key component. we are already starting to see some relief given it was good news last week when gm said they would be reopening of a number of their global plants. it is starting to ease up a bit, so i think it is temporary but i don't think it will take years and years, though. tom: the canadian gdp data yesterday undershot all of the experts in 19 economist paul. what does that signal about our

guesstimate forward? are we overselling the boom economy right now? jennifer: i don't think we are. at the end of the day, comes down to whether or not the consumers are able to come out of this in strong form. so far, savings very high, i think this is -- positive news going forward. right now given we have never lived through such a pandemic before because it has been a health crisis overall, there is going to be a lot of volatility. not only for the month-to-month data, but also reporters. we will have to look at when you are smoothing out the monthly data, instead of year-over-year trends, looking at it versus 2019 that is how you will see the trends playing out. but i don't think right now that we are overselling the economic rebound. jonathan: jennifer, thank you.

guy's, i think i've ever seen such a big disappointment relatively speaking to any ism, in the 60's. the y is beneath the surface. lummis delivery terms going back -- the delivery terms going back to the 70's. people are struggling to find the talents, the labor force, the hires to meet this massive demand. tom: i'm going to go back to the foundation, booming as we come out with their earnings. same thing with the economy. we are lined up for a boom economy. not a let down, but nevertheless, it will be the news. then we have to reframe q4. the major issue for me is how to the experts we speak to frame the end of this year? jonathan: and before we get to the end of the year is the struggle of everything coming back online almost seemingly all

at once. lisa: and people don't understand the extent of their friction. and thus it is hard to tell how long they could potentially last. jonathan: we will continue with andrew stanley coming up around the corner. futures up 0.5 points. there you go. i was back at 4200. -- almost back at 4200. is it wednesday? it is wednesday morning. tom: i have to do my thought leader read in. lisa: with the mimosa. jonathan: this is "bloomberg." ♪ >> the rules largest meat producer will have the vast majority of its stocks open today following a cyberattack. jbs as the systems are coming back online according to union official. the cyberattack forced a shutdown of all of jbs be plants

in the u.s. which account promised a court of american supply. bloomberg learned in russia link hacking group is responsible. the u.s. and china have taken another step toward economic talks. janet yellen and the vice premier had what they described as frank discussions. the by the administration has retained much of former president trump's economic policies toward china, including no reduction in the tariffs. president biden needs to know the top senate republican negotiator on infrastructure. the administration is that june 7 as a deadline for a deal. republicans have counted the president's $2.2 trillion proposal with the 900 $28 billion offer but the measure caps and use coronavirus funds to pay for it. they may make it unworkable for democrats. in saudi arabia, the stock exchange has resume trading after being halted for a technical issue.

it had a problem out of the cubbies control. -- the company's control. it is home to over 200 listed securities. 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." ♪

>> under assault with incredible

intensity like i've never seen come even though i get started as a public defender. with an intensity and aggressiveness we have not seen for a long, long time. simply un-american. it is not, however, sadly, and president of. jonathan: the president on voting rights in america. good morning. i'm jonathan ferro. your equity market this wednesday morning shaping up as follows, features doing absolutely nothing. down about a point on the s&p 500. a mild loop lower on yesterday's session. a bit more the same this morning? i don't know, nothing happening here at all. 10 year yield unchanged. the fx market, euro weaker. the dollar, stronger. even dollar leroy did not provide that much excitement. dollar lire will move about one

percentage point, a weaker turkish lira as the president of turkey talks about cutting interest rates over the central bank. tom: 8.62 on the turkish lira. those headlines are brutal out of turkey. i we don't most importantly, oil , 7110 a barrel on brent crude. red and green on the screen. we will do jobs day for you on friday. right now in washington, emily wilkins with this. i want to pause on a quieter date, distinction of the voting rights of president biden speaks of and the john lewis act and the for the people act, two different acts, was the, senator manchin is front and center. which has a higher ground right now? emily: that is a big question. it depends on how you look at a. with the larger voting rights

package, it is already present this out -- i it to house, the senate is already considering it so it is going to the process far more. this is a more expensive bill than the one named dr. john lewis. that one focuses on very specific law and part of -- supreme court in 2013 struct part of the law on preclearance, having the justice department review elections in certain parts of the country that have had a past that have had potentially racist implications. the idea was with the john lewis act, democrats are interested in that bill, but to bring it up they have to build a case to make sure they can present that bill and present that legislation and it can withstand a challenge from the supreme court if someone decides s toue like they did previously. tom: does this all get figured out for the first november -- first tuesday of november?

emily: a does not look good. they need the 10 republican votes in the senate or the filibuster needs to be change. at this point, neither of those possibilities seems like a reality. senator joe manchin and kyrsten sinema, not unsupportive of the filibuster, however, they did get called out my name by president biden yesterday who really called them out and said they are selling progress on momentum on a rights package. lisa: i haggle over how to go about crafting this plan. we have a serious threat if it continues to mount, a hacking threat. whether it is the solarwinds issue that stymied the pipeline or overnight the jbs be processing disruptions that do seem to be evading a bit but raising a question of how much a cyber security threat there is and what the u.s. is doing to combat that. what is the response i capitol

hill? emily: this is something lawmakers have been looking into. they plan on holding hearings, looking at less inflation, trying to see what can't be done. unfortunately this is congress of things tend to take a while. they do not move at lighting speed unless there is a big crisis but something that is on the radar for many lawmakers and something that impacts their constituents and their districts back home. you've seen president biden try to move a little bit was certain executive orders but the real push is going to be coming from congress and legislation that is being formulated right now in the back rooms, and i expect we might see something fdot i now larger infrastructure package, perhaps standalone legislation. lisa: i understand things don't move at light speed in washington but this is not a new issue. people have been talking about cybersecurity is one of the key threats to the nation, both on the military front and on some of the key infrastructure points.

have they outlined what they have done, how much in terms of protection against similar types of hacks like this? emily: the question is, how much can the federal government tell a private company to do with its security? those are the parameters we need to set up. as we saw with the most recent hack, as huge impact on the pipeline not just in the u.s., but internationally. it delays data that a lot of media producers rely on. to a certain extent, with the recent hacks, are seeing how hacking one private company has massive, massive impact on american infrastructure, on the american public. i would imagine that would allow legislation that is in the works and the government say, hey, we do have someone here to ask you to up your security because of the widespread impacts we've seen in the recent hacks. tom: we're deep in the month of june. we have to get to june 7. what should we expect june 7?

emily: hopefully, we will be given some sort of answer on whether democrats and republicans are going to go for in a bipartisan manner on infrastructure. i think that meeting today will be a pretty big and dictation of that. over the weekend, you heard pete buttigieg layout the june 7 date as the new sort of deadline for compromise. the last deadline got blown, so no guarantee on what is going to happen. democrats are putting the pressure on the biden administration as well as the leaders in congress saying, hey, if we want to get a bill done, we need to start writing it, passing it, and we need to get this process underway because if we wait too much longer, the voters will not see any sort of difference in their districts before november 2022. jonathan: emily wilkins, thank you. i am waiting for someone on the left to tally -- give up meat. lisa:?

really? culinary trends. jonathan: the vegans are persistent irritant. he went on to say something more interesting, but you can read the article yourself, the great anthony voting. -- boudain. lisa: i don't they going to weigh in on this. that will be yours. jonathan: i am just quoting someone else. lisa: sure, getting people come out and talk about meat production in general but there's a larger wind, and i'm going to tided -- larger point, sidestepping, private companies. how does government and should there not subject to the kind of hacks that cause global shortages? jonathan: staff working half the

time. european work ethic. it is a joke. coming up, jack able and. -- jack ablin. this is "bloomberg." ♪

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jonathan: this is "bloomberg surveillance." price action this morning, pretty boring. tom: please down. jonathan: we go nowhere. going into payrolls friday, not much is happening. yields doing nothing. german bund auction this morning, softest demand since april 2020. there's a headlight for you out of germany. -- there's a headline out i'm germany for you. nothing. tom: thought leader data check. jonathan: when the turkish

president starts with "i spoke to the central bank," you know what is about to happen. the gap higher in dollar lira. positive on the session slightly. possible reality of interest rates around the corner and a turkey. welcome to the job. tom: we don't have time to go to the political stuff, we will have a thought leader summit on this with jonathan ferro in a bit. but you cannot ignore what you're saying. it is not like argentina. that was a very good data check. i thought it was sensitive. he absolutely nailed that. let's try to improve the program with jack ablin with cresset capital. jack did one of the hardest things to do in finance, went on a sabbatical no doubt to write one of his classic books on corporate finance and he had to

step in your shoes. what was it like, jack ablin, boston university years ago, the first day were you had to pretend to be see bodie? jack: i think there was a lot of disappointment in the classroom. one of those things where i had to stay a couple of weeks ahead of the students, but i muddled through. probably did not want me back again, but i did teach my own class and a capital markets and i did get a couple of students to sign up for that. a bit of success. tom: any of the textbooks in this market were are we -- or are we in an original market. ken z bodie has been promoting the i bond stub there was an article in "the wall street journal" this weekend talking about the .5% inflation

protected bond -- three point 5% inflation protected bond. the problem is you can only buy $10,000 a person. certainly, much better yield than what is available and at capital markets. lisa: when tom keene starts writing headline banners, you know nothing is going on in the market. i want to talk about the boredom. why is it so boring? what are people waiting for to have more conviction? jack: from my view, we are waiting for the central banks. there are sickly just keeping a lid on rates. -- they are essentially just keeping the lid on rates. if i were to look at the data, we historically have the 10 year treasury tracking nominal gdp and nominal gdp this quarter and next quarter is likely to be close to 10%, it just does not make sense to have a 1.6% 10 year yield but the fed is in

control of that market and on market vigilantes are pretty much hiding. lisa: hold on. so the calm right now, is that setting up a policy era? should they come out with conviction on what transitory means? jack: i believe so. unless they are right. unless everything peaks this quarter or next and it neatly comes back down-to-earth, i think they are making a policy era by just keeping the foot on the accelerator, particularly with quantitative easing. the overnight market can kind of work around and compensate for itself. that is why we are single rally and other things certainly move higher. a detail near is the benchmark -- the 10-year is the benchmark for capital markets. even my copper-gold model is

segment 10 year treasury should be 2.85 right now, not 1.86. lisa: how do you get a head of what you say is a policy error? jack: we are playing chicken. we will try to stay in as long as possible. i know fed president bullard told kathleen hays about a month ago there waiting for 75% inoculation rate among american adults. we originally expected that to be mid june but we forgot to account for the holdouts, so we're looking at probably four weeks to six weeks before they start talking about caper. then i think we have a difficult time with particularly growth markets. tom: i want to go back to the idea of ambivalence. i love how you talk about the boom market we are in, of 30% or so the last 12 months and

really, people are not on board. there seems to be an ambivalence away from outright bullishness. which way does that turn? jack: it is funny. i would love to be able to latch on inside that is a bullish ignore. unfortunately, sentiment only works at extremes. i call it more a spice than an ingredient. right now i think we have roughly percentile -- 57% bullishness. nobody really knows which way this market is going to go, so part of it is near-term -- i guess it is incrementally bullish. there people that could potentially buy. we are getting great news on the earnings fight. we are getting some great news on the economic front. i will be curious to see what happens in jobs this friday. near term, i think there is some

movement forward. this central rate is looming, at least over my head. tom: if you look at the ambiguity of inflation, there is good inflation up to a certain point and then not good inflation or less good inflation. do you have a number for that? do you have a point in your head were the ambiguity of inflation becomes harmful? jack: yeah. it is really more that persistence. we are starting to see expectations rise in short-term and intermediate term. we can handle 2% pretty easily. we get above 3%, i think that is problematic. when you have companies like mcdonald's talking about $50 an hour -- granted, we are not -- $15 an hour, granted, we're not were 60% of the american workforce was unionized that had

tpi escalator clause is built into the contracts, but when you hear walmart and mcdonald's come amazon all talking about $15 an hour wage, that becomes a little more persistent in my view. jonathan: jack, have to leave it there. jack ablin, cresset capital chief investment officer. want to turn to brent crude. $71 a barrel. the smallest move lower, iran says the nuclear deal differences are solvable. they might be solvable. the smog tom: on the screen, it sticks out like a sore thumb. we have seen a lot of statistics. is anybody out there is a thought leader, i'm asking you,

as a thought leader, do you see anyone framing $80 a barrel? jonathan: when i think of a thought leader, i think of jeff currie. tom:, on. jonathan: because of the demand shock. we are facing the demand shock right now. everywhere you look, you see it. the ism data yesterday. lisa, talked about autos earlier on this morning. on a production. the struggle to find the chips to produce the autos, the struggle to find workers to make the course. lisa: oil demand is picking up more quickly than even opec-plus thought and even some of the big analysts in the field. warren patterson of ing expects oil demand to be at 98% of pre-covered levels by the end of this year. that is vastly more aggressive than previous estimates. yet you're still hearing the d word, discipline. jonathan: the headlight in u.k.,

road traffic rising above pre-covered levels for the first time. tom: seriously, this is a big decision under the u.k.. the prime minister, this is a huge decision coming up. jonathan: it is inevitable this will happen unless there is some huge concern about the variant first identified in india. what are we calling that now, delta? alpha? lisa: that is alpha. delta is from -- jonathan: alpha is u.k. and delta is in india. tom: -- jonathan: i think i'm up to speed. tom: the economic data the

jobs report on friday, i love the reach we have on radio and television worldwide. doug cassidy emails and makes it clear he always loses to jack ablin in golf. those guys are thought leaders. they have a better life than we do. jonathan: i think lisa more so than you and i, but catching up with doug later. tom: looking for to his update on amazon. seriously, we are making jokes about it but to me, a quieter market speaks volume. it is news the market is stable. jonathan: is this thecalm after the q1 store more before the q3 storm? tom: it is always, always before. trying to glean q3 add q4 on this boom economy and that falls into rates and inflation. is that a thought leader enough?

i thought i nailed it. jonathan: you should get a panel in davos, switzerland. can you imagine a tk ted talk? 10 minutes on bars and interactions with different cultures. lisa: it would be really popular. tom: look at the reaction function of our feelings. jonathan: jonathan: that is beautiful. tom: could you see me in a black turtleneck? jonathan: lauren sauer joining us shortly. where is this show going? this is "bloomberg." ♪ >> bloomberg learn notorious russia linked hacking group is behind the cyberattack on china meat producer jbs. earlier this year they took credit for hacking the townies hardware supplier most of --

taiwanese hardware supplier. back in business today, the cyberattack affects operations at its meet in north america and australia. president biden is pushing a close a tax break that helped donald trump amass a fortune. he has proposed narrowing a provision that allows real estate investors to avoid cabin game taxes when they sell property as long as they use the profit to buy more. former president trump most valuable investment in a fitted saint experts short of the real estate market. the price of oil was steady after closing at the highest since october 2018. brent rose after settling above $70 since 2019. opec nls came out with an upbeat estimate of the outlook for demand. up 40% this year. the world health organization approved a coronavirus for wider global use. the green light for the chinese company grants legitimacy on

concerns about how effective it is. 380 million doses so far. 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 have to be prepared for the next covid.

we have to understand how this coronavirus found its way from bats to humans in order to make this more resilient for the next viral emergency. we have to be vigilant. there will be another pandemic. there will be more infectious disease emergencies. we have to be ready. jonathan: johns hopkins center for how security. from new york city, good morning. snooze fest, equity market, futures going nowhere. yields doing nothing. euro dollar slightly negative. just to round things out, holding onto a 68 handle on wti, we are higher, stronger, traveling north on wti crude. tom: $71 on brent crude. have to really see how that

sustained through the day. pick 1, 37. really turning. bitcoin, 37,000, really churning. this horrific pandemic, let's go detailed with lauren sauer, professor of emergency medicine. doctor, we all have our ways of looking. i looked at my phone and a given website and it is all good news there as well. what do people like you do when we have a day in america were nobody died? : we celebrate just like you. it is a huge accomplishment to get there. the hope is we can continue to keep fighting the pandemic both here and globally so we can continue to see more and more days like that. tom: are we ready to shift to a global solution, for america to ship countries or do you have a since we have to stay on america and then make the shift? >> i don't think they are

mutually exclusive. i think we can do a lot to support the global response, especially in places where they are not seeing the downward trend yet. we can do that by sharing vaccine, supporting health care worker response if places need personnel support. we can share policies. and we can do it by being good stewards of the vaccine and the resources that we have, so making sure we get vaccinated here as well. lisa: vaccine safety is still a concern and israel linking a condition to both the pfizer and fundtech covid vaccine. it is a recognition. most who experienced it had pre-existing medical conditions. how worrisome have the potential side effects been you have been reading about? >> i think side effects can be worrying and feel scary to the general public, and i completely understand that. to me, what is significantly

more scary is covid-19. it is all of the side effects are important to be aware of and look into the underlying health impacts they have. but covid-19 is a dangerous disease. it is way more dangerous than the vaccines. i think we are seeing that in the data, the responses, even in the adverse reporting systems. sing there are adverse events and we are able to identify them and even look into what are the underlying causes is important because it helps us make better vaccines but also helps us to know the vaccine safety mechanisms in place are working. lisa: i feel there is this fear and hope measure that seems to be flipping from one to the other when it comes to covid. he either had people filling like everyone is going to die from covid or everyone thinking it is not that big of an illness. now that we have the most vulnerable individuals vaccinated, what is that correct

messaging for less vulnerable, people completely healthy who have not yet been able to even get the vaccine? >> the messaging is they should do whatever they can to get the vaccine. do whatever they can to get the vaccine. while it is not as dangerous for a young and healthy individual to get covid-19, it is still a really bad illness. while some people may have mild courses, we don't fully understand the long-term impacts of getting covid, especially that first infection. doing everything you can tend not get covid-19 is really important, even if you're otherwise young and healthy. tom: one of our experts brought this up the other day, let me bring it up with you, are we at some level where you equate the statistics of covid with the

normal influenza, the normal flu, the common cold? >> i think we're getting there. i think the challenge with making that sort of comparison is the diseases are not the same. what happens to you when you get them are not the same. we may get there with a higher vaccination rate and people who have second infections and have milder courses of illness. but for that first covid infection, in general, it does not look like the flu. our systems will change and adapt so we manage covid more like the flu or the seasonal illness, but you want to avoid it because it is a worse disease, especially in the first infection. we will adapt. we may even see our activities adapt around covid the same way around flu season. we may have a covid season and talk about it in the same way. jonathan: hopefully. professor,

thank you, lauren sauer, professor of emergency medicine. my producer jamie shooting across the note, we believe the self in tech has created investors to on the tech winners for the next three to five years. we believe relative to the prospects i had, this is not the time or throwing in the white towel on our tech bowl thesis. apple, believe about when 85. apple, what if you do for me lately? not a lot. 70% off the highs of january this year. tom: but they went up x percent last year. -- 17% off the highs of january this year. tom: but they went up x percent last year. we got that stock boom, what, 12, 18 months ago? it is in a point of

consolidation -- jonathan: other things have been a lot. energy, bank stocks up. lisa: the narrative of the reopening trade has changed. we came from the big tech dominating everything to the cyclical, the reopening trades, the travel stocks and consumer discretionary. now people are saying, what companies can pass on price increases should does raw material costs continue to stay elevated? which companies have staying power and which have footprints i cannot go away? big tech is very much in front and center. jonathan: what you think apple is doing under the premarket? lisa: nothing. what is everything trade in the premarket? nothing. jonathan: if you have a question for andrew? tom: the newimac.

jonathan: great to hear. this is "bloomberg." ♪

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♪ >> we are going to be shocked at some of the inflation views over the next few months. >> we look at the economic data, and so far, so good. >> what we've got is just a reshuffling. >> i do not see an inflation phenomenon kicking in. >> i see inflation in commodities. i see inflation and some supply chains, some goods and so on and so forth, but there is no generalized increase in inflation. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: it is an exciting one. 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 this wednesday morning moving higher by three points on the s&p 500. do you like anticipation there? just a pause.