of the adult population. the milestone comes as health officials struggling against surging cases due to the highly infectious delta variant. japan and the u.k. are reportedly considering booster shots. the japanese government may urge those who are fully vaccinated to receive a third shot next year. in the u.k., authorities are set to deliver booster shots 232 million people starting in september. simone biles will return to competition at the tokyo olympics. the american gymnast withdrew from most of her events because of mental health issues, but she will compete in the balance beam finals tomorrow, which she won bronze in rio four years ago. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. ♪

matt: it is 1:00 p.m. in new york 7:00 p.m. in berlin, and , 1:00 a.m. in hong kong. i'm matt miller. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. $550 billion bill. we will discuss its impact with the head of municipal and public finance strategy at citi. goldman jumps its junior pay. and we will preview mazda's july sales data, discuss the impact of the shortage of chips. let's get a check of what is going on in the markets. the s&p still getting but only .1%.

ism manufacturing numbers were a little bit soft and as you saw, a bit of a selloff in stocks. the same is true for the 10-year yield. before we got those numbers, we were up above 1.20. now we have seen the yield come down about six basis points, 1.16. the dollar index is still done but only by 1/10 of 1%. we see some big drops in commodities after the economic data we saw come out today. senate lawmakers say they would like to vote on the bipartisan infrastructure package on thursday, but it could easily take until the weekend before they can get through the process. then, senate democrats want to try to get a budget resolution adopted right after that. to take us through the process,

we welcome joe mathieu. thank you for joining us. let me first ask you about what we could see in this bill. what are we expecting in the compromise that we are i guess not going to get in the reconciliation after? joe: fast-forward to reconciliation, nobody knows. we keep hearing soft infrastructure. we know there will be money for child care, expansion of health care benefits, a lot of things that democrats were not able to get into the bipartisan plan you just mentioned, likely to get a vote this week. republicans are asking for an open amendment process. 2702 pages. if we get into open amendments, that means a lot of debating and voting this week.

it could slow things down to the weekend or potentially beyond. matt: we know it is about half $1 trillion in this bill. then we expect a multiple trillion dollar reconciliation bill, is that the case? joe: the headline numbers have not changed. 550 in terms of new money in this bipartisan bill. 3.5 trillion dollars in the reconciliation bill. but we have to deal with reality as well. joe manchin and kyrsten sinema, moderates from the democratic party, were involved in negotiating the democratic bill. they say 3.5 is too rich for their blood. it is likely that number comes down. but then we start a whole dance with progressive democrats who say, fine, chop reconciliation down. we will not support the bipartisan bill. they are dancing a delicate dance, the democratic leadership, and there are still a lot of things that can go wrong. joe: they only want to make a

compromise -- matt: they only want to make a compromise if they can get everything that they want. $3.5 trillion too rich, and yet, almost all of the infrastructure experts we speak to say that the u.s. needs at least that much in order to catch up. joe: is and that something? they say it will add to growth, but would also add to inflation? we argue about that every day around here. if you talk to members, it depends on what side of the aisle you are on. if you are in favor of the bill, it doesn't cause inflation. if you are looking for an excuse not to vote for this, that is the first one that they tend to grab onto. republicans do not like that at all. it is not codified in language but nancy pelosi has been adamant about the way this will go. she will not move on the bipartisan legislation until a larger one shows up. matt: republicans have not been fighting against that so much.

they have not said, we are not going to compromise if you are going to take everything else you want anyway. joe: some have, but no. you have to remember, they are going home for august recess. they do want to be able to tell a story, that they got money for local roads and bridges. it is good politics. to walk away from that in an effort to block a deal that you will not be blocking on your own is a difficult proposition for many republican members. again, a delicate dance. matt: joe mathieu, the host of sound on, 5:00 eastern weekdays on bloomberg radio. for more, we are joined by vikram rai, head of municipal and public finance strategy at citi. i was kind of thinking about you when i was talking to joe about how much we need to. how much does the u.s. need to spend in terms of infrastructure? not just bridges and roads and airports but also in terms of

childcare, broadband. what is the figure likely to be? vikram: i agree with joe wholeheartedly. if you just look at the report published, they say $2.5 trillion. anyone who has to pay for a tollroad or bridge knows that that number sounds about right. even if we flipped core infrastructure versus human infrastructure, the bipartisan bill, even though support for it is full throat because we have been waiting more than a decade for it, in terms of scale, it is very disappointing. more than that, there are certain key provisions which make it very disappointing. i'm talking about direct paid bonds. we had that in 2009, 2010.

they have been omitted from the bipartisan bill, and that is disappointing. when you think about it, we have failed to address on policymakers, who want the right thing for our country, that this is an important utility. yes, they believe direct paid bonds are expensive, but nothing could be further from the truth. they worry about all of this cost. matt: let me ask you your ideas on how to pay for this. what would you suggest in terms of paying for this? vikram: exactly what i was coming to. direct paid bonds enable you to finance a large project, large-scale, with very little upfront cost. what happened in 2009, 2010, the federal government is on the

hook for the interest rate subsidies. $200 billion worth of bonds were issued in 2009, 2010. they were able to finance 200 billion dollars worth of infrastructure projects. the annual cost to the federal government was $4 billion. that is not even a rounding error. then, we have four and investors who are dying to --foreign investors who are dying to invest because they are sick of this low yield environment outside of the u.s. direct paid bonds offers a conduit to invest into u.s. infrastructure. matt: and you are behind it, but we will not see those kinds of bonds here. so what are we going to see to pay for this bill, even if it is too small, in your opinion? vikram: we have grant money coming our way.

we would have preferred leverage versus grants, because there is more accountability there. that is why the scale is disappointing. $550 billion is not going to cut it. we need more than that . california, for instance, need desalinization projects. the entire allocation for water is about $50 billion. that is simply not enough. desalinization plants are more than that. california could suffer from droughts. look at the hudson river project. we have been delaying that for more than a decade. that is a $7 billion project. local government don't have the wherewithal to finance it. matt: what do you think we will see then? will we see state and local governments issuing more munis, public-private

partnerships? vikram: that is an excellent idea. i go back to direct paid bonds. they municipal market in its entirety is $4 trillion. we need to invest in infrastructure about $2 trillion. state and local governments don't have the balance sheet to take on those bonds. they can issue bonds but they are on the hook for it. that is why you need some federal subsidy required. the grants that come into state and local governments, we hope they are utilized well. but we all know, on the other hand, if you are in public-private partnerships, the diligence is more. it is the issuer which is on the hook for the payment, the final repayment of the bond. matt: how likely is that?

are we going to see public-private partnerships to pay for the things we need? vikram: i think that is already in the works. i have not seen the entire text. joe scared me a bit when he said the entire report is 2700 pages. but public-private partnerships is a possibility. we have this notion of private activity bonds, something along those lines, too. but this will not be enough. this is a very large project that we've been waiting two decades for. matt: is it going to be enough if democrats get through reconciliation what they want? vikram: my understanding is this is an agreement between the republicans and democrats. they are splintered, saying we will cover court for structure in the bipartisan bill, then the human infrastructure, that should not act as a catchall for all core infrastructure that was missed.

people focus more on the human projects in the reconciliation bill. i am hoping against hope that direct paid bonds, other things come back. that really drives down the cost of finance. matt: great to get some time with you. thank you so much for sharing your insights with us, vikram rai, head of municipal and public finance strategy at citi. coming up, new york city stopped short of an indoor mask mandate. mayor bill de blasio does say that he strongly recommends, even those vaccinated against covid-19, to be masked indoors. we will discuss with gigi groundball -- granvall. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. new york city mayor bill de blasio, today, strongly recommending that even those vaccinated against covid-19 be masked indoors, but stopped short of setting an actual mandate. this as the nation sees a new wave of coronavirus infections due to the delta variant. dr. gigi gronvall joins us now to discuss. it is kind of starting to freak me out, doc. we are hearing more about these breakthrough cases, hearing more about vaccinated people getting sick. i was under the impression that as long as you are fully vaccinated, it is not that big of a deal. am i wrong? dr. gronvall: you are not wrong. i think we are focusing on the

really rare case and not what usually happens. it may help to just describe a little bit about what the vaccine actually does. it is really like a training program for your immune system, so it knows what to do if you have an exposure. for all of these people that have had breakthrough infections, have been exposed to the virus, the virus gets into their body, and if they are vaccinated, their immune system pounces on it, and the whole goal is to keep the virus from making a gazillion copies of itself. for some people it takes longer. some people do better than others. most people it is just going on in the background and they have no idea their immune system is going to war. for some people, they will have a little bit more of an effect than others. getting your immune system, the education that is needed, so that it is ready, that is the

big goal. matt: i always needed extra time after class. is it possible i need a booster? i got my second vaccine at the end of june. can i go into a cvs next week and say, give me a third shot? dr. gronvall: right now, the cdc is probably eventually going to recommend boosters for people whose immune systems are not going to respond as well. people who have a liver transplant, the very elderly, we are probably going to see that first. supply is not an issue. i don't think it will hurt you if you get a third dose if you are nervous about it, but it is not necessary. you may have a few more side effects the next time. matt: in terms of serious illness, hospitalization, death, i saw a figure from the cdc last week that showed, out of 161 million people vaccinated, less

than 6000 were hospitalized or died. that is something like 0.003%. very few. is that changing? dr. gronvall: hopefully it will stay at that rate. we will keep doing the size to get the numbers on it, but we have to get community transmission low enough so that you don't even have to know. you don't need to see if it is going to be ready for that big test. we just want to keep people from getting exposed. that is why all the things that we were doing before there was a vaccine, like masks in places where you might be exposed, having good air quality, hepa air filter devices in schools, all of these things are really helpful. matt: we just reached 70%, a little bit late, but pretty good. we are not the most vaccinated

country in the world by a longshot. we still have tens of millions of people who are not vaccinated, not because they cannot be vaccinated, but because they don't want to be vaccinated. is it possible they allow mutations that eventually overcome the vaccines we have? dr. gronvall: that is the concern. right now, we have been fortunate that all the mutations, the vaccine holds up well. there is no such thing as theoretical biology. you can only deal with what you are seeing. every chance you are giving the virus a chance to replicate, you are giving it a chance to mutate. that is why we need to bring community transmission down much lower, and why we need to vaccinate the world. there are some countries that have less than 5% of their population vaccinated, and people are really needing the vaccine. matt: dr. groundball, thank you for your time.

-- gronvall, thank you for your time. still ahead, goldman bumps up junior pay, beating the rest of the street. we will discuss the move and the rising salaries, next. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. goldman sachs and credit suisse are bumping up paper junior bankers following uproar over the work till you drop culture exposed by the pandemic, and a pretty cool slideshow. for more is sonali basak. there was this debate, goldman

sachs, do they even have to pay first year analyst? you get to be a goldman sachs analyst, your ticket to being masters of the universe. >> analysts were asking about this issue on the conference call a while back. other firms raised it. goldman is raising there's two 110,000. the last of the pack to announce a little bit higher pay. also telegraphing not just the very young analyst level but also the associate level at $150,000. we have had this upward pressure for years on junior bankers salaries. talking to recruiters, you can peg it on to fintech competition, crypto. matt: there are probably better places to work. it is not all about money. i am sure a lot of them have loans to pay, maybe they got great scholarships, or mom and dad footed the bill, but it is

also about the work culture. you don't necessarily want to work on sunday, work 16 hours a day. sonali: a lot of these people end up leaving anyway and go into private equity. if you look at the sheer number of applicants, blackstone had almost 29,000 incoming applicants for only 25 jobs -- 125 jobs. even goldman, they have double the number of applicants from 2018 in the current incoming analyst class. the number of applications are up despite all of these gripes. so the question becomes attrition. you have executives that are looking for people who want to stay there, knowing that a bunch will leave. matt: they may want to work on equities in dallas. jeff: i wouldn't go that far. [laughter] the dallas office will be big but there's a question of how much the front office is moving

to dallas. matt: sonali basak talking about wall street pay. the equities in dallas thing is kind of an inside joke. you might be the dow jones now up only 38 points. the nasdaq gaining half a percent. this is bloomberg. ♪

ritika: i'm ritika gupta with bloomberg first word news. new york city mayor bill de blasio is strongly recommending

that even those who have been vaccinated against covid-19 wearing masks in doors, but stopped short of mandating face coverings. he also said the lehigh city workers will have to be vaccinated before they can start on the job. british companies are expected to boost hiring and wages now that there are no more coronavirus restrictions on the economy. business confidence is well above historical numbers. the u.s. senate is on the verge of getting president biden a big win. lawmakers are heading toward passage of that $550 billion infrastructure bill. it would provide the biggest infusion of public spending on public works in decades. the bill still need to be passed by the house, who will not take it up until next month. north korea warns that upcoming south korean military drills could jeopardize talk between the two countries.

kim jong-un's sister says the plan to hold -- global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. matt: this is bloomberg markets. i'm matt miller. let's get a quick check on the major averages right now. we had seen bigger gains earlier. still looking at green on the screen. it had been a gain of more than have a percent. about two hours ago. then we got thighs and manufacturing members and then those numbers came off.

the 10-year yield at 1.17. it has been all over the map so to speak. the dollar index is down by just .1%. nymex crude and brent have been showing some losses today. nymex is down more than 3.5%. time for our stock of the hour. global payments had a beat and raise quarter, but chairs are getting hammered as analysts question where the gains came from. today wilson has a deeper look. dave: you are talking about one of the biggest payment companies around. in terms of their latest quarter, numbers look fine. second quarter average revenue beating estimates, but then there is the real question of, where is the growth coming from?

and $830 million deal. they bought the company from vista equity partners in june. these quarters figures will include that takeover. the stock set a record in april and then backed off once they announced the steel. the question is, how does the business look moving forward, given the fact that this buy in growth? they did mention on the conference call that their profit margins may be hit because of this takeover. revenue, 28 growth in the second quarter. analysts were only looking for half of that in the third. not what you want to see in terms of being able to sustain growth. the 14% includes this takeover, which couple case matters further. matt: speaking of takeover, we had a big payment takeover with

square. $29 billion for after pay. you order something now and then pay in installments. it is an old idea but now it is the thing for kids to do. dave: because it is online. matt: what does that say about the industry? is there consolidation here? do their outlooks concern the industry? dave: there is consolidation and clearly, you have to pay. we saw these installment plans move up because of this takeover. you look across the industry, f iserv, other companies, you see declines. even paypal. a company that arguably competes more directly with the likes of global payment. put it all together, there has to be concern around where things are heading, how the

growth looks. when growth slows down, one way to keep things going is with the deals. matt: dave wilson with our stock of the hour. thank you. coming up, we will preview mazda's july sales and discuss the state of the auto industry amid the chip shortage with mazda's head of sales in north america, jeff guyton. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. mazda is out with its july sales numbers tomorrow. for a people to what we can expect and two discuss the current state of the chip issues is mazda north american ceo jeff guyton.

you have been in the industry for more than 20 years. have you ever seen anything like this in terms of the chip shortage? jeff: no. i think the chip shortage itself on the back of a rebounding economy after the pandemic, it has been quite a whipsaw for us in the industry. matt: how long does it last? are you going to get things back on track by q4? jeff: the chip information changes every single day. it is a moving feast. but i do believe our inventories as an industry will start to recover from later the summer, so consumers will have more choice going into the fall and winter. matt: is that the only thing holding you back from big numbers? does demand far outstrips supply right now? jeff: one of my colleagues likes

to say success is the intersection of opportunity and preparation. the rebounding economy has certainly given us a lot of opportunity. thankfully, mazda have been prepared to some extent to satisfy that demand. matt: the one thing mazda has not really been prepared for -- and hardly any of the encumbered carmakers have been -- is this switch over to electric. or it seems like a lot of you could have prepared a lot longer ago for it. you have your first fully electric coming to the american market. how come we didn't act sooner on this? jeff: if you look at sales today, only 2% of the u.s. market is electric vehicles. so, the consumer has not moved there yet. mazda, as you mentioned, we are bringing our first electric vehicle to california in the

next couple of months. by 2025, we will have 13 electrified models on the market, including three battery electric vehicles. matt: the white house has been pushing for carmakers to commit to 40% or more of the vehicles they sell in the u.s. to be electric by the end of the decade. does that make sense for mazda? jeff: it certainly could. we expect, globally, we will have 25% of the fleet as electric vehicles by 2030. of course, that will depend by market, what level we have, what customers demand, what regulators require. matt: the mx-30, will you build it in alabama, japan? where do the evs get built primarily? jeff: the mx-30 will be built in japan.

currently with our partner toyota, we are constructing a factory in huntsville, alabama. we will do -- employ more than 40,000 people, a couple more thousand in terms of the supply base. that product we will be talking about later on this year. the factory is certainly capable of producing traditional internal combustion engines but also electric vehicles. matt: the sourcing of raw materials, input materials for these vehicles is different, and of course, a lot of those prices have been going up. are you able to pass on higher input costs to customers? jeff: i think the dramatic increases we have seen in terms of precious metals, steel, other commodities the last few months especially, i don't see that coming through to customers in huge measure later this year. we will be cautious on that. matt: to me, mazda had its real

claim to fame with the rx-7. i thought the rotary engine was so cool. it doesn't really exist in terms of a powertrain anymore for your current offering, but you are bringing it into evs. tell us how. jeff: the rotary engine is part of mazda's soul, part of our challenger or spirit to perfect that engine. we are bringing it back in the guise of the motivation for an electric generator onboard a vehicle. rotary makes a lot of sense because it is very lightweight, very compact. it doesn't create any noticeable vibration, and it is very powerful. it really is the perfect solution to turn an electric generator and provide additional range on board and electric vehicle. matt: my gearhead friend used to

always joke, the answer to every car question is mazda. obviously, it is a cult hit. is there going to be an elected version soon? jeff: by 2030, all of our vehicles will be electrified. i will not speculate on example the content of the miata, but it will certainly have some port of electrocution on board. matt: thank you for joining us, jeff guyton, the north american ceo of mazda talking about their switch over to electric. tomorrow, we will get sales figures for automakers here in the u.s. definitely watch out to see what the chip shortage does to those. time for the bloomberg business flash, the biggest stories in the news right now. it may be a sign of desperation among employers in the u.s. who are competing for truck drivers, cooks, and other scarce workers.

a rising number of jobless things include salary ranges. 12% of listings around all occupations listed offered salary in the second quarter, up 8% of the same period in 2019. hsbc has joined its british peers in releasing loan provisions it built in the early part of the pandemic. europe's largest lender also said it would pay an interim dividend of seven cents a share. last month, the bank of england removed cash curbs on payouts. heineken says it will sell less beer in 2021 than in the years before the pandemic. that is due to the impact of the coronavirus and key african and asian markets. they also expect rising commodity prices to weigh on earnings in the second half and have a material effect next year. heineken still posted happier

results -- half-year results that beat the street estimates. that is your bloomberg business flash. coming up, demand for alternative assets continues to boom. we will speak to the coi resale platform stockx about the area seeing demand from game consoles to trading cards. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. demand for alternative investments from trading cards to sneakers have surged during the pandemic. stockx is a platform connecting

buyers and sellers of products like these, and the ceo is scott cutler. he joins us to discuss the growth outlook and the company's midyear current culture index, which highlights surprising marketplace trends and collectibles. great to get time with you, scott. you are a very well-known executive from paypal to stubhub, and now you are doing this. what is the current culture index? talk us through it. scott: thank you for having me on today. we at stockx consider ourselves a platform that should reflect current culture. our platform allows people to trade and consumer culture. as we think about what it means to be a consumer of current culture, for us it means the opportunity to invest or consume across multiple categories, whether it be sneakers or collectibles or apparel, or even electronics.

what we have seen out of this post-pandemic world is a changing and shifting view of the consumer. looking at these alternative assets, these other categories as a place to invest money or consume. matt: i get why somebody would want the first air jordans, or kylie irving. why are crocs and birkenstocks become so big? scott: i guess this is fueled by the pandemic but the trend of comfort as well as economic opportunity. crocs as a style, brand, up 400% this first half of the year compared to last year. birkenstock is up 600%. i think a lot of that is also fueled by the hype between collaborations and scarcity, which is being leveraged by even brands like these to create sought-after products for the

consumers. this is a trend that you are seeing across multiple different categories. i didn't think i'd be talking about crocs and birkenstocks but they are reflected across the platform. matt: you see these collabs sparking up all over the place with brands that you wouldn't expect. i see small, expensive brands doing collaboration with the grateful dead. nobody is old enough to care about the dead besides me. why do you see these collaborations? how important are they to stockx? scott: it's another place that you see this convergence. fashion, art, gaming, music, sport, beauty even increasingly intertwined. brands leveraging celebrities, athletes, influencers and all of these categories, driving these exclusive collaborations to create product that consumers

find very desirable. i think what you are seeing is essentially this convergence across all these different categories that are creating really exciting opportunities for consumers to get excited about new products. in fact, some of these artists and celebrities by themselves are becoming huge brands and new opportunities for consumers. matt: there is also stuff that is difficult to find. i had a whatsapp group of high school friends dying to figure out where to find a new ps5 or xbox for their kids over christmas. suffice it to say, most could not find one. how do you source that, how do you get it onto your platform? scott: we are a platform powered by a marketplace experience. we have now just crossed over a million lifetime sellers on the platform.

the sellers are very entrepreneurial. they will find the product being released by a brand, maybe even at a retail location. in a lot of instances, because it is so scarce, you have to come to a platform like stockx to satisfy that demand. a couple of examples. we added trading cards in 2019. in 2020, we saw a 4000% increase in trading cards on the plot or. electronics, we added in q4 of last year. our two top products from a sales perspective were both the ps5 and the xbox. why? they were released with such hype but they were generally not available anywhere you could find them, and they became products that had tremendous resale value. consumers found that opportunity, realized that economic opportunity. stockx became one of the only destinations, and it is still true today, one of the only destinations that you can find a

sony playstation, if you want one. matt: you are a lawyer, you worked as an investment banker as well, but then you went to marketplaces. you were running a big marketplace at ebay. then you ran stubhub. what attracts you to the marketplace business, what do you see yourself doing what stockx? scott: for me and stockx, 2015 was the first time i saw the platform when it was released out into the world, was really described as a platform that i thought was serendipitous to my career, trying to take the best out of the new york stock exchange, stubhub, and ebay, and create a new model. stockx is a model today that patterns real live marketplace much like the new york stock exchange, provides a real-time trading information now, an area of consumer goods. it is sort of odd across my

career to cover all of these different industries, but marketplaces as platforms to provide a different way for consumers to gain access to product or services that traditional brands or methods have not been able to deliver that type of experience. for us, it is delivering access to product that you just cannot get anywhere else. stockx becomes that platform. marketplaces have spent an exciting place for me to be over the last 15 years. matt: i met my wife on the new york stock exchange, so it is my favorite market of which you have worked. [laughter] scott cutler, always a pleasure to talk with you. thank you for your time and fascinating to hear about stockx . scott cutler is the ceo. let's get a quick check on what is going on on the major averages. we have seen the gains dissipated throughout the day. s&p 500 unchanged at 4396.

the 10-year yield continues to come down, 1.1740. nymex crude and brent both falling hard. nymex down $2.84. all of this really happening since the ism manufacturing number came in a little bit soft. when we come back, you will have more bloomberg, not with me, though. i'm matt miller. this is bloomberg. ♪

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ritika: simone biles will be at the tokyo olympics, again.

the american gymnastics star withdrew from most of her events because of mental health issues, but she will compete in the balance beam final tomorrow. she won bronze on the beam five years ago in rio. the white house has announced they reached their target to get one dose to at least 70% of the population. a surge in cases. in turkey, wildfires are ranging near several of the country's biggest holiday beach destinations. at least eight people have been killed. temperatures there were 100 degrees, and strong winds are making matters even worse. the u.s. senate is on the verge of giving president biden a big win. lawmakers are looking at passage of a $550 billion bill. it would fund roads and a whole lot more.