synchronized global expansion. >> historically that actually means a very positive environment for the u.s. dollar. >> we could be seeing stronger manufacturing activity but we don't have sufficient supply. >> we may have seen the bottleneck shift from sourcing to logistics. >> there is a big income four houses at the lower end of the distribution. jon: good morning, good morning. this is bloomberg surveillance live. i am jonathan ferro. this morning, wrapping up q3 with the s&p 500 up .51%. -- .5 of 1%. tom: i will be out the last week of the year, thank god i'm

taking five days this week. it has been a really twisted quarter. do you have a vision on q4? i don't. jon: i don't have a vision on november, october. it was really defensive with utility staples, health care, and in the mix, the dollar move got your attention, my attention. tom: it was elements of jump condition. you're up against a support or resistance. if you go further from here, that is substantial. jonathan: euro-dollar wants to take the d.c. mess? any takers? lisa: they are going to kick the can down the road to december. i think that is what we will see as they move the extension for

the deadline to i believe december 6. they have to negotiate until then. i think that it will be very interesting to see if the house votes on the bipartisan infrastructure bill today. can pelosi get most progressives on her side to pass the other bill, written and sealed? jonathan: we can hardly wait. let's round out price action for you this thursday morning. jobless claims coming up later. lisa will give you the time for that in a moment. your equity market with the lift, up. we are heading for six straight quarter of gains on the s&p 500. into the bond market, unchanged, we settled down, stabilize, yields on 10, 151 .67. >> i wonder how much it is because of the extension, kicking the can down the road, taking the potential for default off the table. it may have never been on the table. your excitement can be fully

expressed later this morning at 7:45 a.m. the assistant speaker of the u.s. house of representatives is joining us, katherine clark, and we can talk to her about how challenging it has been to wrangle support from the progressives and moderates in the democratic party as they try to pass the bill through so they can get something lined up on the other side, on the human infrastructure plan, that a lot of democrats would like to see past. we do get a read on the u.s. labor market, the u.s. jobless claims were also in the third print of the second quarter of gdp. no drama. we are expecting a continual drop down in the number of initial jobless claims. here's what juan watching. the pursuit patient rate of people 55 years and older. this has absolutely tanked. it has not recovered at all. this to me is so interesting. it indicates that people are dropping out of the labor market. they are retiring early, and they can because they are worth a lot more, so they have more money in the bank to give them confidence that they can afford to retire early.

at 10:00 a.m., fed chair jay powell and janet yellen are testifying before the house financial service committee. expect them to talk about supply chain disruptions interface interesting questions. you are saying before, senator warren said over and over, you have acted to make our banking system less say. that makes you a dangerous man to head up the fed. she was saying that about jay powell. will treasury secretary janet yellen publicly support his renomination? how much will progressives get on the bandwagon that senator elizabeth warren set out? jonathan: i'm listening out for more this from chairman powell yesterday on transitory. this is a process that will have a beginning, middle, and an end. if that helps. tom: where we are now is how do you affect monetary policy with such fiscal uncertainty? no way in the history of the fed. jonathan: it is something we

talked about a million times. the range of outcomes for next year, never mind the year end, it is incredibly wide. tom: i will hallmark some q3 returns. what about amazon? everyone is beating up on amazon. it has cratered over the last 90 days, down 4%. it is horrific. jon: the broader market is positive on the s&p. tom: we have to put things in perspective. jon: we will work on that. they had a fixed income strategy, the playbook for q4. what is it? george: the fed has two big challenges. you've already touched on all of the main themes on what to watch right now. the fed is trying to do two things. number one is it trying to recalibrate the bond market. if you think back a year ago bond yields were down around 50 basis points. we kind of ran all the way up to

one and three quarters earlier this year and we are back down to about 50 basis points. this is a long drawn out process. the fed has a very challenging job. the basis as it tries to allow the bond market to adjust to what will ultimately be tighter policy. they are in the process of trying to unwind the extraordinary policy that they implemented sort of last year in response to the prop of covid. the second issue as you just mentioned, it is responding to everything around them, in particular congress. they are almost stuck in a wait and see mode. wait to see what congress ultimately presents and are able to pass, what they are able to do. and then the fed can recalibrate. all of that will come together in the fourth quarter. go ahead. lisa: i will elaborate on your review. we are expecting the fed to

taper regardless. real yields are moving up and people are expecting that. george: real yields are moving up. our view is that they will continue to move out, but the fed, as i mentioned, is trying to recalibrate the bond market. they want yields go up, but not too fast. they want yields to be more in-line with the broader economic growth. you mentioned there is a lot of uncertainty. will the economic growth be sustained into next year? there are a lot of signs that growth is decelerating. as tom just mentioned, we have to put things into perspective. we are coming off of extremely high levels, whether it is growth, asset prices, or extremely low levels, whether it is yields. it is that recalibration process that the fed is trying to slowly inch towards. if you think back to the fed when they last tapered, bond yields went up over the course of three months in late 2013. we are sort of seeing a little bit of that right now. we think that that is ultimately

what is going to happen as we go into the end of the year. bond yields go up, they don't skyrocket higher. the fed is clearly in control. but on yields should ultimately go up. not a heroic move, but very likely in our opinion. tom: what is the how of bond, note, and bill ownership. i get the why, but how do effective strategy assuming price down yield of? -- yield up? george: it is a headwind. we can see that if we look at returns for high-quality bonds, treasury markets down year on a total return basis as you brought now that spectrum. returns improve. i think that that is our central message to clients. in an environment where bond yields are moving higher you have to diversify your sources of income. the amount of coupons as you are getting is critically important to your return, your total

return, your ability to preserve capital. that is what we have tried to do in our strategies wherever possible. diversify sources of income. it starts with money markets don't offer anything for the most part. as you incrementally go out the curve and down the ratings spectrum you can enhance that yield. we are in a pretty robust economic backdrop, we are comfortable taking the credit risk going down and taking some default risk. defaults are effectively nonexistent for the most part within the corporate sector. that's not going to last forever, but it will last for a while. we are still comfortable taking that incremental credit risk. it is incorporates, structured, and that extra yield is what ultimately protects you against that higher term structure that the fed is trying to orchestrate. i think that those returns in the bond market are another factor that the fed considers. those returns drop too fast, get

to big and drop too fast, they have to mop up the mess. they are willing to go slow in an effort to allow that bond market to recalibrate. that is exactly what we're trying to do in our portfolios with our clients. tom: george bory has no clue how blown up my bond portfolio, the 99 your roster that i went into has really performed. i am down 32%. jonathan: i own a century bond. that's a great idea, tom. wells fargo as it had a fixed income strategy. we need to talk about foreign-exchange. it is time. the dollar index with a 94 hand on the dxy, what has underpinned this dollar move? the underpinning of the dollar move, how durable is it.

questions for this hour? tom: a lot of the guests that we have that kill you every seven days with a brilliant note, we saw that this morning. he looked at slows, deficit nations, surplus nations, and it slipped on its head, destroying dollar. jonathan: the fed has founded the starting s -- sounded the starting gun interest-rate zero bound leaving eurozone and japan behind. the global savings club is set to be drawn towards the dollar. from new york city this morning, good morning. tom keene, lisa abramowicz, and jonathan ferro on radio and tv. q4 is just around the quarter. where did 2021 go? this is bloomberg. ♪

>> dealmaking continues on the president's agenda. a vote on it economic package that underscores deep divisions amongst the democrats. chairman powell and his international counterparts have renewed assurances that inflation is temporary. in a panel hosted by the european central bank he says that the spike as a consequence of the price constraints using very strong demand. he said that is reassociate -- that is associated with the reopening of the economy. a sign that china's economy is slowing down. it contracted for the first time since the pandemic began, showing the damage of widespread electricity shortages. in france, nicolas sarkozy has

been convicted of deliberately overspending in his failed 20 12 reelection campaign. a criminal court found that he spent roughly 50 million dollars, about twice as much as is legally allowed. sarkozy was convicted of corruption earlier this year. u.k. is suffering a shortage of truck drivers. britain warns that there may not be enough staff to make up the one point one million people working in the u.k. financial services. brexit is making it harder and more expensive to hire foreign staff. global news, 24 hours a day on-air and on quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. ♪

>> democrats don't want to shut down the government, republicans

don't want to shut down the government. that will supply the result that we all expect, to keep the lights on. the question is how long the continuing resolution will be foreign. jonathan: the senator from texas. good morning. this thursday as we round out q3, hit the price action, equity futures up 20, the s&p advancing about one half of 1%. we are looking at another quarter of gains. 150 on the bond markets. 157, unchanged on the session. the dollar index the strongest so far. the dollar-euro is a clean break. 1.15 on the euro-dollar. tom: someone unimaginable for many. one of the strengths of surveillance besides lisa abramowicz is farro.

jon actually looked at the american political system with a twisted view. you have an observation. jonathan: and sometimes with confusion. for a lot of people looking and trying to figure out what is going on, it's difficult. help me and others understand the difference between avoiding a government shut and lifting the debt limit. >> for one, the debt limit is the much more serious issue. when you hear positive talk from the capitol saying we won't have a shut down, that is not the greatest news. it is good news to avoid a shut down, but to fund the government means to avoid a shut down. a shut down of the government means parts of the government would not continue to operate. there would be some government employees who would go home and not continue working, though many workers are essential so a lot of government programs would

continue to operate. you see things like national parks shut down and that kind of thing. a default on payments is what would occur if they were to go beyond the debt limit. that would be probably catastrophic is the word that the treasury secretary has used. it has not happened before, so exactly the way that it would work out is a bit confusing, but that could lead to a lack of payments on bonds, a lack of payments that the government needs to make on a variety of bills, and it would shake faith in the u.s. government actually being able to pay its bills rather than shutting down and pumping the brakes on the operation of the government. tom: i want to go granular and talk about the grizzled politicians from multi-generations from flint, michigan out there whipping up votes for pelosi. he made it clear he doesn't have them.

would you explain the negotiations between someone like the gentleman from flint and the liberals in congress, his liberal party? jack: i believe that he has said he doesn't have the right now on the infrastructure bill coming up. the plan was to hold a vote today on the infrastructure bill. we've talked a lot over the last couple of months about the pairing of that bill with the broader social tax and spending reconciliation bill. there has not been enough progress on that bill. progressives are saying that they are going to block the infrastructure bill that moderates are more motivated to get. we don't have an exact whip count because there could be moderate republicans that join, but probably not many. this two-track procedure that they are doing, separate and for structure and tax and spend bills, has gotten tripped up because of what you are seeing with senators manchin and

sinema. if one is tripped up, then the other appears to be tripped up as well. lisa: i want to go back to the debt limit and the spending plan. it seems we have the potential for some disruption in payment even though we have an extension in the spending of the government. can you parse through what needs to be done to avoid the jitters that come with the potential default, which has not happened? jack: the debt limit deadline is never entirely clear until you basically get to it. secretary yellen has said that it is probably october 18. there really is not negotiation happening in the capitol. both sides are doug i -- dug in. can democrats come up with a plan b? so far the answer is no.

this is a more serious issue that people should be worried about compared to a shut down. in the next two to three weeks, this is a significant issue with the debt limit. i've talked with a number of democrats about what their next plan would be after republicans blocked a debt limit suspension. the answer is they don't have a plan b. both sides are very dug in and it is probably where lawmakers wait for someone to blink on the others before they get creative and come up with something to do. lisa: how big of a deal is today that nancy pelosi is holding a vote on the bipartisan bill? how important is it to determine how much unity and cohesiveness there could potentially be in the democratic party? jack: we will see if they actually hold that vote on the infrastructure bill, because it probably won't do a lot of good to hold a vote if they don't have the majority. that is one of the big issues of the day.

again, it has been turned into such a complex thing that the infrastructure vote would not tell them about the support on infrastructure. it would be a result of the way that this has gotten tied into the broader reconciliation bill and the way that the senate has held up what house members want to do on that reconciliation bill and has proceeded to pit the two wings of the party together. the issue comes down to a couple of people. if they can get a topline offer from senator manchin and senator sinema on the other bigger bill, that would move things along for infrastructure. if they don't get that, it is not entirely clear that they will hold the vote if this gets blocked by the progressives because of concerns over the reconciliation bill. jonathan: the baseball pitches from last night, did you go to the baseball -- tom: you mean the red sox -- lisa: no, he had to wake up for

this. jonathan: i'm thinking democrats versus republicans. jack: the republicans won by 1 run. 13-12. defense is bad. tom: i don't get much out of it, but it is a wonderful tradition. there is criticism that they are doing this within the issues at hand, but maybe it is a way to keep grace going. i think jack nailed it. i don't understand where traditional politics fits into this split washington and split nation. tom: where did you get the ice creams with the presidential seal? very cool. swag. thank you. emily was clearly at the baseball game. when does she join us, two to three hours?

tom keene, jonathan ferro, lisa abramowicz. i like that tradition. we should do that at bloomberg. we can play baseball, tom. lisa: we would be so competitive. you know we would.

the comfortable way to work out. -that looks fun actually. -it looks fun? it looks comfortable and fun. it looks like something i would put by the pool -or something. -looks like a paisley. -hey, a paisley, we'll take it. -yeah. oh my god, i could do this and watch tv at the same time.

-exactly! how do you feel? -it feels good. feel my heart racing a little bit, ya know, gotta catch my breath a little bit, but it's good. oh yeah, i can definitely feel it. fantastic. oh yeah, i can do this. this is easy. yeah, that feels great and definitely better than the floor. treadmills, you've seen the bikes with clothes hanging on them, but people don't use it. what's the point? the aerotrainer, people want to use it. -wow, this is easy! -absolutely! it feels good. it feels sexy. i love this, aerotrainer, i want one. i like this. like, i can do this. i want this in my house. (host) wondering if the aerotrainer is tough? you bet it is. (upbeat music) ♪ (engine revving)

jonathan: looking to wrap up a choppy q3 from new york city, good morning. positive 14 on the s&p, an advance on the quarter. the longest quarterly winning streak went all the way back to the end of 2017. equity futures on the nasdaq up .4%. we advance thereby .6%. to the bond markets, quick question. where do you think treasury yields are on the quarter given how it feels? there of five basis points. does it feel like we are only up five basis points on the quarter? tom: you mentioned it is the volatility. jonathan: unchanged on the day. was that your impression of me?

that was quality. no one thinks that i speak like that. a bit of sterling strength, some real sterling weakness, tom. this one is getting harder to read. that is the point coming from jordan rochester. tom: let's start the show. this is important. we are starting now. what is prime minister johnson want? does he want a weak sterling or a strong sterling? jonathan: given where the inflation numbers are and the issues with energy, i imagine they want a stable one. is that ok? i imagine the government would like a stable currency and they don't want any more hikes to interest rates. michelle is talking about christmas in september. let's get there. it is september, you want to do christmas in september? tom: michelle meyer, they have a

granularity that she helped to invent out of boston university and housing with the american consumer. discuss. christmas in september. really, michelle? michelle: it is not exactly christmas in september, but we are seeing evidence consumers are spending earlier this holiday season. when you look holistic late at the aggregated inc. of america data -- bank of america data it shows momentum, the broadening of spending across goods like clothing and electronics, thing sensitive to holiday sales, which could be a function of holiday spending. you are also seeing a re-engagement on the leisure side, which is super encouraging. the data we've been following is positive, consumers feel pretty encouraged into the next quarter. tom: they're pulling forward

from december 23 when i begin my shopping. our seen today on september 30, no visibility q4, no visibility q1. give us visibility. michelle: i think we are seeing that with our high-frequency data, that we are setting up for what should be a better q4. q3 gdp is coming in around 4% give or take a few tenths. q4, it looks like our baseline forecast is for 6% growth.i'm holding to that number. the data that we are tracking suggests we could very much see that forecast for 6%. i think the demand is there. the indications are that we are seeing re-engagement in the economy start, which is encouraging. the real question will be on the supply side. how much capacity is there to realize the strength that we are now seeing on the strong demand? lisa: the flipside is higher

prices which we are seeing in a range of places. i'm wondering if the stickiness we are looking at going forward and the disinflationary trend people were talking about before, people spending more on the same amount of stuff, how does that affect consumer sentiment and the willingness to spend? michelle: there is demand and unfortunately the supply chain issues have gotten worse and not better. that means that there will be higher prices and they will continue. if people are buying early in the holiday season, and means you probably don't have the same amount of discounting that you had in previous holiday seasons especially in an environment of low inventory. consumers are taking notice. the university of michigan survey shows people are more discouraged because prices are high and they cannot get some of the items they are looking to purchase. when you consider adding up for

gdp you are looking at it in real terms. the bigger divide, nominal really accelerates the fourth quarter, but real gdp maybe struggles more. that is something we are keeping an eye on. lisa: your specialty is the housing market. that's where you made your name. we are seeing the housing market embody the inflationary push probably more than any other. 20% gains month after month after month. how does this factor into spending more broadly at a time when jay powell is just transitory and supply chain related? michelle: i think that housing is a perfect case study of this imbalance between demand and supply in the market, where demand climbs higher in the housing market in a constrained environment. builders are responding in inventory is ticking up. new home sales is now touching six months.

that is good, we are making progress, but we are not at a point where prices are starting to cool. when you look at the number of days in the market a home is for sale there are more investors in the market. broadly it fuels and inflation sentiment. when you are considering how people perceive the inflationary environment. also a more nuanced view is it ultimately impacts the rental market which ultimately impacts rent. we are seeing that in high-frequency data. we should anticipate that owners' rent moves up even if more transitory factors in inflation leave. tom: michelle meyer in her wheelhouse. i want to talk about transitory.

it is what everyone is talking about, these two americas. one is flat on its back. is the negative real wage here to stay or transitory? michelle: right now it is particularly painful on a year-over-year basis because of extraordinary inflation. when you look forward i think that the wage environment is positive, particularly for the lower income consumer that will be more sensitive to moves in inflation. i think that given the incredible demand for workers that we are seeing, particularly in the lower income part of the population, wages have been rising and i would expect that to continue. we have to consider the pace of wage increase relative to underlying inflation for the real wgae number -- real wage number, and now it is more problematic, but you get more cooling and some inflation has

been extraordinarily high. i think that that is a favorable backdrop. tom: look where we are, michelle. i have to interrupt the train of thought. when we see the yen go up from 112 to 113. how does strong dollar change your calculus? michelle: a strong dollar presumably is a function of a strong economy. i would argue that the dollar strength that we've seen has not been unwarranted or unsupported by the fundamentals in the u.s. economy. of course when you think about the balance of trade, the cost of goods, and all of those things will be impacted negatively when you have a strengthening in the dollar. i would argue the move in the

dollar is justified given what you are seeing in the u.s. economy. lisa: we've heard a lot of fed speak over the last couple of days and it will continue today with fed chair jay powell on the hill. is there anything that he's said over the past couple of sessions that has been of interest? michelle: you know, you have to read between the lines. i think that there has been an emphasis on the supply side of the economy. it seems like there is a discussion within the fed over whether or not all of the demand and monetary policy that stimulates the demand side is the right prescription if you are facing a bigger supply-side drop. they are trying to figure out how permanent the supply-side issues are. one of the ways to beat that is to go back to inflation that we talked about before, particularly long run inflation expectations. it will tell the fed they have a

more permanent constrain on the supply-side and that will prompt them to pivot when it comes to dovish monetary policy. they aren't seeing it yet, but they are keen to focus on this topic and are looking at it carefully, which makes a lot of sense. jonathan: happy christmas to you and your family. tom: she is dragging her kids off to see santa. from bank of america the wonderful michelle keene. jonathan: euro-dollar there is a breakdown. we are talking about the strongest levels for the u.s. dollar so far this year. 115 on the euro for the dollar index. a fifth straight day of gains. one .5% move over five days. tom: it is a big figure move and it is what matters. what i would do, and this is important, you look at the major pairs, and then cross rates, the less major pairs.

the answer is you look at those nuances. jon, we have a huge advantage with the bloomberg interface where we can look at the nuances. those are sustained dollar strength. jonathan: this move caught people really wrongfooted. later in the next hour we will catch up with jordan rochester. tom: did you hear the comment on -- the only reason that we worked him was to talk about the positive -- jonathan: midlands football in england. looking forward to it. the s&p advancing .4%. looking to round out q3 and get q4 started tomorrow. good morning. this is bloomberg. ♪ >> congress is cutting it close to avoid a government shutdown. the house and senate are expected to extend government

spending to december 3 hours before the new fiscal year begins. dealmaking continues on the president's economic agenda. the house plans to vote today on the infrastructure package that underscores deep divisions among the democrats. the g7 economies are looking for a way to restart international travel. the virtual meeting today is aimed at moving closer to a consensus on how to ease border restrictions. while some countries, include members of the eu, have used so-called vaccine passports, others like the u.s. have held back for reasons ranging from politics to privacy. a zero-tolerance coronavirus strategy to the winter olympics in beijing. it is for those in mailing china who meet the requirements for covid counter members. athletes not fully vaccinated will be quarantined for 21 days when they arrived. slamming auto production in

august, producing 27% fewer cars than they did a year ago. the head of the trade association says the impact cannot be over stated. factory electric and hybrid model made almost a 20% share. electric truck startups to sell's ohio factory. they bought the factory less than two years ago from general motors. it will raise cash and speed up a push into ev> -- into ev. global news, 24 hours a day on-air and on quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ this is bloomberg. ♪

>> i'm really proud of the

united airlines team. we got over 99% of our employees vaccinated. we won't be having the complications of trying to test 100,000 employees. it is in the rearview mirror for us. jonathan: the united airline ceo trying to look forward into 2022. from new york city good morning. tom keene, lisa abramowicz, jonathan ferro. we look a little something like this on the s&p 500. up, let's call it 20 points higher. yields higher by almost a basis point. 152.27. dollars knowing real strength. euro-dollar a breakdown to 115 point 74, -.2%. this is what i wanted to touch on. dollar-china. the stability is amazing. 646 point 36, the average on the year, year to date on dollar

china is about 647. on the month we have moved 0.05% . i get that it is a managed currency, but they are doing a heckuva job given what is going on on both sides of the trade. tom: it is stasis. yield dynamic is measured by spreads and curves. remarkably stable over the last 48 hours. chinese headlines, the premier is talking about economic growth. goldman sachs, 4.8% forward. jonathan: saying we want to keep it economic growth in a reasonable range. what is reasonable? what are they willing to accept? tom: i would say it's not 4.8%. jonathan: i would say reasonable for them to 6% or 7%. domestically, i'm not sure about that. tom: i would emphasize in china

we underemphasized the city-state nature of the country versus a federal discussion. we love to talk about beijing. we talk about history and journalism. a force in the last 24 hours. george washington is general washington, horrific smallpox in the midst of the american revolution, and general washington did whatever it takes to get the disease out of the way of defeating the british. do we have whatever it takes now? we are joined from johns hopkins center for health and security. jennifer, we are seeing get vaccinated or go home. is it working? jennifer: we are seeing data from workforces like the defense department that after the mandate for vaccination coverage, it increased quite a bit. we heard the story from united,

and increasingly we are hearing stories of employers enacting mandates. a few people left in protest, but by and large it seems to boost uptake among employees. i can understand why employers are doing this. that is what they need in order to operate safely and have their customers feel safe engaging with them. i think it is helping all around. tom: i saw a fancy paper at three-digits talking about death lagging cases by six days, whatever it is. cases have rolled over. do you presume deaths will rollover? jennifer: i do. i think we will see that. it is starting to plateau, which is a good sign. when i look at the data i usually see three weeks away number three or four weeks. the hospitalizations are starting to come down, that is usually next after cases, and then deaths.

there is no guarantee. as soon as we change our behavior and start doing things that we thought were a little risky in the coming weeks and people start to travel again we could see cases go up. in my mind, as long as people are vaccinated and we keep people out of the hospital and dying, that is our goal.is not that we won't ever be able to do things again, it's let's figure out how to do them safely and vaccines are in effective layer of protection. lisa: as we head into a wave of everyone releasing some of the protocols they've taken to prevent infection, there's a greater amount of immunity in the community. how much has this provided protection that perhaps is being discounted? jennifer: absolutely. there are two ways out of this pandemic and they are both building immunity. one is through vaccines and the other is to get the virus and have natural immunity, as people sometimes call it. that is the riskier path.

national surveys looking at anybody's and vaccinations -- antibodies and vaccinations show a higher level of protection then we see in the case numbers. surveys show most of the protection is from vaccines, and that's what we want. we don't want people to take risks for themselves by trying to get the virus and build immunity. lisa: what would you say to people still putting on two masks go outside and are petrified of rain engaging in society. i know some of them, and there is this fear -- tom: there is a big cohort of these individuals within the six block radius of lisa abramowicz. lisa: it goes a little further, but my question is what would you say to them? what would you parse this message that this is a real threat and take precautions with you have to also live? jennifer: vaccines are

protecting us from when we get infected with the virus that we are not going to get severely ill. if you want to make sure that you do not get sick, do not get a cold, do not get infected, taking measures like wearing masks and avoiding certain spaces is the way to do that. the virus is not going away. if that is your goal at some point you're going to have to either do that forever or -- tom: come on. jennifer: i think in places where the virus is high it makes more sense. if you're living somewhere where the cases are low -- and i think a lot of people are doing it in part because of vulnerable folks at home, like kids who are too young to get vaccinated. tom: can i interrupt, because this is important. what do i do if i'm not wearing a mask and the guy from england has three masks on and he gives me a dirty look? lisa is dead on. what do i do when farro gives me

that -- jennifer: you commend him for his fortitude. tom: do that face again. lisa: that was amazing. jonathan: there's nothing wrong with being a triple ma sker. for the record, i'm not one. i think really is getting tom to wear a mask. we have spent the last 18 months trying to protect you, tom. tom: everybody get vaccinated. schedule your boosters and stay healthy. around kids, it's a different story. jonathan: do you want some more time? tom: it is perrsecco wednesday. jonathan: we will be joined on this market as we round out q3.

as we stare down the barrel of the end of 2021. futures up .4% on the s&p and we advance from new york city, radio, tv, this is bloomberg. ♪

♪ >> we are going to exit this year and go into 2022 with the synchronized global expansion. >> can be seeing much stronger manufacturing activity, but we don't have sufficient supply. >> we may have seen the bottlenecks shift from sourcing to logistics. >> there's a big income hit coming for households at the lower and middle income distribution. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: waving goodbye to q3. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up 17 on the s&p, up 0.4%. we are on course for six straight quarters of gains. tom: