>> they have guided us to a place of strategic ambiguity. >> we know for a fact every time something goes >> yes, there is a serious debate going on announcer: this is "bloomberg surveillance." >> five days of losses on the s&p. good morning, good morning. this is "bloomberg surveillance" live on tv and radio alongside tom and lisa. the nasdaq this morning, up 21 on the s&p. it is a final leg on the road to september 22, tom keene, the next fed meeting. tom: that is front and center. but what i see more than anything is that you've been really good about four down

days, five down days. 1.7%, we have cratered. could you get any more gloomy? jonathan: a typical chapter in the book, the drawdown. anything could change this week. could anything change the fed decision next week? tom: no, the answer is no. but what could change the gloom that is out there? the gloom was tangible. we need to frame up in our conversations on radio and television how you extract yourself from the gloom, knowing you never know what it is going to be. is it going to be earnings? jonathan: let's get the resident gloom. lisa: i think that separates itself from the idea of a downturn. just slower growth going forward. my question is not about the fed, but when will markets call the fed?

when with the fed did behind the curve and not be able to raise rates? that will be an interesting conversation. jonathan: let's set the tone outside of markets. we have the tennis channel this morning. rb the formula one channel? what are we. tom: jon, for our american audience particularly who didn't see this over the weekend, what does it mean that someone from england did what emma did? jonathan: it has been decades. you've got to go back to virginia wade decades ago. just phenomenal. for the tennis world, and for people who are on the margin of the tennis world would like to look in and look at the majors every single year, we have been waiting for the fresh blood to take over from the likes of djokovic, fedor, the dollar nadal -- nadal. tom: was that a bit of tennis talk? jonathan: features of 21 on the

s&p. five days of losses on the s&p. it is five days of losses. we take a bite out of that this morning, up half of 1%. it is a small break on the euro-dollar. 2/10 of 1%. lisa: i want to pick up on the idea that crude prices are the highest they have been since early august. are we at a time where some of the demand is increasing or decreasing because of the delta variant? or should we look at the fact that stock prices have been falling. i think it will be particularly interesting to see what their prediction is going forward, especially as the u.s. sees ongoing disruptions from hurricane ida, more than half of supplies from the region still off-line. crude inventories in united states are the lowest since

2019. some of the odd dynamics create a very complex picture. it is the first day of public school in new york city. to me, the shift in tone is highlighted by the fact that we are facing a new type of reopening. it is not a "yay, let's explore," it is a new reality which is going to be pockmarked by us getting notices stating that our kids have to go home because they have been exposed to covert. -- covid. meanwhile, the new york conference go through wednesday, the first time it has been in new york. the interesting thing to me is the future of hedge funds in a time when assets have climbed to more than $4 trillion. they are in a hot spot if people look to some alternatives to get income with yields so low and

unlikely to climb anytime soon. jonathan: vegas no more, just to be clear? lisa: yes, the first time it is being in new york. well it return to vegas, or is this a new shift? jonathan: virtual and in person in new york city. tom: kind of like "bloomberg surveillance." lisa: and virtual. jonathan: and virtual. carl with us now. as the week progresses, i think this morning's time has come to have a little bit more of a deeper think about what is happening. you have compared crisis to recession and make distinction between the two. >> thanks for having me on. a price as a downturn where you don't have a policy response. that is where we were a year

ago. we had a pandemic, we had no solution for it. with no good policy response, you have a crisis. what we are in right now, but the crisis did is create a recession. in a recession, we know what we have to do. the problem with this recession is that most of our policy tools are already exhausted. going into a period where we normally would expect to see policy supporting re-engagement of people in the workforce, policy is pretty much hamstrung, already doing all it can do. tom: your legendary across the time of lehman brothers into world crisis two and three, four decades ago, watching gloom turn into a good workout. are we just impatient right now, worried about 16 things in three months that may take three years to fix? carl: three years would be a

conservative estimate if history is any guide. some of the people in the markets these days were also in the market in 2008, 2009. people forget that even though gdp got back to where it was prior to the global financial crisis in just two years, the unemployment rate didn't regain 2008 levels until a decade later. that kind of delay in employment is actually normal. it is why we have recessions. recessions are a purge of excesses. from too many workers, we purge. we find we could do just as much with fewer workers and then it is very slow to bring them back. i think that we are overly optimistic in expecting that everything is going to be back to the way it was by the end of this year, especially in the labor markets. and at the labor market is now

the criteria for changing monetary policy, recovery or changes for re-normalization of monetary policy is going to be further out than most people expect. lisa: are you saying that the federal reserve is out of tools to fight another recession? carl: i think they've extended about as much as they can go in terms of qe. technically, they could go further, but practically, will they do that? will they take the heat if there was another shot right now? what could the fed possibly do without unsettling financial markets? on the fiscal side, it is clear that there is not a lot of appetite anywhere in the world for more deficit spending. yet, that is what be required. -- what would be required. member, fiscal policy doesn't increase growth unless you get more each year. next year i think is a nonstarter, even in the most dire of circumstances.

jonathan: good to catch up and get your input on this show ahead of a big week. ethan harris at bank of america, this is the quote. " to the economist that underestimated the magnitude of the labor shortage, if supply constraints -- will get hotter. why is the fed waiting?" that first point, we are consistently underestimating how much higher that number is going. tom: it has gripped the nation and you see it in every single anecdote, every single conversation. i noticed some restaurants shutting down, they literally can't get people. you say it is a pandemic, we know that this is a pandemic. we will hear from john hopkins later. to me, the answer, this is evolving and we are wildly, each in our own way, impatient. jonathan: if supply constraints

ease, payrolls will surge. supply constraints remain, wages will get hotter. lisa, those are two very different outcomes. lisa: which is the reason why the fed is so hesitant. we don't know which is which, to the point of restaurants shutting down. to the point of wages going higher. i've been reading profiles of people in the restaurant industry who decided not to work in it anymore after their jobs were basically eliminated and they realized they could have happier lives in other industries. where is the wage differential to bring those people back online? jonathan: do you think it can if it is a decision about lifestyle? lisa: there are profiles in a number of different newspapers highlighting salaries that people earned in the food industry versus salaries they earned elsewhere if they can work remotely. this is a side-by-side comparison. at some point, the other side will have to outweigh the one they are moving toward. jonathan: the restaurant business is just so, so difficult to work in.

been there, lived it. it is for the hard. tom: it has always been hard. imagine what it is like now. i've been in restaurants that are absolutely packed. you are sitting at a bar, you can't get a table, and yet they are struggling. jonathan: cpi coming up tomorrow. retail sales later this week. yields at about a basis point. the equity market, bouncing from five days of losses. next on the program, the democrats slimming down the tax plan. we will head down to washington, d.c. next. on radio, on tv, for our audience worldwide. with a bit of a bounce back in new york city on equity futures up a half of 1%, this is bloomberg. ♪ >> another sign that north korea is trying to increase its capabilities of nuclear strikes against south korea and japan.

they announced they testfired a new long-range missile over the weekend. it is the first known missile test in north korea since march coming days after north korea staged its first military parade since joe biden became president. united nations nuclear watchdog is gaining access to the country's atomic facilities. they will replace damaged surveillance cameras and memory cards. . house democrats are set to propose raising the cut of corporate tax rates, but less than what president biden was asking for to help them pay for the $3.5 trillion economic agenda. the current rate is at 21%. the top rate on capital gains is live from 20% to 25%. and the u.k. will abandon plans to require coronavirus vaccine

passports to enter certain venues. authorities also may soon drop mandatory testing for returning travelers. this is even though the number of cases still remains high. and china reportedly was to create a separate app. regulators told -- to go back to its roots of young a payment service provider. that happened weeks after the last-minute cancellation of --. global news 24 hours a day on air and @quicktake. powered by more than 2700 journalists and analysts in more than 120 countries.

♪ >> he will not have my vote on

3.5, and he knows it. there are so many differences that we have here. there is so much apart from us and where we are. i'm getting different things out of the talking and working with people. it makes no sense at all. jonathan: the man standing between the president and his agenda, some of his promises. it is joe manchin of west virginia. good morning alongside tom keene and lisa. five days of losses on the s&p. then, we come back this monday, yields are lower by about a basis point. fruit doing nicely, $70. just a little bit of a lift in the commodity markets. tom: a little lift. aluminum getting back. jonathan: aluminum getting back.

tom: it is not a vegetable. jonathan: carry-on. tom: joe mathieu joins us, the only one on the team who understands the term price from stockbridge to boston. the most important guy i'm watching right now in washington is not joe manchin, it is neal of the first congressional district in massachusetts. explain how important chairman neil is. >> richard neil could arguably be the most powerful man in washington today when they come out with the big draft that we have been talking about here. new rates for corporate taxes, new rates for capital gains, both of which, as we have been reporting, fall short of what president biden wanted. he is going to have a big day ahead. tom: i agree, but does he have the power that others had years

ago? does he have that power, or is the power lessened because of the dominance of leaders? >> it is lessened by the razor thin margin and indeed, the dominance of the leaders is important. nancy pelosi is running the show right now. but at some point, you have to let the tax-writing ways and means committee do its work. they are trying to make up for some of the items that joe biden frankly didn't even have. a surtax on the superrich, people making over $5 million per year. there's even a $100 billion tax on tobacco. i hope people don't stop smoking or we are not going to be able to pay for all this stuff. i just wonder what a pack of cigarettes is going to cost. lisa: putting that aside, i was looking through some of the tax proposals put out there by house democrats and the entire amount of revenue raised amounts to about $2 trillion. is that what we are talking about now?

a $2 trillion plan? joe: well, you get $2.9 trillion from the math we did on this overall. let's say everything past. you are still shy of $3.5 trillion. when you and the dynamic scoring that suggests that this plane will create growth, that brings you to 3.5. i'm wondering if this gives joe manchin cover. he didn't like $3.5 trillion. even more, he didn't like deficit spending. can he go home and say that he brought the overall price tag down and helped to get certain benefits for people in west virginia? this is a little bit of a game changer based on the numbers we had, even at this time yesterday. lisa: is it a keen change for tax lobbyists in terms of what the final tax rate will be for corporations at 26.5%? the capital gains tax would rise from 20%-20 9% -- 29%.

if this a win for tax lobbyists? joe: they have been winning all along. the business roundtable, even the national association of manufacturers is going to involve an enormous amount of money and effort, and that is somebody always making money in washington. tom: you nail it that the lobbyists are doing this. but from what you see including the madness up in boston, is it the same process as before, or is there something different in this pandemic era? joe: i'm not sure exactly what you're getting at, but the process of dealmaking at the same. you guys remember the cornhusker kickbacks? the louisiana purchase? these were the deals that made obamacare happen. tom: what is it going to give joe manchin? joe: i'm dying to know. how about we give everybody work in the casino. we were talking about that.

something in west virginia beyond his own reputation will make joe manchin happy and if anyone is going to figure out what it is, is nancy pelosi. lisa: looking at uncertainty going forward, joe manchin signaling the end of september with unrealistic -- what is the new timetable? joe: if anyone tries to give you an answer to that, they are probably making something up. lisa: are you going to make something up? joe: i will try to make something up right now. let's remember, these are self-imposed deadlines. nancy pelosi promised moderates she would have a vote on bipartisan infrastructure by then. that is going to create a whole new problem for her amongst moderate democrats, progress is pushing the gas pedal on $3.5 trillion. we haven't even mentioned that debt ceiling yet. a government funding bill by the end of this month. it is going to be time for nancy pelosi to start setting priorities. this is typically when we start to see motion, when everyone's

heels are dug in. it is like a stock that has been consolidating for months and months and is ready for a breakout. we could find ourselves next week in that position. jonathan: can we frame that? is he welcome back? can he come back tomorrow? jonathan: he is up early. sound off a little bit later. let's get real about what is happening down in d.c. joe manchin, what does he want? tom: i think what he would like is a democratic majority. over the weekend was just brutal, no other way to put it. jonathan: do you think he wants to keep his seat more than anything? tom: there is a huge difference

in majority versus minority power. and you talk to experts. not me. you talk to experts, they are at risk of losing with these increased taxes. lisa: right now inflation is becoming an increasing issue for the election. joe manchin is in a razor thin district that voted for president trump. the question i have, what actually gets their attention in terms of constituents? is it just that spending is bad? are they concerned about inflation? how much is that going to be an inflation issue? jonathan: coming up on the market, looking forward to catching up with the head of technical or macro strategy. we catch up with him a little bit later this morning. future market right now up 24 on the s&p, bouncing back from five days of losses. we are positive. yields come in, 33.26.

crude positive. the euro-dollar, we are negative on that currency. 2/10 of 1%. from a beautiful new york city this morning, good morning to you all. this is bloomberg.

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♪ jonathan: live from new york city, for our audience worldwide on tv and radio, good morning. five days of losses, a bounce back this morning. the nasdaq, we advance about half of 1%. we are up there by about 910's of 1%. let's switch over to the bond market. fed chair jay powell spoke in wyoming, virtually speaking. we are basically banking on the average of where we have been. we have had a little bit of dancing in between, but relatively stable going into next week. two pitstops on the road to the 22nd this week. tomorrow, retail sales on the backend of this week.

retail sales coming up a little bit. a flatter curve going into next week with those pitstops still to come. jeff curry talking about the potential for scarcity. supply is a problem. we talked about that in the aluminum market. that is a market check. tom: you look at the lme and the vegetable index as well, crude rounding up to $74 per barrel right now. christopher joins us era on the technical structures of the market. i got a one hour conversation, we are going to have to squeeze it in fast. you, like i, look at the q. the flows are tangible into the roulette wheel of wall street. what is a signal that you flows

are better than good -- cube flows are better than good? >> this is something we have to be mindful of. flows are about extreme as we saw in may, june of 2020. that was right preceding that very vicious rotation for some of the value-oriented names. we sit here in the middle of september, i just want you to be aware of this for these next 3, 4, 5 months. you have seen a lot, a lot, and a lot of money chasing a qubes. what i think is really notable, if this is going to be this continuation, why is copper starting to firm? why is crude back above 70%. i think there is some risk given how crowded it has gotten. tom: the media loves to look at daily charts. let's go weekly or monthly as you do.

it is real simple. what is your to do list today, looking at weekly and monthly views? >> it's a good question. at this point, the end of summer of 2021, the question i'm asking is what is already priced into this market? there is a fairly reasonable case to be made that over the last 4, 5, 6 months, we have already priced in a reasonable growth scale to the market. the lens through which we see that is volumes. the economic data keeps surprising on the downside. but bond yields keep making new lows. we've also seen a big positioning reset and a lot of other securities. we see big outflows from financial. that was a major change from earlier this year. taking a step back and looking at this from a longer-term perspective, we priced in a lot

of this growth, a lot of this fear that people are talking about today. jonathan: you're touching on the issue right now for a lot of equity investors, whether we can get a second leg of that cyclical -- cyclical trade and restart to stall out in the middle of march. do you think we can? chris: i have no idea what the headlines are going to look like over the next two or three months, no idea of the data is going to look like. but what i do know is that the positioning set up is so dramatically different then it was in february and march. as you say, you go back to earlier this year, everyone was a small cap goal. that has changed dramatically. i think at the very least, there is a pretty big positioning case to be made that the set up here looks very, very different than what we saw earlier this year. jonathan: that is a positioning story. let's talk about fundamentals.

it was pretty clear what the catalyst was when it came around. the efficacy data for vaccines worldwide came out in november, off to the races. what needs to go right on the fundamental level for that story to materialize? chris: as we started the reopening earlier this year, the bar for the data was high and i think it was very difficult for the data to live up to that bar. as we transition into the final months of the year, the data is actually lower than where it was earlier this year. i think the ability to exceed expectations is probably higher today. i want to make an important point here. if you got the covid story correct in march or april of 2020, you would have gotten the markets wrong. i don't want to forget that. there is so much attention on where we are in this cycle with covid. even if you get that story

right, it doesn't mean you are going to get the markets right. that is a very important point to make. lisa: arguably the reason why is because the fiscal and monetary response to the crisis. as we see the economic data most disappointing versus expectations going back to last year, some of the peak months for the crisis, there is a question, how much appetite is there to do more on the fiscal end on the monetary side? how do you dovetail that with a more optimistic tilt to what you are saying? chris: -- is on top of all this for us from a fiscal, monetary side. this is where i think our role is trying to get an understanding of the market already discounted. that is where i go back to the surprises. the data has been on the downside for the last 6, 7, 8 weeks.

there has been a clear change in how some of the macro securities have interpreted this. the last few weeks, data at new lows. crude back above 70. there's these hints at this around the world, even in europe where i think cyclicality's are resurgence. i'm staking my flight with the claim that if we transition to these final months of the year looking ahead to 22, the bar is sufficiently low for some of the cyclical stuff to surprise the upside. conversely, i think the bar is really, really high for some of the other stuff. lisa: meaning that you think there could be some sort of significant downturn in the growth sector, even as we tilts back into cyclicals? chris: when you look at that data that tom started our conversation with, this is basically as aggressive as we have ever seen. that tells me how high the bar is for some of these stocks to

keep rising. i think there is some risk as we moved to the balance. tom: we say good morning to douglas watching in florida, a very cautious and short view in the market. he says i am remiss if i don't ask christopher about the yankees watching the blue jays run away with a wildcard or the lack of bread in the market. how do you measure brett? does breadth matter to you? >> tough loss for the mets. i think as far as breadth goes, one of the things i'm struggling with right now, i think it has respected the 50 day moving average eight or nine times this year. but along the way and under the surface, we've actually lost some of the soldiers on the field. only about 50% of the s&p is above the 50 day. only about 55% of the nasdaq 100 is above the 50 day. i wonder as we moved to

september, before we get a good rally, do we need some type of clearing event? do we need some deeper drawdown? what i'm watching, the percentage of names above the moving average, that is a reflection of momentum to us. it is frankly, pretty pathetic. jonathan: got to leave it there, good to catch up. head of technical and macro strategy. listing the price target on the s&p 500 from 43.25 to 4500. introducing the price target at 4900 and year. while we have lifted our year-end target by around 4%, we want to be clear about the message we are sending. we continue to think the s&p 500 will experience a bout of volatility before the year is up, a call that we have been making for the past several months to elevated equity market sentiment and positioning. tom: that's great, and i guess

that is a bullish thought. particularly, with the timeframe of 18 months. to me, this is all timeframe. everybody that we've mentioned is going narrow, narrow, narrow. they are going down. what is going to happen next week, next month? john, what happens to 2024? lisa: can i just say, we have amy silverman coming up in about 20 minutes. she said they have been jokingly calling this the ed shearon or dave matthews rally. watch for all the hate mail. people like it, so it continues to go up. jonathan: people like ed. lisa: it's controversial. jonathan: do people hate him? tom: i actually listened to ed's new album this weekend. lisa: to prepare for this joke? tom: i love the sound, but i

just don't get it. to me, it is like warmed over coldplay. what i do love is the new casey musgrave's album. absolutely stunning. lisa: amazing. jonathan: that is brutal. on the open a little bit later on bloomberg tv. lisa: ed sheeran or dave matthews? jonathan: i'm not sure what i think of that. lisa: either way, it continues to go up. jonathan: who is dave matthews? lisa: are you joking? [laughter] jonathan: in new york city this morning, good morning. this is bloomberg. tom: please. >> the state of the louisiana facing another storm of

potential flash floods two weeks after being battered by hurricane ida. a state of emergency has been declared because of tropical storm nicholas. it has triggered a storm surge warning along the texas coast. heavy rainfall and possible flash floods are expected in southwest louisiana through the middle of the week. senator joe manchin is suggesting that a late september target for a house vote on infrastructure spending is unrealistic. he has released objections to the proposal. more than 15% in the last three weeks, demand for aluminum keeps rising. chinese outlook is down and eight coup -- and a coup in guinea.

backing out of a merger deal with canadian national runways. canadian nationals bid unravels amid questions whether it can win regulatory approval. which will become the first to operate in canada, the u.s., and mexico? and medvedev ended djokovic. medvedev won the u.s. open final in new york. djokovic was trying to become the first player in more than a half-century to win all four grand slam events in the same year. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪

♪ >> when the safety record, when the efficacy record of those vaccines is, you know, so great

like we have with the covid-19 vaccines, it is almost more of a crime to not utilize those resources effectively to reduce human suffering. jonathan: going to catch up with a doctor from the johns hopkins bloomberg school of public health. good morning. alongside tom and lisa, i'm jonathan. monday morning, off the back of friday. five days of losses. i messed up. yields lower by about a basis point. into the equity market, we are up 27 or 28 points on the s&p 500. it is actually 6/10 of 1%. tom: now up 230 five points as well. still not 35,000. that shows the carnage of the last five days. jonathan: going to creep higher, isn't it?

just pulling back on the equity market into monday. enter next week, the main event, the 22nd. tom: we are going to stop the show, this is what we do. we talk to people in london, johns hopkins. we thank mr. bloomberg for that. university of washington microbiology. we are just going to flat out stop, joshua, after umpteen months and brilliant people like you trying to extricate us all from this pandemic, to celebrate that one million kids go go back to school in new york city today. i mean, that is a huge deal in new york city, back to school. let's cut to the chase. is it going to be safe? how do you go back to school and be safe if you are not vaccinated under 12 years old? >> i think it's going to be pretty safe. new york is taking as many precautions as it possibly can take.

it is really important for kids to be back in school, and it is a great thing that they are doing it, but it is going to require vigilance and different mitigation steps. masking, testing, other kinds of things, until we really get a handle on what the delta virus does in schools. tom: link your knowledge of the unvaccinated including the runner-up of the u.s. open, i believe, on the male side -- leaf the unvaccinated across this nation with kids and teachers and staff going back to school. >> well, one thing that has been clear is that states with more people who are unvaccinated are also seeing many more sick kids, particularly young kids. that is probably because adults who are unvaccinated and get sick can really infect kids, effectively. and adults who are vaccinated,

it is much harder for them to infect kids. i think that one of the ways we can protect kids is to have adult generally vaccinated. a second way is to have adults in schools vaccinated. i'm very supportive of policies that require adults in schools to be vaccinated. it is absolutely for the safety of the kids. lisa: almost every parent is going to get a dreaded emailed in the next couple of weeks saying somebody in your kid's school was diagnosed with covid. don't worry, or worry, you have to quarantine or not quarantine. what is the correct protocol if summit is within six feet for 10 straight minutes within a school? >> when i would say is it is really important to have good communication about that and to explain to parents as much as possible exactly how this will be handled and then follow through on that, rather than surprise everyone. it is going to be expected that that may happen, here is how we

are going to deal with it. in general, for kids who are vaccinated, older kids, they do not necessarily according to the cdc need to be quarantined. some schools may want to do that out of an abundance of caution. others may want to try these tests to keep kids in school. i think the most important thing is that they are explained to parents and the school is monitoring whether their particular approach works based on what they see early in the school year. tom: the start of the new york city school year really highlight how people are trying to get back to some semblance of normal. city workers have to be back in person. and yet, it is pockmarked by all these notices and by the ongoing spread of the virus. when do we get to some sort of equilibrium? or are we heading into a perilous fall where people are trying to act like everything is

normal, when it is anything but? >> i think we are now into a bit of a new normal. we can go to work, but we may need to wear a mask or make sure everybody is vaccinated. people need to be a little bit more vigilant. i think we are going to be in that period for a while, at least until cases really go down and we get a little bit more of a distance between us and the virus. it obviously depends on where you are in the country. at our schools, we have kids back in class. we have a little bit more distance than usual. fewer people in the classroom. you can sit three feet away with a mask on and everybody is vaccinated. we have a new normal, but we are excited to be in the classroom and teaching. jonathan: i think it is fair to say, lisa, you and many others are anticipating a bit of a problem. lisa: my kids went back to school in the early and i will just tell you that they actually

have already had to stay home for a week as a result of this idea that somebody was exposed. jonathan: just got started. lisa: it with the second week. wonder what kind of provisions people will make to potentially have childcare when they have to go back to the office. jonathan: your experience, lisa, the experience of so many right now. tom: i think what is so important here is the idea of how the president has made clear this is strident, but he taught enough about the schools within that stridency. jonathan: johns hopkins bloomberg school of public health. vaccine, goes back to the labor market. how do we address some of this? lisa: you keep talking about how september was supposed to be the month we got back to normal and this is a pivotal issue. as kids are in and out of school, how can people reliably go back to the opposite -- office? it is very difficult to

rearrange her schedule on a dime because your kids suddenly have to work from home for the next 10 days. jonathan: kids go back to school, great news. and that was meant to be an incentive to get people back to work. september is just not the month people thought it would be. how many times have we said that now after spending literally months saying this is it? things will get better. tom: we are allowed to pause. lisa: thank you, tom. tom: we will get through it. lisa: we are allowed to pause. jonathan: this is great therapy. lisa: therapy for us. tom: the fed meeting, forget about that. i'm way more worried about revenues and earnings than that. jonathan: are you, tom? on what side of things are you more worried about revenue than earnings? tom: do you know what, that is a beleaguered question. my brilliant answer right now is i guess i'm more worried about

revenue because that is not what the pros are worried about. they are worried about earnings. jonathan: bouncing back after five days of losses. up 6/10 of 1% on the s&p. tom: two shots. two shots. jonathan: this is bloomberg.

>> policy for the most part looks like it is going to be somewhat benign. there's no fears of taper from the ecb or the fed. >> they won't do it in september, i don't think. i think they will announce in december that tapering will start from january. >> we are in a place of strategic ambiguity. > we know for a fact every time something goes wrong, we come back with even more policy stimulus. >> there's a serious debate going on, and they have agreed until disagree -- they have agreed to disagree until december. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: stocks up, yields down. for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up 27, bouncing back 0.6%. it week for economic data