tom: let's go to geoffrey yu with bny mellon. they are holistically bringing the limits paper of the dollar in. -- leave -- the litmus paper of the dollar in. german gdp, hardwired from world war ii, that is acceptable. geoff: listen to madame lagarde yesterday. she thought a phrase that i thought wouldn't be uttered, second round of sets from inflation. the euro zone, ecb is starting to worry about inflation becoming entrenched. the dollar, u.s. inflation, if they had turned out to to three more percent, you will get two the three moves higher as well. tom: when you take your lse dynamics away from the equity markets, for bny mellon clients, can you fold in and optimism towards u.s. equities, or is it such noise right now that you can do that? -- that you can't do that? sam: the optimism -- geoffrey: the optimism for u.s. is that the cpi-ppi gap is the lowest out of all the major markets right now. that is really important because of higher cpi, you can pass those on to the consumer. that is margin comfort, a margin buffer for u

where working closely with bny mellon and our attorneys.they are very helpful to see if we can increase the utilization of our fixed income portfolio even further, if bny mellon sees a clearing which is the fixed income clearing corporation, that's when we will increase the utilization or the rate of lending to allow portfolios. we are also looking at different, expanding the range of equity indexes that weaccept as collateral . the board has approved the changes to accept investment-grade bonds as collateral for a purchase agreement as well as zero pounds ifcollateral to increase utilization of our european equity trades . we've been very impressed with the development and initiatives that we've seen with bny mellon who are enhancingtechnology . the digital team is one of the best. they have a digital team in palo alto that developed models that predicted rates for equit . on the curve they understand what can be in demand which can receive higher borrowing rates. they can also see settlement traits for usequity . with thati'll conclude .

jonathan: geoff yu of bny mellon weighing in on this market shortly. good morning.futures up 15 on the s&p. rounding out q3, this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. >> is that economic growth going to be sustained as a going to next year? a lot of signs that growth is decelerating. >> we are going to exit this year and go into 2022 with a synchronized global expansion. >> bonds and equities are setting up together. actually that means a very positive environment for the u.s. dollar. >> there's a big income hit coming for those households at the lower and middle income distribution. >> there will be higher prices, and they will continue. >> this is "bloomberg surveillance" with tom kee

where working closely with bny mellon and our attorneys.to see if we can increase the utilization of our fixed income portfolio even further, if bny mellon sees a clearing which is the fixed income clearing corporation, that's when we will increase the utilization or the rate of lending to allow portfolios. we are also looking at different, expanding the range of equity indexes that weaccept as collateral . the board has approved the changes to accept investment-grade bonds as collateral for a purchase agreement as well as zero pounds ifcollateral to increase utilization of our european equity trades . we've been very impressed with the development and initiatives that we've seen with bny mellon who are enhancingtechnology . the digital team is one of the best. they have a digital team in palo alto that developed models that predicted rates for equit . on the curve they understand what can be in demand which can receive higher borrowing rates. they can also see settlement traits for usequity . with thati'll conclude . mike is from bny mello

coming up, the bny mellon investment management market strategist, today at 3:00 p.m.p.m. in london. this is bloomberg. ♪ guy: let's talk about the issue that i thing is going to be a major problem here in europe as we go into winter. everyone at the moment still feeling comfortable. the weather is nice. give it a few weeks. things are going to get a little dicey because european energy prices are going through the roof. take a look at some of the charts. look at what is happening with nat gas, look at what is happening with electricity prices across europe as well. the biggest problem over the last few days has been the lack of wind that we have been experiencing, which seems to be hitting some of the turbines. nat gas prices up another huge lump today, up by another 5%. that chart, you take it back further, it is parabolic. jeff currie, goldman sachs global head of commodities, joining us now. is this just going to get worse? jeff: i think this is a glimpse of what the rest of these commodity markets are really going to look like in coming months. we argued that thes