with the fed saying this is largely transitory. >> we don't think the fed is bothered by this inflation. >> they shouldn't be comfortable. they should be getting ready to raise interest rates. >> policy response is different and we will get different inflation outcomes over the next two to three years. >> this is bloomberg surveillance with, jonathan ferro, and lisa abramowicz. jon: live from new york city for our audience worldwide, good morning. this is "bloomberg surveillance" live on tv and radio alongside tom keene and lisa abramowicz. i'm jonathan ferro. your equity market up on the s&p 500. on the nasdaq, down about .1%. it's an important moment for this economy, balance. question to begin, are we starting to see the reopening surge begin to fade? tom: begin to fade in the united states and worldwide. we have huge equity guests this morning. it will be great to focus on stock market. it indicates to me the worry

about fade is the quiet move in the 10 year real yield. this is profound with a quiet market to see the deterioration to a greater negative statistic for the real yield. that speaks volumes about inflation. jon: i would point to the iea cutting the outlook down in the last one he for hours, two, southwest airlines trimming their estimate through the summer as well. you start to see these things build. tom: i think southwest airlines speaks volumes. we are speaking to jetblue executives within bloomberg experian's -- bloomberg this morning. there is 800 miles south of beijing, they are saying no way. jon: a city of 8 million people. lisa, i have been talking about the demand side of the problem. let's talk about the supply-side of the problem. china starting to tighten things up. lisa: the city tom mentioned is the world's largest port. it shut down yesterday and it

turned ships away as a worker has to positive for covid-19. this morning, headlines saying they're banning all flights to and from beijing as a result of the delta variance. this really does raise a question how much do supply-side constraints continue and supply chain issues we have seen? how much does this slow growth any travel sense, as you mentioned with southwest? how much are we pricing this in already? jon: this is what i try to's down top of, we all have. many people thought the supply-side of the economy heal and some of the constraints would shake out. the question, are we about to see a second, smaller wave pump back through supply chains? lisa: that seems to be what a lot are predicting and even without the delta variance, a lot of executives on the earnings calls mentioned inflation and mentioned supply chain constraints not going away anytime soon, particularly in the audio industry -- auto industry. how much does this add to the

hesitance and restock. jon: just a struggle the shoulders, all-time highs coming in on the s&p 500. price action, up a single point, basically unchanged on the day. the bond market, 135, really interesting action in the last one he for hours and a strong tenure auction. we can talk about the little -- that's a little bit later. euro-dollar 117.40. -- 1.1740. prude is where the politics have been, 69.51. we are firmer 5.4%. lisa: you mentioned the report out this morning, going against what the administration was saying yesterday, saying they were downgrading their estimate for demand because of the delta variant. and they expect a surplus in inventories. it just to give you a sense of the crossways here on the politics of oil. the data we are looking at at 8:30 am, u.s. jobless claims, we are expecting a deceleration in

the number of people filing for unemployment benefits as well as ppi, the producer price index, for july. the expectation is for a similar read as yesterday in the cpi, a deceleration yet a very high rates remain. your point about supply-side constraints, how much do we see the potential for this to push ppi index higher? how much do people look past this data as backward looking to future potential constraint. at 9 a.m., consumer comfort index comes out. inflation is one thing in people's expectation for inflation is another. we have seen this constrain consumer sentiment. how much will this continue to do so as people expect their dollars to go less far in the future. at 1:00 p.m., you mentioned the 10 year auction strong by many

measures, strongest on record. you saw sellers immediately after the auction. perhaps there will be a follow-up to that. the u.s. is looking to sell $20 billion of 30 year notes. how much do we see people coming in at these levels given the international constraints on yields, the fact that the u.s. is high-yielding area. jon: not what you might've set 10 years ago but this is where we are. lisa, thank you. let's set of our next guest, this is what ed ludlow had to say. animists -- analysts are usually underestimating the earnings rebound for three quarters in a row and continues to think they will do so -- and thinks they will continue to do so. tom: then later, he has been consist -- then leath are -- ben lather, more than anyone else, he has reaffirmed his optimism

week to week. jon: global market strategist. let's start there. why do you think this will continue? ben: consensus is earnings actually falls next quarter to quarter after that and a quarter after that. this was the p. i disagree with that. looking forward to 2022, consensus has 9% earnings growth. that looks like a placeholder that we have not got around to looking at yet. we are coming off this huge earnings rebound wishes consistently underestimated. last quarter we thought we would get 65% earnings growth and coming out we had 90. -- 90%. that's a dramatic earnings miss. there is more to come. growth is very high and very resilient to this third virus wave. concerns on margins, this is the peak of the margin pressure and we saw all-time high margins. i think that is the underlying

driver of why consensus is so bearish. i think the pressure is right now, this is not in four months time and that is our top line -- and the topline line remains superstrong and people continue to underestimate the earnings leverage on the top line. companies had a lot of costs over the last 12 months or so and that is where the mistake has been made. they leverage earnings to incremental improvement in revenues. tom: the key phrase for me is placeholder. you remember when the street had a conviction and a 21-22 belief and out to june of 2023 right now. i take your point on the timidity of the market. how should our viewers play that timidity when they look out to say i don't know february of 2022? ben: earnings have been underestimated for next year and the way to think about that is that gives more oxygen for this

market to keep moving up and secondly, facing the fed making this decisional tapering, i think that'll be short policy to rest care. valuations are 21 times, that is superhigh. the fed tapers, those valuation numbers will probably come down a bit but the big offset for that, which i think we continue to underestimate, growth will more than offset that and that is the pathway to this market, continuing higher, even as we move through fed tapering and potentially lower valuations. lisa: what do you say to potential critics that say take a look at the delta variant spreading, take a look at the shutdowns and china, some of the potential regulatory actions slowing growth there. all of these issues contribute to the supply-side constraint that will lead to ongoing margin pressures and removes some china demand from the markets. what you say to people that say, no, these margin pressures will continue for long time?

ben: i say look at the data right now. producer prices we get today, minus consumer prices, looking at the pmi amp up prices, minus output prices, it is really hard for me to see you will see the discrepancy, the huge gap we have seen over the last six to nine months, that continuing. margins will be under pressure but i think that will be more offset by the revenue rebound. for example, look at the classic refining stocks. those earnings are still down 85% from where they were coming into the crisis. with this reopening trade, i would argue it hasn't even started yet. when these start, it will so underperform work from home and your average economy globally is still going to be liked on indices over 50, relative to zero by definition. 85% of the world has not been fully vaccinated so this reopening trade will push

revenues and earnings is barely starting and may be delayed somewhat here absolutely. but it is not derailed and the macro data we are seeing tells you we are learning to live with this. this is the third wave. we are more vaccinated, bit more deal -- a bit more used to dealing with this. jon: that's quite a statement to wrap things up. ben laidler of etoro, global market strategist. many people might disagree with him but that is the call of ben laidler. . this reopening trade is how he got started. tom: this is a classic wall of worry. you have to have -- i believe this firmly, you have to have the angst to go higher and there's plenty of angst at any different way you look at it. jon: his observation is a simple one, topline growth grates, companies squeeze more out of that and bring into to the bottom line. your question is an important

one, how much will that topline growth cost in the month, quarters, years to come given the pressure on the labor side? lisa: and we are seeing increasing wages and a lot of people -- and i would look at the endless notes yesterday, a lot of people pointing to the wages as a key component. if wages keep up with some of these price increases we are seeing on the consumer side, that growth can continue. if it does not, it will not. people will restrain their spending. jon: 11 minutes on the program and we are not talked about the fed, remarkably, and what else? washington, d.c. and what next with the president. tom: it's there. i think the president is a key point. what next for the democrats. what chaos. jon: we will catch up with our washington correspondent. alongside tom keene and lisa abramowicz, i'm jonathan ferro promising you some fed speak at some point this hour. [laughter] equity futures unchanged. volumes higher by couple basis points. from new york, this is bloomberg.

♪ bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. the international energy agency cut forecasts for global energy demand sharply and is predicting a new surplus next year, quite a reversal. a month ago, the iea warned of a damaging spike in prices and in its monthly report, the agency said its output boost from opec-plus is climbing with slower demand growth and higher production from outside of the alliance. u.s. drug regulators are set to approve his third does of coronavirus vaccine for people with weak immune systems. a new study showed the benefits of an extra shout in transplant patients. it significantly raised antibody levels. in the u.k., fully vaccinated adults will no longer be required to self-isolate if they come into contact with a coronavirus case. the new policy begins monday. the relaxing of the so-called

pingdemic, when alerts caused havoc for british food producers, retailers, and p ubs. china regulation -- that provided a sweeping framework from the border rack key industries. that has left investors reeling. 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. ♪

pres. biden: we are taking action to address gas prices as

well. today, gas prices are lower than they were earlier in this decade but they are still high enough to create a pinch on working families. jon: the president of the united states. what a bizarre 24 hours when it comes to energy. more on that in a moment. good morning, alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity markets doing ok, unchanged on s&p 500. bonds higher -- into bonds, yields higher off of the back of a really strong bond auction. 135 is your yield on a 10 year. 69.24. could you get your hands around what was going on with the white house and energy policy yesterday? tom: no. i thought we did great with a bunch of charge thanks to our technical analysis team for doing that. it is simple. if you look at gases, as president biden mentioned, it is a little elevated. if you look at inflation adjusted, it is not. it is at a high level of a

recent trend, but by no way has it broken out. what i would do is schedule a meeting with ed morrison of citigroup and what's his name at goldman sachs, jeff, and i would get a meeting with him in the president. lisa: i'm -- jon: i'm sure jeff would love to be called what's his face. tom: jeff curry. got my water, please. i need my walker. jon: i'm here for you to lean on. tom: let's go to annmarie hordern. what is the average age down there? when you are in the senate floor, the average age is like 82, right? >> it is definitely older than i am. i think actually older than you are as well. tom: thank you. >> some senior moments in washington as well. tom: let's go to what i seen the zeitgeist, democrats counting votes.

speaker pelosi has got to start counting votes. what does the count look like? >> we are waiting to see, but the point is that the moderate house democrats are the ones pushing back that when they come back from their august recess, this august 23 to have the vote on reconciliation package, you are hearing from the house blue dogs and they are saying representative, one of their speakers, stephanie murphy, is staying -- saying we want infrastructure on the table asap and do not want to hold it hostage and wait for the reconciliation package. where they will only be voting on the resolution and then they will go into the senate committees and house committees to try to get the details of what the reconciliation package, what that $3.5 trillion go to -- goes to. but it is the house moderates saying we will vote on the resolution but we are not holding infrastructure hostage. jon: if anybody talks about the whole process falling -- is

anybody talking about the whole process falling apart? annmarie: some people are. senator schumer said we know this will not be easy but the president of the united states speaking yesterday and i was in there when he was talking about the jobs growth, the moderation of cpi we are seeing. he seen -- he said everyone, even you in the audience, with your headlines would be impossible. but there are naysayers that say this is too impossible given the factitious environment of the democratic party. lisa: we are focused on the domestic picture because it leads discussions -- because of these discussions. the headlines that caught my attention stem from afghanistan where the taliban is making incredible inroads and seems to be taking over cities and regions much more quickly than the u.s. thought when they withdrew troops. what is the feeling? how much focus is there on this in washington, d.c. right now? annmarie: i would say there's a lot of focus. jen psaki got a lot of questions on this yesterday. you make a good point, it is in

the forefront, also peace talk negotiations in qatar which many people do not think is going anywhere. this weekend, we saw immense pressure from the taliban on the iranian border. they took the provincial capital in the north, a handful of provincial capitals they have gotten. the assessment from the intelligence committee in washington is this will potentially be months the taliban could take kabul. what they are saying it could be days, up to 90 days. this past weekend, what stood out for me, the u.s. embassy in kabul urging u.s. citizens to say get out, we cannot protect you even in kabul. it shows they are losing ground quickly and it will be harder for this administration to backup their policy of withdrawing troops. lisa: the reason why a lot of people are focused on this is because of the situation in afghanistan itself but it is a strategic location and a lot of allies are looking at this and wondering what the u.s. is

thinking with the withdrawal. then you have china and russia coming in and seeing this as an opportunity. how is the u.s. potentially countering this? do people talk about reversing the stance when janet yellen may be planning a trip to china? annmarie: potentially she is considering the trip. it will be the first high-level economic discussions, tariffs on the table there. it is a good question because afghanistan does have this question of what is the future of it in terms of who is going to fill this vacuum with united states leaving. you have russia building troops near the border, beijing just a few weeks ago playing host to the taliban. this is a critical point, geographically and asia, but of course on the board of the middle east, that a number of countries would like to fill the u.s. void. jon: who should be going? secretary blinken or secretary yellen? from what you say, maybe secretary blinken?

lisa, to try to get your head around some of the issues of the past 24 hours, it is pretty difficult. lisa: it is pretty incoherent. i wonder on a larger scale what this means for allies with respect to the united states. there has been pushback with the u.s. approach to afghanistan. all this at a time when we have a pandemic. talk about difficulties rubbing her head around this. jon: speaking of pushback, we had it from the iea, basically coming out and cutting the demand outlook and saying there will be a surplus through 2022. that is not the message from the administration yesterday. tom: it's the message from ed morris. that's what we're doing as we go through this chaotic summer, all of the emotions of the pandemic. we are talking to experts and my gas is this administration is doing the same thing. jon: what was yesterday about? tom: politics. covering the labor front, like

any other administration theme. what is today's theme? jon: i have no idea either. i think that as just a slap down from the iea. lisa: 1,000,000,000%. that is my thought. why would they come out with this reversal after the u.s. has prices are going up uncontrollably and opec-plus has no sense of what to do with that? we will get probably within the next half an hour an opec report. we will see without goes. jon: we want this transition to green but we also want or in countries to boost more fossil fuels. reconcile those two things for me. tom: you can't. the president has a constituency. it's a lot like ronald reagan. ronald reagan grew up in iowa as -- in an fdr new deal household. this is no different here. he's trying to keep a fragile coalition together, calendar

moves. jon: it's getting more fragile. coming up, mike spence, and of course nobel laureate -- mike spence, nobel laureate. basis points are higher, 1.4272. this is bloomberg. ♪

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jon: live from new york city for our audience worldwide, here is the price action this thursday morning. not much. equity futures basically unchanged on the s&p. a couple days of out performers on the russell versus the nasdaq. the nasdaq unchanged, the russell seeing a change of almost .1%. a look at southwest yesterday, southwest airlines came out about a warning with how the summer was going. stock finished the day positive. i think there is a story there. get to the bond market, twos, tens, 30's. that story did nothing to settle the transitory debate around inflation except the paths of the inflation believe people -- inflation people believe is transitory is transitory.

we traded on the former and not the latter. then we have a strong nice 10 to enforce that. that is up a basis points, giving you an idea of the market biased right now. a belief a lot of the stuff is transitory. we will work our way through it. when you provide a little bit of data, people trade on it. jon: it is a data dependent -- tom: it is a data dependent fed and they got the data they wanted. maybe we will see that in the important economic data we will have in two hours at 8:30. right now, a massive joy. michael spence is any number of things, including a nobel laureate. he is someone who has thoughtfully rebuilt american education with his work at stanford and on to new york university. he joins us from palo alto, italy. this is something you need to know about surveillance, these guys are on the shores in some

fancy gorgeous place and they drop in whenever they want to drop in to pretend they are toughing it out in palo alto and stanford. you are not at stanford are you, professor? >> i'm not. i'm on the coast of italy. tom: that's good to know. i want to know a redo of your wonderful book of convergence of a decade ago and i want to take a chapter on multi speed globalism and say it is convergence -- it's convergence within what we are certainly seeing a multi speed pandemic. how do we come out of this with constructive convergence? prof. spence: it is very important question you raise. briefly, i think there is some serious question about whether the convergence is going to be fairly complete with respect to the low income countries. they are adversely affected by nearly a perfect storm. the pandemic with slow vaccine

rollout, the climate change is accelerating, they have demographic problems, internal governance problems. it was always going to be a kind of struggle to get there. but with digital technology coming, questioning growth model and so on, i think we probably have to rethink this. in the meantime, we have some important priorities before us and i think item one on the list would be a real plan for the vaccine globally. tom: you have a cottage industry and consultancy on the pacific rim and particularly to china. you have studied the domestic dynamics of china. what is our best practice to assist beijing to diminish the use of coal? prof. spence: you know, they have the technology to get this done. it is not clear to me why they are not moving faster.

china is far enough along in their economic development that they have a problem similar to ours, replacing coal and fossil fuels with green energy and electricity generation. whereas a lot of earlier stage countries have most of the electricity generation capacity to build, so they can build it green so to speak. i think the answer to that is i don't to know and i think we ought to have a serious talk in the context of what is now globally perceived as a serious problem. i think we need acceleration everywhere. lisa: on a broader level, in order to lobby for an acceleration to green-ify the industries like coal and fossil fuels in general, there is a question of labor market and whether some of the adaptation of the u.s. and chinese economy -- chinese economy helps the labor market. when you could make it argument

it could provide some sort of tailwind to the improvements the biden administration would like to see --administration and she shing ping would like to see. prof. spence: i think that's a very large amount of public sector and investment, which is what it will take to deal with this problem in china, europe, the united states. there will be lots of economic activity and employment associated with it. the flipside of the coin is this is a transition in the structure of the economy so there will be pockets of distress that require some kind of support. i think when you add it all up, it is a positive, provided the investment momentum is behind it. lisa: is the investment momentum likely to come from public entities or private entities? prof. spence: i was talking with john brown the other day who is

probably one of the most knowledgeable people i know in the energy field, and he thinks it is a combination. i don't know exactly what the percentage is, let's call it 50-50. we need public sector investment in infrastructure, and research, and stuff, but we need private sector development to deliver the technologies that businesses are now demanding. businesses broadly, globally, not completely, has committed to being part of the solution to this problem. the other question is, what are we going to do? the answer is a whole bunch of investment has to occur to provide solutions. in a variety of sectors. i think it is coming. whether it is coming fast enough i think is the question. tom: your speech in stockholm a few years ago, professor, was about signaling, about the things we do within our system and financial system that signal

to us. what is the signal of this odd time we live in, of massive monetary accommodation and particularly unprecedented fiscal stimulus in the united states? what are we signaling? prof. spence: i think what is being signaled, and it is the central bank and administration, is in balancing off sort of potential inflation/instability as opposed to righting the ship in terms of inclusive growth, they are going for inclusive growth. and i think if you as -- if you ask them privately, they will say i know we are running risks on the side of it but it is worth it. he had unequal recovery from the great financial crisis and we are not doing it again, and we are going to fire all of the guns.

tom: if i may hear, professor spence, a guy named john taylor as palo alto, stanford, it looks like a lot like palo alto, italy. it looks a lot like palo alto but it is stanford. they will take a stance on this saying we can't trust the path to inclusive growth. how should the biden administration respond to that and liberals worldwide? prof. spence: i think the biden administration, this is a personal opinion and i respect my colleagues at stanford who take a little more conservative stance on this than i am, my worry is the deficit that we face in america that cause our growth patterns to be out of filter in terms of inclusiveness were investment deficits. some of it is infrastructure, some human capital, some new technology and so on.

i think they're trying to address that. they have pressure on the left to do a lot more than that and make the government a lot bigger . to be perfectly honest, beyond a certain point, i do not think that will fly in the american context. when you think -- when you get government's noticeably larger than what americans broadly are comfortable with, they will balk. jon: great to catch up. appreciate your time. the wonderful michael spence, nobel laureate and gsp senior advisor. larry summers, the original bill passed by this administration could risk overwhelming goals i can vesting in infrastructure. in many ways, that is where we are at right now. they juiced demand and a big way. tom: they did and wells fargo

adjusted to an economy as well. within the boom economy where summers, spence, and someone as john taylor would be on the same page is what professor spence talked about, the investment deficit, the technology deficit of this nation. that seems to be the common ground that republicans can get on board. there were 19 senators going with that infrastructure bill. jon: 550, does that get it done? tom: i don't know. $3.5 trillion does not get it done. that is clearly the message we learned yesterday. i would suggest besides bridges and tunnels that there is this concept of an investment deficit we have had over years that president biden can run with. jon: let's go back to the original argument, has the political capital been spent already? lisa: and can you invest in the sectors that need investment without overwhelming the demand-side? in other words, if demand goes

up too quickly, it will eventually cause inflation to prevent some of the goals, at a time where some of the investments take a long time to invest in some of the infrastructure, supply chain improvements, etc. how can we get those ramped up without on the economy side as well? jon: it is not as straightforward as some people believe. coming out with a bill that big and you push bio america over the top, that gets costly. lisa: how much is this deglobalization going to affect the pricing of things going forward? jon: your market set up is as follows, all-time high. we advance 0.05 paint sent -- 0.05%. a quiet morning this morning, jobless claims in america. from new york, this is bloomberg. ♪

ritika: with the first word news, and ritika gupta. president biden is during delivering on donald trump's pledge to bring u.s. troops home from afghanistan and is getting criticism as the taliban nears control. the insurgents has been capturing provincial capitals and re-imposing their fundamentalist ways. some military expert predict the taliban could catch the afghanistan capital within 90 days. janet yellen is considering a trip to china in the coming months. that would be her first as the u.s. treasury secretary and it comes on -- as the biden administration reviews policy toward china and tariffs on imported goods enacted during the trump administration. the governor of texas has escalated the fight over his ban on local face mask rules. greg abbott warranty would drag into court any school district, public university, or local government official who defies him. resistance campaign is spreading.

local officials in dallas, san antonio, and houston rolled out new masking rules. in poland, the government risks undermining relations with the u.s. and further antagonizing the european union after the ruling party pushed through a controversial media law through parliament's lower chamber. the measures purpose is to protect forecasters from takeovers. it targets discovery. the american owner of poland's largest television network. 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. ♪

>> one of the pines over the --

one of the times over the pandemic has been the recommendations. is also another pandemic care, and that is one of misinformation. people on the fence are people who don't know which way to go. when it is difficult to make a decision, you do nothing. jon: and a lot of people are doing nothing. those a johns hopkins associate professor of emergency medicine. we are up three on s&p, advancing .1%. yields higher by a basis point. in the commodity market, $69.13. earlier this morning, the iea cutting its oil demand outlook. in a few minutes time, at some point this morning, expecting a report from opec. the opec report is due. when it drops, i will bring the headlines to you. tom: brent crude maybe 71-72 a

barrel. when she tweets, people listen. jennifer news oh is truly an expert on distilling all. professor, the idea we have better vaccinations among geographies where people do not want to get vaccinated. how far do we have to go in arkansas, florida to demand a success? prof. nuzzo: we still have a ways to go. i wish the progress had been made earlier because many of those places' hospitals are at breaking points. you hear please from health workers begging people to get vaccinated. i'm glad people are listening. this is a tool that can keep you out of the hospital, which is important, but we still have a ways to go. it is not just in states where we are seeing the biggest cases, we are key -- case urges, we are

seeing case urges all across, largely in people not getting vaccinated. if you have not made it a priority, now is the time. it will take a worry off of your plate. lisa: in the meantime, are using testing to stave off the spread? prof. nuzzo: we are not. we have greatly scale back the amount of testing we are doing and an amount of that might have been expected as case numbers fall in the spring but testing was scaled back even before we had our winter surge because states had to get ready to give out vaccinations and they can only do so many things at the same time. vaccinations are clearly an important priority but testing is also important. it is something we should be looking harder as, how do we get back to the testing levels that we used to be at to make sure we have cast a wide enough net for

infections and people may nothing to get tested or want to get tested but cannot find a place to go or are worried about the cost. lisa: this may sound narrow, however this has great implications for a lot of offices trying to reopen and get people back in their seats. should people vaccinated should be tested? dr. amos should all just said that is unnecessary, and others say at this end, you will probably not get that sick, let's live life. is it important in your view? dr. nuzzo: i do not think we should be testing people who have been vaccinated, no symptoms, and no reason to think they have covid. in case of exposure, i think we can talk about it. if you test people who have been vaccinated, you could get a positive test because the vaccine is training the body to fight off infection but that's is not necessarily mean people can spread it to others.

protocols are in place and i think the messages, in that work or scatting tested, even if you are vaccinated, maybe don't freak out about a positive test. you will have to isolate because we can't tell you not to but it does not mean you're vaccine failed. it may mean your body is trained what it -- is doing what it is trained to do. tom: i understand a beige suit is banned at johns hopkins. nt because it a to montaigne man off of -- a dell monte man off of an ad. the dell monte man asks about fresh produce of coral gables florida. what do people like you need from private enterprise to jumpstart what the government refuses to do? dr. nuzzo: it is not even so much what i need. i think large employers looking at wanting to get their operations back normal, they are increasingly looking to demand

vaccines among employs because that is the easiest, fastest path to getting back to normal and avoiding costly workplace interruptions. i think it is different when the government requires it and employers do. when employers do, it is a manner of business continuity and making sure they can function in the business as they have been. i think we will increasingly see employers mandate vaccines for their employees. they can do that now before the fda formally approves the vaccine. i think there is some word about that but i think we're hearing approval will come soon which might alleviate worries. you can acquire -- inquire about the vaccination status of your employees. that is not a violation as many people have suggested. it is a matter of business continuity. it vaccines, i cannot stress this enough, pave the pathway back to normal. that is what we all want. jon: doctor, great to catch up.

on business continuity, you get to the likes of tyson foods, got their message last week. tom: i think it spreads. it is so important, the culture, the history of tysons foods is arkansas. this is about companies, people that have identified with this, speaking directly. i will go to atlanta georgia and they have to step up big big within all of the chaos that we are in right now of science and antiscience. jon: we will see if they do. i have promised you headlines from the opec monthly report. cutting its forecast for demand in crude i need 2022 by 1.1 million barrels per day. opec seeing the oil market hiring in the second half of 2022. for the first half of 2022, opec will be over supplying world markets in the first have of 2022. crew down .25%. this is the opec monthly report, the iea reports, pushing back

against what we heard from the administration yesterday, that opec-plus needed to pump more to alleviate the stress in the commodity market. tom: it is very tight microeconomics. this is not what we perceive. little moves make a huge difference. and morrison and jeff curry, which is little moves, is very much demand centric right now. jon: crude is $69.10. lisa: it highlights -- i don't want to say the absurdity but the absurdity out at this moment because oil prices have been on a downdraft. a lot of people have been saying the same thing, the delta variant will slow demand. jon: that was a lisa classic. i don't want to use the word but i will use the word. [laughter] lisa: i try. jon: crude, $69 10 cents, down about .25%. in the bond market, yields are

higher. the equity market is posited by almost .1%. on the s&p 500, record highs. our next guest sees this markets going even higher, 5k. from new york city on radio and tv, this is bloomberg. ♪

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>> we are going to get pretty worried about inflation, and that could finally bring a stock market correction at some point. >> we agree with the fed when they say this is largely transitory. >> we don't think the fed is still bothered by this degree of inflation. >> what they should be doing is getting ready to raise interest rates. >> the cycle is different. policy responses are different. we will get different inflation outcomes over the next two or three years. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: coming into thursday at record highs. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. . your equity market up three on the s&p 500. in the next 60 minutes, two of the biggest bulls on the street, 4700 at goldman year end, 5000