alix: i'm alix steel. this is bloomberg commodities edge. we focus on the companies, physical assets, and trading behind the hottest commodities with the smartest voices in the business. it was really only one story this week, exploding gas and power prices in europe and the u.k. which have profound implications. let's start with the u.k. record high power prices taking a break today but at insanely expensive levels, and the fact that this is happening with a mild september is worrying going into colder months. that leaves us with the gas story. gas has become even more important, currently making up 65% of u.k. total power, versus 5% for wind. the situation got worse this week as a large fire at an electrical converter station shut down a cable that brings power from france. it is not just the u.k. but

europe as well. high gas and power prices are taking up a ton of government subsidies. one solution is to import more lng. but this chart shows prices trading around the same level which means there is no price incentive to divert cargo from asia to europe, which means gas prices may have to rise even more. let's get into the ring and asked the question, can coal come to the rescue? joining us now is our renewable team leader. is coal the answer? >> that is hard to say. call piles in european ports are at the slowest level -- lowest level since 2016. china is coming back, they need more electricity, so they are burning coal. there is a competition for coal as well. it is hard to say, but i don't

think coal is going to be the one that save zero. alix: how long is this going to last for? >> another one that is hard to say. if the wind starts blooming, it could get better, but this is the summer. what will it be like in the winter when demand is really high? alix: it gets so complicated. thank you so much, isis. time for commodity in chief. today, we hear from the chevron ceo mike wirth. the big number right now is $10 million. they are investing in lower carbon technology over the next seven years, meaning hydrogen, renewable gas, and carbon capture. the goal is double-digit returns , and over $1 billion in free cash flow by the year 2030. that means chevron will spend 10% of its budget on the energy transition.

the company will also spend 20% of that money to reduce the carbon intensity of its own operations. it is pretty bold for chevron, not as bold for its european peers. chevron will grow production while reaching its climate goals. on the flipside, european heavyweights like bp and shell are pivoting to more renewable energies over time like wind and solar, which mike wirth things is a crowded space. rbc wrote, we are surprised the release doesn't mention any net zero long-term targets like its peers have announced recently. its emission targets are conservative and we were expecting the cup need to increase its ambition. chevron stock has underperformed shall's over the last year while outperforming bp. i sat on with ceo mike wirth and asked him what kind of policy and oil price assumptions chevron is working with in its plants. mike: the range of uncertainty

is wider on technology, cost, rate of market development. the aero bars are larger, but we really focus into geographies where we think the right combination exists. these are places where we have the capabilities, assets, and customers to start these businesses up. california is a great example, where our headquarters are. california has carbon pricing policies that exist to incentivize investment. we are building a carbon negative powerplant in california, working on hydrogen out to retail in the transport sector, renewable natural gas, sustainable aviation fuel business is where california, where it begins. we believe those learnings will help us extend into other markets, other geographies, and policy will evolve. alix: how price-sensitive is it?

if oil goes from 75 to 40, do you rethink that plan? mike: we are a long-term allocator of capital. with covid, we saw negative oil prices and real questions, be bold capital spending down in that kind of environment. by and large, we take a long-term view on these things. commodity cycles are part of our business. our plans need to be robust through a range of prices for traditional and these new energy products. they are price dependent to deliver returns but they are not in the short term going to be -- our plans will not change if we see trends above or below unless there is a structural change. alix: if the returns are dependent on price, what kind of price do you model your returns at, if you are looking at double-digit? mike: oil prices that look no higher than we have today, similar for gas.

we have been in a lower for longer view on commodity. there is a lot of hydrocarbon in the world that can be brought to market pretty efficiently. we believe the new energy technologies need to be able to compete in a world like that. the sectors that we are focused on we think offer attractive investment opportunities. alix: 50 to 75? mike: that is reasonable. alix: take a look at that in relation to businesses that you are getting into, hydrogen, carbon capture. i wonder what the long-term use case is? is it to use for yourself as a company to reduce in missions, licensed technology? what is the business case 15 years later? mike: renewable fuels, we are investing in renewable natural gas, sustainable aviation fuel, sustainable lubricants. we are working with some of our biggest customers, people like

the airlines on some of these products. those are really for solving customer problems. hydrogen can be used as a storage medium for energy, can be used in transportation, could help us with marine transportation. that would go into some different sectors in renewable fuels, light duty transport. carbon capture and storage could help us reduce emissions in our own operations and help customers offset the emissions of theirs. each will have a slightly different application from potential benefit internal to some exclusively for third parties. alix: what is the premium you know so far that the end user is willing to pay for green energy? mike: great question. in some of these product lines, renewable natural gas in california is substantial, but it comes via a credit system that is not very transparent to

the customer. the price that we ultimately receive on these products is higher than it is for conventional natural gas, but it is not necessarily born directly by the customer. it comes through a series of tradable credits and things, which is one of the challenges over time. as costs are higher for these products, if they are not transparent, people don't understand. part of the conversation is going to be to help people understand what is this going to cost across society broadly at scale as we go on this journey. alix: are you reevaluating any current products -- projects you have based on carbon intensity, like an oil sands, venezuela, and/or how are you modeling future investments in new projects based on that? mike: our current portfolio, we have a comprehensive process that has a long name, marginal statement cost. alix: very catchy. mike: we look at the amount of

carbon that can be reduced for a dollar investment across our portfolio. venezuela, oilsands, everything we are in, we are working to reduce carbon emissions from all of our operations today, which is what we think a responsible operator ought to be doing. portfolio decisions, whether we maintain an acid or sell it to someone else, i wouldn't say that is the primary driver. it's a part of the discussion but it is more does it fit within our portfolio, do we think we can manage this asset well? some things reach a point in their life cycle where an operator is better than us. new investment, we think quite a bit about the carbon intensity. we have over targets about our portfolio. before we put capital to work, we ask questions, what can we do, where can the technology go, where does that take us from a technology standpoint? we have a lot more control at the entry point than you do once

you're into something and you have to make the best of it. alix: at some point, will you be left with stranded assets if you don't want to sell of an asset that is high carbon intensity but you are not going to develop it? mike: if we are not going to continue to develop an asset, historically, someone has been interested in taking that on. i don't think we will have assets that are truly st randed with no utility. most people's view is that we will use our products for many decades to come, and the change is likely to be very gradual and trends that are seeable. capital allocation into the industry, if and when those trends become apparent, will reflect that as the world has grown. alix: that was my interview with mike wirth. time for commodity kicker. it is an underwater tale of toxic mollusks.

female octopuses sometimes throw silt, algae, and shells who attempt to meet with them. researchers observed them blasting a jet of water that blows the material. they were only successful about half of the time. if you want to elicit some smiles from your eight-like it or more, try some tickles. that does it for commodities edge. this is bloomberg. ♪

>> this is bloomberg markets. we will discuss the latest read on the consumer with the cofounder of rent the runway, and get an update from forward on its factory expansion in michigan and speak to the ceo of ci financial on its acquisition of a wealth manager. first, let's get a check on the markets. we had that big upside surprise on retail sales earlier today. that is not translating to positivity in the equity market. s&p 500 down point percent. pretty much every sector is in the red today. one exception is consumer discretionary, having to do with that retail sales number. we saw yield sharply higher, have retreated a touch but we are still down about two basis points on the 10-year.

the other part is the growth fears out of china, dragging on the industrial metals. copper futures down nearly three percentage points. worst day for copper in a month. let's get back to retail sales numbers showing americans are opening up their pocketbooks once again. purchases climbed .7% following a downward revision .8% decrease in july. let's bring in jenny fleiss, cofounder of rent the runway. great to talk to you. let's start with the upside retail sales surprise. have we underestimated the resilience of the u.s. consumer? jenny: consumers are excited to get out there again, spend, go to activities, back to school in particular. there was a lot of good momentum we saw around that space. kailey: when you look beneath the headline number, apparel was

only up .1%, so the items that consumers are spending their money on is changing? jenny: to some extent. you have a lot of ship going from physical to digital. in terms of items people are spending on, pretty modest growth across many sectors on a month-to-month basis. the entire change was pretty small. i think a lot of it is based on products and use cases that customers had not prepared themselves for admit covid. it is measuring the practicality of spending and the resources that someone has to spend with other forces like the actual need to outfit yourself for meetings that people are having, or back to school. there are some tailwind with products like after pay, by now, pay later solutions, that are enabling consumers to live in the moment and spend. even if they don't have the means today, it gives them the flexibility. i think the market has adjusted

nicely to meet the consumer where they are today and with the resources they have. kailey: we know that retailers by and large are dealing with supply chain issues, and that means higher input costs, and they pass that through to the customers. will there be a point in time when consumers are less tolerant of those higher? jenny: it is definitely an issue right now, in terms of shipping costs getting passed on to consumers. shipping timelines are increasingly frustrating for consumers. i think we are seeing more consumers pass along shipping costs and prices whereas free shipping was something that we got use to. the reality is it costs money to ship products. consumers are more aware of the sustainability impact and the importance of thinking before you click to ship so easily. there is increasing awareness from consumers, as well as the reality of changing prices. supply chain constraints, which

started admit covid, are still an issue. back orders or products, pieces taking longer. one thing that has evolved, customers are more tolerant of some of the shipping delays. we got pretty addicted to amazon two-day shipping. amidst covid, there was more understanding that certain products just take more time. everyone is under delivering, so there is an understanding that that will probably erode as we bounce back. kailey: just one of many things we have had to get use to. speaking of delays, the holiday season is three months away but it is not too far away. do you think the strength of it could be undermined by these issues? jenny: potentially but i'm still hopeful of a resilient holiday season where we will see an increase. you see customers really eager

to celebrate and engage with friends, if anything, because of the missed opportunities last year. people may start planning earlier about their holiday purchases and planning. this behavior that we got addicted to, last-minute shopping, customers now understand that you need to factor in more time. some of those retail sales getting pushed earlier, some of the focus and promotions starting earlier. kailey: in your role as a venture capitalist, what kind of business would you be looking to invest in here? jenny: we keep so many interesting businesses. there are couple of trends that we are watching. sustainability is on everyone's mind, in the corporate way but also consumers. to be invested in an e-bike company that has incredible design as well as a use case

factor, people traveling in a more eco-friendly way. we are looking at businesses like an arts and crafts business which has had amazing success in back to school, is able to deliver a high-quality product for someone who is focused on crafting. it is a discipline now of thinking about the opportunities and tailwinds that exist in many sectors, digital growth and sustainability, and balancing that with what is often inflated valuations. a lot of capital flowing into early-stage businesses. kailey: thank you so much for your time, jenny fleiss, cofounder of rent the runway. still ahead, jerome powell opens up a review of investment rules for fed policymakers after ethical concerns were made. more on that, next. this is bloomberg. ♪

this is bloomberg markets. i'm kailey leinz. fed chairman jerome powell opening of a review of investment rules for fed policymakers as accountability comes under fire in the week of trading activity revelations for eric rosengren and robert kaplan. with us is international economics and policy correspondent michael mckee. both have taken what you may have called corrective action, pledging to sell everything by september 30, but are you surprised by this move? mike: not at all. the ethics rules that they had allowed these loopholes. presidents and vice presidents are in theory subject to the same rules as the board. they allow to something that was not illegal but didn't look very good. one would expect them to tighten that up. kailey: technically, they follow the rules, but they -- we are in

an unprecedented time of monetary policy, so should the rules change to go along with that? mike: they will change the rules and make it tighter, maybe ban trading, and i suppose could go as far as blind trusts. they will take this out of the equation. in either case, it appeared really that kaplan or rosengren were benefiting themselves. they were making the arguments that were going against their book, as it were. but you don't want that perception. kailey: those on capitol hill have paid attention to this. elizabeth warren wrote a letter to the regional fed president saying you need to change your policies. there has also been criticism around the fed's response to capital change and it's become a large question over whether chairman pat will be reappointed for a second term.

is there anything the fed can do about climate change? mike: there are things they can do, but should they? they could say that they will buy green bonds as a part of qe, and they would have to define what green bonds are. they are working on regulations for banks, putting into stress test climate change to make sure banks don't own property that will be underwater and then cause a systemic problem. the issue is the progressives would like them to do something like the ecb, which is following the guidance of european politicians, making it a centerpiece of what they do. do you want the federal reserve to respond to a political imperative? no matter how you feel about climate change, do you want them to respond to a political goal rather than an economic goal? somebody else could come in, control congress and demand they regulate something else. that is the issue before the

fed. the fed would like to not get involved in that kailey:. kailey:it has been a large question over the last five years. michael mckee, thank you so much. coming up, ci financial is set to acquire a silicon valley wealth manager for $5.2 billion. we will discuss the deal with the ceo kurt macalpine. we are still looking at a red day for the equity markets, lower across the board. yields are higher. 1.32 on the 10 year. upside surprise. .7% higher month on month. economists were expecting a decline. the resilience of the american consumer surprising us all. this is bloomberg. ♪

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mark: i'm mark crumpton with bloomberg first word news. president biden is set to promote his massive middle-class spending plan in a white house speech within the hour with

trillions of dollars in play. the president is banking on a message of fairness to get his message through congress where his party holds a thin majority over republican opposition that is showing no desire to compromise. the plan focuses on education, childcare, and the climate crisis battle. senate republican leader mitch mcconnell says raising the debt limit should be strictly up to the democrats. it's in response to treasury secretary janet yellen's recent call for bipartisanship. a spokesperson for senator mcconnell says democrats are engaged in a reckless tax and spending spree and will have to boost the ceiling on their own. the government could run out of authority to spend next month. it will not be all sightseeing for the first all civilian crew of a man space mission. elon musk spacex watch the four into orbit yesterday. they are set to conduct medical research during their export --

excursion. passengers include a tech billionaire. report say he may have paid $200 million for the flight. he will donate another $100 million to charity. an outbreak of covid-19 in the kremlin has sickened dozens of people who were close to bottom reboot in. president putin announced the issue during a videoconference with members of the collective security treaty organization, a military alliance, and said he will solve isolate. the leaders said he had been in close contact with an aide who was later diagnosed with covid-19. 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'm mark crumpton. this is bloomberg.

amanda: welcome to bloomberg markets. i'm amanda lang. kailey: i'm kailey leinz. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. ci financial is set to acquire a silicon valley wealth manager for $5.2 billion. we will discuss the deal with ceo kurt macalpine . is investing -- ford is investing $250 million into its factory to develop the f-150 lightning we will discuss with kumar galhotra. and freeport mac moran is down more than 7% in today's session. we take a look at the company as metal prices fall steeply .mark: that is our stock of the hour. amanda: we are watching stocks perform somewhat weekly across

north america, negative action and almost every subgroup of the s&p 500, modest strength from consumer discretionary and real estate. the real decliners, material and energy. energy has been a leader the last two sessions. today on the downside even though the price of oil is elevated at historical levels. we are seeing some reaction to the stronger retail sales coupled with a weaker cpi. it could be the inverse of bad news is good news formula, which is to say good news means the fed may have to pay attention sooner rather than later. we are not seeing massive moves in any one direction today. we are watching the 10 year treasury yield. 1.32. a fairly big move on the day and we are also seeing a move in gold that is probably worth noting. we have been watching ci financial on something of an acquisition spree.

today, it added another name to its roster with a $5.2 billion acquisition of silicon valley portfolio partners, a wealth management move to my getting the company deeper into that space. we have with us now ceo kurt macalpine. kurt: thank you for having me. amanda: this is obviously a strategy underway for you. wealth is still a small part of your business compared to investment management, asset management. where do you see it playing for you as you make these acquisitions? kurt: one minor detail. we are buying portola with $5.2 billion worth of ultrahigh not assets. the purchase price was not $5.2 billion. onenuance as it relates to the framing of the transaction. the reason we are so excited, it really links back to our corporate street -- strategic

priorities which we rolled out in november 2019. there are three parts to that, modernizing our asset business, globalizing our company. since rolling out those priorities, we have set to work executing against all three. historically, ci was larger in asset management than what we are in wealth management. when we started the strategic transformation, our asset manager was more than triple the size of our wealth management business through a combination of fantastic organic growth and m&a, our wealth management business is $30 billion larger than our asset managers. kailey: let's talk about m&a. what is next on the shopping list? kurt: we are looking specifically to advance our company to either modernize asset management, expand wealth management, or globalize our company. we have completed around 25 transactions over the past couple years. every single one of them was designed to help us advance

against one or more of those strategic priorities. if you take a forward-looking view from here, you would likely see us continue to be active in the u.s. ultrahigh net worth space, selectively active in asset management, as we looked around at our global and as wealth management business. amanda: you have also opened miami headquarters. you join a bunch of other finances moving to that state. what is the benefit to being there? kurt: it is really based upon the explosive growth we have had at the company level. when we were forced to shut down due to the pandemic in march 2020, we didn't have any u.s. assets, didn't have any u.s. employees. fast-forward to today, we have north of $82 billion in the u.s., around 1000 employees. it was important to establish that corporate headquarters where we could oversee our u.s. entities, focus on executing our u.s. strategy, expand our

business from their. the timing was right given the size and scale of the business we have in the u.s. kailey: when will he have all of your u.s. employees at the headquarters back working in person, will you make any mandates around and being vaccinated? kurt: we are working through that right now. we have a two-pronged approach to all of our businesses, which is true in canada and in the u.s. miami will be our corporate headquarters but we have 21 different operating businesses in the u.s., which gives us a nationwide presence. many of those employees are back in the office today. the building that we chose to enter in miami is still under construction. it will take us a while before we formally move in. it is slated for november of 2022. we have more time before we move into the new u.s. headquarters, but we do intend to keep our employees in the operating businesses across the country where they are. amanda: how much of the move into wealth is a reflection of bigger trends around margin

compression on the asset management side of the business, how much of that will continue? does well protect you from the competitive situation in the marketplace? kurt: i think they are different but coupled entry businesses. what excites me about wealth management specifically, the role of the financial advisor is more important today than ever. i think that statement will be true for probably the next 40 years. we are investing with conviction behind wealth management as a result of our strong conviction in that trend. when i look at where we are competing, high net worth and ultrahigh net worth segments, i see them as completely non-commoditize of align technology. you are dealing with households with affluence, family office services. it is very hard to displace the critical role of an advisory that a wealth management business plays in helping families achieve their financial success. kailey: you are expanding into a

u.s. that sees its policy environment influx. like now on capitol hill, they are debating a series of tax hikes. how are you preparing your u.s. clients for those potential changes? kurt: this is the benefit of having a high quality financial advisor. by focusing on the ultrahigh net worth segments and high net worth segments, we can cater our offerings to the needs of those investors. through a combination of experts we have, plus third-party experts, we have family office services, family governance, and we are working actively with the experts we have in serving up that information to clients as we hear it, making sure that we are being as responsive as possible to their needs. the uncertainty taking place along many different dimensions has further increased the need for people having high quality financial advice.

we are happy to have any $82 billion platform to work with clients. amanda: responding to needs or interests, you launched the ci ethereum galaxy etf. what kind of uptake have you had with that, when israel level of confidence in that going forward? kurt: we have phenomenal uptake. ci is a global asset and wealth management provider and we didn't have a deep background in crypto technologies, so we wanted to take advantage of the opportunity presented by the canadian regulator but make sure we were offering something better than all of the other solutions out there in the marketplace, recognizing me would have competition. we chose to partner with mike nova grants and galaxy, the expert in the space. we decided to price those strategies more competitively than anyone else. we have the cheapest bitcoin and ethereum products anywhere in the world, available in the most fractures. we have seen phenomenal success

since launching in the spring. i believe we have 1.3 billion dollars in our galaxy and ethereum strategies. they did not exist in march, so it has been a remarkable journey. we are just getting started and it's amazing to see how that has put us in front of new investors and allowed us to deepen relationships with existing clients. kailey: kurt macalpine, ceo of ci financial, thank you. talking crypto and that deal with portola partners, a firm with $5.2 billion in assets under management. ford is spending $250 million to expand its new factory producing the battery-powered f-150 lightning. we discussed the move with kumar galhotra, forward's president of america and international markets group. this is bloomberg. ♪

kailey: this is bloomberg markets. i'm kailey leinz. ford is spending $250 million to expand its new factory producing the battery-powered f-150 lightning. the automaker is boosting capacity to 80,000 units and hiring 450 workers as demand surges for the pickup truck which goes on sale next year. let's bring in kumar galhotra, president of americas and international group. you are obviously seeing robust demand for this pickup david i wonder what your biggest challenge is on the supply side, how these investments help you solve it? kumar: first of all, thanks for having me. sales of the f-150 lightning are

going well. the overall challenge that you mentioned, chips are the biggest challenge we are facing, not just for our lodges but production in general. the third quarter is going a lot better than the second quarter was but it is still a very unpredictable situation. we are trying our best to keep producing, as well as we can, given the chip shortages. amanda: our understanding is you have 150,000 reservations for the lightning, so there is some demand for the product. when you think about the end customer, is it the same customer as your traditional f-150? a pretty important model, or is it a new customer base you are finding? kumar: as you mention, we have 150,000 reservations now. the customers -- there is a very

wide spectrum of customers. customers are very interested in the electric f-150, one of the most iconic vehicles on the road , so there are customers who want an electric version of it. there are several customers who are not in the -- who are not f-150 customers today. they are a very large percentage of our reservations right now, coming from customers who have not owned a ford or f-150 in recent years. it will help us to expand our customer base significantly. kailey: there's is a push on the biden administration to invest in green infrastructure, ev charging, and that is working its way through legislation. how do you see that translating into demand for not just this pickup but ev's more broadly? kumar: i apologize, i missed the

question. kailey: the biden administration is pushing, it's part of a long-term economic spending two spent on green infrastructure, things like ev charging. how will those efforts legislatively translate to demand for not just this ev pickup but cars more broadly? kumar: yes. first of all, even today, we have one of the most extensive charging networks available in the country. but as we grow volumes and the overall industry grows volumes for electric vehicles, we will need a lot more charging stations. we are working closely with the biden administration. they have already submitted substantial funds to that charging infrastructure for our customers, which is fantastic. but i have to say, a lot of

customers, for the most part, use their vehicles to commute. as long as they plug in the vehicle in their garage every night, they leave the house with the equivalent of a full tank of gas every morning. that is something really convenient and wonderful about electric vehicles. every morning you leave, the vehicle is fully charged and you have 300-plus miles of range. amanda: that gets to the question i was asking about your end-user, the driver of these trucks. some of those drivers of the f-150 need the towing capacity, the power that comes, in some cases, with the diesel. as we see the shift to ev, what happens to the power? i think the answer is you need more battery charging time. do you match those things up? kumar: first of all, the torque is very important to our

customers in the segment. the torque from that are electric vehicles is fantastic and instantaneous. it is available almost immediately. we demonstrated, about a year ago, in a video that i think is available on youtube and other platforms, where a battery electric lightning can pull an entire freight train. that proves how much incredible torque we can provide for the customers, and it is instantaneous torque. this vehicle is going to be just as tough as any ford f-150 we have built, and just as capable, if not more capable from a torque perspective. kailey: at the end of the day, you'll need people to build them. we spoke about the semiconductor shortage earlier but there is also a labor shortage in the u.s. as you look to hire 450 more

workers, will you have to pay them more or give them incentive to get them in the door? kumar: we have a fantastic relationship with the uaw, our entire industrial footprint. we continue to work with them to find qualified great workers. for these incremental 450 jobs, i don't see a big challenge. we are really excited to grow our employee base, production facilities here in michigan, in partnership with our uaw partners. amanda: great to have you today, kumar galhotra. coming up, we are watching shares of freeport background falling today along with others in the metals base. that is our stock of the hour.

amanda: this is bloomberg markets. i'm amanda lang. it is time for stock of the hour. we are watching freeport-mcmoran and, in something of a roller coaster over the last couple of sessions on concerns about chinese growth, that is having an impact on copper prices. dave wilson is here with the bigger picture. dave: that is the challenge, seeing the picture. the last few weeks with copper, it really matters for freeport because that is where they get three fits of their revenue. not really going anywhere in the end. you had the potential for a strike in chile. that seems to have been worked out. now you have the concerns of debt issues, what that will mean for copper demand from china.

you put that together and you see the price on the london metal exchange going nowhere. why does it matter, what is happening in china and every grant? copper goes into housing, wiring, everything. 70% of the copper around is used for that. all the equipment carries a bigger share. certainly other uses but construction is a big one, no question. when you look at freeport, this is a company that has benefited from what copper has done over time. second quarter, 88% growth in revenue from a year ago. while analysts are expecting slower growth in the third and fourth quarter, you are still talking 41% for the fourth quarter, more than the 15% you saw in last year's quarter. put it all together and you can see why freeport is so closely tied to copper. kailey: there is the china question but being so closely

tied to copper for a lot of 2021 has been a good inc.. raw material demand has been strong. dave: all kinds of metal stocks have benefited from it. u.s. steel, natural resources, alcoa, aluminum prices have been up. what freeport is going through is what a lot of other companies as god through this year -- have gone through this year. amanda: dave wilson, great to have you. we are waiting for president joe biden. for kailey leinz, i'm amanda lang. stay with us.

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mark: president biden hopes to come out with a plan for covid-19 booster shots next week, but the scientific

community is split. iser and moderna say the efficacy may wear down over time, but a recent interview in the lancet medical journal says the shots worked so well, third doses might not be necessary. advisors will meet tomorrow. at the white house, president biden speaking in the east room about economic inequality. pres. biden: -- the plan i have put before congress. i know we have a long way to go but i am confident congress will deliver to my desk the bipartisan infrastructure plan and the build back better plan i have proposed. i have said many times, we are at an inflection point in this country. one of those moments where the decision we are about to make can literally change the trajectory of our