tom: alicia levine, thanks so much, particularly on correlations at the president.hat an odd week. let's show the romance of a photo op right now. this is mrs. biden and he gets his of cambridge, and they have moved to this. here's the reality. on radio, it is a sterile room with a bunch of people talking about education no doubt. this is the grind of diplomats, isn't it? lisa: my heart is bleeding for them, going from a remote perfectly groomed children who have been instructed how to fold their hands to an antiseptic room with lots of people in front of microphones. honestly, again, who is the photo op for? that's one of the big questions. tom: i think they are playing to a set of constituencies looking to get through this. we have a program note. romaine, lisa and i are all on the same page. stop sending in the photos of your well scrubbed offspring. lisa: i love it. i admire it. tom: sending photos looking like the children in cornwall, stop it. stay with us. this is bloomberg. good morning. ♪ ritika: with the first word news, i'm ritika gupta. british prime min

alicia levine of bny mellon, thank you.nding its rally to about 5.8%, the highest level of trading since late 2015. there was chatter about a week ago that ford was also one of those mean stocks getting some of that reddit route trade into the equity market, and up by 6% on the day. speaking of reddit and how millennials windup trading, and how the generation z trades, here's a story i want to highlight from bloomberg. millennials in the u.s. are running out of time to build their wealth. the oldest numbers of that generation turned 40 this year. they only 80% as wealthy as their parents were at this age. this chart shows that since 1989, net worth has declined while wages have stayed stagnant. after entering adulthood, the oldest millennials have been hit with recession at critical times in their financial of element. the recessions kicked in when they should have been establishing themselves in the workforce. then the pandemic hit when people were traditionally moving into higher paying managerial roles. in some ways, it

dave: alicia levine came out with one view just now.ategist at bci research, based in london, figures we've got an inflation bubble going on. he's concerned that as these price increases recede, it is going to take down some industry groups in the stock market with it, specifically industrial companies and raw material producers. he had a more elaborate version of this where he put together an index that was half of each of those groups, but either way he compared it with the 10 year breakeven rate here in the u.s., the whole idea that that is a market based inflation he's looking at developed markets for industrials and materials that have moved along with this breakeven rate, and if that goes down, so do the stocks. tom: too short today. david wilson on the idea of what we see off the fed meeting on inflation. at goldman sachs, they will be watching the fed meeting on wednesday. so will sonali basak, holding court in front of goldman sachs today as they reopen on wall street. i am not going to mince words. all of new york wall street

what i want to do before we go back to cornwall and the g7, alicia levine coming up as well, i want toalk about the collapse of the 60/40 portfolio. if you are not in the 40 bond, what do you do in the equity market? romaine: a lot of folks still have that 40. it may not be that traditional 40 and the treasury market. a lot of that has actually gone into corporate bonds. tom: i don't know that. lisa knows that. romaine: well, lisa knows that. a lot of that has gone into unfunded of assets -- into alternative assets, whether it is real estate, sitting in crypto assets. tom: you're killing me. lisa, help me. romaine: it is a brave new world we are in right now. [laughter] tom: you don't say that in the morning, romaine. lisa: you can say that in the morning. you have my blessing, and you are absolutely right. he nailed it. the issue here is not just bit dog, according to tom keene, but people are investing in liquid assets. how much do we focus on the more liquid assets getting sold off this proportionately if there's a dislocation? because you sell what you can. how much are we already