everything is going to go up, win. >> we are at in a very long risk environment and the feeling is you can buy anything. >> when you look at finances in general, there is potential for the consumer. >> all those things point to an economic cycle that lasts longer. announcer: this is bloomberg surveillance -- "bloomberg surveillance" with tom keene, lisa abramowicz, and jon ferro. jonathan: it is ecb day. good morning. this is "bloomberg surveillance" live on tv and radio. on the s&p, we are -0.2%. once again with my partner in crime, tom keene. welcome back. the ecb decision just around the corner. tom: i don't know if it is a big deal or if they will do anything. i have to admit, this is where lagarde gets tested at the press conference. does she want to be assertive? i have not observed that. jonathan: the risk today, a

reduction in the pace of purchases in the program with any sale about the degree of support that goes beyond next year. you can call it tape or if you want to, but you have to be clear that a tapered from the ecb could be different from a taper from the federal reserve. tom: i will go with that as well. with the pandemic and the uncertainty out there, every central bank wins by delay. i don't think the ecb is any different. jonathan: every line in that news conference will be interrogated by everybody. lisa: christine lagarde does not always delivered in that type of circumstance. i love the idea that we are talking about a dovish taper. that is the new code. exactly. ubs talking about the doorway she ecb taper. jonathan: we have to be clear about this. they came out with the size of the envelope, 1.5 euros and a loose guidance as well march of next year. that is different to the federal reserve. you can call it taper, but a

taper from the ecb would be different from the taper that could be announced from the fed this year. lisa: how do they signal that they will provide support on an ongoing basis to an economy that still has potential problems? we do see disinflationary push from higher commodity costs. jonathan: there was an asset purchase program. the degree of flexibility that has carried over, that is the question. too many details to get through the top of the program that we can do later. let's start with the price action this thursday. we are ahead 0.2%. we have had three days to explain to us while you have been out of the building on the s&p. getting to that in a moment. the 10 year, down by one basis point. euro-dollar, a slightly stronger euro onion into this decision. euro-dollar, 118.32. lisa: compared to what we have

seen over the past three days, it is pretty active. syria's volatility indeed. 7:45 a.m. eastern. i don't know how much this is going to tell us. the 8:30 press conference with christine lagarde that everyone is watching. they want to understand the taper. take a look at all of the assets on the ecb's balance sheet. more than 8 trillion euros. it is this push upward and the question is not when will it start going down, but when will it start flatlining and not going up as much? the same dilemma in the united states. in the u.s. from a we get the jobless claims. here is the mystery. this is not going to answer the mystery. yesterday, we got the jobs openings data. a record 10.9 million job openings. where are the workers? there are more job openings than available workers according to this data. it does not make sense and we

are not getting any resolution for this. the degree that we see a decline in the jobless claims, great. does not answer this mystery. president biden is giving a speech on a five pronged plan to reduce the cases of covid in the united states. he will be delivering it at 5:00 p.m. the key thing i want to hear is how much he is looking out the percentage of icu beds occupied by covid patients. we have seen that surge back up. how much is this question of the capacity of healthcare system versus getting covid cases down to a much lower position? tom: tom at rbc talks about the survey being more important than the pandemic. jonathan: what did he say? tom: he said the survey was stunning and the number of people out there starving for labor is off the chart. jonathan: we are in such a fascinating moment. i know you agree. if you look at job openings in the labor market, the employment and population rate, it still

looks loose. that is a difficult position for a policymaker. tom: to bring in the drawdown, it is extraordinary. after the carnage of the last three days, the drawdown. jonathan: it is intense. tom: i'm amazed laidler did not cancel. jonathan: ben laidler joining us. an upgrade from 3800. let's be clear. the bear is slightly bearish. euphoric sentiment, margin risk, record duration posed additional risk. ben: sentiment is full. i think it is a fundamental of delivery. i think they are going to. i think that gives you that clear roadmap to over 5000 for next year.

i think we're going to get earnings growth next year, which is double consistent. that is for topline and margins. i think you have very good visibility on that. bond are going to move up a little bit. they are going to be a fraction of where they were when you came out of the last couple of recessions. it is going to be dovish to take some assurance on the economy is recovering. that is going to keep valuations high. i'm very comfortable with over 5000 next year. tom: the narratives that are being written of caution, not gloom, but caution. how does a bull market happen given caution, not gloom? ben: it happens because of caution, right? there is more worried that we are continuing to climb. we have back-to-school. we had rallies this november, which are marrying people. we also have this trio of coming

out of d.c. whether it is the renomination of powell or the budget limit for this $3.2 trillion that the democrats are trying to ram for congress. all of that may produce some noise and volatility. none of that will derail this market. it is all about the fundamentals. earnings expectations are still rising. companies are getting more visibility back and they are talking about it more. we are not pushing earnings numbers up. at the same time, the fed is gradually pushing back expectations for the taper and interest rates. lisa: when you say the fundamentals, you are talking about the fundamentals of the earnings of specific companies that dominate the s&p 500 in particular, that actually have fewer employees relative to their overall business. how much is that a feature that you actually celebrate? that you basically want to go into the dominant players in the s&p because they are a little more removed from the

inflationary environment we saw out of a host of other data? ben: the stock market is not the economy. you saw that a lot last year. we enjoyed some of that this year. to look forward, where does incremental earnings come from? it comes from reopening stocks. it comes from the real economy. that is where earnings are still down 80%, 90% from pre-pandemic levels. that is what you should be focusing on right now. sort of backward looking jobs report we had on friday, that is a reflection of virus cases. virus cases have been coming out for three weeks in a row globally and potentially peeking in the u.s.. i am looking forward to the next step. when we going to start talking about all of these companies that are not making any money now? when they going to start making

money? jonathan: i'm seeing the worst of it. morgan stanley would agree with you. andrew at morgan stanley is looking at europe. you are making this call out of london. look across the channel for us. what is the europe call for you? ben: i think europe leads it. you look at who is recovering from this wahoo has the highest pmi group outlook in the world, it is europe. who is best to benefit from that with the most cyclical industries, it is europe. who has the policymakers that are going to sit on their hands for an extended period of time and let growth run? i think the ecb may tap the brakes today, but they will be one of the last central banks to try to increase interest rates and fiscal policy is going to remain pretty loose. the next couple of years, european gdp will be on par or even outpace that in the u.s..

we have just come off of an earnings season europe with 140% earnings growth. that tells you the earnings leverage, which you will see today. jonathan: that is quite a call on gdp in europe. great to catch up. ben laidler, etoro uk market strategist. he has been bullish for quite a while. tom: i think that is a hard thing for people who are absolutely wedded to a single digit return. these years after years of double-digit digit are truly unable to frame it including at the 7:00 hour. jonathan: looking for 5k on the s&p. tom: what do these people do? what do they do? now is when they have to recalibrate and readjust. jonathan: we started to get the 2022 calls. ben laidler just mayday call on the ecb. he said they will be the last move. he is asking a question that resonates with me. do we get a rate hike in this

lifetime? tom: i think it is a key issue with the timeline. i will let our guest talk about it, does it help the nasdaq, does it help consumer discretionary. on my sabbatical, there was a lot of literature rationalizing a weaker market. jonathan: how is that a sabbatical? i was thinking of you. tom: it was good. i went downtown where they got all the healthcare stuff. lisa: i am glad he plowed right through that. jonathan: exploring retirement and you made it to work. lisa: a lot of people are, which is why a lot of people are out of the labor force. jonathan: tom keene, lisa abramowicz, jonathan ferro. a quick break. [laughter] futures down 12 on the s&p.

this is bloomberg. ♪ ritika: with the first word news, i am ritika gupta. the european central bank is deciding today whether the economy is strong enough to start slowing down stimulus. policymakers are due to settle on how much bond buying the economy will need in the fourth quarter. data points to an improving rebound in the u.n.. that despite the delta variant and supply chain problems. german prosecutors right at the finance and justice ministry today. an investigation into whether officials at an anti-money-laundering unit failed to handle cases correctly. the case is centered on warnings that banks warned the financial intelligence unit. in china, inflation levels at the factory level has seen a 10 year high. it rose 9.5% in august from a year earlier driven mainly by high prices were commodities come out put prices in the coal industry, up 57% from a year

ago. the biden administration reportedly is trying to sue texas for the controversial abortion law. it is one of the most restrictive in the nation. a lawsuit would set off a federal state clash at a time when the future of abortion rights is up in the air. easyjet has rejected an unsolicited from its rival. the offer was conditional. easyjet plans to raise more than $2 million as a buffer to see it through a return. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪

♪ >> when you think about the middle class, the decline in the middle class and you look at the

decline in the labor, they run parallel. if we truly want a society where we build a true middle-class where enough americans can get into the middle class, we will have to see an increase in the labor minute -- labor unit. jonathan: that was marty walsh. the morning along tom keene and lisa abramowicz, i'm jonathan ferro. going into an ecb decision one hour and 30 minutes away. looking at the bond market yields, the euro a little bit stronger. euro-dollar, 118.32. futures, softer, lower, -11 on the s&p. we are down about one quarter on the s&p 500, adding a little bit of weakness over the previous three days. jonathan: it really captures it nicely. we had a 19.6 level. we are now in 18.97. let's round that up to 19 even to show the modest angst before

the ecb meeting. jack fitzpatrick is with us. it is a $3.5 million wishlist of senator sanders and others. i am seeing $1 trillion will be the workable number as well. when the house goes in and pairs this bill down, do they do it at the margin of each program on their wishlist or do they eliminate programs? which is it? jack: it is probably going to get pared down by the senate. we are starting to see markups that are in line with the $3.5 trillion measure. it may be the case that there is a game of ping-pong where the house does something, the fed changes it back. it may be necessary to lob off significant parts of this $3.5 trillion series of proposals if we have to watch the democrats take it down to something like $1 trillion, $1.5 trillion.

but that is going to depend on how much money they are told by the congressional budget office they can raise through tax raising measurements and those proposals. we are going to have to wait until the end to see has significant those issues are. it is going to take a little bit. it is going to be the seventh that cuts things off. when it comes down to -- time to trim this down, it will be a matter of pulling large portions. tom: can they pass this legislation without the tax increase support? jack: they could pass whatever they want on partisan lines if they decide they do not want to pay for it. but the president has said repeatedly and jen psaki said it yesterday, this is supposed to be fully paid for. some democrats do not want it to be fully paid for. according to the instructions that they agreed to for the reconciliation process, the

limit on how much they could deficit finance would be $1.7 trillion. that is a lot of money. it comes down to willpower. they could raise taxes enough to fully pay for it or they could deficit finance and. that depends on joe manchin more than anyone else. lisa: the federal reserve considered a nonpartisan group. the treasury department is quite partisan and we are seeing janet yellen her new position, not that new anymore, as the treasury secretary, coming out in a more political posture. how is she being evaluated by people in terms of how well she is pushing forward this plan? jack: she is in a difficult position for couple of reasons. you saw the recent treasury report outlining how much additional revenue they think the government could raise by enforcing existing tax laws. those numbers, which total may be up to seven point -- $7

trillion over the course of a decade are much greater than what you have seen from congress 's congressional budget office. there is a huge gap where the cbo says they can only raise $120 billion over the course of 10 years by enforcing existing laws. the other thing that is tough on secretary yellen's plate is trying to get congress moving on the debt limit. she warned them they probably only have until october to act on that. lisa: i was going to go there next and i whiter talk about not only what she did and how she tried to push them, but what tools she could potentially used to stall the debt fueling limit that she does not seem willing to use. jack: they are using extraordinary measures. i am not sure -- what i talk to a person from congress's perspective, there is some perspective that the treasury is putting this off to a

significant degree that the original deadline was august 1. now they are saying it is going to be something like october. the issue between yellen and capitol hill has been that she has set for a while, you need to get this done as soon as possible. she wants this to be a deadline as early as august. those early warnings were largely ignored and congress is slow walking it's a bit. she has not being successful in quick early action from lawmakers on the debt limit. tom: give us an update on the refugees. this is a final moment to catch up here midway through the week. they landed at dollars -- dulles. where do they go? jack: there are a variety of locations that the afghan refugees are going throughout the u.s.. there will be some in the d.c. area. i cannot speak to the ones who landed in dulles.

one issue for lawmakers is how much support they give those refugees, how much funding they applied to that that is going to be debated in the near future. biden requested $6.4 billion more for removing people in processing from afghanistan. the broader issue is going to continue to be debated because it has been more difficult and expensive than anybody initially realized. it is more or less a variety of cities throughout the country. i want to say a dozen or so in the ballpark of different areas where they are initially placed. jonathan: good to catch up. jack fitzpatrick down in the seat -- d.c. i get the feeling that the breaks have just been slammed on this agenda over the last several months. tom: not only on the agenda, but many different parts of the

agenda. i totally agree. we are back from august. we are into september. senator manchin is front and center. someone who can slam the brakes. it has been too many different issues, including the pandemic. jonathan: it is hard to see where they are making progress. lisa: the question is the risk. thomas risk is there and how much has been priced in the market? has the 3.5 trillion dollar plan been priced into the market? probably not. this is why there is uncertainty as to the reason for the selloff. jonathan: morgan stanley is one of them. this is the reason i have been asking the question. would you be more surprised by getting something done or not getting anything done at all? what would this market be more surprised by? tom: i do not know. the basic idea here is this absolutely original the linkage of infrastructure and the massive social spending. because it is original, we do not know.

jonathan: equity futures, -11. tom: prime minister johnson's tax policy. jonathan: ecb decision one hour and 20 minutes away. we discussed it in the break. looking forward to that too. from new york, it is good to have you back. on radio and tv, this is bloomberg.

(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: live from new york city on tv and radio, the price action this thursday morning. equity futures this morning, down about 11 points. coming off of the back of three really mild marginal days of losses on the s&p. the nasdaq down 0.2%. on the s&p 500, a close above 4500 yesterday. look out for the 42.50. that is the year-end price target. an upgrade from 3800. that was the previous year-end price target. really looking forward to that conversation. that is the equity picture. here is the bond market picture. unchanged at about 21, 22 basis

points. 132.58. yields at about one basis point. 30 at about one basis point. a little bit earlier this morning, we have a high in 2023. that is looking for a move down toward 1% year-end, something closer to 1% than where we are right now at 132.58. as we work our way through to the ecb, it is the german-italian 10 year spread over the last five years. the average is about 175 basis points. that is trading over germany. right now, a little north of 100 basis points. last year in the spring pandemic, what were we talking about? 270, 280, pushing 300. president lagarde, what did she say? we are not here to close spreads. what did she do? she closed spread. today, we are talking about the potential for a reduction in the

pace of purchases. what the ecb will not be ready to discuss is about a reduction in the combination over a series of years because we have two programs. we have the pandemic emergency purchase program which has a packet size of $1.85 trillion which is set to run through to march next year. we can discuss the pace on whether we use all of that. and then you have the asset purchase program bridge -- which runs alongside it, which could be boosted next year. it is the forecast need to look for. tom: was lionel messi an asset purchase program? jonathan: do you want to go there? lisa: evidently. jonathan: that sounds pretty random to me. i just want to finish on this. from the markets perspective, this is a northstar for the ecb. not the inflation target. tom: a stronger italy. jonathan: take any city you want. tom: we don't need to do that. peter hooper with us.

really thrilled he could be with us. really doing some original research. i am sure john will swing around to the ecb. dr. uber, -- dr. hooper federalist work on the wage. how has this -- fabulous work on the wage. how has this pandemic increase the favorite to demand a certain wage? peter: some really nice date of the new york fed has put out on the survey of consumers. the reservation wage and the amount you are willing to accept to take a new job went up substantially over the last year. certainly, the pandemic surge the number of people wanting to get into work. what we have seen in the latest observation from july is a

decline. reservation wage is coming back down. people looking more willing to get into work. some of that is anticipating that support of benefits as well as in some parts of the country, vaccination picking up enough to make it more attractive. tom: what is deutsche bank doing with your gdp analysis? we are bored today. we need to make some news. can you give is a u.s. gdp markdown so we can have a perky thursday? peter: they have taken some steam out of growth prospects for the second half of the year. the report over the weekend is that they are marking down that forecast for the second half, something above 7% to down below 6%.

something enough to think about out of growth for the year as a whole. this is partly something that will be sustained because it is actively looking a little weaker given what is happening around delta, given anticipation of what is going to happen as unemployment benefits run off. those who want work are looking across the county and seeing that the county ran their unappointed down earlier and have seen bigger drops of consumption. that is also related to the degree to which delta has hit various parts of the country. some of that drop-off will be coming back next year. certainly, supply chain disruptions are a major factor. what has been happening with inventories, that will be coming back. some of this weakening of growth this year, this is speaking

relatively. we are talking about weakening from a highway -- high rate of growth to something not quite as high. jonathan: we are talking about four next year instead of five or six and you get people talking about stagflation. is this labor market loose or tight? peter: this labor market is very tight in some areas. the dispatches are near an all-time high as many firms. the number of job openings relative to more employed people available to fill those, that ratio is as high as we have seen in not that many decades. some of this of course because people have left the labor force. people have left because of the discouragement over covid and now, delta. people have left because of the

unavailability of daycare and schools being open. we expect to see that improve as the fall goes on. we are expecting better numbers in september than august on payrolls and that should improve over time. no question, there is some near-term substantial tightness that we think will begin to resolve itself over time. jonathan: it begs the question whether the employment to population ratio should be on the fed's dashboard and whether they should be part -- comparing it to everywhere pre-pandemic and whether that should be the northstar at the moment. do you think it should be? peter: the implement population ratio is a better indicator at a time when you have all of this departure from the labor force and how much return you're going to get. in all fairness, they have a wide dashboard and that is one of the variables they look at. certainly in light of questions

about unemployment, at a time when labor force participation is all over the place. lisa: there is also this issue of raising rates. you say you do not expect the fed to start raising rates until the third quarter of 2023. we heard about it from steven major. that is the earliest he could imagine and perhaps that is even too early. do you think the federal reserve will have the bandwidth to raise rates given the fact that at that point, who knows where the economic cycle will be and they might have to think about more accommodations? peter: a lot of it is going to depend on do we get this dropped back in inflation as everyone is anticipating. yes, our team has been on the ball. we are seeing a transitory surge in inflation. there is still a lot of unemployed people to bring back into the labor force.

these near-term shortages are going to be resolved. but there certainly is risk out there. at the beginning of the year, if you told me cpi inflation would be writing -- running above 5% for most of the year, i would say that that is going to have to be much more cautious about letting this get away. these are decisions that are coming down the road depending on how this thing unfolds. they are upside risks to inflation that the fed may have to ask sooner -- may have to act sooner. at this point, i will take the teams call as the likely outcome. jonathan: good to catch up. some headlines coming out of united air lines over the last 60 minutes. on track to meet guidance for the 3q. take a look at four q.

expecting an adjusted loss in the fourth quarter over united airlines. it will not be surprised to hear the following headline. they see a deceleration in bookings in the last few weeks and they will have to do something about matching capacity to that demand that has just celebrated -- decelerated. tom: it goes back to hospitalizations. this is where we are. this is the map. not only in pandemic industries like united airlines, all over the economy as well. what is the tone right now? is it a 4% economy? a 3% economy? we will not know until we see the data. it is not a boom economy anymore. jonathan: next year consensus has a full handle. morgan stanley has made the point. august might have been the worst of it for the data in the pandemic. maybe we have seen the peak and we can move on. the markets, the airlines, that

sector topped out in the spring and it has been a rough since then. some of those names down 20%. do these data points, these headlines reinforce the move we have already seen or set us up for more pain down the road? lisa: a lot of this has to do with the airlines and business travel and how many conferences have been canceled and how sustainable is their balance sheet to present for another six months, 12 months without regaining some of the volume that they saw pre-pandemic. jonathan: we heard that from ed bastian at delta the last couple of days. in your equity market, what are we down, 11 on the s&p? in one hour, an ecb decision. euro-dollar, positive on that currency pair. from new york, this is bloomberg. ♪ ritika: with the first word news, i am ritika gupta.

corporate vaccine policy shows a divide over mandates. more than 100 companies, about half have implemented a vaccine mandate for some of the u.s.. requirements vary widely and the migration to offices is not happening as planned. u.s. officials have made public the data they are using to sue facebook as a monopoly over social networking. the fcc reveals that it showcases the most dominant social network. the company says the case is without merit. a new study says inequality in unemployment, education, and earnings across the u.s. economy have cost the u.s. economy almost $23 million. that figure is going to rise. the paper came from a group of economists. a meme stock investor is awaiting good news in gamestop and they still are.

the struggling retailer posted a bigger than expected second-quarter loss. gamestop has yet to reveal details of his turn around strategy. why than half of the young employees in the u.k. are working from home and say it has hurt office conversation skills. that could harm career prospects and pay. 84% of those are out of practice when it comes to office. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪

♪ >> it did make sense earlier to give us time to prepare, to do

preparedness, to identify strategies. i am not sure it exists anymore, especially when there is other travel happening around the world. jonathan: johns hopkins associate professor of medicine on the travel ban around the world. from new york city, good morning. i am jonathan ferro. here is your price action. we are down 12. on the back of three days of losses, really marginal data including friday. something like that. i know, huge. a massive single basis point to 132.24. euro-dollar going into the ecb decision, i little less than one hour away. positive down more than 0.1%. have you seen the rent in new york city? the data? miller samuel putting these numbers together for us. 8.1% in august year-over-year if

you have a doorman. if you do not have a doorman, the rent for those units about 12% year-over-year in the month of august. if you have a doorman, your of 8. if you don't, you are down 12. tom: i do not worry about it. the vacancies are gone. jonathan: given what has happened. lisa: exactly. tom: the bottom line is rents are going up. what i like about your numbers, i don't think it is to percent or 3%. i think it is much more. jonathan: do you think post-pandemic that you want the doorman because of deliveries, things like that? the need to have it is that much greater now. tom: i think so. the bottom line is -- jonathan: i am looking forward

to the sports this weekend. tom: jennifer nuzzo is going what in god's name are they talking about? joining us from johns hopkins, jennifer nuzzo. there is a reaffirmation that the pandemic is still with us. i was explained to one of the offspring of the 28th chapter of the plague, a wonderful book where it will just not go away. how should we deal with this pandemic exhaustion? jennifer: it is really exhausting, i have to say. even someone who lives in the data and sees every day why we remain concerned about it, it is exhausting. people want to get back to living their lives. i completely understand that. i think we. are getting closer. the thing -- i think we are getting closer. the thing we need to do to get closer to that end is get

vaccinated. there is a lot of progress we have made on that front. we know that vaccinated adults protect kids. tom: you are one of the leaders in the nation on health security. what do we do to the unvaccinated? what is your policy prescription to provide incentives to the unvaccinated? jennifer: the thing that will have the biggest impact is what has been going on in businesses, rightly wanting to get back to business. they want to do so safely. they realize that employees want to come back. customers want to come back. the best way to make sure that happens safely and without interruption is to require that employees get vaccinated. now that the vaccine is approved, we have one vaccine formally approved, it makes it easier for businesses to make that decision. that is going to have a big impact in terms of vaccine uptake. lisa: jon ferro opened this conversation talking about rent in new york city.

it raises a question about a big city in an era where people are more concerned about variants of covid that will never go away. do you foresee a time when people will not be wearing masks and hegel will be operating the way they did pre-2020 in the next five years or is that a pipe dream at this point? jennifer: i do not think it is a pipe dream. i foresee that. people are tired. we are getting closer to that point. one of the biggest things that vaccines do is they the couple -- de-couple the cases from the desk. once we are no longer worried about hospital systems being overwhelmed or being really ill or dying from this virus, that calculus of whether or not people need to wear masks changes. lisa: president biden will be speaking at 5:00 p.m. today laying out five points of how we merge to the next phase of putting this behind us. what do you hope he says? what hasn't he said that is important. jennifer: one of the things i am

worried about is the erosion of testing capacity in the united states. we brought an op-ed in march about this. we saw it was getting harder to get tested. it was understandable they have pivoted desk -- states have pivoted from offering tests to offering vaccines. it should not be hard for people to get tested. they should not have to wait days to get test results back. people want to be able to test in their homes, but they should not have to pay a hefty price. it should be easily available. that is what i'm going to be looking for. i also want to hear a strategy for how we are going to make sure everyone who needs to get vaccinated. there has been confusion about boosters and what i am worried about is all of the people who have great protection are ready -- already, are the ones who will be getting more vaccines as

opposed to getting first and second doses into people's arms. jonathan: always good to catch up with you. jennifer nuzzo, johns hopkins. if you are in new york state and you had not been vaccinated, there is a path on your phone. mine expires on the 16th of october. what is going to happen on the 16th of october? lisa: how would i know? jonathan: when does your expire -- when does yours expire? lisa: i don't know. jonathan: when does yours expire? tom: february. lisa: mine is april. jonathan: that makes no sense at all. lisa: maybe it is because you are british. tom: if you leave america --

why? i do not -- jonathan: i do not know. tom: i just don't get it. jonathan: the scientists are shrugging their shoulders a little bit. tom: i am baffled by the whole thing. we are 97 present vaccinated. everybody is wearing masks and florida is 54% vaccinated. jonathan: you can go to the u.k. and fly back. you have a different color passport which means covid will not touch you when you come back to new york. it cannot get you. we are going to keep this going. futures down on the s&p. lisa: the markets. jonathan: you really want to go there, don't you? tom: it is a big deal. jonathan: euro-dollar, 118.

15 minutes away from an ecb decision. tom thinks this morning is boring. he has been away the last couple of days. tom: you are ramping up the ecb. a snooze fest. jonathan: from new york, this is bloomberg.

and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds

on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today.

♪ >> story is going to flip terms of -- the story is going to flip in terms of profitability and inflation. >> we are in a very low risk environment, and the feeling is -- >> when you look at finances in general, there is still chance consumer spending overtime. >> i think the cycle lasts just a little bit longer. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the ecb decides this hour. from york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we are -0.3% on the s&p. four days of losses on the cards. tom: i love that we had ben laidler optimistic. douglas cast