jonathan: without a doubt, but that view is in line with thomas costerg of pictet.y they agree on the same thing. if it is zero plus, the light stays green for the federal reserve. lisa: they don't still feel comfortable buying $120 billion of bonds every month with where we are as inflationary rates. a listener saying, "as you know, school is not really open. moms are still shackled." she things it needs to be mentioned more often. these are the frictions still underlying the market. jonathan: it is personal. i can feel it. lisa: yes, 100%. [laughter] jonathan: i know it is. you have stayed on top of the story. lisa: it is a big deal. jonathan: i totally get it. that is why you are going to keep talking about it. it is important. equities up four on the s&p. yields unchanged at 1.58% on tens. your payrolls report is about 49 minutes away. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. in the battle to avert a first-ever roll default, the senate has kicked the can down the road. the senate voted to raise the debt limit through early decembe

pictet, zero won't stop them. this bar is low. tom: is it about rate moves? the textbooks won't help you with this. from a fundamental basis, this is original territory. jonathan: the size of the number may fuel a little bit the conversation about how distant that rate hike is from unwinding that tapering story. tom: we heard that from a number of guests today. is it a 2022 or 2023 discussion? jonathan: priya misra says late 2023. that is the conversation at the moment. futures down for on the s&p, advancing 0.1%. your median estimate, 500 thousand. your number is about 18 minutes away. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. the u.s. is one step closer to averting a potentially disastrous payment default for now. the senate passed a bill that raises the debt limit through december 3. no republican voted for the plan. the house is expected to approve it next week. democrats in congress are starting to discuss how to make cuts to president biden's sweeping social spending bill. the president originally proposed a 3.5 trillion d

with ellen zentner tomorrow, and thomas custard of picked at -- and thomas koster of picked at -- of pictet as well. now the run rate is we have no idea. kathy jones joins us now, charles schwab chief fixed income strategist. i always read about the and of easy money. what does that mean backup? -- that mean? kathy: it means an end to the support we are getting from the central bank. it does mean as we look forward, when we have financial conditions about as easy as they have and in a decade, that narrative will start to change and we will start to see this excess stimulus. that is what the markets i think have to adjust to over the next six to 12 months. lisa: is tapering tightening? tomorrow will be a key determines about whether november will be the month where we hear about the plans to taper, and maybe it begins. kathy: absolutely not. the balance sheet is going to continue to grow. we project about $9 trillion by the middle of next year, when presumably we will be done with tapering. so the balance sheet is still growing. that keeps financial conditions really easy. don't expect a rat