that we can regime shift. we are seeing growth decelerate. >> we will see deceleration and growth, but i think the u.s. consumer will be resilient. >> we will have a push higher for the remainder of the d -- of the year. >> you will not see deceleration until sometime in the next year. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city good morning, this is "bloomberg surveillance" alongside tom keene, i am jonathan ferro. lisa is back with us on monday, with taylor riggs. tom: rumor has it that lisa will be back, the rest of us have been slaving away and she has off on a sabbatical and we look forward to seeing her back. taylor's will -- taylor will get to earnings. we have to go to the equity

markets, the bears are in retreat. jonathan: up 20. this market looks good. joyce chang spoke to the team an hour ago reiterating this view that has come out of jp morgan in the last couple of weeks and the bulls are still bullish. tom: they have earnings to back that up. there are any number of earnings, but just the covid business blew it out. there is no other way to put it. citigroup went to a 345 price target and you wonder how many dinners will there be? jonathan: the nasdaq 100 record high and twitter snapped, taylor riggs after the close yesterday, they blew it away, and facebook and google are joining the party. taylor: saying that if you are an advertiser you want to be on these platforms, namely snap. if it is a choice between snap or twitter it is snap. it is incredible the type of growth you see. highly daily users and twitter

doubled the market value. we saw a 10% move, every premium content wants to be there. he raises a price target to 84. jonathan: this is just raising the bar for big tech earnings. taylor: everyone had given them frustration for nasdaq 100. how much of this is a defensive move and these are the companies that are turning down freak a lot -- cash flow and are outperforming. jonathan: the numbers look good and this has been the most peculiar week. this is the price action right now. equity futures pushing high and we see a string of gains and we are set to answer them. the s&p 500 up .5%. what gets my attention is where the 10-year yield is right now. we closed at 1.2903. we are up on a week where we saw

1.1260 on what? tom: the gyrations are there and i like what you did on twitter with some real percent of ecb. you carry that over to the fed, is the fed on the same page? i am not so for -- not so sure. jonathan: do you think someone walks out? a third policymaker also voiced significant objections had to leave the meeting early and was not present at the final tally according to some sources that writers worked -- reuters were talking to. i do not anticipate that will happen. tom: they might not even have dissent. into the weekend, when we are trying to recalibrate for q3 and reguestimate, i think it is a weekend to think about what your conviction is and your belief. conviction on the screen is at the bears are in retreat. jonathan: equities up around 20

points. taylor wiggs -- taylor riggs one more trading day to go to the weekend. taylor: let us talk about the economic data. we have the counterweight to 945, let us look at the pmi data. that coming in at 63.7. look at services, 64.5, and manufacturing at 62. he will be looking for a study note after a big climb higher coming off of the lows of june 2020. we change forward to push again back to 1:00 p.m. with a bigger rate couch, huge stuff going on in the commodity market. we look at coffee hitting record highs in the oil market has been shaking up the space with the rig count data trying to see some rigs come back online, what does that mean for prices, and finally the tokyo olympics. they have officially started but you made a good point, some of

the soccer stuff has already started so you have the unofficial unveiling but some stuff is underway. jonathan: i do not get it either. i know whatever happens with our next guest it does not matter how i start the conversation tom will talk about the olympics. let us had to talk you and start the conversation by talking about the olympics and then we can move on from there. nikko strategist right now. can you talk about the agree of -- degree of excitement in the city? >> to be honest the mood is grumpy because of the lockdown and all of the trouble that has been affiliated with the olympics and the to and from from the various edicts that have been put out. a good number of people are happy that it is happening and the athletes are very happy that it is happening. and thank goodness that japan was able to have the olympics. i do not think anyone else could have done it at this stage.

so, it will be safe and secure, all of the olympic activities are happening in a bubble and a lot of people will be happy when it is over to be honest. jonathan: i have to say, that john vail does not sound thrilled in his city. john: that is the mood to be honest. if you are watching on tv it is fun, but there is a sense of skepticism about the whole thing. it has been a burden for japan, and it has cost a lot of -- caused a lot of bad feeling. tom: to a nation where symbolism is everything, is the emperor engaged, is the prime minister engaged with the olympics? john: they are, they will be at the opening ceremonies although a lot of people have dropped out like the former prime minister dropped out, and there are close to 200 people from japan who will be attending the opening ceremonies. it is very pared down to 600 to

700 foreigners. very pared down. tom: that is amazing. i'm sorry jonathan ferro, your entourage was 200 people. jonathan: we could not go to the olympics. do we want to talk about markets? let us pivot hard about something -- away from something that is upsetting you. equity futures up 20. it just feels really difficult to push back against this market even with the bond market doing what it has done. equities are doing ok, the drawdown was four percentage points, what is the bear case for this year? john: well, i guess you have to look at what tom was saying. there might be a surprise and it seems like there are hawkish members who might dissent in the next meeting, and there is a question about who is going to be chairman going forward and that is much more important than when the fed starts tapering. of course, powell has a job if

he wants it. what i think there is a chance that he might say i have done enough, and retire before things get any hairier, so there is some uncertainty. it certainly will not be earnings. i am glad i am not an analyst, it is -- it is embarrassing how much these companies are overshooting estimates, isn't it? taylor: the backdrop is the 10 year at 129 and it was nicola mai saying that half of it is the positioning and some of it is fundamental, the concerns about the delta, what do you think? john: i think it is a combination, there is a lot of foreign buying from japan. i believe it was in june there was a lot of buying by japanese banks, and their all -- there are a lot of different factors going on and people believe the fed and they say the cpi will be coming down. there is a boatload of money

that need someplace to be, and so they like to be in charge of rates, so almost regardless of the price. it is certainly better than european and japanese yields. tom: in the western world you are one of the great japan watchers. when you hear the word japanification of europe or the united states, is that a genuine wine concept for you? john: i go back and forth on that a little bit. japanification in terms of the economy is not happening to the u.s. economy. the japanese economy has been dealt for some time in the u.s. economy has bounced back strongly. japan has been suffering from deflation or no flirtation for decades now. -- no flation, and that is not happening in the states. there are some aspects that can happen. the debt burden is going up in

the states is a form of japanification. and perhaps some of the attitudes about how society works is moving a little more japan's way, more than a polite version of society as opposed to the aggressive side. so, there are aspects, and japan has led the way in terms of monetary policy and started negative rates and all of these things, so japan has some examples to show the rest of the world, for better or for worse. jonathan: stuck down there for a long time. it is good to catch up, good luck for the following month. equities doing ok up 20 on the as mp. let us bring in some of the research from bank of america. global pmi likely pete in may, euro pmi close to the top. they go on to say technical catalysts are looking "

increasingly tired." not everyone is bullish on this market. tom: i would say that is consensus, but there is a lot of that going on. you bring up an important point of research published over the weekend, how much of the sell side will front run next week's tech juggernaut and get out in front of it with the adjustments, that is something to watch. jonathan: to tailor's point -- to taylor's point, the bar is just a little bit higher in facebook, those numbers look good and those stocks look good. your equity market advancing 0.46% on the s&p 500. alongside tom keene, together with taylor riggs. lisa will be back with us on monday. this is bloomberg. laura: with the first word news,

a bipartisan group of senators is closing in on an infrastructure deal. they agreed to pay a 4 -- pay for it in part by delaying a costly medicare regulation. details will not be announced until monday and any deals with opposition from democrats in both houses of congress. the head of the cdc says the u.s. has passed another pivotal moment. covid cases are once again climbing and beds at hospitals are filling up. the government says that by the second week of august the number of new cases might be up 39% from last week. the job market sprung back to life in london. two surveys show that it has become a hotspot for the first time since the pandemic closed vast sections of the economy. the recruitment and employment confederation says that london has six of the top 10 areas for new job postings and the job search website, indeed, has said

consulting among financial firms are among the top companies in the city. the summer olympic games gets underway and, with no spectators in the stands. the coronavirus has been the latest and biggest challenge for the event, but not the only one. the tokyo olympics haves been marred by everything from a scrap stadium and a bribery probe. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪

>> we have a pandemic among the

nonvaccinated. if you are vaccinated, you are safe, if you are vaccinated you have over a 98% chance of never catching this virus at all. the vaccines are good against all other variants out there. jonathan: the cdc called it another pivotal moment and that was the president of the united states. this is bloomberg surveillance. alongside tom keene, i am jonathan ferro alongside taylor riggs. the s&p adjusting with more points. up another .1%. the year was all over the place, 120 930, yields advancing. the euro-dollar slightly yeah -- slightly negative. 1.1764. the dollar index looking at 93. outside of the commodity market

71.95, -- 71.93. we are unchanged on wti. let us look at tkdd getting absolutely hammered in the premarket. 9.32 down why 8.63%. if you are a chinese company listed in america and your name is didi global, -- tom: can you imagine the roadshow for the golden dragon chinese index. down 35%. the chart looks like bitcoin from 60,000. when does the litigation start? jonathan: i do not know it will build up quickly. we do not know a fair deal about what is going on. we want taylor riggs' take on this. we've been talking about this for a month, and day by day it gets worse. taylor: a stock that ipoed at

614 and you are trying to figure out the risks of china. how much of our analysts that we are speaking at our looking at em ex-china. how do you take this into account in the further headlines, trying to put tutoring firms into nonprofits, i do not know how you invest with the risk of the unknown. jonathan: didi lovell down eight percentage points. tom: taylor was on the edge of the -- of lisa, there was the pendulum of the unknown. jonathan: you miss lisa? tom: she has been gone so much i do not know what it is like -- jonathan: you forgot what it was like to work with her. you got a flavor of it a bit right there. tom:tom: let us channel down to washington. hot, steamy washington in july. how the politicians get to monday or the sunday talk shows,

does infrastructure lead the debate? emily: absolutely. you have seen them, with and get over one negotiation hurdle, they were trying to figure out what spending would be. they did not want to bolster the irs and came up with delaying a trump era rule on medicare that would've been costly, and that is one agreement. at this point there is a lot left to negotiate and there is a balance between highway funding versus public transit and you are seeing democrats coming out with concerns, tom harper is concerned about water and others say there are concerns about public transportation and fossil fuels solutions. this is the moment where every one of those 50 democratic senators realized that they have the same amount of power that joe manchin does and if they want to oppose that will cause a huge headache. tom: primaries, texas, march 1 in the runoff, may 20 fourth.

how close is march 1, 2020 two to the assembled politicians in washington? emily: they have breathing room, normally how things work in years like this, 2021 they can get legislation done and they will go right up to the end of the year trying to work on stuff and to get things done, but when you hit 2022 you might have a couple months in the spring after that campaign season kicks and and lawmakers get hesitant to pass legislation or do anything that could result in a negative campaign add so the push is coming now and we will see what is happening. senators are getting ready to part for the august recess. there is a chance that the house could be called in. we still again do not have tax -- text or legislation on the bipartisan infrastructure bill or the reconciliation package. jonathan: walk me through the process, what is lined up for next week? emily: the bipartisan group of

22 senators say that they will have something on monday, monday is a deadline we have set and we have heard from them again and again and that is something we will be listening to on the sunday shows to see if the target date is changing. another thing they have got coming up is the debt ceiling and debt limit expansion which buyers -- which expires on july 31. they think they can use metric for the u.s. to continue to pay its debt until october or november but this is something that democrats will need to move on and you have already seen republican senate peter mitch mcconnell, out and say, -- come out and say we will not be cooperating with democrats so it is unlikely that republicans will vote on that. that is another thing you have to watch for. taylor: we have the debt ceiling, and how close does it

come down to the wire in october and november if we do not have an agreement. emily: it has the potential to come down very close because we have seen this happen in the past, we have seen a political football be played with s and we are seeing this again. the democrats expressed frustration and said we went with republicans during the trump administration to raise it and they feel like republican should go with them, but mitch mcconnell is trying to drive a hard bargain, trying to see if he can get angst on and use this as a negotiating tool. but there is a chance that we go past this deadline and we get into that period where the government is using extraordinary measures to let the u.s. continue to pay its debt and i can see it getting close to that deadline. lawmakers are cognizance about what will happen if we miss the deadline and it would be detrimental to the country, and lawmakers do have a history of raising the ceiling.

jonathan: thank you. emily wilkins, thank you very much. washington, d.c. was the source of a tailwind for this market and now increasingly, relatively speaking, it feels like the source of headwinds. tom: i agree but i cannot get a handle on it. we agree that the nation needs infrastructure, i guess we are arguing about how to pay for it. as i mentioned in the primaries i think what is underweight particularly by the -- underweighed by the business communities is the primaries. jonathan: the calendar is an important point. these congressmen or senators, just do not want to pass a bill, they want to pass a bill where the money is deployed before the voting actually begins. this market will respond instantly. that money needs to hit the ground well before the voting actually begins. that is what they want to see.

tom: they will. if you go through season one of "ted lasso." jonathan: i have stuff to do. wait for the market to close. it season to out right now? tom: i believe it came out during this morning. jonathan: i will start watching it during the show. ♪

jonathan: live from new york city, three days, a friday on the s&p 500 set to add weight on a week of gains. the equity market up 21 pers -- 21 points. a similar story on the nasdaq up by 0.48 and likewise on the russell, bouncing back more recently by .7%. held down by the earnings. the numbers are terrific but it is not enough, it is how the market responds and you can see on twitter, advancing by five or six percentage points, if twitter can do it why not facebook. tuesday and wednesday, a big couple of days for big tech. alphabet .8% facebook up 2.9%. the earnings have set the tone for the equity bowls.

for everyone else we are setting the tone for the bond market. your two's, tens, and 30's. basis points of 129 .14. we had a look at 131. what are we trading on. what on earth has been driving that when there has been very little data in between and a blackout period ahead for the fed. we have had no fed speak and very little economic data and a bond market that is doing its own thing, apparently. tom: the bond market is a beast of its own, 100 nine basis points below 100 basis points not too long ago. we are looking at earnings may be as a separate beast into next week as well. right now, a really important conversation and an appropriate conversation for summer, long ago and far away, carl bruner

and allan meltzer set up summer conferences and they invented the economic summer conferences, and it has been the shadow can open market committee as which mickey leavy has been a member -- mickey levi has been a member. we are thrilled that he could join us at this morning. there has to be a fear, a singular fear of the many shadows of our debt and deficit. except, life seems great. how is that? mickey: it is really quite striking how the public, by financial media, and financial markets seem to be ignoring the dramatic increases in the debt, and not really questioning what its consequences are, particularly it is not just the piling up of the debt, that it is also what are we deficit

spending for, are we allocating resources in a way that is adding to protective capacity. you know, let us get down to basics. one way or another, we and future generations are pay for it. we used to think that it was all going to generate higher inflation and higher interest rates, and it has not. that does not mean it is good. it goes to how you are allocating national resources and it leads to slower growth in the long run. tom: what would carl bruner and alan meltzer say about the two americas we have been dealt not only in the financial crisis of 2008 but the national disaster we have. what would be a prescription across all of economics to get us out of the mass? mickey: one thing they would say is coming out of the current

situation, the pandemic, the economic situation is completely the opposite of coming out of the financial crisis. it was the proper role of the government to provide income support during the pandemic, but now you do not need any more fiscal stimulus, you have rebounded back. you need to move back to normal both in monetary policy and fiscal policy. on fiscal policy they would completely agree with the notion that you need to allocate more resources to infrastructure that is really needed. but, not more to stimulating the economy, which is not needed. jonathan: you wanted to focus on the debt, let us do that right now, what is messy about it? mickey: well, i wish our policy leaders were actually debating the issues in a rational way.

all we hear about is the number, $1 trillion for the infrastructure package and also the infrastructure package, please note is called the american jobs act, and you can call it an infrastructure act with the emphasis on infrastructure rather than creating jobs. there is little discussion at all about how the resources are going to be allocated, who is going to administer the projects, what projects are needed. we should really be thinking strategically about how to upgrade and improve our infrastructure. also, as you have noted, the infrastructure initiative, the american jobs act is being tied politically to the american families plan act, which involves a couple trillion dollars in various income support programs, and holding that hostage to more fiscal

stimulus is not constructive. so we need to disentangle the legislation and have our policymakers address what is really needed at this time. we do not need more fiscal stimulus to create stronger economic growth. that is the old battle. jonathan: your issue is not the additional dollar of debt, it is what it is being used for, is that a fair characterization? mickey: i think it is a combination. whenever you have the government debt to gdp rising above 100, you should be concerned. you should also be concerned when the secretary of the treasury says the fed is keeping rates at zero so now is the time to spend more. that is not wise, strategic thinking. i am concerned about the rise in the debt, but i am also very concerned about how -- what we

are deficit spending for, and does that "pave the road" for increasing productive capacity because it is the continued increase in growth in the future that allows us to finance the debt service, and also raise standards of living. taylor: why isn't the spending leading to inflation? mickey: well, it will. and, the risks are inflation will go up. so, let me put it in a nutshell, inflation has already risen significantly higher than the fed had earlier predicted it would. certainly some portion of the rise in inflation is temporary as supply constraints and supply bottlenecks dissipate.

however, you do see -- you have seen an acceleration of aggregate demand. now, the critical issue is that after this initial spurt in economic growth as the economy reopens, following that, if the monetary and fiscal stimulus in the pipeline, if those policies actually stimulate stronger aggregate demand as they are supposed to, then you will end up with excess demand. if those policies fail to work then you will have the economy go back to where it was and most of the inflation proves to be temporary. the critical point is that the risks are for inflation to rise and there is no question that the higher inflation hurts lower income people the most and what the fed is doing is really accentuating income and wealth

inequality and not stimulating the economy. tom: i want you -- i want to get you in trouble with baron bergen germany. -- berenberg in germany. his is a new bundesbank? mickey: compared to a decade ago, of course it is. the ecb, when it was founded was the -- the bundesbank was in the driver's seat, and it held to its old precept of stable money and stable price levels, and now the ecb is in an awkward situation, but it is all about financial stability, and continuing to ease and continuing to have its eye out on the week -- weak links in the

european union continuing with qe and negative rates. of course, under lagarde, they have expanded the scope of the objectives to include climate change, some credit and distributional issues, so yes, it is a different policymaking body than it used to be. jonathan: it is good to catch up. mickey levy of berenberg. i think the issue with the hawks and europe is that we want to get back to 2% do we want to argue over basis points and have a long-term commitment to extraordinary policy, deeply negative interest rates forever, because that is what is happening. going back to what the pet program is, the e is emergency, and what president lagarde to

not give people what they wanted to hear is how they constitute the end of that, and we have gotten nowhere near to describing that. tom: i did the chart going back to before the depression with francine this morning. roger & -- robert -- roger ibberson's chart. this thundering silence is how we have not been able to get near an academic construct of 2%. pandemic crisis or whatever, and there is a rationalization of potential deed -- gdpr over -- under 2%. jonathan: 1.4% for 22. 1.4% on cpi. tom: you have to watch "ted lasso" the whole season before you watch season one. jonathan: i will come in morning unprepared. that will be two of us. the s&p up 21.

yields 1.2897. this is bloomberg. laura: with the first word blue -- news, i am laura wright. talks between the u.s. and the european union on vaccine passports is because -- are making little process. the e.u. launched its covid path at the beginning up -- pass at the beginning of the month. the block is on advanced talks with u.k.. tom barrack is back in federal court in los angeles. the trump ally will learn whether he will be released on bail after being charged with illegally lobbying for the united arab emirates. prosecutors say he is a flight risk. his lawyer says he is not guilty. the state of mississippi asked the supreme court to overturn the constitutional right to abortion.

mississippi calls the 1973 at landmark road versus raid -- roe v. wade decision wrong. intel says the worst of a semiconductor sales slump has passed and a ceo is sounding bullish about the prospects for the rest of the year. until -- intel's business picked up, but investors worry that the division's 9% decline may signal a long road to recovery. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪

>> we recognize how difficult this has been and we come here

humbly and with respect for our japanese hosts, and again we will follow every protocol, every rule to ensure that this is a safe and secure game for everybody. jonathan: that was the united states olympic and paralympic chairperson. a different mood coming into this event compared to the euro championships. good morning, alongside tom keene i am jonathan ferro with taylor riggs. here is a rotation of price action up 21 and .5%. yields are higher by a basis point or two. we had another look north of 1.30 earlier. the euro-dollar unchanged, and crude is slightly softer, down .25%. $71.72. tom: there are a lot of specifics it -- statistics on cases and hospitalizations. let us speak to a pro.

the emotion of the third leg of the pandemic. andrew, jonathan ferro mentioned louisiana is difficult, louisiana cases is back -- are back to february 2. california is back to march 2. do you as a pro care about the case increase or do you consider hospitalizations and deaths? >> i think both are important, i think it is even more important to emphasize the fact that the vaccines are protecting against severe disease and hospitalization that was really driving such a crisis in our medical community during the peak months of this pandemic. case numbers are important to follow because we want to follow the case numbers in vaccinated people compared to unvaccinated people to figure out what is driving the infection. the most important number is disease severity, and protection

from death. case numbers are important because the more this virus replicates, particularly this delta variant the more likely we will see variants emerge from it better at infecting people and getting around immunity. tom: explains the unvaccinated the divinity -- the disease severity of a 32-year-old admitted to the hospital this morning? andrew: early in the pandemic there were some feelings that if you are young and healthy you are much more likely to have a very mild disease. we are seeing those numbers increase significantly, and the vast majority of people hospitalized right now are under the age of 65, so that population that initially thought that there disease severity was look -- low, that is starting to creep up significantly, so this virus, particularly the delta variant is changing the course of the

disease and the age group susceptible. we are not at the levels that we saw in the winter, because we have protected the most vulnerable portions of the populations with the vaccine, but if you are young, you have a much greater chance of getting severe disease now if you get covid-19 than any other part in the pandemic. jonathan: i want to go through numbers from israel's house ministry. the number that a lot of people were here is 39% -- will hear is 39%. what happens next is the more significant information. 88 to 91% protection against severe disease. emphasis matters and i cannot believe 18 months into this mess we are reporting things the way we are reporting things, surely we need to focus on the latter and not the former. do we still have an information and emphasis problem in the way that this data is delivered to the public? andrew: in some ways i think we

do. the israel report is also a little bit interesting from the perspective of, the protection number again symptomatic disease is much lower than numbers we are seeing out of the u.k., canada, and the u.s.. so, the commonality across all of these studies is that there is 90 plus percent effectiveness against severe disease if you are vaccinated. and that is against the delta variant. when it comes to symptomatic disease the numbers vary. israel is coming up lower than other countries. that needs to be investigated and that might tell us something important about the immunity from the vaccines, but at the end of the day it is protecting against severe disease that is the critical issue and vaccines for -- continue to perform at an excellent level against that parameter. taylor: do we need to follow los

angeles in mandating mass indoors even for the fully vaccinated? andrew: it is a question of risk. you are vaccinated and there is not much virus in the community, masks do not add much to your protection. if you are vaccinated, and you have a lot of virus in the community, then you have a chance of getting symptomatic disease. the data is showing that even when you get infected when you are vaccinated you are less likely to spread the virus, but it is a question of risk. if you have a lot of spread of the virus i do not think there is anything wrong with wearing a mask to have an extra layer of perfect -- protection. jonathan: the bigger question is whether that should be mandated or individual choice. as you pointed out we have done a great deal to vaccinate the most at risk. do you think we are at the point where this is about going back to where we were before and shifting the goalpost and say this is about protecting the health care system, or is it individual risk? andrew: my personal opinion we

have so much data on the safety and efficacy of this vaccine, particularly the mrna vaccines. these vaccines should be moved into full approval by the fda, and then we should really institute much greater vaccine mandates across this country, these vaccines work, they are safe. they are the path out of this pandemic, and we just have to get better at giving the shots to people and getting people to accept them because they really do work despite the misinformation being spread like wildfire. jonathan: as much as we like each other i know you and i can both cannot wait to stop talking to each other. it is good to catch up. thank you. johns hopkins university bloomberg school of public health professor and virologist. i know you mean it, i cannot believe we are still here having the same conversations. tom: i will be honest, it will be an interesting weekend, there are serious issues on a micro

basis, some of the kids are off at camp in new england and new york and i'm sure that is a nationwide story and stresses non-essential workers, but you brought to my attention the explosion of louisiana cases, i have to see how that folds over into hospitalizations. jonathan: they have almost doubled in a week and they are not pretty. and louisiana is the third lowest state with the lowest amount of vaccinations in america among states. it is not good enough. and i think at this point it is about, for the markets, because we need to have that conversation, how do consumers respond and how do cooperative corporations respond? do they delay the return to work. that will be interesting. tom: buried in the news flow, the national football league, the american football league said if your guys get covid, and you have to forfeit, you lose the game. jonathan: coming up, stewart

kaiser the head of equity derivatives research. equities with a left up .5%. advancing 21 points. from new york, tom keene, jonathan ferro, and taylor riggs. this is bloomberg. ♪

>> we have an economy that is going to continue to grow. the largest gains may be behind us. >> almost everything has told us we are in a regime shift. we are going to see growth decelerate and inflation decelerate. >> we are going to see deceleration in growth, that's for sure, but i think the u.s. consumer will stay quite resilient. >> you are going to have a push higher for the remainder of the year. >> you are not going to see deceleration until sometime enter next year. there is still plenty of room for the economy to run. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: we are ending the week with a lift. from new york city, without -- -- for our audience worldwide, this is "bloomberg surveillance ." alongside tom keene, i'm jonathan ferro, together with taylor riggs. lisa back with us on monday. your market on the s&p advancing 0.5%. e-