>> they are all using models that are traditional models. >> this has been a very nontraditional session. >> monetary policy cannot combat the major economy. >> having some cash to deploy and look opportunistically is a good idea. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. >> live from new york city for our audience worldwide, this is "bloomberg surveillance," alongside, keene and lisa abramowicz, i'm jonathan ferro. equity futures up .2% on the s&p, closing debt on, 4400 on the s&p yesterday. it is as if the federal meeting never happened. tom: mission success for chairman powell. i think he got what he wanted was huge stability. mike mckee pushed back on some of the themes that were controversial in that.

i will say they are on their way to the next meeting and they have to get more data and we will get data and gdp today and also wonderful conversations we -- conversations. we have a strong lineup. jon: looking forward to that. up on the s&p 500, not much price action to look at. in the premarket, didi global absolutely flying. up my more than 30 percentage points. this is from dow jones, " ride-hailing giant didi global is considering going private in order to placate authorities in china and compensate investors for losses incurred since the company listed in the u.s. in late june." tom: manipulated -- it is a dow component. manipulated going down. i just don't think it's that big of a story. i think this is the manipulation of capitalism by the chinese government. it was manipulated on the way down, guess what, is manipulated on the way up. jon: i think many would agree with you. tom: do you think the government

has any interest in the privatization of didi? lisa: they will placate the authorities. in light of the move we are seeing more broadly in the chinese equities that suffered more civility over the last days -- severely over the last days. i meeting was held with banking executives in china, concerned with market moves. the fact they are concerned about market moves is new and giving people some encouragement. however, and this perhaps a jesses tom' eh -- addresses tom's eh, there's a regulatory uncertainty in china that was not there. jon: we don't need any more sound effects. [laughter] let's get to the s&p 500 up .2%. yields higher by three basis points. you have a drink, takei. you're a stronger, too. dollar weaker 1.1874.

lisa: those are going to be some important data points am looking for. tom mentioned the 8:30 a.m. data dump. we expect 8.5% on an annualized basis, near record pace, up from less than 7% in the previous reading, 6.4% i believe. the key reading, is there any sign of the slowdown of the deceleration so many people expect? a bank of america economist talking about how this will be peek growth and we will moderate from here. for stocks, does moderation equal a decline or is this ok? i think that's what people want to see. we will get initial jobless and i think this may be a more important report than we have previous got following fed chair jay powell and his emphasis on all jobs data in the next few months. at 1:00 p.m., the u.s. is supplying seven-year notes and

there has been no drama in the auctions this week. but that is the question market, the one that tends to have volatility. it is already pushed back on a seemingly patient jay powell. but they are still playing the tape or at some point. how much does that factor into prices? aftermarket, amazon is set to report earnings. we have not talked about facebook, down sharply last night in premarket open. the question for amazon will be somewhat similar, what regulatory pressure are they facing. people will be looking at also labor force issues, the idea they are getting pressured by unions to rage -- raise their wages. jon: thank you. after the market, amazon and then onto that it looks like we are done. feels like we're are done, doesn't it, tom? tom: i get the whole tech thing with the juggernaut and it will sum up, but i'm jaded.

how do you juckes defy 8.5% surveyed gdp with what powell said about jobs? jon: we have much more work to do apparently. let's bring in days -- in david rosenberg. you have done a great job through the years so far, really pointing out the issues in this argument for people who think it is not transitory, for people who think it is. frame it for us, your view on inflation dynamics in america right now. david: what i was saying earlier, i think jay powell touched on it, which is the extremely narrowly based run-up in prices we are seeing. remember, there are thousands of things that go into the cpi. you've got a handful really and we are tearing the load, 10% of the index. things that are being distorted by either the indirect or direct impacts of the pandemic, which

we are so in, and everything related to the supply chain bundle. the ceo of qualcomm yesterday there would probably a different resolve in the first half of next year. does this is a repeat of the 1970 oil prices which many people talked about. 10% of the core cpi year-over-year is running 20% -- at 20%. the other 90% is running out to percent year-over-year. that is the real story. as the 10% carrying the load for the other 90% or do you believe the 90% will converge on the 10% that has created the inflation over the last few months? you have to take a look at these prices. i don't know why the inflationistas can't see that. and equity market analyst will always look at the stock market.

you have to do the same thing in the economic data. i wish powell would spend more time on it. tom: i strongly agree with that. carl riccadonna agrees with you as well. he has a bloomberg note -- he has a brilliant note saying 85% of inflation is basically stable. why do jerome powell not bring up the trimming of dallas, the good mass of atlanta, and as you invented from market economics, the brilliant work of the cleveland fed? where was he on that? david: look, i think that he had to walk a fine line. he is under a lot of criticism, even from former fed officials. i think he did a good job in this balancing act yesterday. he did not mention these other specific statistics, he doesn't want to lose the audience, but he came out and said the switches are narrowly confined but dramatic increase in prices

in sectors that account for the most share of the cpi. last time we had this gap between the cleveland fed and the headline inflation rates was back in july of 2008. if you go back to that period, oil was $140 per barrel, no one was looking at around the corner what was going to happen to aig and others. a year later, inflation too. i think by the way that this time next year we will be back talking about disinflation or deflation simply because the factual work and the other direction in 2022. lisa: david was talking about looking around corners. let's try to look at the housing market. as one of the key questions. fed chair powell indicated their purchases have not been overly inflating. -- inflating housing prices,

acting as a stimulus. basically the same as treasuries and they will probably pare back the purchases on a monthly basis above in equal tandem. that seems to be what he is leaning toward. do you agree this is the right policy, that these purchases don't duly affect housing values? david: i would say housing is an extremely comeback's market. there's no doubt [indiscernible] there are so many factors in play. it's how people are listening to real estate and the demand. more space has been a key factor as well. that has proven the housing markets. the housing sector remains very strong. i almost fell off my chair. we have had new-home sales peel back significantly three months in a row. the mortgage-backed application numbers have delved back to the levels of may of last year. those housing numbers are actually rolling over. i'm stunned so many people still

think presidential real estate is is in a bull market. maybe the prices are but we see a saw in the inventory. with a lag, that will cause out prices to reverse course before long. the housing market on its own, even with the fed's assistance, is starting to soften up across the broad array of data. so that yesterday was a big surprise to me. jon: good to get your view on things. dave and rosenberg, rosenberg research founder and chief economist. the big solution, sometimes higher prices -- tom: we hear that from a lot of good guests. it is played out time and time again. number is the poster child now. i really take issue with the simplistic view of looking at gross inflation data. rosenberg, merrill lynch invented the parsing of inflation. on page seven of his report, he

used to breakout, for radio i'm showing this, line by line. jon: get the sound effect. tom: [imitates] there you go. i think the parsing of inflation is necessary, whether it is carl riccadonna or dave and rosenberg, ed hyman the other day, the rest of them are on one page and the inflation east does -- inflationistas are on another page. i don't think that [indiscernible] jon: that doesn't leave a permanent mark on the inflation process. we can talk about that line later when we are joined -- tom: why can't we have -- jon: some guy named lou cala -- he will be joining us this morning. i've seen your beard. it looks good when you don't shave after a vacation. keep it that way. update on the s&p 500. from new york, this is

bloomberg. >> with the first word news, i am leigh-ann gerrans. the u.s. senate is moving ahead with the infrastructure package that happened hours after a bipartisan group of senators and president biden reached an agreement on a $550 spending plan. lawmakers expect the final passage to last into the weekend and next week. jerome powell says there is still some way to go before the fed starts reducing massive support for the u.s. economy. powell spoke to reporters after fed policymakers kept interest rates near zero. they also maintained their bond buying program. it is one of the most anticipated listings this year. robinhood raised $2.1 billion in an ipo and the below end of the marketing range. that gives it to a marketed value of just under $32 billion. robinhood shares began trading today. a surprise from bloomberg analysis on vaccinations in the

u.s., some of the most vexing resistant parts of the country are now leading the way in the number of people getting a first does increase -- does. -- dose. credit suisse reported a bigger than expected drop in second court a profit. net income tumbled 70% from a year ago. the aftershocks of the scandals involving the capital in greenville are in credit suisse's investment bank and businesses. 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 leigh-ann gerrans, this is bloomberg. ♪

>> we have shown america tonight

that we can work together. that we can put together ideological differences. >> we are judging every element of infrastructure be the rails, in the car, and basically wanting to get on the internet, your bridges and roads, everything, airports, we have touched everything. >> this time, we are going to get it done. we took our first important step tonight. jon: we are making progress. senators susan collins, one of maine, and one ohio. i am jonathan ferro. here is the price action this thursday morning. futures advance nine points higher on the s&p 500. we are positive .2%. eels are higher by three basis points. speaking of -- yields are higher by three basis points. speaking of higher, look at didi global, 35.8%. back to 12 in the premarket. the ipo price was 14. that big move off of the back of

this report from dow jones " ride-hailing giant didi global is considering going private in order to placate authorities and compensate investors for losing incurred losses incurred since the company listed in the u.s. in late june." the floor is yours. tom: do the western banks provide advisory services on this? [laughter] jon: that would be interesting, wouldn't it? tom: i'm just asking. jon: that's a legitimate question. glad were on the same page. tom: we will continue to follow. whatever's going on with capitalism in china. seriously, they did the right thing in stability. emory horton doesn't care about the yuan and she is trying to get consecutive hours of sleep and joins us this morning on infrastructure. at the wonderful work at the washington post, anne-marie, the

summary done today on this infrastructure bill, i guess some of it goes to bridges, some goes to this, that's, and the other thing. are the people that just want the bridges, roads, tunnels, traditional infrastructure, are they happy with this first step? >> it does seem like they are. you had 17 republicans backing this first procedural step, including senate minority leader mitch mcconnell as well as lindsey graham. so it does give a little sense of the direction of this legislation that is moving in a positive direction. we should note we only know, based on what is in this bill due to republican memo and the white house, we don't actually have the latest legislative tack yet. -- tech yet. there will be hurdles ahead, especially from democrats regarding transit and the amount of money going to water infrastructure. jon: i keep hearing this number thrown around, 550 is the

number. what time period that money will be deployed also. is this actually a big bill? >> that's a very good point and goes to what you are hearing from analysts on wall street when you hear the republicans saying they are worried about fiscal spending, both packages, the bipartisan infrastructure and soft infrastructure. actually, it is not a lot of money because it will be done over a short period of time. it is not like this $500 billion is going to be hitting the market instantaneously. it will be done over a long period of time, which is a good point. a lot of people say it's bigger than it is, but these are paid for. they are moving money around, including leftover covid money. lisa: people are looking at the follow-up that will be passed, at least of democrats have their way. this is the way to placate more liberal members of the democratic wing saying this is not enough and they want to push biden's social agenda. what is the procedure here in

terms of the $550 billion plan meaning it is a go for the $3.5 trillion one? annimarie: this comes down to the line in the sand from speaker pelosi saying the house will not take up the bipartisan infrastructure agreement until the senate moves on the wider reconciliation budget package. senator bernie sanders says he has the 50 votes to get the reconciliation, a framework of it, on the floor. i bring you to senator kyrsten sinema, pivotal when getting done infrastructure agreement. she says $3.5 trillion is just too high. for that $3.5 trillion to get through the senate, she has to be on board. it will be interesting with regards to the debate that is going to start starting the reconciliation package, what is in its, and how much it should be. tom: what happens today? annimarie: today is a critical day in terms of covid. we have the president expected to announce this mandate regarding vaccines for federal

workers, and if you are not vaccinated, you have to mask up, socially distance, etc. it will be an important day at the white house and it makes this assessment on where the country is going in terms of vaccinations and covid. we should note this administration has yet to reach the threshold they want to, 70% of americans getting their first shot by july 4. we are at 69%. a lot of work needs to be done and the federal government wants to make it mandatory. jon: you think the federal shift in the last week at the federal level and local level as well, do you think that has given cover to the likes of alphabet to push forward and do what they are doing? tom: absolutely. there's a clear tone we can fix this -- cannot fix this, let the five and enterprise fix it, and the google announcement was important. i heard it was a massive symbol to large and complex companies that they can go it alone. jon: have you heard anything about this in washington, whether the administration is working with these large

multinational companies, the big employers, to follow suit and do the same thing? annimarie: facebook as well yesterday saying all u.s. workers need to get vaccinated. i agree this does give political cover. i have not heard anything they are working directly, but i would not be surprised. the direction of travel is certainly moving towards private institutions, private companies, institutions like university of indiana. they are getting political cover if the u.s. government is coming out and saying we want all of our workers vaccinated. jon: this is where it gets tricky if you don't have a good relationship with private business. annimarie, thank you. lisa: i want to follow on the idea of private versus government coverage making its move. part of it is that they do not know how to reopen their offices, given the fluctuations in the delta variant. twitter closed its newly reopened san francisco office in

response to the delta variant, some of these guidance measures the u.s. is giving out. i do think some of it is given to them as a necessity if they want to get people back to work as people go back to school in september. lisa: others delaying the reopening to office. you wonder if wall street starts to follow. it had been an aggressive pitch on wall street by several big names, big banks. tom: i would suggest it is thursday into friday and a lot of people, three days, four days, even weeks off next week, they will be a lot of meetings taken on this issue. jon: september is a very interesting time. you mentioned the return to school and that is critical. lisa: did you see new york city is paying $100 to people to get vaccinated. the question is, can you get vaccinated again? jon: what you think the rest of the world things about that, that new york city is paying people $100 to get vaccinated? lisa: they struggle to get enough vaccine to meet the demand so i think that's an interesting relations issue. jon: unbelievable.

at tom keene, jonathan ferro, s&p up nine advancing .2% and yields higher by three basis points. for our audience worldwide, this is bloomberg surveillance. ♪

jon: live from new york city for our audience worldwide, good morning. here is the place -- price action. this thursday, we lost .2% on the s&p and negative on the nasdaq. we are positive almost one full percentage point on the russell. it is a do no harm week for policymakers. the federal reserve and china too. we will get to that story now. a bond market, 1.2763 is where we close last friday. this is where we are, 1.2676. when you look at the week, it is as if the fed meeting never happened. yields higher by three basis points or so. for dollar china, it is a do no harm week for chinese authorities. lisa pointed out earlier in the

program, china convening a close protection team it seems. what happened to dollar china? tom: right. jon: the chinese currency stronger and this move, the biggest move we have seen since january. dollar china is 6.458 three. nothing is entertaining you this morning. tom: no. what is entertaining me is jon has a team of 20 people to get him to really yield friday, and what i would recalibrate on real yield off of that dude move we saw from chairman how yesterday is not so much the nominal yield but inflation estimate that gets you to the residual, that real yield. if you listen to david rosenberg, that residual will come in with a vengeance and you will have a real yield that recovers. jon: are you calling that a huge move yesterday? is that what you did? tom: i think it was substantial, yeah. i think we went out to negative real yield statistics. jon: we can do that now, would

you like to carry on? [laughter] is this the editorial meeting now? i think our audience would like us to continue, with the show, if you want to. tom: i can go either way. lisa: [laughter] tom: jack kaplan joins us. jackie kaplan, there it was, spiking out to negative real yield yesterday. is it a "so what?" >> perley from the fed it is. there is no and -- no incentive from the fed to do anything. record negative real yields suggest financial assets, if left alone, will deliver negative purchasing power. so one of the themes we have been playing was a shift out of financial assets and real assets and our allocation is added to

gold over the last year or so. tom: where is gold at 1800? it is it -- is it linked to what is going on or a beast of its own? jack: the fact it treads sideways around 1800 is not a bad thing. we are not looking for it to beat equities, we are looking for it to maintain purchasing power over time. i am viewing it as more of a cash alternative. if it creeps higher with prices, that is great. certainly some one -- someone locking in a 2% 10 year yield is doomed to fall behind the standard of living. jon: we did a rally check and does it find any buffer in the portfolio to have that treasury makes in their? jack: i've -- there? jack: i think it does. we are using bonds as an expensive luxury. it is the only asset class besides maybe lottery winnings that i can offer you a specific dollar amount on a specific

date. so when we are trying to match cash flows for our clients' spending, bonds are there. beyond that, i do not view it as much of a buffer. it just is not much yield to do that with. jon: we came into this year and there was a huge conversation about a 60/40 portfolio and a massive question mark above it. i wonder what that conversation sounds like now. lisa: i love the idea of bonds as a luxury asset class, this idea that you are having the luxury of basically earning a little bit less than perhaps nothing. perhaps the negative real yield to tom's point does raise a question, what are earnings based on the inflation rate lease ever? jon: not much at all. tina is ringing in my ears. there is no alternative. is that what this is about now in this equity market? jack: i think -- that has been the theme of financial repression for a decade, and it

is really coming to a head. i think what some of the input casings are. the fact we talk about the fed put, forget it. i am not sure. unless they want to start buying equities or putting on cheerleader outfits, i'm not sure that the fed will standby. so i think they are long-term equity investors facing an equity market at record valuations and need to understand that we do get a downturn. not sure where the circuit breakers kick in. jon: i want to jump in with a stock move, getting to didi global, now up just 13.75%, up by 12% now. the roulette continues. we need the chart here. if you get the chart, this is what we want to see right now. we can show you the surge and the rollover of the back of didi , saying the rumor a could go private is not true.

that's according to reuters. just a frame this with people that have tuned in, the big move came from a dow jones story that read as follows, didi global is considering going private to placate authorities in china and compensate investors for losses incurred since the company listed in the u.s. in late june. dowd -- dow jones on the one side and reuters on the other. this is now about positive 13%. tom: we are honored that people like jack ablin join us every day. this is a window into what we do every day, not just jon, lisa, and me. we cite the news where comes from, in this case dow jones states up we go, then reuters comes out and says maybe not. what you don't hear or see is what is in between for people like martin schenker and kieran buchanan are scrambling with all of our resources to look at these rumors and speculations.

and once again, our team is absolutely -- has absolutely nailed this. jon: looking at the story and how it has developed, how investable are some of these names given how it is playing out? jack: from a macro perspective, we do not think beijing is getting out of the capitalism business. they are certainly going after some of the larger players, particularly in tack. but i think -- tech. i think all in all we are actually on the prospect of buying didi at this point. we do not have it in our portfolios, it just came out, but we are going to be adding its. lisa: on a broader level, are you interested in buying chinese shares, particularly the beaten up education sector and other areas, because there is this buy the dip moment that chinese authorities say their own comfortable with two big of a selloff? jack: i think there is a buying

opportunity in china and emerging markets in general because of it. i am more of a macro guy. i will not come in and pick individual names or sectors. i would rather play the general theme of china, and allow that to play forward. so i would say -- jon: did you say earlier you guys would be looking to add didi global? what was that for you? jack: didi global is part of a much broader theme we called next-generation transportation, a global theme portfolio we have. it fits the parameters and the fact it was beaten up between june and now was, for us, a good thing. jon: jack ablin, cresset cfa. thank you for joining us. for those tuning in, i will give you the information and you can do whatever you like with it. this is the stock move for didi global. it is positive a little more than 13%, pushing higher to the ipo price -- pushing forward to

$10 to $12, earlier $14. didi is considering going private to placate authorities in china encompassing investors for losses incurred since the company listed in late june. reuters moments ago and the stock turns run on this headline, according to reuters, didi, the rumor it goes private is not true. tom: listening to authorities, their basic take is, you know what? the government is in charge. the government is making the decisions. i saw overnight someone got an 18 year sentence, some executive and china. this is serious stuff with serious consequences. jon: we are getting something from the company themselves. they say the privatization report is not true.

so that is what comes from the company. we have had the reporting from dow jones. this is the direct line from the company. more broadly, what jack ablin just said i think is really important, that they are looking to buy the stock as part of a broader theme, and to that is the risk at play here. for those people that have bought a basket of this stuff and you see moves this big, you end up seeing other big moves in things like uber, lyft, which is exactly what was happening with softbank. this is the contagion risk, how it builds. it starts isolated and then starts to bleed out because people buy this as a theme in bucket and basket, part of an index. lisa: especially as china becomes more mainstream in terms of indexing and its inclusion in stock portfolios. this is one thing people were looking for. we did not see a note of contagion over the past week or so. the selloff is gaining steam. there is a question, tom talking about chinese authorities being involved and this is their

market. yes. the question is, how tolerant will they be for a selloff? the fact they are uncomfortable with how severe the selloff has been is giving people comfort. the balance of where their priorities are with respect to their society is still unclear. in terms of how far they will go with the capitalistic economy. jon: that changes things for investors. next chinese company, no idea when this will happen, but the next time a big company goes public in the united states, what's the attitude? tom: they will make it up as they go. jon: has that shifted permanently now? tom: i got my own opinion on this that nobody cares about, but the answer is they will make it up as they go. jon: didi, the stock is positive by little more than 16%. up next, johns hopkins center for health security senior scholar from new york. this is bloomberg. ♪ s bloomberg. ♪ >> with the first word news, i

am leigh-ann gerrans. that 550 billion dollar infrastructure passage has cleared its first barrier on capitol hill. the senate voted to begin consideration of the bill. 17 republicans joined all senate democrats and two independents for the measure. lawmakers expect the final passage to last into the weekend or possibly even a sweep. the new chair of the federal trade commission is vowing to return to the agency's routes. lena con told reporters she intends to use the ftc's full arsenal to take on companies that will prevent competition. she also signaled she is not afraid to take on risky cases. fed officials -- cases the fed has shied away from. it beijing's new abbasid or to the u.s. is a veteran diplomat. they recently served advice -- as vice minister and

would work to put u.s./chinese relations back on track. stepping up and after to win back investors. an energy company raised its dividend by 40% and said it would buy back $2 billion of shares. this comes after shall slashed its dividends by tooth -- shell slashed its dividends by two thirds. robinhood raised 2.1 billion dollars in an ipo, priced at the low end of the marketed range, giving the company a market value of just under $32 billion. robinhood shares begin trading today. 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 leigh-ann gerrans. this is bloomberg. ♪

♪ >> we are going to go for the

[indiscernible] the teams are working hard to file a bla, balanced license application. we will do this over the next two to three months before the end of the year for sure. jon: there is the astrazeneca ceo. good morning, alongside tom keene and lisa abramowicz, i'm jonathan ferro. price action shaping up as follows, jobless claims out 8:30 eastern time, the s&p 500 positive about .1%. yields are higher by three to four basis points. 1.2 693. euro-dollar firmer, stronger by .25%. approaching 1.19. tom: i have something new, a new look today. which is i put in my pocket on the way to work today a mask. jon: how do you not been using that in that uber? tom: i have not been using that

in the bentley, and we have the shield. jon: i'm not sure that's in line with protocol, but carry on. tom: but there is the mask. jennifer news oh joins us now to tell me when i will put the mask on as well. jennifer, as simple as i can, i'm confused, will i be less confused by monday echo? -- confused. it will i be less confused by monday? jennifer: i hope so. i think there's been a lot of change in guidance and discussion about masks now. the fact remains, if you are fully vaccinated, you are well protected against the thing we care most about, whether you get sick and that puts you in the hospital. if the virus could not do that, we would not have heard about it. i have to remind people about the larger picture. tom: i'm lost. yesterday -- john is clear on this but lisa spent three hours studying this. what is the goal of the cdc on thursday to get us to less

confusion on monday? jennifer: supposedly, one of the things they will be doing is releasing more data on what we apparently now know about breakthrough infections. they said their new guidance that vaccinating people may, in some circumstances, need to return to masks, that that is based on new science. we have not seen the new science. we know it is possible that people fully vaccinated can get infected and sick but we always knew the vaccines were protective against serious disease. if you live in an area where there is a whole lot of disease and most of the people around you are not vaccinated, which those too things are probable -- two things are probably linked, if you are in that area, you may want to wear a mask if you are the person that never gets cold. you also might want to wear our mask if you are who, despite also maybe vaccinated, is the kind of person who we really worry about, people elderly or

have underlying health conditions that may not give them the same level of production from the vaccine -- protection the vaccine gives the rest of us. i am at and parents worried about their unvaccinated kids says it is not a big deal for me to wear my mask for a little while. lisa: that's why wanted to go, and there have been mixed messages in how sick elder and get from this. anthony found she small subset are getting sick. how dangerous is this variant for the youngest cohorts that is not eligible for the vaccination yet? jennifer: we have no evidence this variant is particularly dangerous for young kids. it is that's when the number of cases go up, they go up proportionally in all age groups. and of course kids are -- many of them are too young to be vaccinated, so they have additional risks than someone who is older, enough to get vaccinated.

for parents, they should not worry that delta is suddenly more deadly for kids. the risk of serious disease from infection in children is still extremely low. there unfortunately have been a number of children who have had serious disease and a few hundred deaths, which of course is a tragedy. most of these kids had underlying health conditions. for that reason, i think parents are not without worry but i also want to give parents a little ease that all of the things you have been doing for the last year and a half to protect your kids remain important. and when and if vaccines become available, that will be another option. lisa: do you think this is a misstep by u.s. health authorities, that they took the wrong approach in shoring up credibility among the population? jennifer: i think one of the challenges was they say if you're fully vaccinated, you don't need to wear our mask. anytime the science changes, we have to update guidelines. that is good practice and how science works. i think the challenges, we have

not seen what they are basing the guidance on. i think that has raised more questions. i think the overall premise that if you are vaccinated person living somewhere where the disease is raging around you, it is true if you wear our mask it will give you more protection. tom: where are we on the science hysteria meter? i know they have the meter and the labs at johns hopkins. the last 24 hours to me have been nuts. i here also to the innuendo, adults like adult and the rest of them -- adalga, killing yourself on this, the essential workers. how much of this is science and how much of this is flat out hysteria? jennifer: you know where we are right now. the hysteria, everything we are doing right now, all of this would go away if people got vaccinated. that is really i think what is sealing it all because that is why we are even having to talk about this. jon: would it though, dr., given what we are seeing play out in israel? jennifer: absolutely.

i think the cases in israel will come down shortly. we already see them down in the u.k., so that is my hope that will happen to israel. i hope it will also happen in the u.s., but i want people get vaccinated -- to get vaccinated because deaths that occurred when we have the prevention on hand, that is just bad practice. jon: a lot of people taking some comfort from the direction of travel in the u.k. at the moment with cases rolling over, moving in the right direction. jon: where are we on this? will i go to lhr in the next few weeks? i talked to one of our fans who says they want to be there now. jon: you can fly to the u.k. soon without quarantine and directly back without quarantine. i cannot join you though. maybe that's a good thing for you. tom: i am sorry i'm confused. after yesterday, i got the mass care and i don't know -- is apple --

jon: a lot of people are with you. tom: is apple going to make me wear a mask if i have to go in and buy one today. -- today? jon: yeah. that is what they decided. would you like to speak to tim cook? tom: we have an interview with him coming up. i'll talk about free cash flow but maybe we will talk about the mask. lisa: if you look at the vaccination rates, a lot of investors for a leading indicator, you see them take up in areas that have been hard-hit by the delta variant. i find this interesting with the best treatment perhaps to get people to get vaccinated is increased in incidence. jon: there's a shift in this country last week. tom: that's the first thing you said well today. jon: thank you, tom. [laughter] lisa: dr. phil. tom: i need more didi. jon: is this why they separate us? lisa: it is a science experiment.

jon: they should have seen it when it was us on radio. poor lisa came in between us and we were throwing stuff at each other. [laughter] the cameras weren't on us then. you have to behave now. luke kawa is next. from new york, this is bloomberg. ♪

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♪ >> we've shown that if you get enough fiscal stimulus, you can get a strong economy. >> they are all using models that are traditional models, but this has been a very nontraditional recession. >> monetary policy cannot combat the economy. >> looking opportunistically for a selloff is a good idea. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: it's the day after the fed, and all is quiet. for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up seven on the s&p, almost 0.2%. a snoozer of a fed