restrictions for u.s. residents. they added the u.s. to its so-called white list from which non-essential travel is allowed. italy has introduced a five-day quarantine and been tory testing for travelers coming from the u.k.. north korean leader kim jong-un says he is ready for dialogue and confrontation with united states. this as president biden's nuclear envoy goes to the region to build support for a strategy toward pyongyang. it is the first high-level suggestion of talks since biden replaced trump. boeing's 737 max is set to return to the skies.

the initial flight could happen as soon as today. that would mark another milestone in the come back from tragedy and a lengthy grounding. regulators clear the jet to reenter the market in november. the jetline is not expected to enter commercial service until 2023. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. amanda: this is bloomberg markets. i'm amanda lang. matt: i'm matt miller. we welcome both our bloomberg and bnn bloomberg audiences. here are the top stories we are following from around the world. ready for lift off. st. louis fed president james bullard says we may see interest

rates hikes before 2023 as well as inflation. plus, our exclusive interview with the president of venezuela, nicolas maduro. hear what his plans are for rebuilding the oil industry there. and the future of fitness. we speak to the ceo of training app future about whether the pandemic has changed the way we work on forever. -- workout forever. amanda: we are watching the market responds not only to what the fed had to say on wednesday but jim bullard roiling things a bit. a mixed picture out there. internals of the s&p 500 are not mixed at all, everything is negative. tech, while week, is among the best -- while weak is among the best performer. look at the yield spread. you have the two year yield falling to -- rising to levels

that are of note to the federal reserve. as we get those comments about rate hikes coming sooner, it will be on the mind of many investors, factoring into how people trade and way they want to play the market. this comes as we get comments from a famous short seller talking about concern about a big crash coming. he thinks it could be in the trillions or hundreds of billions in cost to investors if they get caught in the wrong parts of the market. matt: he said it would be losses the size of countries. he has since bleated that tweet, but he says all speculation -- drawing in retail before the mother of all crashes when

crypto falls from trillions or meme stocks fall from tens of billions. i'm not sure if it is a huge surprise. a lot of people on the other side of the trade. the question is one of time, concerned with the retail meme stocks. crypto, we have already seen a ton of volatility, we have seen it come down from -- we have seen bitcoin come down. it is interesting but also you have to wonder why he deleted the tweet. amanda: you can get in trouble for those kinds of things, as he has in the past. one area of concern, is there a stage of the market where retail investors are drawn in? it tends to be the late stages of a bull market. not saying that we are there, but at the end of the bull

market, your taxi driver is giving you stock tips, putting his life savings in play. things can get very hype driven and ordinary people get hurt. matt: absolutely. you could argue gamestop is already in the late stage of the bull market. for meme stocks, we have already blown past the bull market, and you cannot even see it in the rearview mirror anymore. that is different. amanda: very true. all of this in the context of a much more hawkish fed, and we have those comments from james bullard about the fact that inflation may run hot. there are those who believe we see hikes in 2022. maybe this is not surprising. bloomberg reporter matthew bosler is with us now. once the fed opens a door to sooner, and maybe it is not surprising that we are seeing

somewhat strong dissenting views. matthew: if you look at the projections fed officials published wednesday, it is not just jim bullard. there are seven participants on the federal open market committee out of 18 who sees lift off starting next year. what bollard is saying is there is a wide array of these around the table right now about what inflation could possibly do next year. that is really driving the difference in the rate forecasts among officials. bullard is saying, i think inflation will actually be 2.5% next year. if you look at the projections, he has the highest projections on the committee for next year. in his mind, given that, it makes sense to start raising rates early. matt: he is a nonvoting member, so i'm not sure how incredibly important this is.

matthew, we are coming off of zero. how bad would it be if we got to a quarter basis point at the end of 2022? it is not the kind of thing that would start a recession. the concern, as i understand it, out of commentators from deutsche bank, mohamed el-erian, is that we get a lot of rate hikes in a short amount of time, not that we lift off to 25 basis points in 2022, or even 50 to 75 in 2023. matthew: that's right, the bigger picture is not about anyone interest-rate increase but what this says about the overall framework for setting monetary policy. they just did this big overhaul of their framework which they announced last summer, that they would take a less proactive approach to fighting inflation, not trying to raise interest rates just fixed on forecasts of where they think inflation will

go, but waiting until they see that inflation materialized to then respond. underlying currents and themes that came out of the meeting this weekend, it is not clear to the extent that they are sticking to that. you have got what seems like a lot of officials setting their interest-rate projections based not only on where they think inflation will go, but also the balance of risk around those forecasts. that gets you back into the territory of the old framework. that is part of the problem and the confusion here. amanda: the reason it feels important, we know the first rate hike is not the one that matters but the last one, and that the fed may get it wrong. the concern is -- hubris comes

to mind on the part of this federal reserve -- that it can handle whatever comes, it has a sense of why it is happening. the fear is they are really smart voices at the fomc who do not really agree with that view. matthew: it is something that bullard spoke to, jay powell spoke to on wednesday as well. it is just the incredible amount of uncertainty about these forecasts, given all that we have been through as an economy over the past year. the fed is leading into the view there is a potential for what they've been calling transitory inflation to be persistent, extending into future years. another possibility that several analysts have raised is higher than expected inflation this year means lower than expected inflation next year because you will have the base effects on the downside with some of the stuff unwinding. if that turns out to be the

case, it will be a different conversation 9, 12 months from now. matt: that it will be less hubris and looking more like chutzpah. then we get to the swagger level, depending on where the economy goes. matt bosler, thank you. coming up, rebuilding venezuela's oil industry. erik schatzker sits down for an exclusive interview with venezuelan president nicolas maduro. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. with amanda lang. venezuela is home to the world's largest oil reserves but the

industry has been crippled by u.s. sanctions. president nicolas maduro insists venezuela can recover. in an exclusivity view with erik schatzker this week in caracas, maduro laid out his plan for oil production and they come back. -- a comeback. president maduro: venezuela can achieve up to 5 million barrels of production. we have the infrastructure. whatwe need is the investment . they don't lend us a single dollar in any bank to invest in oil. they don't lend money to any private venezuelan company to invest in oil. that is a substantial investment. furthermore, an absolute blockade was imposed on us for the sale of venezuelan oil. we lasted 14 months without being able to sell a single drop of oil, 14 months. now, we are reconstructing the investment, we are recovering the wells. we are recovering production and

we are recovering the international commerce, in the middle of serious sanctions, because we don't have to forget. because it is very easy to say in the news, venezuela, the country that has the largest oil reserve in the world. we used to produce 3 million barrels. now produces 500,000. it is maduro's fault. maduro is perverse, assassin, dictator. it is very easy to say it, but nobody says venezuela was pursued, that it was forbidden that a single ship reached its shores, that it was permitted to take out any ships, that we had ships with fuel stolen. nobody says they are not given a single dollar in the international banks. nobody says that venezuela, with its own life and effort, with its own little money is recovering. and we come from producing almost zero barrels and we are already at 500,000.

with our own effort and heroism from the workers in the oil industry, we are going to recover. erik: they tell me the problem is the lack of investment. president maduro: it is the fundamental thing. erik: how much would it cost to reach a level of 5 million barrels a day? president maduro: it's a calculation that needs to be made. i will not trick you. erik: billions and billions. president maduro: there are some who say it would pass $30 billion, because venezuela also has an infrastructure that is quick to recover, an infrastructure which is what we are doing now. we are recovering the infrastructure that was there. with some basic investment, as i say, doing a lot with a little, we have achieved that production

begins again. amanda: that was a conversation exclusively between erik schatzker and venezuelan president nicolas maduro. you can catch more of that on television and radio today, as well as on the terminal. erik schatzker is with us now. a fascinating conversation. we have to put in a box a little bit the comment about the blockade and the sanctions are the cause of all of the economic ailments of venezuela. that has been the case economically for some time. what are the chances under maduro of improving that? erik: for the moment, they are better, not a whole lot better, but maduro has been forced to undertake what i might describe as capitalist or even imf-style reforms. venezuela is in such desperate straits, they have lifted some restrictions on foreign subsidies, eliminated some price

controls, they have a lot more imports into the country. as a result, things are a whole lot better -- in relative terms -- but things are better in venezuela today than a few years ago. you will recall all the images of empty shelves, protesters in the street, horrible scenes of human tragedy. it is slightly alleviated now but things are better. if he continues with these reluctant nods to capitalism, there is reason to believe more flowers will bloom in the desert, but that is not the kind of turnaround he wants to see. he wants to see the united states lift the sanctions, and venezuela gets the investments it needs to rebuild their oil industry and generate the tens of billions in revenues every year. matt: is it fair to call maduro a dictator? on what does he base his power, if not -- and it is not popular

support. erik: certainly not popular support. every reason to believe that venezuela did not have what is widely described as a free and fair election in 2018. that is why the trump administration pursued a program of regime change, at least in large part by the trump administration pursued regime change, and why nicolas maduro is not even recognized by many countries, including the united states, as the president. the united states represents -- recognizes juan guaido as venezuela's president, de facto leader. i think you are well aware it is not for me to pronounce whether he is or is not a dictator. he rules with a strong hand, no question about that. he has proven to be a powerful party boss, corralling the disparate elements of his party

and maintaining a grip on the country. there are plenty of allegations, i cannot speak to them personally, of political persecution. i know there are political opponents in prison, allegations of torture. these are the things that would help to explain for you how he has maintained his grip on power without democracy. matt: thank, erik schatzker, with an exclusive interview and reporting on the ground from venezuela. really interesting stuff. you can find his stories on the ticker. if you have a bloomberg, you can bio erik schatzker. you can also google front row, and you can see the full interview. as more of the world reopens, we discuss the demand for at-home fitness products with the ceo of fitness app future. rishi mandel is next. this is bloomberg. ♪

amanda: this is bloomberg markets. i'm amanda lang alongside matt miller. one of the trends in the pandemic is the buildup of at-home equipment for people working out. what happens on the other side of the pandemic? do fitness centers be open and does all of that equipment go unused, or is there a middle ground? rishi mandal is the ceo of future, a fitness app that aims to tackle that. you are a serial entrepreneur, a lot of backers for this. what does future aim to do? >> we have really built one on one fitness coaching through our apps, wearables and so on, so we connect you with a world-class coach. no matter where you are, traveling, at-home, that coach

is keeping you accountable. and scaling one-on-one expertise is so hard. we have built a ton of technology to enable that. we have the playbook for scaling experts. my co-founder was the creator of imessage and facetime at apple. matt: i was just going to bring that up. i know that you have deep roots in the technology you are using. that must give you a leg up. in terms of your customers, a lot of people put on the freshman 15 all over again during lockdown. do you have a boost post lockdown, more people signing up post lockdown? rishi: people have been excited about future because we are growing fast year -- faster this year than last year. we had more members join this quarter than the entirety of 2020.

demand is exploding for somebody to help you get back in shape as you see people, travel is incredible and surging. there will be billions of trips in the next few months in the united states. as people move around, you'll be away from your equipment, and you need some way to understand what to do, some accountability mechanism. having a coach is the perfect solution there. amanda: we don't have a ton of time but you mentioned you have kleiner perkins backing you, trust bridge partners, big backers here. what is the path for you, what do you see in terms of additional financing required, and what is the goal, public financing or sale? rishi: people need help across all aspects of their health, dealing with stress, moving, eating. one-on-one expertise is something that we will see in all parts. we really built the playbook, brand around one-on-one coaching, being there for you.

we really want to help you with your day-to-day health, so you can focus on being whatever you are in life, a student, mother, and so on, and your coach takes care of all of the thinking and tracking to keep you active. people have discovered in this pandemic, the last several years, moving every day feels great. but the history of fitness has been a challenge to be consistent. coaching plugs the gap that we have not seen before. matt: thanks so much for joining us. great to have you on. rishi mandal, future ceo. i need to get signed up before i hit the beach. i have been going through a lot of haagen-dazs. for amanda lang, i'm matt miller. this is bloomberg. ♪

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>> the palestinian authority called off the covid-19 vaccine

exchange with israel. it says the doses expired too soon. the move comes after israel was criticized for not having coronavirus in the occupied west bank and gaza. the pandemic is showing no signs of slowing in moscow. the russian capital reported more than 9000 new cases today. they are restricting some public activities until june 29 to contain the outbreak. the highly contagious delta variant spreads due to low vaccination rates. this could complicate efforts to restore a landmark nuclear accord and has major implications for the middle east oil markets. he is a front runner