bernstein: that is an easy one.f you just watch where the president and vice president are going and listen to what they are saying, they are taking their message to the american people. tom: i don't mean to interrupt, but you nailed it. how do they sell this to republicans who support what you are talking about, yet the leadership that they have is dead set against it? how does that metric work? dr. bernstein: you don't have to sell things to people if they are things that people 110 need. you just have to tell them about it. so i think it is less sell and more tell. explain to constituents what you are trying to do, and what we found from the polling is that telling does not require selling when it is childcare, reopening schools, providing resources to get to the other side of this crisis, and making historic investments in the job and family plan in their lives and their opportunities. what goes on in partisan circles in d.c., we have to show that for what it is, but the president and vice president are keeping

down president biden's $6 trillion budget proposal with council of economic advisers member jared bernstein. he'll join us first on cnbc. >>> plus we're rounding out our m summer unmasked series with the ceo of hawaiian holdings >>> let's get straight to the big stories we are watching. mike santoli tracking the market action meg tirrell with new comments from novava x's ceo. mike, let's start with you >> sara, basically steady, calm, unhurried action in the markets has been the story for the day, the week and the month of may. it's heading back up to the top of this plateau area we've been in for about six weeks if you look right about there, a lot of indicators of market position are similar in terms of how far it is above its longer term trend and things like that. not to say it absolutely has to break out, but it seems more like traction than slippage. take a look at the 10-year treasury yield and how that has digested a lot of the inflation concerns we've got a hot, warm number on pce inflation this morning and really unmoved around the 1.6 level below the highs from march. again, this

bernstein, good to see you. >> good to see you and happy mother's day. >> thank you so much. what kind of information will you be weighing and how will you decide which way to vote? >> i have not seen the data yet, but i'm excited about the opportunity to be able to offer the -- possibly offer the vaccine to 12 to 15-year-olds. we certainly want to look at the safety profile as well as the immune response. and most importantly, the efficacy, how well the vaccine protects against sars-cov-2 infection, and covid disease. that's where we're really looking quite closely at. what we need to also understand is that the study in 12 to 15-year-olds really involves about 2,200 children. fortunately, the safety surveillance in the country has been historic. and knowing all of that data, and knowing how effective the vaccine has been in those 16 and older, that gives us reassurance, and not pause, where we need to give the vaccine to 12 to 15-year-olds. so we only need to study it in 2,000 or so children, and be able to compare those results to those that many more that have gotten as 1

people we are now and we've got an entertainment program for younger people we have in clubs the club bernstein in the casino for example way international d.j. spin discs on the weekend. and we have a new concept for a bar and restaurant casual fine dining room is rooftop bar and pool. so there's something for the hipsters to buy. and also it's a bit exclusive and you need cash don't you. know what. i'd say it is exclusive but there's something here for every budget right about. now we've reached the end of entirely at least it'll every. it is still a residence for nuns. from here we had on downtown. here also here to the right we see the russian church. oh ok i've already seen lots of russians in town so why is it that so many of them come here. by. in baton has historical ties to russia. and a beautiful princess from barton louisa married the futures are down to the 1st. and then lots of russian alters came to. like dostoyevsky to go and you have tolstoy and gogol they all wrote about it in russian literature barton barton is the most often mentioned norman russian town off to paris that is

jonathan: we will catch up with jared bernstein and a couple of moments time. joining us is john vail. your take? >> quite astute. bubbles can create asset problems in the intermediate term. in the short-term they can create a lot of capital gains. the last time with a budget surplus in the united states was during the tech bubble of the late 1990's. in the short-term it looks good but in the intermediate term, a lot of trouble. jonathan: do you sense we are overdoing inflation concerns? john: certainly some commodity prices are completely out of control, it's a most hyperbolic. the bond market doesn't seem to be overwhelmingly concerned. yields are quite low, breakevens are taking up. the stock market is a little bit dealing right now with some of the equity goldilocks scenario. tom: you are truly an expert on the pacific rim. where you sit, do you buy the idea of a major commodity swing to a commodity super cycle? john: one of the things that worries me in the short term that statistics show from the chinese import statistics that they actually reduce the uni

daniel roeska, senior analyst at sanford bernstein.rish view you have the spread from india. i am areas as to what you would have to eat -- i'm curious as to what you would have to here to book a vacation in july? guy: i think it will depend on which countries will be on the green list and the red list. where you will be going. that is going to be a huge determinate. portugal on the list, greece on the list come italy on the list? alix: you only go to the green countries. guy: if you're going to an amber country, the requirements in terms of testing on your way back are significantly more onerous. for some people that is fine. they can take the test. they've the capacity to be able to quarantine at home. i do not have that capacity. there will be four of us. i think pcr testing, even the green bucket, it is still expensive. one of the challenges the airlines will have to work out, and they're already starting to do, is reducing the pcr costs. the pcr costs could be as high as flights. guy: it is not realist -- alix: it is not realistic

then one day we get a phone call and it's a new york times are calling us up and this moment nina bernstein and nina said to me do you know you're related to bruce hanson i said yeah that's my ex-husband and she simple i have to tell you something. it was really shocking to me to discover that new york state law a law dating back to the 1903. required the city to offer the bodies of unclaimed dead to medical schools for deception. i learned that there were 22 cadavers. that were in cold storage at albert einstein medical school. you know basically the these could ours are just let. to the medical schools they are supposed to then be returned to the city for what the city considers proper burial which is a hard island trench and. i tried very hard to learn the names of these cadavers because i wanted to reclaim their stories. one of the last of the 22 that day was bruce henson. even though his body had been in cold storage for 3 years it had been on lists sent back and forth between the medical school and the medical examiners office the medical examiners office had not done the 1st thing in

a weekend read for me has to be robert arnott in the great peter bernstein, 2002. a classic paper.e with queens gambit and all of the other streaming, read bernstein and arnott, you will be happy. futures up 10, dow futures up. romaine bostick. romaine: i am sticking around. tom: stay around this morning. great to have you with us. stay with us, this friday, memorial day. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'

tom: richard bernstein looks at the dow jones industrial average. i will ask richard about that. tom: will continue. jonathan ferro, 9:00. this important amazon story. armida -- our media analyst joins us. i know shipman has written this is like one day of revenue for amazon. i get that. is this the beginning of something bigger for amazon? you look at this is an incremental step or is it a dalliance for a retiring jeff bezos? gita: thanks for having me. i think this is a bold step and this speaks to amazon's ambitions in streaming. they have doubled down. just a few weeks ago they announced 11 billion-dollar deal with the nfl. they are serious about streaming and now they are getting an iconic mgm studio with 4000 movie titles and 17,000 tv shows. they are going big in streaming. tom: they are going big, but for streamers it has not been a bed of roses. it is paramount plus, i guess it is going to be mgm plus, i do not buy it. what is the aspiration of amazon when you contrast them with the other streamers? >> they want to be a top-tier service. th

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we're joined by a member of the white house council of economic advisers jared bernstein.ction certainly, income and consumer spending went up in march, biden's first 100 days saw the strongest stock market performance for a new president since jfk, give us your best argument why america needs to make a huge multi-trillion dollar investment right now. >> because president biden does not judge the well-being of middle class and lower-income americans of communities of color by looking at a week or two in the stock market, or even a year or two. nor do we judge this by even looking at a good quarter of gdp growth, or a tick down in the unemployment claims. we're very happy to see that. and the job growth has been truly impressive, and i think is a very much -- a reason to recognize how well the american rescue plan is both getting checks in pockets and shots in arms. but the difference between that, and a ten-year investment program, to invest in broad band, a safer grid, which the people of texas will know what i'm talking about, water that's safe for children to drink, mod

>> guest: bob earns stained with publisher -- bob bernstein served in world war ii started as a salesmanesman and eventually became the chairman of random house. were he published all kinds of wonderful every update could think of in that era but on this side he was one of the founders of what was first called helsinki watch and became human rights watch which is the most important human rights organization in the world that i like to say it started with the full book with bob calling the ford foundation to give some $200,000. one of the ways that bob was extraordinary was standing up once at a meeting of board meeting at human rights watch and he said we endow our libraries. we endow our hospitals. we and our universities. let's endow our values. the amazing thing about bob is when i reminded him 10 years later it was all about his instincts for what was right and to be a person at his level and it's hard now to fully appreciate being the chairman of random house meant that anybody would come to his table. in the early years of what became human rights watch who would have a familiar --

we've got an entertainment program for younger people we have in clubs the club bernstein in the casino for example way international d.j.'s spin discs on the weekend. and we have a new concept for a bar and restaurant casual fine dining room is rooftop bar and pool. so there's something for the hipsters to buy. and also it's a bit exclusive johnny cash don't you. know what. i'd say it is exclusive but there's something here for every budget by. now we've reached the end of entirely at least every. it is still a residence for nuns. from here we had on downtown. here i'll stay here to the right we see the russian church you can hear it oh ok i've already seen lots of russians in town why is it that so many of them come here. by bombarding barden has historical ties to russia. a beautiful princess from boston who ways are married the futures are all xander the 1st. and then lots of russian alters came to. like dostoyevsky to go and you have tolstoy and gogol they all wrote about it in russian literature pardon barden is the most often mentioned norman russian town off to paris that is the

we've got an entertainment program for younger people we have in clubs the club bernstein in the casino for example where international d.j.'s spin discs on the weekend. and we have a new concept for a bar and restaurant casual fine dining room is rooftop bar and pool. so there's something for the hipsters to buy. and also it's a bit exclusive johnny cash don't you. know what. i'd say it is exclusive but there's something here for every budget right. now we've reached the end of entirely at least the tell every. it is still a residence for nuns. from here we had on downtown. here are all still here to the right we see the russian church and sure. oh ok i've already seen lots of russians in town so why is it that so many of them come here. by bombarding barden has historical ties to russia. and a beautiful princess from barton louisa married to future sa alexander the 1st. and then lots of russian alters came to. like dostoyevsky to go and you have tolstoy and gogol they all wrote about it in russian literature barton is the most often mentioned norman russian town off to paris. is there

bernstein, who is the cohost of the trump podcast and american oligarchs, the kushner, is the trumpst marriage of power. and a pulitzer prize-winning investigative journalist and cofounder of d.c. report that org. let me start with you, you have spent a lot of time and devoted years of your life now to sifting through this. and obviously, there's a complex business intentionally and not a public one so there's only so much you can look at. what is your sense of how well known to anyone your inner workings of the businesses? >> i suspect it's quite well-known at this moment to the manhattan district attorney's office. they have gotten these tax records and had them for months now. they have a team pouring over them. they have an outside prosecutor. they have forensic efforts, experts has of just recently they have assistance from experienced attorneys, from the new york attorney generals office. so they have been really looking into this. and by only counts, they've seen witnesses, collected additional documents and many prosecutors and people from the office have suggested that up un

we are now i am we've got an entertainment program for younger people we have in clubs the club bernstein in the casino for example where international d.j.'s spin discs on the weekend. and we have a new concept for a bar and restaurant casual fine dining room is rooftop bar and pool. so there's something for the hipsters to like. it also is a bit exclusive and unique airshow don't you. say it is exclusive but there's something here for every budget right about. now we've reached the end of entirely at least. it is still a residence for nuns. from here we had on downtown. here are all still here to the right we see the russian church to show. oh ok i've already seen lots of russians in town why is it that so many of them come here. by bombarding barton has historical ties to russia. a beautiful princess from boston louisa married the future saw alexander the 1st. and then lots of russian authors came to. like dostoyevsky to go and you have tolstoy and gogol they all wrote about it in russian literature barton barton is the most often mentioned norman russian town off to paris. is there an

and we've got an entertainment program for younger people we have in clubs the club bernstein in the casino for example where international d.j.'s spin discs on the weekend. and we have a new concept for a bar and restaurant casual fine dining room is rooftop bar and pool. rooftop. so there's something for the hipsters to like. it also is a bit exclusive you need cash don't you. know what. i'd say it is exclusive but there's something here for every budget right about. now we've reached the end of entirely at least every. it is still a residence for nuns. from here we had on downtown. here i'll stay here to the right we see the russian church. oh ok i've already seen lots of russians in town why is it that so many of them come here. by bombarding baton has historical ties to russia. and a beautiful princess from barton who weighs married the future saw alexander the 1st . and then lots of russian alters came to. like dostoyevsky to go and you have tolstoy and gogol they all wrote about it in russian literature is the most often mentioned norman russian town off to paris that is there

that we have met through different programs at our library here at smu and i've met through connie bernstein, our mutual friend who is involved with lawyers for human rights. and then focus on you know, a very compelling story so i met every note be a better danger to them and so not only our conversations with thembut their history . you gentlemen named joseph. help us about his held. >> one of the people i paint in here is henry kissinger and he gave me a people called capernaum's in pyongyang when i was president. it's about a guy who escapes the north korean prison camp and i became focused on north korea, the human rights abuses as well as those who escapes, have the courage to escape and one of whom was joseph. i'm joseph because we provide college scholarships out of the bush institute on the smu campus. joseph kemp was one of our recipients. we were so impressed we gave him a job after hegraduated . this was a kid who is dad died of starvation. his mother was starving, took his daughter. his sister, her daughter to china and sold her. she comes back, gets captured by the regime, dies

this is a good story bernstein and dr. bernstein out in oregon wrote a splendid exchange on how trade shapes the world that can give you a sense of the larger background of the story. i'm going to tell the revolution closes the caribbean and some european ports to trade from the united states. the great napoleonic wars that begin after the sort of half-time rest in the treaty of amien, they will close everything else effectively and make it enormously dangerous for american traders to operate on the high seas. this is just an illustration to remind me to tell you that those wars effectively began at the conclusion of the french revolutionary wars, they effectively began in 1803 and through 1815. they continued and the economic warfare between continental france and insular britain the economic warfare that the two conducted during that period of a dozen years effectively strangled american neutral trade and it forced further the pressures on commerce and forced further our focus on the orion. these are some cartoons of the

people that we have met through different programs at our library here and i've met through tommy bernstein, our mutual friend who is involved with lawyers for human rights . and then we focused on a very compelling story so i met everybody except formaybe one or two people . i know nothat made me a better painter to have met them. so i was thinking them and i could think about not only our conversations but their history. >> i want to talk about a few of the people you feature. one is a gentleman named joseph who works at the bush center. tell us about his story and what compelled you to write about him. >> one of the people i painted is and re-kissinger and he gave me a book called a quarantine in pyongyang and it's about the guy who escapes a north korean prison camp and i became focused on the human rights abuses as well as those who escapes, have the courage to escape ve and one of whom was joseph. i'm joseph because we provide college scholarships out of the bush institute. joseph was one of our recipients. we were so impressed we gave him a job after he graduated from college. this i

bernstein's says the pressure is not that surprising.ns, and during the earnings season, there was a lot of hot talk about continued shortages and supply constraints having said that, remains a believer in the companies that make the equipment used to manufacture chips, apply materials and lam research, she says are bias. finally, take a look at the hero that's the etf that tracks the video game industry. try to avoid its 11th day of losses in the last 13 sessions acti vision all under performing the market but andrew at jeffreys, bets these game makers will keep growing on the back of strong pipelines, and valuations, he says, look very reasonable a fan of activision and ea back to you all. >> it's a good place to start with our next cap, a new call on apple, seeing some potentially worrisome trends and similarities between the cycle on the iphone 12 and an old cycle with the 6 let's dive in further with bernstein senior research analyst. tony sagalakis. >> good to see you, thanks for having me. >> what happened with the six because it

paint it in a way from that from that time period it's an original liberty truck produced by graham bernstein, which is a company one of the companies that developed these trucks early on and is a really a fine example of that type of piece that used that soldiers used at the end of world war. i so we continue on. in this gallery to look at another aspect of technology in the role of aviation and you may be asking yourself. what is a right flyer? doing inside an army museum and i'll tell you the army is saw a specific need when the wright brothers started, you know experimented with flight and producing these right flyers. they army had immediate need they saw the military use that they can get by producing these these flyers. so the army put out a challenge for the right brothers to build a flyer that could meet certain specs travel 40 miles an hour go so far distance and and the right brothers actually answer that call and produce right flyer, which is depicted here. so this is a reproduction. it is the only known reproduction because this model or this particular one crashed during test tr

the fed in the upcoming year by joe biden and there is some speculation frankly fueled by jared bernsteiney could be replaced which raises questions about the constancy of fed policy. their policies are really supported the backdrop. jonathan: let's be clear on who could replace chairman powell. we've been think, governor brainard becoming chairman brainard. with that in mind i don't think this market has too much to be concerned about. is there really going to be a change in the federal reserve? tom: i'm good to go back towards the parlor game and what we heard from a lot of equity strategist, it's about the recovery of america, the earning strength that is underestimated. pick your 15 walls of worry. jonathan: what was his response, i won't say yes or no. lisa: he could have just said that's on the table, we are happy where fed policy is. could have said so many things but i'm not in a say anything one way or another. jonathan: what would you like him to say? tom: we have a new president, he wants his person in there. jonathan: it is neither yes nor no. tom: somebody say transitory open

not by people you might criticized, that's being done by bernstein.moving into certain excesses right now. >> what would it take for you to be an investor in crypto? >> i think a natural manifestation of this inflation is not yet there. what's going to happen if you have that is, it's a phenomena that is looking for other stores of value outside the dollar. we are a reserve currency now. if you keep earning the money, it will be there. i'm not saying that's going to happen for sure. i'm not even telling you it will happen. a currency like this cryptocurrency, look at it and say, it has no value. that's what the critics say. i don't own any at this point. if you look at the subject, you might have another store for value. the criticism is a little bit wrongheaded. what's the value of a cryptocurrency? what's the value of the dollar? annmarie: giving bloomberg his thoughts on anything from crypto's and any things. for we are restructuring of germany's biggest lender in focus this morning. we look ahead. that's next. this is bloomberg. ♪ ♪ manus: let's s

coming up, i will catch up with richard bernstein. we will do that later.m new york city, lisa is back. lisa: it is great to be back. jonathan: nice to hear you a text bullish. lisa: give you another 10 minutes. jonathan: i will see you tomorrow morning. tom keene will be back tomorrow as well. this is bloomberg. ritika: with the first word news, i'm ritika gupta. a blockbuster deal in the media business will create a rival netflix and disney. at&t has agreed to split up its media operations that deal with discovery. the deal will merge assets with cnn and hbo to hd tv and the food network. discovery ceo will run the new entity. the chances of president biden getting an infrastructure bill through congress with support from both parties are rising. earlier today senate republicans are set to deliver a revised offer that it lose road, public transportation, and airports. still disagreement on how the legislation could be paid for would kill off any deal. in the u.k., the chancellor of the exchequer is not convinced by bidens plan for a minimum global tax rat

plus, propulsion for beyond meat shares, rising after bernstein upgraded the stock to outperform.ing a boost from a supermarket chain in u.k. announcing it is partnering with the plant raised brand to launch a line of ready meals. that is next. this is bloomberg. ♪ >> fire. [explosion] emily: you are watching images of virgin galactic's vessel which successfully flew a test flight from new mexico into space. the company stock jumping as much as 21% following the launch which carried two pilots on board. that is the biggest one-day gain for virgin galactic since february. the ceo told bloomberg about what the mission means for commercializing trips into orbit. >> we had three big points we were trying to do in this flight. the first was to test a new set of digital controllers that we have for pilots to give them tighter steering. it worked flawlessly, really went straight up to space. beautiful flight. second thing was to ensure that we had the electromagnetic interference issue that had delayed us from earlier in the year. all the work we had done on that completely eliminated th

the summer, maybe new habits -- what you need to know if there is one book, you know i love peter bernstein'sis is the definitive book on cash flow. it is by william preece that epic investments. he actually runs real money, but what he has done around 13 years ago is right the absolute definitive book on free cash flow. bill priest, if you wrote "free cash flow" today would you read it differently? bill: i would write the same way, make it slightly more flexible. today the yield requirement that you might have in an income-oriented portfolio should be more of a floating yield requirement than an absolute yield requirement. that said, it still works pretty well. tom: this is important. if i take the sharp ratio, i have taken beta out of it and i have a risk-free return i cannot calculate right now. how do you login a risk-free rate when you go through the fancy math of your fancy book? william: i don't think the math is too fancy. the key has to do with the growth rate and the weighted cost of capital. the growth rate has to be equal to or greater than the cost of capital, otherwise you are l

great response, as you mention, from leading investment manager firms like black rock, alliance, bernsteinng more opportunity for dealers and investors. and we are proud to be part of it and use our network in this way. >> yeah. congratulations on your efforts. i know kourtney is proud of them as well. i didn't nlz only 20% of fixed income trading is done electronically an eye opening stat. thanks for being here. >> thank you. >> we will do final trades next. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ ♪ >>> i want to talk about a move that kourtney is making today. tell us. i was sbld in it when i heard about it what does it mean? >> yes scott, i added to my coin bo position, coinbase we saw a tremendous pullback it dropped down to 272 or so yesterday. i said this be

maybe some stock picks in the esg space, senior vice president and portfolio manager with alliance bernstein gilbert. to both of you, welcome. i'm delighted to have you with us we'll have an interesting conversation i'm curious, to you, what makes a stock a decent esg stock hold. i ask that, noting that one of the ones you mention is general motors to some that might seem an odd choice. >> it might seem like an odd choice however, what we have to remember, when it comes to environmental, social and governance performance, we are looking for companies that are on the path to better performance. our perspective is they really are committed to lowering emissions, and emissions focused on scope one, two and three emissions. they're very much -- but they are also committed to reducing the use of energy and focusing more on relying on renewable energy so when we look at the forecast for what they're expected to do, we find it to be quite compelling general motors would be an example of what we call an esg improver, a company that's having a significant impact, and we believe that will affect their

let's bring in the asia quantitative strategist at bernstein. she joins us right now. always good to have your. let's talk about the adage of sell in may. how are you being things now when it comes to price action and how we start things off this month? >> it's not that straightforward. given the broader uncertainty, the pandemic we are facing is unprecedented and that's how we expect the markets to be. we do expect that the markets will remain like that. overall, we do believe that we are still in that sentiment. overall for the full year, markets should continue to be well in the shorter term so it will not be your typical thing we have seen historically. yvonne: you have to wonder what could avoid this seasonal weakness because it seems like markets are just infatuated by this whole talk of inflation picking up right now. we just got the south korean numbers looking very robust and take a look at some other indications as well. i want to throw up a chart from one of our frequent casts. he projected the cpi projections and basically, he is saying that may is the mont

mario: as you alluded to earlier this week, senior advisor jared bernstein kind of demo word -- kindmurred on the question as to whether biden would support jay powell for another term. the biden administration saying that they want federal reserve board seats. they want other places that the government to be more reflective of the country. they want to put an emphasis on diversity. that has been the primary argument as to the fed board appointments or any other administration appointments. jonathan: -- tom: do your colleagues in washington expect many states or a few states join montana and south carolina in saying enough to this government aid keeping people off the payroll? what is that trend as we go into the weekend? mario: that is something that is causing concern for the biden adminstration. we saw something similar when he was vice president under the obama administration. so that is something of concern to the biden adminstration as well. lisa: right now, when we talk about the agenda, we have been talking also about china and how joe biden is taking a similar tactic to form

tom: jared bernstein of the white house.hat we've seen from the new york times, stunning article on the budget view over the next decade of the bided administration -- of the biden administration. much more. david westin at balance of power i am sure will put this front and center. we get lucky with the german from arkansas to talks about six joined -- with the gentleman from arkansas. congressman hill, i want you to -- forget about modern monetary theory. give me the modern french hill theory about how all americans adapt to 117% total debt of gdp 10 years out. can we do this? rep. hill: tom, lisa, good to be with you. we have not seen this since the end of world war ii when america was 50% of global gdp and debt over gdp was a result of fighting and winning a world war. now we have embedded deficits for all of the out years from our social safety net systems and by government growing as a percentage of gdp. i do not believe it is sustainable. my biggest concerns of the potential for creating inflation , going back to hot i

jonathan: that was jared bernstein, member of the white house council on economic advisors, on childcaree united states of america. good morning. alongside tom keene, i'm jonathan ferro. lisa abramowicz will be back with us on monday. a well-earned rest through the whole week. in your equity market, 42= -- your equity market, 4126 on the s&p 500. crude is firmer, up to a $66 handle, $66.03. in the fx market, euro-dollar declining to $1.2126. one hour, 12 minutes away from your cpi print. tom: we are looking at inflation as really the theme of the moment, but there are so many other themes, including how the political landscape of america folds into our economics, our finance, our investment. jordan fabian, our white house reporter, joins us now. i want to go to cornell and the sprawl of the history that you studied in ithaca. where is the republican party right now, from where you sit at the democratic white house? where does the republican party sit as it looks back to 1860 and 1856? jordan: well, i think what the democratic white house would say is they have come along way since then,

bernstein senior analyst. ryanair closing down of her 2%. coming up, putting a price on pollution.ll have an option of permits over the week. it is the first one since brexit. we will look at that next, plus more of my interview with lynn good, ceo of duke energy, on their clean energy goals. this is bloomberg. ♪ ritika: this is "the european close." coming up, discovery ceo and at&t ceo. that is at 3:00 in new york, 8:00 in london. this is bloomberg. let's check in on the bloomberg first word news. a blockbuster deal in the media business will create a formidable rival to disney and netflix. at&t has a great just been off in a deal with discovery. the deal will merge assets ranging from cnn and hbo to hd tv in the food network. at&t will get $43 billion. the discovery ceo will run the new entity. the u.s. supreme court will hear a case that could end up slashing abortion rights. mississippi seeks to let states outlaw abortion before a fetus is viable. the court's conservative majority maybe ready to roll back roe v. wade, the landmark decision that legalized abortion nationwide. i

higher now but on pace for its worse week since march of 2020 bernstein says after stretch and remarkableuns and during earnings season a lot of talk about continued shortages and supply constraints company that makes the equipment, manufactured chips such as supplied materials and look at the hero etf tracking video game industry trying to avoid its 11th day of losses in the last 13 sessions earnings reports, we know, generally strong for this sector, but zynga take two, activision, underperforming the market the past 12 months. and from jefferies countered these will keep grows ons backs of others and andrew's top picks, zynga activision and ea back to you. >> thanks, josh. a good segue, talking gaming applovin reporting its first results as a public company following the stretch as an ipo. tough on the stock like a lot of recent ipos that said, a lot on the street and joining us, founder and ceo. adam, good to see you. so revenue eps doubled year over year you said on the call a lot of that over the past couple quarters was attributable to acts on your machine learning. raised the ques

jared bernstein didn't seem to give powell his 100% backing. where is that conversation evolving in d.c.? craig: after looking at it and talking to people around the perimeter who influence this decision, it looks more politically intricate than baby investors think. the main reason is that powell has sided with his vice chair of supervision randal quarles in this light deregulation that has occurred. in the wings is lael brainard, the only sitting democrat on the board, who has almost two dozen dissents against those notes, and progressives aren't going to want continued light deregulation. so how does powell work with a new vice chair of supervision, quarles term expires in october, who does light deregulation? we don't know. guy: certainly i don't think this is fully factored into where the markets are going. craig torres, thank you very much, indeed. certainly something to watch. joining us to put it altogether, jordyn jackson, jp morgan investment management global market strategist -- jordan jackson, jp morgan investment management global

[applause] ♪ ♪ >> greg: and yet another scoop missed by woodward and bernstein, carol loney claims thatald trump didn't want any secret service agents on its detail but that's hard hitting journalism. if these allegations prove true, not only was president trump guilty of institutional fat shaming, he also single-handedly crush the lifelong dreams of a shy chunky young lad by the name of brian. that was a long way for a job. now this is from a book on the secret service, but the only buzz being generated is about the most interesting man on the planet, that old guy who drinks go psyches, trump. according to the book, trump once said "i want these fat guys off my detail." he added, how are they going to protect me and my family if they can't run down the streets? you don't even have to add anything to this. once again, someone is trying to sell a book based on a conversation that likely cannot be verified by someone on record. and what happens? everybody in the press calls for the same source to verify it. that is their confirmation. a miss information loop. but we don't do that here at

>> well, the report is basically a lot of warmed over, jim. >> thank you. >> it's exactly what bernsteinith i think more extreme target price >> it was like a parkerhouse roll, warmed over. twice toasted. >> guys, it's been an eventful morning for data as rick santelli knows in chicago, pmi on the way, hey, rick >> yes, indeed chicago pmi is on the way. and as we're awaiting that, let's go to one of my charts first, consumption expenditures. this is the core deflator. and it is a year over year number i wanted to show you the 3.1% is the highest in 29 years going all the way back to july '92 and the headline year over year pce is the highest since september 2008 and that was at 3.6. so i want to highlight these, because we did see interest rates perk up just a little bit. and as we show the intra-day chart, the 24-architecture chart we can see it popped up twice, and when it opened, the chicago pmi is hitting the wires, 75.2 much hotter than expected. and do keep in mind, 75.2 is the second highest number for this chicago pmi ever, and it started back in february of '67. the all-time hig

andrea bernstein and david cay johnston, co-founder of dcreport.org. andrea, let me start with you.e spend a lot of time, years of your life now, sifting through this. a very complex business intentionally, and it's not public one. so there is only so much you can look at. what is your sense of how well known to anyone the inner workings of this business are? >> well, i suspect it's quite well known at this moment to the manhattan district attorney's office. they have gotten the tax records. they had them for months now. they had a team poring over them. they have experts, just recently, they have assistants from the new york attorney general's office. they have been really looking into this. and by all accounts, that i have spoken to witnesses, they have collected additional documents, and many former prosecutors and people familiar with the office have suggested up to this evening, it's a matter of time before the manhattan d.a. convened a grand jury. they need to hear from witnesses. >> david, how should i think about tax law in relation to a manhattan district attorney investiga