agenda. they left on any language on raising the debt ceiling which means there could be a showdown with republicans over the issue next month. the budget blueprint is expected to be voted on this week after final passage of the bipartisan $550 billion infrastructure bill. a new report from the roads top climate scientists sees no end to rising temperatures before 2050. the assessment comes from the u.n. intergovernmental panel on climate change. it says the planet will keep warming unless there are drastic moves to eliminate greenhouse gas pollution. the report comes three month before the international climate talks known as the conference of the parties of .global news 24 . >> they provide the basis for people to have an understanding.

mark: the report is the work of more than 200 scientists. a victory for norwegian cruise line and its vaccine requirement. a court injunction will allow the company to require proof of vaccination on condition of boarding its ships in florida. recent state law in florida advance vaccine requirements. that has been put on hold for now. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> it is 1:00 in new york, 7:00 p.m. in berlin, and 1:00 a.m. in hong kong. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world.

threatens the economic recovery and investors assess the timeline for monetary type. we discuss the impact of the infrastructure package. sawtek while the joins us to discuss. and we will speak to the president of princess cruises to discuss the outlook for the industry as covid ways on the travel set there. jan swartz joins us later this hour. quick check on the markets and stocks are off session lows, still a weaker day for the equity markets, specifically cyclicals. small caps down 1% at this point. we are coming off the first weekly increase in yield in the bond market since june. we are seeing them increased just a touch today, up three basis points on the 10 year treasury yield. we are getting a stronger dollar for a second day and that may be

a part of what is weighing on oil. oil coming off of its worst week since october. those losses continue today. still down 2.7% on wti. let's get more on those commodities. all-wheel fell to an 11-week low over concerns of the coronavirus threatening the economic recovery. gold is recouping some of its losses. let's break it down with our commodity strategist mike mcglone. start with the flash crash. do you chop it up to liquidity's or is this fundamental? mike: i think but we are doing with gold is hitting the stops. the leverage people like me who thought the market was going higher, they are taking them out. 17,000 is good support. it will lead to a more enduring bull market.

gold is a discount and a more enduring bull market with solid fundamentals. it needs things to change. i think it will return to the bull market. kailey: how do you think of the precious metals relative to industrial metals? mike: copper is capped, about the same price as 10 years ago. we have seen what has happened with the dollar, resuming upward trajectory. china just cut its reserve rate, rrr rate. that has never been good for copper. to me, the market has probably peaked. it could drop another 20% but it is still in a wider range. you don't have a bull market to talk about in copper. you do have that in gold. kailey: you talk about china and the prospect for growth. do you think the market is properly pricing in the risk? leon: i think it is just beginning. mike: incremental demand on

crude oil coming from china but they are switching to ev's. crude oil peaked at about $75 a barrel. i expected to go to $50. that is not that profound. it is essentially the five-your average. elasticity of supply is the key thing that people need to think about. kailey: is that $50 all-wheel, a product of the supply coming back online, or demand waiting because of the delta variant? mike: both. demand in the u.s. is the same as 20 years ago. it is only because of efficiency. the ford f1 50 is now electric. where is that going in the future? to me, oil is a bear market that went to a premium. 50 is the key price to go to. look at cost of production in the u.s., $30 a barrel.

you are seeing that in profits in crude oil producers. they are loving it. kailey: one more on bitcoin. we are back above $46,000. is that upward momentum sustainable? mike: yes. bitcoin is discounted to the bull market. if it just follows ethereum, it goes to $100,000. kailey: mike mcglone, thank you so much. we were talking about the slowdown in china. short seller carson block says investors have not taken into account the market risk inherent in china. in an exclusive conversation, he weighed in on china risks and the rise of the retail trader. >> when you have passive buyers of more and more the float, it doesn't create an upward effect on stock prices, it creates a convex upward effect on stock prices.

layer on top of that retail buying, increasing these gamma squeezes. you just get this crazy disconnect in a number of stocks between the actual economic fundamentals and what the stock price is doing. the saving grace for people such as myself, when it comes to meme stocks, they advertise it openly that they will squeeze it. we are no longer ignoring that. we are very attuned to where retail traders are talking these things up. we don't have so much capital that we cannot get out of the way, knock on wood. i am not so much worried about that but the distortion of passive buying on a lot of crap companies and sometimes abject fraud from china, that to me is the more disturbing issue. >> how do you make money, stay away altogether?

when you said they are basically advertising what they will do, and then you can play with that. how? >> we are not playing long squeezes on meme stocks. a good example of how we utilize this was xl fleet. that was a company that we shorted earlier this year, spac, close to an empty box, in our view. the stock went down and we made money on it. we are quick to pull the trigger on getting out of something if we have to. we saw a retail traders talking it up, there was a bunch of buying, call options, and we covered our short entirely. it turns out the stock did not squeeze, but better safe than sorry. that is how we are utilizing it. on top of that, we run our bookmarking neutral. for every dollar short name, we are going along to hedge it. we are going along and not just

indices but what is called factor baskets. for every short position we have, we may have 30 tiny long positions that we think will explain most of the beta. that is how we have change the business to keep up with the times. >> there's also a concern that you could have meme traders in the u.s., but in china you have massive policy shifts begin to change industries. we saw that with semiconductors today as people were concerned about accusations of price manipulation from regulators in china. you have also seen this with milk formula, other areas. how do you get a sense of the next area where are targeting could be? do you try to play any of that, doesn't make it on investable for you? it is not based on research, but something that cannot be predicted. >> that is the point, investors for the past decade were basically pulling the wool over

their own eyes on the capriciousness of the policy environment in china. that is coming home to buy a number of investors but it is just one of many risks that you need to take into account but investors have not. it is another reason why all other things being equal, a china stock should trade at a significant discount relative to a stock from a company based in the u.s. often, we found they don't, because investors like to tell themselves these fairytales -- there is tremendous cognitive dissonance. always has been with china. investors will say we think the real gdp growth will be 7% this year. i say, but you know that is not real data. you know there are inaccuracies and lying embedded in that. nobody takes that seriously. kailey: that was carson block

speaking earlier on bloomberg television. coming up, nearly there. the senate moves closer to passing the $550 billion bipartisan infrastructure package. we will discuss the impact with the former ceo of morgan stanley infrastructure, sawtek wada -- sadek wahba. this is bloomberg. ♪

kailey: this is bloomberg markets. i'm kailey leinz. the senate is moving closer to passing the $550 billion infrastructure package. joining me now is an expert on the subject, former world bank economist, current founder of i squared capital, sadek wahba.

$550 billion is a lot of money, but it is a watered-down version of what the biden administration originally wanted. doesn't go far enough? sadek: thanks for having me. it is a major milestone for the u.s. we will have the largest infrastructure bill since the interstate highway system was funded in 1966. that is 65 years ago. the bill will be a trillion dollars, of which $560 billion of new money. every dollar invested can have a gdp of the player effect of 1.5. every billion-dollar investor can generate a million new jobs. it is a huge win for the biden administration. no other administration going back to clinton was able to pass a bill like this. kailey: it will have some impact, but where does it fall short, and then can private

investment, to pick up where the public left off? sadek: the bill could have been higher, it started with a much larger bill, $3.4 trillion. many, including me, advocated for $5 trillion or $6 trillion. you don't have to just build or upgrade the existing infrastructure, but really spend for the 21st century. it is a step in the right direction but it will allow you to then generate additional investment in infrastructure across the world. the role of the private sector is critical and should continue to play an important role. kailey: let's talk about the pay-for side. this will not have higher taxes in it. should it? sadek: the bipartisan package that is suggested doesn't have any tax increases, user fees, and essentially relies

prpa bud deficit, although when you look at the analysis, it should cover itself over the coming years. notwithstanding what the cbo said, a $206 billion deficit. i didn't agree with that. certainly the ability of user fees being introduced is important. look at the gasoline tax. $.18 since 1993. when you add up estate tax, you are paying roughly $.53 a gallon. that has not changed since 1993, it is down in real terms by 70%. there is room for user fees to be added across the board. kailey: this bipartisan package will really just be part one. democrats will try to push through another $3.5 trillion in spending. should that count as infrastructure? sadek: we surveyed over 1000 americans and asked the question, what do you think core infrastructure means?

overwhelmingly they said roads, bridges, the basic infrastructure we need. it is not education, health care. doesn't mean it is not important? absolutely not. but it would be a tragic mistake if you are going to link that to the reconciliation bill. you need to vote on the infrastructure bill on its own, pass it, and start rebuilding the infrastructure for the 21st century. kailey: let's talk about how it translates into an investment thesis. where are the best opportunities in the infrastructure space right now? sadek: across-the-board. when you look at the amount of infrastructure we need, it is huge. transmission just region areas is where we have to invest in, especially if we are going to have a distributed grid system, relying on solar, wind, which is an important part of our power generation fleet.

that is an area that needs to be invested in. construction, roads and bridges. ports. the entire logistic systems in the u.s. need to be upgraded, in terms of storage facilities, transportation systems, transit and otherwise. across the system you'll see investments in infrastructure over the coming years. kailey: from a broader market perspective, do you think all of the good news on the infrastructure front has already been priced in? sadek: in some ways i think so. if you look at the indices, etf's that focus on infrastructure, they trade at about 700 basis points over the s&p year to date. in some sense, already priced in, yes. kailey: sadek wahba, thank you for your insight today. now i want to turn to something that caught my eye. jeffrey is the latest wall street bank to boost the salaries of its first year analysts in the u.s. in the latest move to retain

talent, the firm will pay junior bankers $110,000, up from $85,000. by the way, that matches goldman sachs. still ahead, we will discuss mounting cases of the delta variant across the u.s. with dr. chris beyrer with the johns hopkins university school of public health. this is bloomberg. ♪

kailey: this is bloomberg markets. i'm kailey leinz. new covid-19 cases in the u.s. have driven -- risen once again to 100,000 a day on average, levels not seen since the winter. for more, we are joined by dr. chris beyrer of the johns hopkins bloomberg school of public health. maybe think about how the vaccines relate into this equation, should we be

recalibrating them to account for the variant, should we just be giving everyone a third shot of the vaccines that already exist? dr. beyrer: the first most important thing to say is we are only at 51% of all americans who are eligible for a vaccine being fully immunized. the first and most important thing is many more people need to be immunized. we have three safe and highly efficacious vaccines with emergency use authorization, and we are not using them enough. number two, we probably will see a recommendation on boosters, but for people with immunosuppression and immunocompromised. right now the data is suggesting the vaccines we have are holding up robustly against serious disease with delta. what we are seeing is an epidemic of the unvaccinated. kailey: the vaccines seem to be holding up against delta but i'm reading about the lambda variant which may be more resistant.

it seems the variants just keep coming. how will we adapt to this virus that keeps adapting? dr. beyrer: we are watching viral evolution in real-time. i don't think most american people, people worldwide have paid attention to viral evolution, as we are seeing with this virus. the key again is we have to get many more people immunized. it is also true that the non-vaccine preventative measures like mask wearing and social distancing are going to have to come back. delta, as it turns out, is more infectious. the original parent virus had a transmission probability under two. this one is over five. meaning every person who gets it is likely to infect five others. we saw this in provincetown. there are people who have been immunized to are able to get the

delta variant and transmit it, although they are protected against severe disease. nobody died in that outbreak. kailey: you speak about going back to protective measures like wearing masks, but you have states like texas who are banning mandating masks in schools. as children grow back, is it safe for them to do so if they are not vaccinated or don't have masks on? dr. beyrer: children under 12 are not eligible to be immunized. for kids 12 and older, very important to be immunized. for those not eligible, we need to have other measures in place. i think you'll see many school districts mandating that teachers and other staff interacting with kids are immunized. that probably will change, too, when we have the full approval. we expect the fda to give it full approval, not just emergency use, in the next few weeks. that will change the calculus as well. for now, the indoor mask mandates are coming back.

i think the states like texas and florida, where this has been terribly politicized, the governors on the opposite side of public health guidance, you just have to look at the numbers. florida accounts for 25% of all the people in this country in the hospital with covid. it is not working. kailey: when you look at a place like florida and the way that cases are taking shape, you have any reason to believe it will come down in the future or keep climbing? dr. beyrer: there is immunization and natural immunity from having covid. both of those things are happening at a population level. one thing that is changing is older americans are more likely to be immunized, they were the first eligible. they have higher rates of vaccine acceptance. you are seeing a shift downward in age. hospitals are filling up with the unvaccinated who are younger. many providers and physicians are saying with delta, these

people get sick faster. that is anecdotal right now, we don't have the data, but there is a concern there. kailey: thank you so much for your valuable insight, dr. chris beyrer, doctor and epidemiologist at the johns hopkins school of public health. a quick check on the markets. stocks are off session lows, down by .2% on the dow. .1% on the s&p 500. outperformance coming from defensive areas of the market, including big tech. we are continuing to see yields climb higher, up two basis on the 10-year. this is bloomberg. ♪

mark: i'm mark crumpton with bloomberg first word news. wildfires are raging out of control on greece's second largest island.

scores of homes and businesses have been destroyed. thousands of residents in tours have fled. the fire is the worst of dozens that broke out in greece's longest heat wave in three decades. temperatures have short -- soared to 113 degrees fahrenheit. a wildfire in northern california is now the second largest in the state's history. the dixie fire has blackened nearly half a million acres prompting mass evacuation acres, and is just only 1% contained. the fire started july 13 and is one of a dozen major fires burning in california. his swissie to press reports the pentagon is set to require members of the u.s. military to get the covid-19 vaccine by september 15. the move comes as the delta variant caused an uptick in coronavirus cases across the united states. the new york state assembly judiciary committee is meeting today to discuss next steps in the articles of impeachment under consideration against

governor andrew cuomo. the governor's highest ranking aid resigned yesterday. the report accuses governor cuomo of sexually harassing 11 women. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ amanda: i'm amanda lang. welcome to bloomberg markets. kailey: i'm kailey leinz. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. president biden's infrastructure bill is a step closer to passing after a group of senators struck a deal on crypto reporting. barbara humpton joins us to discuss what the bill could mean

for companies. we will have the latest on the top poultry producer in the u.s., tyson foods. the company is racing to get its chicken unit back on track. and we discuss the state of the cruise industry with jan swartz, president of princess cruises. amanda: some of what will affect the cruise industry of course will be expectations of the delta variant. that is what is weighing on stocks today. we are seeing the broad market interpreting for a potential slowdown in growth, a risk off attitude. s&p 500 in negative territory. nasdaq holding onto gains. you are seeing action on the 10 year, 1.32 at the moment, as we see a tempering of the outlook. that is showing up in commodities. oil in correction territory. other commodities are also falling, expected to fall

further, according to some analysts. energy leading the decline. for what it is worth, we still have some cheerleaders for gains in the market. we heard from goldman sachs last week for a bullish call. credit suisse, 5004 year-end. that is a 13% gain between now and the end of the year. like goldman, it is predicated on earnings expansion. it's a very bullish call. for people wondering, we are seeing evidence that there are those who will be betting against the call, but the heavy hitters are lining up for the most part in favor of an upmarket. kailey: strategists having to play catch up to the strong earnings we got. strategists are playing catch-up in the bond market as well. a number of banks cut their year and forecast.

goldman sachs down to 1.6. jp morgan singh 1.75, down 20 basis points. the treasury rally has taken everyone by surprise. amanda: interesting because that would indicate weaker growth. to get growth in equities without getting growth in the underlining economy is a conundrum. we are seeing options trading indicating a believe in a flat market. record inflows into that part of the options space. a bit of catch-up going on but if you want to feel bullish, there is some evidence that they will be in your corner if you want it. kailey: let's get to our stock of the hour. food giant tyson announced fiscal third quarter earnings that topped the highest estimates. it also raised its full year sales outlook. dave wilson has been digging into the filing. dave: you are talking about a company that delivered almost

$12.5 billion worth of revenue in their latest quarter. the highest estimate was just about 12, so an easy beat. you look at earnings, for five quarters in a row, they have topped the average production by 20%. if you focus on the dollar amount as opposed to share percentage, you are talking 7%. in the latest forecast, $46 billion for the fiscal year. they bond that up to 47. if you look at those numbers, you would think numbers are going great, but the challenge is this company has really had issues in the chicken business. that is largely where its roots are. they have expanded over the years into different kinds of meats. the beef business did fine, so did pork, other areas. chicken not so much. that is also due to legal issues involved with government

price-fixing lawsuits. you can figure in the cost of those. that is part of the issue for that business. think about inflation. tyson is saying prices were up 14% in the latest quarter. that is a lot for the company to have to deal with. when you put that together, this is a stock that has lagged its peers over time. some of those peers much more involved with other food items than just meats. nonetheless, this is one of two stocks in the package food index that is down in the last two years. amanda: we have also been watching sanderson, which may be close to a deal to sell themselves. what are the implications of that? dave: you are talking $4.5 billion there.

you are bringing together sanderson with continental grains farm unit. putting together the number three and number six chicken producers here in the u.s., with tyson being the largest. it will be a joint venture run by continental grain, which owns wayne farm, and cargo. two of the biggest agricultural producers around. they really want to take on tyson, not to mention pilgrim's pride, which is owned by jbs. kailey: thanks very much today wilson for that stock of the hour. coming up, we will discuss the impact of the $550 billion bipartisan infrastructure deal with the ceo of siemens usa. that is next. this is bloomberg. ♪

kailey: this is bloomberg markets. i'm kailey leinz with amanda lang. the senate in moving closer to passing the $550 billion infrastructure package. one company that stands to benefit from the bill is siemens. chairman and ceo barbara humpton is with us now. where do you think the biggest boom will be for your business? barbara: we are involved in so many aspects of american infrastructure. we are excited that so many of the initiatives we are interested in, including public transit getting ramped up, getting electric vehicle charging with the american jobs act, all of these things are great opportunities for the many men and women at siemens. amanda: one of the places that

you could benefit, arguably, barbara, and infrastructure bill should focus because it is so ideal to spend, is on the energy grid, transmission. what would you hope to see, what with the bill due specifically to empower the grid for the future? barbara: some of the things we are looking for in the grid have to do with the transmission and then the distribution network. we have so many buildings and electric vehicles now coming onto the grid, it will be important for us to have the software controls that really help the grid integrate these new technologies. kailey: that is a part of clean energy. we got the report from the u.n. today talking about code red for humanity, the human impacts on climate change. what do you see as siemenss role in that green energy transition? barbara: you may know us as one

of the first to make the carbon neutral pledge in 2015, to be halfway there by 2020. we achieved that goal. our portfolio includes technologies that will help manufacturers transform, buildings and the electric vehicle infrastructure, as well as the mobility of the future. amanda: i want to ask you about what you are seeing for your own business by way of labor shortages, what you're offering in terms of wage gains. i know you have a couple hundred job openings across the country. barbara: as a matter of fact, we have over 2000 jobs open. we keep a healthy pipeline going. what we see across the u.s. is the need for technicians. this is a moment when there are fantastic job openings that will require people to have some education, but a lot of hands-on training with technical skills.

we have been working with the national association of manufacturers and others in order to help develop workforce training programs. kailey: it is one thing to have the positions open, it's another to get people to take them. are you having to add incentives to get employees through the door? barbara: we are ensuring that our overall package is competitive. proud to say that siemens takes very good care of our employees. our jobs are attractive from that perspective. there are jobs that have such a tremendous purpose. we are focused in on the things that really matter in this moment, climate change, urbanization, the changing demographics of america. it is a great moment for people to choose to join siemens. amanda: because you are such a diversified business, this is may be tougher to get your arms around, but it would feel like an inflection point in terms of how businesses are planning for a post-covid world.

what are your plans at siemens, what are your plans for how long you'll need to be testing, asking people whether they are vaccinated, how long you may be working from home? barbara: from the early days of the coronavirus pandemic, we have been focused on what we can do to live with the virus, recognizing that we are in a world now where the threat of pandemic is proven to be real. it's important we learn to live with it. we are doing things like insuring we are installing healthy building controls in places of work. we have our safety measures that we have learned so well over the past 18 months. but i'm looking forward to a real wave in upgrades and buildings, upgrades in the way we work. at siemens, we made the pledge last summer, we would not require people to come back to work on a full-time basis unless of course they are front-line workers. instead we are expecting most

people to work two or three days wherever they are most productive. kailey: it's a question of when people come back to the office. you want the building to be safer, but when is a giant question, in light of the delta variant. if people are not getting out into the economy and spending, that could hamper growth. do you expect an impact on your business toward the end of the year? barbara: our business is actually within the backbone of the economy. whether it is helping manufacturers meet the need for things that we have needed. some people are now building up stockpiles of supplies. those have a small effect on our business. we are seeing all of that as very constructive for the business we have chosen to be in. i think we have a vital role to play and we expected be very busy. think data centers and explosion of all of the digital work, what it is meant for our tech customers. amanda: great to have you with

us for this. appreciate it. barbara humpton is the president of siemens usa. of course, the rise of the delta variant is a huge factor in the travel industry, including four cruise lines, although demand has been strong. we will talk to jan swartz, president of princess cruises. this is bloomberg. ♪

amanda: this is bloomberg markets. i'm amanda lang along with kailey leinz. the travel industry has been among the hardest hit because of the covid pandemic, even as there are glimmers of hope. the delta variant may slow that path back to what a new normal

would look like. for the cruise industry, that means new requirements for masking and testing. but will that do for customer demand? jan swartz is the president of princess cruises. let's start with what you are seeing if anything in the reaction to delta. is it showing up in your bookings? jan: thank you for having me. we are so excited to get back into business safely. i recently sailed on majestic princess. i can say that cruise demand is strong among our guests who are thrilled to be back taking a real vacation, as well as our teammates, communities in alaska that we are visiting along the way. lots of positive momentum in the cruise business as we get more ships back in action. that said, the delta variant has its challenges. we have many letters of protection for our guests on princess cruise lines.

we are sailing with vaccinated cruises per cdc guidelines. that means vaccinated guests and vaccinated crews. kailey: norwegian over the weekend won april 11 every court injunction allowing them to have a vaccine requirement. the governor of florida did not want that in place. florida is appealing that decision. how vital is vaccination requirements for the cruise industry? jan: i will not comment on another cruise line's legal proceedings. what i can say for our brand, princess cruises, the cruises we have announced through the year are vaccinated per cdc policy. this gives lairs of protection and comfort to our guests which we have learned through our guest surveys, is important to them, that they would sail on a cruise with vaccine guests and vaccinated crew. that said, we have other lairs of protection, certainly in light of the delta variant with

now requiring cruise testing within 72 hours of embarkation, as well as wearing masks in the more dense parts of the ship. amanda: we do know, unfortunately, while vaccination slows the spread and makes any kind of acquisition of this virus less serious in every way, it doesn't mean that people cannot get covid. there have been of course these breakthrough events. do you worry about turning a ship into a quarantine location again, as we dramatically saw at the beginning of this pandemic, that lingers in some people's minds? could that happen again if you had an outbreak of covid among vaccinated passengers? jan: we have worked closely with u.s. cdc, other public health advisors to put in place

policies and practices and procedures to protect our guests, teammates, the communities we visit. i think we can all expect, given how pervasive the delta variant has been in the united states, that we will see cases in the cruise industry. but we have among the best protections in the larger leisure business. i don't think there are many land-based resorts that have a vaccinated environment. then of course, all sorts of policies and procedures. if we have a guess that tests positive, we would have cabins for isolation, onboard staff, doctors, paramedics to take care of them, also to complete contact tracing and mitigate the risk to others on board. kailey: of course, that doesn't just include the passengers but the crew as well.

we have seen in the service industry some real labor shortages developing because people are still until september making unemployment benefits, it is hard to get people in the door. are you experiencing any of that on the labor front? jan: our cruise comes from -- c rews come from over 150 countries around the world and we have seen a strong demand to come back to work. while thanking all of the alaskan citizens who supported the congressman, senators, the doors and restoration act, which allowed us to get back into business and help the ports in those alaskan communities that are so dependent on tourism for their economy, as i stopped and met with local business owners, citizens, i did hear about labor shortages, how, after being out of business and to speak in alaska, small business owners

were struggling to find the full complement of staff. while that worked for this year because we had fewer ships sailing in alaska, we have a joint interest in making sure that we create more jobs in alaska, that we approve more folks, -- recruit more folks looking for adventure. amanda: not a ton of time, but on that front, you would imagine wage pressure to attract talent. commodity prices are also high. are you seeing prices go up, what is it doing to your pricing? jan: like everyone, we are seeing inflationary pressures in select locations, also access to goods and services. some places are constrained. but i think our team is doing a good job adjusting menus, offerings to balance the guest experience with the cost

increases that we are experiencing i'll be in temporary basis. amanda: so good to have you with us. that is jan swartz, president of princess cruises. before we go, kaylee, i have to acknowledge, it is a special day. not just 13% increase on the s&p, but kailey leinz's birthday. i hope you have big plans. kailey: it is hard to have big plans when you wake up at 2:00 a.m., but i think there is some kind of sugary food in my future. amanda: for kailey leinz, i'm amanda lang. this is bloomberg markets. ♪

(announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs

and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com.

>> every client is worried about inflation. what they really mean is, our bonds -- are bonds going to cause me a problem? mark: i am mark crumpton with bloomberg's first word news. chuck schumer says the chamber is set to pass the major

bipartisan infrastructure package. lawmakers agreed to limit the date on the measure with 16 republicans joining with all democratic senators. >> now, mr. president, it may have taken all we can, but the senate is now finally on the precipice of passing major bipartisan infrastructure legislation. last night, an overwhelming bipartisan majority of senators voted to surmount the final few procedural hurdles and put the bill on a path for passage tomorrow morning. mark: leader schumer called the latest bipartisan vote a very handsome, overwhelming vote. new coronavirus cases in the united states last week closed at the highest weekly level since february, fueled by the highly transmissible delta variant. it rose by 49