>> committed to fiscal 22, as you have seen it there is one configuration that is proved to be a crisis and its skincare. flex at some point or other we get a shock and the policymakers overreact. >> there will be a time when the fed becomes the major market driver again. >> 20 year history of the fed missing inflation targets. >> we are trying to balance out how transitory it is, how long will it take and which companies can navigate it? jonathan: good morning -- tom: good morning, everyone.

on radio and television, simulcast, we are emotionally teared up that jon ferro is back so that he can discuss inflation worries in germany. john, do you want to worry about the inflation? jonathan: the ecb should not disregard the risks of two fast inflation in their ecb meeting next week. tom: lisa, please take over, inflation is out of control. lisa: the idea is that you have seen a lift on european yields over the last few days following the faster than expected inflation trend with a number of officials coming out, frankly, saying perhaps that this does affect the tapering discussion and going to the point earlier

that we will end up having a meeting -- jonathan: this is some real dissent and you have got to have this kind of conversation. the bank governor out this morning was making some headlines and saying the following that the inflation jump was temporary and what seems to get the most play at the moment is the hawks and perhaps that speaks to the moment we are in right now. tom: john, i'm going to say that life goes on away from the suits in the ties and the fancy phd's. yesterday i believe it was the 9000 count for a small firm with amazon listing 4.1 percent according to reuters with 55,000 bodies out there. that way more important. jonathan: speaking to the inflation conversation, what will it costs them? how much will it costs and do those wages need to come down

and get it done? tom: that doesn't get it done and i think amazon is leading on , correct me, $17 per hour? lisa: perhaps the question is can they hire all these people and what will it costs them? we have seen the shares fall with the gains they had in premarket trading and in the break shares haven't done that much and when you look at the people intensive miss of the business, the idea that it has this incredible human component to it to deliver all the goods, to take all the boxes, it actually hampers their ability around time and wages to go up to attract the workers. tom: john, the dow jones industrial average futures are up 122 points with big slots at 16.12. jonathan: we set up camp around

130 over the last week. we are in and around that right now. the euro-dollar could get more interesting with the ecb on one side and fed on the other to round out that month. tom: i will go there and maybe that is the september surprise with everyone lethargic in the job market. jonathan: labor-intensive nest, i think it's really important. amazon is up 6.5% on the year and google has been flying. alphabet is up and it's a nice cyclical story and that company. you can see it on facebook stock , on alphabet stock. those names have been ripping year to date. tom: after this august, you know, it'll start now with daniel morris joining us, thinking about the larger picture.

not so much thinking about what to do, but what not to do. dan morris, what do you want to avoid right now in your thinking about participating in the stock market? >> at this point frankly we are still overweight risk but not of a very large size right now. one thing you don't want to do is to be out on the market to see equities rising and i don't think you want to be avoiding that and waiting for it, necessarily, the bigger correction on the market. that said, we anticipate a slightly better entry point there but we have right now and we appreciate having had many weeks if not longer with ever higher highs for the s&p and when you have a touchback it's relatively small with people coming quickly back to the market and we are all quite aware of what valuations are like. on the one hand we don't want to miss out and on the other we appreciate that at this point a lot of the goodness has to be

priced in. jonathan: leadership has been chopped and changed all year. can you get away with an index to bypass that? >> that is certainly one way to go about it but i think it really comes down to the whole year, what you're right outlook is -- rate outlook is in you do get quite different opportunities within equities. i do believe they are going to go up and you are going to miss the action if you just go for it on an index level. what's going to happen with the approach of value. lisa: talking about the entry points and buying opportunities out there, some people are pointing to the debt ceiling debate in particular and are you sort of looking for the potentially risky moments to go by more? >> in general we are looking for catalysts as we are short duration with real yields and we

have been looking for that and i don't think we are the only ones, for several months now. what's going to be the thing to reprice the market that is more appropriate. when could things be the debt ceiling? we are looking towards the fomc meeting that could be enough to trigger a bigger move in the markets. tom: to go back to a story we had before the jon ferro sabbatical, what i'm hearing from you with great respect is a narrative. narratives in which we hope and pray, you circle the word hope and you do that because you're going to lose money. everyone has the hope thing going on because they have a narrative or a story going on right now. when do we capitulate and others climb on board? >> i guess i don't know that that narrative is problematic or even a part of this year.

going back to the ecb in january that had a narrative around recovery and reflation, there had been some hiccups and delays around eltek, but by and large it's happened kind of like we had anticipated. no reason to abandon it yet. we are much closer to the point where you say you have seen the inflection point in earnings before there's a different narrative around most of the year. tom: -- jonathan: morgan stanley talked about midcycle transition. what's the what next? is the hotter economy tighter or softer next year? it's interesting, that's the debate right now, completely different arguments with an economy running hot that has to get tighter or from here ahead of us is softer economic data. >> i wish i could say that the new narrative would be radically

different from what was before. even anticipating reflation around yields, it's not like that will be 100 or even 200 basis points. we are thinking maybe 50 to get us back to where we were a few months ago, even at the peak of the reflation trade at the end of april. we need to reverse what we have gone through over the last several months and when that happens, it may bring us back you goldilocks, nothing that could be particularly new. low rates, supported central banks without inflation or continued stable economic recovery and that has been a good environment for the last several years. jonathan: for big tech as well. dan morris, good to catch up. as we reset and get ready for the payroll repent -- report, five minutes away, just around the corner. tom: glad you bring this up, they claim jobs, john, but after

what we saw last month this is a confirmation with revisions that may add to what you see. jonathan: we estimate for the early, 625 k. lisa: the idea now is that we are moving to a very human market. moving away from just of the fed to end what they will decide to do and just what the dynamic of a labor market is at a time when people have rethought their entire careers, where they want to work. you are seeing this again and again with respect to surprises around labor market dynamics that are ongoing and i think that is the difficult thing to get our arms around. jonathan: the debate around the labor market, tight or loose, i can find five that say they think it's tight and another five do think it is loose. lisa: and it goes to this idea that people stayed home, changed careers, retired early.

suddenly we are ordering more online and we need more people to deliver the packages. how do we deal with a new economy that does look somewhat different? lisa: the what -- jonathan: the what next is this adp report and before we get there, good morning from new york city on radio and tv, equity market advancing 4/10 of 1% on the s&p, adding to the games through the month of august 7 straight danes in the s&p 500 and i believe the team at bloomberg counted 12 record high closes on the s&p 500 in the last month alone. yields higher by a single basis point. from new york city this morning, good morning. heard on radio, seen on tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. afghan leaders and the taliban

have agreed on the formation of a new government and the supreme commander will be the top leader of the council and one of the big items is what to do about the struggling economy. the city of new orleans is hot, hungry, without electricity for days to come since hurricane ida came ashore. there has been no production yet on when repairs could be complete and city officials are telling people to stay away for now. the supreme court took no action as the strictest abortion law in the nation took effect today after the sixth week of tech -- pregnancy, a time when the supreme court doesn't even know they are pregnant. the supreme court could act as though there is no set deadline. around concrete oil production, it was backed by another increase in output in october with stock prices recovering for this month in mid august and a supply outlook for the rest of

the year being relatively tight. the elon musk boring company is close to a deal to build a tunnel in fort lauderdale, florida,, transporting people to the beach. the deadline for others to submit to the total passes monday. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta, this is bloomberg. ♪

jonathan: downsize surprise on the adp report, the estimate was

625. the devious number was revised lower. from new york city, this is the price action for you with the yield equity market not doing much in response to that whatsoever, advancing around 4/10 of 11%. yields are up to half of a basis point or so. basically where we were in the bond market before the number. likewise the equity market on the russell, with the small caps still up three quarters of 1%. nevertheless, a downside surprise, 625 is the estimate. tom: very good. it will be interesting to see on adp the full coverage and i am watching small caps here, holding still on that number up seven tens of a percent. this is a joy. in boston, massachusetts, failure reigns supreme.

it could be a pioneer or a button and johnson did at fidelity with a more cautious approach. no one has been more articulate about value than grantham and outer loop. jeremy grantham joins us this morning with a need to consider value among raging tech growth. thank you for joining us. you've got a quarterly letter out and i love the detail you go into. no consultants here telling you what to do. what is the number one message that we get wrong as we put in the next purchase ticket for apple and amazon? >> the number one thing that i think that people get wrong is if you purchase a company, a market, a situation where things are about as good as they have ever been, you are probably not going to get a great return going forward. you get the best returns when you are buying at not the best time. this has been a wonderful time

for big tech. a wonderful time for the s&p. you really want me looking into the places that haven't been quite as wonderful? tom: where does it go constructively back to the mean? >> value stocks generally, be smart about how you define them, but honestly anyway that you do, they look really cheap. relative to history. what we think is that if you are looking intelligently at the valuation of the stocks left behind, they are trading at some of the biggest discounts in the market we have ever seen and there doesn't seem to be a really good economic reason for it, so sooner or later you will get a really good return on it. lisa: and there is a reason why, it comes from the cash they generated and are independent of the -- the price pressures as they don't have as many employees relative to cash flow and the fact that they are on

the vanguard of a technological shift in the community that was frankly accelerated during the pandemic. how do you sort of counteract all of those forces and say that this is all bait in and these other stocks are going to revert to a normal economy? >> one, there's a lot of craziness in the economy. you could say that google has been on a great run, apple has been on a great run. it's not cheap but it's not stupid. there is stuff in the market that looks stupid. lisa: like what? >> tesla, amc, meme stock, trading evaluations where you have to assume utterly extraordinary things to get a decent return. one quarter of the market right now is trading at more than 10 times sale, utterly crazy.

stocks at 10 times have underperformed the market profoundly and today one quarter of the market is trading at that huge multiple. >> some people would argue that going to the russell 2000 as a value proposition would wind up with a lot of gamestop that accounts for a bigger portion of these indexes. how do you get around that? >> buying the indices is a tough thing. whenever you do that you purchase the stocks that have high market caps. in the case of apple and amazon, those are not legitimately huge companies. amc is a wonderful example where the market cap exploded. i think you want to be careful doing anything that assumes the market cap is correct. the russell has had a heckuva run since the lows of last year.

it is not cheap, either. i'm not making the argument that the s&p is fine with that, but by value. tom: value is founded on certain bibles. one of them is grand., the other is coddle. we read it cover to cover ages ago. you lead the charge on the growth that was unusual. it's all based on the fed and central banks blowing up the balance sheets. how do you perceive markets reacting when they finally have to pull in the balance sheet or at least stabilize it? >> you know, i really wish i knew. it's not just with the fed has done in the aftermath of covid being unprecedented. even insofar as we have precedents, we saw it in the gse

, it's hard to truly disentangle the impacts of the low interest rates. i mean yes, we have a taper tantrum but it was a pretty short-term phenomenon. the fed has this belief that balance sheet expansion is the equivalent of a further drop in interest rates. that belief is not really backed by strong empirical evidence. i don't know the impact of the fed balance sheet. seems like it would be kind of the thing that would push people more into risky assets, but when we tried to crunch the data we don't see an obvious smoking gun for here is how it impacted the market before your is have fun doing it will impact the market now. jonathan: bem, valuable --ben,

valuable insights. 10 times sales. tom: gmo's lead the charge and at some point i'm going to say that they will be bright here, but this year the shock and growth with david wilson showed the tech performance as well. i don't have a strong opinion here. it's not our goal to give one other than i will say that gmo has been the most nuanced and articulate of the value crew. jonathan: stock market doing ok this morning. advancing even after that adp report. a downside surprise, 600 25 was the x met. cameron christ saying that we have seen this movie before and the trailer for the friday payroll doesn't look good in the previous months was also lousy and it didn't stop payrolls from jumping. i think that point is lost on

many this morning. tom: i'm looking at the beautiful elegance of jobless claims and we see that in 24 hours and three minutes. jonathan: this is "bloomberg surveillance," advancing .4% on the s&p. ♪

(announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets

you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program i have ever done that i have never deprived myself of anything. (announcer) if what you're currently doing to lose weight isn't working, or you feel like diets don't work, you're right. don't give up. get golo. go to golo.com and get your life back, with golo. (chorus) golo!

jonathan: a ton to get through this week. good morning to you all. alongside tom keene and lisa abramowicz i'm jonathan ferro. up 16 on the s&p, advancing one third of 1%, following a downside surprise on the adp report. the adp report has been a big downside miss relative to the actual payrolls report on friday will stop that was let's months story -- report on friday. that was last month story. edward bolingbroke of bloomberg highlighting the jp morgan piece, stocks removed to 190 on the 10 year treasury, right now 1.3138. another market where there is huge revision on both sides of the debate. tom: that will get us through

september and through the end of the year. what should we do in the market? i love this sentence. you need to be neutral, you need to be nimble, and you need to buy corum debt. noelle corum joins us. it is buy the famous corum dip. how you keep -- noelle: if you think about what is driving markets long-term it is the macro drivers, it is growth, it is inflation, it is policy. growth is robust. it might be disrupted by some of the risks that are looming, like taper, delta variant. the consumer is very healthy. we are unburdened by debt and we are saving. we have the demand. you saw in the consumption data

it is shifting from goods to services. growth is good. jay powell made it clear on friday that the longer-term standard for tightening is much higher than the standard for tapering. it will come down to inflation and the messiness of inflation. they will not be confident for some time. tom: i look at some time in the fact i have to get to the end of the year. are you buying shares on the dip we have seen in the last 10 minutes? it has become a drug. when you know when to step in to an drawdown of 2%? noelle: nimble near-term, specifically in credit. that is largely because we have a new issue coming through and you can have opportunities to add as the new issues are loaded

into the back end of september. diversification is very important. make sure when you're thinking about your risk -- most of us have risk to growth, a lot of high yield equity em's risk to growth, also think about your defensive assets. how are you hedging? make sure you have hedges on with the volatility and let's rotate out of the hedges as a growth picture starts to become clear for the rest of the market. tom: if you take the equity discussion on drawdowns and go over the bonds, what you do when its price down, yields up. jonathan: show me a dip and i will buy it. there has been a big dip in one place. that is china. i wonder how china is influencing your thinking. the data, big miss on the nonmanufacturing pmi.

the companies, i'm thinking about ever grant, how is that impacting shaping your thinking in your approach to this market more broadly? noelle: diversification is everything. over the long term the baker growth picture is a recovery. it is going to get a little bit choppy. make sure you are diversifying amongst em. that is the main story we are playing in em. jonathan: stripping out china, a little bit of a struggle in em. bonds over last month and the last year, it has been difficult. lisa: also if you take a look at the potential unknowns with the dollar and what that could do with the fx channel, it throws another layer of uncertainty. i wonder how much of a risk factor it is you have a potential taper discussion for the federal reserve and the ecb at the same time. it is one thing if you start slow tapering in the u.s., it is one thing if the ecb starts to

be aware of it. could that be a potential risk factor at a time there are a lot of fragility's in a number of places? noelle: definitely a risk factor , which is why we are emphasizing keeping your i on the bigger picture. the dollar is going to be one of the messier stories because it is in that battle between the safe haven in the growth in the recovery picture. we are staying largely neutral, looking into over the long-term for our weaker dollar. it will not be a clear picture until the fed -- until the market starts to focus on the fed and the fact they will be one of the more accommodative central banks over the long term. lisa: is there anything you are absolutely avoiding? noelle: i would avoid putting all of your eggs in one basket. valuations do not make sense to do that.

diversified, add defensive assets where you can. lisa: sorry to interrupt. his bitcoin among those diversified assets? -- is bitcoin among those diversified assets? noelle: no it is not. not for us in our investment world. tom: that brought the conversation to a complete halt. lisa: any time. tom: tell us about for faith and credit. the answer is everybody is managing their yield call even as yields are bracketed at 1.3%. what data it will drive the yield move? noelle: i think consistent data. we will not see huge price returns unless we get some of those opportunities to add the robust growth overall will support credit and it makes sense to continue to click the

coupon with adding some the asset classes. you mentioned em high-yield value, not necessarily lower ratings, but specific value names where they still exist and are still going to benefit from the reopening of the economy. jonathan: great to catch up. noelle corum of invesco, always wonderful to hear from you. a headline in the last couple of minutes. andy haldane at the bank of england will be replaced by hugh pill, formerly of goldman sachs and the ecb. more recently come over at harvard. he will take the job of the new chief economist. tom: he will. this is another oxford educated guy with all sorts of credibility. he goes in there, it is brexit

moving on, brexit overlaid along with how the u.k. has handle the pandemic. jonathan: catherine mann will be over there, huw pill in the mix. tom: did he get hired because he supports manchester united? jonathan: i'm not sure if that gets it done. that is the headline. the headline is huw pill becomes the chief economist at the bank of england, replacing andy haldane. i will miss the freewheeling andy haldane. lisa: it is nice to have dissent , to have open discussion and hash out the different points of view. as the united kingdom tries to move past the pandemic, you wonder whether they will tighten the message. jonathan: are you still worried about the groupthink at some of the central banks?

lisa: i don't know if we can call it groupthink or the dramatic acceptance of a low-inflation world, that you can push it pretty far without getting any inflationary impulse. i wonder about the complacency around that given the dynamics of supply chain and not deglobalization but more localized supply chain. tom: this is a guy with the stanford phd. it is a very different stanford phd. huw pill had the privilege of running with the wonderful ronald mckinnon. mckinnon is one of the most interesting economist out there. for huw pill to hang out with mckinnon gives you a different student, a different doctor, different person. jonathan: joining catherine mann , appointed more recently as well. on the groupthink, chairman

powell version 2.0 is arguably more dovish than what we had from chair yellen and cheer bernanke. it has been quite a change of the federal reserve in the last year. tom: because of the stimulus and the blunt instrument that it is, have they had the luxury of confronting social policy, where ben bernanke in janet yellen did not have that luxury because they do not have the balance sheet. jonathan: you call the luxury. there are some people who are asking the questions about whether central banks should be doing anything about social issues. whether central banks should have a role in any of that. lisa: some people argue this could be a liability because this will be the inflationary impulse. there has been a seachange about inflation, not just from central bankers but public sentiment. the german elections, the idea of more socialist party is gaining steam even as we get

high inflation reads, people do not seem to care as much. this is telling. this is a big deal. jonathan: this was nice. it is like i never left. good to catch up with you both. lisa: the fact that you keep repeating that -- jonathan: the more i say it, the more i believe it. tom: there's been a draw on s&p futures. jonathan: off a couple of points from the highs of this morning. we advance one third of 1%. from new york city come on radio, on tv, heading over to "the open." a special thanks to lisa for covering the show. lisa: my pleasure. nice to have you back. looking to catch up with ingrid dyott. i think my guests came over to the show. tom: they do not like --

jonathan: i am happy to do some therapy. tom: help me. jonathan: there we go. nice. that work for you. lisa: [laughter] tom: that works -- jonathan: that works. that is beautiful. put your hands back down. i think you're turning to stone. from new york, this is bloomberg. ritika: with the first word news, i'm ritika gupta. hurricane ida wrecked transmission lines and left new orleans in darkness. lawmakers say it could boost support for the infrastructure bill down congress. the damage could be an opportunity to rebuild a grid.

president biden has offered an impassioned defense of how he handled the withdraw from afghanistan. in a white house speech the president said the exit timing saved american lives and said he is not going to extend a 20 year war forever. walmart is hoping to fix supply chain issues with the hiring spree. largest retailer will add employees to walmart and sam's. the jobs include order fillers, freight handlers come and lift drivers. 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. ♪

>> if we move slowly -- if the

fed moves quickly and if germany or the ecb starts to taper quickly and clamp down on the stimulus, then we will probably see lower longer term. tom: jones, there is no coupon, takeaway inflation there is no real yield. stay with us for the jobs report. claims tomorrow. jobs report on friday. to continue our discussion for central asia, robert hormats joins us. a cross party public service to this nation working with secretary clinton, but longbow and faraway away working for others and driving 148 miles from kabul to the khyber pass. one of the few people with real boots on the ground experience over there. how does the united states now

manage the western pakistan tribal regions? how does the united states manage a new relationship with pakistan? robert: it is going to be a challenge because we have seen the taliban as our enemy for so long. now we find we are working with them to help get people out of the country. i suspect over time we will have to have something of a dialogue with the taliban. the other point is the bigger threat to the united states is isis or isis-k and the taliban is there archenemy. it may turn out that if isis-k starts threatening its neighbors or us over the longer run we will have to work with the taliban to try to suppress them. in the early agreement they said they would not allow terrorist

to operate from their territory. tom: i want you to take a broader picture. i want you to take us back to john galbraith, ambassador to india. we have to manage india, pakistan, and afghanistan. what do we do now? we do not have robert hormats, what we do now to manage that strange relationship? robert: it is going to be difficult. the indians themselves who have regarded pakistan as a threat are worried about several things. they are worried about the fact there may be jihadist elements based in afghanistan who move into pakistan or the disputed territories or cashmere and impose threats to india. what india is doing already is

they have been having secret meetings with taliban authorities to try to make sure the taliban can control these forces in the country and elsewhere. tom: we talked to john bolton about this yesterday. you're the expert at this. should blinken be on the next plane to the deli? robert: i think we need to have a lot of conversation with deli and if i were tony blinken i would be working with the indians on how we deal with the taliban and how we control isis and isis groups in pakistan that could pose lots of disruptions for india and the areas around it and could play a disruptive role in cashmere. the other interesting thing is we may have a lot of things in common with the chinese and

russians. they are concerned about isis and isis-k and they want to be able to work with -- china has a border with afghanistan. they want to work with the afghani's to try to control these movements that could base themselves in afghanistan and are disruptive to the region itself. there is a -- lisa: there is a concern that president biden talks in a nicer tone towards the allies but does not act that differently than the trump administration when it comes to policies and the way things are carried out. that is one thing people have argued has been perpetuated with the afghanistan he exit. how much do you think they are changing the dynamics post trump versus continuing it? robert: this incident will have an impact because the allies were concerned they were not consulted in advance.

and now the germans are having elections and refugees from afghanistan will be one issue. should the germans take them. how much do they trust united states. we will see a much closer set of consultations between the united states and many of our allies and many countries are not allies, around how to deal with the taliban and how to do with the refugee issue. this will be a very big issue in american policy. we have just begun to recognize this. we have defined long-term homes for a lot of these people and will have to work with the allies to do it. the lack of real pre-consultation in the eyes of some of these countries, workers will have to spend a lot more time working the allies over a multitude of proposals.

take over television issue. jonathan: thank you so much for joining us. i think it is fascinating how we have such a focus west from afghanistan to iraq to iran and all of the history involved there. there is a whole other focus -- there is a focus north, focus east india is extraordinary. lisa: i wish we had had more time with bob and i hope he comes on soon. he dovetails the international relations with the trade aspect. there has never been a more important time for that discussion at a time when shipping costs are surging and we are talking about supply chain disruptions where every company is feeling it. we are joking about the pendulum coming back and people are starting to stockpile toilet paper again. i point is we are in a changed world and international relations have a practical field across a lot of sectors. tom: one thing is not changed. futures up.

the vix, 16.19. please stay with us. catherine zimmer at 12:00 on balance of power. this is bloomberg. dani: i have an exclusive u.s. open update. novak djokovic is weeks away from making history at flushing meadows. djokovic is looking to become the first man since 1969 to complete the challenger slam. he can overtake roger federer and rafael the doll in the all-time -- when he wins his 21st major title. the 34-year-old barely broke a

sweat to improve his record to 22-0 at the majors this year. holland stands between djokovic and a spot in round three. you can watch all of the action from the u.s. open every night on tennis channel.

(announcer) the core is key to losing weight,

getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at aerotrainer.com. that's a-e-r-o trainer.com.

jonathan: let's get september started. good morning, good morning. 30 minutes to go.

"the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: we begin with the big issue. goodbye summer, hello september. >> september tends to be one of those months. >> we get bad outcomes. >> september. >> september will be a white noble event. >> we are. >> other currents will take over. >> a bunch of things going on. >> the next payrolls report. >> announcing, potentially, tapering. >>