tom: i look at the wishful thinking now, and what it says to me, anna wong, is that this is simply a ation-centric. do they care about this morning's jobs report? anna: one report would not make a whole lot of difference, but one report does help them feel like, are they making progress? so, if unemployment rate stays high -- i'm sorry, stays low at 3.6% and they did see a vacancy rate coming down in the june report, that means that maybe the fed's taking some soulless in -- solace in the chance of getting a soft landing. but i would say, not so fast. typically the vacancy rate can come down and the unemployment rate can lag by a little bit. i would be paying more attention in today's report on the labor participation rate. i think the fed will as well because at the end of the day what do you want? what the fed wants is for wage growth to cool an order to get wage growth to cool you need more label supply -- more labor supply or less labor demand. in the last three months we have not been seen good news on the labor participation front. and this means the will have to do more on damp

kriti: anna wong, our chief economist. we thank you.ooking ahead, moderna is joining pfizer seeking clearance for booster shots that are omicron specific. we will have the details next. this is bloomberg. ♪ kriti: this is "bloomberg markets." moderna has completed filing for clearance for booster shot that targets the recent omicron subvariants and guidance on how to protect yourself against the coronavirus. let's go to amber d'souza of the john hopkins cash johns hopkins bloomberg school of public health. i am curious about these booster shots. about a year ago they were all the rage, everyone wanted to get ahead of the delta variant. i am curious about the adoption here. are you concerned perhaps about the idea that fewer people are interested in getting a booster shot? amber: i think it is an exciting development. unlike booster shots last year where it was an additional shot at of the same vaccine, this booster shot is different. it has reaction to the same component of the vaccine also has components of omicron so that can protect

if we get on and on long interest rate-- an anna wong interest rate regime, what happens to american economic growth? anna: as powell says, what is the bedrock of american growth? it is price stability. it would be good for american growth if it was price stability. tom: but what would it mean for unemployment and jobs? when you work through three quarters and a 4% -- a 5% interest rate, how do you model that with labor in america? anna: it is about real interest rate. even if underlying inflation is running at 3%, a 5% nominal interest rate is the real interest rate. if it is a real interest rate of 2% or 1.5%, if that is the case, i think that would be a normal way of things. as the fed is tightening, there will be impact on the labor market, and that is the cost the fed will pay for being slightly delayed in tightening monetary policy. lisa: this was by many accounts a quite hawkish speech. i'm looking at the s&p down a quarter of a percent. is this your perspective economically? anna: i think the market is slowly getting the message that the fed is looking at 2023. i think if i ha