[000:00:00;00] the this is who was the one business, so you can't afford to mit. i'm branch a board and i'm rachel blevins in washington. coming up. has the cdc take the step back on lifting restrictions, summer warnings, the u. s. could you walk down once again? we'll take a look at how the rise and cobra cases is impacting the ongoing recovery slot. does that are reserved to debate when and how they should address changing their policies, but isn't too little too late, as inflation continues before. then the bitcoin has fallen after amazon respond reports that the e commerce giant was ready to step the world's most popular crypto currency for payment will fill you in on all the details,

facts. so today i've read it and we lead the program with the possible economic impact of rising coven, 1900 delta, very cases with the united states. seeing a surge in the moving average of daily cases over the last week can with the bank of america, believe this could cause a quote, sharp pullback in services spending. in the report published on friday, the economists worry that amid the latest wave areas may be forced to reinstitute restrictions which were recently relaxed, this would take a major toll on the leisure and hospitality sector, which has continued to see job gains in recent months. and it's not just be of a for that matter. goldman sachs accountants. ronnie walker sent a note to clients on monday, sharing the same concerns. cutting the banks forecast for economic growth in the 3rd and 4th quarter of this year by one percent to 8.5 percent and 5 percent year over year respectively. so we'll get to the economic issues caused by the latest wave momentarily. but 1st, let's take

a look at the search in cases the delta barrier and the state of the global vaccine roll out with dr. wayne, after he's a back to the specialist at the vanderbilt university medical center doctor shafter . thank you so much for coming on now. we haven't had you on since the delta barrier cause the surge in many countries, even becoming the dominant variance in many parts of the world. we keep hearing how it's more contagious, but less deadly. how does this differ from the covey strain that we saw over those last 18 months, or at least at the onset of the pandemic? what do we need to know there? well, friend, the, the original strain was terribly contagious. the current strain is even more so. you know, when you get infected with this, with this delta variant, it produces much more virus in your throat, up to a 1000 times more. so when you ex hail, you put out much more virus into the environment that makes it much more contagious

. you're much more likely to spread it to other people and it's running through the country. hits the dominant strain today across the country. now let's talk for a moment about vaccine distribution. we know that the ion, that's how it's world economic outlook update on tuesday. and the agencies chief economist had this to say about vaccine distribution worldwide. main, highly equitable access to vaccines. they've been about 3 and a half 1000000000 shots, and i'm so flaw. but most of them have gone to a few countries. and you have many low income countries and developing countries, what even help workers haven't been fully vaccinated. now, dr. schaffner, when we're talking about this ongoing inequality, how big of an issue is this for dealing with a highly contagious strain of coded? well, it's clearly a major issue and it is one that causes many people, myself included, great pain, not only for humanitarian reasons, but also for self interest. you know, we are dealing with

a pandemic. that means it's a global epidemic. and these variance that may in the future evade our vaccines, can crop up anywhere. and the distance from there to here is very, very brief. so, actually, we want to control this outbreak this pandemic everywhere in order to feel safer at home also. so we need to work even more collaboratively with countries around the world to get them vaccinated. why we're continuing to struggle to vaccinate our own people. and now i want to continue on with kind of some news that's happening tuesday here in the united states. the centers for disease control and prevention have updated their guidance to call for fully back their people to begin wearing masks indoors again in places with high transmission rate. what exactly does this mean? i mean, obviously we know that means you have to wear masking for places, but are we at risk of going back to restrictions?

we thought throughout the early stages of the pandemic. what concerns are they seeing that's actually making this happen? well, but what's happening is that they are seeing the virus. this delta vary and be so contagious. it's causing an increase in cases across the country, not everywhere exactly the same, but there's an increase all over the country with result increase in hospitalizations. and they would like to curb this, so one of the things that they're doing is recommending that local health authorities, if they see cases really rising up, they have the permission with the backing of the cdc to institute more local restrictions so that even vaccinated people when they go indoors these more high risk areas, everybody should wear a mask to prevent transmission and dr. shafter quickly cuz i was want to follow up

on that as well as i mean, are we at risk of seeing the, the heavy restrictions come back or is it, is it maybe a situation where now we've learned a little bit how to deal with a highly contagious strain, whether that is masks reinstating social distance thing, but you know, we are an economic show, so not having to shut down the economy the way we did last spring print. i don't think anybody will want or would really accept shutting down the economy as seriously as we had to do last spring. so this is a step back, but it's a step forward in the sense that we are trying to get ahead of this virus by vaccination. and these other things, if we're concerned about further restrictions across the country, we need to look to our neighbors and friends who are not get vaccinated. it's in that population that this virus is being transmitted very, very aggressively. we need to get more people fascinated across the country,

just as quickly as we can now on that topic of getting people vaccinated. we're also hearing a lot of talk about vaccine booster shots. is that something that we're likely to see? and is that kind of the case where people would mix different brands of vaccines or how do you think that will play out well down the road? for sure. it's likely that we'll need a booster in the near term. not so much because 1st of all, our protection that we get from the vaccines is continuing 9 months to a year. it looks very solid and we still haven't had, fortunately, a variant that evades the protection of our vaccines. those would be the 2 major criteria for boosters and down the road. sure. i think we'll be able to mix and match. we need to get some more data before we can say that with assurance. but the need for boosters that's down the road. the need to get people to get their 1st

dose death. job one right now dr. william shafter of the vanderbilt university medical center. thank you so much for joining us today and, and bringing a little clarity to the topic. thanks. sprint. from the state of the global recovery to the progress being made here in the us. the federal reserve is meeting this week to discuss when and how they should pull back on their pandemic policies . with some official saying it's still too soon. won't others warn? it's already too late, but while chairman power continues to claim that skyrocketing prices won't be around for long, the i m f is now warning that may not be the case saying that central banks may need to take action sooner than expected. in the case of monetary policy, central banks should avoid prematurely tightening policies when faced with transitory inflation pressures, pressures should be more prepared to move quickly if inflation expectations show

signs of viagra. so what does that warning mean for the u. s. central bank and we'll the fed deliver any surprise move this week. joining us now. this is danielle dean martino bu c o of quote intelligence. now, danielle, we continue to hear more of the same, but i mean, it's a new month. so what can we expect from the fed, and do you think that there will be any surprises this week? i think that the fed is going to, to lean on this latest. this is latest variant of the virus and the potential that it has to slow the economy as a reason to say that it is still having discussions about when it's going to start reducing the pace of its purchases. but they're, they're not, they're, they're not at the place quite yet to where they're going to make an announcement as to when that might begin. we're looking for that probably more realistically to occur at the end of august with the jackson hole symposium when when, when sure paul speaks. and daniel, it seems that the fed is basically as admitted in

a recently that they are divided on a timeline for monetary policy. but, you know, as you just mentioned, we're seeing these increased cobra. $900.00 cases specifically of the delta vary rising and talks of restrictions being increased once again, as we just mentioned. how does that come into play when inflation is at its peak as well? well, it makes for a very toxic bruce, since you asked the question. we're talking about stagflation here and the potential 1st declaration. you know, i don't think most us households are quite aware of the fact that we're kind of the honeymoon is over when it comes to stimulus. check 1.0 stimulus check 2.0. stimulus check. 3 point, there's no 4.0. there's no encore coming. and in fact, today, cox out of automobiles came out and said that they anticipate that july car sales will be down for a 3rd straight month. and we're, and at the same time we're seeing rental inflation. co star came out with data today in the 3rd quarter rental inflations running it at 9 percent. and mid tier

properties, luxury apartment, rental inflations running a 12 percent blistering pace. and this morning we heard from case chillers that home prices in united states are running its 17 percent over the prior 12 months. this takes out the peak of the prior housing bubble that we saw years ago. so the fed has a real issue want to hand if it's going to see slowing economic growth. but at the same time, a sticky kind of inflation in housing, which is a 3rd to 40 percent of your average us household budget. that's a stack, play sheri brew and it will be very problematic for policymakers. wow. now speaking of that, honeymoon being over, what about housing markets? i mean, home prices were up by record 16.6 percent in may and with the federal ban on eviction coming to an end this week. are we likely to see the pull back on his purchase of mortgage backed securities? well, i think that is certainly the way that the script would read if the fed was make

a little bit more rational about housing and the effect that monetary policy is having on housing will do it. due deference to people who say that that the, the mortgage backed securities, quantitative easing, is not having an effect. a record number of homes have been sold to investors in the past in the past quarter. and that compares to again, the housing bubble peaks that we saw. these investors are buying homes with all cash, but they're using the feds easy money policies to finance themselves and lever up again. fed policy is doing very direct damage to the housing market. and the most direct way that they could try and staunch this is to take their purchases of mortgage backed securities. the biggest risk is the markets are addicted to liquidity. they want $120000000000.00 every month. they don't want the fed to taper anything. and that is the needle that j powell is going to have to try and thread at tomorrow's f. m. seed press conference. so absolute, if you're selling houses, if you are a bank lending on mortgages,

of course you want them to keep pumping that money in. so people keep coming in, they keep buying, they keep pushing those prices up. everybody in the housing industry for the most part, winds, except for of course, the buyer. danielle, now i want to talk about this because this goes along with that. you know, obviously there's a concern that if policy has the wrong thing or the fed act to abruptly going to have a drastic impact on the market. but when we continue to see record high after record high, isn't that vol inevitable at some point? and i mean, who, you know, it's going to happen, the markets will eventually have to correct, we know this, but why is it the fed responsibility even continue to prop up markets with all of this? no, it never has been the fed responsibility to act as a back stop to speculation, to act as a backstop to the stock market. in fact, that's exactly what j. powell said initially in his term, when he was trying to normalize monetary policy and failed to do so. and at that

moment we all knew, oh, my gosh, the markets are addicted in the fed can never take their foot off of the accelerator. they can't even tap on the brakes, and that is a real dilemma for, for fed policymakers. i, i don't envy them, but at the same time, this is the dilemma of their own making. this is a dilemma made by fed policy in the 1st place. and you have to say to yourself, at some point, is there going to be a balance, or are we going to just continue stoking financial instability that is going to make the eventual downturn that much more disruptive to the real economy in video before we go, i have about 30 seconds left for this last answer, but i do have one last question. you bet your drill power term is up in february. there's a lot of talk that biden will likely re nominate him for another term. is that the right loop when we talk about all of these issues, you know, whether it's the right move or not as a moot point, because janet yellen has put her weight behind reappointing j power because she wants to make sure that there's continuity in policy. you know, to me,

at least because of the magnitude of the financial bubble that we're staring at today. i would say that it's time for a change of leadership. but my opinions are not going to count very much. if the bite administration is already on board with treasury secretary yellen green inside as always, danielle dean martino, who thank you so much for your time today. thank you. and time now for a quick break, but when we come back, amazon has responded to report that it will accept big coin and other crypto currency as payment. we'll take a look at how the response is affecting prices. that's going to break. here are the numbers at the club, the when i would chose the wrong one,

i'll just don't get to see out the thing because the after an engagement equals the trail. when so many find themselves world far as we choose to look for common ground hadn't been in my phone since i don't i just saw under the dollar format isis fighters. they're now boarding a philippine naval ship with

john $900.00. jeff, aren't abdulla still don't know what's waiting for them to do can i get a hold of me . ready ah, ah ah ah ah,

ah ah, ah welcome back a day after we told you about a report that amazon is planning to begin excepting bitcoin and possibly 7 other crypto currencies in the near future. the e commerce job has now officially denied that report. an amazon spokesperson put out this statement. notwithstanding our interest in the space, the speculation that has ensued around our specific plan for crypt currencies is not true. we remain focused on exploring what this could look like for customer shopping on amazon. that deny was enough to halt and even reverse bitcoin big rally over the past day. the crypto currencies largest in 6 weeks joining,

disgusted blue bus co host vend swan and christy christy. i want to start with you on this. so amazon says it's not true, but the report was not just based on an insider, it was also based on job postings at amazon for a digital currency and block chain lead. so what does that tell us? i think amazon is denying it, but not fully deny and maintaining that they still have interest in the space. but i do think that they mean by that is they're denying the fact that the, like the report said yesterday that they were imminently. as soon as next year, we'll be starting to accept big coin and potentially their own coin. so i don't think that is true. i think that is a very fast rollout schedule for amazon. so i believe that in their denial, they're saying that the timing is uncertain here because the job posting that is a very, very legitimate reason that animals on looking at it. because as you know, they're taking, they're taking a page on a facebook page facebook playbook because facebook came out the libra association. they drummed up all this hype only to have the entire project. basically be dead on

arrival. so amazon doesn't want to repeat of that. and so the potential job post day, the hiring of someone as a block chain lead that will, that would potentially lead up to potentially an amazon coin or maybe even accepting bitcoin on their marketplace. but i do think that they will need to take a step back and do a lot more due diligence and actually figure out how they're going to approach it from a regulatory point of view rather than be just another complete flop like facebook flood. now been what's your take on this? do you believe that amazon is not truly planning to accept that coin or are they focus instead on their own digital currency? i think the 2nd one is the most likely scenario. i think it's most likely that amazon is looking to do it, and i think they probably will, by the way, accept the point in the future. i think they will accept theory and some of these others. but i think their ultimate plan is to create their own token, and we talked a little bit about this yesterday. so be i want to clarify. so as long as amazon create a token is traded only on

a platform and does not leave the platform. i mean, chris, the referred to alley bob's alley bucks yesterday. so same type of thing, right? as long as it remains on the platform, amazon can do that, right? because it's just the token, it is not treated as currency as soon as it leaves the platform. it moves to an extreme green trading outside of the platform, then it starts to become a currency and then you have all kinds of regulators getting involved in all kinds of regulation you have to deal with. so i think it's much more likely what amazon will do with, except on some level, some form of crypto currency payment. but i think they're much less interested in that than they are. and having a token i system where there are digital dollars only within their ecosystem that you can purchase and that have value there so that it encourages users to be there and to stay there. and. and by the way, one other important point here we talked about yesterday as well. amazon is a company that has many, many shareholders who care about what they're doing and how the company moving

forward. and they're not going to get excited at the idea if the fcc is getting involved in any things they're doing. or if they have to go be called a photo congress, the test, they're not gonna like any of that. yeah, what's interesting is one of the biggest things amazon has criticized about was learning from other merchants on their platforms. so it will really be interesting to see if they try to use other crypto currencies to then learn for their own amazon token. now kristi, looking through another story back in february, we reported that tesla bought $1500000000.00 worth of coin and the company's new quarterly report. tesla said that a $23000000.00 bitcoin related impairment caused some drug on his quarterly operating income. what do we know about that? well, it was an impairment simply meaning that test doesn't report like many of the other tech companies in which they mark to market their assets. so this means that tests will only report losses or gains once they've actually been realized. meaning it's

sold or divested it's bitcoin and as we know of so far, it's only sold about 10 percent of its brick when holding back in q one. in this latest report, it's mentioned that it hasn't sold or bought any big point in this latest quarter. so without any movement, they're treating bitcoin essentially like an inventory asset, which is how they're in the gap. the county is how it's basically being define. this is very different than how a lot of other tech companies treat assets, other tech companies. they always mark to market their stock at the end of every single quarter by using market cars. so it's very interesting that tesla is doing this via their accounting, but they do have legitimate reasons by saying that it is treating it like an inventory act. it could mean that they are using it could be another signal that they would be using bitcoin as a payment asset later on in the future. and been another story we've been also reported in the past about el salvador becoming the 1st country in the world to make big coin legal, tender. now the i m f appears to have made a bit of

a veiled threat regarding decision in their july update. what was said and we have about 45 seconds for you. yeah, it was kind of interesting. you know the, i am a comes off my mom's right. so they'll ever name of salvatore. busy specifically here, it's like, you know, really, and it's been like, hey, this is probably a bad idea. nobody wants to get. that's what it sounds like. you're basically saying l salvador, listen, this is bad for merging. they want to be able to spend time being creating new products and, and working with the customers not deal with all the currency issues. so this might be bad, not just emergency bad for the whole country. it might be bad for your economic, but it sounds terrible. it comes off like a bell thread, even though they never named el salvador specifically. it just seems like they're saying don't do this or else we know the i m f has such a great track record in latin america. boom bus been swan and christie. i thank you both for bringing this down for us. and finally nasa wants to. but astronaut on the moon by 2024 and jeff davis wants to be

a part of the action. the blue origin founder who just returned from his 1st 10 minute trip to space is now calling for his company to be allowed to join the contract that was previously awarded to space x and you on must and an open letter to the administrator of nasa. they offered to waive $2000000000.00 and fees over the next 2 years, as long as blue origin is allowed to contribute to the development and launch of nasa lunar lander, while nasa originally awarded 10 month contract to space ex, blue origin and dynamics before choosing space x alone for nearly 3000000000 dollar deal phases argued the agency should continue to allow competition in order to get the best possible result. now of course jeff pays us makes this a write this open letter to nasa about a week before it's expected that the government accountability office is going to rule on that contract, which eventually went to space act. they essentially suspended it while they

researched what the concerns that dynamics and blue origin. of course nasa also says they're not going away and on this until that is all resolved. but it's, it's kind of hard to figure out exactly what blue origin and bases are getting at here. i guess the assumption would be that they figure will eat $2000000000.00. we'll spend our own money to do that just so we can be part of the lunar lander, because when blue origin logo is on the surface of the moon, that might be the option. absolutely, and $2000000000.00 is nothing to them. not to jeff bay that i don't want that all his money, but come on, and that's it for this time you can catch boom bus on demand on the portable tv app available smartphones and tablets to google play in the apple app store by searching portable tv part of we'll see you can also be downloaded on samsung smart tv using roku devices or simply check it out at portable dot tv will see you next time with me

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