i.g., high yield bonds, with bob michele. he's been at jpmorgan for 400 years. joins us this morning. bob, we'll spend serious time here on the great unspokele and you nail it in your research note. stephanie at stony brook has changed the world. she came out with modern monetary theory. we are in an mmt experiment of some type as well. and the financial media's not talking about this enough because everybody thought it was a theory which would go away which is unfair to something that's had such an impact. are you a believer in m.m.t.? bob: morning, tom. it's hard not to be a believer. it seems like the go-to policy response now in a crisis where the role of government is to borrow large amounts of debts and deploy it through fiscal stimulus and try to short cut to recovery. and the role of central banks is to print lots of money and buy that debt and ensure that the cost of the recovery is affordable. i think it's worked. it's hard to see where any pain has been created or where there will be problems down the road. i think we all sense there's got to be someth

lisa: bob michele of jp morgan yesterday saying one thing giving markets confidence is the fed will respond if there is a hick up. a hiccup could be a selloff. we have seen that. i what point are they backstopping the market indefinitely? tom: francine in london says do currency data. we will do currency data for francine. sterling right now, 1.3744. francine in london, notting hill demands i do sterling. it is .856 michael spence. i don't know what that means but that is what she said to say. this is bloomberg. ♪ (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible result

bob, great to speak with you. thanks for your time. >> thanks, michelle. >> bob diamond melissa. >>> coming up, melissa, shipping delaysross america. a look at the latest freight data and what it means for companies. that's coming up next. >>> later, dr. scott gottlieb is our guest. we'll be right back. >> announcer: time for today's aflac trivia question. warren buffett's berkshire hathaway is the most expensive stock of all time. what company is in second in terms of nominal share price the answer when cnbc's "squawk box" continues go aflac!!! what the heck, troy - that's not your kid! the aflac duck is just covering for sophie. same way he got me money to help cover her hospital bill when my health insurance didn't pay for all of it. but this isn't fair! that's exactly what i said! but then i learned health insurance isn't even supposed to cover everything. wait...for real? for real real. luckily i had aflac. aflac!!! get help with expenses health insurance doesn't cover. go aflac! !mm-hm! get to know us at aflac.com. ♪ there she is, miss america ♪ ♪ there she is your ideal ♪ ♪ with so many beauties she took the tow

michelle fleury has more from new york. the world's largest entertainment company walt disney is riding high after it reported total revenues of $17 billion. the ceo bob pleased with the company's trajectory even as he acknowledge the ongoing challenges of the pandemic. much of the excitement was over disney+, its streaming service which has thrived during the pandemic as the company lost money from the cinema box office as well as its theme parks and resorts and cruises. in the last three months, disney added over 12 million new subscribers bringing the total to 116 million. most of this was new customers for its disney+ hot star service which is available in india and indonesia but what it makes less money off. while the disney film free guy starring ryan reynolds won't be available on disney+, it's getting exclusive theatrical releases for contractual reasons, the same cannot be said for other titles like jungle cruise and black widow. and for stars with box office profit sharing agreements, this has been controversial. the company is currently being sued by the actress scarlettjohansson. mr chapek would not comment on the dispute but in a conferen