>> i think there are a lot of uncertainties across different axes of the market debate. >> the market is really torn with higher inflation. >> it is difficult to see how multiples expand further. >> we think this bull market has legs still. >> stocks at the end of the day are an inflation hedge. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on radio, on television, a wednesday simulcast. it is eminent that i begin conversation with jonathan ferro. we are very eminent. i'm done with it.

we are going to talk to an expert on this in a moment. there's no one that knows more about fed waiting than michael holland. he has seen it since maybe echols. it goes back forever. jonathan: should i respond now or in four days, tom? tom: silly. i'm done with it. jonathan: are you finished with it? chair powell, governor brainard. what are you done with? tom: the wait of it. a very important decision. it is frankly normal that he is confronted by the different weightings here. the president will make a decision, and monetary policy will probably be pretty much the same from the two. jonathan: it is perhaps normal to do it earlier in the year. confirm ability is going to be a big issue. i hope the interesting comment from sharad brown, chair of the sink it -- from sharad brown,

chair of the senate banking committee, said he was sure they would confirm either of them. it is the vote counting of it all going into the weekend that i think is more important than perhaps anything. tom: it is about as exciting as the auction market. we will skip that today. the 10 year inflation-adjusted yield at -1.13%. with all of fed speakers today, we've got to look for something on yields in their guesstimate forward. lisa: really? i am going to talk about the option later today because you gave me an opening. there's an auction of twenty-year notes at 1:00 p.m. to me, the question is very much who is going to be nominated and confirmed as the next fed chair, but also, what they will shift toward. is it going to be a more dovish or more hawkish reality at a time when you see inflationary pressures, and this really does bleed into the twenty-year auction? how high can yields go? tom: i'm sorry, i am looking at

the deepest thing in the system, which is the dollar. let me start with you. dollar up, dollar stronger. it signals something. jonathan: two-year yields are at their high of the year. that is the signal that catches the story you are talking about. the 10 year yield has been picking up at about 1.6 370%. that's the difference between what we are talking about with the federal reserve and what we are talking about in the u.k., the bank of england. there's a really ugly growth-inflation compared to what we see in the united states. there is a fear in the u.k. that this inflation story could overwhelm things, that the reaction function of thr -- the central bank, that they are hiking for the wrong reason. when you ask people about the federal reserve, they will say dollar stronger. if you ask them in the u.k. what does it mean for sterling, you will get mixed views precisely because of the backdrop around growth and inflation. tom: lisa, what are you watching

into the weekend? what is top of mind for you in the bond market? lisa: the narrative over inflation and how much the fed's hands will be tied. the idea that morgan stanley, as well as td securities, saying the fed can hold off, and then you had a steepening in the yield curve for the flattening you have seen the past three months. tom: priya misra's call at td securities is stunning down the road to 2023. we wanted to get perspective on the times we live in and where we are, and we can do that with michael holland, chairman of holland & co., and he knows the parlor game of waiting for who the president will pick, it is unchanging. michael holland remembers the absolute free-for-all when bush reappointed greenspan to a fifth term. the dow was at 8000 then. it is at 80,000 now. were you fully invested? michael: as were you, tom. both of us were.

tom: tell us about the pressure to be in cash right now. michael: i don't see pressure going back to history. back in the 1970's, when we had a nascent inflation environment like we have showing up now, we had sir john templeton, one of the great equity investors of the time, saying the only place you can be in inflationary markets is in stocks, so get out of the way of the bond for sure. go to short dated instruments. but in the equity market, you have the opportunity that companies can figure out how to make money, so stocks are not to be aboard and this -- not to be abhorred in this current outlook. jonathan: what do you make of washington and the federal reserve race? michael: you and i spoke

off-camera, and i think at the end of the day, if it kicks ugly -- if it gets ugly, and it has no reason to get ugly, at the end of the day i think there's no reason for them to move forward if they don't have the votes. it could be a self-inflicted wound, but i don't anticipate them to try to do it. jonathan: talk about perception versus reality. there is a perception that there's some big daylight between chairman powell and governor brainard. the reality, i am not so sure about the reality of it all. what is your take on that? michael: season fed participants would agree with you completely. there is not a whole lot of distance between the two people, and i think that is probably in a conventional way correct. i think the perception is different, but the reality, not so much. lisa: does that support the idea

out of morgan stanley ntc -- morgan stanley and td securities that we will delay rate hikes until the end of next year, even early 2023, and edify this idea of a steepening yield curve? michael: i think that is probably the right way to bet. the way i see the currents on the table, that is exactly the way i would expect that to happen. you have to weigh your bets in this market because the way things are priced today, i think the most important thing is they are not going to pull the punch bowl away. it is not going to happen. i actually think the whole inflation discussion which is side-by-side with this is more important than this one. steve ratner in "the new york times" today has the best explanation. we don't have to waste any more words on what is going on there. lisa: how much credibility does

the fed lose if they remain dovish in the face of very strong inflation data, as you just put out there? their own metrics are sending a signal that they were looking for earlier. they used to say they were data-dependent. now they have faith in some kind of dynamic where you will see a cooling-off. does this undermine their message? michael: for sure, there's no doubt about it. you have the u.k. inflation numbers this morning. the keep saying it is not a problem. they have no credibility left. the fact is we are going to move into a period where whichever of the two is in there, they will have to say things that enhance their credibility, not undermine it. tom: the great missed call this year westech, which everybody stop would symbol. -- would stumble. it has done very well create how does michael holland analyze current tech growth? thierry: i think we have in this -- michael: i think we have in

this nascent inflationary environment an opportunity for companies who have showed they are kind of ridiculous multiples, but because it will be able to continue to be profitable and increase profitability at a level that we might not have expected, i think with some of the high valuations, they actually may be worth it in some cases. jonathan: before you run, we started this interview by talking about the depth of your experience. there's a company called rivian that you might be familiar with that has a market cap of $153 billion, and we were talking about this when it was around $80 billion, and people were saying that was ridiculous. lisa referred to a quote from mr. solomon at goldman sachs at the new economy forum, where he said, "when i think about my 40 year career, there have been periods where greed has far outpaced fear. we are in one of those. my experience is that these

periods do not last long." what do you see? michael: i think it is possible we are going to end up with this thing working out ok, and i would say that with rivian, you can also look at general motors as a stock by contrast, you put them side-by-side, and say if you were going to invest some money today, where would you put it? i think there are possibilities out there where you can survive the craziness, andy always have to head -- and we always have to hedge ourselves that they won't hold the punch bowl or that something stupid will happen. having said that, as tom said, a triple levered all-cash portfolio so you end up with a situation where, if the worst happens, we will survive. the investments arrival book from 40 years ago, you could

read that. jonathan: it is a privilege to catch up with you. michael holland of holland & co., the chairman. tom: he mentions the stephen ratner op-ed in "the new york times." i want to focus on one sentence. "the original sin was the march stimulus,," in the opinion of mr. ratner, and that is what got us into this inflation start. jonathan: heard on radio, seen on tv, this is "bloomberg surveillance." ♪ ritika: president biden is still deciding whether to reappoint fed reserve chair jerome powell

or replace him with fed governor lael brainard. the president is said to have ruled out other possible contenders. he told reporters to expect an announcement in the next four days. in the u.k., inflation climbed faster than expected to the highest level in a decade, putting pressure on the bank of england to raise interest rates. cpi rose 4.2% in october from a year ago. higher costs for fuel brought up the prices. a secret government organization is certifying local supplies in sensitive areas in china. roughly 1800 chinese makers of chips, pcs, network equipment, and software have been approved. shares of target are falling a day after they closed at a record high. the retail outlet -- a

popular product that pays customers high interest rates for digital tokens. the company has not been accused of misconduct, but the value has been at $4 billion. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪

>> turkey is going the wrong way, whereas other central banks and emerging markets have been raising rates.

they are cutting rates. so they are sticking their nose up at the market, and i think that is unprecedented. it is an experiment in the sense that we really don't know how it is going to end up. jonathan: it is not going so well right now. dollar-lira in and around 10.50. your equity market down five, negative zero point 1%. yields up almost to basis point to 1.6422%. in the equity market, euro-dollar -- in the currency market, euro-dollar $1.13. tom: thierry wizman with us from a quarry on e.m. come -- from a quarry, a real authority there. now jordan rochester joins us from nomura. let me get the dollar out of the way because ferro -- because

ferro is focused on the sterling. do we need to go ever stronger to find a critical point? jordan: the question is, do you think more can be priced into the fed? do you think u.s. growth outperformance keeps going? does the consumer, the service is pmi's keep going up and stay at these high levels? so far, all of those keep happening while the rest of the world, especially china, are having a slowdown. that feeds through to europe and a european manufacturing slowdown, which we are seeing as well. until those change, i don't see a reason why the dollar should we can -- should weaken. jonathan: help out a lot of people with this one. the bank of england seems to be on track to hike before the federal reserve, yet sterling isn't doing much. can you make sense of that for our audience? jordan: it depends who you are

selling sterling against. i am doing it against the dollar because i think it is a nice trade-off between the u.s. and the u.k., both outperforming with inflation rising, but i think the fed could have a bit more priced in than the bank of england in the median to long run because the u.k. has a few problems with briggs that ahead. because of the european central bank, they have had 10 years of low rates. they are prepared to move fast with the inflation going on now. that is why the pound can strengthen against the euro because that currency doesn't have a central bank willing to take action against this inflation, where against the dollar, it is tit-for-tat. u.s. pricing for the two-year on the fed is pretty much the same for the bank of england. until that changes, until there is more priced in for medium to long-term growth and higher interest rates in the u.k., i don't see a reason why cable should materially go higher. jonathan: if you ask people about it, td securities wrote

about it in their outlook, there's a feeling that that is worse than the u.k., worse than the u.s. they are very similar. what do you make of the growth and inflation mix in either country? jordan: in the u.s., you've got all of the excess savings. the u.k. also has those excess savings. it is quite finely balanced. if you look at data for the u.k., there are problems with the supply chain on top of the global situation, so getting around 10% to 15% ships arriving in u.k. ports because of the checks involved with brexit. you are having all of the damage done from that side, and when it comes to the u.k. consumer, retail sales in the u.k. haven't gone up anywhere like the u.s. u.k., not so much. until that dynamic changes, and still -- changes, until we see reasons for the u.k. consumer to

go out, i don't think we will see changes. lisa: a new york -- a "new york times" op-ed talking about inflation. is what you are saying that perhaps some of the stimulus in the united states actually gave consumers the spending power to keep the dollar strong, to basically keep the currency underpinned by economic momentum at a time when under nathan's -- when other nations are not seeing that? jordan: the plan was for fx markets, all of that stimulus was debt induced, selective issuance from u.s. treasury. we saw massive dollar weakness last year. going into q4, euro-dollar really went higher. that was on the idea from all of the u.s. economists that the fed would not consider raising rates aggressively. that is changing. i think once you introduce rate hikes into the equation into the future pricing of the curve, that balanced payment i forgot

to miss just fell through because investors see yield -- investors seek yield. with modern monetary theory, if you get taxes, if you get inflation, the way to do it is taxes. because of congress, the idea of big tax rises in the u.s. have really softened as well, so that is why we are seeing more being priced in for inflation, more priced in for rate hikes. lisa: what do you make of thierry wizman's argument that a perceived renomination will potentially lose credibility in the u.s. central bank? jordan: the fed is not going to lose credibility, but it has kind of been political all along. the president always gets to choose the fed chair. president trump used to tweet about janet yellen. so there's that element of politics involved. all central banks, it does not

erode their credibility. they are trying to do it right. but we can't ignore that it is chosen by a politician. jonathan: what is more likely, aston villa avoids regulation or the bank of england hikes rates next month? jordan: they are both likely. that is really unfair. [laughter] jonathan: you think we get a hike next month, jonathan? jordan: we definitely get a hike, i think. that is not really a big call. the question is do we see more rate hikes for the rest of the year? that is getting tough. that is why we are short sterling because there's 115 basis points of rate hikes. pretty much every quarter you get a 25 basis point rate hike in that fx curve. that's kind of ok, but anything more, i doubt it. that is why the risk-reward is that banking might do less going forward. jonathan: thank you. big weekend for villa.

jordan talked about the white house going after chair powell. use talk about it -- i used to talk about it often. but the former president was right when it came to monetary policy, and chairman powell eventually did change his mind. tom: most of the people pontificating about this don't know the history. forget about 1912 in all of that. there's a history here of about 1952, and then there is a really important historical moment in 1965, where lbj really leaned on mcchesney martin. by those terms, i am not sure the modern-day social media sniping is equivalent. jonathan: the institution survived it, right? tom: yes, yes.

don't fight the fed. don't fight brainard. don't fight powell. what is the difference? jonathan: your equity market down four, -0.1%. heard on radio, seen on tv, this is bloomberg. ♪

jonathan: seconds away from economic data in america. tom keene, lisa abramowicz, jonathan ferro. no drama this morning. yields higher almost one basis point. with your economic data, here is mike mckee. michael: we have housing starts down .7% on october, building permits rise 4%. they offset in that sense. homebuilders are selling everything they can. they are seeing strength, even though the starts number falls by a little bit on a percentage spacious -- on a percentage

basis. on a year basis now -- down just 10,000 from the prior month. not a maser change. housing strength continues. the fannie mae mortgage rate for 30 year fixed, 2.98 back below 3% for the first time since early october. the housing market still looks like it has a bright future. tom: i went -- i want to get out to tomorrow's important claim statistic. a survey of 260,000, maybe 220,000 is normal. do you sense a linkage of good news claims with rises wages, are they linked together? michael: not necessarily. claims represent people who involuntarily left their limit -- left their employment. the quit rate is up.

people are not getting laid off or losing their jobs because there is more pay, but there are probably companies that were open and are not anymore. lisa: there is a larger story behind the data points. housing starts are down, but housing starts -- building permits are rising, the idea people are applying to build because it is a good time. at what point will supply in the economy start to meet the demand in a more material way? tom: that is an interesting -- michael: that is an interesting question because there are a lot of things that drive the demand. we are soon extremely low interest rates but also the households factor, people starting families and wanting to move into their own home. how many people want to move out

into the suburbs because of the covid crisis, all of those things playing into it. the covid crisis may be slowing as a recent move, but as the economy improves more people get hitched and want to buy houses so we will see how long it takes for that market to rationalize. michael: michael mckee -- tom: michael mckee, thank you. lisa: [laughter] jonathan: tk, do your bit for the u.s. economy. michael: he did it a couple of years ago. jonathan: down two on the s&p 500. yields unchanged. tom: sarah halzack joins us -- sarah house joins us, senior economist at wells fargo. his family formation a dominant

changer within the american economy? sarah: demographics are important to the overall housing outlook. we see millennials entering their prime homebuying years. you couple it with the pandemic and it sets us up with drunk demand for years -- it sets us up with strong demand for years. the savings we have seen helps a lot of millennials pay down debt. it is absolutely important for housing going where were. -- going forward. tom: if they cannot afford the house, what did they do? how do you perceive house prices reacting that most of america cannot find an entry point? sarah: what we are seeing is the onslaught of activity we are seeing, maybe we did not see a jump in starts this month, but you have more homes under construction than at any time

since 1974. give have more permits down the pike. we are seeing construction activity constrained but there is supply coming down the pipeline in of the great years and that will help the affordability picture for homebuyers in the coming years. the prices recently have gotten away from many households, but i do think we will see greater balance over the next year or two that should help household formation. lisa: on the flipside it has been really cheap to get a mortgage or borrow money for consumers, especially with longer term rate expectations as low as they are. you think this is an aberration, the market is getting this incorrectly. are you seeing a material increase in the policy rates akin to what we heard from bill dudley of 3% to 4%? sarah: that is our base case. we think the fed will begin

raising the fed funds rate by the third quarter of next year. i think the fact that they get going earlier than they have doubts will help prevent that terminal rate from reaching as high. that has the potential where they do not have to ultimately raise policy to such a restrictive stance. right now in our forecast that goes out through 2023 we have about 100 basis points of tightening given what happened with inflation, how tight the labor market gets, that could change. given the mix of demand and what we see happening with that mix of spending going forward and the path of inflation, we think the fed still does not have to be too aggressive, or at least they will not be too aggressive. lisa: if they did not raise rates until the beginning of 2023, is that a policy error? sarah: it is hard to say. everyone is familiar with the risks in terms of if inflation

does stay at the current levels and we do not get the moderation many people expect, then we have a great likelihood you will see demand slow over next year, the mix will shift more towards services. that will relieve a lot of the pressure we are seeing in goods and nation -- goods inflation. goods inflation is at a 30 year high. service inflation is still well within its range of the past 30 years. the fed, to the extent they get going too soon, they might over cool demand which is already set to slow. tom: may be an unfair question, but i will take a chance. with the dynamics of this economy, how do you model when we flip to actual lesion adjusted wage growth? where is that? sarah: it is probably going to be somewhere in the back half of

2022. we have inflation staying the elevated through the first half of next year. we have cpi hitting 7% in the first quarter. as eye-popping as that 6% handle was it will get worse before it gets better. by the time you get to the second half of the year in nation comes down, wage growth remains strong given that onnet we will see a tighter labor market than the fed expected, that will keep wage growth strong and help real earnings turn positive. lisa: i want to end the conversation talking about the housing market. the incredible growth in the supply of homes coming online. it raises a question of froth and whether this period has ignited not only supply in the pipeline but also elevated valuations that cannot be sustainable. can we avoid a crash? can we avoid a policy error?

sarah: in terms of the housing market, the rate of price increases is up nearly 20%. it is certainly disconcerting when we look at share price growth. it is surpassing the rate of growth we saw in the bubble years. i think the quality is very different when you look at the credit scores. that helps the picture. you mentioned the low rates. that helps in terms of raising the actual prices. it helps mitigate the effect on payment. there is definitely concerns in the housing market. we are not thinking it is going to end the ugly way top in the mid-2000 -- the ugly way we saw in the mid to thousands. jonathan: sarah house. it could get worse before it gets better. looking at target, the stock

down more than 4%. in about an hour we will catch up with the cfo at target. here is the quote that came from him. "we are definitely protecting price. we are seeing cost increases higher than our retail increases." we are protecting price is the line out of the earnings report. tom: is that a marketing message or a financial message? jonathan: is it about competitiveness or is it about consumer price tolerance? consumers will not take those extra prices on. tom: towards the marketing statement to their them ease -- to their employees that we are trying to do our part? it is a mix. jonathan: perhaps. there has been a big inventory built to get ready for the holiday season. we can work out what can happen with prices and how much longer they do that. tom: canadian pacific finances,

the canada deal are at 50% debt and an overlay of debt. jonathan: another bond sale coming back up. lisa: the idea of the 20 year at 1:00 p.m. i am wondering how much rates can keep climbing given how much debt is out there given how much people have levered up in this economy. jonathan: that is good way to finish it. lisa: is a thanksgiving wednesday. jonathan: equity futures down three. negative almost 1/10 of 1%. on radio and tv. tom: we may not make it to friday. on radio, it is a stunning crisp day in the best city in the world. jonathan: is a beautiful one. from new york city, this is bloomberg. ritika: janet yellen's warning

congress it risks of government default if lawmakers do not raise the debt ceiling by december 50. that is the date when the new infrastructure bill requires the treasury to transfer $180 billion to the highway trust fund. leaders have not disclosed how they plan to resolve the issue. in wisconsin a jury will begin deliberation in the trial of kyle rittenhouse, the teenager who killed two men during the chaotic black lives matter rally. kyle rittenhouse could face life in prison if he is convicted of the most serious charge against him, intentional homicide. in germany the number of coronavirus cases has risen to a record. germinate will delay some vaccine donations -- germany will delay some vaccine donations to make sure it has enough stirrers for its own residents. -- to prevent deforestation. new rules for companies selling

beef, coal, oil -- the ghosted -- the goal is to cut greenhouse gas emissions. lowe's reported stronger-than-expected revenue. same-store sales rose 2.6%. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

>> it is a real challenge across our government to stay up with remarkable innovations.

the last time we updated our rules for the stock market, the equity market was in 2005. it is 16 years later. those rules that may have been fit for purpose than, are they ready for the 20 20's? tom: the gentleman from baltimore, gary gensler. someone even the republicans have said, this seems to be the right guy at the right time. interviewed by the gentleman from baltimore, david rubenstein. the gentleman from baltimore. did you guys know each other? david: we grew up in the same part of northwest baltimore but he is younger than me and i did not know him. tom: interesting to see the path of gary gensler to this point of an sec facing stunning innovation.

it is just mind-boggling to me the challenges ahead. what did you learn about gary gensler's approach to these innovative challenges? david: gary gensler is a really smart person, an academic superstar at penn but also a professor at m.i.t. and a very young partner at goldman sachs, previously head of the cftc and now the sec. the real challenge he has is does he need to go to congress to get additional authority to regulate the currency or can he do it with existing authority? i suspect he will use existing authority. trying to get legislative approval will take ever in the markets may move well past what congress is trying to do. i think we will do things administratively. lisa: tom was viewing innovation as a positive. does gary gensler view it as a

positive that you have so much money going into crypto assets? david: the sec's job is to make clear what the facts are. they're not saying this is a good investment or a bad investment. they are saying here are all of the facts you should have before you make a decision. people are not being accurate about what the facts are where the technology is pushing people to make investment decisions they might not otherwise make if they knew all of the facts. that is what his concern is. jonathan: howdy police -- lisa: how do you police this at a time the technology is moving faster the regulators keep up and the brightest minds are attracted to the biggest paychecks in silicon valley and wall street and not washington, d.c.? david: that is a good question. you can make staggering sums outwitting the regulators. all you can do is make examples of people who have made mistakes and hope that will trickle down to other people, but it is

impossible to catch all of the evasions going on. tom: and overarching questions and i say this with immense affection, we are now to robinhood et. al. have we gone too far in a search for depth of our fit in a narrow spread that may benefit somebody harm others? david: younger people are coming into the market and trading as day traders, hour traders, minute traders, but there've not been gigantic losses because the markets have been robust. if the markets go down, we will see who is swimming without a bathing suit. tom: tell me about what gary gensler's approach is, the to do writ -- the to do list on the

immediate see for his slow-motion agents the -- slow-motion agency. david: he has a lot of smart staff people, he asked them to deal with the challenges he asked them to deal with and him back for recommendations. i suspect at some point he will deal with some of the challenges like cryptocurrency. most recently he made a speech about private equity indicating he thought there were issues that had to be dealt with with disclosure about private equity and we'll see whether he regulates in that area. there is no doubt he has a lot of authority, no doubt he is smart and determined to do something. i suspect his tenure at the sec will be one of activism and there is no doubt he is highly respected in the white house and congress. lisa: tom was talking about younger traders going into crypto assets and i got a text from my son saying we should buy some ethereum.

do you think investing has gotten more or less treacherous for investors? david: the example you just gave is an example that reminds one of joe kennedy when he was getting his shoes shined at the person shining his shoes was talking about stock tips. when you're 12-year-old is dealing with stock market gyrations, you have to wonder whether that is the top of the market. no doubt the market is much more complicated today that it ever was and technology is giving people certain advantages over other people. what the sec is trying to do is make sure everyone has an equal length deal. it is not easy to do -- equal playing field. people have to know what they are doing and they are trading in the market and recognize it is a great time to make money recently, but at some point markets do go down. at that point you will see investigations. tom: david rubenstein with us.

his peer-to-peer conversations have been wonderfully eclectic this year. tonight at 9:00 in new york. i want to go back to my interview of the week. that is priya misra saying the street is wrong, consensus is wrong, we will wait and wait, and i wonder what that will do to full faith and credit yield and what that will do to the credit in general? the demand for a little bit more guilt at the margin has to go sky high. lisa: although on the flip side, yields have already gone so low. where do we have to go accept concerns of a policy error? i think about the call for concerns of a steeper yield curve and letting inflation run hotter and i wonder how much that torpedoes things like big tech, how much that torpedoes things like investment great orbit debt that is seeing yields

rise. these are some of the benchmarks i am looking at. at what point does that become issue for investors? tom: yields on corporate bonds are going up because they are choosing to have a seven year and not a five-year piece, right? lisa: they are going up because they are more hinged to the value of the treasury, they are more hinged to yield on full faith and credit. when that yield goes up so to the borrowing costs, even if their overall corporate credit worthiness is improving. tom: maybe that speaks to the unhinged in the market. we are on fed watch. stay with bloomberg worldwide and particularly in new york and washington. to all that will be going on with the brainard-powell sweepstakes. conversation, the economic forum in singapore, including henry

kissinger earlier today. the gentleman from goldman sachs earlier, and a conversation with the prime mr. of singapore a few hours ago. singapore continues with bloomberg. this is bloomberg. good morning. ♪

jonathan: let's get this trading mornings darted. a beautiful morning in new york city. your equity market -.1%.

"the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. from new york we begin with the big issue. counting down to a fed chair decision. >> between governor brainard and chairman powell. >> do not see much daylight between them. >> not a lot of daylight. >> monetary policy is still loose. >> inflation is running hot. >> weber comes in will have to tighten. >> the big differences on regulatory policy. >> will be shaping up the fed. >> a significant story