guidelines that people over age 65 get a third vaccination and he is well past six month threshold since his last shot. he will get the pfizer shot and will speak about the broader u.s. efforts to fight covid-19 as a nation begins to lag behind other countries and vaccinations. covid has cut more than two years off the life expectancy of american men, the biggest decline among 29 nations impact on longevity. according to the university of spurred -- of oxford, covid led to the most decline in the united states. israel said iran's nuclear program has crossed all lines. naftali bennett reiterated his

long-standing vow that they will not let iran acquire new nuclear weapons. he set the world is choosing to ignore evidence of secret sites in iran. the chief prosecutor of the international criminal court wants to resume investigations of war crimes and crimes against humanity in afghanistan. offenses would come to crimes committed allegedly to the taliban, american groups and foreign operatives dating back to 2002. the icc is a court of last resort, set up to prosecute alleged crimes in countries that cannot or will not bring perpetrators to justice. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

>> it is 1:00 p.m. in new york, 6 p.m. in new york. i'm alix steel. here are some of the top stories we are following from around the world. president biden set to receive his covid-19 booster shot in a moment. we will bring you his remarks. plus lingering supply chain pain good we will speak to jim of meyer and the transportation -- jim monk meyer about how the company is weathering the disruptions. everything on interest from investors. let's get a quick check on the markets. interesting stuff happening. you have energy index over 4% of the upper former is still the best performer in the s and p.

that is reflation trade, whether or not it is an overall we face in -- reflation trade is the question. we were seeing rotation into financials. a little calmer today but we have had three weeks of pain. definitely watch the location as -- the rotation as yield kick in. at one point we were highest since june 2020. the two-year was not very good. we trade heavy in the bond market. i want to highlight one stock watch which is wells argo, down by 3%. it is sued by the justice department over services reportedly the accusation is it defrauded 771 commercial customers. i just feel like wells fargo bad news keeps moving up and up.

diversions front and center for wells fargo. i mentioned the two-year was heavy. let's go to the five year we are waiting for those results. a lot of fed movement in the amount of tapering. ritika gupta is looking at some of those. ritika: we had $61 billion supply coming through. we are seeing the five-year auction drawing and yields of .99%. we are sitting highest yield we've had in some time if you look at the average on the five-year, it is covering at 2.37, pretty much in line with the average. we did see the two-year auction

earlier a touch softer. we are seeing indirect bidders around 54.3%. that is a little below the average, 59.8. we know the five-year auction very much in focus. i said we had to year with a double whammy of supply. how about treasury selloff. it was the belly of the that was underperforming. we have seen that continue today where we see the treasury selloff with anticipation of higher inflation perhaps or the fed is going to hike rates at the end of next year as well. we see the selling across the 10 year, we hadn't seen that since february of last year and also hitting a high at 30 years, sitting close to 2%. bonds are the story today and we have seen that play out in the equity space. alix: that rotation for sure.

in terms of supply, what else do we have coming on this week? ritika: we have had a lot of supply in terms of the two-year and five-year, very much in focus. that was what we were looking for. we saw that play into the equity market, reflation trade coming back. a lot of focus on these options this week. alix: good stuff. thank. breaking news from wells fargo, stop down. sued by the justice department over four x services. accusation is they defrauded 771 commercial companies. they will pay $37 million to settle the suit. stock low for sure, down by .8%. a lot of other questions as to

are there other issues, how much money does it cost, lawyers, etc. for wells fargo? they will settle the suit with the u.s.. wells fargo will pay $37 million to settle suit. that is different from the financial picture elsewhere. you had other sediments like goldman sachs and bank of america settling from phone -- from some mortgage-backed securities. financials the second outperforming sector on the s&p. will farce well go participate -- far as well participate -- will wells fargo continue to the able to participate in that trade? they are off by one percentage point. the market it is worth mentioning individual stocks

within the s&p, because that will tell you about the reflation trade. you have occidental, oil and gas, marathon, 6%, 7%. part of that is the energy crisis and part is reflation. pres. biden: delivering remarks and receiving a booster shot. like i did in my first and second covid-19 vaccination shot , i am about to get my booster shot and do it publicly. that is because the food and drug administration, center for disease control and prevention looked at all the data, completed their review and determined the boosters for the pfizer vaccine, others will come later maybe, i assume, but the pfizer vaccines are safe and effective. last week they laid out who is

eligible for those boosters for now. you are eligible for a booster if it has been six months since her second pfizer shot and if you fall into one of these categories -- people over 65, adults with certain underlying health conditions like diabetes and obesity, and those who are it increased risk of covid-19 because of where you work or where you live, like health care workers, teachers, first responders, grocery store clerks. if you fall into one of these categories you are eligible for the booster. i know it doesn't like it, but i am over 65, way over, and that is why i am getting my booster shot today. the bottom line is if you are fully vaccinated, then you are highly protected now even if you

get covid-19. you are safe and we are going to do everything we can to keep it that way with the boosters. let me be clear, boosters are important. the most important thing we need to do is get our people vaccinated. the vast majority of americans are doing the right thing. over 77% of adults have gotten at least one shot. about 22% haven't gotten any shots, and that distinct minority is causing an awful lot of us -- an awful lot of damage for the rest of the country. this is a pandemic of the unvaccinated. that is why i am moving forward with vaccination requirements wherever i can. on wednesday i will be traveling to chicago to talk about why it is so important the more businesses are instituting their own vaccine requirements. we know to beat this pandemic and save lives, keep our children safe, schools open, economy going, we need to get

folks vaccinated. so please do the right thing. please get the shots. it can save your life and save the lives of those around you. it is easy, assessable, and free. the subtext your zip code to 438829, that's 4388 29, or visit vaccines.gov to find a vaccination location near you. we can do this. cap vaccinated. thank you very much -- get vaccinated. thank you very much. and now i am going to get my shot right here. the general is going to give me my shot.

>> did you have any side effects from your second shot? pres. biden: i didn't have any side effects, fortunately. [indiscernible] pres. biden: she is going to get one. i think she is teaching. >> what you say to those about the world of organization? pres. biden: we are doing more than every other nation combined. we will have over a billion shots and continue doing our part. we have also given a lot of funding for covax. we have had to have opportunities to make sure we have everyone in the world to

get everyone vaccinated. >> what is the total number of vaccinations. pres. biden: i think we get the vast majority like coming in industries and schools, 97%, 98%. i think we will get awfully close. but i am not the scientist. one thing is for certain, a quarter of the country can't go unvaccinated. >> any news on the reconciliation deal today? pres. biden: you know me, i'm a born optimist. i think it's going to go well. i think we are going to get it done. we are meeting tonight, tomorrow

. >> [indiscernible] pres. biden: victory is what is at stake. i hope it is by the end of the week here we have three things to do, the debt ceiling, the resolution, and the two pieces of legislation. alix: that was president biden delivering remarks as an impromptu q and a after receiving his covid-19 booster shot. he talked about how important it was to get vaccinated and they work into beating more vaccinations worldwide as all as funding covax. got some russians on the -- he got some questions on the

reconciliation bill. he also said he would meet tonight to advance the infrastructure plans. while congress needs to pass the human structure and raise the debt ceiling. a lot to do in the next few days. in the meantime, the whole world is dealing with serious supply chain disruptions from ships, energy, causing many headaches for companies across the globe. we are joined by ed ludlow, who has been reporting at the port of los angeles as long as jim monkmeyer , from the transportation unit. what is the biggest problem you have in the supply chain world right now? jim: i don't know i-5 can -- if i can name just one. we have prices going up, congestion, capacity issues

around labor and so forth. it is kind of a perfect storm right now. ed: there are containers upon containers backed up with seemingly nowhere to go. how does this get fixed? is it a question of investing in infrastructure or labor or hiring? what can we do to move the process forward? jim: i think there are both. unfortunately we are getting into the peak season now and hopefully you have ordered your parts and products from overseas well in advance. that will be a challenge if you haven't. i heard earlier on your program talking about will there be a holiday? i think there will. but if you are like me and a procrastinator, you may find empty shelves closer to the holidays.

things that can be done now are looking at logistics providers, looking at other ways of shipping products. taking ocean containers off the rail when they hit the u.s. and shipping them by trucks or expediting them. things that we are doing for our customers every day. ed: you have a great global lens for the supply chain for customers. what is going on with the u.k. with the energy crisis and when do you think things will improve in the u.k.? jim: it is hard to say. i think it will continue for a bit. we have boots on the round all over the world. we are in six continents. that gives us the unique visibility with express units. we have assets, but we also have the ability for the direction of

global towers and find other ways of shipping. we have some flexibility there. but the situation you are talking about will continue for a bit. alix: continue for a bit, that's a good statement. i think that the market and me as a consumer, what does continues for a bet mean? are we looking at something transitory, permanent, or instructional. is it like a three-month thing or a 12 month thing? jim: in the international markets, you are looking at at least through february, march before anything will change and personally i think it will go longer after that, just getting the backlog resolved. i think that domestically, we will have ups and downs for the next year at least. the challenge ultimately is labor.

we either have to pay more or we have to do something about immigration, which we continue to be very polarized and it is either close the borders or open borders, and the answer is something more intelligent that allows us to get labor in. i don't think you are going to see things change and prices come down. i think they will come down a bit, but not to the levels they were before, because we just don't have the workforce to meet current demand. ed: we had officials from the federal reserve basically saying a lot of the supply issues are localized. but is that actually true? we see in china policymakers happy to shut down major ports if it means slowing down the spread of the delta variant. where i am is a key terminal but it is just one. is this a truly global story or are there specific pockets?

jim: it is a global story because ships have moved to the u.s. market because prices are up. $20,000 for an ocean container which is five times more than what it was a few years ago. ships are coming and that is whether our only ships and waiting outside the port in shanghai as well to be loaded. they are coming off of other lands. prices are going to go up in those lands and the ships will shift back to the more profitable routes. it is definitely local. the u.s. has its own issues, we have automation challenges that we need to continue to invest in and ensure we have stephanie. alix: really good to catch up with you.

ed, thank you for joining us from l.a.. this is bloomberg. ♪

alix: this is "bloomberg markets." second year mba students are moving to remote learning. i want to bring in elizabeth stewart from johns hopkins school of public health. is this the start of more headlines that this school shutting down, these kids now remote? elizabeth: i think it is one part of the situation we are in. i want to highlight a couple key points. first, the vaccines are still very effective at preventing severe disease and death. we are seeing these mild cases

but they can still be quite impactful and might want to avoid those too. harvard is doing a good job using contact tracing and data and scaling up and down as needed to tap down these cases. alix: what does this mean for schools who have kids who can't get the vaccine. what happens to those schools as cases will no doubt arise? elizabeth: it comes out to data and tracking, doing testing to keep an eye on infections, making sure the kids are wearing masks. a key tool that has been underutilized are rapid tests, checking for close contacts and checking every day resident having a test. these can help balance keeping schools open but also not allowing transmission to happen.

alix: do you think if we all get boosters, does that kind of stopped the shutting down if we end up having good testing or will we have to deal with shutdowns even if we get the booster. elizabeth: we need to get vaccination rates higher overall. getting more people in the community vaccinated and a key part of that will be the students in school, those under 12 who haven't had access. i am hopeful that once we see the approval come through and the emergency use extended, kids will be able to get vaccinated and we will still see some progress in this regard. alix: thank you. you are looking at a market that is mixed. answering questions, congress

knows what it needs to do on the debt ceiling, she also said she is supporting a countercyclical and talking about the banks and what kind of money they need to set aside. you are looking at the s&p down now by.1% that it feels like it is about reflation as commodities are pushing higher and that is pushing yields higher as well. crude around $75 a barrel. this is bloomberg. ♪

mark: in germany, unlatching of angela merkel's conservative block hasn't given up hope for

forming the new government. the conservatives came in second behind the social democrats led by olaf scholz. he is looking for potential partners for joining him in a new government. a protester through an egg at french president emmanuel macron today. it went off of his shoulder without breaking and the man who tossed it was taking -- taken away. the president was heard saying "if he has something to tell me, tim,." -- let him,." -- let him come." children tested with lead. some had smaller amounts, 2% had a level considered high.

the findings are likely to raise public health alarms in the united states, especially amid concerns that exposure from led may be worsening during the coronavirus endemic. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. amanda: i'm amanda laying. -- i'm amanda lang. alix: i'm alix steel. oil hitting the highest level since 2016, the crude market tightening amid global energy crunch. we will break down the potential domino effect.

crypto crackdown could we will talk about regulation with yoni assia . in the sports collecting boom, trading card to nfp's have drawn interest from investors, even hall of famer grant hill will join us live. we look forward to that. amanda: a more muted session today after equity investors, a mixed picture. we are seeing strength in the s&p 500. leadership on both sides of the border. financials doing well, materials and industrials. it is the leadership of the markets that are soft and that is perhaps investors mow over what the federal reserve had to say about the path to tapering and a hawkish tone from the fed could we did get some reaction

in the 10 year. you can get back to the place where you can see some minor rotation in the markets but as people will point out, still not being paid for the inflation risk. there may be a ways to go on that front. we have been watching bitcoin and it did react to china's crackdown and they are now deeming any crypto activity illegal. a lot of reaction to that. >> china has been crypto -- band crypto eight or nine times. >> it is prohibiting its citizens which will certainly have a dampening on their ability to use cryptocurrency for any sort of transactions. >> this may be a misstep from china. we have seen this come up and we have seen the resiliency of the community around digital assets.

at exchange volume has moved. >> i want to bring in yoni assia . let's start with your reaction. it will certainly get more difficult and hard to know what the endgame but what did you think when you heard about china's move. yoni: we have seen the resiliency of the crypto markets to changing regulation and specifically in china. it is hard to predict how any change impacts the gatekeepers or the various players in the market, but it is very clear it is impossible to regulate bitcoin and peoples usage of the decentralized protocols with bitcoin and others. there is a lot of discussion

about the fact that in september 2017 there was also a big china man on crypto, on exchanges, and after that we saw the first big crypto rally of 2017. i think sometimes when you think about regulating bitcoin, it is a multiple headed monster. and then you get five additional heads. it is interesting to see the resiliency. amanda: you definitely called bitcoin hydra, that is cool, we will go with that. there will be lots of different people want to trade bitcoin. if china really cracks down and says you can't own it, you can't use it at all and you can't trade it, how does that not have

a material impact on the price and the volume it can trade with? yoni: i think the global economy, as a global economy is much bigger than any single. in capital markets as well, from capital markets being a hyper-local, hurt people only trade locally to capital markets being global and then obviously don't markets are hyper global. they are up it sits of local -- they are opposites of local markets. there is always going to be impact of various regulations in the crypto market but i think we will see the resilience of a global monetary decentralized system. there is going to be a shift and we started to she -- to see decentralized articles and this will shift. amanda: the potential bigger

risk for cryptocurrencies, and we may agree that other cryptocurrencies are the bigger threat to central banks, rather than bitcoin which is in a class for its own -- a class of its own but also the fed and the ecb weighing in on how and when and what forms these things can trade and whether the central banks want their own digital based currency, how big a risk is that and us some of that get priced in here? yoni: any risk is an opportunity. there is no doubt the genie is out of the bottle. we are seeing the digitization of money and digital transformation happening to money, which is the biggest digital transformation of everything. a new type of global commodity

and regulators will look for ways to regulate and to innovate . i think we will see a lot of central banks and governments launching their own digital currencies. i think this will run in parallel to the crypto markets. this process of moving the entire monetary system into the digital realm is definitely sort of an arms race between a lot of different countries around the world. alix: since china made that announcement, what have you seen on your platforms? yoni: we generally see trading reflect with volatility, so if volatility is higher we see more trading activity and as price goes up, as we have seen in made the correction, lowered prices of bitcoin after an all-time high than we have seen an awakening from the dr-if with

new protocols -- de-fi with new protocols and now markets are a bit softer than they were. alix: next a lot. yoni assia etoro , co-founder. grant hill, bringing fans and players closer than ever before. this is bloomberg. ♪

alix: this is bloomberg markets. like some any assets, and fts and sports collectibles have

seen a boom -- nft's have seen a boom. van til is here to -- grant hill is here to discuss with us. lots to get through. talk to me about the nft exchange for doesn't work and can it expand? grant: it has totally revolutionized the whole world of collectibles. they have created an incredible platform. it creates connectivity that has experiences and you build a relationship between a fanned and an athlete. it is incredible and is changing the game. no longer is it just putting things in your shoe box in the

closet at home. now it is living and reading and it is a relationship that is intensified and been enhanced. so nft collectible space is changing the nature and the whole gamut of the fan-athlete dynamic and i am excited to be a part of it. amanda: is also changing the dynamic of the players themselves and ownership of things like their likenesses and collectibles? does it change the power dynamics with the athletes? rent: it does in a way. proactively -- there is no -- pro athletes, there is no revenue using an athlete's name, image, and likeness which is a big issue. when it is sold amongst fans on

the secondary market, athletes don't get a chance to participate in that. with this, that changes. athletes and the fans also get to participate financially on the second market. that is something that is a differentiator and game changer for both the athlete and the fan. alix: hi do you see this evolving? move into rights, video games, endorsement deals? grant: all of the above. all of those are certainly possibilities. i am an art collector. and as we look at the art world and how that has grown and evolved, this is the perfect opportunity there as well. it is a game changer and really making a difference. one of the things i like is aria. and then accepting all different types of currency, not just cryptocurrency.

and then being carbon negative, which is a real issue, being sustainable is important. it is a game changer. there are many uses for it. we are just using it in the sports world and the special unique relationship between athletes and fans and that will only be enhanced through this experience. amanda: this is an important glimpse into how the american economy is doing. you offer loans and that kind of sweet spot of small businesses. what are you seeing with the willingness of folks to lend money? grant: overall there is a resiliency. certainly mezzanines that have small business administration designation, there is a real

need for not just the capital, what defray just is the ability to provide resources, i partners have been operators, how to navigate these interesting times right now. when he is to and we encourage small business owners -- yes, money is cheap and we encourage small business owners to go out. we don't want to trip anybody's company. it doesn't benefit anyone to do that. to be able to have the necessary resources to navigate these complex times and ultimately help these businesses grow, that is what it is all about. there is a resiliency you see was small businesses and certainly the ones in our portfolio have demonstrated that interesting times in recent years. alix: all day long we have been

covering the energy crisis, labor shortage, rising wages, amazon got a downgrade with rising wages. what is the concern and when you're talking with small businesses, how long do you think they are going to last? grant: i think some of those issues you touched on are impacting all businesses, not just small businesses. labor shortages, supply chain issues, those are very real. easy publicly traded companies that have been impacted by some of these challenges that exist. obviously they have the resources to expand that come up with a small business as well. it is all across the map as well in terms of these incredible challenges that we are experiencing. to provide an opportunity for so many businesses to be able to survive and ultimately hope that

they thrive it is a difficult time and everybody has been impacted. labor shortages, supply chain issues, it is affecting us as a global economy overall and certainly small businesses here in the united states as well. amanda: one issue affecting everybody but certainly the league, is the vaccinations. what is your position on how those who are publicly refusing to get vaccinated? grant: i think a very small minority of players is about to start this week have at least voiced their concern about the idea of taking vaccines. the league and the players have a healthy relationship, a partnership are together we have been able to navigate difficult times. the onslaught of covid and the

bubble and the quick start to last season to get to this point where we are right now has not been easy for both sides. i think it is really about talking about communication and learning to understand each side and having a healthy respect for one another, but it is an issue. if you look at some of the laws enacted in california and new york, it complicates things. i don't know ultimately how it's going to be resolved, but i think the health and safety is the utmost importance. i think players want that, players in the locker rooms and leak as well once that i do think we will get to a point where everyone is operable and we can move forward. there have been pumps in the road along the way, threatening -- there have been bumps in the road along the way and threatening of stoppages but the

love of the game and the desire to have a season, both sides will work to get happen and i expect that here as well. amanda: it is a pleasure to have you with us. that is mba hall of fame or grant till. -- grant hill. we are back right after this. stay with us. this is bloomberg. ♪

amanda: this is bloomberg markets. i'm amanda lang along with alix steel. we are seeing your raffle with an energy crisis. bloomberg energy reporter joins us now. what does the rest of the world need to know most about what is happening in europe? how could this be something if not contagious but something we should pay attention to?

sheila: basically it is already starting to play out to the rest of the world in the hot -- form of high-end natural gas prices. there are countries who were not readying themselves with the additional stockpiles of natural gas ahead of time, unlike for crude oil where we saw that happening by countries like china years ago. this is all starting to affect the price of oil and this is in turn going to affect all the other oil based commodities or i'm sorry oil products like propane, diesel, gasoline. we are starting to see the problem already getting the fuel systems in the u.k..

there is a reason point that there was a possible strike that could take place. alix: you say specifically it feels like a logistical issue at this point. you have the products on the tinkers but there are no truck drivers to get the products to gas stations. that seems u.k. specific. compare that to other issues in other countries. sheela: so far i think it is just a matter of how pricey the commodities have come -- have become. there is a lot of rationalizing of which products to buy to find as a replacement. so that is affecting the supply chain here is also happening outside of the u.k., like in the u.s. last week and even the week before, plenty of chatter about how people can circumvent if your having a hard time with

high natural gas prices to produce electricity and what other commodities can they use. that is getting the whole conversation going and what other supply chains will get affected. amanda: story will continue to watch. that is burke's energy reporter, sheela tobben. this is "bloomberg markets." -- that is bloomberg's energy reporter, sheela tobben. this is "bloomberg markets." ♪

>> whoever it is going to be filling those issues is going to have a hard time. as the merkel era ends, most of the certainties which we germans , during 16 years of merkel, tended to take as forever, are evaporating before our eyes.

the eternal assurance of the united states always protecting us, that has gone out with donald trump. the certainty that we will build an ever closer union, the eu, has gone out with brexit. mark: i am a mark crumpton with bloomberg. president biden it received a

booster shot of the pfizer vaccine today in front of cameras at the white house. he said he will press for more vaccination and dates improve the u.s. inoculation rate. about -- president biden: about 20% have not gotten any shots. that minority is causing damage. this is a pandemic of the unvaccinated. that is why i am moving forward with requirements wherever i can. mark: mr. biden received his first shot in december and his second in january, putting him well past the six-month threshold. as he willed up his sleeves, he told reporters he had not experienced any side effects from the previous injections. u.s. national security advisor jake sullivan is meeting today with saudi arabia's