treasury secretary janet yellen called for a global corporate tax rate during a speech on global affairs. this runs 45 minutes. od morning. president of the chicago council on global affairs. thank you all the specially for a members for joining us this live program today. just as a reminder, the chicago global affairs is nonprofit and nonpartisan independent organization and therefore the views expressed by the individuals we use our platforms are there on it and they do not represent the institutions positions or views of the council. and out main program a party covid-19 negative effects from the global economy has exasperated the existing inequalities and highlighted the importance of writing solutions through international cooperation. today, your secretary treasury janet yellen joins us here the chicago council global affairs to discuss the u.s. roll in providing inclusive and sustainable global economic recovery ahead of this week's international monetary fund annual spring meeting. after the secretary's remarks all introduce a number of our councilmembers to the questions and to

together we can use a global minimum tax to make sure the global economy thrive space-time world levellaying field with the taxation of multinational corporations. inches for growth and prosperity. and then by discussing the biggest long-term threat the world faces, climate change. after sitting on the sidelines for four years, the united states is committed to doing its part. we have a narrow moment to pursue action at home and abroad with the most catastrophic impact of the crisis and to seize the opportunity to tackle climate change. president biden has released a plan to conduct climate change including to rejoin the paris agreement, investing in sustainable infrastructure and creating new clean jobs. he is committed to release the ambitious strategy this year to outlaw the domestic greenhouse gas targets consistent with our work internationally. domestic action must go hand in hand with us international leadership to significantly enhance global action. to this and treasury is working closely with our international partners and international organizations to implement ambition red

to gather we can use a global minimum tax to make sure the global economy thrives based on my more level playing field in the taxation of multinational corporations and spurs innovation, growth, and prosperity. let me and by discussing the biggest -- end by discussing the biggest long-term threat we face, climate change. after sitting on the sidelines for four years the united states is committed to doing its part. have a narrow moment to pursue action at home and abroad to avoid the most catastrophic impact of that crisis and to seize the opportunity tackling climate change presents. president biden has released the plan to combat climate change, including rejoining the, paris agreement investing in sustainable infrastructure, and creating new green jobs. is committed to releasing and a ambitious strategy this year to eliminate greenhouse gas that coincides with work internationally. domestic action must go hand-in-hand with international leadership aimed at significantly enhancing global action. to this end treasury is working closely with our international partners and international o

. >> janet yellen called for a global corporate tax rate to the chicago council on global affairs. this runs about 45 minutes. >> good morning. thank you all for joining us for this live program today. just as a reminder, this is a nonprofit, nonpartisan, independent organization. nafta our main program. covid-19's negative effects on the global economy has exacerbated existing inequalities and highlighted the importance of finding solutions through international cooperation. operation. today, your secretary treasury janet yellen joins us here the chicago council global affairs to discuss the u.s. roll in providing inclusive and sustainable global economic recovery ahead of this week's international monetary fund annual spring meeting. after the secretary's remarks all introduce a number of our councilmembers to the questions and to the secretary yellen but by now it is my honor and privilege to introduce today's speaker. janet yellen is the 78th secretary of secretary to the economist by training and to accomplish after almost 50 years in the academy of public service. she is the

so coming to the global solidarity, global solidarity means, may be simple terms, sharing informationinformation about the outbreak so others can understand. it could be sharing the pathogens so others can use it to produce technology. then when technology is produced, it can be sharing technology, like vaccines. sharing vaccines in solidarity. not only that, solidarity means working together, collaborating. coordinating the response together. . but to be honest, since the pandemic started, solidarity and national unity have not been as good as one would desire. so going forward, we still need to advocate for global solidarity, because the virus will not be defeated in a divided world. we need to share everything we have in order to defeat this virus. and the sharing, or supporting each other is not charity for m e. it is in the best interest of each and every nation. as you know, the virus is changing quickly. we have mutation going on, and we have several variants from different countries. if the change of the virus is significant enough, the behavioral change is significant enough,

and globally connected. or has this pandemic sparked irreparable change. how will we live in the future after the pandemic. hello and welcome to detail his covert 900. 11 this week we're peeking ahead imagining life after the cove in 1000 pandemic our guest today is richard sennett he's a british american sociologist and one of the world's most important theorists of urban studies or the architecture and social life of cities said it is currently a member of the council of urban initiatives for united nations habitat and since the beginning of the outbreak he's written about his concerns for city life amid growing pandemic restrictions. professor senate welcome to the show you describe the city as a settlement in which strangers are likely to meet one another there hasn't been a whole lot of that lately given the pandemic as vaccines come online and more people are vaccinated are you optimistic that the city will come back. indeed i think it has to come back because. in the long term we need. places where people can interact face to face we need economical

welcome to global 3 thousands. this week we focus on one of our world's biggest problems inequality societies where the gap is huge between rich and poor where many people are being left behind and that was the full the pandemic. we go to indonesia which due to the coronavirus lockdown is currently in the midst of a baby boom it's making life tough for many.

that his globally. i think that what we are doing domestically is helpful to the entire global community. stronger growth in the u.s. is going to spill over positively to the entire global outlook. and we are going to be careful to learn lessons of the financial crisis. which is don't withdraw support too quickly. we would encourage all of those developed countries who have the capacity using fiscal policy and monetary policy to continue the support of global recovery for the sake of the growth in the entire global economy. sputnik managing director, you have been the forefront of inequality and what if you give us some thoughts on that and what can the imf do to ease the inequality? stomach thank you so much for having me here. the banks with secretary yellen it up by. [inaudible] i am so grateful that you are focusing on this question of inequality. what did we receive today? the world's economies on a sounder footing. the recovery is progressing and actually actions taken by the united states to boos

this will require treating global health as a public good.ather than a privilege for those who can pay for it. i'm so honored to be a part of this distinct group and i look forward to how we work together on this important goal. once again thank you so much for inviting me to join you today and please keep up the fight. >> we are grateful to have the congresswoman speak to us and we value her leadership and we will continue to use her leadership in congress we will now turn to the audience which has many questions and i will ask my colleagues to kick us off with the first round. >> we have many questions the first is asking how do we best monitor where exactly the vaccines go and how do we make sure they are getting to the most marginalized? what role must local governments play to ensure equitable access? >> is chelsea back? there you are. wonderful. did you hear the question? >> i did. >> it is a very important question because that only do we have vaccine inequity that vaccine opaque news. that is with crisis that is being made between man

you got a pickup and global growth.erwise, you are going to get inflation expectations to run away with you. ultimately, i think that if inflation runs away, the fed is going to be quick to respond. they are going to be very much hesitant rather than proceeding any sort of move and inflation expectations. annmarie: how quick do you think the fed could be to respond? manus and i have been talking about this all morning. he was saying that we could potentially see powell flinch when it comes to the summers symposium in wyoming. suzanne: i'm not sure powell will flinch this time around. he's done it once before and it was a disaster. he had to turn tail back in 2018, as you know. all the rhetoric coming out of the fed is that they are going to allow the economy to run hot or to ensure that we really get some sort of recovery in the real economy. inflation is still very low by all sorts of measures. whether you look at core cpi or what the fed looks at. we are hovering around 2%. five-year forward expectations in the near t

now to some of the other global business stories making news. new zealand is opening a travel bubble with australia the 2 countries residents can travel without quarantine from april 19th more than a year after new zealand closed its borders to curb the coronavirus the country's tourism sector estimates the bubble will bring around $705000000.00 u.s. dollars in business. france will give 4000000000 euros in aid to air france calum to try and keep the company aloft during the pandemic that will double the french government stake in the carrier to almost 30 percent make it the airline's biggest shareholder u.s. authorities have approved the move. google will stop using software from oracle to manage its internal finances it is switching to germany's software giant s a p that's a blow to the silicon valley based software giant google's decision isn't thought to be tied to its long running legal battle with oracle s a p shares rose more than 4 percent on the news. to key credit suisse executives are leaving amid the meltdown of the american arcade g

-- is a responsible global player. the speech today would be the kind of speech you would have expected from a western leader rather than someone like china. mark: good afternoon. what was the message he appeared to be trying to send to china's critics in this speech? >> there was pushback against china's critics. he did not name the u.s.. he pushed back against the idea that one country should set the rules for others. he pushed back against what he called bullying on the world stage. various other veiled critiques of u.s. policy. he was very protective of china's internal policies. it was kind of on the one hand a confident posture for china trying to sell the message it is open for business, on the other hand being defensive of criticism of china. worth remembering is reaching the part of the global audience that is willing and ready to do business with china. the roll of the vaccine is an example of where china is trying to grow its influence. critics will say china often falls short of the rhetoric it delivers in

treasury secretary janet yellen speaking to the chicago council on global affairs, calling for a globalinim tax rate on corporations. we will take her q&a and just a little bit. she's also calling on other nations to avoid early fiscal tightening. joining us now is ethan harris, bank of america's head of global economics. is the u.s. going to make a mistake here, lots of money pumped into the economy and then raising taxes? ethan: i think we have to take the tax increase in perspective. the biden adminstration is proposing a tax increase that would play out over a 15 year period, and matching that with an infrastructure plan that plays out over eight years. if you look at just the next eight years, the tax increase, even as proposed, assuming the whole thing goes through, is only half of the infrastructure spending, so the net-net is a pretty big stimulus to the economy. remember, this is the proposal, and once moderate democrats get involved, my guess is that they water down the tax increase. alix: nevertheless, you're still seeing higher rates, markets pricing in fed rate hikes margar

that is a global response. all of this has to be global. the vaccine distribution, they need to stay home to stay healthy, needs to be global. >> that is a big ask, right? do you have any idea how to do that? >> it involved checks to everybody. pakistan hasn't managed to do it for everybody but 80% of the population received payments. mobile money payments it is possible to do that part of it. where does the money come from? i would look to international institutions. if we learned anything from eradicating smallpox it is a massive benefit globally to eradicating the disease everywhere. we probably won't manage that but we can certainly control it to such a level that is economically a bit of any relevance but only if we do it globally and that will be in everybody's economic interest so it indicates where rich countries need to owning up in their self-interest in order to make sure we can make the global response. >> you could make the argument on moral grounds that it is the right thing to do for us to vaccinate the world and i think the

this was a global issue. it is a global issue, and it requires a global solution.bal alliance for the anti—terrorism within weeks. why are we unable to create a global alliance for protection and guaranteeing of peace within weeks? that's reachable. that's within our grasp. and if things go wrong, it will not be because of amrullah's stubborn position or his principled statement. it will be for escaping from moral responsibility we all have together to bring peace to the afghan, to the afghan masses. john sopko, the us department of defense's special inspector for afg hanistan�*s reconstruction, recently told the us congress that if the us forces completely pull out, and let's assume nato forces completely pull out in the next few months, if not weeks, quote, "the afghan government will probably lose "the capability of flying any of its aircraft "within a few months. "and to be quite blunt, it would probably face collapse." do you accept that? the... the exit of the us troops will not mean exit off our mountains, it will not mean exit of our valleys. it will not me

we need a massive new investment in global immunization and global health. the rockefeller foundation together with the international monetary fund and many, many other partners have proposed that a new allocation of international monetary funds special drawing rights effectively a reserve currency be allocated and then used in part to invest in a massive new effort to immunize everyone everywhere. such a proposal could generate $4,450,000,000,000 over the next few years and could help accelerate the achievement of herd immunity of you on the planet by the end of next year. second, we need to turn additional public resources in the vaccines that are available and accessible everywhere. that's going to require a different way of thinking about how we manufacture and distribute these vaccines. the reality is that production has largely been absorbed by the wealthiest nations to date. that's not unexpected but we now need to change that and make sure it's much more accessible to others. so i welcome the conversation on intellectualer property. we know that inte

we've seen global sti close contracting by 49 percent in 2020. and here i think it's important to call out the story of capital versus simple capital and when we think about inflows of particularly foreign inflows into equitymarkets , into bonds, fixed income obviously these to move without investors moving around the world and we certainly seen that with a number of new interests and excited interests into the us equity market either into q1 of this year. but obviously leaders with speaking capital that's a different story area where talking about greenfield fbi, i actually was speaking to large infrastructure investors inthe asian-pacific . we were talking at the very beginning of how certain japanese boards are coming to a conclusion about deploying capital to a southeast asian country and now there's the use of drones to be able to look at the assets in lieu of travel. i would say the conditions obviously are not necessarily conducive to large allocations of fbi on a global landscape. and i would also just say that behind that is we've had ve

global supply chains, we saw weaknesses and problems in global supply chains. i think thinking about, we had sufficient supply chains, but not very resilient supply chains and i think we should be trying to shore up. and finally, i'd say, we did a lot after the financial crisis in 2008 and 9 to shore up the resilience of our core banking system and we should appreciate that we did not have a banking crisis. our banking systems were able to support growth and some areas outside of the core banking system of nonbank financial intermediation, i think we have more work to ensure we have a financial system and globally we need to work together to climate change to process. >> let's leave it there with resilience and the preparation for being stronger on the recovery end in the next global expansion. well, fingers crossed. there's lots of work to be done, but that's a great conclusion, thank you. thanks to you both. >> the trial for derek chauvin, the former minneapolis police officer charged in the death of george floyd continues wednesday at 10 a.m. eastern. watch

trying to look and we have a global macand ism right now we have separate global mechanism for people to station one line and fold as education we need to bring all of them together what do not of resource was at the end of the day deforestation is also about income and employment and we have to provide alternative which is much more effective than what what what is there that the forestation i just want to make last point i'm $100.00 i'm just i'm done playing chandra i'm sorry to interrupt you but we are out of time we're going to have to end the conversation there but thank you so much to you and to all of our guests michael dorsey solution i do and chandrababu shop and thank you too for watching you can see this and all of our previous programs again any time by visiting our website al-jazeera dot com and for further discussion go to our facebook page that's facebook dot com forward slash a.j. inside story you can also join the conversation on twitter our handle is at a.j. inside story for me mom in terms of the whole thing here bye for now. i. a 3 year investigation into the pro-g

my question to you is, a global politiciansre -- are global politicians using the pandemic as a supert huge tax regime change? >> i think this is something that people have wanted to do for a long time, right. and, you know, any time is a good time for the. i do think that part of the impetus here, in united states at least, is there is a desire to pay for something that is fairly popular and that is a very large infrastructure package. it is infrastructure plus plus and a lot of things that some people would define as infrastructure and some people wouldn't. but there's this desire that this has to get paid for in some form, it has to get offset in some form. the popular way to do that is to hike taxes on the rich people and corporations. that polls really well. so, joe biden and his administration are sort of coming from a position of strength, rhetorically and popularly, although not necessarily one from a position of strength on actual getting votes to hike taxes, which is really deeply unpopular among republicans. annmarie: that was going to be my next question. i think some repu

climate summit that's brought together leaders from 14 nations it's all in an effort to speed up global efforts and avert a looming crisis by maintaining those investments and putting these people to work the united states sets out on the road to cut greenhouse gases in half and half by the end of this decade that's where we're headed as a nation and that's all we can do if we take action to build an economy that's not only more prosperous but healthy fair and cleaner for the entire planet you know these steps will set america on a path to 0 emissions economy by no later than 2050 but the church this america represents less than 50 percent of the world's admissions no nation can solve this crisis on our own as i know you all fully understand all of us all of us and particularly those of us who represent the world's largest economies we have to step up. russia has ordered its armed forces to withdraw from a shared border with ukraine crane says it's now monitoring the situation in the eastern regions closely tensions have been rising between the 2 countries after moscow amassed tens of t

president biden aims to calm fears about the global chip shortage in a meeting with major manufacturers he's promised to push for billions of dollars in funding for the u.s. semiconductor industry and how much time on investment is needed to decrease dependency on asian supply. meanwhile china. the latest data shows exports and imports are growing fast underlining the country's strong economic rebound from the contacting. and time to face reality the vast majority of britons fisherfolk voted for bricks 6 now many are facing brewing as the e.u. applies to the country trading rules for the form of. hello and welcome to do business on one of the jones in berlin good to have you with us and it's time to tackle the global semiconductor shortage or as joe biden put it we need to build the infrastructure of today and not repair the one of yesterday the u.s. president has been meeting with industry leaders to discuss the global chip shortage that's hurting manufacturers and especially com ages general motors ford and many others have had to halt production at plants around the world because of

i am grateful she has agreed to serve as the coordinator for global covid response. gail smith, the floor is yours. thank you for doing this. the floor -- dale: thank you, mr. secretary. it's a pleasure to be able to work with you again and call you mr. secretary. i would like to thank my friends with the one campaign for making this possible and i look forward to working with the men and women of the department and across the federal government, including because i know what you can do. i want to thank in particular some really smart scientists, president biden, and the staff and volunteers at howard university where tomorrow i will get my second dose of the covid vaccine. that vaccine is good for the body but it's also good for the mind and soul because it inspires the future. our job is to shape that future. i have fought some viruses in the past and i've learned two lessons. the first is if the virus is moving faster than we are, it is winning. the second is with unity of purpose, science, vigilance and leadership, we can outpace any virus. america has done it be

coming up, a chip crunch globally. we speak to the intel executive vice president, gregory bryant, about the unprecedented demand for semiconductors. this is bloomberg. ♪ ♪ matt: this is "bloomberg markets," i am matt miller. time to check on the stock of the hour. samsung giving us first look at q1 profit. so far, the global chip shortage seems manageable for that company. operating profits taking a big leap forward as demand a sword. we are looking at the results and reaction. >> expecting a strong quarter here. 44% jump in samsung earnings year-over-year. 17% jump in expected sales. this is crediting towards its smartphone business. it released its new series earlier, giving its business the booze, and hopping ash helping to offset it a snag in the chip business. -- it's snag in the chip business. it was affected by weather conditions in the u.s. and i could chat -- have shaved off some all at a time when the industry is at a global chip shortage, struggling to meet demand. chip prices are rapidly rising, so that is

we do need a globally coordinated response.therwise, one nation could be protected but it will only be so long before cases are imported or economically, it will still be crippled because of the lack of trade possibilities. that's the second aspect which is the economic one and having entire populations not being able to conduct normal activity and therefore having equitable global access to be able to recover. then of course, let's not forget the moral argument in terms of the ability to pay should not be the deciding factor in terms of who gets vaccinated. that is very much what covax created for in terms of making sure the ability to pay is not determining who gets access but that we can very much focus on high-risk populations in all corners of the globe for them to get priority. within the covax ability, we've also looked at specific humanitarian settings and making sure that vulnerable populations in certain settings are able to benefit from vaccine protection as needed. >> are you optimistic that we will get this sort of

imf global forecast in three months.he u.s. is leading the way. what are the drivers? >> but start with the good news because yet to go back to the 80's when the data series first started. it hasn't been a stronger one since then. what they are looking at is the fiscal support in a few big economies. definitely some of the richer neighbors have been able to do that. they're expecting to have a vaccine driven recovery the second half of the year. look at those numbers, you see if you go back to 2008, how weak growth was. you can see the big setback of last year. now, global growth is expected to be 6% this year. 4.4% in 2022. what is interesting in january, 6% was about 5.2. back in october, the forecast growth of three point 1%. now, more than double because of the strong factors. importantly, the imf is accounting for much of this improvement. here's what they said in the world economic report. at one .9 trillion, the biden administration's new package is expected to deliver a strong boost of growth in the u.s.. it prov

wealth. $400 trillion in global wealth. we are up to half a percent and global wealth in crypto.nk it will be a percent by the end of the year. >> we have seen a lot of usage in digital art. but where do you see this going? what else will it be used for? mike: nft's are going to be with us for the rest of our lives. art on the blockchain, collectibles on the blockchain, ip on the blockchain, it is all happening. we are in the very early stages. so much that there is little many bubbles that will pop up and down. don't miss the big picture. this is fundamentally going to change how we secure intellectual property from now going forward. sonali: am i right to make the distinction that this is not necessarily a bitcoin boom, this is a crypto, an if area, an blockchain volute -- boom as well that you are following? mike: 100%. galaxy digital was set up to participate in the whole ecosystem. we have made investments in over 100 companies in and around the space. from protocols to security companies, and to defunding companies. i'm sorry, nft companies. romaine: talk about how it is no

if friendship fade is global then use fade this stores they shop on a local but global yes i think that there are various that i will break down for example diane now in a world with i am more empowered as young people than any other generation of young people has been there used to be when you were young you you looked up to the older generation you want to be older because that's where that was the influence was they all we have a youth obsessed society where people want to be young and the early adopters of technology the brand influences the social media influences of course of the younger generations and so how will leverage more influence than any generation before them at their i age and i think that that that's a great opportunity that i have and gives them a great responsibility to deal with some of the social challenges that we're seeing image you know world. and also thinking about the generational markers and the mess important i can come up with this to conscious a generation that did not have a washing machine catalyzed that was tested a different from the one that had a g

it is coming to our countries in the global south.to communities who are using their land, forest rivers to stay alive. what net zero will do is trigger a huge landgrab, more than is happening already in our countries of the global south. when the development finance corporation of the uss, we will go net zero by 2040, that means the signal they are sending as they want to continue polluting and they're going to go after people's land and forests to offset their emissions. this is extremely damaging. that is something we need to see real change coming out of the u.s. and our own countries. i will stand up to our governments under the global south to g say, don't accept ths because your people's lands and forests are going to be really grabbed for capitalistic expansion. commodified nature is the next market. that is something we are fighting against. amy: i want to get both of your comments on china's role. chinese president xi jinping addressed the summit, repeating his pledge for china to cap emissions by 2030 and be carbon neutral

global military spending reached nearly 2 trillion dollars last year the u.s. is still by far the biggest spender a new report finds many countries have spent lavishly on their militaries despite the global pandemic so what's fuelling this spending spree this is inside story. hello and welcome to the program i'm peter one might think governments facing a global pandemic would be tempted to spend much on buying weapons one would be wrong so despite the economic impact of covert 19 military spending reached nearly 2 trillion dollars last year that's according to a report from the stockholm international peace research institute it's an increase of 2.6 percent from 2019 the researches of caution the trend might not be maintained for the 2nd year of the pandemic they say countries will likely take some time to adapt to the impact of this ongoing health emergency but some nations like chile and south korea have already reallocated parts of their defense budgets to fight the pandemic the stockholm international peace research institute says just 5 countries accounted

global recovery.sure was 91% in china, below 97% estimate. stores in the u.s. narrowly beat performance. imax plans to triple its japanese network to 100 cinemas by 2024. they said moviegoers will return to the world's third-largest movie market. depends imax cinemas selected $14 million in the pandemic, the highest revenue per screen globally. they also renew deal with toho to release five more films. personnel changes after revealing a $2.9 billion loss on trades. the brokerage suspended the global and u.s. head of the prime brokerage division, and the head of the global equities, but the head of the global risk will stay on in a different role. a net loss of 1.4 billion dollars, the biggest since the global financial crisis. rishaad: the jp morgan the first major bank mandating a return for its entire american workforce as soon as july. they say stephanie to remove on a rotational -- return on a rotational basis. and u.s. authorities will revise existing guidelines. microsoft rising 19% after deman

in terms of asia, you need a reforming global financial syem.act is, the more vulnerable you are, you pay the maximum for global capital. the interest rate is very high. a country like bangladesh, f it wants to access global capital, has to pay for five times more interest rate then say denmark. i don't think developing countries are looking for a lot of public money. they are looking for technology access and they are looking for reforming global financial systems so they can get technology, they can have money at a competitive rate to utilize those technologies. if there are losses and damages, parts the country my money will be required to rebuild those communities. global cooperation will be required in those areas. >> michael, i see you nodding along. do you want to add your thoughts to what he was saying? >> absolutely. the big trucks going forward -- crocs going forward will hinge on moving resources to the global south. and putting those resources into renewable energy, green infrastructure, things that will help us get out of this unfol

we will need global focus on that. and more funding, we were very happy with the g20 endorsement of accelerated replenishment efforts for the world bank program specifically oriented towards helping the poor. i heard that the questioner was from vietnam. one of the challenges i want to mention is that vietnam has been a heavy user of coal and greenhouse gases. one of the challenges of our climate change action plan is to help countries with a just transition -- with -- to adjust to a transition to obtain their baseload capacity. it's critical for people to have access to electricity. but there needs to be, on the global basis, the ability to do that with less greenhouse gas emission. this is a high priority for the world to think about the financing for that transition for countries that have made investments in higher admission fuels. -- higher emission fuels. that's part of our climate change action plan. moving towards much lower fuels in the electricity grids. david: just for awareness, mr. malpass has a hard stop

basically, it is a global phenomenon. the u.s. had basically advanced faster than other major economies, along with the u.k.. now q2 and q3 is really about the ketchup trade because this is a global expansion, the cyclical recovery. all of these factors are playing together, so a big part of it is that move in rates was not just a u.s. move in q1. if you look at em yields, em central banks, they were much more hawkish than expected, largely because what we kind of need here is validation that the global economy is moving in the right direction. yields have moved to rise with the global economy, but now backed off a bit. guy: do you think the global economy is looking good? i want to come back to this theme of u.s. exceptionalism. you look at what is happening in india, it doesn't look good. there's headlines about what is happening in russia. the ema also confirming a causal link in terms of what is happening with the j&j vaccine. rare clotting causal link possible, a keyword that needs emphasizing. the u.s. is miles ahead. if the

joining us to discuss this is the medley global advisors managing director of global macro strategy,mons. there were forecast for jobs gains up to one million, the number was not a surprise. nevertheless, yields continuing to drive, the reflation trade alive and well. what do you think is the psychology here, particularly of the bond market? >> hello, kathleen. i think the bond market is signaling that we are getting to an acceleration of the economy. it is interesting, right? if you are now at the 172, 175 level, we are still below her became from when the pandemic started, which was 195. so in the near term you're going to see interest rates rise back to pre-pandemic and then perhaps break that because as this report showed it had a really try trend -- strong trend across all sectors. and it does indicate is we are now getting very successful with this vaccine rollout, and we may even reach this 70% of the population, as early as in the middle of june, and the gains and payrolls are going to pick up very quickly. because there's too much to matt out there for people to be hired, ri

— globally, and at a much, much faster rate _ globally, and at a much, much faster rate than _ globally now. lord our pointed to _ faster rate than now. lord our pointed to the _ faster rate than now. lord our pointed to the world - faster rate than now. lord our pointed to the world health i pointed to the world health organization's covax programme, and that sharing vaccines around the world. brute and that sharing vaccines around the world. we will not be at this _ around the world. we will not be at this virus _ around the world. we will not be at this virus until - be at this virus until the whole world is vaccinated effectively. and we are working with the — effectively. and we are working with the covax facility in particular. and is my right honourable friend the prime minister, has said repeatedly, that wiii— minister, has said repeatedly, that will be the primary means of ensuring equitable access around — of ensuring equitable access around the world. in of ensuring equitable access around the world.— of ensuring equitable access around the world. in the next da , around the

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