allianz, this is important. they talk about third-party net inflows at 19 billion versus 9 billion on a quarter, quarter basis. this is where the conversation will get interesting, when we catch up with the cfo in a while. to see the flow of money into pimco is phenomenal at 19 billion versus the 9 billion. let me just set the stage for risk. i think they have done a wonderful job at setting that guideline. they had a temporary hold because of the tesla story. the is idiosyncratic. they had this to say, the risk of a policy mistake. this is all about pumping up that liquidity and adding to it. let's take a quick look. "the economy is doing just fine. but the collateral damage it's creating, the unintended consequences that are resulting, are spreading." we will talk more about that. warning about the bubble nature of markets. markets, the stocks are lower. s&p 500 index is breaking the winning streak. you are looking at a risk on the cpi coming in at the highest level in 20 years. there is a risk of overheating

tom: allianz, the insurance provider and wealth management. gaining 0.7% with a beat on a number of the key metrics. credit agricole also did better than expected. the earnings of the trading unit were down by about 20%, but they were more than offset by what we are seeing on the corporate side. credit agricole overall was a beat. infineon, this is interesting, they are raising their outlook for margins, longer-term. 2022, they see a strong fiscal year for next year. margins key for the semi conductor producer. up almost 3% in the first few minutes of the trading day. let's get the bloomberg business flash with laura wright. >> general electric will split into three separate companies in a stunning breakup of the conglomerate founded by thomas edison, once the world's most valuable company. ge will spin off its health care arm by 2023 and combine its three energy businesses into another separate energy -- entity. the jet engine unit will make up the third company. an ev maker will price its shares after expanding its ipo above the top of its m

dani: bloomberg opinion columnists and allianz chief economic advisor mohamed el-erian acknowledginglation is not transitory. still sticking around with us is jordan rochester, g10 effects strategist at nomura. just before the break, you are saying how the most recent variant doesn't change the inflation picture, perhaps agreeing with el-erian there, as well. but i wonder if the inflation picture could be exacerbated by the most recent change, if demand sticks around, and we see more restrictions in places like asia, where you have heavy manufacturing. jordan: dani, i'm with you on that. the risks are for inflation, let's say we have lockdown, that would be inflationary for those sectors in the very short-term. just think for next year, if we have a vaccine that solves the issue with this variant and a reopens, they are going to renew -- it reopens, they are going to raise the prices. what do consumers do? they can't go on holiday. that's been the big surprise on covid-19, has strong inflation has been throughout this period after years of inflationary pressures. there now getting in

allianz retirees and advanced talk with pension funds to help them develop their own products but ofa big part of this is re-educating people. to be prepared to spend their retirement savings, and that requires a big shift of attitude after people have been geared to saving, saving, over 40 years of working life. haidi: bloomberg news managing editor ed johnson there. and, of course, as we get into peek holiday travel season, a lot of folks in the u.s. will be traveling for thanksgiving. ns really there has been so much excitement of the limited reopening a places they can go -- in australia. we have seen 7 billion qantas frequent flyer points in a month. we had that upstate at the chart of the -- the start of the month. that really is not slowing down. it seems like after a long period of stockpiling -- because i have not been able to travel very much, we are now getting through there in record numbers. state border rules ending. flying resuming, and we have seen a dramatic shift in how members engage with the loyalty scheme according to qantas. shery: i'm not really surprised, beca

guests including from allianz with the take on the fed powell comments jeff currie of goldman sachs coming up. >> first steve lies marn with the takeaways of the testimony and mike santoli with the sell-off steve, start with the testimony please. >> surprising the markets by saying the fed should consider easing back more quickly on stimulus tothe economy in response to a question on inflation. powell saying in senate system for the fist time that the fed should consider accelerating the taper. >> at this point the economy is very strong and inflationary pressures are high and appropriate in my view to consider wrapping up the taper of our asset purchases announced at the november meeting perhaps a few months earlier i expect to discuss that in a couple weeks. >> and for the record he said it twice and wasn't a mistake all began with testimony released yesterday and powell emphasized the concern about inflation and said another virus wave for an inflationary problem if workers stay home markets have to puzzle over this every $5 billion increase ends the purchases by a month so $15 billion