" >> before tom kolman? >> before tom kolman. >> same day? >> same day.t was a sterile environment." and she said, "well, you should give that a check." so, we did. >> sure enough they got a match. turns out the dna belonged to the deceased male who'd been on the medical examiner's table before tom. so the dna had nothing to do with the case, but it did mean that some evidence had been contaminated. >> what are you thinking when you hear that? >> well, i'm thinking a couple things. i'm thinking, "that's gonna be a problem at trial because of the contamination." but i'm also thinking, "thank god, we get a little break. >> and after all the additional testing, the medical examiner finally had a cause of death, acute midazolam poisoning. investigators took everything they had to a special prosecutor and argued they were sure gilberto nunez had killed the man he called his best friend. >> i don't think that nunez was ever a friend to kolman. not for a minute do i believe that. he is a master manipulator. he lives to manipulate. i believe he drew tom in becaus

is that true, tom? tom: 90 days, or up to $15,000. would be getting a smaller tree so it wouldn't be as large. jonathan: you would take the cash fine? probably cheaper just to buy mine, but he is so against fake trees, he will not go there. here's your price action in the equity market. the s&p 500 with a bounce from friday's crater. tom: we cratered. we are on hilar. -- we are on high alert. jonathan: yields are higher by seven basis points to 1.54%. crude at $71.54. tom: we have come back a little bit on the bounce up here. i'm watching the vic's. 25.10 on the vic's. it was a 24 handle -- on the vix. it was a 24 handle when we started the morning. what is the power of the middle of the democratic party this morning? the president will be speaking to the nation and to the elections of 2022. what is the power of that middleground? >> i think the middleground today is going to be covid. this has been a massive distraction. if you're going in terms of the midterms here. the way the president is dealing with this is going to be key. i th

tom: exactly.ee with you that we need to look at medical professionals who are tactically involved with omicron they are saying, lose the hysteria and wait for the science. jonathan: look at how people are already responding -- travel bans, restrictions. tom: i have a warm call with china about this. i can tell you it is tangible in the street across the pacific rim. they will reaffirm zero-tolerance. jonathan: is illegal still corbyn zero? what does that mean for -- is the goal still covid zero? what does that mean for supply chain disruption? tom: i want to of these statistics. in the buy-side game, there is not a lot of discussion. you just look at percentile performance -- five year, three year, one year performance. all of this discussed with a beverage in your hand, done in 12 seconds. with andrew slimmon, we see a three year 94th percentile. in the last 12 months, he is in the 90's percentile. over -- out of 100 managers, only two did better. how do you generate those numbers? what is the sl

tom: what was it like? this thing watching movies where i don't learn anybody's character names, so i have no idea. tom: i had trouble with it. did you like it? jonathan: it was a long introduction to the second part was my experience of that movie. that was it. v(xuit's like part one before pt two. lisa: is this our space coverage? jonathan: this is it. i just ottowa -- thought i would mention it. i went to the movie theater. tom: i had to watch for the 14th time "pitch perfect 2." it was great. we know all the words. jonathan: fed decision day, believe it or not. your equity market is down three on the s&p. lisa upset about the move on avis yesterday. lisa: 108% because they said they might add electric vehicles. jonathan: i am not here to explain it. tom: the way you parked that electric -- jonathan: i would up to just reach out to the person who bought it and say, why did you buy it? they would turn around and say, because everyone else was, and i thought someone might buy it after me. that's usually th

i laugh at you, tom. tom: i noticed. jonathan: ignore us.ing up at 8:15, we need to talk about the pandemic still. lauren sauer of the university of nebraska medical center joining us in the next hour. from new york city, this is bloomberg. leigh-ann: with the first word news, i am leigh-ann gerrans. financial markets appear to have been spooked by comments about the omicron variant from executives at moderna. new vaccines will be needed and it will take months to develop. on bloomberg tv the chairman says we need to take the new variant for the serious threat it poses. manufacturing rebounded in november after a power crunch subsided and current pressures eased. the purchasing managers index rose with expansion in production. that is the first time that has happened in three months. a warning from the spacex the ceo elon musk. most says the company could face a genuine risk of bankruptcy if it cannot launch one of its starship vehicles at a rate of one every two weeks next year. musk said production issues are worse than they seemed just a

tom: carnage. we are down 2.2%. jonathan: it is a bear market. tom: come on. down 2.2%. jonathan: down 1% on the morning on the s&p 500. futures a bit softer this morning. kailey: it will be interesting to see what kind of cues the market will get from jerome powell later on today. he will be testifying alongside janet yellen in the house -- in the senate banking committee care that starts at 10:00 a.m. eastern time. we have already gone their opening statements and we know jerome powell will talk about the risks of the omicron variant poses to the dual goals. the markets will be paying close attention to any hints he drops. also happening at 10:00 a.m. eastern is conference board consumer confidence. consumer confidence is key in terms of economic indicators. this has actually been performing a little bit better than the university of michigan sentiment. we will see if that continues, but you are expecting a slight drop after a bounce in october. later this afternoon, but more fed speak. vice chair richard clarida will speak alongside the cleveland fed president. clarid

tom: david said it. he is truly an expert in the ways -- wage and labor dynamics and is watching the women in the middle age, a little lower middle age cohort to see their dynamic. he is dead on. jonathan: he has been preaching patience for a long time. he is still preaching that right now. here's your equity market this friday morning. six-day winning streak. we just keep writing higher. nine days on the nasdaq 100. up 59. finally, some stability can come out of the big risk we saw at the front end of the curve yesterday. 15264. lisa: i like the idea that we are repricing rate hikes. are we seeing that delayed, deferred or just taken off the table? we will continue to discuss. u.s. october jobs report dropped. the expectation is 450,000 jobs. what would it take for the fed chair to actually take notice and perhaps raise rates sooner? some people say 550,000 a month going forward to the middle of next year. i am watching the participation rate. way below where it was before the pandemic. how much does th

tom: this is the spread?this is the yield but it is -- you are seeing this in the investment-grade and high-yield complex. this is something to watch. tom: i love the idea it is something to watch. but what is the y right now? in a lesser quality credit, price down yield up? lisa: that is what i am saying. the y is a repricing. this is the concern of the taper tantrum. what is the through effective and equities? do we see this continuing? this is something i am watching. tom: it dovetails into the equity market. this is the diversion of equity because we have, from greg boutle to what we will hear from mike wilson. kailey: i wonder how much these equity calls depend on the trajectory you think there is for large cap technology. that pulls some much weight within the equity market. mike wilson expects valuations to go down. he expects multiple contracting next year. others don't. there are two different worlds being seen at the same time. tom: into the economic data, we have to frame the outlier call. the outl

tom: i value it. jonathan: fans everywhere value that opinion, tom. tom: they do.athan: honestly, i wondered where you were. tom: i was on the phone. we had an open line and we were talking. jonathan: your bond market unchanged. equity futures down not even 0.1%. all-time highs through the week. monday into tuesday. from new york, this is bloomberg. >> with the first word news, i am laura wright. today's election for governor in virginia will be a clear picture of how much momentum republicans will have in the 2022 vote for congress. gop candidate glenn youngkin is backed by donald trump and in a deadlock with terry mcauliffe. mcauliffe is betting that the former president levity will turn out democratic voters. hong kong enticing one of the world strictest coronavirus policies. it will end restrictions for most groups starting november 12. hong kong has not had a local outbreak of the virus since early june. shares of tesla are falling. elon musk says the company has not filed a contract for hertz for that record order for electric cars. last week, the car company

tom: good morning, everyone. on radio, on television, from our head colder's on lexington avenue in new york city, we are back in the office, seeing many other people get back to the office, and they are greeted by these turmoils of 2021 and this november. jonathan: the bottom line is demand is still good. you saw that in the inventory commentary yesterday. business remains strong. demand continues to be strong. you can focus on prices paid. underpinning that is really solid demanded to 2022. tom: we are going to do the interdependencies in a moment with jeff you of bny mellon -- with geoff yu of bny mellon. jonathan: the rba has validated the move overnight in australia. in the united states, remains to be seen what happens tomorrow. then it is onto to the bank of england on thursday. they have encouraged repricing at the front end of the curve. that is where it is globally, pricing and higher interest rates and pulling forward that view in the last month or so. tom: we talked to lisa earlier about shanghai and

erik: greg o'hara, mark fields, tom wagner and tom brady. back to another recognizable tom .ne. tom: the football is not thrown quite as well. erik schatzker, thank you. this is bloomberg. ♪ jonathan: what a record-breaking run this equity market has been on. can it continue? good morning. your equity market slightly positive as we count you down to the market open right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. jonathan: live from new york city we begin with the big issue. >> momentum we see in the equity markets. >> momentum is unbelievable. >> 2021 is a special year. >> we are not going to get 15% s&p 500 earnings growth in perpetuity. >> we will have times of smaller returns. >> you could see flat to negative price returns. >> the return we have captured in

tom: it is the when.k at the set of paul's combining price -- the set of calls combining price change and growth. there is any color you want. jonathan: would you like to recap the forecast from the fed? real gdp 3.8%. tom: are they still doing dots? jonathan: you will get your update december 15. those dots, you have to imagine those dots. tom: are you going to be here? jonathan: i'll be there in the morning for the ecb on the thursday and then i will be out of here. year over after president lagarde says happy christmas and a part. tom: there european of you. jonathan: staying true to my roots and taking a break. i understand you are taking one too. up one third of 1% on the s&p. i've been counting. you've been taking more. yields unchanged, -25 on the german 10-year. you count tom's outs? lisa: i don't. do you count my days? jonathan: you are very good about taking time off and very accommodative of me taking time off. tom is not. lisa: glad to hear this will stop jonathan: take the rest of the year of

i'm tom mackenzie.his is bloomberg daybreak europe, and these are the stories that set your agenda. variant concern, a new strain identified in southern africa sparks flight bans and warnings from scientists. stocks and treasury yield slump as investors flock to safety. china escalates its crackdown. a bloomberg scoop reveals beijing asked dd to do list from u.s. exchanges in what would mark its most severe action to date. plus, it's not just a red friday. it's black friday, too. will supply chain snacks and price snares mean this deal failed to impress? you are seeing heavy selling, a very significant risk off move in the markets today. and we want to focus in on what is behind this. it is this variant that is emanating out of southern africa. we have a terminal chart that shows what is happening on the ground. and since the rate of infections and the gap between the infection rate and the vaccination, and this has always been the morning from epidemiologists, that if you have a proportion of the popul

>> oh, tom.'s not watching, let's go. >> i think the communication style coming from fed leadership, including every member of the board, is going to be very consistent independent of who is chairing the board next year. i would expect pretty consistent communication from every member of the board. jonathan: is it easiest to guess the data, or gas had they will react to it? >> i think it is easier to guess how they will react to it. quite frankly that is why i spend so much time trying to figure out as central-bank communication and policy maneuvering with adopt the new reality. because that is something that does have some momentum. jonathan: let's build on that. if you have a deeper understanding of the circle reaction function, i am trying to understand what we look like in q1. in q1, if we had unemployment, then we have cpi if the participation rate isn't picking up, how do they respond to that? >> i think we will end up seeing there is you will end up seeing the dot plot, which is not a perf

tom: happy thursday. i'm tom mackenzie in london. jamie dimon regrets saying his bank is likely to outlast china's communist party. in a statement, he was trying to emphasize the strength and longevity of the company. it is the latest in a string of provocative remarks he has been forced to walk back. david scanlon is our asia senior finance editor. it did not take very long for jamie dimon and the team to walk back these comments. what was your take and response? >> about 18 hours, to be exact. sometimes, humor just doesn't travel, or gets lost in translation. he was trying to show the resilience and strength of his great u.s. bank, around for 100 years. it was also clearly seen as a shot at the communist party. and you know you don't joke about the communist party within china. so advisors, as we have reported -- maybe not quite an apology, but regretting that those were not appropriate comments to be making about a government or party. tom: so far, it seems the reaction in china has either been nonexistent or very muted. what is t

tom: it is a technology raise as well. i go back to 2019, and this is not target, not home depot, but they are up 8% plus going back to sales in 2019. a fairly clear press release, they increased 19% through the pandemic. they have grown 49% since pre-pandemic. that gives you an idea of the new reality is what you do against amazon. jonathan: it is fair to say that retailers in america are executing. tom: they are executing in a new world. i'm romantic. you and lisa i am sure as a kid did this. i wanted to bring back the wooden escalators at herald square. jonathan: the narrow ones? did you fit into the? -- into them? tom: no i did not. it was a moment where we could feel british. wooden escalators from another time. jonathan: do they still have the met bergdorf's? tom: no they don't. jonathan: i thought they did. tom: no, they have a personal shopper that walks you around and every 15 minutes, your wallet. you know what they are doing at macy's? they are taking on digital. i mentioned -- they mentioned on the channel -- t

tom: dr. el-erian really talking it up in "the ft," and you wonder what the substantial further progress will be to get any central bank to look at inflation, double anything considered normal. jonathan: people are so dug in on this debate. did yesterday and that print change anybody's mind on anything? tom: absolutely not. we need to see a sequence of prints. where it is going to come from is this really strange thing called owners equivalent. you flunk exams trying to explain it. only mckee at bloomberg understands it. jonathan: it is going up. even if you strip out the energy story, it is going up. it is stickier, broader, and a lot of people are funding it very difficult to remain open-minded about incoming data to shift their view for the. path forward. they have become so -- for the path forward. they have become so dug in. the bias here is amazing. lisa: we are in unprecedented times, turning the economy off and trying to restart it. julia coronado saying the fed is going to keep a stea

tom: i agree with that.t back and looked at some of the newspaper reports under the greenspan redo i bush senior, and it was the same idea. it was a big debate for a select group, no question about it. jonathan: do you remember when they floated the larry summers nomination in the obama years? that was shut down pretty quickly. tom: these are called trial balloons. jonathan: we seem to be playing that game again. tom: i take immense issue with the politicization of lael brainard. she is a first-class academic at an extremely young age in applied economics. she did tangible work at m.i.t. m.i.t. is just loaded with talent as she stood out there. jonathan: she is fantastic, phenomenal, and no one would disagree with you on that. tom: if she was a guy, would we be having this debate? jonathan: i think we would be. she made a did nation to a political campaign of hillary clinton. bottom line. no judgment. she's on the federal reserve, a sitting fed governor, making a political donation. gender has nothing to do

tom: good morning. jonathan ferro, lisa abramowicz and tom keene. in 30 minutes we will see the state of the american library economy. why is this jobs -- american economy. why is this jobs report different? jonathan: how can we get visibility into next year if we cannot figure out what happened 30 days ago? >> somebody came up to me on the street in new york yesterday and decided -- said, " you are way too bullish." >> what if we get a game changer that challenges the assumptions in the market? what a few get a return to normal quicker than expected? how much do you get a sudden shift in view is on monetary policy? that's bullish. tom: this is so important. we have dances are key coming up and he does not agree with morgan stanley. jonathan: lisa is standing increasingly bullish on this economy. lisa: bullish on the economy is not necessarily bullish on markets. if we get a shift to full employment, all of a sudden you get a different dynamic for markets than you do for the real economy. jonathan: is this a jobs report -- tom: is this a jobs are pa

tom: thanks so much.more this week, always with a view to the charts and the stories they tell. the violence over the weekend in riots was asked ordinary. maria tadeo gives perspective from berlin. his germany close to being austria, or are there distinctions on the protests of this pandemic? maria: the thing this fascinating about german politics is they pay attention to what happens in austria. it does feed into the political debate in germany. in berlin, there's no i very active debate in terms of should we do what they are doing in austria, meaning a national lockdown and then a vaccination mandate. what i would say if there is some nuance in germany. the debate is moving towards should we be more forceful in terms of making the vaccine mandatory. the one sentence that caught my eye today is the health minister who said this winter in germany is very clear. it is either you are vaccinated and recovered or death. lisa: what are the german officials looking at to say we need much stricter requirements t

tom: we will have to see.t i know for certain is we talk about jonathan ferro putting up the tree far too early as we shared the tree unveiling at the prudential center in boston where it was 24 degrees below zero, and we were there because we had to be. john joins me on the rough-and-tumble new england politics. you are in washington, how rough-and-tumble is it right now for the president of the united states? >> they are putting the christmas tree up directly across from the bloomberg bureau, so we are just trying to keep up with mr. ferro this morning. rough-and-tumble will bring the president to new hampshire today, woodstock, new hampshire where joe biden will make the case for this reconciliation bill that speaker nancy pelosi has promised progressives will get a vote this week. we are wondering if that will be around saturday or sunday or into next week because we are waiting for the scoring. we are waiting for the bureau that will tell us if this is paid for. tom: i am sure that the cbo will deliver. d

tom: brian kelly, thank you so much.tell you, of all of the internet people, and has changed our lives more than anyone. kailey: absolutely. points are everything. that is why i have the credit card i do. i want to know what your net worth in points is. tom: the numbers are so large it is impossible without lawyers. we will not go there. kailey leinz trying to visit all six continents this year. kailey: i've not touched antarctica yet. tom: futures down to -25 on spx. tiffany wilding at 12:00 after the 10:00 economic data. stay with us. this is bloomberg. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can sa

tom: come on, jon. i was looking at my phone every five minutes to see what is going on in washington. i would suggest with great respect to the president, he cannot make up his mind. jonathan: the team in washington indicating that might be the case. tom: it is a big decision. maybe we need to review that, why is this a big decision? not just about monetary policy, but posturing if things get worse. do you go with a proven horse if things get worse or the new girl on the block? lisa: i do wonder at this point how much the biden administration is regretting not doing this earlier because the conversation is not where they wanted to be. it might be four days, which everybody thought with a saw the announcement. you have a problem on your hands. a messaging problem with inflation and a problem as we head toward the debt ceiling. jonathan: i will say this with a smile on my face. some people suggesting maybe senator manchin will be the guy who decides of the next fed chair will be. lisa: can we just call h

tom: i've ordered the smoked turkey as we go into the thanksgiving holidays. you are absolutely right. this is the weekend of the great reset for next year. jonathan: wells fargo going with two interest rate hikes next year. "we expect multiple hikes next year to correct a policy misstep." a view they hold, but this debate is still incredibly divided. tom: can we announce the policy misstep now? i understand sell side is out there with the crystal ball to try to look at where we are going, but a ta -- but i take issue with announcing a misstep now. jonathan: many other people are, and slitting my medullary and. i will -- r, including mohamed el-erian. i will catch up with him later. lisa:lisa: as you take a look at some of the derivatives trading, people are now pricing in three full rate hikes by the first three months of 2023. people are mapping out to rate hikes next year. jonathan: the moveon fives, 20 basis points this week. last week, this week, yields up in a big way through the cur

tom: ok.o looking at wages, is there any data that you're seeing that suggests that wage inflation is for -- stateside? >> we haven't got the details. a lot of data is -- you have to look at some of the employment. the rate of the five million jobs that have left, over half are not going to return. that is pretty material. also i think we have sometimes underplayed the ill pact of the immigration debate and up to 2 million jobs therefore may have been lost by a lack of innovation in the -- immigration into the u.s. as well. we need to find out how that is transmitted into wages going up. tom: clearly this is a challenge for jay powell. the markets surprising in as many as three rate hikes next year for the fed. are they getting over the? >> three weeks ago they only priced in two. clearly -- you take a step back though, we have a huge amount o. this is a very different type of stimulus than we saw in the jfc. the difference is really that we have had fiscal stimulus direct -- and therefore tha

tom: i it to him about the tots the other day. jonathan: also, he wrote in, saying i guess iou a beer. lisa: want to talk about it? tom: i do. you know what bothered me yesterday with a countdown clock? having to be on air with the fed countdown. i got upset. jeff fitzpatrick on the change in washington. fitzpatrick's washington is stunned, and interesting outcome of this election. is there negotiating between the left, particularly the sanders left, and the center? or is our posturing after this election? jeff: there seems to be negotiating that involves some posturing. right now, the back and forth, i would sleep more between house democrats have been responsive to progressives and joe manchin. that is where you see the divide on the paid family leave part of this bill, with democrats adding a measure that engine -- manchin does not appear to support. there is a back-and-forth. but there is negotiating as well. t i -- tom: i take great issue with the idea that it is joe manchin against the world. how about after tuesday? jeff: i

tom: it's getting a little chilly here come a little bit of arctic gold coming into minnesota. it's the same thing in europe. it's the sum total of europe subsiding. what does that mean for chairman powell? jonathan: that's the european situation and we reopen the bond market stateside. this treasury market has been totally whipsawed. lisa: the expectation is for that to continue. the implied volatility and treasury yield have risen to the highest since the height of the pandemic. why are stocks not responding more to the volatility we are seeing in bonds and the rise we have seen in short-term yields? jonathan: any fed speak today? lisa: john williams is speaking from the new york fed stop jonathan: let's get so the new york market was closed. yields are higher by three basis points, higher on the front end as well. we will touch on that a little bit later and crude is down for another week. a third straight week of crude grinding lower. that goes back to march of this year. tom: i looked

tom: no.y should not have rules afterwards, but they should be compensated so they can live like professional people. and i am sorry, it's chump change in washington, d.c. lisa: there is a revolving door debate, the idea that you can go to these positions and come out and make huge amount of money and that is why the government can afford to pay such low wages to the people who come into these key positions. i would argue that we have to have a reckoning of what we want from our public officials and being ok to pay them more if they want to restrict them in other ways. jonathan: i'm pleased you took a bite at that, tom. lisa: troublemaker. jonathan: early on a monday morning to let's talk about pay in washington. [laughter] he's grumpy this morning. tom: who is the senior sibling here? jonathan: for our audience worldwide on radio and tv, this is "bloomberg surveillance." ♪ and there you have it. woah. wireless on the most reliable network nationwide. wow. big deal. we get unlimited for just 3

tom: 2% inflation.to go to your claimed seminar you hold every year, and part of that debate will be around adam posen, peterson institute, and the idea of a 3% level instead of 2%. why can't we go decimals and are we doing that right now and that the new 2% is 2.2% or 2.3%. are we job owning our way to that level -- are we jawboning our way to that level? michael: i do not think we can go to 3% for political reasons. the fed, that they interpreted 2% in the 1990's was sleight-of-hand on the congressional mandate. some might say the flexible average inflation targeting was a backhanded way of raising the inflation target. i think there's something to that. on average there should be higher realized inflation. decimal points, given the imprecision of how we measure inflation, that might be a bit much. going to 3% is not in the cards anytime soon. lisa: i want to finish where we began the show, with tom asking a good question. are we just following hysteria with respect to an asian with these 1970 -- two

tom: good morning, everyone. on radio, on television come across this nation, we will look away from the politics in this hour. david westin will fill us in later this morning. it is about the markets, about a fed meeting. join us this afternoon. we will be doing that on radio, on tv. the markets higher. jonathan: all-time highs on the equity market. there is one thing we have not discussed all morning, chairman powell's future. i think we need to talk about it. a little later today, when he talks about the years to come and policy at the federal reserve, for the strategy to be credible, you've got to know who's executing it. right now, we don't know. tom: published moments ago by douglas kass, doug kass channels chuck prince from another time and place. at some point, the disruptive event will be so significant that instead of liquidity filling in, the liquidity of 2021 will go the other way. i don't think we are at this point in 2007. that is the sum of all our fears. jonathan: do you want to keep on dancing? t

tom: dr.

tom: stay with us.data and 45 minutes. ♪ ritika: with the first word news, i ritika gupta. president biden's bill back better plan has a tax cut for millionaires, but the megarich would pay more, cording to data released by the congressional tax scorekeeper. millionaires would pay a higher average tax rate, 33%, up from about 30%. but there's earning only single digit millions could end up paying less. inland musk has resumed selling shares to tesla, more than halfway to making good on that promise to offload 10% of his stake in the lecture carmaker. musk has offloaded about $9.9 billion of those shares. the government is debating measures to stop a coronavirus surge. only people who are inoculated go to public places like movie theaters. british business leaders one prime minister boris johnson to make peace with the eu over northern ireland. the confederation of british industry is urging johnson not to follow through on his threat to spend part of the brexit divorce deal. the terms of negotiations is

tom: how should investors think about the geopolitics? we have a warning about a possible invasion of ukraine by russia. on the upside you have this potential meeting between president she and president biden next week. kristine: investors are infamously terrible at pricing geopolitical risk. they will want to keep an eye on the developments, but at this stage it is difficult to say how this translates into concrete policy changes if anything. it is one of these things were they will want to have half an eye on it to see how things progress, but not something we see at the moment, but some risk for them to keep an eye on. dani: thank you so much, kristine aquino from our bloomberg team. coming up, bitcoin, is it a blockbuster? amc movie theater says they will accept the crypto is a method of payment. potentially doge coin is next. this is bloomberg. ♪ dani: welcome back to the open, 11 minutes into the european trading day, and looking at all-time highs on the euro stoxx 600, up 0.2%. it is not even when you look underneath the surface, t

tom first impression?im walk in. >> he had long-ish, blond hair, sort of combed back in a double breasted blue razor blazer on. he looked like something off of the captains union. but very pompous. i don't know. he seemed fake to me. >> reporter: that night, beth's brother kept asking tom toolan what he did for a living. and he couldn't really tell me. what he did. oh, i'm an investor. and i said, what do you invest in? he couldn't really give me an answer. beth's brother says that he was drinking during dinner but not to access. >> reporter: afterwards, tom toolan and beth headed back to his apartment. beth told friends that something shopping happened. she had seen him drunk or angry, but she never saw her new boyfriend like this. >> he put her into a headlock and was walking down the street saying, i want to be your head in. she shared with me, i went back to the apartment to get my cell phone in palm pilot, and i wonder if i should've just left us left behind and left at that moment. >> reporter: littl

tom: the providers is one thing.have 59% and they will say what does it take to get to 69% total vaccination? maybe this is the event that does it. jonathan: you can play the music now. kailey: [laughter] tom: -- jonathan: did you design this music? is this your fault? tom: i did not design the music. jonathan: from new york, this is bloomberg. ritika: the world health organization warns the new a micron variant could fuel coronavirus surges with consequences. the agency calls the risk extremely high. scientists in south africa say it appears spread more easily. nations have now imposed restrictions to try to contain the virus expansion. moderna says it could have a new vaccine to fight the micron variant by early next year. meanwhile biontech is trying to adapt its covid vaccine to handle a micron. it put plans into place months ago to ensure a new version of a shot could ship within 100 days. president biden meets with ceos of companies to discuss supply-chain bottlenecks and the ministrations efforts to combat inf

tom: part of it is a calendar. there is something ought about the december 15 meeting and the decision tree of the fed each and every year about this time gets a little strange. jonathan: can you hear tom now? lisa: i can. my life is back to normal. it is friday and i am so happy. tom, i am always happy to hear you. randy crossed her joins us. where should the emphasis be today in this labor market report when we think about what the fed will do next? randy: one of the reasons you are seeing this wide dispersion of estimates is because everyone knows the labor market is on fire. we do not know whether the jobs are being created. it is just like last month when we talk about the number was low but it was not because the job market was weak, it was because the job market was strong. we do not know if people will be willing to take those jobs or come back into the job market. there a lot of jobs out there and people feel confident about the market. no matter what people will say the jobs market is still on fire. tom:

tom: good morning, everyone.han ferro off this week, lisa abramowicz with us and kailey leinz as well. before we get to adam parker, i want to look at the data. oil coming in away from the $80 level. stronger dollar, inmate dxy, bloomberg dollar index, huge dynamics in europe of the protests we saw this weekend. not surprisingly swiss strength. lisa: the idea that the euro is the weakest going back to 2015. the weakest versus the dollar going back to the summer. this comes from the lockdowns and protests kaylee was talking about. austria entering lockdown, 64% of the population fully vaccinated, germany 69% fully vaccinated. in the united states, if the 8% paid white -- 58%. why are the lockdowns not the popular sentiment in the united states. tom: on the euro swiss chart, this is when i met young jonathan ferro, the collapse you see of swiss franc and then coming back with weakness. new strength over the last three or four years is really stunning to see swiss franc go to 103, 10 two would be earthshaking for gl

tom: good morning, everyone. on radio, on television, a simulcast, and a critical time for the nation. we just heard from william dudley, former new york fed president. jeff lacker coming up in 30 minutes from richmond. they don't have a clue the trajectory of this economy. jonathan: let's be honest about it. it has been broader, stickier, higher than they expected, and they are not changing their mind on that. 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 deliv

tom: jon.rldwide and across america, one of the difference between edinboro and glasgow? lisa: is this a joke? jonathan: culturally? i have never been, so i can't tell you. i'm not walking into this trap. tom: your english. jonathan: that's very english of me. do you want to move on? tom: director of johns hopkins center for global emergency care. we have got compressed time today. i want to be very straightforward. are we going to see further lockdowns in jon ferro's england, or in scotland, or frankly in asia as well? are we still in lockdown mode? >> the new delta plus. has not been named a varied of concern. we think it may dilute out. i don't think we are going to see peter lockdowns. tom: if we are not going to see future lockdowns, there is some optimism. obviously, the right direction. >> they told me a lot about this concept of herd immunity. you think we are close. 60%-80% of individuals need to be vaccinated for herd immunity. over 60% have been fully immunized. however, there is a v

tom: how do you get there? you topped out with revisions. 550,000 jobs in the unemployment rate goes from 4.6. could you imagine 4.4 or 4.3? jonathan: what degree does that report move the dial this friday? if we are waiting on the data we need to see work out, what this variant actually means for the economy, we have to wait for that. do we have that in hand by the time we get to that meeting? do we look back at the payroll support and say we could take this on? tom: with great respect of the suffering for all of the pandemic, they will see the economy and improving labor force. jonathan: they could afford and see if this variant changes the outlook. kailey: i wonder if this data the fed will depend on is the economic data we already get, not the unanswered questions. the fed has said time again we will react to what is actually there empirically. continuing to make progress. does that mean the fed maybe does think about accelerating january and then dealing with the variant later on? jonathan: i like to put i

tom: these are true small caps. only one in the building who has experienced a small cap boom. would you say, in all the reading you see from jefferies and others, that people are calling for continued strength in small caps? david: in terms of where they are now, you look at the russell 2000, it hasn't kept up with the s&p 500 this year. so there is room for recovery arguably by that standard, but yes, strategists are certainly pointing to the smaller companies lately as a potential strong part of the market, given the fact that they really haven't performed all that well, and if the economy is able to sustain its growth to the point where it doesn't need support from the fed, you figure it would benefit companies across the board if smaller companies have more to gain from that scenario. lisa: i am glad you focused on the staffing firms. the reason why is that equities discount future growth. we are not just looking at staffing shortages now. what kind of growth are we discounting in these shares given the gains?

tom: there is from the president. what have you seen among the parents where we have this pediatric vaccine? lisa: some parents say we want to wait and see what the data shows. the other parents say let's go. when can we go? tom: an unfair question to ellen wald, senior fellow at atlantic council joining us. the spread has narrowed between west texas intermediate and brent crude. do you apply that brent will widen out higher or will west texas intermediate comeback lower? ellen: one of the interesting things is wti has been doing better recently with foreign buyers because it was priced a bit lower, so we saw an increase in exports from the u.s. to china and other countries. if that spread collapses, the u.s. benchmark may become less interesting to foreign buyers and that may help gasoline prices at home. tom: it may help at home but are we at attention point on gasoline? i see it at aaa unleaded. the moving average back at $100 a barrel is $3.58 a barrel -- a gallon, or is this time different? ellen: it seems prices

from new york city, tom keene and lisa abramowicz and tom ferro.utures positive 50 and we advance around .3%. yields are unchanged. the main event in the fs market is darl -- dollar-lire. 10.9765 is the high. that is off of the back of a 100 basis point cut, and one of the most hawkish things that i have heard for a wild. they will study ending the rate cuts in december. tom: they have to get to december and i think the dynamic folks were confused by the chart, i was going to call it -- it a modest strengthening and a disappointment of this announcement. you wonder what they want, they want mr. erdogan to have an understanding of econ 101, that is really what is missing. jonathan: it is counterintuitive, for those of us wondering if i was being sarcastic, i was. it is the most hawkish thing that i have heard in quite a while. lisa: the idea that we are talking about a bank that dismisses the fundamental economic principles that tightening rates and policy and raising rates will lead to lower inflation and they outright reject that. tom: we have to

tom: that pressure could persist.re do you see opportunities when you take into account these factors whether it is the regulatory environment where the concerns about the chinese economy? fred: short-term cyclicals. still very bullish on the fundamentals. the middle class -- chinese consumers are becoming the biggest spenders in the world. and innovation is very much in place. and i see a lot of changes with climate actions. there is a tremendous bottom up here. we have been on the forefront of these changes. tom: fred hu, always a pleasure. founder and chairman and ceo of primavera capital group. coming up, president biden warns against panic over the omicron variant but the moderna ceo predicts existing backing -- existing vaccines may struggle to deal with the new variant. this is bloomberg. ♪ dani: welcome back to the open. 45 minutes into the session. continuing to look at losses mounting more than 1% for the regions. travel and leisure and retail, highly exposed stocks. what is taking the brunt of the beating t

the grind you do on tom k: tom k: the politics of it all. is an assumption that the liberals will say we need a more strident vice chairman. one of the power of the left right now with the president of the united states? >> that is a darn good question. i think we are going to find out in a very real way and some have suggested that the president might wait to announce the remaining nominees for those open seats to use it as sort of leverage around the reconciliation bill. all this stuff could come together here. by the way, no one is talking about the debt ceiling as we have been distracted by the said conversation. reconciliation goes to the senate, comes back to the house. each progressive's to deal with the changes that are coming that bill. he needs them to say ok, mr. president, we are going to take what we can get, and maybe he can sweeten the pot a little bit with some of the folks be considered for those open seats. as i mentioned, we know progressives are not dazzled by what is happening so far. they are hoping to get theirs in the

matt: -- tom: lisa abramowicz, kailey leinz, tom keene.herman saying we should see an announcement today according to punch bowl. looking for confirmation from the white house. we do have confirmation you get lucky when you speak to smart people. we do that right now with matthew liz eddie -- matthew l uzetti deutsche bank. it was interesting for you to put in a conversation on the fed leadership going or were. it was interesting -- i want you to talk about the hawk and dove of the slots to be filled. how abrupt of a shift will the new federal open market committee be? matthew: i do think there are differences, particularly in how jay powell and lael brainard viewed the broad versus inclusive part of the dual mandate. the most important things is there will be constraints on policy. one is inflation is high and will remain in the driver seat endoscope pump even if you do get a dovish shift in the chair and brainerd would represent that, you have a hawkish voting block for the committee next year from a regional fed voter perspective and a

tom: really good question.onathan: just bizarre, the kind of things that take place on this website. the s&p advancing 0.2%. on radio on tv, taking up your trading -- on radio and tv, kicking off your trading week on "bloomberg surveillance. " leigh-ann: president biden and xi jinping have plenty to discuss during their first face to. still, expectations for a major breakthrough are low. relations between the two countries are tense. there are disputes over taiwan, human rights, and the origin of the coronavirus. the european union has approved a new sanction powers related to belarus over the flow of migrants towards the bloc's eastern border. alexander lukashenko is using thousands of migrants from iraq and syria and other countries in what the eu because a hybrid attack. he has also threatened to block the flow of natural gas from russia to the eu. a new study has found the pfizer/b.i. own tech -- the pfizer/ioan tech -- pfizer-biontech vaccine resulted in the strongest immuno response. changes at royal dutc

tom: no we don't. the hearings, what do we say, every hour, every 12 hours we move forward has got to tilt more towards powell? jonathan: you would think so, and then i think things are going to get more contentious in these hearings on either side of the aisle, given where inflation is at the moment. i know this individual has huge republican support. on the other side, we know what senator warren thinks about it. lisa: and how the market will respond, whether people do think lael brainard is going to be the more dovish pick. i've started to write my outlook. the headline is what does it mean to be a bear in 2022. jonathan: and what does it mean to be a bear? this sounds very emotional. lisa: it is a very emotional question. are you looking at something with significant downdraft? are you looking at the bond market having a bearish market? are you looking at a more hawkish fed? these are the questions. jonathan: i've had success folding mindfulness and meditation into my book. if you fancy at working

jonathan: should i respond now or in four days, tom? tom: silly. i'm done with it. jonathan: are you finished with it? chair powell, governor brainard. what are you done with? tom: the wait of it. a very important decision. it is frankly normal that he is confronted by the different weightings here. the president will make a decision, and monetary policy will probably be pretty much the same from the two. jonathan: it is perhaps normal to do it earlier in the year. confirm ability is going to be a big issue. i hope the interesting comment from sharad brown, chair of the sink it -- from sharad brown, chair of the senate banking committee, said he was sure they would confirm either of them. it is the vote counting of it all going into the weekend that i think is more important than perhaps anything. tom: it is about as exciting as the auction market. we will skip that today. the 10 year inflation-adjusted yield at -1.13%. with all of fed speakers today, we've got to look for something on yields in their guesstimate forward. lisa: really? i am going to talk about the o

tom keene, it is a six handle. tom: back to 1990. 1982 before that.athan: the airline ceo scott kirby in about 30 minutes. looking forward to that on tv and radio. this is bloomberg. ritika: the governors of michigan and eight other states want congress to approve aid for american semiconductors. they're trying to ease a shortage that has hurt manufacturers. the governor sent a message to congressional leaders asking for $52 billion. the question of whether president biden's tax and spending package will be fully paid for has gotten complicated. the administration estimates that a better funded irs could bring in $400 billion over the next decade through corporations and the wealthy. under the budget rules government analysts cannot cap money that will be spent. democratic moderates have been asking for a cost analysis. ge has launched an offer to buy back as much as $23 billion of debt. the company is on target to cut its borrowing by $75 billion next month. ge unveiled a plan to split the corporation into three companies. doordash has agreed to its