>> central park should be independent central banks should be independent -- central banks should be independent. >> the training wheels are off, so to speak. >> the market is underestimating the fiscal drag we will feel next year. >> an economy that gets too hot does blow itself out. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: 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 advancing 0.3%. for macy's, it is a beat and a raise. tom: it is a technology raise as well. i go back to 2019, and this is not target, not home depot, but they are up 8% plus going back to sales in 2019. a fairly clear press release,

they increased 19% through the pandemic. they have grown 49% since pre-pandemic. that gives you an idea of the new reality is what you do against amazon. jonathan: it is fair to say that retailers in america are executing. tom: they are executing in a new world. i'm romantic. you and lisa i am sure as a kid did this. i wanted to bring back the wooden escalators at herald square. jonathan: the narrow ones? did you fit into the? -- into them? tom: no i did not. it was a moment where we could feel british. wooden escalators from another time. jonathan: do they still have the met bergdorf's? tom: no they don't. jonathan: i thought they did. tom: no, they have a personal

shopper that walks you around and every 15 minutes, your wallet. you know what they are doing at macy's? they are taking on digital. i mentioned -- they mentioned on the channel -- they mentioned omnichannel. jonathan: the shelves are stacked and we are seeing front loading going into the holiday season. lisa: if this is an advertisement for the experience of shopping, i don't know that it really hammered home, going up those wooden escalators. what i think is interesting is how much is going back to school, getting back into public and needing to wear something other than sweatpants, how much is that part of what is fueling the reopening trade in some ways? jonathan: this show becomes so personal so quickly. [laughter] your equity market up 15, advancing zero point 3%. here is a sense of the price action. yields are higher by a basis

point, back through on .60%. in china, maybe they release some oil reserves. apparently they are working on that. $78.06. tom: oil is tough to predict. i don't know what to make of this. i'm going to listen to ed morse, jeff currie, francisco blanch, and other experts. lisa: i do wonder whether the u.s. will follow through now that they have job owned the price -- they have jawboned the price down. we will wait to see whether that holds. today i'm watching the question, when have we reached the new normal? a: 30 a.m., we get u.s. initial jobless claims, except he to be a new post-pandemic low. we are getting down to where we were before the pandemic, so it what point can we say we have gotten there? right now the un-employment rate is 4.6%. the pre-pandemic low was 3.5%.

is that what we are looking for? not a clock a.m., we've got -- 9:00 a.m., we got the cornell law professor who's had some choice words for the industry. expect a lot of controversy. keep a watch whether there is consensus among democrats. today we get another firehose of fed speak. again, who is not speaking? does it matter to get a sense of whether they are nervous that they are extremely behind the curve? jonathan: the president continues to engage with his senior economic team on the next fed chair. that was a comment we got yesterday. we might get a decision before thanksgiving. tom: we will have special coverage on this whenever we get the announcement, whether it is now or into next year. i want to admit that i am going to really listen to what charles evans says today about this raging debate over a movable

feast of inflation higher. jonathan: i like that, whether it is now or next year. maybe it is not before thanksgiving. subadra rajappa joins us now, socgen head of u.s. rates strategy. subadra: if you look at all of the data we have been getting on the employment front, or retail sales, it is gangbusters. in that context, you should see the u.s. economy started to reopen for business. it will happen eventually when infection rates start to come down. so there's a decent amount of savings still left in the u.s. to be spent, so i think that sort of trajectory should support pretty decent growth into 2023 and beyond. you looking at a very strong trajectory for growth over the next several years. there are some risks on the inflation front, as well as

things like oil prices, which might eat into consumer spending, but fundamentals are strong, and that should lead to modestly higher yields from here on. tom: in another time and place, we were measured in our path to a restrictive monetary policy. how far away are we measured or unmeasured from being restrictive? subadra: monetary policy is not restricted at all right now. the fed is purchasing assets, so to me that is providing more accommodation, not taking away accommodation. they have suggested they are not going to be hiking rates, at least not as of yet, even though the market is pricing in a hike as early as the june meeting. for them to really move towards tighter monetary policy, you are looking at sort of a pivot away from tapering at the pace that they are, as well as starting to

move towards suggesting rate hikes. lisa: a key debate has been whether the market is underestimating how restrictive fed policy could get. what is your view on this at a time when the market is projecting a sub 2% target top rate, whereas some people are saying it should be 3% to 4%? subadra: i think it is really hard to know what the effect on trade is going to be. i think the market is pricing in a very aggressive start to timing for rate hikes, as well as rate hikes starting as early as june of next year. so i think it is really hard to know what the picture is going to be like three or four years from now, and then say the fed funds rate has to be 3% or 4%. i think we don't have enough information. we don't even have enough information on what is going to happen in the next six months. most people think inflation might persist well into the middle of next year, but the fed

is not on board with that view, so i think there's just a lot of uncertainty. extrapolating to determine a fed funds rate is just premature. jonathan: how lonely will the fed be early next year? will others join in with this pivot? subadra: first of all, we don't know if they are going to pivot because i would say the key take away from the fomc minutes is that they do think inflation is going to be transient and is going to come down by the second or third quarter of next year. they still believe they are not really going to pivot, so it really depends on when we get one more cpi print before the december meeting. you are going to get information on employment, which we already have a pretty strong trajectory for. we are also going to get a third data point before the december meeting.

will other global central banks follow the u.s.? perhaps not. i think global monetary policy is probably going to remain a secret us -- remain asynchronous wells for next year. lisa: we've gotten about 100 different fed officials speaking at different forums. what is your sense about anything, if anything, we have learned that is new or has moved the ball forward about how they are thinking about the rates policy? subadra: it was kind of disappointing that we heard quite a few fed speakers, but not really anything substantive or new for many of the speakers. i think some of the hawks have doubled down. you are hearing from the likes of bullard saying we should be thinking of our balance sheet normalization right after tapering asset purchases, calling for a sooner end to taper, as well as a faster beginning of rate hikes. so it is all the same story from the hawks.

what you are hearing now more is x that officials -- is ex-fed officials talking about changing policy sooner so there is not a policy mistake. jonathan: do you listen to the former guys are the current guys? subadra: the current ones. jonathan: i think the former guys are more honest and open with their opinion, but that is just my view. subadra: i think the former guys have a lot of wisdom, so we can take away information from that. jonathan: subadra rajappa of socgen. every member someone years and years ago saying something about being an effective central banker, and they said you have to learn to lie. [laughter] lisa: that was not danny blanchflower. i don't think he ever lied. you have to learn how to communicate things in a way that won't rattle the market too much. i guess that is what we are seeing. jonathan: which is why i guess the likes of bill dudley and lacher this week were so

open and forceful about what they think should be done. tom: i give william dudley huge credit for this. he has been far more articulate and helpful. some people never leave that. roger ferguson has been tightlipped for decades about his thoughts on monetary policy. lisa: can you imagine if one of the current fed officials came out and said i am scared, really scared? jonathan: that's why they can't tell you how they feel. lisa: that would be really problematic. jonathan: did you see what happened with roger ferguson earlier this week? he's joining apollo, and then he's not joining apollo, and now people are talking about, where is he going? what happened with that? tom: i do not have the details on it, other than to say roger ferguson, if you are listening today, i would kill for dr. ferguson is a year-end conversation. jonathan: that would be fantastic. tom: on the field retirement

system in america, and it has failed. jonathan: i may be the vice chair of the fed. the s&p advancing 0.3%. from new york city, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. china is releasing some oil from its strategic oil reserve just days after xi jinping and president biden discuss the merits of releasing oil in their virtual summit. but the u.s. and china share concerns over the high price of oil and inflation. economists at j.p. morgan expect the federal reserve to raise interest rates next september. in a new outlook, the bank says that by the middle of next year, the goal of full employment will be satisfied. j.p. morgan is the latest wall street bank to abandon an earlier forecast that the fed will stay on hold for next year. in canada, the city of vancouver has been cut off from the rest of the country by land to flooding and mudslides.

major highways and rail lines going in and out of canada's third-largest city have been parked after what local officials called the storm of the century. that has led to panic buying at grocery stores. shares of alibaba are falling. the chinese online shopping giant posted sales that missed estimates for the second straight quarter. meanwhile, rivals like tree.com -- like jd.com have set up to win alibaba's users. global news to any four hours a day, powered by more than 2700 journalists and analysts in more than 100 when he countries. this is bloomberg. ♪ ♪

pres. biden: this builds back our bridges, our water systems

come our powerlines, our electric grid, better and stronger. it will help the united states support clean energy. we will be moving again. when you see these projects starting in your hometowns, i want you to feel the way i feel, pride. jonathan: the president of the united states in detroit. did you see him driving that hummer? tom: i liked it. he's a car guy. jonathan: the enthusiasm, tk. yields up on tens by a basis point. crude down 0.8%. tom: for those on the back and forth here, above 2%. in washington, annmarie hordern. lawrence summers is writing for a whole lot of americans about the irs.

it is stunning, these statistics the former secretary of treasury has put together about how the irs is beholden to the elite, beholden to the rich. it was just one statistic a number of auditors at the irs have now. i guess it is because republicans don't want the irs to be more successful. am i wrong on that? annmarie: the democrats, what we can say with sexuality, is that the democrats do -- with factual islet he -- with factuality, is that the democrats do want the irs to be more successful in going for individuals potentially skirting around some of the loopholes, and to make sure the wealthy are paying what the president would call their fair share, or paying what is due. this $80 billion for the irs is also going to come down when you look at the cbo scores because we are still waiting to get the

cbo scores, and that will be a key data point to look at because the white house says that is going to boost a lot of these tax funds, but we already know the cbo says that is not in actuality. tom: annmarie, are all republicans dead set against this? i believe there are republicans who are not millionaires. there are republicans not worried about getting audited. are the against that, too? annmarie: well, they don't want taxes to go up. if the rhetoric is that this is going to potentially increase my constituents' taxes, they are going to be against that. this is the party that had the 2017 trump tax cuts. lisa: meanwhile, we are still talking about inflation in washington, d.c. and beyond. kamala harris is speaking with abc, and she was talking about how inflation is one of the top priorities for the

administration. she said it is real and it is rough. the cost of groceries has gone up. the cost of gas has gone up. we need to bring down the cost of living, so we are dealing with this issue in a number of ways. the short-term issue and the long-term issue. aside from the strategic petroleum reserve, what are the other direct interventions this administration is thinking of doing in the short term to alleviate some of these price pressures? annmarie: it is incredibly hard for the administer ration to have any kind of immediate impact on inflation, but what you do hear, if you listen to the president's past few speeches about his economic agenda, it is no longer touting the top line, this is what our party is able to get done. we are spending billions of dollars to impact your life. it is that my legislation is going to bring down inflation in the long term. that is how he started his speech yesterday, and i imagine how he is going to continually start his speeches. so now it is about to build back

better agenda and the hard infrastructure that are more about fighting inflation concerns. this is a real political problem , and past presidents like ford, like carter, that had to deal with this didn't get reelected, and you can imagine this is making democrats very nervous about next year. lisa: is this what economic analysts are saying, that these will reduce some of the supply chain kinks that cause inflation? annmarie: many economists will say, and this is legitimate, it will reduce long-term inflationary pressures. what the president is facing right now, especially going into thanksgiving, which you hear republicans talk constantly about how your thanksgiving dinner is going to cost more, what they are facing is an immediate concern of higher grocery prices and higher gasoline prices. tom: that is the immediate concern here as well, but the other concern is they have to get to some form of actual holiday.

what should we look for in the next three weeks? what is the annmarie hordern calendar we need to pay attention to? annmarie: it is a long list of what congress has to get done. we learned last night from democratic leadership that they are going to go into conference, so basically having their own back-and-forth representatives from the senate and the house to get the china competitive bill done. they have a defense bill they need to pass. the house will potentially today vote on the back better. send that to the stennett cash to the senate -- to the senate. and of course, the perennial football in washington, the debt ceiling. jonathan: and the fed chair we keep waiting and waiting for. thank you very much. we do have a deal somewhere. you mentioned a little bit earlier. union workers ratifying a new labor contract at deere.

the contract will increase wages by 6% in the first year, 5% in the third and fifth year, a 3% bonus paid out in the even years of the contract based on prior year earnings, and each worker will receive an $8,500 signing bonus. that is quite a deal lined up over at deere. tom: this is union, and certainly stephen stanley suggested there is a union overlay over nonunion america just because of the demand for labor. jonathan: are these the times we are in right now, or does the ministry should have to cultivate this environment, or at least contribute to this environment, to allow this to happen? lisa: a lot of this is supply and demand. the fact that deere is willing to give over some of these incentives to the union, to workers, because they are so worried about not having workers , and for shares to be up premarket for deere. basically, this is not a negative, even though they are extending additional benefits to

their employees. it is releasing can for the time wherein. -- time we are in. jonathan: workers feel like they have leverage. a big shift in the last 12 months. lisa: and they have it. ultimately, a lot of companies have said we lost profitability because we did not have as much workers -- did not have enough workers. so companies realizing that if they pay up, they will be in business. jonathan: how do you think that is going to work out next year when we have to renegotiate? i am not looking forward to it, i will tell you. tom: off the record, i am completely amateur. i am working with the number 6%. jonathan: and that is low, tom. let's be clear about this. tom: it should be 8%, and maybe they will go to 6% just to spread it out over two or three years to get to that big lift. jonathan: but totally off the record, i've heard 10%, 20% plus in new york city, maybe more. lisa: especially in pieces with doormen. if they have more staff, it is for those who want to come in.

jonathan: tom is in a walk up in murray hill. tom: but the dropping of the packages for vet bill, the chewy boxes are tough. jonathan: i can see you in your college hoodie in murray hill. lisa: oh boy.

♪ jonathan: if 'bramo got the fed job, where would the two-year yield be? [laughter] how quickly would that adjust at the top end of the yield curve if lisa got the job? lisa: do you think i would hike rates 15 times right away? jonathan: these rates have got to be wider. i am looking for to the financial stability report in the next several years. equity futures up 13 on the s&p 500. we advance about 0.3%. on the nasdaq, up about 88 points. up about 0.1% on the small caps, on the russell. push up the board -- switch up the board and get to the bond market. your two-year yield still around 50 basis points.

stephen stanley of amherst pierpont talking up a move next year, potentially by june, and accelerating the wind down of the qe programs so that we started in march. i know this is cristobal type stuff, but we are really trying to get together all of the thoughts on wall street and think about where the consensus is right now. if you listen to the economists on wall street, there's a big spread. not much of a consensus. we are anywhere from june next year all the way out to december 2023. tom: i think it is a movable feast right now, and as you mentioned, there's a bit of december data that will readjust , recalibrate the movable feast. jonathan: before we get to the federal reserve in the middle of december. tom: and then your four week vacation. jonathan: i will be offered couple of weeks. it is -- of weeks. you are right. what is it about the heart growing fonder, all that stuff?

[laughter] crude, $77.72, -0.8%. there's talk of a reserve release in china, that they are working on it. lisa: the idea that the u.s. asked china to make this reserve release, so now, doesn't the u.s. have to follow-up? when do we get some insight into that? jonathan: you would think so, a coordinated effort worldwide. crude, we're -0.8%. that is the cross asset price action this morning. let's say good morning to some stock movers with remain. -- with romaine. romaine: keep an eye on nvidia. those numbers were good. you have to look at what they have done over the last couple of years, doubling annual revenue, almost tripling operating income. if you are a shareholder, you are sitting on a total return of

almost 500%. this is been a juggernaut and it continues to be one. this company continues to bear out into the chip space. a big beat and they raise in the quarter. they are seeing inventory levels at a comfortable level, and on top of that, this is a big deal. tom: this is a big deal. thank you for bringing this up. what is not spoken about in this earnings season is keeping costs under control. that is front and center. romaine: absolutely. you saw expenses go down for macy's. we talk about the margin growth, it shows that some of them aren't necessarily willing told back on those price increases we have seen at other retailers. macy's has made it clear they will exert whatever pricing power they have, and that is showing up in the earnings. it was a great quarter.

you have to give them a lot of credit. cole's -- kohl's, as well. for all the success for these ceos, you talk about some of the troubles we are seeing alibaba, two straight quarters now they have missed on sales revenue. on top of that, the guidance they gave for the full year, it was pretty dismal. you talk about the big write-downs they are taking on some of the investments, you are really talking about a company here that is in transition. that transition has a lot more to do with the overall china environment. chuck robbins still having a hard time making that transition away from hardware, supply chain issues. keep an eye on deere after they finally settled that big labor dispute. uaw signing a six-year contract. tom: the other day we spoke to

someone with a dual degree from wharton, a hugely prestigious thing that wharton literally invented. another great dual degrees in america is you take french at william and mary and attach it to something else. seth carpenter did that with our french and francophone studies program which is worldwide acclaimed. we are thrilled that the gentleman could join us today. i think down at the fed, help me here, but they speak greek. jonathan: maybe the french would help on the resume, along with working out the fed, working at the treasury. some people are saying, and i asked this very delicately, would you be interested in the role that people are talking about connecting you with at the federal reserve? [applause] [laughter] -- the federal reserve? [laughter] seth: i always blush a bit when i hear those stories. i don't have any information about that. [laughter] jonathan: maybe they like the

idea you have for next year. why q1? seth: when i think about ellen zentner and her u.s. team, the call on the fed really is the derivative of the call on the u.s. economy, so the forecasts for inflation which is top of mind for everyone, is that inflation is going to peek some -- going tope -- going to peak and then come down over the course of 2022. looking at futures, we are somewhere at or close to the peak. if you don't have oil prices going up anymore, than inflationary pressure starts to fade away. our analysts from a draft talk about these may -- about the semiconductor shortage coming to an end, but as things

start to normalize with supply and oil prices stop rising, than we have a forecast for inflation coming down. listen to what chair powell said at the last press conference. he said he expects inflation to fall, but not until q2 or q3. so maybe it starts in the first quarter of the year. that is going give them a bit more breathing room, and then the other part of their mandate, we've got forecast what they do in every expansion, which is to rise. if that continues, then we get to reconsider those two conditions for a great liftoff, what is going on with inflation. lisa: so normalizing is not normal, as you pointed out. the idea of the inflation rate peeking and then coming down still does not leave us was

comfortable inflation rate for the fed to just completely do nothing other than follow it's relatively slow taper. what gives you confidence that they will be able to push back and get the bill dudleys of the world saying you are so far behind the curve and risking a huge policy error? seth: i think it's got to be very strong and lively debate, so being at this decks -- at this desk, i have to go back to powell's words. he says he not expect inflation to fall until q3. that feels like let's let the taper run its course, and then after that start to think about when to talk about rate hikes. tom: i look at the debate we have framed on "bloomberg surveillance" over the last couple of days. our listeners come our viewers, their heads are spending over fancy guys like you, over what is the key determinant in the fear of inflation.

i am going to ask as clearly as i can. [speaking french] coefficient critique? [laughter] seth: i think we talk about real inflation. people are not scanning the data to see what is going on. they are paying attention to all much money they are paying to fill up the gas tank, how much they are paying as a grocery store. i think there in lies a real big communication challenge. i think that communication challenge might actually get compounded over time because the fed intentionally set a target

for pce inflation. there are conceptual differences between them. the gap could get much larger over the course of the year. so there a real challenge there, translating inflation as macroeconomists studying central banks, versus inflation and what it costs for everyday activities for regular people. jonathan: do you promise to come back? [laughter] seth: i would like to come back every time i am invited. tom: but he can't come back within the window. jonathan: the black period? he can't talk then. [laughter] seth: that is when you want to hear from you most. jonathan: fair. seth covered their from morgan stent -- seth carpenter from morgan stanley on this market. tom: stephen stanley is watching this saying, do we have a

blackout period? jonathan: it doesn't sound like he's heard anything. he said, if you guys have something, tell us. i think it is a juicing, the ideas of the fed that they could push back against the naysayers, only if inflation comes down in the second quarter. i don't know that they have the political power to do that. basically, they are going to have to respond. jonathan: i'm just fascinated by the spread of the calls right now. back end of 2023 for td. it is hard to keep up, isn't it? tom: i'm loving it. there's no consensus. there's just opinion. jonathan: from new york city -- tk, drop it.

i was terrible at french. tom: i was, too. [laughter] jonathan: this is bloomberg. ritika: with the first word news, i'm ritika gupta. in the u.s., 25 states are seeing a rise in hospital admissions for coronavirus. nationwide, the seven day average of mostly daily creases. in belgium -- germany to agree on mandatory remote working as long as there are no operation. the three will be at the white house today. ung the issues that might need to be discussed, energy ,

borders. rupert murdoch is saying to leave the has to -- leave the past behind at the new box court -- new fox corp. murdoch 's empire includes fox news channel and "the wall street journal." 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. ♪

>> people feel the pinch in inflation when they go to the

store. in terms of what the annual increase will be, it is always a negotiation, but we will not get away with the relatively low increase we have seen over the last years. jonathan: the chairman and ceo of bayer. from new york city, your equity market up 11, advancing 0.25% on the s&p 500. yields unchanged at 1.59%. crude is lower at $77.67. euro-dollar, a bounce off of $1.12, positive 0.25%. tom: have you seen $1.10 studies yet by currency strategists? jonathan: not yet. . tom: chris verrone had a note on

weaker valuations for currency. area -- for currency pairs. here's the debt of gm, ford, and tesla. which one doesn't fit? 52%, 70%, tesla, i guess 1% debt or something like that. that sets up auto leasing and all that versus the purity of the ev vehicle. dave: absolutely. we have seen ev stocks take off, though they have backed off in the last few days. i was having 1990's flashbacks. member during the -- remember during the dotcom era, when

companies would find a way to take their internet units public? it was a way to at least track the internet part of the business because everybody was like, shooting dotcom values to the moon. we have seen that was ev stocks lately. thank rivian automotive and lucid group and all the others. so you have to look at spinning out in some way your ev units, having an initial public offering, at least. at least have a stake available to investors because that was a that -- that would allow much higher advantage since going public. tom: to me, it is absolutely extraordinary how it is a traditional structure, traditional auto.

culturally, can they even think about that? dave: that is the real question. the idea that these new vehicle makers would actually be more valuable as a group than the traditional automakers worldwide, we have seen that happen recently. a couple of arguments for why gm and ford should consider this. one is that they would be able to raise enough cash to have a buffer for their ev operations. the other thing is they would have a currency to be able to make deals. they wouldn't have to pay for them in cash. they would have stock in the ev units. this is not something you can anticipate, but the gap in valuations between the traditional automakers and ev makers is so wide at this point, you can understand why the idea would,. lisa: do you feel like -- would come up. lisa: do you feel like it is a fundamental argument about something that is very technical , that feels driven by

froth? we joked that if we name something ev bitcoin cannabis fund, it would get a million dollars in a couple of hours. dave: clearly, it is part of the thinking in terms of why ford or gm not go that route. they would have other complications as well. but it is clear that there is such a valuation gap that would have to close at some point. the question would become is there a way for the traditional automakers to capitalize on that cap the way companies were doing back in the 1990's by finding wise to take their own businesses public. lisa: have you found that technical analysts are putting up their hands and saying this is something new, or are they still looking at the charts and saying they do tell you something about momentum, about fundamentals, about valuation? dave: probably more the latter

because it's clear, there are a whole in the stock market where you are seeing some extreme momentum. think about the meme stocks this year as an example of that, the ev makers. that said, they do have businesses they are building, and people see a lot of promise clearly because eve got that $1 trillion valuation on tesla. tom: lucid was something in the vicinity of 2000 plus employees, and ford motor company with 184,000. dave: it is a big difference, no question. they don't have the historical cost. you don't have pension funds to worry about. a lot of things that go along with traditional auto making, meaning the ev makers are to some extent redesigning the business. it is different for them, and they are being rewarded for it in the stock market. tom: we will have to see at west

-- to see as well. a hugely confusing headline out right -- right now. son to succeed as ceo in three years. this is of critical importance to our "surveillance" team. i've had images come in lately of prada handbags. jonathan: not gucci this year? that is a shift. tom: there's a shift towards spectacular, sparkly prada stuff. jonathan: you mentioned the number of employees. the production ramp, is that not work anything -- not worth anything these days? is that not worth something? tom: what gives me humility here, i got a cab at heathrow, had no idea i was getting in,

and i was like, two miles into the ride into london, and it was stunning how wonderful the car was. jonathan: what got me is just how well the tesla story has turned out in times when we discussed it would even be equal. tom: let's be honest, musk hit the ball out of the park. but at what point did the idea of spinning off eeev unit can a pivot -- can they pivot to decide these big behemoths to the new reality of the auto industry. this is a bet they will be able to compete with the new upstarts? jonathan: your equity market advancing 0.2%. from new york city come with tom keene, lisa abramowicz, and jon ferro, jobless claims, at 8:30 eastern time.

looking for 260,000 or get that is your median estimate for jobless claims in america. your equity market is firmer. yields unchanged in and around 1.60% on radio, on tv. this is "bloomberg surveillance/ " ♪

>> i think there are a lot of uncertainties across different axes of the market. >> the market has been really strong with high inflation. >> it is difficult to see how multiples expand further. >> i think evaluations may be worth it in some cases. >> i think we will come close to double digits. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on radio, on television, it is an inflationary simulcast. thrilled you are with us. claims data in this