tom: right now is david rosenberg of rosenberg research and we are thrilled he can join us. when you partition our present inflation and our expectations of inflation, what do you see? david: what we see is the breakeven level on the 10 year treasury getting as high as they were, getting to the peak of the last cycle. we are already well above 2%. the market is pricing in not just recovery, but the closing of the output cap earlier than expected. it comes by surprise how quickly the market is pricing in a cycle so quickly. i think it is way overdone. the question is not so much the $1.9 trillion. it is how much of that $1.9 trillion filters through into the economy. i would have thought the markets would have recognized the survey the new york fed did a while ago following the cares act that found only 29% of the stimulus found its way into the economy. the rest went into savings, into bitcoin and gamestop and the stock market. the rest went into debt paydown spirit what i cannot correlate is the market mindset. how will we get inflation as a household sector deleveraging? ho

david rosenberg, stanley draghi miller, others are saying how much higher can we really go? jeremy pointed out, when you get to this level of optimism, in order to keep it going -- who are you going to sell to? essentially, we have been in months of a decline. matt: you have a federal reserve that doesn't mind continuing to buy assets with no limits, a treasury that wants to fund this government to the tune of trillions. looking for another 1.9 trillion. when you have these massive numbers, these are a lot bigger than the tarp numbers from our days in the financial crisis, exponentially larger. can't that drive momentum further and further? david: essentially, we are getting to germany type levels in terms of lack of discipline. i'm not predicting that for a while -- we are only at 2% inflation, but inflation is likely to pick up. we had personal income go up in march, april, may with this dramatic largess as far as paying people to sit on the couch. we are talking trillions rather than hundreds of billions. we have never seen anything like that. we love gold and silver, a s

. >> perhaps david rosenberg. how will the fallout from the reddit rebellion affect the robinhood ipo? bring in leslie picker and i don't know how that additional capital raise is viewed at this point. >> yeah, that's the key question, melissa. robinhood and its advisers they're all grappling with what to do in terms of ipo moving forward. the company has several class action lawsuits. congressional hearings hoards of customers who are fed up by the recent trading restrictions but robinhood also has record app downloads and a need for capital to meet those regulatory requirements amid volatility in certain pockets of the market and that, of course, is despite having raised more than three billion in just the last few days. so that, of course, brings us to the ipo. i've been told it's been deprioritized, as robinhood really fights fires on a multitude of fronts. company wasn't close to debuting anyway no official ipo date had been set. this recent crisis though and this recent turn of events could affect a few thin