this gradually. >> more surprise with hearing taper talk start. >> what we don't want to do is take dramatic action to result in a sharp shift. >> there is no put out there right now. >> of course the economy is experiencing friction. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. this is "bloomberg surveillance." tom keene has left the building. alongside me, lisa abramowicz and taylor riggs. lisa, we start this morning where we started yesterday. first, it was morgan stanley and it looks like j.p. morgan might follow. lisa: they are requiring employees to get vaccinated before they come into the

building. this is what we were talking about. how much is morgan stanley sitting up front for the wall street banks. i love this memo that was sent to employees by j.p. morgan. report your status for vaccination by the end of the month. if you do not, you will be contacted repeatedly by your manager. jonathan: not messing around, are they? get back to work seems to be the story. lisa: there is leading of the charge when it comes to mandating vaccinations. you are not seeing that in the public sector. how much of the private sector will set the tone once the fda gives the final approval for these fancy -- these vaccines. jonathan: taylor, thank you for waking up with us. let's talk about j.p. morgan putting pressure on people to get back to work. taylor: i don't know if i want them repeatedly contacting me. we are coming off of the election in new york city for the mayoral election, this push of what is an economic recovery.

what does this vaccine push look like. what does this mean for economic data as we push forward to what this job recovery looks like and the interconnection with the vaccination rate. jonathan: as we go deeper into summer. september seems to be the date. lisa: people think you will have to get back to work. i wonder if we will get fda approval and whether companies will reverse the whole work from home idea since the office is where you've got to be. jonathan: the market check. 42.51 on the s&p 500. tom keene is a way for the next couple of day. futures up 20. we advanced by .5%. jobless claims a little bit later. lisa will run you through in a moment. yields higher most one basis point. the euro is firmer. 119.43 on euro-dollar. taylor: when you said that, i

almost wanted to interrupt you because it sounds familiar. jonathan: carry on. taylor: 8:30, we will get economic data. u.s. jobless claims expected below 400,000 for the first time since the peak of the pandemic. also getting the first quarter gdp figures. this is the third reading expected to be the same, but this high pace is more than 6%. however, there could be a downside when it comes to the trade dynamic given the imports and the lack of exports. 1:00 p.m., this is the exciting option. this is the treasury option has -- that has been the most volatile. the yesterday -- yesterday's 5-year note sale came in stable. still, definitely solid demand despite the rhetoric around hiking rates and tapering the bond purchases. 4:30 p.m., the federal release

of the stress test result. the implication is for all six banks to pass with flying quarters -- with flying colors and to possibly double their dividends of stock buybacks over the next year. how will the markets respond? this expectation is based in how much will this give a boost bank valuation if this does come to pass and they do pass the stress test. how much is is par for the course -- is this par for the course? jonathan: it will be help washington -- how washington responds or how the market responds? taylor: big tech is more in their crosshairs than wall street. you will hear senator warren say how can they be making so much money and be doing stock buybacks, but it will be more sound than coming through. jonathan: senator warren, one to watch maybe. hugo rogers joins us now.

great to catch up as always at a week of volatility. is it a bump in the road or are we on course for more of the same? is that the story of this last week? hugo: we think it is a bump in the road, to answer your question directly. good morning. the bump in the road is the road to recovery and inflation. this is already the end of the cycle where we have not seen it down yet. we still have 8 million jobs to get back. 8 million jobs to create before we start getting into the summer. there are no rate hikes on a more hawkish forecast until last week until 2022. we think people got over excited about inflation.

we have always been telegraphing that inflation is normalizing. it is not breaking out aggressively to the upside. there is no reason yet to doubt the transitory effects. jonathan: lisa has written about this. she will want to follow up on that. what does it tell you that we had the kind of moves we had off the back of a very incremental move from the federal reserve? hugo: it tells me that there are lots of captains on the ship. we saw the opening treasury market. that is the shortage of inflation. everybody knows about the buybacks. the main vehicle of the way people view it is inflation. banks will use it as their borrowing short and lending long. it is very bad for that.

but it speaks to a sort of true inflation hedging and people get on one side and were surprised that inflation may be benign. there are risks to the upside, but core inflation base effects, that is normalization rather than any kind of panic. lisa: there is a question about the accuracy of some of these inflation gauges you talk about. the idea that the fed has been blocking these markets and there is lopsided securities available for purchase as well as dollars to buy them. how much can be read from breakeven rates and terms of expectation for future inflation versus what people are paying for their cars, their homes, even at the grocery store? hugo: the assortment in the bond

market is well known. the fed is still buying $100 billion of assets every month. from 25% down to 15%. look at the $50 billion to find a home, desperate to find some with return. we think you need to be very worry about signals from the bond market saying the cycle is over, inflation is truly benign. we think those can reprice steadily as liquidity is withdrawn because even if inflation proves to be a little bit sticky. that signal needs to be read very carefully. the other signal that needs to be read carefully is some of the inflation measures themselves. everybody knows that the inflation number 10%, 5%,

largely down to use cars, hotel rooms, are quite narrow bands of goods and services. to understand whether they can withstand inflation, you have to look at the jobs market, you have to look at wages. at the moment, we are thinking that transitory is the right one. taylor: with the asset purchase is, does the type of tapering matter between nbs and treasuries or perhaps a shift and a focus to nbs given the housing data as of late? hugo: that is an excellent question. we have seen this europe there was a shortage of assets to buy in these programs. i think what that is is a not to where the fed thinks the other source in the market most severely away from requirements

of banks. the tightening in nbs is a function of the market structure rather than looking to quell the housing bubble wrap it -- rapid price increases. they are not trying to cool a hot housing market. what has happened is prices themselves have started cramping demand -- crimping demand. that big rush to move out into central business district, that is now over. we are entering a wait and see space, including in the housing market. the main message from the fed will be implemented. jonathan: hugo rogers, probably

the luckiest man in finance. with the white jacket. hugo: you are charming. lisa: he's in the bahamas. he goes to the beach in his free time. jonathan: may straight after this. maybe when the mornings work is done. lisa: it looks like a good place to work. jonathan: i think taylor asked the right question. i asked that to president william of the new york fed and he pushed back. that word about the broader signal from any reduction, whether it is nbs or reduction, just a broader signal for the broader market. taylor: i went back to read the december 2013 announcement on the taper and making it very clear that it would be equally weighted between $5 billion and treasuries, $5 billion in nbs. i have heard more discussions about how do you do that. mr. bostic yesterday saying that we might look at tapering in

three to four months. but we will wait and see. jonathan: we will catch up with mr. dudley, bill dudley, and federal reserve bank of new york president. equity futures with a list this morning. -- lift this morning. we advanced .5%. it is thursday morning. this is bloomberg. ritika: u.s. officials are confirming that details of the genetic makeup of some of the earliest samples of coronavirus in china were removed from the american database where they were stored at the request of chinese researchers. officials say the data first submitted to the u.s. based archive in 2020 were requested to be withdrawn by the same researcher three months later. south africa's daily covid-19 infections rose to nearly

17,500, the highest number recorded a quarter to the national institute of communicable diseases. with 1.8 6 million people infected and more than 59,000 deaths, south africa has the highest number of confirmed infections on the continent. croatian cryptocurrency exchange backed by a group of billionaires is in merger talks. the deal could value it at nearly $12 billion. the final valuation could change depending on the final point of bitcoin. hong kong's looking to raise at least $1 billion in the share sale of on-demand than hailing anterior services across asia, latin america, and the u.s.. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over

120 countries. i am ritika gupta. this is bloomberg.

♪ >> there is trillions of dollars

of assets under management calling for greater and consistent disclosure around climate risk. i have asked staff to take up disclosures around human capital , the most important asset of a company, the people that work there. jonathan: a lot of work to do at the sbc. from new york city this morning, good morning. alongside lisa abramowicz and taylor riggs. 42 .52 on the s&p 500. a nice lift this morning. we are about two hours and 12 minutes away from data in america. the euro-dollar up a little more than 10%. yields approaching 150. yields up almost one basis point. this bond market, not disturbed by what is happening in d.c. not on the monetary policy side,

but on the debt limit. coming out swinging in the last 24 hours. failing to increase the debt limit would have catastrophic economic consequences. yellen went on to say it would facilitate a crisis and at a time when we are still recovering from the covid pandemic. lisa: it seems like harsh words considering that this is usually a formality. isn't this every six months or so there is a debt limit crisis and people wonder whether they are going to raise the limit? they raise the limit at the last minute and people jan. -- people yawn. i wonder if they will place the blame prematurely on republicans. jonathan: the current suspension of the u.s. debt limit ends on july 31. how seriously should we be taking this? >> we should definitely be taking this seriously. the question is how complicated the solution could be. the technical deadline is july

31. treasuries can always bump that back by some amount of time using extraordinary measures. they delay as many things that they can, but we do not know when that actual effective deadline might be. secretary yellen warned that could be in august when lawmakers take a break. there is the estimate by the bipartisan policy center saying it is probably going to be later in the fall, so there is not much of a legislative strategy on this. to be honest, i have asked to put all the lawmakers involved in these kind of discussions for a couple of months now what exactly the plan is on the debt limit and even as of yesterday, there is no plan. the house democratic caucus chair said yesterday. the democrats can do this in a partisan way if republicans try to use this as leverage. but that is through a slower budget reconciliation process that they have not started yet.

the deadline and the fact that they do not know exactly when it is may be challenging for them and some republican pushback on the debt limit extension, suspension, or raise might make things tough as we get closer to august. lisa: this feels like the same story over and over again. the market seems to agree. it seems completely unraveled by the process -- prospect. can you give us some insight on the politics especially at a time when everyone is willing to do deficit spending? why isn't there some agreement to kick the can down the road and get some sort of extension? jack: i would not say now is the time to panic. the issue is one, republicans do not have that much of an incentive other than general good governance to go along with a clean debt limit increase. i would also point to the fact

that earlier this year, senate republicans added a measure to their conference rules, which are nonbinding, saying that any increase in the debt limit should be offset by corresponding spending. if you raise it by $100 billion, that bill needs to include $100 billion in cuts, which is something democrats would not go along with. it is worth noting that you have -- the path to a solution is politically complicated and republicans have supported deficit financing measures in the past, but doing that under a democratic administration with democrats in control of the house and senate is much different and there is more medicines on the republican side. lisa: how much does this infrastructure plan fit into the picture? jack: that is part of a two track approach to the legislation right now. the senators who negotiated that

are going to lead with the president and at some point today -- going to meet with the president at some point today to talk about that. keep in mind, democrats want a bipartisan infrastructure bill and then a more partisan catchall measure that they can do the reconciliations with a majority in the senate later. it is a bit of a chicken and an egg situation in which democrats do not want to do the a bipartisan infrastructure deal unless they know they can get their other priorities in a second deal, but they may not want to do this i can deal unless they can -- do a second deal unless they can get the bipartisan infrastructure deal. so they are trying to get two things moving at the same time. as of now, they are moving forward and the move seems relatively positive, at least on that first step and there are plans for a second bigger bill on the american families plan, the climate stuff, anything out

of the infrastructure talks. taylor: how are we going to pay for this? jack: the question is if we are going to fully pay for it or if we are not going to entirely pay for it. there may be some kind of gimmicky measures involved. the latest talks on infrastructure are how much money you can raise by increasing irs enforcement. there is a huge delta in terms of how you measure that. it may come out so that the official score, how much money you raise and can use to pay for infrastructure spending, is only something like $60 billion and democrats may insist greater. there are conversations among democrats about a big legislative plan infrastructure and other priorities that is halfway pay for. -- paid for. when we see the details of this infrastructure package, we will see if they made it to 100% paid

for or if it is a bit cut off and there is some sort of political wrangling to claim that it is more paid for than the cbo really says. jonathan: thank you. jack fitzpatrick. there is a -- this is a whole new world where we do not pay for things anymore. lisa: i know. jonathan: from the bond market's perspective, this was meant to be the story we confronted through 2021 into 2022. lisa: the whole idea of modern monetary theory, just print more money and you will be fine. it seems like it has work in terms of bond prices not declining too much. yield staying pretty tame. and yet, the hawks are coming back. jonathan: the uncertainty for this market, the lack of clarity. taylor: i am dying a slow death. jonathan: just watching these talks. taylor: somehow you have to pay for it and eventually all the

analysts say there will be enough dollar weakness that we finally realize that someone has to pay for it. but not now. jonathan: i thought you were dying a slow death because it was just boring. i hope it is not this show. taylor, thank you. coming up, david blanchflower. this is bloomberg.

♪ jonathan: from new york city, here is the price action this thursday morning. equities of 21 on the s&p. -- up 21 on the s&p. switch up the board to the bond market. we have a heartbeat in the chart for the two year yield. lisa has been running you through that. right now, up about 26 basis points. we drift a little bit higher. the likes of bostick talking about a high in 2022. not my view. i don't have one. i am sure you do. we will talk about that in a moment. yields unchanged on a 10 year, on a 30 year. we will get some seven-year debt

a little bit later on the treasury. thus the bond market. let's finish on the fx market. we had some data out of europe. business confidence out of france and germany, pretty strong, pretty decent. in terms of trajectory, expected to get better. the news on foreign exchange, that has been muted. of almost .2%. -- up almost .2%. lisa: that pretty much sums up at all. it is so boring out there. jonathan: taylor riggs is falling asleep. what did she call it? taylor: a slow death. jonathan: lisa, we are done. lisa: you mentioned the fed speak and how nobody seems to care. he put out this comment, "i think we should move to 24 hours a day to keep us updated. the more they say, the less they actually say."

david blanchflower joining us now. we were talking about how there is not much being said that is new. however, we made -- may hear something from the bank of england when they release their rate decision. you are looking for a potential policy error. can you explain? david: both the fed and the bank of england are struggling in the dark. we have never seen anything like this. the best thing is to simply wait and see. any suggestion that they have a clue. people say, i think we will tighten in 2022 and 2023. they are just winging it. the potential error of the bank is to say that they are going to start to do less qe by august rather than december. if london goes into lockdown, the data really is confusing. the sensible thing to do is to say, we are waiting and we are

watching. two people are going to leave the committee. we get catherine mann. the right thing to do is to say, waiting, watching, and signaling that they have a clue what they will do in the future will be a major error. taylor: i have to think that all of the discussion we hear out of fed officials and bank of england officials get shrugged off by markets because until jay powell speaks, no one will listen. he is going to lead the charge globally when it comes to tightening and until he does so, these members of different banks can say whatever they want. no one will believe them. is that the case? david: i think that is right. he has been very sensible. what did i just say? waiting and watching, understanding they made a mistake in 2015 and accepted that in saying we will see how the economy moves. we still have to understand what

happens with the vaccine and in the southern states in the united states. but then there are all these issues about which firms are going to survive and are people going to change their behavior and that is a risk to the downside. are people going to keep those things that they have and not spend them? we don't know. but the risk is to the downside that we go back to making the potential error. people saying we need to worry about inflation. what inflation? the bank of england worries about inflation. it is 2.1 and we have had two weird months where the base effect dominated and the slight change over the last couple of months go away in 12 months time. everything looks to be transitory and temporary. we just don't know. jay powell has done a fantastic and he has been saying essentially, weight, look -- wait, look, and we will respond

if we need to. but there is no inflation problem. 2.1. get real. jonathan: do you think we are suffering from groupthink? david: absolutely. the groupthink if you follow powell is to be right. making ludicrous claims saying inflation is going to take off -- based upon what? thinking in guessing. that is not credible. jonathan: it is healthy to have that. that is what we have missed over the last 10 years, especially from the bank of england when the governor came out with guidance that did not work. you have everyone agreeing with one thing and no one could dissent anymore. david: if you look at the state, not a single governor has ever dissented.

governors at the bank of england -- i think a real debate is credible and sensible. but if you realize that we just don't know. remember, we saw the biggest drop in output we have ever seen and the question is what is the data? we have passed data from the 1918 influenza. there is really not much to go by. you are right. in a sense, much of the dissent we have seen over the last decade has been dissent in error. the reality is people have argued that you should have raised rates on that side and it is clear everyone of those was in error. we should not have done that. taylor: big picture. the push for wage pressures and a focus on human capital. a shift to esg.

those are structurally inflationary. are we in a new inflationary regime? david: the answer is go and read the blog written by the chair of the cea. it talks about it is likely that the wage data is messed up and we will see negative wage growth. i think the case is for the u.k., how hard it is to understand wage growth. the official data came out this week on wage growth. 8.4%. we just had data this morning on the size of wage settlements too. what you have are these base effects and composition effects. it is hard to understand what is going on, but in wage terms, we have seen the bottom of the wage distribution dropout and so we are comparing to a weird thing from a year ago. i think the evidence is actually that there are going to be some bottlenecks, but that is not

something you want to respond to instantly. i think the wage pressure, we will see. a lot of it is the world is changing a bit. taylor: how many more data points would it take for you to see? 3, 4? david: i don't know. i want to see evidence that significant bottlenecks are occurring and i do not see that in the data. i am not going to say three or four. i would want sustained evidence. it is to present, the same as it has been for the last decade -- 2%, the same as it has been for the last decade. what should the central do to respond to a temporary bottleneck? think of price changes. we saw a big rise in temperature. we have to -- a big rise in timber. we are recovering from a shop we have never seen before.

jonathan: the only mistake is to be to hawkish -- too hawkish, never too dovish. is that what you think now? david: i think that is right. how is it an error to sit and watch? just wait. do not do anything more than you are doing now and watch the economy revolve itself -- resolved itself. i have been on your program many times. some said inflation was going to take off. all of was nonsense. the error has always been in a recovery, you tighten too quickly. there really is no error to be had in waiting and looking and seeing. we are seeing in u.k. that potentially the government is going to withdraw the stimulus perhaps in september. the unemployment benefits will go away and then we will see. we will see how the economy bounces back. wait, look, watch, and do not

make another big mistake. jonathan: we need a roundtable, don't we? we need to do that again. david: oh no. jonathan: you are friends now. david: we are great friends. we both think drugs it a disaster. he still wants to -- we both think brexit was a disaster. he still wants to raise rates, of course. jonathan: he wants higher rates. it is good to hear from you. lisa, did you know that the two of them fell out afterwards and we did this nice get together and they made friends on my show many years ago after u.k. voted to leave the european union. it was the one thing they could agree on. lisa: you want to bring them on to disagree. you want them to disagree

because you want them to dissent. you also want some drama because this is a boring market and there is a question of whether this is the right approach or whether there should be perhaps a little bit more pushback. did you see this paper that the ecb analyst put out about how low-inflation expectations? jonathan: this morning? i saw that. lisa: i thought it was interesting. it brings the cycle in the forefront of central bankers mind. if they say inflation is going to stay low, does that keep inflation low? jonathan: how much can they commit to making a policy mistake? taylor riggs, lisa abramowicz this morning. equities at an all-time high. what does that tell you that we could have record highs? taylor: the money supply, all of the money sloshing around. we were having great conversations this morning about not only the monetary effects, but the fiscal effects as well.

it is unbelievable. the nasdaq 100 at a record. sort of a hint of dissent under the surface and the resiliency of the markets to shrug off any of those inflationary concerns. lisa: how any record highs can you have before you shrug it off? jonathan: this will be another one. talking about the pandemic as well. dr. gigi gronvall. we will do that later. from new york city, this is bloomberg. ritika: president is traveling to north carolina to encourage more americans to get the covid-19 vaccine. his trip comes 10 days before july 4. the president stated a target date to see at least 70% of americans partially vaccinated. the cdc says only 65% of u.s. adults have had at least one dose. china has filed a lawsuit against australia at the wto

over measures on chinese goods. the measures target chinese products including wind towers and stainless steel sinks. australia said it would appeal. the world's biggest maker of bitcoin mining raises sales for spot delivery hoping to prop up prices. the technology has stopped selling new equipment after prices plunged by 75%. china's crackdown on crypto mining is causing miners to abandon operations and don't machines on the market. a first year of buyback since 2015. the german industrial giant will buyback as much as nearly 3.6 billion dollars of shares over a five-year period. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg.

♪ >> we don't have plans to close

offices and tell people to work from home. we want people to come into the office. with the vaccination rate as high as it is now and the measures that people have taken while clearly -- it looks like it is going to be another wave. hopefully that does not translate into hospitalizations or more serious illness. jonathan: that was just staley -- jes staley. here is the price action this thursday morning. 42.52. we advance 21 points. yields are higher by a single basis point up to 149.36.

euro-dollar, 119.36. the bank ceos are not holding back. jes staley, we don't have plans to close the office. he is pretty clear about that. lisa: coming to the office, but you need to get vaccinated if you do. that was jp morgan. morgan stanley not far behind. the private sector is leading the way when it comes to vaccination at this point. jonathan: get it done and get back to work. taylor: i think this has been the big debate on wall street not only within new york city, but global wall street as we think about how the private sector take stock, perhaps moving those big decisions as we think about how to get the economy reopened. jonathan: taylor, you take up for wall street. lisa, it has been clear that the european banks are taking a different way of thinking about this. lisa: they see that working from home really works and that it

may save money. jonathan: a little bit. maybe. dr. gigi gronvall joins us now. great to catch up. here is the headline, we are worried about the covid-19 delta variant. why should we be worried about the delta variant? dr. gronvall: the delta variant looks a little more transmissible than the variants we have dealt with before. thank goodness, the vaccines are protective. if you have not gotten vaccinated, this is your opportunity to get immunity before you get exposed because it is looking like you will be exposed to this virus. do not delay. lisa: what is the logic of places like israel closely -- closing or delaying the reopening to visitors because of the delta variant, because 100 people got diagnosed with covid given the fact that people are not getting hospitalized and these vaccinations are

protective against the variant? dr. gronvall: not everybody is able to respond to the vaccine in the same way and perhaps, you don't want to take that risk. there are still children who have not been vaccinated. taking opportunity that could have been taken early in the pandemic to try and limit the infections if you have the ability to test and to contact tracing. lisa: this is coming at a time when angela merkel is saying there needs to be more coordination between the european region in terms of the travel guidelines. what is the threshold in terms of vaccination rates, in terms of hospitalizations, where we didn't get a more consistent protocol globally in terms of travel -- where we can get a more consistent protocol globally in terms of travel? dr. gronvall: you are not going to get a good answer about that except that it is not enough, what we have right now. there are still a lot of problems with access to vaccine and we need to make sure that

the people who are most vulnerable and the people who are interacting with others and transmitting it to each other, that they are also prioritized for vaccination because it is a lot of the younger people that are transmitting these variants. taylor: i am curious how you respond to people who say you look at countries like the u.k. and israel with the fast vaccination rates and they cannot reopen their economy because of lisa's point. you see a rise in infection. sometimes asymptomatic cases. some people say that undermines the confidence in the vaccines. how do you respond? dr. gronvall: two doses are better than one. that is part of the problem with the u.k.. there are people who have not had their second dose. i do not know what to say to that except that for you personally and your family, you will be better protected if you have both doses of the vaccine. there is even some discussion now about whether or not people who are particularly vulnerable,

who have had the one shot j&j vaccine, that they might consider topping it off with a second shot because the second shot seems to be more protective. taylor: do you see a time in the future similarly to the flu 100 years ago where we just learn to live with the virus? dr. gronvall: we are not going to eradicate this virus. any thought that we will take this away from the planet, that is not going to happen. it took a lot of effort and particular conditions to eradicate smallpox from the planet. we are not going to be able to replicate that here, especially because this virus can also affect different animals -- in fact different -- infect different animals. we are going to live with a high transmission rate and high testing.

jonathan: thank you. dr. gigi gronvall. we have a case study playing out right now and we have a country that has 60% of the adult population was two doses of the vaccine. how this plays out will be key. lisa: the fact that the younger people are the ones getting sick, but they are not dying. they are not getting -- they are getting hospitalized, but the hospitals are not overrun. the onus is on the individual to protect themselves and to have protection for the rest of society and just get back to life. for those who are vaccinated, they are going to be fine. jonathan: are we at that point right now? that is the question. lisa: that is the question. there are still places that still did not have that many vaccines so they might be less available in terms of access and also younger individuals, kids who might not be as vulnerable. however, if they are not

vaccinated, do we want to enter into that shift? jonathan: from new york city, with the exception of going on public transport wearing a mask, things are pretty much getting back there, aren't they? taylor: do? ? you know what i thought about -- do you know what i thought about? i was on the open a year ago and i made a comment about traffic being back. i take that back. jonathan: going into the weekend, it is very busy. it is the domestic tourism. do you think that is what morgan stanley made his point about? if you return to a restaurant, we want you back in the office. lisa: if you can have a normal life elsewhere, why not come back to the office? the distinction is whether people will want to work from home, whether there is a generational shift where younger people say why should we come into the office if we can do our jobs just as well? it is beyond the pandemic and goes to a quality of life, a

style of life. in terms of efficacy, that will be the divide. jonathan: maybe a longer weekend just to have a stroll around manhattan. maybe have a cigar. equity futures, 42.52. from new york city to our audience worldwide, this is bloomberg.

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♪ >> i'm not rise also -- not surprised also to hear the language of fed chair jay powell. they are committed to going at this gradually. >> what they don't want to do is take dramatic and drastic action that really results in a sharp shift. >> there's really no cliff out there that we see right now. >> of course the economy is experiencing some friction. we rebooted the global economy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. tom keene is out of the building. alongside may, lisa -- alongside may, lisa abramowicz and taylor riggs. sterling comes in a little bit, now negative on the day, with a

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