>> the economy will continue to not boom, but be quite expensive, quite strong. >> it is all about the transition to higher-quality growth. >> i think we've got a reflationary backdrop still in place. >> we've already seen signs inflation is tapering down. >> for the last year, and has always been employment, employment, employment. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. lisa: good morning. countdown to a zoom symposium sounds less good than countdown to jackson hole. this is "bloomberg surveillance"

on bloomberg radio, on bloomberg television. jonathan ferro off today. kailey leinz in ahead of her wedding. i'm looking ahead and thinking that probably can alberto gallo has said the quote of the morning so far, that we have gotten peak delta fear. if that is the case, perhaps we are in for an upside kind of swing to what has been sort of a pause in the rally. that to me is the town this morning. tom: for michael mckee leading our jackson hole coverage, things have changed in the last three or four days, and i would suggest even on a global basis. yes, there's afghanistan. we will touch on that in this hour. but the delta variant has changed all. lisa: it has changed us into expect and depend make to end perhaps later than expected. more than that, to start looking at lambda and what else might follow. but it really raises the question, if we put too much stock in the idea that september will bring the better labor market data then we had expected, are we going to push it out to october, two november, along the fed to remain pat?

tom: we will see. i don't know. i think there is so much uncertainty here, i am really hesitant to commit. you see that in the research. what do you see in the research notes? i see adjustment in gdp down. kailey: we have seen that certainly at goldman sachs, but you are seeing adjustment to the upside. wheezing goldman sachs do it, even with delta variant concerns out there because take away the growth equation, and corporate earnings, that seems to be what it is all about. that continues to drive the equity market higher. you have the liquidity factor as well, but seems like those are two different stories come over the growth picture is not looking at great, but the equity bulls are getting even more bullish. lisa: there's the story, that basically the economic downgrade allows equity upgrades because rates don't change. how much is that the predicated assumption and a lot of the equity calls? kailey: i don't think any of us

thought we would be at a sub 1.30% tenure at this point with the fed taper on the horizon -- 1.30% 10 year at this point with the fed taper on the horizon. i think the market has confounded everyone. i thing it is now a question of how long yields can stay this low. tom: 1.27% on 10 year yield, 1.12% below, and 1.50% is where we were. certainly higher yields this morning. the 30 year bond at one point, a .9%. critically, the real yield is a lesser negative statistic at -1.00 right now. dow futures up 147, and the vix 18.62. the dollar, it fractional dollar weakness. it is time to recalibrate at bnp paribas with all of they have done -- with all that they have done. lisa: they recalibrate and take a look at rates on a global scale, and frankly, that is the only way we can look at them based on the fact that you get a

lot of international buyers in the u.s. market. the differential dictates a lot more than perhaps the absolute policies. shahid ladha looks at all of that, bnp paribas head of g10 rates strategy for the americas. how closely are you watching the zoom jackson hole virtual event where we get a sense of what tapering really means to them and how mere it is -- how mere it is -- how near it is? shahid: thank you. we are watching very closely. the fed has managed another hawkish turn amid a lot of dovish noise. what i mean by that, the central case that comes out of the july fomc minutes is now the start of taper this year, which presumably would be announced in september or november. at the same time, a lot of fish cushioning around the delta

virus, the delta variant. so there remains a lot of uncertainty, and i think jackson hole offers the best or earliest opportunity for more information . the minutes are nearly a month old by then, so either we will have some dovish or hawkish sentiment that can bring even september into a live state regarding taper. kailey: if we get announce will -- get an actual announcement of tapering in september, do we get a tantrum? shahid: this is somewhere where we have had a strong view for a long time, and no, we don't expect a tantrum, despite the risk of this earlier, yet slower taper pace that i think the fed has put out there. september remains too early for us, and something to substantial remains unlikely at jackson hole, but meetings are now online. but we don't expect it taper tantrum.

we expect a tantrum less paper. the reason for that is threefold. the first is this is well flagged. it is a different crisis. the economy is in a different place. we have reached exit velocity very quickly compared to 2000 and the gse. the second -- the gfc. the second point is the debt will fall next year, so any reduction in debt buying will be offset by treasury issuance. the final point is the fed has introduced a bunch of liquidity facilities, which also help to effectively cushion the blow on using the market is the biggest bias right now. lisa: i feel sometimes a little misguided when we talk about tapering and we put this emphasis on how that tightening and policy when there is still buying at tens of billion dollars of bonds every month, adding to a balance sheet that has set a record 8.3 trillion dollars and is expected to continue to expand possibly by

another $1 trillion over the next 12 months. even with tapering, given this accommodation, how big of a balance sheet do you expect from the federal reserve, and what is that actually doing in the market right now? shahid: i think you hit the nail on the head. taper is still qe. it is not qt. therefore, the balance sheet is still expanding. to that end, we expect a balance sheet above $9 trillion this year, $9.5 trillion in potentially higher next year. what it is doing is keeping financial conditions as accommodative almost as they have ever been. highlighted earlier that stocks are close to their all-time highs, despite the recent wobble, and i think that is also reflected or as a result of the close level desk of close to the lowest level of real yield and credit spreads we have ever seen. kailey: how do you factor supply and the potential reductions thereof later this fall, when

thinking about that story and combining it with fed tapering? shahid: it has all most helped to offset the story here, offset any risk of the market in concerned. we have substantiated the taper in itself is not a negative qe or liquidity event in terms of its outright, but in terms of its delta, the size of the pace of increase is obviously moderating with a view to stop by the end of q3 next year at the latest. so to that end, it is really how does the market take it. it is a fear of the fed leaving the market, which is what we saw in 2013, which i guess is what we are all scared about. a tantrum. we don't think we get that this time. we haven't had much of that so far in markets. we have seen where real and nominal yields are, and an important part of that is the debt should fall by nearly 3.5

trillion dollars next year, and therefore it should cushion the blow to less fed buying. lisa: what i am hearing from you is interest rates could remain where they are, even with fed tapering. basically, what it seems to be to me is that 10-year gilts could remain where they are, even if the fed pulls away from buying bonds. shahid: i think that yields indeed, it is fair to thing about yield not reaching as high a level as we previously thought they would in that space of time. part of that is also related to the debt ceiling, which is now adding more and more liquidity into the market over the summer. this is supposed to be resolved by july with more debt issuance, and basically less liquidity in the market. that has not been the case as the treasury runs down its cash. in other words, fixed income could stay squeezed further

through the summer and keep yields as what we think are somewhat artificially low levels. we look for a range of about 1.25% to 1.50% for the summer, and the fed announced say taper -- announces a taper. we think we can get to 1.70% and above later this year, but it will take some time to play out, we think. lisa: thank you so much for being with us. tom, what is the trajectory of a 1.7% 10 year this year? what would that do to, for example, apple? tom: i think the answer is a lot. i think this is way underplayed. it is not linear. it will be fine and measured, and at one point it won't be fine, it won't be measured. i am a disciple of this. it is stanley fisher and the

percentage move. you take that move of 30, 40 basis points, divided by where we are right now, and it is a huge percentage change move to go from 1.27% up to 1.70%. lisa: did mr. wilson really show the correlation of big tech and rates? it is basically and neck -- basically and neck -- basically neck and neck. meanwhile, we are looking at a market, a buy the dip kind of market. a dip evidently counts a 0.6% drawdown, as we have been saying, of s&p. coming up later in the hour, love the school of economics international -- london school of economics international relations professor. ritika: with the first word news, i'm pretty good to. -- i'm ritika gupta.

prime minister boris johnson will press the biden administration to delay the deadline to leave afghanistan to allow for more evacuations. the u.s. and its partners have now flown out more than 30,000 people from kabul since august 14. u.s. labor secretary marty walsh had high hopes for september, but the delta variant's aggressive past has shaken his expectations for a rapidly recovering labor market. in an exclusive interview with bloomberg, walsh says he's concerned about the resurgence of the coronavirus dragging on the workforce and economic growth. in tennessee, at least wanted to people were killed and dozens are still missing after record rains and floods surging through rural areas. after 17 inches of rain fell during a 24 hour period, about 60 miles west of nashville, rescue crews are searching for survivors. bitcoin has gone over the $50,000 threshold for the first time since mid-may.

the world's largest digital coin is now up 70% since a july low. crypto has seen market value rise $1 trillion in the last month. according to dow jones, the second largest u.s. oil company is considering mandates for its entire workforce. covid outbreaks are set to have affected operations at several big chevron sites. 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. i'm ritika gupta. this is bloomberg. ♪

>> the fed is clearly some time next few months gone to start the process of tapering. whenever that happens, that is

money that will leave the stock market and go into the extending economic circumstances. tom: dennis gartman with some thoughts there. i believe that was on friday, with managing money for the university of akron endowment fund. lisa abramowicz and tom keene kailey leinz, and for -- tom keene with kailey leinz, in for jon ferro. we look at bitcoin on $30,000. my eyes are glazing over -- bitcoin over $50,000. my eyes are glazing over. good time to talk to eddie van der walt. it is actually a very elegant cart. it is very trending in a very lovely way. it says $100,000 per coin, spring 2023. why won't that happen? eddie: i mean, it is a beautiful chart that just shows how

parabolic the rise of bitcoin has been, but past performance is no guarantee of future performance. bitcoin is in a really interesting space at the moment. we are seeing a lot, seeing the broader financial markets just getting interested, and this time around it is different because last time, 2017, when we had bitcoin rally, we see of the collapse that did nothing for about two or three years. what brought it back was a change on the supply side. but this time, the demand side seems to be just a little bit more stable. bitcoin demand just hasn't gone away this time around it i think that is a really interesting change. i think the broader financial community once to get in here. tom: the mining of bitcoin in china is under siege. to guys like you, experts like you just assume that migrates

geographically someplace else? eddie: i think it has already started migrating, and a lot of it is coming to the u.s. we have seen that. the hash rate, the rate at which bitcoin is mined, the computing power dedicated to mining bitcoin, has fallen. it has not recovered to the china high era. that almost doesn't matter because algorithmically, we are going to create the same amount of bitcoin no matter what because that is the way it is. as long as there are some miners out there, the production of bitcoin remains stable. so this is different from your normal mining activities. lisa: this is kind of may be a basic question, but why is it up so much right now? tom: that is a good question. eddie: a number of reasons. i think the reason for the turnaround in bitcoin is always hard to guess, but one of the reasons for the turnaround over this weekend is that we saw

paypal launching today a similar service to what they have in the u.s., where customers can buy on their platform it going, and the more access points -- on their platform is going -- their platform bitcoin, and the more access points you give to bitcoin, the more it helps. but there is more welcoming of a cash backed etc, and i think that could be a game changer. kailey: we have been talking about a potential bitcoin etf for years now, and it still has not come to fruition. bitcoin doesn't often trade on that much fundamental. a lot of it is technicals. above the $50,000 level, where do the technicals suggest it could go? eddie: you are right, bitcoin trades on excitement. bitcoin goes up when the animal spirits are behind it and when people are talking about it, when it gets airtime on

television. that is when bitcoin goes up because more people hear about it, and that pushes up the price. it is hard to see anything standing in the coin's way now that it is above $50,000. it is very hard to pick a price, but tests up to record highs of $60,000, it is possible. kailey: there's obviously people who invest in crypto because it has climbed historically and continues to climb to levels few people understand, but there's also people who think this is going to eventually replace fiat currencies. i don't know if a digital dollar is going to be a discussion at the virtual jackson hole, but if that conversation accelerates, does that make the case for a deteriorating bitcoin? eddie: yeah, i think that is to a very hard case to make. going is still nowhere near replacing the dollar. it is not really making inroads in the real payment economy. there are places you can pay with bitcoin, but few people

choose to do so. bitcoin is still purely a speculative asset. what is happening more is in the ethereum space and other cryptocurrencies, where we are seeing real innovation happening. tom: let me go back to first principles. the game of this is there will be 21 million bitcoins. right now, there's 18 million plus. i really don't know what the numbers -- folks, it is monday. i am making it up. what happens when we get to 21 million bitcoins mined? eddie: it is a long way in the future, but what we are seeing in other cryptocurrencies, we see that they move away from an algorithmic mining principal, and at that point it becomes about proof of stake. this is what ethereum is doing at this point, and with the bitcoin people say they will do at that point.

but we are a long way off because the rate of production slows in bitcoin, so we are not talking about this happening anytime in the foreseeable future. tom: eddie, i guess thank you. lisa: really? tom: lisa nailed it. why that going up? [laughter] eddie van der walt, thank you so much. always brilliant here. he said proof of stake. i looked at dry age stake at whole foods -- dry aged steak at whole foods. lisa: i always hear you saying whole paycheck. tom: the hamburger was at 15% or 20% fat. i didn't make diet executive decision. lisa: i have a sense of who was lined up on either side of that debate. it was interesting that eddie was talking about the regulatory impulse and how more regulatory guidance would be positive for

the crypto asset, but how do you regulate dogecoin? i am telling you this because my kids use that in roadblocks. my kids are more in roblox -- in roblox. my kids are more knowledgeable in dogecoin than i will ever be. tom: kailey, are you loving this? tom: kailey: i am an avid -- kailey: i am an avid passive bystander. i have not found my entry point. lisa: you can give her her wedding gift, she accepts doge. she accepts bitcoin. [laughter] tom: let's do a data check. ferro would do a data check by now. futures up 16. dow futures up 167. the dow comes in a little bit.

yields are in, 1.26% on the 10 year. that is a low yield for this session of "bloomberg surveillance." we've got currency weaker. markets actually moving. euro, $1.1724. please stay with us. good morning. "bloomberg surveillance -- good morning. ♪

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tom: good morning. kailey leinz in for jonathan ferro. lisa abramowicz and tom keene on a monday. jackson hole, but no jackson hole. diane swonk lined up to be a jackson hole but she like us canceling travel plans. a buoyancy. near record highs. diane swonk, we need to speak of this american economy. we have been remiss on that. let me ask you chapter 23 of the beginning textbook at the university of michigan. why are stocks up if we have so much worry about our economy? diane: you could explain the stock market to me as well as i can explain it to you. the reality is the expectation

is the fed will signal a much more dovish tone. as we were going into this we saw the consensus built on the wind down on asset purchases. now it looks like it will be delayed. we are in the middle of a fourth wave. now that schools are opening, without masks in some parts of the country, and children are now the fastest growing cases, that matters. school openings matters to parents, particularly mothers, particularly low-wage mothers. if that can happen the economy will slow. we have already seen a pullback by some of the concerns regarding the delta variant. tom: have you observed reduced consumption, or what will you look for in the coming days and weeks to indicate reduced consumption? diane: we have already seen cancellations of flights go up. one of them was mine.

it is not just the end of the vacation season. that is one of the things we watch is those tsa lines and how many people are being checked through. we are also watching the high-frequency credit card data that looks like people are starting to pull back in congregated areas like going back indoors. that is something harder to do even if you are vaccinated with the delta variant out there. these are important things to be watching. what we hope it does not mean is as big a pullback because we do not have the fiscal cushion. we are seeing stimulus wane into this. we need to get people to the point we can keep the economy open. the important issue is kids in school safely and how to manage what has become not just a marathon, but upper -- but a mirage of a finish line. lisa: can you elaborate on the

idea of the idea that fiscal impulse is starting to fade, and i'm thinking about september with the end of it hands unemployment benefits. what impact will that have on the economy a lot of people think this will be a boon to because it will open more people backup into the labor market? diane: that is a real issue. one of the things we have looked at as a couple of different scenarios. what we have from all of the stimulus is not only will we see the economy if we can remain fully open go above and boom at go above its previous trajectory. we are looking at it being able to recoup the losses. if we see the disruptions to demand in-line with disruptions we are seeing to supply chains globally, you start to see the potential to grow much lower. you cannot reach the former trajectory that takes much larger -- much longer to get people back to employed in many

jobs obey permanent lee displaced. you also have many people that cannot work as much because of long haul covid hitting a cohort of people. long-haul cobit does have an impact on people and their ability to work. that is something we keep ignoring. lisa: i would love you way in on some of the recent studies, including the university of michigan that talked about the earlier end to the enhanced unemployment benefits and the idea we did not see that much of an effect on the employment. we did see a reduction in consumer spending. is there a broader take away from this, or was this study so narrow and so specific it was hard to create broader assumptions? diane: there has been a lot of looking out there at what is going on, it is not just the university of michigan. there have been a lot of people looking at this. the preliminary results are the best we can tell the ending of

the supplements to unemployment insurance have a very small impact on people. the biggest issue is fear, people are afraid to go back and look because they are afraid of contagion. some of these benefits ended in areas where we saw the delta wave surge. it is hard to tease out these issues. on september 6, millions of millions of people losing their supplements and their entire access to the employment benefits, that could mean much lower spending. we did see pockets of lower mobility wherever covid cases surged in the south. it is not just about lockdowns. austin goolsby did work on this at the onset of the crisis and updated through three waves. every single wave, all that we have been more resilient because we have the support of fiscal stimulus, we have seen a pullback in mobility, pullback

and congregating regardless of what -- of whether states had lockdowns are not. kailey: we find ourselves in a different moment in time that anyone thought we would be in one of two months ago. does that give the fed cause for caution and to stay put for longer? diane: i think it does and is one of the reasons you are seeing the markets excited. some companies clearly benefit from the idea we are more cooped up in our homes instead of stepping out to see and be seen. those issues help many companies that are the biggest beneficiaries and have been the biggest beneficiaries in the larger equity market. that does not spread across come as we have learned too many times in the crisis is a rising tide does not lift all boats, and just as we saw may be tapering over some of that gap with fiscal stimulus, we are now

taking it away. i wonder if the dividends to the fiscal stimulus are being fettered away by the fact that we were unable to get to a place of immunity and keep the economy as open as we wanted to be, keeping our kids in school safely. they have to be back in school. they are losing educational attainment. all of those things could have a scar for some time to come. kailey: how long are we talking? these are issues that will not be immediately solved by getting more people vaccinated. there will be more variants. this is a pandemic that will not just end on instant. how long will it take us back to get some semblance of normally? diane: the economy can look normal, but i worry about are the students that did not show up in school at the beginning of school last year, and those students, one third of them, kidner garners being setback in

their development in their educational attainment. that is -- the good news is for school districts make money off of the pandemic because they did not pay for facilities, they laid people off, and they got a transfer of government funds to make places more safe. we should be investing that money in catching those kids up. that does not deal with the millions who postpone their education during the crisis because they did not want to do it online. that is important. even truck drivers did not get trained during the height of the pandemic and we wonder why there is a shortage. there are many things that were supply-side shops to labor market. overdose 2 million of people who retire -- over 2 million people retired that would not have retired otherwise. until we can ensure safety, we cannot pull those people back in. tom: we were going to see you in jackson hole, now we will not.

how will the policymaking be different? diane: i think you will see -- jay powell does not want to scare people and i do not think you should be scaring people, but he wants to reassure, and he will be talking about the resilience of the u.s. economy, and how we made it through these waves. we have been able to do it with fiscal stimulus. the one thing about we said, change the course of covid -- the one thing i have always said , change the course of covid, change the course of the economy. he will need to say we are ready to start winding down our asset purchases. his economic outlook will be much more tempered than it was a few weeks ago. tom: diane swonk, thank you. friday through the weekend into monday, not being able to see diane swonk at jackson hole is a mess. lisa: is a miss for all of the

businesses. you think about all of the cancellations we are seeing in the economy. the message being sent by making this virtual so soon before the conference is a pretty strong message. it is unclear whether jay powell will hammer home on that. it is not a positive one. tom: business formation is everything. kailey leinz, wonderful to see up the hudson river where lisa hangs out, the accord market will be opening today for businesses. just one example of the entrepreneurial business formation. everything in the market is gluten-free. i called up ahead at the accord market is selling tang, which is a good thing. kailey: great promo, tom. to your point about business formation, i want to go to what we are just hearing about

everyone said september will be the defining moment. you will get kids back in school and that will bring formerly working parents off the sidelines. this is an issue lisa probably thinks about every minute of every day, if you want to go back to entirely virtually schooling because of the delta variant, what will that mean for this labor market recovery? tom: the accord market, they play bonnie rate and then the band. lisa: where you get this stuff? tom: i have to buy a pair of birkenstocks. lisa: coming up, will be talking about jackson hole with sandy berger. talking about the market and tang. look at those markets. this is bloomberg. ritika: with the first word news, i'm ritika gupta. the u.s. and its allies have bow

thrown more than 30,000 people of afghanistan. the americans may stay past their departure date. the british prime minister will push president biden to extend the deadline beyond august 31. the president has already suggested that might be necessary. vice president kamala harris is in singapore where she announced a new supply chain initiative. she and the prime minister announced agreements on security and climate. the countries want economic -- the countries want to deepen their economic ties. tropical storm henri soaked the u.s. northeast with rain after coming ashore in rhode island. the storm left a trail of power outages from new york to massachusetts. about 1000 flights were canceled and amtrak had to cancel trains between new york and boston. the maker of a top-selling covid vaccine agreed to by all of the shares of a cancer making drug

that it does not already own. that represents 118% premium. ford's new tiny truck is generating lots of early interest. more than 1000 non-binding reservations for the -- coming from california markets that favor imports. 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 ritika gupta. this is bloomberg. ♪

>> you feel distressed when you see people realizing what they're going to lose.

it is not just about the afghan people, it is about us and our security. tom: it is about us. the former prime minister the united kingdom tony blair, a really interesting interview, thank you to ap for bringing that to us. a real impact over the weekend, and it dovetailed with the request made to our team thursday, would someone get peter trubowitz on the line. he is at the london school of economics but for years held court at the university of texas at austin thinking every day about government. usually we talked to peter trubowitz may be about china, and now on how we pick up the pieces from afghanistan. wonderful to have you with us. we went from a washington consensus. there was a clash of civilizations.

a post-american world. what does the new world look like? does joe biden have a theory to go on? peter: great to be with you as always. right now it is hard to see biden's theory. we are in the midst of a real debacle and crisis in afghanistan. i am sure we will talk about it. the decision to withdraw from afghanistan was in fact informed by larger international or geopolitical as well as domestic considerations. internationally the larger goal is to reorient american strategy . over the last 20 years, america's strategic interests in east asia have become far more

important to the united states. the goal was to reorient american statecraft in that direction. withdrawing made sense domestically. i say this because the greatest challenge to american influence is domestic divisions and political extremism at home. the war was not a source of that , but the goal has been to try to reinvest domestically and devised some space internationally to do that. tom: we will keep this going but we have a bit of a connection issue. kailey: we have vice president, harris on tour in asia -- we have vice president kamala harris on tour in asia. she was speaking with the prime minister of singapore today and he said we are watching what is happening in afghanistan and the

perception of u.s. resolve and commitment will be what the u.s. does going over. what does the u.s. do next -- the u.s. does going forward. what does the u.s. do next? tom: we have a bad connection with peter trubowitz in london. will pick that up tomorrow. kailey leinz and i can drive this forward. to me the major issue is the polls i see on what americans want. one thing that has brought it home in the last couple of days is to go back and look at all of the front line work with their leadership and see the struggle president obama had realizing where the american public was versus were the washington elites were, and then you stagger on trump and you stagger on, now biden. to take it back 10 years it was quite something. kailey: it comes back to peter's

point about the domestic consideration and what the american people wanted. there was support for ending the war in afghanistan. there is more nuance in terms of how exactly the withdraw was handled. the biden administration does not seem to have popular support on that front. i was speaking to the editor in chief in gallup about what the american people's perception is come and he said this is not something people vote on. they are much more interested in the economic situation at home and things that affect them domestically. foreign policy is not high on the agenda. in terms of how it translates into the midterms, that is a major question. tom: i agree with that. i look at meet the press on nbc and they show the reduced ratings for the president over last month, part of it is covid, part of it is afghanistan. i wonder if this time is different? what i would say as we go to

5:00 p.m. in kabul, we get through another day as well, it is about the airport and also about, as annmarie hordern said, real unrest of the north and what the taliban will do 100 miles to the north. kailey: it is not just about the taliban versus the united states. there are other allies involved. the u.k., allies have people on the ground, this is not just the american troops. we have the g7 convening. boris johnson has called a meeting to address the issue. this raises the question if it is not just about the u.s. versus an adversary, how has this change the relationship between the u.s. and its allies and what those relationships will look like going forward given how the crisis has unfolded. tom: will continue to monitor this through the morning for out of washington as well. the markets are quite good. what is difference is correlation is in place.

equities higher, yields higher as well. yield is a constructive way to start the week. i would suggest the endurance of this morning of chinese headlines of an accommodative pboc. kailey: even before those headlines you did see the strong rebound taking shape in asia, what stronger than what we are seeing the futures market in the european session. u.n. chinese tech stocks up. not of the peers around chinese growth has gone away. it seems there was just a buying of the dip and was a lot stronger. the u.s. and lurk -- the u.s. and europe got hit a lot less hard last week. tom: the partition of the market last week among a fair number of losers and a few winners. then there is the doge,

ethereum. the first thing i did not look at was bitcoin. $50,000. kailey: for the first time since may, it is up 70% from its low last month. this is been a remarkable rally. the question is how persistent can it be. with bitcoin we look at the technicals and their a lot of technical watchers saying it could go to record highs next. will have to continue watching bitcoin in the days to come. tom: it a generational thing where i've missed bitcoin, you got the boat on it does years ago. kailey: i did not. matt miller loaded the boat on it 10 years ago and then forgot his password. tom: let me go through the equity markets come up 16, s&p 4452. the dow, 174 points, 35,000.

a vix at 18.40. "balance of power." on covid, mark mcclendon. this is bloomberg. good morning. ♪

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lisa: no dip too small to buy. a risk on morning. i am lisa abramowicz in for jonathan ferro.

"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. lisa: we begin with the big issue. looking ahead to jackson hole. >> jackson hole. >> the mood music from jackson hole will be very important. >> everyone is sensitive and reactive to what is upcoming. >> more signals from the fed tapering is on the agenda. >> not making an announcement. >> this is a fed that proceeds very deliberately, very carefully. >> no reason to