federal efforts to reduce poverty to protect the environment. senate democrats have passed a $3.5 trillion budget framework that opens the way for president biden's economic agenda. the blueprint includes what democrats call the biggest middle-class tax cut ever. the party line vote was 50-49. there will be months of wrangling about the details of the plan. many are wondering about what is next for andrew cuomo. it is not clear what he will do for a living or even where he will live after he steps down. many politicians are hired by big-name law firms after leaving public office. legal reporter say cuomo is likely to find a chilling reception waiting for him. he sold his home last year, so his only residence has been the governor's mansion in albany. florida governor ron desantis is doubling down on his decision to ban school districts from instituting mask mandates as students begin classes across

the state. speaking at a news conference today, governor desantis said it is a decision for parents to make, not governments. late last month, governor desantis issued an executive order that threaten to withhold state funding from school districts that required students to wear masks. the taliban have seized three more provincial capitals in afghanistan today, and a local army headquarters. officials say the insurgents is controlling two thirds of the nation, as the united states and nato finalize their withdrawal after a decades long war there. while the capital of kabul itself has not been directly threatened, the speed of the offensive raises questions of how long the afghan government can maintain control of its countryside. 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.

>> and is 1:00 p.m. in new york, and 1:00 a.m. in hong kong. i'm kailey leinz. welcome to "bloomberg markets." here are the top stories we are following for you from around the world. inflation in the u.s. moderates in july. we will have a reaction to the latest cpi prints from chief economist for ubs global management. going back to school. will the return to the classroom and why virtual learning could be here to stay with james rew, the ceo of thrive. we will hear from victor khosla, the founder and cio of strategic value partners in a front row interview. his thoughts on wall street's blank check boom. first, let's take a check on the markets. have bounced off session lows on the s&p 500. it is at a record high once

again. if we close at this level, it would be the 46 record of the year, up .2%. got a lot of movement on the longer end of the curve after the inflation data. we got a 10 year treasury option that we will break down. the bloomberg dollar spot index is down .3%. a weaker dollar story which may be an part what is giving a lift to crude which was lower. at the better part of 1%. let's get back to the 10 year treasury option. $41 billion in supply being sold by the treasury. kriti gupta is breaking it down. kriti: you are seeing them stock 3.2 basis. 10-year note's drawing 1.34%. some of that going into indirect bidders. you have 9.6% to primary deals. 13.1% to direct bidders. this will be crucial because the bid to cover ratio i'm seeing is going to be 2.65%.

according to my calculations, this is above the average pair this is why you see yields lower. i want to show you what the bid to cover ratio has done in a year. the bid ratio has gone up and come off of its high. looks like it is coming up. let's talk about what this means for the broader stock market. this has a lot to do. you can see a quick drop, looks like the demand is coming back up. that is a year-to-date story. for the broader stock market, the low yield story is bolstering tech. that is going to be a crucial piece of the equation. when we are talking about the readthrough into this continuous demand you are seeing in those tenure options. . the kailey:. .2%. that is around session lows. this is after a not hot as expected cpi. and. came in line with expectations. . are you surprised by the lack of a market reaction to that? kriti: the cpi print was so hyped up, you saw this in yesterday's price action. major tech underperformance when

a lot of people are talking about a tech being very reactive to yields. yields only moved up two basis points. you did not actually see an immediate reaction. the only conclusion that can be drawn from a is they were awaiting a much higher cpi print. they just did not get that. kailey: bloomberg's kriti group die with a great roundup, thank you. let's get more reaction from today cpi print with paul donovan, chief economist. it is a moderation from june to july. does one month a transitory inflation case make? paul: it is not really just one month though, is it? economists have been looking at the details of the data. we have been getting our hands dirty with the cpi prices over the last few months. economists, we do not have broad-based price increases. we just don't have that. it is a very small number of items that are behaving in a weird way, which is causing the

headline numbers to jump in this way. and it is going to come down. we always knew it was going to take a while for it to come down. they detail we are seeing today is validating the assumptions that economists have been making over the last several months. this is part of a trend, i think. kailey: to look at used cars which were up in a major way in june. that inflation did moderate in the month of july. when we talk about these supply constraints, how can we really know how long they are going to persist? paul: this is what i think was interesting about today's report. there was a lot that was interesting. it is packed full of interest. what we saw is not a lot of goods, which are at the end of these long complicated supply chains, their inflation rates have peaked. not all of them. new car prices are still up. computer equipment. televisions. things, microchips, we've still

got some problems. when you look at other goods, appliances, furniture, things like that, we are starting to see a clear signal of a peak in those prices, suggesting the supply constraints are already starting to lift, and the disinflation forces are coming through. kailey: the fed has been right about transitory inflation. but speaking of the fed, we heard from kansas city president esther georgia earlier. she said it is time to dial back on monetary stimulus. is it time? paul: i think we need to make the distinction between quantitative policy first, the bond buying program. that is mainly targeting growth. an monetary policy which is primarily around the inflation story. i don't think monetary policy needs to change at this stage. i think it will lead to change at some point. but for goodness sake, why would you change monetary policy when we are just coming up to a critical period in the labor market, schools going back, we

are moving beyond the seasonal adjustment distortions, what is happening in the labor market, what that -- what that does in inflation. why change monetary policy at this stage? quantitative policy is a different matter. because i think we are clearly saying normalization of growth, and that eventually requires a normalization of quantitative policy. kailey: talking about growth, how much of a wrench does the delta variant throw into the thesis for the u.s. economy and global economy? paul: this is where we have to face rather uncomfortable truths. right from the start of the covid pandemic, going back to the beginning of last year, the virus itself has relatively limited economic impact. it is fear of the virus that does most of the damage. we have got two big things to face up to hear. firstly, we have been living with this virus for 15, 16 months. so fear has naturally

diminished, as it always does. and second, vaccination gives people a reduce fear level, maybe even a sense of complacency, frankly, but reduced fear levels. i think that limits the economic damage. in the united states, there is a polarized picture with regards to vaccination. so we may see some states being more fearful and more economic damage coming through, whether they have low vaccination rates, debatable point. those states tend to be less economically significant. kailey: polarization in the united states? i've ever heard of such a thing. talking about it on capitol hill, we have that budget blueprint, $3.5 trillion passed through the senate. all democrats. republicans say this is inflationary. we are pumping too much money into the u.s. economy. are they right? paul: i think we've got to be careful with fiscal policy. three parts of the viscose --

the fiscal policy. stimulus, antidepressant, which is unemployment benefit. which is not boosting the economy. is just preventing us from getting worse. and redistribution, which is mainly what the infrastructure bill has been about. where you are not necessarily boosting the economy. you are taking from one part to give to another. you are redistributing. stimulus would be inflationary. the question is how much of the $3.5 trillion is going to end up being stimulus? how much will be passed for a start, and how much is going to be taxed or paid for through other mechanisms? the more you are paying for it without borrowing, the more it is redistributed, and therefore not particularly inflationary. and that we just don't know at this stage. kailey: there's still a lot we don't know and a lot of work left to do. paul donovan, thank you so much for your insight today. now on something that caught my eye, speaking of inflation or the lack thereof.

today cpi data shows rents in the new york city dropped in the 12 months through july for the first time since 1958. we have a chart that shows that, underscores the historic nature of the pandemic, and the impact it has had on this u.s. economy. i can say anecdotally, if you are looking to rent a place in new york, you better do it soon because those rents are starting to go back up as people come back to the office. coming up here, to be and is eyeing texas. the amazon fact start is said to be in talks to start a factory that could create 7500 jobs. we will have the details next. this is bloomberg. ♪

kailey: this is "bloomberg

markets." time kailey leinz. amazon backed electric vehicle startup rivian is in talks to invest $5 billion to build a factory near fort worth, texas. factory would be designed to produce 200,000 vehicles a year, and would create at least 7500 jobs. for more, we are joined by ed ludlow. this is not necessarily a done deal yet. they are looking at other sites as well. ed: right. in number of sites, states, in number of cities in the running. according to my sources, texas has become the frontrunner. rivian was looking at a site potentially in arizona. it was one the company and its ceo really liked. with time, they had concerns that came up around infrastructure, and by mental concerns. now i'm hearing this offer from fort worth, the city of fort worth, is competitive and the company is considering it. these things take time. the incentives go through, the

vote by lawmakers, so anything could happen still. kailey: on the texas side of the equation, what kind of incentives are they offering to this company? ed: you start with the city. the city of fort worth are offering about $440 million worth of grants and tax exemptions or tax abatement. as part of that process, if they proceed, they would nominate the rivian project for more tax incentives from the state of texas, get the county of fort worth that is based in involved as well. when all is said and done, it is quite a hefty package. remember, rivian has to put something on the table as well. as he said, they are committing to invest a minimum of $5 billion into real estate development, construction, and hire a minimum of 7500 jobs. which is credible considering they have not built a single car yet in their existing factory. kailey: i was 20 say, rivian having to put something on the

table. is this surprising that they are looking for a second site? ed: it a little surprising. i broke the story earlier in the year that they are looking for a factory in europe. possibly mainland in europe or the u.k. we give rivian a lot of reputation and kudos because of the money they have raised, $10.5 billion from big-name investors. they have this backing from amazon. at the end of today, they have delayed production in the launch of their vehicles more than once because of covid, supply chain disruptions. they have not proven anything yet, until they get -- they get into production and start delivering cars. they are a little ways off that. if they want to take on tesla and be a big player in the eb market, as we learn from tesla in 2018, it is really hard to get into zero production and produce these things in volume. kailey: we will continue to come to you for updates on rivian's progress. thank you so much. still ahead, k-12 students across the u.s. are heading back to school, as the delta variant crowds the return to the

classroom. we discuss the demand for virtual learning with the ceo of online learning platform stride. james through is joining us next. this is bloomberg. ♪

kailey: this is "bloomberg markets." i am kailey leinz. wall street is embracing the fact boom, blank check companies have completed $115 billion of deals. that is according to data compiled by bloomberg. it has no place when it comes to distressed debt or special situations investing, according to founder and chief investment officer of strategic value partners. he discussed at the blank check boom with erik schatzker on bloomberg's front row. >> they are not a supermarket.

they are not like this is the flavor, i got one of those flavors. we just raised a substantial amount of money, we want to invest it in a disciplined way doing what we do. it is not all about a little here, a little there. when we look at spacs, and by the way, we get the bench, the bank has come to us. but it is like, why bother? why are we getting distracted with all of this when we've got a pretty good opportunity in front of us here to do what we do? erik: do you think spacs are a legitimate vehicle for special situations? victor: i don't think so. erik: how come? victor: you know what, i will tell you what i think spacs are a good for -- are good for. if you have an investment, where some tech investment or something, where you can make a lot of money, or you can lose it

all, a spac is interesting. if you look at some of our industrial businesses, some of our old economy businesses, the only way spac gets to buy into those is by paying more than a full price. when you pay more than full price, hey, it's going to be tough to dig yourself out of that. so spacs, to invest in distressed deals, special situation deals, generally, i'm not saying never, generally, i just off the -- don't see what happens. if you are going to invested on something, yeah, i think maybe there is room for it. that is just not us. it's not us. kailey: that was victor coastline, the founder and chief investment officer of strategic value partners speaking in an exclusive -- exclusive interview. let's go back to school p or by the end of the week, more than one third of u.s. can are her 12 grade students will have started class.

that is according to school tracking website verb you. debates over school safety has devolved into protests as the first day of class nears. a recent survey from online k-12 learning platform stride, found over 60% of parents are hesitant to send their children back to school. joining us to discuss is the ceo of stride, james rhyu. i think a lot of people are seeing this return to school play out differently than they maybe would have hoped for at the end of the last school year. how is that playing out for your business? james: thank you for having me. listen, every family right now that has a k-12 student in america is worried about what is going to happen. the delta variant and the rise in the delta variant is scaring a lot of parents. some of the regulations on masks are scaring parents. 60% of parents are hesitant to send their skit -- their kids back to school with these fears. it is a real worry. kailey: part of the reason they

want to get children back in school, aside from parents who need to go back to work, is he get the social and emotional part of learning. not just learning your school lessons. how does virtual learning compensate for what is missing in those social in person interactions in the classroom? james: the day and age that we live in is different. kids these days, they have so many social interactions through social media, through their neighborhoods. the point really is that 9% of parents say that schools need to be prepared for virtual learning in case of emergency. so whatever social or other issues they have, they are going to have to deal with it as we move back. we have to be prepared no matter what. we don't know what is going to happen with the delta variant. i think schools need to prepare regardless. and parents need to prepare. i do think the social interactions are important. i think parents need to think about ways they can introduce

people in their neighborhood, through pods, other activities, their church, whatever. ways they can get that social interaction. kailey: speaking of being prepared, it would be great to operate under the baseline assumption that every child has access to a computer and internet. we know that is not true. how do you make virtual education a supple -- accessible to every student? james: for sure. listen, two thirds of parents think their schools are not well prepared for the shift in online learning. even after what happened over the last 18 months. parents are not confident. and it falls on the government needing to ensure there is access. i think access to broadband is an important issue in the country. it is not something that we strive to deal with, but it is something that is an important mandate for this country to ensure accessibility for online learning is available for every student in this country. i think school districts need to get prepared. no matter what, no matter what

happens and whether we get back to school smoothly or not, the fact is that schools need to prepare, and parents, to thirds of them, don't believe that their schools are prepared. schools need to get prepared. kailey: we only have about a minute left. eventually, we all hope we will be in the post-pandemic world. we are not there yet. when that happens, what role do you think stride will play in k-12 education? james: i don't know what is going to happen with the pandemic. here's what i know. virtual learning is here to stay. we have been doing it for over 20 years. virtual learning is going to continue to be a key aspect of learning. a lot of families embrace it. i get the fact that not everybody this past year and a half has had a positive experience with virtual learning. but a lot has. a lot have embraced it. a lot our coming to our programs because it is more convenient for them. i think it here to stay,

pandemic or not. i think we have a lot of growth ahead of us. kailey: we have to leave it there. thank you to james rhyu, the ceo of stride. it can't believe summer is coming to an end and we are talking about back to school already. let's talk about the markets. after the 10 year options, $41 billion of supply coming onto the market, we have seen yields moving lower. down three basis points on the 10-year treasury yield. down 1.31%. the bond market did not react much to the inflation. that was pretty much in line with expectations and was moderating from june. as far as the equity market goes, underperformance from big tech. nasdaq down .25%. the s&p at a record, up .2%. we will have more on the cpi front with our guest. he is joining us next. this is bloomberg. ♪

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mark: 46 republican senators are warning democrats that they

won't vote for an increase in the debt ceiling. the latest move in a standoff between lawmakers over increasing borrowing capacity to avoid default. the next step will likely be a stopgap funding bill that needs to pass by september 30 two a verge government shutdown. the debate over mask mandates is heating up. in texas, two judges ruled the governor cannot prevent counties from imposing local laws. governor greg abbott had issued an order outlawing mask ordinances. infection rates and hospitalizations in texas are soaring. the rulings are part of a larger national debate over mask mandates as the highly contagious delta variant spreads. emmanuel macron defending himself against accusations that he his -- is handling the crisis in an authoritarian way. mccrone blasting opponents,

accusing them of exploiting the pandemic for political gain. his comments follow the fourth consecutive weekend of demonstrations in major french cities against virus related measures. in greece, hundreds of firefighters from across europe worked alongside greek colleagues to contain flareups of the wildfires. officials say the spread has been largely halted. fires broke out last week as greece experienced its longest heatwave since 1987 that left forests tinder dry. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. ♪

amanda: welcome to bloomberg markets. kailey: we welcome our audiences. here other top stories from around the world. moderating template inflation. the street looks tough. coinbase mercy -- murky outlooks. what is propping up shares of the largest cryptocurrency exchange. we speak to the ceo of fintech start up upgrade. amanda: a commendation of factors for investors today. the cpi data, one of them bolstering the view of the doves out there that they may stay on the sideline longer than some had feared. we are seeing this many rotation. out of growth and into more

cyclicality. materials leading the s&p 500 higher. weak spot showing up in the nasdaq. we are seeing still story sox -- story stocks, and then the pilot error did -- volatility of markets. double-digit decline from a dharna. the macro story, for what it's worth, is getting our attention because that is the kind of slow movingluence. there is something for everybody in some ways, but where we have seen big jumps moderating a little bit here, the very things jay powell had pointed out as what he thought were transitory. lumber and used cars. we sell used cars come down in this report. if you think this is an argument for the fed to take their time on tapering, you could read it that way. >> there is a way you could read this entire basket of data.

while we are talking about moderating, everything is relative. yes, used car prices coming down , airfare also coming down. prices are higher than they were a year ago. >> that is a great point. a great point to bring in our guest, oh mayor sharief. kaylee is nailing the thing we have to get our hands around, which is what is transitory and windows a price increase become something that has traction in the economy. what are you watching? what is your view of this data and where it might leave stuff -- leaves us. omair: everyone can define transitory their own way. i think about it the way the fed and jay powell talked about it which is we are not going to see these year after year. we have seen inflation running

around 5%. you saw a lot of maine drivers, like airfares and hotel rates. generally speaking, some of these transitory elements have started to wane and that should help slow down year-over-year rate especially as we get into next spring. i think for the rest of this year we have to think 5%, 5.5% on the cpi is probably going to be with us. >> what we are hearing from companies this season is that they are facing higher input costs. therefore, they are passing costs onto their customers. are we going to be facing a point in time where consumers are no longer tolerant of price increases? omair: if you look at some data, people are saying house prices are too high. you are starting to see used car prices coming off. consumers have already said they are fed up with a high prices. the question is, are they really going to cut back on spending? i don't think we have seen it quite yet. obvious a these price increases

continue at this rate, that could be a problem down the road. i think you see price increases come off and you will see consumers continue to go out and spend. >> one element of this that is beyond anybody's ability to predict is what happens with the pandemic. we look at chip shortages as one example. we know that pandemic related supply chain issues are playing a role. you can try to forecast how short-term those are and know that one day delta and any other variant that comes along baby throwing a curveball into our expectations for the resolution -- maybe throwing a curveball. omair: if i had an answer to that, i could probably trade all day long. it is difficult to forecast. i am no expert on health care issues. the way to think about it is, you are seeing, even though cases have been high and hospitalizations have not tracked as well as before, i think there is less of an impact

at this stage. we haven't seen any sort of follow-through. used car prices have come off tremendously. they are probably going to be negative next month. again, something to watch but i do not know that anyone has a good handle on how the next stage of the pandemic might affect price damage. >> the fed doesn't really have a good handle on it either. downside risks they are paying attention to when considering when they are going to start to taper. if you were advising the fed, would you say now is the time? omair: i am happy to wait. the -- has shifted more toward the labor market. we had a great job's number but i think you can let it run for a few more months and say we still have a shortfall on jobs, let's keep plugging away at that. inflation is sort of doing what we expected it to do, now it is starting to come off. i think it will be significantly slower by next spring. let's make more headway while we can. i would personally feel more

comfortable waiting until december or early q1 of next year versus what i am hearing now where everyone seems to be thinking intentionally september. maybe november. >> -- that the fed is too late, that the fed misses that moment. the fed seems fairly confident it will not, that it will see inflation. jay powell says it does want to forecast 2%, he wants to see 2%. i think he is to get his wish. the concern is they then can't control inflation. do you have any fear on that front? omair: i think they are in control. they have told repeatedly if it gets out of hand, beyond what the expectations are, they know how to soften that blow. that is a blunt tool that also impacts the label markets. it impacts the recovery we are seeing now. i do not think that is where the fed wants to head.

i think their focus ought to squarely be on the labor market right now. inflation, frankly, is doing what jay powell expected. some of these transitory elements are going to wane as we move forward. inflation should come back down to the 2% target they are gunning for at some point next week. the focus now ought to be on continuing to get this labor market back to where it was pre-pandemic. >> that is all on monetary policy. on fiscal policy, we have a $3.5 trillion budget blueprint past after a 550 billion dollar bipartisan infrastructure package passed yesterday. the republicans on the large trillion dollar number is it is going to overheat the u.s. economy. this is money that is going to be spent over a long period of time. do you agree with that? omair: i am in the camp that it is going to take 7-10 years until these funds are dispersed. $550 billion, that is an eight to 10 year project.

that is sort of trivial and the size of the u.s. economy. i am not concerned about that stoking inflation going forward. to me, it's not something that is going to impact on a regular basis month after month. it is too spread out and it is going to take too long to have a big impact on inflation. >> and it is not a done deal. it still has to get to the house and nancy. thank you for your insight. omair sharif, inflation insights. coming up, we break down coinbase turnings as shares of the largest u.s. cryptocurrency exchange rise after reporting results. this is bloomberg. ♪

kailey: this is bloomberg markets. coinbase beat almost every metric and its second-quarter report, and not even a prediction for a third quarter slowdown has slowed it down. dave wilson comes through the numbers and he is here to break it down. >> that start by noting this is just the second earnings report out of coinbase since the company did its direct listing in april. the first was a mixed bag. earnings beat estimates, but revenue was pretty much in line. different story this time around. you look at their top line, $2.2 billion plus ahead of the average estimate by 20%. similar story with depreciation. also trading both 20% higher

than the average projection. already more than double the average estimate. it goes to show you this is a company growing by leaps and bounds. 8 million what they call monthly transacting users, mostly individuals that are buying and selling on the coinbase exchange at least once a month. $8.8 million, your -- 8.8 million, a year ago it was one half million. you sign an increase of 30% from the first quarter. you are talking about some numbers for sure. you look at shares and it has been more of a mixed bag. this was a direct listing, you had a reference price set at $250 a share. stocks have going to from there, initially as much as 72%. they gave it all back. in the past week, it has been above the $250 price.

today's game is helping things along. >> what about problem -- profitability? dave: they managed to sustain it and that is the trick when considering a company growing as fast as coinbase is. that is the key here. looking at what their profit margins are, they are doing just fine. their numbers are going up just like all the other numbers. economies that fail, so to speak. 79% is a number that gets your attention. we should note, coinbase did point out that they are expecting last trading volume and fewer -- last trading volume and fewer monthly users this quarter because we have seen bitcoin and other currencies -- off and be not quite so

volatile. those are the kind of things that affect the amount of business that gets done on their markets. >> always good to have you with us. we should note that president biden is speaking today as part of his comments today on bill back better. he is in the east room and among other things has said so far the cpi report is a good thing for the u.s. economy. he says it is good news. we will monitor that. if you want to watch that, you can watch that on your terminal. up next, the fintech startup upgrade has raised capital and is now valued at $3 billion. ♪

amanda: this is bloomberg markets. the fintech startup upgrade has raised $105 million in its latest round of financing. it values the company at over 3 billion -- $3 billion. renaud laplange, thanks for being with us. renaud: thanks for having me. >> i wanted to start with, there's a lot of fintech activity that targets the customers the big banks don't want. bad credit, small customers, niche players, as far as i can tell you are going after their main customer base, which is gutsy. what has the reaction been from traditional big banks? renaud: our customers are very mainstream. $100,000 in individual income.

-- in household income. these are very population average metrics, although -- is better than average. generally these customers are fully backed with city -- citi, and we try to give them better values at a better experience they can get with traditional banks. so far, the response from the main banks has been pretty muted because we are still very small, but growing fast. >> you are small, but profitable. why raise this money now and how do you put it to work? renaud: we are profitable and it has been one of the things we have seen -- we credit -- [indiscernible] for mainstream consumers, being a new bank in including credit in your offering is an important

piece. the benefit of credit is instant monetization. we are happy to be in that situation, but we are always investing in new products. the -- will help us continue to do that. >> many will remember you from lending club, also an innovation in credit. we should note there was an sec settlement, was any of that a factor when you went back to the markets to raise money? renaud: mostly i take that experience as a plus. there were compliance issues -- fintech companies try to innovate in a -- which is highly regulated. sooner or later, there are going

to be compliance questions, testing the limits and a lot of other fintech firms go through that expense as well. we are happy week have gone through that experience and we know how to handle it. >> >> how is -- >> how does that differentiate your approach at upgrade? >> when we started, it wasn't just lending or any -- fintech companies. we are typically trying to develop one product and make it better than the banks. but it was really -- for strategy. the second generation of fintech, you are seeing a lot of convergence between different products. multi product platforms with mobile banking and credit cards, it is really a broader range of consumers and targeting a more mainstream audience.

>> one of the reasons fintech has stayed outside the mainstream has been the -- own customer data. there may be a change of foot across the world. we are hearing more talk about data portability and customers owning their own data. how big a change might that represent for those of you in the industry? renaud: any changes welcome. similar to what has happened with open banking in the u.k., anything that empowers consumers is -- we should welcome. >> really quickly, you are obviously hoping to disrupt, that has been the name of the game, what is your ambition for upgrade? where do you think it goes? renaud: we want to be helpful to more people.

we put over $7 billion in credit since we started. we're are going to do another -- later. growth has been quite spectacular, but that is our customers rewarding us with more business and more people coming to us. we think we have been able to deliver responsible products and -- with mobile banking. we try to help customers and put more money in their pockets and give them more responsible credit. we hope we can continue to do that and continue to reach a broader audience. >> we have to leave it there. thank you for your time. renaud laplange, up. ceo. -- renaud laplange upgrade ceo. we are monitoring reports -- a

speech rather from president biden, speaking from the east room of the white house, talking about his filled back better agenda but also talking about oil and gas prices. he says his administration is acting to address gas prices. he made it clear opec cuts need to be reversed and need to make sure the -- their position in gas markets. on inflation and the cpi report, he says consumer prices are good news on inflation. we will continue to monitor those remarks from president biden. that is going to wrap it up for us on bloomberg markets. amanda lang in toronto, kailey leinz in new york. this is bloomberg. ♪

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close." ♪ caroline: we are live from bloomberg world headquarters. romaine bostick i am romaine bostick -- romaine: i am romaine bostick. caroline: the all-important inflation data coming in showing moderation in july prices still rising, but a slower pace than june. that moderation was enough for the markets. u.s. stocks hit a record. the dow at all-time highs. nasdaq 100 declining. big tech on the downside. treasuries extending their again after the 10 year auction met slum demand. lieutenant governor katie -- kathy hochul expect it to speak for the first time since