the bipartisan senate infrastructure plan has sticking points for joe biden. the president continues to oppose tax hikes for middle-class americans. the plan includes 1.2 trillion dollars over eight years to repair crumbling infrastructure such as roads and bridges. the president has to win over republicans, but also progressive democrats. they warn gop leaders who received concessions to guarantee their support on social spending, such as climate and health care. the number of u.s. airline passengers yesterday rose 12% from the day prior. according to the transportation security administration, the tsa also says that the total number of passengers was 2.1 million on sunday compared with just over 590,000 during the same date last year. former u.s. secretary of treasury steven mnuchin is

weighing in on cryptocurrency. mnuchin spoke with david westin as part of the cutter act -- qatar economic forum. >> i believe many of those should be in the elated world. they should follow the bank sequence he act requirements, customer requirements, and they should not be the equivalent of secret bank accounts. as long as we do a lot of work -- and that was being done at the g7 and g20 as well -- the idea is we crackdown on financial terrorism so it can't be used for ransom attacks. annabelle: mnuchin also telling bloomberg he believes inflation will force the federal reserve to tighten monetary policy in the coming months and years. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg.

>> it is 1:00 p.m. in new york, 1:00 a.m. in hong kong. i'm matt miller. here are the top stories we are following for you. bloomberg live's qatar economic form is underway. we will hear from one of the speakers, ray dalio, and why he doesn't think the fed can tighten without bringing on more negative effects. plus, president biden set to travel to north carolina thursday to pitch more americans to get vaccines. dr. keri althoff of john hopkins joins to discuss the u.s. getting the 150 million mark. and amazon's amazon -- annual prime day kicks off today,

spending expected to hit an estimated 12.2 billion dollars over two days. analyst and flax -- daniel flax joins us. let's take a look at what joint -- at what is going on in markets. we have gains. we thought it was going to be another manic monday this morning when i woke up around midnight new york time. now it looks good. the s&p up more than 1%. the dow jones adding 500 points. investors are selling bonds and buying risk assets. the u.s. 30 year, now back above two percent. earlier we saw it fall below 2% as investors bought the paper in a search for duration. new york crude, 73.64 barrel. bitcoin taking another hit.

in fact, it is down by about 10%. bitcoin decimated in trading today. on concern that the chinese continue to shut down bitcoin minors. -- miners. ray dalio said he doesn't think the fed can tighten without a big negative effect. dalio spoke in a panel at the qatar economic form. ray: there is something like 10% of gdp stored in financial assets that is going to be coming out. it is likely there is going to be a pickup in demand, and that will probably raise prices significantly. it also depends how you account for inflation. housing prices are going up a lot, but rental prices are going down a lot. the big things, i think, are -- and if you want to 3% inflation,

or some -- that's not one of those things that gets me very nervous or excited. the real issue is we have a supply/demand issue of bonds. because we are going to have to sell a lot of bonds to those in the world who own bond inventories. and they have very low interest rates, negative real interest rates, and they are overweighted in u.s. bonds. they are going to have to buy more. that is coming at a time when chinese capital markets are becoming more attractive. that creates a supply/demand issue that can create monetary inflation, because there will not be enough demand to buy those bonds. it is likely the federal reserve will not be able to taper or cut back, and might actually have to

increase to prevent interest rates going up, and that is a classic monetary inflation. that is my bigger concern than just the spurt. i think for most of the world the real question is, what are interest -- our interest rates relative to inflation, and what is happening with this liquidity? there is a lot of liquidity, and that means that it pays not to own any debt instruments, it pays not to own cash, certainly not cash you get no interest rate in an environment, like larry says, with some significant inflation. i would say it is in the vicinity of over 3%, so you get taxed at that rate in terms of buying power. when i look at that i think you are going to see the continued inflation in other assets, and it pays to borrow a lot. i know to borrow houses right

now, to buy, i have seen interest-only loans being made. in other words, you don't have to pay back your principal anytime soon and the interest rates are low, so there is a lot of money being thrown around that way. those of the things that concern me, because you build a bubble. saw the reaction in the markets when the fed hinted at tightening. i don't think it can tighten without having a big negative effect. matt: that was a load off, because i'm hoping to buy a house in new york fairly soon, and they are very expensive. i don't know if i have the nut to make a mortgage payment, but if it is in interest-only loan and i don't have to pay the principal back, hopefully i can get approved. ray dalio talking to stephanie flanders there. now to something that talk -- caught my eye.

the u.s. supreme court out with a decision tied to the ncaa, the main body looking over college athletics. the court clearing the way for greater compensation for student athletes when it ruled unanimously, rejecting the ncaa's did for antitrust immunity, and backed more education-related benefits, including computers and internships -- hopefully corvettes. justice neil gorsuch writing that the order will allow student athletes a measure of compensation more consistent with the value they bring to their schools. the decision did not involve direct payments to athletes -- yet -- but starts to send us down that road coming up, the day for deals, or is it? amazon's prime day kicks off today. we will have the details next. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. amazon's annual prime day kicks off today, but according to merchants, customers might not be seeing the deals they may have hoped for. this is due to rising shipping costs, higher advertising rates, scarce inventory. supply chains disruptions hit us, as well as the suez canal shut down and a spike in covid-19 cases that hit two of china's busiest ports. running me for a closer look at the now, today event, is daniel flax, neuberger berman analyst.

i continued to say annual and two-day event, but isn't this the type of thing we are going to see twice a year? is it going to be a four-day event? jonathan: it could well be a four high -- four-day event, but i think what is going to be important with prime day's is this notion of obsessing on delivering a great customer experience and empowering businesses, especially small and medium businesses, to engage with customers and deliver value. the other piece is, when you think about prime membership, the video offerings that they give, they now have the mgm studio in their library as well, and thinking about the logistics, really getting everything to you as quickly as possible. it is very powerful. matt: during the lockdown many of us came addicted to it.

i am almost a daily shopper there. i got a pair of baby sunglasses today and rum. but i did not find any huge deals. i wasn't getting many discounts today. this amazon no longer really have to give us that much in terms of price action? daniel: they absolutely do need to deliver a lot, and then some. i think amazon and its suppliers, globally everyone is facing constraints. as we think about the period now relative to six months ago, everyone is making progress, and that is the key to the story here. as long as suppliers can deliver better and better, or more and more in faster time, that will be sufficient, in my view. the other piece of it is, you look at the amazon devices -- the kindle, the fire, anything with alexa inside it -- those

have attractive prices, and that speaks to empowering and building out their broader ecosystem. still a lot to like here, even though you might not be getting every single deal you are after. matt: by the way, i will give it to you, prime is delivering more and more incredible content from catastrophe, to jack ryan. i am loving what i see, but has this been priced in? from the bottom of the pandemic they were trading at 1600. now we are looking at 3500. that is a big run in just a years time. is our growing addiction to amazon already in the price of the stock? daniel: i still see a lot of value over the next couple of years. i say that because the e-commerce business remains healthy. growth will decelerate, of course, but they still have an enormous amount of opportunity

in some of the newer areas, like grocery. one take away for all of us is that e-commerce will be even more instrumental in our shopping and consumption habits as we think about things over the coming years. the other piece of the story that got a big boost during covid is the amazon web services, their cloud platform. there has been an acceleration or catalyzing variant where organizations look to digitize their infrastructure. amazon sits at the heart of this powerful trend. the other piece i would mention is they advertising business, just growing. alps merchants find customers. -- helps merchants find customers. a lot has changed, but i think the multi-growth story ahead means attractive. matt: can anyone compete with amazon's customer efficiency? when i think about ordering

products from websites that are going to take five or six days to deliver me my stuff, i shutter and go back to amazon. is it possible we see big competitors like walmart or others get down to a 24 hour delivery period? matt: -- daniel: i do think it is possible. the environment remains incredibly competitive. you cited walmart, which has made critical investments that in -- that are enabling them to deliver value to customers and capitalize on these trends. i think the environment remains very competitive, and part of how amazon is responding to this and will continue to over the coming quarters and years is changing the game. look at, for example, logistics. they built out infrastructure, their warehouses, their fulfillment centers.

of course, amazon is investing in planes and delivery vehicles, powering a whole network of people to deliver packages. so, continuing to change the game, invest, invest, invest around people, technology, infrastructure. that, coupled with innovation, is going to be critical for amazon, but they are doing it. i think this remains attractive. matt: are you worried at all about -- it looks like governments will bend over backwards to tax them. the international agreement was going to be taxing any digital companies making more than 10% margins, then they thought, amazon might not make that much, let's change the rule so that we hit amazon especially. then what about regulation -- antitrust regulation? when you talk about web services i can only think about aws and microsoft. nobody else does that business. daniel: i think the scrutiny,

the intense focus that is going on is very much warranted for amazon and other big platforms. i think, given what these companies have been building, given the ecosystems they developed, i think scrutiny is merited. what i would say is that you see a lot of industries -- i will use health care as an example -- where regulation is part of the story but companies are able to invest and deliver value to their customers, despite that framework. i think regulation is going to be a bigger part of the industry. i think the antitrust scrutiny -- we will have to see how that plays out. what is important is that companies like an amazon are going to have to demonstrate an increased level of transparency around what they are doing. i think the industry needs to do that, if they can deliver value to customers, continue to bring prices down, there is still value.

i think most regulatory bodies would observe that amazon and some of these other platform companies have really helped to catalyze an x lotion of growth in new areas -- an explosion of growth in new areas. storefronts. a lot to like it, but scrutiny is warranted. matt: daniel flax, neuberger berman senior research analyst talking to us about amazon. coming up, the latest on coronavirus and the continuing concern about the delta variant. we'll talk to dr. keri althoff, professor of epidemiology at johns hopkins. this is bloomberg. ♪

matt: this is "bloomberg markets ," i'm matt miller. let's dig into the latest on the pandemic. even though the u.s. said today that 150 million americans have been fully vaccinated, there is real concern over the spread of the delta variant. in germany the health minister warned of the possibility of a fourth wave, saying it is important to remain cautious as the country plans for a challenging fall and winter. joining us is dr. keri althoff, associate professor of epidemiology at the john hopkins bloomberg school of public health. it makes a lot of sense, u.k. has just about as many, if not more, fully-vaccinated people, and terms of portion of its population, yet they have had this big, new wave of

reinfection's. are we going to see the same thing? dr. althoff: i think we hope not, but what is going on in the the u.k. is a prime example of what can happen and why that push toward more and more persons who are vaccinated is important. it is important to note that when we quote 65% in the u.s., that his first dose vaccinations. inc. protected is lower than that, and we know that after first dose, the vaccines have about 33% effectiveness against covid. you really need that second dose in order to help stop. matt: i didn't realize the efficacy was so low after the first dose. if you have had two doses you are extremely safe, in terms of getting infected, right? 90% efficacy. i have been wondering, is that 90% efficacy if i continue to

wear a mask, keep social distanced, and continue to wash my hands 50 times a day or is it 90% effective even if i go to a padres game, take off the mask, cheer with the masses? can i lead a normal life and have that high efficacy? dr. althoff: vaccinated persons can follow those cdc guidelines without masks, except in rare situations. and achieve that level of protection, that 88% for the mrna vaccines, against the delta variant itself for j&j it is about 60%. these effectiveness rates are really important. but it is also good to put them in perspective. we get really excited when we see an influenza vaccine that has about 65% efficacy. these are really high levels of efficacy against the delta

variant, but it really only comes after the whole series -- or the j&j. that is when you are vaccinated. that is when we start to see those levels of efficacy. matt: it brings me to an interesting point. nobody wants to get covid. certainly nobody wants to get admitted to intensive care, but the main thing you don't want to do is die. if we see another wave with so many americans vaccinated and we have figured out so many different treatments, can we keep the fatality rate much lower now than it would have been a year ago? dr. althoff: i think the key to keeping the fatality rate is the fact that we have much higher vaccination coverage in older adults. they were at greatest risk of death. we have done a good job of helping to protect them. about 80% of those 65 and older

have been vaccinated. i would not be too hopeful at this point in antivirals. these would be the medications administered after an individual becomes infected and they are being treated in a hospital. remdesivir is the antiviral currently used. there was a big push last week by the nih to move forward, get new antivirals working through the pipeline. taking some old antivirals off the shelf, as well as developing antivirals targeted toward covid. right now vaccination is the best way to prevent that. matt: dr. keri althoff, thanks very much from the johns hopkins bloomberg school of public health. this is bloomberg. ♪

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>> a check now of the first word headlines. in his first remarks since a

landslide victory, iran's president-elect stake out a hard-line position. he rejects the possibility of meeting with president joe biden or negotiating tehran's missile program and support of regional militias. the united states is trying to -- in 2018 a was abandoned by the trump administration. oil makes it $100 a barrel next year. critics think america. global oil consumption will continue to outstrip supply in 2020 two as the economic recovery from the pandemic boost consumption. it also says new production will be crimped by environmental concerns. watch of asus be -- hsbc's most senior bankers are leaving. as part of an overhaul of its new york operations. the debt capital market for north america is said to be among those leaving.

hsbc is reportedly preparing to revamp its global banking business to serve asian clients and those who want to invest in asia. tomorrow new work -- new yorkers vote in a primary election for the democratic candidate for mayor. the winner almost definitely becomes the next leader of the most popular city in the u.s. the issues for the next leader include the economic recovery, racial inequality, and policing. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. >> welcome to bloomberg markets. i'm amanda lang.

matt: and i'm matt miller. we welcome our bloomberg audience this hour. here are the top stories we are following for you. fed chair jay powell and treasury secretary janet yellen will join u.s. president biden this hour. it will be the first meeting between powell and biden since he became president. we will bring you those headlines. bitcoin hitting eight two-week low as china intensifies its regulatory crackdown. we discussed the crypto stocks getting hit hard. and goodyear completing it's almost three billion dollar acquisition of cooper to, strengthening its position as number one in the u.s. market, almost doubling its presence in china. we will talk to ceo rich kramer about that. amanda? amanda: matt, it sure looks like a buy on the dip. every subgroup moving higher. you can see back in paris and --

by comparison to the nasdaq, the components of the s&p are weaker. they are not keeping pace with energies, industrials, up almost 2% today. that as we watch yields 10 you to soften. a big rally and parts of the treasury market. you can see 10 year may be hitting some key levels. as you mentioned, we are also watching bitcoin as it hits lows. we are keeping an eye on stocks when coin moves. one of them is microstrategy. it is trading lower today. time for stock of the day with a group debt. -- ritika gupta. >> and analytics company with a stake in bitcoin, so it is no surprise that it has shares down 10%. it also now is buying 13,000 bitcoins worth $489 million. that rings its total holdings

worth about 3.4 alien dollars. it is one of the biggest corporate investors in bitcoin as well here. that is why it has been impacted by the tumble in bitcoin. the latest coming from china really writing its crackdown on the virtual currency. we see bitcoin down some 17% over the past four days. year-to-date coin is up 13%, so the company does remain bullish on it. it has 1.5 billion dollars in raising finances to buy more crypto. this is from common stock offerings and junk bond sales as well. that junk bond sale got some pretty good demand, the yield in cut to 6% there. matt: microstrategy, then, what does it look like longer-term as far as their performance with this bitcoin involvement? ritika: it is not too great when you look at the fact we are $7

billion off of its market cap from the high in february. that is bitcoin over the past two months tumbling some 40%. you see how closely the two track each other. there is an ominous side and that it has gone into a death crisis. that is an ominous sign for bitcoin, and therefore microstrategy as well. matt: i want to point out that they are trading at $581, and a year ago there were trading at $98. so, that is pretty good, right? that is better than a stick in the eye. ritika: agree with you there, for sure. matt: amanda? amanda: hard to disagree. for what it is worth, people will disagree on this. is canada going far enough in opening up its border to the u.s.? canada and the u.s. have

extended border restrictions to july 21, which means it is not quite the free-flowing movement we would expect. canada now has changed its quarantine rules. canadians returning don't have to quarantine if they test negative. they don't have to stay in the government hotel. it has not been extended to other foreign nationals. that is something that is the focus of some witticism. even vaccinated americans can't come across yet. matt: that is really weird. i feel like if you are fully vaccinated you should be able to cross in border, but i have never been a huge fan of borders, amanda. i believe a world without borders would be a better world, as would a world in which we are all vaccinated. so, if only i were in charge. amanda: agree. you kind of nailed the problem, which is that a lot of americans are not vaccinated and likely will not be read we have comfort take covid is actually vanquished. there will be many countries

that wonder what did do, and then you throw in the vaccination fraud issue, that makes it a little more complicated. your shortly in canada one to surpass the u.s. in the hour fully-vaccinated status and keep climbing. matt: hopefully we can give america a push. when we come back we are going to the ceo of goodyear. i am excited about this. rich kramer joins us to discuss the company's new site line higher sensors, its recent acquisition of cooper to, and i'm not kidding, as i went to sleep last night i was wondering about the compounds they make for nascar racing. i will be able to ask the man himself. rich kramer joins us next. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller with amanda lang. the average age of a car on u.s. roads has had a record 12.1 years, setting up strong markets for sales of new vehicles, as well as repairs and maintenance of used vehicles. these older cars come as michelin is set to increased higher prices starting july 1. goodyear ceo rich kramer joins us to discuss price pressures, as well as their recent acquisition of cooper tire. we are going to talk nascar as well. look, most people know a tire is something you can't keep on a 12-year-old car. you have to change tires at least every five years, so if your competitors are starting to raise prices, are you going to be able to as well?

rich: great to be with you, by the way. i can tell you, the market we are operating in right now very much sees a situation of demand being ahead of supply. we also have increasing material costs coming in, so we have certainly gone out into the market to recover the value of those raw material increases. we have increased prices. reason number of announced price increases we have put into the market already, reflective of many of the things you just said. amanda: i want to talk post-cooper, if we could, just in terms of what it brings, and some of the so-called synergy, the cost savings you see. how can you deliver on the efficiencies of the combination? rich: for us it is a tremendous transaction. as matt said, as we started, certainly this solidifies our

position as number one in the u.s.. it doubles our size in china. it gives us an enhanced value proposition, extending the value brand all the way to cooper, which is more midtier. in particular you get light truck and suv tires. that is probably the fastest growing segment in the auto industry. in addition to that, we get an improved financial position, we grow our credit metric, generate more cash flow. that lets us invest into ability issues, which i suspect we will talk about. we have a great fit in terms of our cultures, and that is so important to get the integration savings we see coming. the $165 million from an operating standpoint. we feel confident about our ability to integrate cooper. matt: let's talk about site line. what are smart tires? rich: no, site line is really

our entry into intelligent tires , which i believe is where the market is going. if i take -- if i take a step back, goodyear is known for industry-leading tires. tires and services is what we do well, but we have a third pillar, and that is how to define where goodyear plays in this mobility ecosystem. intelligent tires is the -- is defining how we are going to do that. intelligent tires is, we have a sensor in a tire that is linked to a small onboard device that plugs into the port of the car. we send that information up to a cloud, and then from there put our 120 -- 120 year history of data, we link that up with machine learning and different algorithms, and we can provide

predictions of tire performance. in a pilot we were able to predict 90% of tire issues before they happen. that is what intelligent tires are getting us into. matt: how much of that do you actually get from the racetrack? i am fascinated about technology that comes from racing and eventually hits dealership floors or the road. obviously the higher -- the tire is one of the most important components, and you are a sponsor for nascar's series. it is so key for the driver to know where he is, how worn the tire is, how much grip he has got left. how much do you pull in from nascar? rich: a tremendous amount read the tire is the four patches that hit the road. that is true for a consumer. it is even more true for a driver on a racetrack. understanding what happens on those four patches are the

essence of giving us that history around tire performance, that goes into the engineering of the tires, it also as we look forward, being able to predict how those tires will perform. amanda: i want to ask you about some of the issues we talked a lot about recently. that is the input cost. commodity prices through the roof. supply chain issues. jay powell and company say these are transitory. what are you seeing by way of pricing and costs? rich: it is a great question, because i think you and many of your listeners have heard, certainly access to raw materials, even access to labor continues to be pressures we see. i am happy to say that our team has been very proactive, in terms of procuring and securing the materials we need to keep our factories running. we have done that very successfully, and clearly while

labor is a force here in the united states, we have been managing that through things like overtime, as well as significant hiring programs we have to bring new people into our markets. but clearly there is higher cost, and you are right. the second half will have higher input costs than the first half. we are certainly going out to recover that in the marketplace as well, to recover those input costs. given the environment we are in, we expect that to continue, and remember, the oe's are not demanding all of the tires they need because of the chip shortage, because of -- so we see this supply and demand to be with us for a while. matt: rich, your stock has definitely recovered from the pandemic, one from less than five dollars, to more than $20, you are still a long way from the highs we saw in 2018.

you were up around $35 a share. what does goodyear need to do to get back to those levels? rich: i think the trajectory we are on, being in an up cycle -- as you know, we are a cyclical industry, and that gets reflected in our share price. we were able to recover value for our products. getting paid for that is something we will continue to do with our intelligent tires one forward. and i have to tell you, as we look at our business today we have a large shares in the aviation market, and the off-highway market. those markets are yet to recover. airline clearly is on the right path. but that business globally, particularly international travel, has not come back yet. the mining industry as well has not been back. i think you will see we will have the tailwinds getting us

back to more historical performance. amanda: we know one of the big changes coming will be the shift to electric vehicles. all of the oem's are going that way. will you be agnostic on that? where are you on the sustainability front? what does the future look like forever? rich: i will tell you, amanda, from a sustainability perspective we are excited. we put soybean or -- oil in our tires to replace petrochemicals. we have increased those percentages since 2017. we have set a target to have a tire developed from a fully sustainable materials by around 2030. we feel confident we will be able to do that. in addition, have made significant progress in rolling resistance, which means a vehicle needs less fuel, means less admissions. work in an ev, makes a charge

last longer. i have to say, the best thing all of us can do -- and we say for our products is -- keeping tires inflated. that will also contribute to the omissions question -- emissions question you raise. amanda: rich, it is great to have you with us. rich kramer is the ceo of goodyear. matt miller wants me to say, from his home state of ohio. tanks for being with us. matt: from the great state of ohio. amanda: ok, i left that out. i just said the state. you are right. coming up, president biden meeting with jay powell, janet yellen, and others. we are going to get a preview of those talks next. ♪

amanda: this is bloomberg markets. i'm amanda lange alongside matt alert, who is from ohio. if there is a group of people you have to have sympathy for, it is the bond bears. for years they have not had their moment in the sun. we have got the flattest 530's of the year. indications are that the that's are changing. matt: yeah, it has been really strange. i've got to tell you, after the fed took a more hawkish turn, i expected investors to be selling bonds like mad. to be fair, we did see the yield go to 156 in about 12 hours, but then come straight back down. this morning i saw a quote at

143. what is going on? amanda: it is a bit confounding. the markets in general, of course, can be confounding. want to look ahead to the meeting president biden is heading -- is having with some important folks. janet yellen, gary gensler. that is coming up this afternoon. we will keep watching the state of the financial systems and nancy cook is with us now. nancy, what is top of the agenda here for president biden? nancy: the white house is calling this a routine meeting. this is going to be focused on regulatory action related to climate change, and they are also going to look at things like making sure the economy works for as many people as possible, making sure that people have greater access to credit. i think it is interesting to note that this is the first time the president has met with the fed chair, jerome powell, since

he was inaugurated. there is a bunch of heavy hitters that are going to be in the oval office, and it comes as the fed indicated last week they would raise interest rates in 2023. matt: it doesn't seem like president biden is going to interfere much in that agenda. he has not even met with powell thus far. i guess the reason is, he really believes in federal reserve independence. or at least he wants to project that look. nancy: absolutely. the white house very much wants to project that look. but it is interesting, this will be their first meeting. secretary janet yellen will also be there. gary gensler, as you said. there are acting heads of the oh fdc. this is a big dog meeting of financial regulators. it also comes as we are sort of

waiting to see over the next several months but president biden will do, if he will renominate jerome powell to be the head of the fed. of course, the white house is also facing some other existential economic russians, like, is their bet on inflation correct? what happens with these extended enough in its that -- extended benefits that republican governors are choosing to turn off? there are economic unknowns tied to this meeting. matt: thank you so much for joining us. nancy cook talking to us about this important meeting, the treasury secretary, the treasury secretary, the federal reserve chair, and president of the united states. we will bring you headlines as they cross. this is bloomberg. ♪

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>> this is the first word news. boris johnson says the covid

data looks good for lifting virus curbs on july 19 after jumping cases fueled by the delta variant. it is driving the current wave of infections which may be weeks from peaking. a study shows infection rates increasing across all age groups but highest among people 20 to 29. authorities in hong kong will shorten quarantine time to seven days for fully vaccinated residents traveling for most places. they are set to cut the requirement for non-residents who are vaccinated. other plans include lifting capacity restrictions at some restaurants and swimming pools. steven mnuchin is weighing in on cryptocurrency. he spoke with david westin as part of the qatar economic forum held by bloomberg. >> i believe