we want to send it to bloomberg's david westin, standing by right now with the senator. david: we are on capitol hill with senator elizabeth warren from massachusetts. sen. warren: i am delighted to be here with you. david: there is a lot going on capitol hill, but some does not involve the federal reserve. -- some revolves around the federal reserve. it seems like every day and we learn something new. should we delay the time for appointing the next chair until we sort through all this? sen. warren: i already said i can't support jay powell for re- nomination. my view is he ends his term, we put somebody else in place. i think the fed will be better off and our economy will be safer. david: let's talk about who that

we want to send it to bloomberg's david westin, standing by right now with the senator. david: we are on capitol hill with senator elizabeth warren from massachusetts. sen. warren: i am delighted to be here with you. david: there is a lot going on capitol hill, but some does not involve the federal reserve. -- some revolves around the federal reserve. it seems like every day and we learn something new. should we delay the time for appointing the next chair until we sort through all this? sen. warren: i already said i can't support jay powell for re- nomination. my view is he ends his term, we put somebody else in place. i think the fed will be better off and our economy will be safer. david: let's talk about who that somebody else might be. are you giving the white house any suggestions? you told me about a no-brainer. sen. warren: i will not talk about conversations -- about private conversations. powell, to nominate or not re-nominate, i will not do this. david: i did not hear sherrod brown take a position. some republicans say they support jay powell. are you hearing f

have demand in the oil that was not there four months ago. >> this is "balance of power" with david westinbloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." the house is reconvening today to vote on raising the debt ceiling enough to get us through until early december. to set the stage we turned once again to our washington correspondent joe mathieu, host of sound on weekdays on bloomberg radio. is it sort of because as i understand a lot of people will be there virtually, so to speak. joe: a lot of lawmakers will be voting by proxy on this debt ceiling increase we have been

he told david westin the u.s. discussions around an appropriate amount of national debt and spending. >> the good news is the economy is rebounding. strong labor prices are up. i worry that this will be ongoing inflation and we could easily end up with 3.5% 10 year treasuries which increases the cost of the national debt and creates budget issues. >> u.s. efforts to ease the global chip supply crunch are facing was distance from lawmakers and executives in taiwan and south korea. washington wants information on supply chains. tsmc says it will not part with sensitive client data. south korea has released a statement expressing concern with the scope of the u.s. request. a pboc governor says that china will continue steps to curb monopolistic behavior among tech companies and strengthen consumer data protection. the central bank will also tighten regulation of the payment sector. he asks all financial services companies to be licensed. this mirrors actions taken recently against alibaba. global news 24 hours a day

bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westincome to this special edition of "balance of power" coming to live from capitol hill to our bloomberg and tv and radio audiences worldwide. we have come to washington because this is where all of the action is. we will set the stage by turning to our two crack washington correspondence, annmarie hordern who is right with me and joe mathieu, the host of sound on who is on the other end of the white house. the big news to me overnight was -- annmarie: last time he tried to do this we know it was supported by the republicans. he invoked closer

this is "balance of power" with david westin.loomberg world headquarters in new york to our television and radio audiences, welcome to "balance of power." president biden is in for meetings but he leaves behind the framework for the build back better package that has some work to be done. joining us is emily wilkins. give us a sense, are the progressives calling the shots? emily: to a certain extent, yes. the margins are so slim in congress that a couple people have a lot of power. the progressive caucus in the house, it is easy for them to block things from passing. yesterday, what progressives were really looking for was

on television, coming up with david westin, a balance of power and then you and i are continuing on toy: we will talk more about what an average day in the rates market in the u.k.. a huge repricing at the front end. we will talk about that a great deal. are we going to see it affecting other central banks as well? boris johnson sitting down with john micklethwait. this is bloomberg. ♪ >> from the world of politics -- >> this administration seems to be constantly playing catch-up when it comes to crises. >> to the world of business -- >> we need prices and wages to continue to grow. >> this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." america lost a statement today. former secretary of state and former chairman of the joint chiefs colin powell. delp us put this loss and perspective we welcome jane harman, who served in congress including his ranking member of the house intelligence committee and went on to head the wilson center it is the author of "insanity defe

stay for my colleague david westin up next with wall street week. i'm caroline hyde in new york. oomberg. ♪ david: it was a dog that did not bark yet as natural gas prices threaten a collapse and a u.s. debt default reared their ugly heads and went back to sleep. this is bloomberg: wall street week, i am david westin. two treasury secretary's, larry summers on the economic outlook. >> that is accommodation that does not add up to anything other than taking a big risk on the infl

rishaad: the united airlines chief executive there with david westin.ng through saying that tokyo has had to lower its alert level one of the medical system. aiming to ease restrictions on bars and restaurants next week as cases continue to decline. that is coming through from more than one news agency. yvonne: cheers to that. take a look at markets. we are looking at evergrande, double-digit losses after resuming trades. a lot of questions on what happens next when it comes to selling some of these prize assets they do have. seeing a bit of a relief that this deal has not gone through. david: against the backdrop of the property sector outperforming, entering the last 60 minutes of trade for the morning session in hong kong, still substantial gains on the back of largely a lot of positive news since we got word of banks relaxing mortgage rules and we heard from various chinese officials. the latest want to come out. certainly supportive of risk asset price coming back into these markets. there is plenty more ahead. keep it here. you are watching bloomb

emily: david westin with gm ceo mary barra. jeff bezos just skipped ahead for an electric vehicle.ted its focus in the past month away from its own consumer cars to prioritize building delivery vans for amazon. according to sources, the e-commerce giant is a priority. a big part of its valuation is based on the e-commerce giant's investments. ed ludlow is here with this coup. a lot of people want to know when they can get one. nobody wants to sit on a multiyear long waiting list. what is going on? ed: they are running this three ring circus where it has its own pickup and suv and the amazon man trying to happen at the same time. now it is kind of running at a steady rate. sources tell us rivian's shifting resources to amazon because frankly amazon is one of its biggest investors. this is an important order amazon has made. we understand 300 will be delivered this year and the rest of the 100,000 in the next decade. there is a lot of pressure and they can't do it all at once. we are hearing now that amazon is the priority. emily: tell us about how amazon and jeff bezos got into them

i am david westin.his inflation debate with treasury secretary yellen. >> i have a norma's -- enormous respect for secretary yellen. >> new ceo jose minaya on his way of hedging inflation. >>

and i am david westin. ering, growth rates and monetary stimulus. >> will have a difficult inflationary dynamic. "bloomberg wall street week." former -- david: former ceo in reining in the tech giants. on getting supply and demand back in line.

gm was on earlier with david westin talking about how they are managing their supply chain constraints. >> we have seen recovery from the impact in q3 from the supply base that caused deeper impact. i am optimistic that we are through the worst of it. we have shared our safety protocols with the supply base around the world. that's what gives me confidence that were going to see a stronger q4 and q1 and even as we get to the second half of next year, continued improvement. >> you look at ford and gm, do you make positive from what you heard from her earlier? >> i think it's very consistent with the chip shortage is that could linger into next year and we don't know the unknown unknowns of other supply chain constraints. ford uses the f150 mostly aluminum, we think that's going to be question number one with how they plan to guarantee those supplies. the silver lining is the showroom pricing. taylor: talk to us about that pricing. particularly the strength may be overseas. >> pricing isn't quite a strong overseas as it is in north america. in north america, you look at the records they

what is advantageous is david westin and i looking at the second-generation corvette. thing we will own one of those. there is a new one, too. david says -- david: we are joined by mary barra, thank you for joining us. he did better than most people thought he would do. i don't want to take anything away from that, but can you give us a sense of financing? used car sales and also that bold recall? >> it was all of those things. we saw in light of the current environment, our china equity earnings were strong. the real story is how well we performed from trucks and full-size suvs. we are selling every vehicle we can make and i think that along with the overall environment is what allowed us to have a beat for the quarter. it shows the strength of our underlying business. i am proud of the team and everything they accomplished. david: the magical words were everything you can make because you cannot make all of them you want to because of supply chain problems. i know it is continuing into next year. is there anything at this point that can be done to speed up the time yo

shery: united airlines ceo scott kirby speaking with david westin.da allowing missing and matching vaccines for booster shots has also authorized moderna and johnson & johnson's jabs for a third shot. johnson & johnson saying they have sufficient supply. an fda official saying they will be in limbo in adjusting the age requirement when it comes to those boosters that there is evidence to suggest that lowering the booster age may make sense. let's discuss all of this with bloomberg managing editor for global business, emma o'brien. the fda taking the unusual step of endorsing vaccine mixing for boosters. what are they saying? emma: you have the u.s. drug authority approving the moderna vaccine, booster for americans aged 65 and over, along with those over 18 at higher risk. they said any adult who received the johnson & johnson one-shot vaccine can get a booster two months after receiving their first dose which is pretty aggressive. alongside that, as you noted, they said that any of the three covid vaccines authorized in the u.s., moderna, pfizer, bi

alix: "balance of power" with david westin. guy is going tole.. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. >> from the world of politics -- >> the business community is all out in opposition to a huge tax increase that will undermine the competitiveness of u.s. business. >> to the world of business. >> will come back in a more material way. >> this is "balance of power" with david westin. ♪ david: from our headquarters in new york to our audiences worldwide, welcome to "balance of power." president biden is trying to keep his build back better program. it is great to have you back with us. i mentioned about negotiating. we are hearing noise that he might change the tax

coming up, constance hunter joins "balance of power" with david westin on bloomberg television and radiobloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg world headquarters in new york to our tv and radio audiences worldwide , welcome to "balance of power." the big news has been the question of u.s. jobs numbers, which came in disappointing. i will bring in my colleague, bloomberg's michael mckee. disappointing numbers but some people say there is underlying strength. michael: there was some not so bad news. you have people looking to the overall hours worked, which rose .2%, sugges

coming up, julia coronado, macro policy perspectives founder and president will be joining david westin are heading to the cable show on bloomberg digital radio. join us. this is bloomberg. ♪ >> from the world of politics to the world of business, this is balance of power with david westin. ♪ david: from bloomberg world headquarters in new york, welcome to balance of power. one down and three to go, they took care of funding the government yesterday and beat the midnight deadline but they still have infrastructure, the budget and the debt ceiling to address. return to our washington correspondent now. we will keep the government going, that's good but what's next? joe: no shortage of crises in the nation's capital. nancy pelosi left the house last night after midnight saying they would be a vote today on infrastructure. this follows hours of negotiation that led to no deal last evening, no vote on the

this is bloomberg's "wall street week," i'm david westin. summers on inflation debt that won't go away as he predicted. >> we see inflation becoming more widespread. i have been alarmed and i am alarmed now. david:

coming up, anthony fauci will be joining david westin on bloomberg television.omberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: welcome to a special edition of "balance of power" from washington dc to our tv and radio audiences worldwide. washington is the home not just of congress and the president but also the national institutes of health where dr. anthony fauci heads the institute for allergy and infectious disease. we welcome dr. fauci back to bloomberg. let's start at where i get a lot of questions. that is children. where are we in the process of getting a vaccine app

i'm david westin. mers. >> markets are substantially underestimating what is likely to happen to interest rates before too long. david: and whatever grand could mean for the chinese economic growth engine. >> i

an exclusive interview with albert barlow, pfizer chairman and ceo on "balance of power" with david westin is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. >> from the world of politics -- >> i hope we do

jeffries chief economist will be joining david westin on "balance of power."is bloomberg. ♪ guy: from the world of -- >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." president biden meets today with a group of corporate leaders and administration officials on the racial issue of supply chains and what we can do about them. for a preview we turn to our washington correspondent, joe mathieu, host of sound on on bloomberg radio. give us a preview of what we expect to hear about the supply chain and what the president can do about it. joe: is not the first time the president has convened stakeholders on supply chains and supply shortages. today is coming with more news. the port of los angeles moving to a 24/7

jane harman of the wilson center joining "balance of power" and david westin.to radio. 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'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. >> from t

i'm david westin. ontributor larry summers on tapering, growth rates, as well as monetary stimulus. larry: we will have a difficult inflationary dynamic. david: former hp ceo carly fiorina on reining in tech giants. and getting supply and demand back in the line.

announcer: from the world of politics to the world of business, this is "balance of power" with david westinrom bloomberg headquarters in new york, to a television -- toward television and radio audiences worldwide, welcome to "balance of power." equities are rising again. abigail, we are back risk on. abigail: we are. two weekly gains in a row. the best week for the s&p 500 going back to july. we are back to risk on, because a couple weeks ago it was a risk off. some investors must have amnesia. if you put it into a range, it

. ♪ >> from the world of politics to the world of business, this is balance of power with david westinmberg's headquarters in new york to our tv and radio audiences worldwide, welcome to balance of power. joining us is abigail doolittle. stocks are liking what they are seeing so far today. is it going to be a record? people talk about it. having a: people do talk about it. it would turn heads -- abigail: people do talk about it. it would turn heads. one analyst at morgan stanley is calling for correction for the s&p 500. we have moved in the other direction. that seems to have to do with yields going higher and mainly positive earnings reports. we are looking at a

. >> this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in newv and radio audiences worldwide, welcome to "balance of power." congress may be taking a short break right now but the white house is hard at work trying to move president biden's economic agenda forward despite the resistance. for the state of play right now we turned were washington correspondent joe mathieu, host of sound on weekdays on bloomberg radio. thanks for coming to us from the white house. give us a sense of what is going on at the building behind you. are they getting discouraged? joe: they might be after hearing the language on sunday morning television.

. >> this is "balance of power" with david westin. ♪ david: -- david: from bloomberg's world headquarterstv and radio audiences worldwide, welcome to "balance of power." we will start today at the white house, where president biden has turned his attention from problems with the supply chain to fighting the coronavirus. our washington correspondent joe mathieu is on the scene. give us a preview of what we are expecting to hear from the president about a half hour from now. joe: he will speaking about a half an hour to make the case his fight -- his approach to fight covid is working

this is "balance of power" with david westin. m bloomberg world headquarters to our television and radio, and worldwide, welcome to "balance of power." we begin with a special guest, the ceo of evercore for 13 years and as he announced earnings that exceeded expectations he announced he would be stepping down as of february and turning the wanes -- the reins over to john weinberg. we welcome him back to bloomberg. congratulations on friday ron, thank you for being here. how has evercore changed over that period of time? ralph: it has ch

. >> from the world of politics, to the world of business, this is "balance of power" with david westinrld headquarters in new york to our television and radio audience worldwide, welcome to "balance of power." this is the week the democrats said they will move on to touch on infrastructure with speaker nancy pelosi saying that she is confident in senator joe manchin saying that he hopes to pass the infrastructure bill as soon as tomorrow night. sen. manchin: that is a high probability that that will happen and this bif bill, that is what we refer to it as. the bif bill, and debbie would be able to tell you more about it here, i hope it will pass wednesday evening. the president needs to take something with him by the end of the week. david:

sherrod brown, chairman of the senate banking, housing and urban affairs committee speaking with david westin in focus today, what are we watching for? david: we finished the conversation around the fed, two decisions coming up, bank of japan and the brazilian central bank. look at the two bottom currencies, there is inflation and risk appetite coming back to these markets, again the worst performing major currency this month which takes you all the way since the governor started at the boj. this is the chart we are looking at that trading range, the retracement level. we are back to that key retracement level and we will see if we break that. let's look at some of these movers coming through, big earnings and we will leave you with this, benchmarks for the 10 year yield and as we talked about, the this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote

treasury secretary, steven mnuchin, speaking with david westin.omberg first word news update. the senate has approved legislation which pulls the u.s. government back from the brink of a payment default. the 50-40 eight vote with no republicans in favor raises the limit by $480 billion, allowing the treasury to meet obligations until december 3. the legislation is expected to pass the house, which could vote on it next week. armin laschet has signaled he is prepared to step aside as the head of germany's cdu after the conservative electoral defeat last month. in a video call with party members, bloomberg understands laschet says the cdu needs new blood across-the-board. meanwhile, the social democrats said they got off to a good start in coalition talks with the greens and the pro-business free democrats. ireland is ready to sign up to a global agreement for a minimum corporate tax rate, a climb that removes a key hurdle to the unprecedented deal. on the eve of a key oecd meeting between 140 countries, the irish government said it will join the pu

haidi: scott kirby speaking with david westin there.when it comes to the new bitcoin etf and why it has driven the cryptocurrency to a fresh record. we will have more on that. we are getting an alert from the bloomberg. an $875 million enterprise value deal. we have seen details including that transaction for accumulative valuation of $1.7 shery: take a look at the markets trading now because we are seeing a mixed picture liking clear direction. the nikkei is down half a percent. following from the high we saw after two sessions of gains. tack and consumer staples leading the -- leading the declines of the energy and real estate is getting ground. the kospi has turned positive. we are now seeing it gain ground and reverse those losses we saw in the previous session. we have seen south korea's 20 day export numbers for this month rising 36 percent on year. the asx 200 being weighed down by consumer staples and energy stocks and real estate and materials are up. kind of unchanged. kiwi stocks reversing two sessions of gains we saw in the

shery: vanke of america chairman and ceo brian moynihan speaking to david westin. time for morning calls. from wall street's biggest ceos, inflation does not look transitory. the likes of moynahan, james gorman, jamie dimon all thank price pressures may last. supply chain chain bottlenecks and surging commodity prices. james gorman thinking the fed needs to hike rates to pick this bubble and take back some of what he calls free model -- free money. paul: right on cue, wall street has gone maximum bearish. estimating cga's are 100% short on everything from dollar to pound rates. exposures particularly intense in 10 year u.s. treasuries. be sure to tune into bloomberg radio to hear more from the big newsmakers and get in-depth analysis from the daybreak team. now broadcasting live from our studio in hong kong. you can listen to your app, radio plus or bloombergradio.com. plenty more to come. this is bloomberg. ♪ shery: take a look at commodities prices. still hanging around the highest level in a week. we saw winter stock piles coming in at less than was expected. th

he told david westin >> the good news is the economy is rebounding very strong. prices are up. i do worry that this will be ongoing inflation, and we could easily end up with 3.5% 10 year treasuries which increases the cost of the national debt and creates budget issues. juliette: armin laschet is prepared to step aside as the head of germany's cdu after the conservative electoral defeat last month. in a video call, he said the cdu needs new blood across-the-board. the social democrats say they got off to a good start in coalition talks with the greens and the pro-business free democrats. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: thank you so much, juliette saly in singapore. with rising energy prices and bond yields, the ftse could follow suit, but why is there a disconnect? we will discuss that, next. this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe." i'm dani burger in europe. rising bond yields in oil prices have

david westin caught up with senator warren a short time ago and talk to her about everything from facebookimony on capitol hill today to crypto. sen. elizabeth warren: right up until the federal government was put in the position of having to back up the money markets or watch the economy go farther over the cliff. now we have got something called stable coins, unregulated, surely they are safe, but no regulation around it. no controls around it. as more money flows into it, the parallel to what happened back with money markets at least has to be in front of the regulators. we need regulators who are willing to step up and exercise the regulatory tools. david: which regulators? we have heard jerome powell say they were like water -- money markets. where is the best place for the regulations to come from? sen. elizabeth warren: they have authority to do some of what they need to do. i believe the fed should step up, the sec should step up, they trading commission -- the trading commission. the treasury has the working group around this, digital currency, bitcoin, all of the pieces. i also t

housing and affairs committee, sharon round, beginning with bloomberg bucs balance of power host david westinahead. stay with us. ♪ kathleen: time for morning calls ahead of the asia trading day, starting with china. the pboc does not seem ready to ease monetary policy, and there is a healthy trade surplus. meantime, authorities appear comfortable allowing the index to drift higher, which would provide room for short-term bond appreciation. haidi: and a call from goldman sachs on south korea, saying that services are expected to benefit the most from next year, however, it is largely contingent on how far social distancing measures will be. while private consumption recovered 4.5% in the third quarter, those levels are still 3% below pre-levels. private consumption will become the main driver of growth next year. let's get a check of the latest business flash headlines. shares in draftkings jumped after it decided not to pursue a 22 billion dollar purchase of another company. sources say the company was unwilling to meet part of npeng's demands. this company is considering selling its 80% sta

looking forward to that conversation i believe with david westin.is that the rapid up music that they are playing? jonathan: it is the polite way to get to a break. not the rude way. i thought we were colleagues. tom keene, lisa abramowicz, jonathan ferro. tom and i are paid to like each other. the swap comes up later. this is bloomberg. ♪ laura: democrats are trying a new, riskier approach to taxation to helps save the president biden social agenda proposing a tax that would affect about 700 people, one billion dollars in assets for those that earn at least $100 million three years in a row and meanwhile the separate path would require companies that report more than $1 billion in profits to pay a 15% tax rate. president biden is zeroing in on whether to renominate jerome powell for another term as chair of the federal reserve. the president has started to meet with treasury aids to review candidates and hasn't settled on a choice and is not clear whether he is leaning towards reappointing powell or replacing him. the chinese president is calling f

i think david westin is talking to her as well.irm focus on what is happening with fed succession and whether or not we are going to see a change. let's talk about the data. abigail: and ism services for the month of september coming in at 61.9 versus the estimate of a little bit low 60 versus the last month at 61.7. a big spike up overnight and then on that bullish number. let's remember we had this delta variant not so long ago. this is services. that is the area most affected if people were to stop those activities. this index suggesting americans are confident enough to go out and travel and dying. yesterday we had that tech wreck. today we have a bit of a bounce back. you can see nice gains from microsoft, facebook coming back to some degree and then of course amazon also higher up one point 5% despite the fact that we have yields rising. it's not as dramatic as the spike up for the futures. you can see a backup of five basis points on the day. big tech is ok with this level of yields right now. that is an interesting dynamic

haidi: the pfizer ceo speaking with david westin.ential watershed moment for the crypto energy -- crypto industry. we've got the head of australian digital assets and we talk about the implication. this is bloomberg. ♪ >> i think 70% of the coins out there today are garbage and will go away. the question is, just like the internet bubble, which of the companies will survive? >> we lived together during the pandemic and he gave me a lecture every day on the fact that i opined about bitcoin without knowing what i was talking about, which is certainly true. >> i cannot tell you it is of value but i could tell you you should short it because it's likely to be higher in the coming months. >> you have to go push out the risk curve and go into new things or odd things. >> if you want to belong crypto currency, now is probably not a bad time to get long. shery: guest at the milken institute global conference. bitcoin very close to the record high we saw in mid april. about $400 away or so. we continue to see the fluctuations after bitcoin en

he told david westin the u.s.ssion around an appropriate level of national debt and spending. >> the economy is rebounding very strong. labor, prices are up. i do worry this will be ongoing inflation and we could end up with 3.5% 10 year treasuries, which increases the cost of the national debt and creates budget issues. su not to the pboc governor. he says china will continue: steps to curve monopolistic behavior among tech companies and to strengthen consumer data protection. the central bank will tighten regulation of the payment sector and ask all financial services companies to be licensed. he also laid out steps to clean up the fintech sector. >> the winner takes all nature of platform companies could lead to a market monopoly and compromise innovation efficiency. some platform companies see market share through cross subsidies. adopted anti-competition policies. su: the imf managing director is preparing to fight claims of temporary with the world bank report. she has hired a white-collar defense attorney t

senator elizabeth warren speaking with david westin.rg subscribers go to dayb on their terminals. you can customize settings so you get the news on the industries and assets that matter to you. this is bloomberg. ♪ haidi: a quick check of the latest headlines. singapore's sovereign wealth fund is considering changes to its portfolio in response to china's wide-ranging regulatory crackdown. the ceo says it will favor sectors supported by the chinese government including semi conductors and health care. >> areas that china needs to make sure it has the right expertise. the inspector -- the investors would look at those more favorably because the policy tailwind would be behind. like other investors, gic needs to reposition. haidi: three major ratings agencies downgraded fantasia holdings to level signifying default after it failed to pay a 206 megan dollar bond. s&p and moody's cut the rating on tuesday as concerns grow about contagion risks from the largest evergrande group. fantasia says it will assess the payment. one of nintendo'

paul: the bank of america chairman and ceo brian moynihan speaking to bloomberg's david westin.t has snared european banks is drawing the attention of regulators in china. let's get the details from our asia finance editor russell ward. what are these products and why are they so popular? reporter: yes, so the derivative projects -- products promised a coupon linked to an equity index. . they are becoming popular because they promise double-digit returns as long as markets don't crash. brokers are offering them to wealthy chinese individuals and institutions. they are called snowballs in china because investor returns grow as long as they hold onto these contracts. investor support about $68 billion. they are not without risks. the past european banks have shown similar products. most recently, one lost over most $300 million selling similar products in south korea. shery: what are chinese regulators trying to find out? reporter: they want to know more about the products and the risks involved. regulators recently have reached out to brokerages to gauge the risks associated with