president biden turns his focus to supply chain transportation bottlenecks today. he is meeting with corporate execs and port officials. the president will highlight what they have done to ease distribution backlogs. meanwhile, the port of los angeles will announce a 24 hours a day, seven days a week effort to confront the squeeze on goods. the european union will offer a new round of concessions to the u.k. over northern ireland in the newest exit negotiations. the eu will propose getting as much is the 50% of the customs checks in northern ireland and up to 80% of the sanitary checks on food imports. the protocol keeps the province in the eu's single market, while the rest of the u.k. wants changes. columbia's president says he is aware of the ports of the so-called havana syndrome affecting embassy personnel in his country, that he is leaving

the investigation to the united states. the wall street journal reported several cases of the affliction in pagoda, days before antony blinken is expected to visit. havana syndrome has affected u.s. diplomats and intelligence officials in several embassies around the world. he was justices are indicating they are likely to reinstate the death sentence of the man convicted of setting off one of the bombs that killed three people at the 2013 boston marathon. hearing arguments in washington today, the courts conservative wing voiced skepticism. the appeals court ruled that prospective jurors were not adequately asked about pretrial media coverage they consumed. global news 24 hours a day, on air and on quicktake by 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. i'm matt miller. welcome to bloomberg markets. your other top stories we are following. we will give you full reaction to today's cpi. consumer prices outpacing forecasts. we will break down results from the treasury's 30-year bond auction as well. we will discuss the supply chain crisis and get a preview of what president biden plans to say at the white house as he meets with corporate executives, labor leaders, and port officials later this hour. we are also going to take a look into the space tourism industry as william shatner becomes the

oldest person ever to go to space, at 90 years old. andrew chanin joins us with his outlook on investing in space. first off let's get a check on what is going on in the markets. the s&p has been fluctuating. right now doing a whole lot of nothing. the bloomberg dollar index on the other hand is down. most major currencies trading at 1163. we see the u.s. 30-year trading at .0463. sorry, 2.062 pre-sale. we are just getting the auction

results in. i'm going through them on my terminal. i see that the u.s. has awarded 17.2% to direct bidders. 70.5% for indirect bidders we have been talking about the last couple of days. a lot of people think that indirect bidders are foreign central banks. let's bring him in. he is bloomberg intelligence's chief rate strategist. what do you think of these results? >> this is another a-plus auction. we saw what the market was anticipating right when the auction closed. those indirect bidders, at 70.5%, that is the second-highest on record, that basically end users. we do not know if those are

foreign investors or domestic funds. last september when we saw that really great auction, as i said, the second-best 30-year auction we have seen, it was almost all because of domestic demand. i suspect this time might be the same, but it shows you that as we get above 2%, someone likes those yields versus when yields were 20 or 25 basis points lower. matt: and yet we have this concern about inflation. obviously it is a much shorter term concern. we are talking about 30-year bonds, but how does the inflation picture affect the bond market? it does not seem to have affected the auction. ira: quite the opposite. i think there are several pieces to that puzzle. one is that the sectors where you see gains in prices, a lot of them are necessities as opposed to wants. because of that it is like a tax

on the consumer. we have oil prices going up, and you have housing prices going up -- for example, rents were a big increase in today's cpi report -- the -- those means the consumers have less to spend on other products. because of that, the way that i read the market reaction is, real growth is going to be slower, meanwhile inflation is going to be higher. that is the reason you see two-your notes higher, as well as inflation breakeven. this is the difference between regular treasury yields and the treasury, inflation, protected security market. that has gone up quite a lot, particularly in the short end of that curve, because of this higher cpi report. matt: thanks for joining us. ira jersey, chief u.s. rate strategist talking to us about the 30-year auction.

last year the oecd reached an unprecedented tax deal. nations agreed to overhaul the system, including a minimum tax rate on corporations. one country at the heart of the matter is the netherlands. the deputy finance minister is attending meetings in washington now and joins us from our studio in d.c. thank you so much for joining us . let me ask you first about that tax deal. you were a supporter of the international tax law. what else do you think needs to happen to overcome tax havens, ticket countries their fair share, and to avoid tax evasion? i don't know if evasion is too strong of a word, but gaming the system, let's say. hans: thanks, matt, and great to be here. netherlands supports this agreement very much.

used to be a country to us in the wrong lists of countries which were accommodating things which we don't look very positive now at. this agreement is great. it basically means that all countries are levying the same kind of corporate tax, so you are losing this race to the bottom with this corporate tax rate. and you are asking, what more needs to be done? there is more to be done. we are doing a lot nationally also. like withholding taxes on dissidents go to rents and royalties. you can also look at what trust companies do in your country. a lot more needs to be done, but this is a mark in development, i would say. matt: does having a minimum tax rate hurt countries' abilities to shape a tax system with, for

example, deductions as carrots, or penalties as sticks? is that a problem for sovereignty? hans: the beauty in this is it does not oblige you to apply this 15%, what happens is if you do not levy this 15 percent, the multinational will have an extra levy. you can still have your own tariffs, but there will be extra levees to make it up for the additional. that is the beauty of the system. you can have your own system. that is what i like about it. matt: can i shift the conversation toward green bonds? and green investments? they have been such a huge story lately here, mr. minister. is it possible that europe could see rule changes to encourage even more green investment? for example, precluding green

spending from that ceiling rules? hans: there is a huge discussion coming on. it will be a paper put on the table this month by the european commission, and there is a huge discussion going on about green investments and what you can do to induce them, to make the rules so flexible. this is a careful balance to be taken. you don't want greenwashing, so you don't want investments which are really great to be green washed. on the other hand you want to make enough space for green investments that are needed. this will be huge, the discussion in the union, i think. matt: it is a great point about greenwashing. when i think about an international fund, which the netherlands supports, tim help developing companies -- countries make the green transition, it feels like there might be a greenwashing pitfall

ready to happen. is that a concern? hans: i think the whole goal to transition totally, overstates, everything else, but if you look at the rules for countries like myself, for the richer countries , can you exclude your green investments from the normal fiscal rules? you should be careful for the greenwashing, while on the other hand you want to have enough green investment. that is a balance we need to take. matt: can i finally ask you about eurobonds? who made this leap -- or, europe made this leap during the pandemic in order to bridge the economic, i guess, canyon. do you think we need more of that kind of european investment? will we see more eurobonds? hans: you are asking for my

expectation. if you want my opinion, the dutch government thinks this was a one off, these pandemic bonds, to fight the economic effects of this pandemic. we are not in favor of introducing more permanent eurobonds. for us this was typically something we did for this pandemic. matt: what about your opinion? do you think we should have -- you should be building more of the united states of europe, in that sense? hans: i never use united states of europe, but i do think the european union is pivotal, especially for a country like ours, which is a small country, and for us it is extremely important to be part of the european union. matt: mr. minister, thank you for your time. hans vijlbrief, the deputy finance minister of the netherlands. we are going to be talking to lindsey piegza, the stifel

nicolaus chief economist. plus, what to watch in the fed minutes, which combined at 2:00 p.m. new york time, so just about 48 minutes from now. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. i want to get insight on the u.s. inflation numbers that came out today. they were higher than had been anticipated for september, climbing to 5.4% on a year-over-year basis. that matches the largest annual gain in cpi since 2008.

joining us now, lindsey piegza. this was the fear, and, ok, it is higher than the estimates, that i think a lot of people were looking for to be in the upper end there. what is your take on the results? lindsey: it was a very disappointing number. stronger than expected, suggesting that this message of transitory is going to be increasingly more difficult for the fed to sell, and it compounds the pressure on the committee to move forward with removing some of the extraordinary measures we have seen in place. after friday's disappointing payroll number there was some concern that the trend may began -- may begin to backpedal on its willingness to initiate taper, at this point with inflation -- as you mentioned, the cpi near 5.5%, nearly double the fed's

target level of 2%, it's going to be very difficult to maintain these policy measures for much longer. matt: we are looking at some of the components there. food at home, 1.2%. natural gas -- that was pretty clearly going to happen. used cars falling, and we saw that subsided a little, but i would not have been surprised to see them going higher, because the shipping problems are still out there. how soon do you think we see a solution to those issues? lindsey: i think it's going to be quite some time. you see that rent pressures are very widespread, save for medical services and apparel costs. those are the isolated categories where we did see stability or price decline. we see is that supply chain disruptions, distortions, you name it are impacting nearly every sector of the economy. he really is no clear solution

insight in the near term. as we heard from janet yellen, still reiterating the notion that these price increases are likely to be transitory, at the same time she said she does not see a solution for the next several months. i would agree that prices are likely to remain elevated through the end of the year and still be a 2022 issue. matt: how do we see this playing out in the markets? the 10 year yield has climbed up to 161, what are expectations? you mentioned the fed having to push back the taper? lindsey: it is going to depend on the fed's message to the market. they have been clear that they are prepared to act. today move beyond this message of transitory too, but we are seeing more persistent price pressures, and as a result be a timetable is now expedited.

we are waiting for a formal announcement from the fed regarding the first step, the taper, but the market is already seeing that rate increase pushed further up into the 2022 timeframe. i believe it is now looking at september timeframe for left off. matt: thanks very much. i should have said pulled forward the taper, not push it back. what about the individual components of what the fed buys or what it may not by? where in the markets are we going to see the biggest moves if they do pull forward? lindsey: i think the fed is going to focus on the middle part of the curve. that is what they have been very clear about, in terms of where the vast majority of the impact has been felt. that being said, i think the details of the taper process are going to slowly be laid out in the minutes and further commentary.

we do get the fed minutes later today, and while we would expect further snippets in terms of how they are going to taper their purchases, that eventually will have to be disclosed to the market. i would not hold my breath to get those specifics this time around, and as we approach the november meeting, as we approach the december meeting the fed will start to give us a clear indication of how that process will unveil. matt: thanks so much for joining us. lindsey piegza is the head economist over at stifel. the divide between asia's main financial hubs. ♪

>> of course i am concerned, and we are working very hard to resume normal travel in a gradual and orderly manner, both in china and in overseas places. matt: this is bloomberg markets. that was hong kong chief executive carrie lam. she is defending travel restrictions tied to covid that are frustrating global businesses. there is a divide between the way hong kong and singapore -- the two biggest financial centers in asia -- are handling quarantines and travel restrictions. let's bring in andy brown to discuss. what do we see? we have heard so much about hong kong recently, andy, what do we see singapore doing? andy: it is interesting, because these economies are quite similar. he mentioned both of them are regional financial hubs.

most -- both of them are trading. they have shipping, aviation, just ask industries. until now both have taken the same approach to covid-19, which is a covid-zero approach. one infection is too many, one death is not acceptable. now the fortunes of these two places are diverging. the singaporeans have determined that covid zero is impractical. it is not possible and they're going to open up the economy and live with covid. hong kong has taken the decision that it is going to stick with covid zero weed these decisions -- covid zero. these could have a profound impact on the trajectory of these economies for many years to come. matt: how does carrie lam rule in or operate in hong kong? it seems like she is so often

acting at the behest of beijing. to the local people still support her there? andy: businesses are pleading with carrie lam to open up. an american chamber of commerce survey recently showed that 40% of member companies were considering moving out of hong kong because of these really draconian restrictions. up to 21 days in quarantine, even if you have been vaccinated. to which the response of the hong kong authorities is basically a shrug of the shoulders, and the message from carrie lam is very much, we are a gateway to china, and therefore our health protocols have to align with chinese health protocols. the singaporeans are saying, we are a gateway to the world, we can't be closed. matt: to that end, singapore -- you are holding a big conference in which many world leaders for

the first time are going to get together. andy: right. we are part of the experiment. opening up in singapore is somewhat risky, politically. there is a division of opinion even within the singapore government about the trade-offs between openness and public safety. we are bringing 300 or so ceos, heads of state, government ministers, scientists, and others to singapore. the singapore government want to use us to say, there, we can be open and safe at the same time. matt: andy, thanks very much. good luck with the conference. bloomberg's new economy editorial director, andrew brown. jp morgan exceeds estimates with earnings, but will the moment with financials last as 2021 comes to an end? it feels like a quick coming to an end to me. ♪

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mark: i'm mark crumpton with bloomberg's first world news. antony blinken says "time is running short post quote for iran to return to compliance with that landmark 20 15 nuclear deal. secretary blinken says washington will look at every option to deal with the challenge posed by tehran. he accused iran of using this time to advance its nuclear program in a variety of ways. he says the runway given to iran is getting shorter. a major highway in southern california's coastal region is closed today. evacuation orders are in place as hundreds of firefighters battle a growing fire. the blaze is going along the south santa barbara county coast, which was once owned by ronald and nancy reagan. the fire corrupted monday, forcing the closure of u.s. 101. the only major highway on that section of the coast. hollywood's captain kirk,

90-year-old william shatner, blasted into space today on the second flight of jeff bezos' company blue origin. the rocket lifted off at 9:50 four a roughly 10-minute journey into suborbital space, eating an altitude above 200 50,000 feet. shatner spoke outside the capsule. >> what you have given me is the most profound experience i can imagine. i am so filled with emotion about what just happened. it is extraordinary. mark: william shatner is the oldest person to go into space. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg.

amanda: welcome to bloomberg markets. matt: welcome both to our bloomberg and bnn audience here. here are the top stories we are following for you. bank earnings kickoff. jp morgan lead to results for the big banks and shows the m&a market is alive. we will break down the results of the biggest bank in the u.s., and talk about what it foreshadows the rest. plus, we are going to take a look into the space tourism industry. you just saw, you shatner officially becomes the oldest person ever to go to space. with amazon's blue origin. and we are going to talk about the supply chain crisis and get

a preview of what president biden plans to do. he is meeting at the white house in the next hour with corporate executives, labor leaders, and port officials to try and figure out a solution to this crunch. amanda? amanda: of course we are watching the markets, digesting inflation data, and also some of the earnings we are seeing, including from the financials. we are seeing a turn to the positive here. we did see a strong reaction, but not strong. we are getting positive activity at the moment. he mentioned jp morgan. that stock is down sharply. labor cost is going to be a factor going forward. we are going to be talking more this quarter about the way import cost are going to influence the outlook, and the question of courses, how long does that last? how long is transitory? not a huge reaction to that cpi

number, although we did see more response at the short end of the curve. matt: absolutely fascinating day for fixed income, for govi's. we talked to ira, he set another a-plus auction yesterday. it is very interesting, especially when you consider the inflation data coming at the same time. let's get back to the stock market, because i want to go to our stock of the hour. we see the index is bouncing back. financials are a big part of the reason we cannot really take off. bank earnings season, as we told you, kicked off with jp morgan. the m&a part of it was really strong, but the basic business of banks is not making too much money, taking deposits and making loans. dave wilson is here to explain. dave: it is really the long part

of the equation that is the issue. jp morgan has really struggled in terms of being able to build on that business. you look at consumer and commercial loans, we were down in the last quarter, even though if you looked at the overall results earnings and revenue beat estimates. there are surely implications for a lot of other banks coming out with results tomorrow. you see inc. of america, citigroup, wells fargo with the kind of red in their business jp morgan has. all of those stocks are down. morgan stanley is higher. more focus on investment banking in the latest quarter. you take a step back and take a look at the group broadly and you see banks have been market leaders in the past three months or so. they have taken on the role that technology companies have had historically, and it shows up in terms of what is doing well and not so well within the s&p 500.

you look at what that has meant in terms of valuations for these stocks, we have seen price-to-book ratio -- which, a lot of the times it does not work well, but it does for the banks because they have so many assets on their books. that ratio pete back in june, and it has been up and down since then, but lately it has been pushing back toward the high. one reason for that is we have seen bond yields moving up. for the banks that means they stand to earn more down the line on their loans and investments. it is all about the potential for wider net interest margins, as they are called. that looks like a plus for the industry. amanda: the banks have done pretty well, dave. are they priced to perfection when you see this strong reaction to what jp morgan had to say today? can we extrapolate from what we might see from other banks this quarter? andy: we certainly can.

we look at the others reporting tomorrow you see the climb there, but one area of particular weakness at jp morgan on the consumer side -- credit cards. higher costs of bringing in new customers, less income on the balances current customers have. put that together and jp morgan's results are way on the card business. american express, discover, capital one, synchrony financial, all of those stocks are taking a hit, illustrating today's -- today down more than 3%. amanda: thanks so much for that. meanwhile, we have watched that reaction for jp morgan, even as it exceeded its latest quarter. the question, of course, is whether other financials will benefit as we hear from dave that steepening of the yield curve.

bill, we have been watching the financials. on your bloomberg you can see the percentages trading above their 200 day moving averages and you might be tempted to say, time to lighten up. where do you stand? bill: first of all, when you take a step back and look at first quarter gdp was six point 3%, second quarter was 6.7%. the third quarter is still probably going to be 5%, 7% gdp growth, which is strong. have interest rates going up, but not a major spike. you look at economic growth, rates rising, but not because of a major inflation spike, that overall bolts well -- -- bodes well. a steeper yield curve, then interest margins are better, the better trading environment, so i think the financials will be fined -- be fine.

i think a much bigger question is, is the whole market at a turning point? are we beginning to correct? if we are in the process of a much bigger correction than -- then financials will not be spared. matt: are we in the process of a bigger correction? the s&p, year-to-date, is up about 17% i believe. it peaked last month, or really at the end of august, and since then has turned back down from 43.50. bill: it is not a surprise. i talked about it on the show a number of times. i think now there are two viable options.

one is what i would call the street consensus, which is that this is a garden-variety pullback. we start to rally back late fall, early winter, we get our traditional christmas rally and everybody goes home with a smile on their face. that is what the vast majority of people are thinking. i think there is another scenario that is far less benign, which is that we have a much deeper correction, a much broader correction. the reason i think that is possible here, at least one in three chance, is that you have entered two major trends. you entered the rally in march 2029, and when you go back and look at the in of major moves, you look at the dot-com bubble, look at the great recession, they were 50% pullbacks, top to bottom. i don't think it is out of the question we could go back to 3400 in the s&p.

we called the top as well as anybody. i take away is, don't sleep on the 10% correction. we will buy, because that is when the first support comes in. there is a chance to get a deeper correction, not only price, but time. amanda: if we do break that 4200 bill, how much deeper? you have a target on where the s&p 500 goes from there? bill: a full mean reversion would take you back to 3400. nobody is talking about that, and right now i think everybody feels this is just going to be a 7% to 10% thing. there is at least a 103 chance we get a much steeper pullback. the rationale is you have ended two major bull trends. the march 2000 nine rally, the

march 2020 rally, and again we called the top right around 4500. i alerted reviewers in advance. the main takeaway here for the people watching the show is, the careful. this could end up being a lot deeper than the street is looking for. matt: bill, thanks so much for joining us. bill strazzullo there from the curve trading. coming up, blue origin sticks as fully launched its second crude flight of the new shepard spacecraft. of course, they had a very famous passenger in captain kirk. we are going to focus on the investing side. he will speak with precure ceo andrew chanin. this is bloomberg. ♪

>> what you have given me is the most profound experience i can imagine. i am so filled with emotion about what just happened. it is extraordinary. matt: this is bloomberg markets. i'm matt miller, with amanda lying, and i have goosebumps. that was william shatner, the snow and for playing james t kirk in star trek. thanking jeff bezos, who runs amazon, the company we all die everything from, for the experience of a lifetime. this after bezos' blue origin successfully launched and had landed its second crewed flight. here to talk more about the space tourism industry is andrew

chanin, precure -- procuream ceo. how important is tourism as opposed to exploration, maybe mining, setting up industry? is it a decent sized part of this base business? andrew: space tourism really just started making revenues this year, and analysts leave the space tourism market could be roughly a $4 billion industry by 2030. you look at it right now, the space industry as of the end of last year was a four hundred $47 billion industry. we are still talking about a very small piece. amanda: in terms of the size of

the potential industry, how much of it is industrial and how much is actual tourism, kind of a retail consumer base? andrew: space tourism right now, you are breaking that down, because of these blue origin, and even spacex adventures are allowing people to go on and conduct research and educational purposes beyond tourism. if we are talking about $4 billion by the end of this decade, that is dwarfed by many of the other parts, like you mentioned, like industrials and defense, one of the largest parts of the industry people don't seem to talk about is actually satellites, rod band internet, and communications. -- broadband internet, and communications. matt: what kind of industry do you think we are going to see eventually in space? there is this romantic notion of mining from asteroids, but i have also talked about people setting up factories and doing

the kind of work that he really would not think about automatically. andrew: yeah, you know, manufacturing and space absolutely has tremendous potential. you think about it, the gravity here on earth is a limiting factor. can produce things in outer space. don't have to worry about gravity having an impact. you can build extremely large structures in zero gravity types of environments. if you look at automation and robotics and drones, well, in theory you can build an entire colony on the moon or mars or elsewhere that is completely built and ready for humans to set foot on the planet, or the moon, and start living there. there is a ton of opportunities. question is, where companies going to find the most benefit for investing now? really it is the infrastructure of today. although there is excitement about space tourism, the real story behind the scenes is that they are proving out there

reusable rocket capabilities with these missions. to the extent they can continue to do this safely, it helps to drive down costs, opens up space for many more players beyond just tourists. that is what we are seeing being built today. amanda: andrew, we've got to leave it there. great to have you with us. andrew chaining -- andrew chanin, precure am ceo. we expect to hear from president biden meeting with executives at the white house to discuss the supply chain crisis. we will discuss what we can expect out of that meeting. that is next. ♪

amanda: this is bloomberg markets. i'm amanda lange. for what it is worth, we did get a read on u.s. cpi this morning. this week, also a view from the

new york fed that shows consumer expectations for inflation continue to rise. that is key. american households expect inflation to rise 5.3%. it is the survey's eight-year history. increasing prices is one of the many concerns for the president, who is meeting now with executives to discuss the issue that surrounds global supply change -- supply chains. for more let's bring in the host of radio sound on, joe mathieu. great to have you with us. one of the questions will be, what can the president or company do to save a global supply chain crunch? joe: that is a great question, remembering it is private enterprise that controls this entire chain. all of this involved in getting

to the consumer. jen psaki is briefing reporters right now. she just hit the podium, describing announcements as huge. they include the port of los angeles going to a 24/7 work schedule, following a similar announcement from the port of long beach. in the white house helping to coordinate with private companies to handle just ask, announcing agreements with fedex, ups, companies including walmart, target, and samsung that will all start working to pick up that backlog. the white house sees this as critical to the economic recovery that this entire administration is kind of putting its chips on here. we spent a lot of time talking about infrastructure and reconciliation on capitol hill. this is the real stuff now to keep this recovery going. matt: it is a great point. in order to make this work and to fix the supply chain really have to fix the infrastructure. there is nothing you can do

without fixing the infrastructure. part of that also is labor. you can open up ports, but if you don't have anybody to work there they are not going to run. joe: you are getting to the heart of the matter. you can create these jobs and get things moving in off-peak hours, you have to have someone to drive all of these trucks in the middle of the night, to deal with trains, and themselves. that is why there is a big labor component. today the leader of the teamsters union is here. we are hearing commitments from labor, how all of these jobs will be filled. we talk a lot about wage pressure. you can expect to see wages rising here, including potentially signing bonuses, just to get the trucks on the road. amanda: quickly, a lot of the solutions, if they are manufactured by government, or inflationary, including on-showing your production.

joe: inflation is something this white house talks about a lot. in fact, using it as an argument to pass the tax and spending plan that has been so controversial. the administration says without the infrastructure plan and reconciliation passing we will continue to see prices rise. just as many people in washington will tell you that will cause prices to rise, as you well know. matt: absolutely. there are always people in both sides of that. joe mathieu there. make sure to catch sound on every weekday at 5:00 p.m. eastern time on bloomberg radio. a perfect companion for your commute home. for amanda lang, i'm matt miller. this is bloomberg. ♪

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mark: i'm mark crumpton with bloomberg's first world news. the united states will reopen its land borders to non-essential travel next month. that will and a 19-month freeze put in place due to the pandemic. vehicle, rail, and ferry travel between the united states, canada, and mexico has been largely restricted to essential travel since the earliest days of the pandemic. the new rules will allow fully vaccinated for nationals to enter the u.s., regardless of the reason for travel, starting in november. top biden administration officials met to discuss rising gasoline and natural gas prices. bloomberg has learned that jennifer granholm, tom vilsack, and antony blinken were among those in attendance. the white house is not sharing details about the meeting, but says the administration well use "all of the tools at its disposal