deals a blow to fannie mae and freddie mac investors in their challenge to the government's collection of more than 100 billion dollars in profits from the government-sponsored enterprises. the high court rejected the claim that the federal housing finance agency exceeded its authority under federal law. but the ruling is mixed. the decision says investors might be able to win damages on a separate claim that some payments were illegal because the agency was unconstitutionally insulated from being fired by the president. tomorrow, after the closing bell, the stress test on u.s. banks drops per with passing grades, the results could trigger billions of dollars a buybacks and dividends. last year the fed put limits on dividends with the outbreak of covid and prohibited buybacks. the pandemic has been extremely lucrative for u.s. banks with a flood of deals and trading activity. the report might also comment on risks in the system.

morgan stanley has told employees they will need to be vaccinated against covid-19 to enter its new york offices. the co says about 90% of return staff have already had their shots per the firm says the goal is to help create a normal office environment without a need for face masks and social distancing. global news, 24 hours a day on aaron and on quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ >> i am lisa abramowicz, welcome to bloomberg markets. here are the top stories we are following.

reaching a bipartisan infrastructure deal, biden aids lead senate talks with no deal. they ability to reach an agreement will be discussed. and the new york city pride parade is set for this sunday. we speak with cheryl of mastercard, a well-known sponsor the event about the importance of inclusion. and today's soup du jour, inflation. restaurants are raising prices at the fastest pace in years at the wake of higher food and labor costs. let's take a look at the markets. no drama here. slightly in the green across the board. this is outperforming the small cap. the yields are creeping just a touch higher. still low given the longer-term protections coming out. this is 9%, crews trying to sell back at the highest level since

2018. this is $73 and $.29. we are trying to get some information with -- auctioned off by the u.s. treasury department. it's interesting to see how they get a bit of a softer bid than people had previously expected. because yesterday was the two-year sale and it was a bit weaker in demand than people were expecting given the yields rise. yesterday, we were getting information on all of the dynamics. the issue here is that people believe the fed will taper sooner and raise rates sooner than expected following last week's meeting where stocks were readjusts now to something that caught my eye. a ceo is stepping down after more than 17 years at the helm transforming a discount airline into the largest u.s. carrier

and expanded its network abroad. succeeding him will be robert jordan, the current executive vice president. the ceo title will be given up on february and will stay on the executive chair until 2020 63 this comes amid one of the biggest shifts of the airline industry ever. the whole industry shows this has cut in late august and september. there is a cooling in demand. george, are aerospace and airline analyst is joining us now. i want to get a sense of whether the demand we have seen will sustain the pace without the international and business travel really picking up. george: thank you for having me on. i think it's going to be difficult for the late fall and winter season to be as robust as summer has been for u.s. airlines without business and

international. like you said, the report we have today which you can find on the bloomberg terminal, we are starting to see that some of the late august and early september schedule increases with the u.s. and european airlines have put on, they will be taken off the schedule, we think this could be a sign that the summer bounce is about to wayne and things could be difficult this winter. lisa: give us the dynamic behind the decline in the pace of the resurgence and people getting back to the airlines pray the ideas that people are being prohibited from covid outbreaks which are causing restrictions to travel. is it that business travel is not coming back online as much is expected, or that things have gotten so expensive? george: the way we see it, we

have looked at airfare closely through this period. we are not seeing a lot of inflation. if you compare the 2019 levels, we think the average fair is still 25% lower. everybody got vaccinated, nice weather came in the spring. they want to vacations. vacation season ends in late august with kids going back to school. a lot of school districts are going back. and companies are asking employees to go back. that makes it difficult to disappear for maybe as long as you would like. i think a lot of consumers, especially consumers who have done well during the pandemic have a lot of vacation built up. so they got vaccinated for vacation season. i don't think company travel policies, i think they are in flux. those folks will have to get

back to the office, the companies will have to figure out their policies, there will still be some register to get out on the road. i think it will take a while for business travel to feather in well. and the back drop is international travel with europe getting some conflicting messages about how open they are. europeans can come here, we can go there. i think it's difficult for people to make plans. lisa: i was really struck, there was a story in the wall street journal highlighting a study -- a study showing how first-class and business-class fares had dropped 20% to 30% below where they were in 2019 because of the lack of business travel and people were able to pick up cheaper first-class tickets. there's a question of whether it will come back online, given the reluctance to really go back to the travel budgets that companies have had. what's the consequence on the

airline industry if it does not come back to the we saw in 2019? george: the consequence will be uneven. mostly with the full-service u.s. airline. and the full-service europeans, deltek, lufthansa, we are not in the camp to business travel will never come back. we think it comes back slowly. i say slowly meaning that there will be a large bounce back may be at 80% which we think will come next year with the residual 10% to 20% and it will take a couple of years to get back to. i think businesses will still want salespeople all out on the road maintaining important relationships. i think that's important when it comes to the economy. we brought everybody in the home office, maybe we only need to do this twice, and we do more of it

over microsoft teams or something like that. we are in the camp that business travel will come back. lisa: thank you so much. george ferguson is covering everything having to do with airlines. let's take a look at david beckham, speaking with our own jason kelly at the cutter economic forum. you can listen to the full interview. this is bluebird. ♪ >> it was a good idea to spend as much time as i did every day in the club, working with the staff and the coach. it was great to spend some time they are. going back to the u.k. and being back in london now, working on the business side and with my team. there's a lot going on. ♪

lisa: this is bloomberg's: markets. house speaker nancy pelosi and chuck schumer are set to meet today with white house officials to discuss the next step in passing president biden's infrastructure proposal. this comes after the administration aides wrapped up a meeting with a group of senators without a compromise over differences on how to pay for a proposed $579 billion in new spending for roads and other projects. we welcome the director of the tax analyst tax history project. let's get started on taxes. this could have the biggest impact on markets in terms of the proposed changes to the fiscal trajectory of the united states. how feasible do think it is that we will see the top end of

president biden's proposed tax sites? >> i'm skeptical that we will see them. there's a lot of hurdles. some of those are within the democratic party. there are some notable moderates who are reluctant to go the whole distance. but there's plenty of hurdles on the others of the aisle. i don't see the full package, the high-end of this package really making its way. i don't even see -- i see just a part of it, maybe. getting across the line. lisa: what do you think of president biden's desire to start this process early, so early, in his trajectory as president, given the fact that taxes are not popular. higher taxes tend to me lower popularity. >> i was surprised. it strikes me that they could on this whole thing without paying for anything.

there's a reasonable appetite for not paying for things. so i was surprised. i will say that the democratic party has a large constituency that wants to see new taxes on the upper end of the income spectrum. the upper end of the wealth spectrum. there is some pressure within the democratic party for new taxes. i think biden could not just ignore it. lisa: is this more of a social statement with redistribution of wealth? or an effort to pay for things because of fear of deeper deficits? >> i don't think it's either or. i think it's both. what's probably driving politics on this is the politics. not so much the fiscal side of the equation. right now, i don't think most people are especially worried, the things have changed in the last couple of months. three months ago we were not worried about inflation. now we are more worried about it. people are more interested in

raising revenue. but i think it's the politics that have been the driving force. lisa: that's why people say if you want to raise taxes on the wealthiest individuals, why don't you just enforce the tax rates that you have on the wealthy individuals who have found loopholes and ways of getting around. how much more revenue could the u.s. bring in if they spend more in enforcing current rates as they are on the wealthy individuals? joe: that's anybody's guess. the tax cap estimates are all over the map. i don't think anybody knows the answer to that. i think every buddy knows and agrees that the irs has been underfunded for a long time. the goal is to raise additional revenue. the irs has been starved of funding and has not been able to enforce tax laws as well as has. for some that's a good thing. they are happy to see the irs struggling. but if your goal is to shut down

the loopholes or find loopholes because you don't always know where they are, the irs has not always had the resources. how much will that bring in? i don't think anybody knows the answer. and how much will the additional dollars deliver? people don't know that. you will see estimates from three dollars per dollar of additional funding to the irs to $10. nobody knows the answer. more money for the irs will deliver additional revenue. lisa: as i listen i do wonder how we rank in history with respect to tax collection and growth on the heels of higher taxes. has your experience in your studies been when you raise taxes, it slows growth and corporate revenues? and it does deplete some of the dynamism of the economy. these are number of people making this argument on wall street read as it borne out by history? joe: i don't think the correlations are as clear as people want. you can pick your data to find

the results you want. liberals want to look at the 1950's when tax rates were high, over 90% and the economy was doing well. conservatives will say there are data points where dax points were high like in the 1970's and growth was struggling. there were so many things that go into determining the growth of the economy, tax rates are a relatively minor part. that's not to say they don't matter, they do discourage economic activity on the margins , but they are not the be-all and end-all on either end. they are not unimportant. they are not the most important. it's just not where the data is going to be found in terms of economic growth. lisa: when you look at corporate taxation over the years come as a stride he trajectory lower. i'm wondering if we are entering a new paradigm where we start to see taxes creeping higher. i'm thinking of the international tax and the

minimum tax rate that a number of nations are starting to set. do you think this is the new direction of these levies? joe: it's quite a change. i'm pretty surprised. because the trend has definitely been down for a while. but the problem i think is that herb stein once said that any trend cannot -- they cannot continue forever, won't. that applies in this case. it wasn't possible for the corporate tax to keep going that way unless they were demolished and nobody is prepared to do that. the idea that countries have decided they were going to dig in their heels, or try to, that's not surprising. whether that will succeed, color me skeptical. i think there will be a push, certainly popular in the u.s. to raise taxes on corporations. but that's not easy to do, especially not in a competitive international context. i'm not convinced that will

happen. certainly not on a big scale with major increases in rates effective or statutory. it could happen on the margin, especially for the sake of making a good show of it. lisa: thank you for being with us. it's never been a more exciting time to cover taxes. still ahead, the new york city pride parade is set for this sunday with more and more companies showing their support for the lgtbq plus community. we speak to an executive of mastercard on the importance of inclusion. that's next. this is bloomberg. ♪

lisa: this is bloomberg: markets. the new york city pride parade is back and set for this sunday. this comes after the event was shifted to a virtual platform

last year due to pandemic. mastercard is a longtime sponsor. here to discuss is the executive vice president of communications with spearheaded campaigns to address the needs of the lgtbq+ community at this country. -- at the company. let's get started with the importance of being a supporter to this event and raising the profile over the years. >> we have been a longtime supporter of the lgtbq ia plus community. in a longtime supporter of the event. but it's important to take a step back and say why we are doing this. the reality is that mastercard diversity, equity, and inclusion is the core of who we are. it's in our dna. it permeates the culture here. we support this alongside our employees who have a ton of pride in what we are doing here with this event, and what we do

from an inclusion standpoint. this goes beyond an event and putting diverse perspectives at the table, which we know will yield great results. it's about creating a culture of belonging, where people can bring true selves to work. when we do this, we create pride for the people who work here. we make better decisions with the company. we innovate and we have better business results. lisa: give us an example of creating an environment of inclusion which might be different than what people expect. it's one thing to wave a flag and another thing to be accepting and to create an environment where people will open about discussing their lives and being true to who they are. can you give us an example of a situation where that has been the case? where people felt free to be who they are and they are able to perform better and feel more a part of a company? cheryl: absolutely. one of the things that we are doing here, this recognizes that

of course it is important to be an ally. to have conversations where people can understand and have more empathy. in this case, because people were open to share with us, we learned an insight that we were able to validate. it was a pain point with our own cards. the actual name on the card, it required a legal name on the front of the card being presented. shockingly, one third of people who present and use an id that does not necessarily match their gender what they look like report horrible experiences, certainly being embarrassed, harassed, attacked or denied services. we knew we had to do something.

we launched true name, which allows for you to have your chosen name displayed on the card. this is a game changer. we not only launch the product, a feature which we did in 2019. but we made a call to action to the industry that we had to change. and that's a wonderful example of power, not just saying, but actually doing something. lisa: looking forward we have made a lot of progress. where do you see the biggest areas for possible further progress when it comes to inclusion? cheryl: we have to continue pushing, here's the example on true names. it's rolling out globally. we have to create a culture of listening and belonging. when you do so, you have to push and be resilient. it's important to push this out.

we have launched with global payments, and we launched this payment with all of their issuers, we launched in europe with over 30 markets. we cannot forget to do these almost internally -- we cannot forget to do these internally and the young company -- in our own company. we have anyone across any gender getting paid leave for being a new parent. we even offer benefits for transgender related surgeries and procedures that are needed. lisa: cheryl, thank you. unfortunately we do have to leave it. coming up, more of a discussion on tax policy at the new infrastructure plan moves. this is bloomberg. ♪

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>> revenues are likely to be down in the low to mid single digit range. we feel good about the pipeline in the dialogue we are having in investment inking. mark: this afternoon, president biden is launching a comprehensive plan to curb gun

violence. this includes allowing states and municipalities under certain circumstances to hire police officers by tapping into coronavirus relief funding. gun violence related incidents to dipped during the pandemic that have gone up. measures include a toughening rules for gun dealers and expanding summer programs for teens. the iranian news site close to security services and says authorities forward -- thwarted an attack on iran's nuclear program. this is tensions flare between iran and the u.s. after the victory in the present election, the u.s. blocked websites attempting to influence american elections. dip amounts are trying to restart nuclear talks in vienna to reign in iran's nuclear program and bring the u.s. back to the landmark 2015 deal. the owners and insurers of the

giant container ship that walked the suez canal for nearly a week reached an agreement. this over their dispute with the suez canal authority. neither side elaborated on what the agreement entails. the dispute centers on this -- on the compensation amount that the compensation amount that this u.s. canal authority claims. it brought the crucial waterway for six days. londoners are snapping up available lecture homes in their city as wealthy foreigners are kept away but current lockdown measures. one developer says that buyers like to be present to make such big purchases. homes in the wealthiest areas of london are now selling at the fastest rate in seven years, waiting to london data. that does not seem to be translating into higher prices to local buyers who appear to be unwilling to pay the skyhigh prices that global buyers have put up in the past. 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'm mark crumpton. this is bloomberg. ♪ >> welcome to bloomberg markets. lisa: i'm lisa abramowicz. here are the top stories from around the world. the ncc's role in protecting the investor says trillions of dollars in assets may require tater rules. lisa: plus, vaccine required. morgan stanley telling its employees they will need to be vaccinated to enter the offices. demand for food delivery is the world reopens post-pandemic.

the sea so -- the ceo of online food ordering joins us. >> a check on those markets. the nasdaq is holding onto its gains to close at these levels be another day of record highs for tech stocks that are seen a resurgence over the past weeks. crude oil, we saw this inventories brought down for a week in a row. that is providing some support to those oil markets. a look at our stocks to watch. we have got two of them. fannie and freddie mac are plunging right now. this is on the back of a decision by the supreme court that would give the u.s. president more authority over the mortgage agencies but also rules against outside investors when it comes to a key sticking point on profit sharing. it is a complicated story. let us bring in bloomberg's dave

wilson. david: you have to go back to 2008, when when the government brought fannie and freddie into conservatorship. when they set it up, the head of the agency at his job and thus he did not perform. the president does not have much power. you are talking about governing -- companies in the world. there is a lot of stake here. fannie and freddie initially paid dividends to the treasury based on its investment in those companies. in 2012, there was an amendment. we see money going to treasury.

there were some hedge fund investors. they figured that $104 billion went to treasury that would not have under the initial formula. they want to court to try and deal with that. the challenge that amendment in 2012. today, the high court upheld that decision. on top of that, investors claims that the shf was unconstitutional -- fhfa was unconstitutional. the justices sensed that back to a lower court for new proceedings. they also said, though, that even if there was a favorable decision and there were damages, is not going to change the profit formula. we have heard from the white house officials, saying that it looks like the head of the fhfa will be replaced. the current director is someone who would favor returning these

companies to completely private control. that is where it all gets interesting. lisa: a lot of hedge funds have been involved. the shares tumbling today. meanwhile, some home sale data the crew than estimated. in general, it has been really strong for housing markets. how does that factor into the picture? david: it means that these companies are generating more and more business. the people behind -- people buy houses. they are willing to go ahead with the relatively low interest rate but maybe not quite as much in the last month or so as they had earlier in the year. nonetheless, you are talking about more business, more loans, and more money that fatty and freddie -- fanny and freddie generate. lisa: dave, thank you. morgan stanley is weighing in on

this shift to working from home, which is part of what has been behind this boom in the housing market. they are saying that employees were not vaccinated cannot enter his offices in new york. policy outlines about -- an internal memo. they say the goal is to create a normal office environment without a need for masks and physical distancing. it is a fascinating issue, especially in light of the lack of federal guidelines for businesses on how to bring employees back. it raises the question of whether other firms will follow, basically saying, you could come back only if you have been vaccinated. and by the way, you need to come back. amber: it raises -- it is all about discretion. companies are going to decide is it a competitive advantage to

have people in the office? the competitive in terms of recruitment to have a more flexible environment? you have a lot of banks going in the direction of essentially mandating their employees to come back, but i remember talking to the head of one investment bake who said we just did a record quarter for investment banking, for trading, and not a single person was in the office. he said, that is game changing. we are never going back to the way that we were. but it only takes one bank to start seeing clients face-to-face before the others decide, ok, we need to get back to physically being in front of each other. lisa: it seems like in the u.s., that has been part of the shift back to the office. jp morgan, goldman sachs, morgan stanley. speaking with a health professional earlier, who said, the key determining factor will come when the fda gives full

approval for some of these vaccines. they only have emergency authorization up until now. once they get full approval, then you will start to see more companies mandate vaccination for the comeback. and frankly's income if you cannot come back, you cannot work here. it is certain point, there needs to be some sort of commercial -- communal culture. coming up, we will hear on a different topic. speaking about the trillions of dollars of assets that may need tighter rules on the heels of their caicos situation is a book there. this is bloomberg. ♪

lisa: this is bloomberg markets.

i met lisa abramowicz. gary gensler says trillions of dollars worth of assets may need tighter rules. problem highlighted a maggot this year's midmarket disruptions. gary: i am going to be animated every day on this job by working families. working families need the protection. frank and roosevelt knew this in the 1930's. we know this now. president biden knows that. it is about working with families. despite disclosures so we can make choices in the market. that helps companies raise money . by lowering the broad manipulation, ensuring that there is consistent disclosure to the investors, companies benefit as well. >> what specifically do you think we need more disclosure on? gary: there is trillions of dollars about this under management now calling for

greater and consistent disclosure around climate risk. i've also asked staff to take up disclosures around cuban capital. -- human capital. david: thank you so much for joining john knight this morning. i have never seen a primal cry foreign -- for an fec commissioner to just do something. you mentioned fdr. there is a primal scream, chairman, to do something. what is the do something you want to do to help with meme stocks, with specs, and other things. gary: you are being a bit immodest. i'm sure you understand them a little better than that. important thing is investors want to know there's somebody looking after them. working families, people who

have 401(k)s. you mentioned spac's. it is really making sure that the sponsor who is behind that is fully disclosing their take on it. these are very expensive products. sponsors take out a chunk at the beginning. then there is more being taken out later when they merged with the private company in what is called a de-spac. it is those disclosures ensuring that the retail investors get the right disclosures and are protected. secondarily that they are put stating just like the institution -- participating just like the institutional investors. a lot of the institutions buy into these facts later. they do so at a preferred price rather than the price at the retail public is getting. lisa: fec chair gary gensler

touching on meme stocks and specs. we did not get anything on bitcoin. gensler i guess is nervous about approving etf for an underlying asset in which he is looking for regulation, not only on crypto exchanges, but investor protections generally around cryptocurrencies. you saved is a question of if, -- of when not if, because in canada, the regulators have already green lit several currency ets, not just bitcoin, but also ethereum. lisa: there is also the question about who is taking the lead when it comes to regulating crypto assets. there has been a crackdown on certain bitcoin mining, as well

as -- now a lot of people are saying u.s. regulators, show us your hand, tell us what you are going to do. it is a growing part of the portfolio of the likes of skybridge and other hedge funds. at what point will the fec have to make some sort of statement just to give certainty one way or another to an asset class at has gotten so big? this is something will -- we will be tracking increasingly. i hear from institutions that they will be more willing to invest in bitcoin once they know what the parameters are, even if they are restrictive. coming up, we will speak to the ceo of an online ordering service for restaurants.

lisa: this is bloomberg markets. amber: one thing that we are tracking is food prices. they are rising. we can see that in food inflation. you can see that on any menu that you go to as many restaurants are passing on those higher food price costs onto customers. they are getting hit on both sides. one is wage pressure. the answer -- the other is those rising input costs. things like the price of chicken going up. people literally hungry to eat it up at the restaurant. taken those price increases. the question is for how long? at what point does that novelty of dining out where out? and when does price consciousness come back to the out of home diner? lisa: one way to see this is with take out. are we willing to take -- are

people willing to pay more for food that they are taking into their home and not getting the expense of going out? let us bring in quis -- chris webb. ceo of an online organization that works for 20,000 restaurants in the u.s. and canada. chris, what is your sense of consumers' appetite to absorb some of these higher prices? chris: we are not seeing any slowdown on our system in terms of prices going up and having any impact on consumer demand. what we have seen a bit of in the past couple of weeks is as the country -- i'm here in l.a. -- and the state of california opens up, people are going out. i went out saturday night.

the restaurant was packed. people still ordering a lot online as well. we are expecting a bit of a dip, we are seeing a small one, but nothing major. people want to go and eat and order online. both are thriving. amber: for right now, you have a consumer who is willing to pay those prices, because it is exciting and novel, are you concerned at some point that they are not going to be willing to absorb that and take that as it becomes part of everyday life? chris: we are a notch. the reason for that is at one of the thinks is been reported in the last couple months is that when you order one of these other delivery apps, the menu prices tend to be higher. the reason for that is that many of these platforms charge the restaurant quite a bit. cities have put caps in place on how much you can charge per order on these commissions.

what restaurants then do in turn is they then mark up their menu prices on those platforms. the consumer tends to pay quite a bit more when you use a delivery app. this is been widely reported. at chownow, we do not charge extra. apt is completely free for anyone who wants to use it. in doing so, all we ask of our restaurants is that they do not inflate their menu prices. they have no reason to, because there are no additional fees. you typically find lower fees on the chownow app. that has resonated well with consumers. consumers who are more sensitive to price and do not want to overpay tend to think of chownow as the app to go to. lisa: since you do have a bird's eye view in the industry, what is the employment picture like?

we hear a lot about frictions. chris: we hear it every hour of every day. those 21,000 restaurants are in every stage. the cover thousands of cities across the country. we have a lot in l.a., in new york, in chicago, but you will find restaurants in the middle of nebraska. that message of staffing being an issue, not being able to hire enough people, is consistent in big cities and small cities. it is the biggest pain point in restaurants right now. amber: do you think this food inflation is transient? that is kind of the central bank of the year, but do you it as temporary and eventually it will abate? chris: i think so. it will take some time. everything, even outside of

food, is delayed. shipping lanes and other things. the whole logistics for whatever you are trying to buy. here in my home, we bought a dining table auto months ago. it does not show up until august. i believe this will correct itself. for restaurants, food, chicken, and everything else. i am hopeful that by the end of the year, it will be resolved and things will be back to normal. at the current state, it is not sustainable. something will have to give. and i think it will. lisa: a question -- it is a great time to raise money. are you looking to raise money to further expand? chris: we are not at the moment. the business is doing very well. we have been very fortunate over the last year-and-a-half. we discuss it at board level. at the moment, we are not fundraising. we have no plans of raising

capital. we have a very healthy business. we have been profitable for the last year-and-a-half. we are going to continue to run it and invest with the capital that we have on our hands. lisa: chris webb of chownow. from new york and toronto, this is bloomberg. ♪

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mark: i'm mark crumpton. on friday, vice president harris

isn't scheduled to make her first visit to the u.s. mexico border. it comes after criticism from members of both parties for not going earlier, despite her lead role in the biden administration's response to a steep increase in migration. earlier this month, she traveled to mexico and guatemala to discuss issues fueling migration, such as poverty and criminal activity. a hundred mayorkas is expected to join -- alejandro mayorkas is expected to join vice president harris. 5.9%. the may sales decline pushed sales down to a seasonally adjusted annual rate of 706 9000. the median price of a new home sold in may rose to over three to thousand dollars. up over 18% from a year ago. a fourth straight month of decline. no deal has been