they sound a bit like neel kashkari.'s that mayor -- ellen zentner, don't take offense to that. [laughter] 30's right now, 1.9 370%. it is that fed patients that divide a lot of shops right now. a lot of people think maybe the fed blinks. other people think they wait. tom: there's absolutely no indication they are going to blink. i challenge anybody to show me a fed in the process of establishing a dialogue to blink. i just don't see it. jonathan: we will see. get to the fx market. dollar index year-to-date, up 5.6%. you get the dollar strength early as the u.s. outperforms area next year they are looking to fade some of this move. the dollar index, we haven't talked much about this. a 95 handle on dxy. tom: i really looked at it today. i featured turkish lira with the crew at 5:00 a.m. it is a dollar resiliency, is how i would put it. jonathan: a bit of weakness on the screen this morning. 95 on the dxy. i believe this is a first time for "bloomberg surveillance." let's get some stock movers this money with kriti gupta.

matt: that was neel kashkari speaking with kathleen hays.sident biden's next pick for the chair is said to be coming down imminently. to break that down for us is washington bureau chief peggy collins. how soon do we expect this decision to be made? peggy: a lot of people are thinking it will be made before thanksgiving there are couple of question marks there. when they say a decision will be announced, will it be just fed chair, as powell's term is coming up, or will they announce a slate of candidates? the biden administration has the opportunity to change a fed considerably in the next few months. there are up to four open seats at their prerogative. the question is if they will announce 1, 2, or a full slate. matt: we know that at least senator warren says that jerome powell is a dangerous man. what do they expect to change here? do they just want the fed to be more dovish? peggy: a couple things. democrats, including warren and sherrod brown, have zeroed in on financial regulation. they feel under powell's term, financial regulation ha

then we'll ask the head of the minneapolis reserve bank neel kashkari for his perspective. plus we're starting to see the seasonal impact on covid cases, lead something states to encourage booster shots for all adults. we'll check in with former f.d.a. commissioner dr. scott gottlieb. and we'll talk with colorado governor jared polis, whose state isiest of wrestling with a new surge of infections. >> one in 48 of every coloradans are infected and contagious with covid-19. >> brennan: finally we'll ask world bank prendad malpass about fighting inflation. will wealthy countries fulfill their broken promise to help inpolice officerrished nations to cope with a hotter planet. it's all just ahead on "face the nation." >> brennan: good morning, and welcome to "face the nation." progress in our slow march back to normal seems to be a continuing series of starts and stops, and there's a lot of confusion about where we are headed. most sundays, we start the broadcast with a look at what's going on that you need to know. and today's no exception, but one thing that's different is our

neel kashkari, thank you for your insight. we will be right back with a lot more "face the nation." of god, in due time he will exalt you. hi, i'm joel osteen. i'm excited about being with you every week. i hope you'll tune in. you'll be inspired, you'll be encouraged. i'm looking forward to seeing you right here. you are fully loaded and completely equipped for the race that's been designed for you. covid and the covid economy around the world. the head of the world health organization said last week the world is at another critical point of pandemic resurgence. seib news senior foreign correspondent elizabeth palmer reports from london. >> reporter: good morning. 20 months in, this pandemic, which has now killed more than is once gainginurnter ardcentral siberia, along with a deadly wave of coronavirus infection, one that swept clear across russia. the vast majority of its victims were unvaccinated. most russians don't trust the state or the locally developed put nick v. vaccine, so even after a month of record deaths roughly only 35% of russians have been immunized. western europ

. >> jacoby: i raised these issues with neel kashkari, president of the minneapolis fed.utspoken about how the fed's policies have helped lower unemployment and improved the economy overall. >> the fed has beeon a missn, i've been on a mission to put americans back to work and help them get their wages up, especially for those lowest income americans. and if it has had some effec on wall street, to me, the trade off is well worth it if we can put americans back to work, so that they can put food on the table, they can take care of thselves. that is profoundly beneficial to >> jacoby: one of the things that we have seen in this country is a widening wealth gap. the question is what role, if any, the fed has played in widening that wealth gap. >> well, this is a great point, and i'm glad you raised it. most people who make this argument ignore the fact that for many americans, they don't own a house, they don't own stocks, they don't have a 401k, the most valuable asset they have is their job. so by putting people back to work and helping to boost their wages, we are actual

jonathan: you can guess what kashkari will say before he says it. you wait for the inflection from people who will pivot, like clarida. even if he did, how much weight with that carry? lisa: here is the thing, and let's be honest. fed chair powell, if he is replaced, he has to be replaced with someone who is on the board. if you will be switched out, that will be a major component. jonathan: joining us as nadia lovell, of ubs. 5000 next year but not year and -- end. in june of next year. then only an extra 100 points from there over the next six months. can you walk me through the trajectory of the next six months that you inspect to play out? nadia: we believe 2022 will be a year of discovery for markets and individuals are the last two years have been somewhat unusual, but next year, we think financial markets will discover what normal looks like from a growth and inflation standpoint. we think it will be a year of two halves, which is why you see the spread, the first half being elevated economic growth, looking for growth of a quarter hyper perc

great interview with neel kashkari.nd our fourth annual bloomberg new employees forum, will have face-to-face discussions with world leaders on topics from inflation, trade and finance as well as health. this is bloomberg. ♪ haslinda: singapore's front and center as they open up more of the travel lanes with the rest of the world. you think about the airline stocks, up about .4%. let's get more on the virus situation and bring in the director general from the international vaccine institute. as we see more nations like singapore decide to live with covid, i have to wonder, do you think the science is done? jerome: the science is definitely not complete. we are still looking for a vaccine that will prevent transmission. as long as we don't have that, we will have to figure out other ways. we know the vaccines work to reduce it -- severe infections but people are still being hospitalized. in increasing numbers, a good proportion of them are vaccinated. they will do well, hopefully, and we have new drugs that make their ou

we heard from christine lagarde and neel kashkari and andrew bailey all giving us their thoughts on inflation and the inflation to be and what it means for the future. >> there is nothing that leads me to think this is a long-term change in inflation expectations. we are seeing pressures that are real. even though they are real and people are having to pay it, the challenge is that if we overreact by changing the path of monetary policy to try to deal with a one-time affect, that could lead to a worse long-term outcome for the economy. >> bottlenecks are unwinding. we can expect the price pressure on goods and services to normalize gradually. as a result, we still see inflation moderating in the next year. but it will take longer to decline then we had originally expected. >> it is not going to supply more gas or more computer chips. the risk for us is that we also see that in this recovery, the output gap is now approaching being closed and the labor market in particular looks tight. and that is the big issue at the moment. >> let's get into the markets. eddie joins us from our mliv team. st

we talk about larry summers, and of course you have neel kashkari. we have this trifecta this week. dani: one view we have to keep in mind is that of the consumer. we had a survey on friday showing consumer confidence at a 10 year low. it was fueled by concerns over inflation. the consumer is going to be in focus, and it was pointed out in an opinion piece. whether you think it is transitory, this is the risk we get a self-fulfilling prophecy of concerns about inflation leading to changes in consumer and corporate habits. manus: yeah. let's look at the markets, looking at the flow show from egg of america, and the money -- from bank of america. and in europe, the biggest outflow in weeks. dani: so far this morning, we saw a pretty strong rally last week when it came to the equity markets. they did not seem to care about the gyrations of the bond market. perhaps you could say this is an attitude of not caring again this morning. a mostly flat s&p 500 futures session this morning. 10 year yield a little softer, down 1.5 basis points, but still at one point, it was shocking to see some

the fed's neel kashkari will be speaking. u.s. world agricultural supply demand forecast coming up.lking about the short-term energy story, i know you're also excited about that. ppi today, the big number tomorrow. cpi looking forward to see what the data delivers. liquid treat is also out, we've been talking about through been ipo and talk about that as well. our producer nicole will be paying a great deal of attention. it is a surprising interest she has come level of interest is bewildering on a daily basis. tencent also out with numbers. dr. fauci will be joining david westin on balance of power. you will be joining bloomberg radio on the cable on dab. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xf

dani: that was janet yellen and minneapolis fed president neel kashkari.ng it closer to home and talk europe. joining us now is ben ritchie, from aberdeen asset management. it has been a strong 18 months for european equities but you would be more circumspect from here. ben: thank you for having me. great to be in the studio for the first time in a couple of years. there are a number of things i think golding up. none that are major concerns. but providing a little drag on corporate performance. look at the weakness of china. coming from high levels of annual growth and starting to wing. and you have cost and supply chain that we have heard from many guests are putting pressure on margins. on of those things on their own are major issues. tom: you did not mention covid. we have seen some record levels across the continent. i know you have been traveling. i was in brussels on friday. there is increasing concern, for the austrians for example. is that a headwind? ben: earlier this year, even within the lockdowns, you could see high levels of economic growth

we were hearing from neel kashkari and andrew bailey talking about raising rates. into the conversation more. joining us now is the senior investment manager of global bonds at an asset management company. that is what we are hearing from the officials but we have had a whole host of former fed officials from jeffrey lacher to bullard. summers as well saying the fed is behind the curve and they risk having to do the handbrake u-turn if they don't start tapering faster and raise rates soon. are you in the same camp? >> good morning, first of all. we differ a little bit, i would say in the sense of how we are thinking about the next six months to 12 months. that is predominantly because we think the inflation story is well reflected. the fed has reacted at least on two occasions this year and therefore, we have got a taper that has been announced so i think it seems premature to demand much more taper. continuation this year into q1 of 2022 would probably cause the fed to taper faster but we think that seems a little bit premature at this juncture in the cycle. and b

president kashkari i think encapsulates that conversation. but no, we are not changing our views. tom: let's set up the conversation here in minutes. we will have gene tannuzzo join us. he looks for a higher terminal value. i believe we heard that from bill dudley, codified a little bit by his public service. jan hatzius goes totally the other way. jonathan: morgan stanley are with them. they think the federal reserve waits. there's a disconnect for me. it is not my particular view. it is just a disconnect between the people who say the fed is behind the curve, but subsequent to tell you the fed will deliver shallow, slow, gradual, orderly rate hikes from there on out. if you believe the fed is late and behind the curve, why do you also think they are going to move slowly in 25 basis point increments every single quarter from the second have him next year? that one doesn't -- second half of next year? that doesn't add up to me. tom: i'm sorry, they are sitting on the couches of the oval office saying, we don't care what goldman sachs says. we've got a problem 70% of america flat o

neel kashkari warns against overreacting. >>

kashkari are maintained in confidence when the individual comes with us would like them to be in confidence, and then assess whether there's a need for the investigators to have that information. i've got to understand a little bit more before i just sit for an interview as cigie chair and asked about variety of conversations that i have had with people come to me. and i frankly view it as the ig act provisions that are law that has doj ig -- as doj ig if those individuals that come to me there's ig act provision that requires confidentiality. i've got to think long and hard about that for making a decision on what to speak to. i never ruled it out, but the question was until the end and tell there was an unwillingness to have that discussion, that was my concern is that we didn't have a dialogue and i wasn't comfortable at the time knowing what i i was to speak to becae frankly i didn't have firsthand knowledge of a lot of what i ultimately ended up reading about in the wilmerhale report at the time they reached out to me. i was nothing they what. >> my time is long expired here and mr. tr