♪ >> this unprecedented amount of liquidity everywhere, a lot of it seems to be on the sideline. >> the biggest driver of some growth slowing is the fear of restrictions from the delta variant. >> the consumer is still seeing a strong economy. they are just a little less excited to participate in it. >> it is unlikely we turn to the growth -- we return to the growth levels we saw prior to the pandemic. >> rates peaked in april, and that gives me confidence that the market already anticipate at this slow down that's already anticipated this slow down -- already anticipated this slow

down. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning. it is a simulcast on bloomberg radio and bloomberg television. we retest the lows of an hour and a half ago right now. futures at -41, dow futures, -363. jonathan: the s&p 500 down 0.9%. the bond market bid, yields lower. crude lower, wti negative for the sixth straight day. tom: what is your insight off the bloomberg terminal right now? jonathan: equities lower in europe. i want to talk about europe a bit more than the united states. china is talking about wealth redistribution. that is really hitting the luxury players in paris, france. the cac 40 is down by 2% and more. there is so much more going on than just the paper story at the federal reserve asked the taper story -- the taper story at the federal reserve. tom: you have been great on this

. as we see, it is a real gdp issue. lisa abramowicz, i am going to give you a real shout out. not only the toyota news today, but as we go to dan alpert in a moment, the supply dynamics now are really front and center. lisa: the idea here that when you get the inventories being depleted by the high demand of goods and getting it so that companies, corporations cannot import more because it is not there to be had, people are not able to get the ships over to other countries, this is causing inflationary pressures, causing consumer sentiment to decay hit lower, and you also have this question of how quickly will we get this back online at a time when companies are really short of goods to sell. tom: bouncing from toyota back over to china, a shipping port constrained. you know the shipping cost now out of china, and that folds into china as the global thermometer here. jonathan: it comes back to the

market by us, delayed, not derailed. new data of renaissance my -- neil dutta will join us to talk about that. that q3 forecast is followed by a q4 upgrade because any people believe anything you take away from q3, you get back in q4. that is the conversation we need to have about this economy. tom: i have trouble with the quarter to quarter parlour game. we have to stay away from the shock of afghanistan. delta is the new factor in this. jonathan: one case, new zealand. a handful of cases, china. both on the demand side and the supply side as well. tom: swiss franc and euro under 1.17.

jon mentioned oil. i am just going to mention the vix, 24.40. jonathan: euro-dollar, $1.16 handle. down a little more than 0.1%. equities, there's your pullback, your drawdown. we are down by 0.9%. down 1% on the s&p, about 42 points. tom: for those of you looking at it this morning, we welcome all of you on radio and tv. the s&p futures now giving way. we are not through the low, which was seen off the "surveillance" cursor at about 5:16 a.m. dan alpert has a longer view, and it is codified in his classic "the age of oversupply." it was one of the two or three prescient books of the financial crisis. the supply disruptions are tangible. mr. albert joins us this morning

-- mr. alpert joins us this morning. in your book, you talk about fed policy, denial and decline. are you that gloomy now? do we have denial and decline operating in 2021? dan: no, i think we have actually been fairly reactive to the facts on the ground, and our policy is rather progressive relative to where we were back then. but just look at where we are from the standpoint of the fed's tapering. contrast what you are seeing right now to what you were seeing in 2013. you have equities selling off, a bunch of media headlines say that the equities are worried about tapering, and yet the bond market is demonstrating something completely different than what it did in 2013. it is rally. and more -- it is rallying. and more importantly, you've got execs at what i think jon was talking about before, you've got

things going on in china and europe that are really setting a tone for the equity markets apart from any concern about tapering. so this is a very different situation. domestically, policy is moving in the right direction. tom: the optimists, and i am going to lead here with a superb interview with david stubbs of jp morgan yesterday, and ben laidler's morning note, these guys say we are in a technologi cal revolution. can this overcome the gloom of this or the gloom of that? dan: technology tends to pass through to real technologies in the manufacturing process and goods producing process. we have sort of deluded ourselves for decades, thinking that these lovely devices we keep in our pockets and all of this prospect of ai in the future are going to provide some enormous productivity boost. they did during the internet revolution. we saw a huge jump in

productivity. but that leveled out starting in 2003, and since then, we haven't seen that boost simply because this country doesn't really produce a lot in terms of goods. so a lot of the improvements we have seen in terms of productivity have migrated abroad. the ability of technology to be a real game changer really depends on finding avenues and channels for that technology to really add to domestic productivity. some of the policy we are talking about, especially in green energy, has the prospect of doing that. lisa: we don't really produce that many goods relative to the economic impulse of services in the united states, and this strikes me, when jon talks about whether we have a recovery delayed or derailed. if you have services still not back up to pre-pandemic levels at a time when goods purchases are ramping up dramatically above that. i am wondering whether we can have simply a delayed recovery versus scarring that goes far

deeper than people previously expected by the prolonged pandemic. dan: i am going to introduce just a slightly different take. are we actually experiencing a cyclical recovery? all of my cyclical business focused colleagues are focused on this because there was a brief recession as a restart in the business cycle. it is something apart from a conventional cycle. we shut down the economy and put it into a medically induced coma. what we're doing right now is coming out of a huge amount of disruptions across the board. labor disruptions, supply chain disruptions, everything. but the question is, and i don't think this going to answer, is whether we are at an early stage cyclical recovery or just a long and the tooth recovery that extends all the way back to 2012

with the middle stages of the recovery from the great recession. i don't think that book has been written yet. i think it is going to be very interesting to see. clearly, we've got some major disruptions coming out of the pandemic aspects of this. putting aside delta variant, which is certainly a big issue, we've got a big act coming to a close on september 6. we've got 12 million people still in the labor force who are still receiving federal unemployment benefits. it may take a month or two to show up, but that is going to be a major game changer going into q4. so any estimates about what are going to happen at the end of the year need to be tempered by the fact that that is something we have never really experienced of work. that is a major drop off in support, the last of the major pandemic supports. jonathan: such a good final point. we needed to hear from you this morning.

dan alpert of westwood capital, thank you. let's look at the luxury players just quickly. hermes, keurig, lvmh down. we talked about the high-level party meeting that took place in china, led by president xi, who has called on high income groups to give back to society more. a lot of reaction from the sell side. this was from ubs. swatch has an estimated 50% exposure to chinese consumers pre-covid, burberry around 40%, hermes around 35%, prada proximally 35%, lvmh, 31%. those numbers coming out of ubs this morning. that just gives you an idea of what is happening in europe this morning, with the cac 40 down by almost 3%, and those luxury players getting absolutely hammered in the world's

second-largest economy. tom: i completed take the point of the tourism issue and the luxury issue in china. i know you are not going to believe this, i sat in the gucci store and there were not one, but two good people from china, each holding three cell phones, one showing the photo of whatever they were looking at, one on the phone talking, and i don't even know what the third phone was doing. the answer is there weren't one, there were two of them in the gucci store, so i walked out without making a purchase. jonathan: that's not having because the -- that's not happening because the travel isn't happening, and that might not happen in the future because there might be this push for wealth redistribution in china. tom: yes, -- lisa: yes, wondering your wealth is going out of favor and a lot of squandering your wealth is going out of -- squandering your wealth is going out of favor in a lot of places. jonathan: heard on radio, seen

on tv, this is bloomberg. ♪ laura: with the first word news, i'm laura wright. president biden will keep u.s. troops in afghanistan until all americans are able to leave the country, even if it takes longer than his august 31 deadline to withdraw. the president also told abc news he doesn't think the withdrawal could have been handled better. plus, he said the intelligence community did not predict the taliban would take over so quickly. a new study says coronavirus vaccines are less effective against delta variants of the disease. that could lead to a push for booster shots among fully vaccinated people. the british study says the pfizer and biontech vaccine lost effectiveness in the first 90 days after full vaccination. in china, regulators had a tough warning for the struggling evergrand group, to reduce its debt problems and stop spreading untrue information.

it was a rare rebuke of the developer. evergrand has 300 billion dollars in debt. it's fate has applications for the broader market and millions of homeowners. according to dow jones, amazon plans to open several large physical retail stores in the u.s., designed to extend the company's reach in clothing, household items, and other products. macy's is out with a sales forecast for the fiscal year that beat estimates. the department store chain also reinstated its quarterly dividend and a share buyback. 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. this is bloomberg. ♪ this is bloomberg. ♪

>> the chip shortage is also driven by the capacity. already, the action has been taken by our suppliers, and this

will also go away. whether this will go away in short-term, i don't think so. whether it will continue in long term, i don't think so. but it will continue in midterm. jonathan: that was the nissan ceo oh. from new york -- the nissan coo. from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we are -0.8% on the s&p. your bond markets firmer on a morning like this morning. yields down to basis points on the 10 year. in the fx market, euro-dollar slightly negative, a little more than $1.1697. on wti, $63.24. tom: anyone looking for a recovery from 4:00 this morning, we don't see it at this time. right now, the many stories from china, we are thrilled enda curr

an could join from hong kong, our chief asia correspondent. let me go as quickly as i can. elizabeth economy looked at the third revolution, about president xi. is revolution looks the same as every other revolution, which is a $21.6 billion bailout of a given company. is it business as usual, or the government will save the day? enda: it does seem that way, actually, because there has been a lot of uncertainty come like you mentioned, about what of the big banks this here -- about one of the big banks here. they will be capitalizing to the tune of about $2.7 billion. but china is there still. there is still such a thing as too big to fail. then of course, that news that evergrand with liabilities of

about $50 billion, they were called in for a talking to. lisa: they might step in some players, but not others. a day when alibaba is hitting a new low in hong kong, you are seeing tencent selloff as they warned about further regulatory pressures. at what point do we look at china emphasizing something much more social and lest economic -- and less economic? enda: in terms of the tech stocks, today the trigger is more specifically regulating tencent, warning that more regulation is coming, and that china is looking at companies for the redistribution of wealth. tech stocks might take the headlines. but this is something of a more fundamental reshaping of the economy going on that is all about boosting population growth , creating a more productive workforce, and manufacturing new

technology. jonathan: i would go beyond may the luxury players as well that have taken a hit off the back of this. most people attribute it the move in europe right now to the conversation we are having. the biggest risk at the moment for investors, something that has lingered for a long time, the risk of a property tax. a big property tax going through in china. can you walk us through what that would look like and what that could possibly do growth more broadly? dan: i think property in total counts for maybe 1/4 of activity in china. there has been discussion around property taxes. there's even been discussion about higher taxes in general. but i think here and now, they should be relaxed by the fact that prices are cooling a little bit according to weakening data.

the fact that the higher price might take some of the steam out of the base of the property tax as well, and as you say, the economy is at a pretty fragile juncture right now. it has had a scare, so tax is on the table. there are discussions going on. but maybe that is not -- but maybe this is not the right time to push those through. jonathan: 70% of household wealth tied to properties in china. if you want to do something about wealth distribution, that's without a doubt is going to be a focus. i have no idea what they are going to do. enda is far better place than i to go through that. tom: bnp paribas was pathbreaking on this, and a major shout out to what ubs did with the wonderful job of the anderson years ago on this.

-- the wonderful jonathan anderson years ago on this. i'm not sure anything has changed in china. jonathan: so much growth comes from property, property investment. i think that is probably the broader macro risk story. you have an administration, the chinese communist party, starting to make some noise about wealth is to be should. you don't want to be going out buying and loading up with louis vuitton bags, did you? that his optics. let's talk substance. a broader macro risk is that they do something on tax. lisa: how much tolerance do they have in the economic fallout in order to reach more socially equitable rules? this to me has been the big surprise this year. the idea that alibaba and tencent, two tech companies that were the pride of this country, are falling, and that the government does not seem to care to step in -- in fact, they are going to double down on some of

these regulatory pressures keeping stocks going even lower -- indicates a complete shift in psychology. the emphasis has changed in how far they are willing to go -- how far they are -- has changed, and how far they are willing to go will determine the success. jonathan: pretty much every single slowdown, growth scare for the last five years has been born in china. you wonder to what extent the growth scare, if we can call it that right now, to what extent that could be blamed on what is happening in the world's second-largest economy as well. tom: for the media on thursday morning, it is called a growth scare that gets people going. but your point is correct. the optimists are going to talk about growthiness, technological innovation, and an ability to get beyond with microeconomics and supply constraint and get beyond a medical disaster of this pandemic. jonathan: let's tf the brilliant meal -- the brill -- let's tee

up the brilliant neil dutta, coming up. this work goes way beyond renaissance macro, that if you take something from q3, you get it back in q4 and beyond. tom: some of it you get back, but what i really see is the optimism of neil dutta, his technology to the fore. and i don't see technology off the rails right now. jonathan: neil has been fantastic, and he joins us next. equity futures are down about 31, negative zero point 7% on the s&p 500. a couple of days of losses on the s&p. i believe we've had five straight days of losses now on the airlines and on energy equities as well. it is that breakdown in the cyclical story that predates the fed minutes from yesterday. we can build on that a little

more little bit later. bond yields in to 1.2333% on tens. euro-dollar basically unchanged from where it was an hour ago, $1.1697. on radio, on tv, jobless claims next. this is bloomberg. ♪

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jonathan: we are live from new york city for our audience worldwide on tv and radio. this is bloomberg surveillance. your equity market is down 33 on the s&p. -.7%. waiting for economic data in america. here is michael mckee. michael: dear we go with the jobless claims numbers. it is pretty good news. 348,000 jobless claims, down from 300 75,000 the prior week. -- down from 375,000 the prior week. the continuing claims number 2,800,000. the number in the headline is a decrease of 29,000 from the

previous week. the lowest revised level since march 14, 2020, when it was 256,000. we are getting back to normal in the jobless claims data. getting there slowly but surely. the prior week revised up to 377,000. the note one number -- the one number i keep following is the ongoing claims, the total number of people who are getting claims paid right now. that drops by 311,000 to 11,743,000 in the week ending july 31. the number of people getting jobless claims is following. we will see the people getting the pandemic emergency claims, the gig workers fall off. that plays into the fed question knowing about tapering. what will the impact be when the

excess benefits fall off. the philadelphia fed business outlook comes in at 19.4, down from 21.9. slowing there. taking a look at the important numbers, the prices paid index goes up 71.2 versus 69.7. the employment index is at 32.6 versus 29.2. more people will get hired they will be paying more for their supplies. jonathan: let's work through the price action. no real change. down .75% on the s&p. yields in by a couple of basis points. crude negative still, down 3%. $63.43. tom: the 30 year bond 1.87% gets my attention. stronger dollar on dxy.

he is optimistic. his name is neil dutta and he has courageously carved in optimistic tone from the classic gdp formula. he joins us on a day of multiple gloom. within the gdp formula, what will come to the rescue? is it the consumer? what comes to the rescue to give us a better than good outcome? neil: i think it is inventories. when you look at the last ism number, the customer inventories index, that looks at respondents saying their current level of inventory is too low compared to too high. basically manufacturing survey respondents are saying their inventory levels are too low. what that means is there going to be working to fill those inventories. they need to get inventories

into line with final demand. while inventories net out to zero, they do contribute to cyclical swings and growth. that will put manufacturing production into overdrive. when you look at things like the philly fed at 19.4, that is still a healthy number. manufacturing production will be a tailwind for economic activity. as inventories catch up to demand, that will be a big tailwind for overall gdp. tom: back 15 years, it is nicely above the long term moving average. what is your gdp for 2021? we are seeing everybody mark it down. where are you for the economic growth of the nation for this calendar year? neil: i think 6.5% or 7% is not beyond expectation. i understand people are taking

their forecast out for the third quarter. i think that is largely a mechanical adjustment to the delta variant. you've increasing covid spread. people are taking matters into their own hands and staying away from restaurants. the people i talked to have a time horizon that extends beyond three weeks. when i look further out, the 12th 18 month outlook, can anyone say that has materially changed? if anything you are seeing more activity getting pushed into that timeframe. jonathan: if you will allow me to jump in. we've been talking about the point through the morning. for you and others it is recovery delayed, not derailed. any growth we lose in this quarter we regain in the next quarter and the year after that. what is the difference between a recovery delayed and a recovery derailed? what distinguishes the things. neil: i am saying -- just

extrapolating what is going on in august is not necessarily going to tell you about what will happen next august. it may well be we are trading more covid risk now for a lot less covid risk later. as a look at some of the data on coronavirus, it looks like cases will start to peak sometime in the next week. to the extent covid is in issue, i think it is more of an issue in the asia-pacific economies. australia, new zealand, vietnam. maybe that will exacerbate supply chain issues. i do not think it will matter much for the u.s. housing situation. lisa: there does seem to be a 12 punch. neil: here we go. are you tired of being wrong for the last 12 months? tom: [laughter]

lisa: i am not making a market call. you come out with gloves on. bear with me. this one-two punch of supply chain disruption in addition to a fed being that much more patient because of the headwinds the economy is experiencing. does this contribute to higher inflation on the margins down the line than otherwise would happen? neil: it is not so much about the inflation. it is about what the fed will do about it. i concede that point. you have had a little stagflation light. even the fed staff took down their growth outlook and put up their inflation outlook. i think that is probably going to be temporary.

certainly you have seen things like used car prices come down. in the july data the supply chain are becoming less prevalent. if you look at housing under construction, still going up. that tells you builders are working through those backlogs and that nice pop in manufacturing production driven by motor vehicles. lisa: can i ask you a question? why does it make you upset your people try to come up with potentially bearish counterpoints at a time when there is still a lot of pain in the economy? neil: my job is to take an even -- is to take an economics call and help investors turn that into a market call. in other words, help them make money. if i wanted to be bearish, i would tell people -- at the end of the day it is irrelevant. it is using that and translating

into a market call. if you want to buy utilities hand over fist, be my guest. i will tell people to do something else. a gdp call on its own is relevant. what matters is taking that call and translating into a market outlook. i am looking at it and people are saying you want to be raising cash for the last 12 months, it is ridiculous. i think the cyclical trade is probably taking a temporary break, but this is essentially in my view consolidation. jonathan: you two should have your own show. tom and i could sit it out. neil dutta, good to catch up. neil: thanks, guys. jonathan: sounded a bit testy but i know we are all friends. lisa, you have to interrogate the bullish view. he has been right. lisa: kudos to him.

i think it is important to have skepticism. that is our job as journalist. tom: i would take this right to jackson hole. it will be fascinating. the emphasis or deemphasis on social economic policy, neil dutta is saying he does not care about it. what he cares about is economics and data. it is a boom economy. jonathan: i would go one step further. lisa will agree with this. when you are in the market and you have to offer a view on where the economy is going, you get far more attention with the outlier calls going to a bear market, growth will be terrible, huge downside surprise. when you are in economist you have to make projections for people that want to make money. the more constructive view seems

to attract more negative attention in the press even though the more constructive view is often turned out to be right. tom: i strongly agree with that. lisa: part of the issue is the disparity between the market view and problems in the economy people are looking at and seeing and feeling and they are trying to reconcile the two. increasingly, the s&p 500 is less representative of the overall economy, especially with the dominance of the big tech giants. you have to wonder how to reconcile these two. the market call can be correct while dealing with certain economic issues. jonathan: with every scare, you've made money being optimistic. lisa: true. jonathan: bottom line. tom: is it the need or desire of monetary authorities to craft social policies? that will be the debate at jackson hole. jonathan: i cannot believe i am leaving and you've not even had a date at me for taking a

vacation -- a dig at me for taking a long vacation. my final show of the year. i'll be gone for a while. i am writing a book. something like that. this is "bloomberg surveillance." laura: the international monetary fund says the new government in afghanistan is cut off from using funds. that comes just days after the nation was set to receive $500 million. the imf says afghanistan cannot use the money because the new regime lacks international repetition. in haiti the death toll from the earthquake has risen to almost 2200. tensions have been rising over the slow pace of a reaching victims. they have complete up inadequate food and materials needed to repair damaged homes.

shares of robinhood her down sharply in premarket trading. the brokerage warns the crypto driven surge sought second-quarter revenue may not last. revenue from cryptocurrency trading was up 4500% from the year earlier. that underscores the ever shifting preferences of retail traders. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪

>> they did not tell you they wanted troops to stay? president biden: not in terms of

whether we would get out in a timeframe. they did not argue against that. >> your military advisers do not tell you we should keep 2500 troops come it has been a stable situation, we can continue to do that? president biden: no one said that to me that i can recall. tom: the president of the united states on abc this morning making headlines worldwide. we continue our discussion. we are convinced that experts matter. thomas barfield with us the other day. now we are honored to bring you someone who has lived and fought more about terror than anyone i can imagine. fawaz gerges joins us from the london school of economics. thank you for joining us today. i want to know what the taliban will do up to the north, what they will do in kandahar and down at the pakistani border.

what you predict the taliban will do in the coming months and years? fawaz: if you asked me what is the strategic priority for the taliban, i would say consolidation of their power. consolidation of their power and gaining international legitimacy and reckoned -- and recognition. this is the priority for the taliban, not supporting transnational jihad, not any activities outside afghanistan. if you watch carefully, what the taliban have done in the past few days, they are engaged in a public relations offensive. they are trying to convince the world. if you listen to what they are saying you would think the taliban are newly born democrats, they are peacemakers. the reason why they want to consolidate their power. they want to convince the world

the taliban has changed. that is why my take on it, i do not think we will see any major terrorist establishing a base of operation in afghanistan in the near future. tom: is there a risk of a sunni shite civil war. is there a risk of the two islamic state fracturing this new islamic emirate? fawaz: in the late 1990's what we know about the taliban, the taliban is one of the most extreme sunni groups in the world in terms of ideology. we know in the late 1990's -- because the taliban are a sunni group. if you listen to what the taliban has done, they have engaged bitter enemies.

they have been talking to iran, iran is a shia state. just as go days ago when the shia's were celebrating their religious ritual, they made it clear they will not attack the shias. i do not see any major rift in afghanistan. what i see is the taliban would like to change the worldview of the taliban. it wants to rebrand themselves and convince the world they are not as extremist as they used to be in the 1990's. they want international recognition and legitimacy and this shows how strategic they have been in the past year. lisa: there is a question of how far they will take this stage they are trying to get on internationally when it comes to any potential alliance with al qaeda or trying to root out potential terrorist groups that have used afghanistan soil to

prepare attacks. how much of they going to push back or try to eliminate that type of threat as they tried to gain international prowess? fawaz: you are asking a critical question. we think of the taliban as a monolith. the taliban is not a monolith, even though it has acted as a strategic and dissident movement in the last 12 months. you have had factors of the taliban which have had good relations -- my take on it is at this particular stage, al qaeda has become a liability for the taliban. al qaeda has become a liability for everyone, including the pakistanis. why? the taliban is a shadow of its former self. -- al qaeda is a shadow of its former self. it is leaderless.

talking about afghanistan on 9/11, transnational jihadism has mutated. where the groups that supply the islamic state? they are in iraq, syria, africa, not in afghanistan or pakistan. tom: we have to leave it there. we have run out of time. we look forward again to speak with you. fawaz gerges with us from the london school of economics. professor of economics and international relations. we will try for the conversations in the 9:00 hour. lisa: president biden coming out and saying there is increased chances of a terrorist threat out of afghanistan. you wonder how much capability a disjointed taliban has to try to make good on some of their pledges to root out other fringe terrorist organizations. this is an ongoing threat in addition to all of the other geopolitical concerns we've been

talking about. michael: do you agree with -- tom: do you agree with me that the great distinction with this taliban is social media? the communication apparatus of any nation, any city, any set of tribes like afghanistan is different than the last time around. lisa: one of the first interviews the taliban leadership gave was with a female television host in terms of trying to message a different taliban. however, the practices on the ground, from reports, seem to be different. this is been a major story. for the markets come everyone is shrugging it off, unless there is a fiscal blowback with respective biden's agenda. tom: 23.77 on the vicks. -- on the vix. dow futures -330. the yield in 1.24%.

an interesting open. stay with us on television and radio. at 12:00, the congresswoman from michigan, debbie dingell will join. this is bloomberg. erin: i am with an exclusive western and southern open update from tennis channel. naomi osaka made her return to the dump ga tour on day three in cincinnati. -- to the wga tour on day three in cincinnati. trying to get past coco gauff and reach the third round. she is playing in her first tournament since withdrawing from the french open cited mental health issues. >> i have had a weird year. i think some of you guys know what happened to me this year. i feel like i have changed my mindset a lot.

even if i lost i would have felt like i was a winner. there's so much stuff going on in the world. erin: don't forget tennis channels exclusive live coverage daily at 11:00 eastern. ♪

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jonathan: equities lower this morning. from new york city, good morning, good morning. 30 minutes from the opening bell. "the countdown to the open"

starts now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issue. the fed's next move. >> tapering. >> the fed tapering announcement. >> tapering may be starting this year rather than next. >> we have heard all about the evolving views. >> we will get some sort of tapering announcement this year. >> it could be at jackson hole we get much closer. >> we have some speakers saying they expect tapering. >> they are vocal in their starting to get their way. >> markets have been well prepared. >> if you give the markets and inch than they take the yard. >>