. ♪ leigh-ann: leigh-ann: --leigh-ann: with the first word news, i'm leigh-ann gerrans.ondon heathrow airport will increase surcharges by 36%. airlines have announced higher fees as they try to bounce back from the downturn. the fda is reportedly planning to allow a mix-and-match approach for covid booster vaccines. the agency could act as soon as this week. it is likely to not recommend one vaccine over another, but may say it is preferable to use the same vaccine when possible. an elderly couple who broke covid-19 rules to enjoy china's tourist sites have become the focus of the country's latest virus cluster. huge contact tracing and testing efforts are now underway after the two retired university lecturers from shanghai continued to travel even after being told their test results were abnormal. or than 1500 close contacts have been identified in at least six new virus cases have been confirmed. north korea has fired what appears to be at least one ballistic missile for the first time in about two years. south korea's military describes the weapon as one designed for

. ♪ leigh-ann: i'm leigh-ann gerrans with bloomberg's "first word news." coalition deal to form a new government. agreeing on the basic principles of a ruling alliance. olaf scholz will precede angela merkel. a global energy crunch, oil futures hit $85 a barrel for the first time in three years. futures jumping as natural gas prices hit records. raising revenue for oil producers, risking slowing down economies emerging from the pandemic driven slump. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm leigh-ann gerrans. this is bloomberg. ♪ >> all of our corrections have been really caused by the fed over tightening. they are telegraphing they are going to keep the market high and use the labor market for transitory inflation. i think they may be right but we have to push it way into 22 at the earliest. jonathan: from new york city this morning, good morning. equity positive .4% on the s&p. yield higher by three basis points on tens. cpi in america, at some point we

leigh-ann: with the first word news, i'm leigh-ann gerrans.he billionaire founders of kkr are giving up their leadership roles. henry kravis and george roberts are stepping down after dominating private equity for almost half a century. they had elevated joe bae and scott nuttall to co-chief executive officers. the buyer was an fbi agent posing as a foreign official. authorities say the case involved cryptocurrency payments and a memory card hidden inside a peanut butter sandwich. hong kong's chief executive is defending coronavirus travel restrictions out of frustrating global businesses. in an interview, carrie lam said restrictions will stay in place for the foreseeable future. >> of course, i am concerned, and we are working very hard to resume normal travel in a gradual and orderly manner, both with the mainland of china and with other laces. leigh-ann: lam says mainland chinese officials want to follow a stricter reproach to wiping of the virus. the international monetary fund's executive board will deliberate over the fate of its chief.

leigh ann, you're in it. >> i am in it. i am not the star, but i am a player. we play against members of congress and it's all for cancer, breast cancer fund-raiser. go press, we will win once again. >> great players and great coaches, too. thank you, ladies. i appreciate you being with us. >>> coming up, a lot more to get to here on the show. in addition to what we are seeing unfolding on capitol hill. you have officials giving a major update on the deadly shooting on the set of "rust." what they're saying what seem to be live rounds, that's plural, next. >>> new terror threat developing inside afghanistan. officials warning isis-k might be able to attack the u.s. within months. we have our richard engel coming up live. equally distributes talent, but it doesn't equally distribute opportunity, and paths are not always the same. - i'm so proud of you dad. - [man] i will tell you this, southern new hampshire university can change the whole trajectory of your life. (uplifting music) there is something i want to ask you. umm, it's a little soon... the new iphone 1

leigh-ann: with the first word news, i'm leigh-ann gerrans.tol hill, senate majority leader chuck schumer is running out of time to break a deadlock among his fellow democrats over president biden's multitrillion dollar economic plan. he is facing major policy challenges and tactics by mitch mcconnell. if he could break the deadlock, that would aid the way to clear a second bipartisan infrastructure bill. russia is keeping a tight rope on europe's energy market, opting against sending more natural gas to the confident despite assurances from president vladimir putin that the country was ready to consider eddie steps necessary to save lives and markets. europe's biggest supplier since to plan more through the key gas root en -- gas route in ukraine. a property sump and energy prices have delivered a big blow to chinese growth. gross domestic product spent at 4.5% from the year earlier, down 10.9% in the previous quarter. there are signs of more pain to come as the country heads into winter and property curbs remain. beijing has signaled his not

leigh-ann: with the first word news, i'm leigh-ann gerrans.t is the end of an era in private equity. the billionaire cofounders of kkr, henry kravis and george roberts, are giving up their leadership roles. the to have dominated private equity for almost half a century. kkr's new co-chief executive officers will be joe bae and scott nuttall. economists at goldman sachs have cut their forecasts for u.s. growth this year and next. the bank blaming the delayed recovery in consumer spending. goldman expects 5% growth in 2021 and 4% next year. meanwhile, goldman also predicts the equity market will continue to rally. a report says investors will gain confidence that the current pace of inflation won't last. the international monetary fund's executive board will deliberate today over the fate of its chief, kristalina georgieva. directors have spoken with her and the law firm that alleged improper actions in her previous job at the world bank. georgieva has denied any wrongdoing. the u.s. and european union plan to announce that at least 20 more coun

leigh-ann: with the first word news, and leigh-ann gerrans. up to the house to avert the immediate threat of a catastrophic default today. lawmakers are scheduled to vote on a increase to the government's borrowing limit. it is good for less than two months, when congress faces an even bigger showdown over debt and spending. oil has held above $80 today. west texas intermediate futures were little changed. there are expectations that a power crisis from asia to europe will lift demand, and that opec+ alliance could add to the upward price pressure. chief scientific officer of johnson & johnson is retiring. they have taken on some of the world's most imposing infectious disease challenges, including the coronavirus. he is leaving at the end of the year. the announcement comes less than two months after j&j's longtime ceo alex gorsky said he will leave on january 3. the coach of the las vegas raiders has quit. he steps down hours after "the new york times" reported he made homophobic and misogynistic marks in emails. that followed an earlier --

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. the u.k. new zealand have agreed to a trade deal which includes improved business travel arraignments and reduced tariffs on clothing, buses, ships, and bulldozers. government research last year estimated such a deal would have no long-term impact on the british economy. former president donald trump has announced a deal that would enable him to regain his social media presence after he was kicked off both twitter and facebook. a press release says trump plans to start a social media company called truth social. if all goes according to plan, it would be up and running ahead of 2022 midterm elections. china's evergrande group scrapped plans to offload a stake in its property management arm, and real estate sales plunged about 90% during peak home buying season. that is worsening the liquidity crisis on the eve of a dollar bond deadline. in statements yesterday, evergrande added it has made no further progress on asset sales and may not be able to meet financial obligations. global news 24 hour

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans.n capitol hill, the house has improved a short-term increase of the government debt limit. lawmakers are sending the legislation to president biden just days before the treasury was at risk of running out of borrowing authority. still, there is lightly to be another partisan confrontation over spending and debt in less than two months. president biden turns his focus to supply chain transportation bottlenecks today. he will meet with corporate executives, labor leaders, and port officials. the president will highlight what they have done to ease distribution backlogs. meanwhile, the congested port of los angeles will announce a 24 hours a day, seven days a week effort to combat the squeeze on goods. the european union law for a new round of concessions to the u.k. over northern ireland in the latest brexit negotiations. the eu will propose cutting as much as 50% of the customs checks in northern ireland and up to 80% of the checks on food imports. the northern ireland protocol keeps th

i'm leigh-ann gerrans.s is bloomberg. ♪ sen. sanders: the $6 trillion i initially proposed was probably too little. $3.5 trillion should be the minimum, but i accept that there's going to have to be give-and-take. jonathan: senator bernie sanders speaking on abc. futures down 13, -0.3%, coming off the back of the biggest weekly loss going back to february. euro-dollar, $1.1635. and the bond market, yields higher to 1.50% on tends. -- on tens. tom: this is a joy, to talk of the moment in washington and the larger picture as well. windy schiller is at brown university, director of the taubman center of american politics and policy. she also has the most readable textbook treatment on america in a democracy under threat. i can't convey to you the importance of gateways to democracy as an instruction guide for so many americans. jonathan: wendy, great to catch up with you. we keep talking about these numbers, one point $5 trillion, $3.5 trillion, senator sanders looking for $6 trillion. how many people in ameri

leigh-ann: i am leigh-ann gerrans. advisors to u.s.ulators say booster shots of moderna's coronavirus vaccine should be given to older people and those at high risk of the disease. the booster is half of the original dose. the fda panel says it should be given six-month after the initial vaccination. the texas abortion plan will stay in place until a hearing in december. a federal appeals court says it will keep a child's judge ruling blocking the law on ice until the issue is taken up in a related challenge. texas bans abortions after the sixth week of pregnancy, before most women realize they are pregnant. amazon has appealed a record $865 billion fine over the european union data protection law. regulators and luxembourg world the company violated laws through its processing of user's personal data. amazon has denied there was any data breach. it was the worst september for auto sales in europe since 1995. new car registration plunged 25% to 973,000. that has put the industry on track to do worse than last year's disaster showing. t

i'm leigh-ann gerrans.he dealmakers at j.p. morgan chase posted their best quarter yet. fees from advising on deals almost tripled in the third quarter. that crushed analyst estimates and helped push j.p. morgan's net income to $11.7 billion. ceo jamie dimon says the bank has weathered supply chain disruptions well. on capitol hill, the house has approved a short-term increase in the government debt limit. lawmakers are sending the legislation to president biden just days before the treasury was at risk for running out of borrowing authority. there is likely to be another partisan confrontation over spending and debt in less than two months. opec is sounding a cautious note on the strength of oil demand, despite international crude prices surging above $80 a barrel for the first time in several years. opec has revised down estimates for global oil consumption. this year, the cartel says the spike in natural gas prices could boost petroleum use in some areas, but hurt it in others, like refining cutting is 5

joining us to start the hour is nbc news capitol hill correspondent leigh ann caldwell, punchbowl news co-founder john bresnahan and politico's eugene daniels. great to have the three of you with us. leigh ann, let's talk about the debt ceiling since that's the most existential of the crises before this white house. mitch mcconnell sent a letter to biden today telling him to act but it's really republicans blocking democrats from taking a simple majority vote in the senate to get it done. we should be clear to our audience, because a lot of this stuff can be confusing. democrats are asking the republicans to stop filibustering a bill. you heard the president use the phrase "get out of the way." why won't mitch mcconnell do that? is it because he can't keep his caucus in line or is this a leverage play, he's holding out for something else? >> geoff, it's unclear. the letter that mcconnell released today saying he's asking for nothing in return other than the fact that they want no part in lifting the debt limit. of course if the republicans do, quote, want to get out of the way, that wo

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans.n north korea, kim jong-un showed off a buried arsenal of missiles designed to frustrate u.s. defense systems. it was a rare display that appeared to be kim's latest effort to break the diplomatic stalemate over his nuclear program. he blamed the u.s. for creating regional tensions. the house is set to vote on a short-term increase to the government borrowing limit today. that whatever to the immediate threat of a catastrophic default , but it sets the stage for an even bigger showdown on debt and spending in less than two months. the international monetary fund will keep kristalina georgieva as it managing director. board investigated allegations that she improperly -- china's business climate. georgieva has denied any wrongdoing. an indication of a stronger they were market may lead the bank of england to raise interest rates. payrolls rose by a record 207,000 in september. meanwhile, job vacancies rose 1.2 million, also a record high. bitcoin is flirting with a run towards its all-t

leigh-ann: with the first word news, i am leigh-ann gerrans.onal democrats are still confused over how to slice of president biden's economic agenda. the tax and spending cuts down from about $3.5 trillion to $2 trillion in the original plan, though they cannot agree on which parts of the president's agenda to keep and how long to pay for that. changes are coming at the federal reserve. the vice chairman will be removed from his role as the wall street bank's main watchdog. progressive groups need now get to see their least favorite governing group sidelined. two other governors, lay our and michelle bauman. the russian leader was one of the european union to rewrite some of the rules of the stock market after years of overdoing moscow's concerns. it is over the controversial nord stream 2 pipeline to germany to boost gas deliveries. china's exports have hit monthly records in advance of holiday shopping, power outages across the country, rising prices also adding to the increase. meanwhile, chinese imports rose less than expected. immortalized

i'm leigh-ann gerrans. this is bloomberg. ♪ >> we have got to figure out how to get our fiscal house in order. you don't get to just borrow unlimited amounts of money. except for government. if you care about medicare, if you care about social security, we have to look just live within our means. jonathan: republican senator rick scott from florida. from new york city this morning, good morning. your equity markets totally unchanged after five days of gains. in that the bond market where yields are going nowhere. down almost to basis point. slightly weaker euro and euro-dollar negative. crude back with an 82 handle down about $.90 on the data. we are negative. tom: what do you make of the real yield coming in? we have a lesser negative number , make it .93. jonathan: it's more than inflation move from reels to breakevens, it's gone through domestic to global. we will catch up later on that this morning. this is the warm-up. tom: i will be in the surveillance map. this is importance. i'm keeping track of the

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans.ebook is planning to rebrand with a new name that focuses on the meta-verse, according to the verge. the original app's brand may remain unchanged, similar to google's structure without the bet. ceo mark zuckerberg -- with alphabet. ceo mark zuckerberg is expected to discuss the change next week. jamie dimon has told staff jp morgan will boost pay. the change is aimed to act her age -- to encourage advisors to stick with the bank. morgan stanley says it will be spacex that lifts to trillions. morgan stanley has a $200 billion build case valuation on it, and adam jonas sees spacex as multiple countrie -- sees a spec -- sees spacex in multiple countries. 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 leigh-ann gerrans. this is bloomberg. ♪ ♪ >> for decades we have relied upon just-in-time delivery, and now we are beginning to find that there are real vulnerabilities with the -- vulnerabilit

hallie jackson in washington along with our nbc news team ready to go as we watch what goes on, leigh ann caldwell at capitol hill, shannon pettypiece at the white house, guys, let me just take a pause here, because we don't want to assume that everybody knows everything about what the plan is moving forward and what the options are. so let's talk about what the options could be as it relates to this debt ceiling showdown. and there are new developments here. five possible outcomes, not all of them with happy endings. option 1, republicans blink and back off on their insistence that they will not join democrats to suspend the debt limit. this option just got kind of real with republicans sort of blinking with our new reporting in the last hour that senator mitch mcconnell is offering up a short term deal, but it's more of a maneuvering. >> the senate republicans' position i find to be hypocritical, danger and you say a bit disgraceful. >> the second option, democrats do something they don't want to do and use the budget process known as reconciliation to raise the debt limit. that's the s

i am leigh-ann gerrans. this is bloomberg. ♪ >> i am confident what we need to do come into compliance with the minimum tax will be included in a reconciliation package. i hope it will be passed and we will be able to reassure the world the united states will do its part. jonathan: janet yellen speaking on abc. from new york city, good morning. tom keene, jonathan ferro, and kailey leinz. your equity market lower one third of 1% on the s&p. yields higher in germany. we are closed in the bond market stateside. in the fx market, the euro weaker. in the commodity market, $81.62. you have to go back to october 2014, the last time crude prices for this type. we are positive 2.86%. tom: 80 to 84 on brent crude, i think that is a 5% move. jonathan: as you've said it is persistent. it is almost every morning, another 1%. tom: lots of persistent trends. let's dovetail this wonderful nobel prize announcement into what we see in washington, which is jobs is everything in politics. emily wilkins joins us with bloomberg

leigh ann caldwell is on the hill,

nbc's leigh ann caldwell, thank you so much.. >>> the global head of safety for the social media giant tried to defend the company following reports that it was aware of how its instagram app could have harmful effects on the mental health of teenagers. nbc news correspondent tom costello has the details. >> reporter: on capitol hill, facebook and its instagram app in a blistering condemnation. >> facebook knows that its services are actively harmingion children. >> how can we or parents or anyone trust facebook? >> have you quantified how many children have taken their own lives because of your products. >> reporter: facebook's head of global safety appearing virtually and on the offensive. research found one in three teenage users said instagram has contributed to their own body issues, eating disorders, anxiety, and depression. among teens who had suicidal thoughts, 13 of british users and 6% of american users traced those thoughts to instagram use, though, facebook insists far more face social connections. >> more found thei

what does this development mean for that vote, leigh ann? >> it's unclear, geoff. as jake mentioned, this is just an offer. this is a proposal by leader mcconnell to leader schumer and something that he's still going to give to schumer. we don't know if schumer is going to accept it. we don't know if this changes the calculation at all. but we do know that republicans were planning to block this vote that was expected to take place. now, geoff, we knew something was afoot when a last-minute scheduled democratic caucus meeting was supposed to take place behind closed doors at 1:00 today, and then about ten minutes before it was to start, it was canceled. and so that was an indication that there were perhaps some negotiations and conversations happening between the two leaders. now, this is something that has come to the brink. this is the most dire of a standoff that i've seen in a really long time up here on capitol hill. especially because, you know, leader mcconnell wasn't asking for anything as far as passing this debt limit. but he was trying to tell democrats

leigh ann, start with you. a lot of questions this afternoon. hearing from key players where negotiations stand, what the sticking points are. here's what some of what democrats have been saying over the last few hours including chuck schumer just a couple minutes ago. >> i believe that we will get this done and we will get it done soon. >> we have made a significant amount of progress and we are almost there. >> the bill must expand medicare to cover dental, hearing aid and eyeglasses. >> we need an ironclad agreement rp to the build back better act. >> what are you hearing and what's the deal with the possible infrastructure vote before the president head overseas later in the week? >> reporter: democrats are saying what's actually happening is not the same thing, hallie. they're talking optimism but they're far from any agreement. i asked senator warren about a framework in the next 48 hours. they said, absolutely. i said, is that enough to advise progressives in the house to vote for this bipartisan infrastructure bill with just a framework?

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans.s finance meters met with reddish leader -- with british leader boris johnson, they agreed that the problem needs markets and markets need new rules. barclays ceo jes staley spoke with bloomberg television. >> from the prime minister to the chancellor, they want the u.k. to be a leader in addressing the climate issue, and they are dedicating their resources of the british government and the city of london in order to do that. so they want a leading role. they got the ability to take a leading role. the banking community and the financial community should be supportive of the british government doing that. leigh-ann: today's gathering has drawn criticism from climbing -- from climate groups, who say the fossil fuel financing of attendees undermines global attempts to fight climate change. president biden will continue courting democratic progressives and moderates today as he seeks to reach a deal to advance his economic agenda before the end of the month. west virginia democratic senat

leigh ann, a lot of moving parts, right? we also learned joe manchin is point to go a sticky point when it comes to paid leave. talk about where we are now. >> reporter: these are the final parts of the negotiations and there are difficult negotiations still to be had, hallie. lights start with what senator manchin is wanting and where he is at this point. my sources tell me senator manchin isn't supportive of four weeks of paid leave. that was already in negotiation down from 12 weeks. he's also not yet supportive of $800 of vouchers for medicare recipients to get dental care. that was also in negotiation coming down from what senator sanders wants, which is medical coverage for hearing, medical -- dental and vision. senator schumer told us, told reporters in the last hour that there are three to four final sticking points, and those seem to be three of the four. now, that's just on the revenue side. how you're going to pay for it, or that's how you're going to spend the money. as far as how you're going to pay for it, ther

joining us are nbc news correspondent leigh ann caldwell and president and ceo of the national urban league, marc morial. leigh ann, what's the point of this test vote on voting rights legislation, to show what we already know to be true, that without support from ten republicans or without changes to the filibuster, there's no path forward? >> that's part of the point, geoff. the other point is to show that democrats are united. this is the first time that there is legislation that they are putting forward where democrats, all 50 of them, including senator joe manchin, are behind voting rights legislation. now, this is a compromise piece of legislation, not between republicans and democrats, but between democrats. senator manchin had been working with senator raphael warnock of georgia for several months on this. that's why you see some of the changes. this is not the for the people act. one of those changes is some sort of voter i.d. requirement in this bill. and so now that they have the support of all 50 democrats, now democrats can more accurately and correctly, i guess, have th

leigh ann, you confirmed this reporting for nbc.nd what the committee likely wants from him. >> reporter: hey, geoff. eastman, as you laid out, was a conservative lawyer who worked well, former president. he reportedly met with president trump and former vice president mike pence on january 4, just two days before january 6, to present his plan to mike pence for him to overturn the election results and eventually declare donald trump as the victor. now, i'm told by a source that eastman is on the list of people to be subpoenaed. and he's on a very short -- on the very short list as well. that subpoena could come as early as mid-next week and perhaps even sooner. my source also told me eastman is obviously critical in their investigation because he would fall under the bucket of the categories that they're looking into, including the pressure campaign at the department of justice. and this source compared it to the committee talking to former acting attorney general rosen as well and former trump official at the department of justice

i am leigh-ann gerrans.his is bloomberg. ♪ >> tapering is very likely. that is going to take until the middle of 2022. the forecast is much more moderate and inflation is on its way back down to something like 2%. in that environment, i don't think they are going to move directly to rate hikes. jonathan: wonderful to catch up and start the goldman sacs chief economist. good morning. your equity markets shaping up, down three, let's call it negative for. it is a mild move lower. yields on tends about a basis point as the treasury market reopens. 159.79, yields -- 15979. the fx market, euro-dollar unchanged on crude holding on to 80.47. it is about 8:18 p.m. in brisbane, australia. it was written in, i watched it truly for tom keene sport news. my goodness, george. what do we need to know about the baseball. get it done. tom: it was exciting. i have been to a zillion games at fenway park and have not seen it that fired up. jonathan: do you want to tell the audience what happened. tom: the better team was defea

unless leigh ann disagrees with me here. i don't see how they get this done in the next 18 or 19 days. it doesn't seem realistic to me. >> they could have some sort of agreement, perhaps, in theory, but getting this done and through both chambers of congress is a very tall order, hallie. >> love having you both on. thank you so much. appreciate you both. with me, congressman ro khanna, deputy whip of the democratic caucus. let me just dispatch with this quickly here, this vote coming up in the next couple of hours will be to raise the debt ceiling. given what you said in the past, safe to say you're a yes here? >> i am a yes. i expect the entire democratic caucus will be a yes. i hope some republicans will do the right thing. >> let's talk about that. that is a question of how republicans will vote. we'll find out soon. let me ask about the sort of broader issues right now facing your party, the negotiations over this big climate in social spending bill. we know there was a call this afternoon, among progressives. speaker pe

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans.ast month, federal reserve officials agreed they could start removing emergency support for the economy in mid-november or december. minutes from the meeting showed there was increasing concern over inflation. most participants thought inflation risks were weighted to the upside. they also discussed whether labor supply would oz back to 2019 levels. in china, factory inflation grew at the fastest rate last month in almost 26 years. the producer price index rose 10.7% from a year earlier. other commodity costs soared on inflation pressure as local businesses start passing of higher costs to customers. according to the international energy agency, shortages of natural gas in europe and asia are boosting demand for crude. the iea says that could add about 500,000 barrels a day to oil use over the coming six months. mixed results from domino's in the third quarter. the pizza chain reported revenues that missed estimates. sales at domestic stores fell almost 2%, while international sales ro

leigh ann, good morning. >> reporter: good morning, peter.ir $1 trillion bipartisan infrastructure bill because they just don't have the votes. the party is still divided on how to move forward and the hold-up is a separate multi trillion dollar social safety net and climate change plan that is not yet ready. president biden trekked to capitol hill friday night to unite a splintered party and save his agenda. >> it doesn't matter when. it doesn't matter whether it's in six minutes, six days or six weeks. we're going to get it done. >> reporter: the rare presidential visit comes at the end of a long week of negotiations between the white house, democratic leadership, progressives and moderates. but no deal. >> speaker pelosi, will there be a vote today? >> when we have the votes. >> reporter: behind closed doors, biden told democrats both sides would have to compromise. the bipartisan infrastructure bill would have to wait and the $3.5 trillion$1.9 trillion. >> is this a setback for the president's agenda and the democratic agenda? >> i think

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans.gressional democrats have made headway in breaking the stalemate over president biden's economic agenda by getting rid of or trimming parts of the multitrillion dollar tax and spending package. progress came after the president met with various lawmakers yesterday. expected targets for cuts include tuition free community college and a shortening of the expanded child tax care reddit stench of -- tax care credit extension. able kino -- a volcano in southern japan erupted. the bundesbank president stepping down from his post at the end of the year. a statement from the central bank says he submitted his resignation to the german president for personal reasons. the 53-year-old has been germany's central bank chief for more than a decade and is considered one of the more hawkish members of the european governing council. 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. this is bloomberg. more than

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. biden is heading to global climate talks at the end of the month. he has embraced climate action as no other u.s. president has, promising to cut carbon and shift to electric cars. u.s. negotiators at the glasgow summit may have nothing to show other than promises of action. a down payment in funding to help poor countries fight climate change is unlikely to clear congress this month. the white house has once again said it will support former president trump's assertion of exec it if religion relate -- of executive privilege related to the -- has had once again it will not support former president trump's assertion of executive privilege related to the january 6 insurrection. a new bill in the u.s. senate would crack on big tech companies. firms like amazon and apple would be prevented from giving an advantage to their own products over those of competitors. they would be barred from using data to hurt competition, stacking search results in their favor, or restricting the way other s

. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans.ongressional democrats are at odds over the tax and spending sides of a bill to bolster president biden's bill but better agenda. the chances of a deal by the end of the week seems to be receding. they are debating with senators joe manchin and kyrsten sinema. in a large study, the result is likely to bolster the argument for giving a third dose of the vaccine. the companies say a booster was 95.6% effective against symptomatic covid-19 in the study, which followed 10,000 people aged 16 and older. risk cases in new south wales, australia's populous state, jumped 89 from the day before to hit 300 72 infections today, the biggest daily increase since mid-september, and comes 10 days after the state lifted a widespread lockdown that did last more than 100 days. 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 leigh-ann gerrans. this is bloomberg. ♪ >> it was april of last year that we ran out

good morning, leigh ann, you've had a busy couple of days.ink there's some hope. the reality is senator joe manchin is opposed to it. as for the child tax credit, it's going to be one year. some people wanted it five years or permanent. one year is where it stands right now. the other big issues are medicate expansion for those in red states who didn't get medicate expansion during the affordable care act. that's still being negotiated as well as those $800 vouchers for dental coverage, for medicare recipients. those are still part of the negotiations. and then the prescription drug pricing which is supposed to be hundreds of billions of dollars of revenue. that's something kyrsten sinema is opposed to. so there's still some big outstanding issues. i'm told they're getting much, much closer, but ultimately this bill is scaled back to ta $3.5 trillion mega bill to a 1.7 perhaps trillion. that top line number isn't even agreed to yet with a few democratic priorities like free universal preschool and climate change stuff, which they hope is goin

leigh ann, chuck schumer knows the buttons to push.he victory lap with joe manchin right over his shoulder, how much more challenging might that make things? >> it could make things much more challenging, joe. senator schumer has wanted to do victory laps and republicans and democrats both said it perhaps was not the right time last night. and the reason it's so precarious right now is because senator schumer and president biden, they need senator manchin, and of course kyrsten sinema as well, to pass the president's agenda, something that's stuck in congress right now with his multitrillion dollar bill. it's especially important to keep manchin close because there was a meeting between sinema, a minority leader mitch mcconnell before this agreement on lifting the debt limit happened. we know mcconnell told his members behind closed doors that he's bringing this deal to schumer, this offer, i should say, to schumer, to give cover to senators manchin and sinema. they're the two most vocal who do not want to break the filibuster. breakin

our capitol hill correspondent leigh ann caldwell also joining us. talk to us about michael riley, pete. we learned he'll remain free during this process under certain conditions? >> reporter: right. an initial court appearance no plea. that comes later on this indictment. allowed to be released provided he la no weapons and can't be in contact with a specific group of people. although the court, that was under seal about specifically who he can't be in touch with. >> what else, pete, can you tell us about the situation? >> reporter: according to the indictment here, he reached out to a man before the riot. i should make clear. the charges don't say he had anything to do with facilitating the riot or anything to do with anything that happened on or before january 6th. what the indictment says on the 1st of january he actually reached out to a virginia fishing boat captain. not named in the court documents, but law enforcement officials tell us who this man is, because they both had an interest in fishing. then after the riot, when riley became aware

jonathan: this is bloomberg. ♪ >> i'm leigh-ann gerrans. president biden says the u.s.mitment to protect high one. the president said that he -- protect taiwan. the president said that the u.s. would not change its views. china has made an interest payment headed tomorrow's deadline. they wired a payment that gives evergrande time to pay suppliers. vaccinated travelers will soon be able to enter thailand without warren teaming. they are among 46 countries -- quarantining. they are among 46 countries to join the no quarantine list. china is expanding its booster shot program to those participating in the upcoming winter olympics games in beijing. at risk groups involve those working at the facilities associated with the game. global news, 24 hours a day on air and on bloomberg cryptic. this -- bloomberg take. this is -- bloomberg take. -- bloomberg -- bloomberg q uicktake. this is bloomberg. ♪ ♪ >> i think inflation will be in the first half of 2022 and it will moderate as we work towards the second half of 2022. the are in a once into decades inflationary -- we are in a

let's bring in capitol hill correspondent leigh ann caldwell with the latest on the subpoenas. nbc investigative reporter scott macfarlane. we're also joined with politico's betsy woodruff swan, a friend of the show. jeffrey rosen has already testified on topics around trump's efforts to overturn the election. >> that's right, rosen has been extraordinarily forthcoming about what he knows about the last weeks of the trump administration. it's not clear what new angles the committee will be asking him about. the senate judiciary committee put out a big report just a week ago citing in part some of the information that rosen had shared with them. i expect, though, that the select committee is going to have questions about what exactly happened during that 24-hour window when the attack on the capitol played out. were there calls between the white house and the justice department? what role did the justice department play in efforts to bring in reinforcements to try to secure the capitol building after rioters had taken it over? and does rosen have knowledge of any communications

let's go back to my colleague leigh ann caldwell on the hill.or the return of president biden in the hour. what are we learning? >> reporter: hey, garrett. the committee released an update on the subpoena request. documents were requested via subpoena for four former trump officials including former chief of staff mark meadows. the committee is saying mr. meadows and mr. patel are so far engaging with the select committee. mr. bannon, referring to steve bannon, has indicated he will try to hide behind vague references to privileges of the former president. the select committee fully expects all of these witnesses to comply with our demands for both documents and deposition testimony. interestingly enough, the committee does not reference dan scavino, another trump associate who we don't know what is happening with him. >> all right, leigh ann, i'm sorry to do this to you, i have to cut you off. president biden is back for that national monuments event here at the white house. let's listen. >> good afternoon, everybody. please be seated. we're he

francine: leigh-ann gerrans in london with us. let's go back to the markets. thank you for being with us. so much going on in the markets. inflation, inflation, inflation. the focus is on evergrande and the fact that it is not defaulting. >> relief for markets. there was a little bit of positivity around the news and at the open in europe, we are looking a little more positive but it feels like there is an asymmetric risk attached to evergrande and any news out of china. good news being taken into stride by markets. any sign of bad news is where the markets are going to be paying attention because that tends to weigh down sentiment more. that shows the underlying concerns and investors are still watching for contagion from evergrande to the china property sector. how that impacts the rest of the chinese economy. tom: and on the earnings front, we have been talking about snap and the hit of the supply chain there but the fact that investors are rewarding companies that meet or beat numbers. >> that speaks to the sentiment in markets now where people are bracing

leigh-ann: i'm leigh-ann gerrans with bloomberg's "first word news."olin powell, the first african-american to be u.s. secretary of state and chairman of the joint chiefs of staff has died. his family said he died due to complications from covid-19. his family said he was fully vaccinated and being treated at walter need -- walter reed. he served in public office for four decades. he was 84 years old. china seeing a new cluster of covid cases in the northwestern provinces, new infections since sunday officials say more than 1500 people have been identified as close contacts and it is traced to two people from shanghai. key legislation to fight climate change may not the final vote it needs to survive. west virginia democratic senator, joe manchin, has told leaders he will not support including the spending package. the program would charge utilities -- pay those freezing clean energies and penalize those who do not. assurances from vladimir putin that the country was ready to take steps necessary to stabilize the market. the biggest supplier does not p

i am leigh-ann gerrans. this is bloomberg. francine.is what we are seeing in the markets. overall, a little bit of pressure because earnings are coming out. analysts expect pressure on margins. we are seeing repricing on the bond markets. there is divergence between what we are hearing from andrew bailey paying they must act to avoid inflation becoming entrenched and the ecb being much cooler about transitory inflation. coining us to talk about the markets is our markets live team. congratulations on that. what are you watching out for for monday? a busy week ahead. china growth not as good as expected. >> it is a monday. the market watchers will tell you that this is the crescendo in that part of the symphony because we are at the moment when we are building up inflationary expectations and central bankers are starting to respond. there is even another type of bond purchasing programs appeared the bank of england seems to be different. the thing to note with the bank of england in particular is mpc voting members are more dovish than a

i am leigh-ann gerrans.bloomberg. ♪ >> we have given people a lot of time, first of the voluntary phase and then in the vaccinate or test phase. it is time to keep moving. for the vast majority of the workforce not yet vaccinated, the deadline is 5:00 p.m. on friday, october 29. my goal is to end the covid era once and for all. it can be done, but only if we keep pressing on. jonathan: officials tightening the screws. good morning. your equity market enter thursday, six days of gains. negative this morning. the bond market, yields lower. after a little look at 167. commodity market down .7% on crude. $82.84. allow me to read this after you. pfizer and beyond textedit booster shot of their vaccine has restored full protection and a large study. of booster was 95.6% effective against symptomatic covid in the study, which followed 10,000 people aged 16 and older. when the trial took place delta was the dominant strain. a little bit of additional information for you. 10,000 people aged 16 and older, 95 point six

with me nbc news capitol hill correspondent leigh ann caldwell and monica alba. >> reporter: he's been in the room for about 45 minutes now and there were no phones allowed in the room so we're not getting too many details, but what we do know from the few members who have left there are left early, president biden is going through the proposal section by section. he's educating the members what is in the proposal and trying to convince them to vote for the separate bipartisan infrastructure bill, the roads, bridges bill that the trillion-dollar bill speaker pelosi wants voted on today, while also supporting this proposal, but jose, there are a lot of questions. while is he trying to unite the party the progressives say the framework is not enough. they need details and legislative text and a strong commitment from senators joe manchin and kyrsten sinema that they are going to support it. those are three things that the president is not able to provide to house democrats just yet. we don't know where kyrsten sinema and joe manchin stand. we hope to find out soon. senator sanders a key

senator sinema on the phone with the white house, as we speak, according to leigh ann caldwell.s is obviously before this meeting we're monitoring here. very interesting timing. we also know from sources that senator sinema is not even in washington, she left for home. she has other things going on this weekend. bring us up to speed. you have a better vantage point, that the room has started to fill with democrats. >> that's right, hallie. there continues to be a stalemate, and the mood is quite tense between the progressive caucus and the centrists. centrists want the president to say pass the bill now, everything can wait. we have him to crack the whip and start moving votes. progressives want something very different. they want to maintain that linkage, which they argue is the only way to get president biden's agenda done to avoid risking certain reticent members to shrink it or remove it entirely. the sweet spot has been to always get a deal at least on the multitrillion package. they have to assuage these dozens of progressives who have vowed credibly to shoot this bill dow

joining us now to kick off the hour, correspondent leigh ann caldwell, shannon pettypiece, and with us here in the studio in washington is msnbc correspondent stephanie ruhle. we'll explain why she's in washington in a moment. shannon, meetings don't equal deals, but it does seem in the last two days or so, president biden has stepped up the ability in the white house to meet with voters. are we making progress or is it too early to tell? >> reporter: i'm not the one to ask because i was told we would have an agreement around july. this is more than we've seen as far as meetings, calls and face-to-face meetings by president biden. i feel like there is a similar tone that we're seeing now as they try to hammer out a reconciliation bill. the white house, though, won't commit to trying to get this done before the president leaves later next week for europe, though they did indicate strongly last week that they want to see this wrapped up soon, quickly, that the talk has to come to an end and certainly the president making an effort to wrap that up. i want to say one other thing, the presi

john, leigh anne, stay close. this thing is not over.ill today. oil ceos set to face questions about their role in the climate change crisis, exactly what they knew and what they covered up and what congress can do about it now. ♪girl, i don't know, i don't know,♪ ♪i don't know why i can't get♪ applebee's. now that's eatin' good in the neighborhood. >>> in about 30 minutes get ready for serious fireworks, top executives from exxonmobil, bp, chevron and shell are set to testify on capitol hill. the house oversight committee plans to grill them on evidence their companies knew for years and years that their products and efforts were hurting the environment and speeding up cli xhat change. josh lederman is on capitol hill. why are they doing this now, beyond fireworks and zingers and katie porter giving a beat-down, what's actually going to happen to the executives and their companies? >> reporter: the immediate trigger for this hearing, stephanie, was that undercover video over the summer of an exxon executive cynically describing how the

leigh ann caldwell is on capitol hill.o, professor of constitutional law at boston university law school. and "washington post"'s robert costa, author of oodward. we'll be joined by pete williams, justice correspondent, in a moment. let's go to capitol hill where the action is taking place today. we know bannon's folks tried to get a one-week delay. the committee said no. this vote is going to happen today. how quickly will the full house vote to send this referral to the justice department? >> reporter: speaker pelosi hasn't said when the house is going to vote, but everyone is under the impression it'll happen quickly. the reason is because the committee has moved very quickly toward this vote with steve bannon. this is -- we all know congress and we know how slowly things usually work around here. the fact that the committee is moving with such speed on this vote is a signal that that's how they're going to operate throughout this entire process. so we should expect a vote perhaps as early as this week. we also know the

i am leigh-ann gerrans.his is bloomberg. ♪ ♪ >> we are going down from 6 trillion to 3 trillion, now one trillion. we have these conservatives that their baseline is zero. the agreement several months ago to proceed on that one bipartisan bill was that it was tied with our larger build back better agenda. both of these bills need to pass. both will not pass if people try to separate them. jonathan: congresswoman ocasio-cortez speaking there. your equity market this morning shaping up like this. we are negative 0.33%. we advanced to 149, just south of 1.50 on tends. 1.1611. that is the price action. here is the controversy. i think we need to have this discussion about vice chair clara. preplanned transactions on february 27. i want to go through the timeline and get to the facts and a statement from the federal reserve as well. february 28, jay powell issued a statement. march 3, we have that rate cut. the transactions executed prior to any to liberations the vice chairman had with the federal reserve. the s