emily wilkins, i believe there is an advisor, what is secretary yellen going to tell him about the nextir of the next vice-chairman of monetary policy? emily: look, secretary yellen is in this unique role where she has held all of these different positions within the federal government, has this really unique insight to the role and to what is needed. what we would expect a certain extent, she is in biden's cabinet and we would expect the two of them to speak with each other. i think a lot of it will be coming -- what we are going to see the economy do as we continue this recovery. are we going to continue to see high inflation numbers? are we going to see unemployment really not come back with what we were initially expecting? i think they are a lot of metrics to consider. a lot of questions about what the economy as would a look like and what the fed's role in stimulating it needs to be. lisa: senator warren's comments to randy quarles really highlights perhaps divide in terms of congress members when it comes to big banks and this comes ahead of the hearing sensor today in front of t

tom: emily wilkins, it is wednesday. is joe manchin having a good? emily: -- good week?: i think he must be having a pretty great week. you have seen his colleagues and you have seen the white house go ahead and move forward in these bipartisan negotiations, which is what he wanted all along. what senator manchin did not say is this has to be part partisan -- be bipartisan. he said there needs to be an effort to get to a bipartisan compromise and he's basically getting what he wants. even if democrats wind up saying we are going to go at this alone, mansion can say you had all those meetings, you want to the white house, there was an olive leaf extended. jonathan: emily, thank you. emily wilkins down ndc the bank ceos heading down to washington next week. it was interesting to see bank of america boosted their minimum wage to $25. that's the goal over the next several years. the federal government telling vendors that anyone who deals with the bank needs to have a minimum wage of $15. we are starting to see this happen, aren't we? may be we are starting to see this minim

emily wilkins -- this with you. what is happening in belarus and europe's reaction to what happened over the weekend. we have been e -- an eu summit taking place. they have summoned the belarus ambassador. there are discussions of travel restrictions being put in place. let's find out what could happen next. maria is covering this story from brussels for us. the question eu leaders are grappling with is how do you punish the regime but not the people? >> there are already sanctions. what it means is that all the population who have been -- would be further isolated. that essentially means their fate has been decided. at the same time, this is what the belgian prime minister just told me, there needs to be a quick response because this is not just any escalation. they are looking at a plane that was hijacked. they are accusing european citizens -- that is something the european union simply will not tolerate. alix: thanks for joining us. coming up in the next hour, we will break down the impacts of the belarus situat

they call that human rights abuses, beijing actions on taiwan, and our government reporter emily wilkinsoins us. emily, how does this potentially set the tone for next month when global leaders meet? emily: this plays into what president biden has wanted to happen. president biden's idea is that the u.s. can team up with its allies and more effectively pressure china to end some of these human rights abuses, as well as keep the u.s. stance as a global superpower. so this really does set the tone or president biden next week, and there is a continuous push into building relationships with allies and putting pressure. . on china shery: also -- pressure on china. shery: also big news today that the u.s. will support waving intellectual property rights for the covid vaccine. this seems to be a huge change from a few days ago when they said they wanted to expand u.s. manufacturing. what can we expect from the wto? emily: it is definitely big news that the u.s. is going to support this waiver for intellectual property protections. the key thing is that the u.s. said they are on board, but we h

tom: emily wilkins with bloomberg government in washington.ve to take a moment -- a precious moment that we had to take advantage of -- that matthew miller is with us that we describe it going. -- bitcoin. lisa and i are like, we do not want to talk about this, but matthew miller is with us, so here we go. i am looking at bitcoin soft off of the bank of japan's comments. what i see is two standard deviations south. how critical is it for bitcoin to find that support and keep it? matt: i am not a technical analyst, so i do not know about those numbers, but i got a lot of messages from bitocin enthusiasts --bitcoin enthusiasts once we saw the $6 trillion number. when we first started talking about bitcoin, i was out buying for them for $600 apiece -- even 36,000 does not look too low. lisa: literally this is matt' victory lap, is that what this is turning into? -- matt: i would buy us all hummers. tom: lisa's buying the hummer with the 32 gallon capacity. lisa: the idea that the bank of japan is coming out and saying bitcoin looks speculative --

we want to bring in bloomberg government reporter emily wilkins from capitol hill. e number i am hearing at the top of the range is $900 billion, a lot lower than what we are expecting. maria: it is --emily: it is, but in biden's plan, there's a lot of different components there. the component republicans are talking about is just what you would consider what we are now talking about as traditional infrastructure. roads, highways, bridges, that sort of thing. president biden has indicated he is interested in a bipartisan deal. the republican senators we spoke to say they feel there has been a lot of progress made in the meeting, that negotiations were still going on with the administration, so it seems like there could be a path forward here. at the same time, you are hearing calls from more progressive democrats saying we have the votes, we shouldn't have to negotiate down with republicans. we should be able to pass a strong package for the american people. that is how we can win again in the midterms, and that is how we can deliver on the election promises we made

emily wilkins, bloomberg government reporter in d.c. schenker mentioned the same thing on that infrastructure package. maybe that will be part of the conversation this coming wednesday. tom: we will have to see. i am going to go back to that banner, for those of you on radio, i put up to two digits how conor lamb barely won the rejiggered congressional seat. we are really becoming completely political, maybe the advent of the primary season for republicans and democrats. jonathan: what aspect of the we can do you think became more political? tom: i think it is just the reality of how close it is, how it is president biden and everybody else is essentially equal stasis, whether it is the house -- we saw the two house districts taken away two weeks ago, and that changes the math. jonathan: we are doing big things on slim margins, and i think there's belief that there will be some pushback in washington. coming up, ben emmons, medley global advisors managing director of equity strategy. we advanced 0.1%. yields, 1.5 770%. good morning. alo

emily wilkins joins us, bloomberg government reporter. we can speak of does and what we have learned in the last 12 hours. the washington post uses the phrase as all out war looms. then we move up to what is clearly a serious issue between the 21% of arabs in israel on the streets of tel aviv and they are arresting unrest. is the northern border in the has below -- has below -- what is the damage -- dynamic on capitol hill? what have we learned from the quiet of the pentagon? emily: at this point, a lot of the response is coming from president biden and yesterday, he decided the israeli government response, the rocket attack, saying he had not seen it as an overreaction at this point. you have heard some members of congress speak on this. on this point, you are not seeing any major action from congress on this particular point. i think, to a certain extent, they are looking toward the white house, seeing if and how president biden will move here and if there is a role to play. tom: i know you are a real student of this, what is the linkag

jon: emily wilkins there.a, the focus is the additional $300 in unemployment benefits that i believe expires in september. i am they will put that program together today, given data that we are seeing. that program probably would not expire in september. lisa: here is the issue, though. there is the issue of, do people decide not to get back in the labor force because they are getting an additional $300 a week that they know will expire. or will they lock in a job because they are more concerned about long-term unemployment? the data is mixed. i'm interested to know how much joe biden will address this directly when he gives a speech today at 11:30 a.m. jon: it is a big topic. tom: it is. i talked with secretary walsh about the red sox. they are giving up seven runs a game. it is very important question. marty walsh has some questions to answer because they will have to restructure policy out of this. imagine that we get 900,000 last month, a million today, and 1.1 million month. what do you do with that? jon:

jon: emily wilkins ndc, our bloomberg government reporter. pmi's, this is the commager coming from germany. supply shortages curbing production levels and new orders due to forced downtime. sounds familiar, doesn't it? as any country right now in europe or in america. lisa: this is really the prevailing theme and unknowns include how long this will last, how much this will crimp growth and supply. also to give you a sense of how much this is jacking up prices, the price to the pmi in the eurozone for manufacturing sector shows 90% of companies had to pay more for their intermediate inputs in may. jon: that's the scene right now worldwide. from new york city this morning, good morning, alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures are advancing. up about 3%. in the bond market, yields higher by single basis points. foreign-exchange, comfortable with a 122 handle. and crude is higher, up by 1.6 percent, $62 at about $.93. more to come from new york. this is "bloomberg surveillance." ♪ wanna help kids get their home

emily wilkins joins us from bloomberg government.spent the first hour, hour and 20 minutes of this program talking about the big business stories. let's talk about a big global story over the weekend, the tension between israel and hamas. emily: president biden reached out to leaders in both areas over the weekend, speaking with prime minister benjamin netanyahu and the hamas leader. he called for peace. president biden has continued to hold the line of saying israel has the right to defend itself, and he has come under more pressure from within his own party. lawmakers, particularly progressive lawmakers, siding with the palestinians, saying that these attacks on them have racist and undemocratic undertones to them. so as long as this conflict continues, president biden is going to continue to be under pressure to come out more strongly against israel and against netanyahu, who has been a very close ally for the u.s. for a long time now. jonathan: we all saw the video of the particular building that had the ap offices that was demol

jonathan: emily wilkins in washington dc. 1000 rockets have been fired from the palestinian enclave.s been described widely as the bloodiest battle we have seen since 2014. tom: to me the greatest mystery is the relationship of the president of the united states with the is really government. i -- the israeli government. jonathan: would you be comfortable characterizing this as the biggest foreign policy challenge of the current administration? tom: his card is full nation -- worldwide. jonathan: president biden is weighing sending an envoy. tom: we have all seen the ballet before. the number one ballet is to stop the carnage. it is not a question of one child here, one shot there -- one shot here, one shot there. jonathan: from new york city alongside tom keene, i met jonathan ferro. we count you down to a -- i am jonathan ferro. we count you down to a cpi report in the u.s.. from new york, this is bloomberg surveillance. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homewor

emily wilkins, jonathan ferro knows it well.ooking really, a boon jobs report and politicians will have to deal with what john has mentioned. is washington ready for full employment? lisa: you saw janet yellen say they have a plan if that does happen. president biden and the biden administration, they are monitoring inflation very closely now. they understand if it starts going up that they will see repeated attacks from congressional republicans saying we don't need this, it's way too big and it will only further hurt the economy. the idea behind president biden's plan with infrastructure and social infrastructure component is to live up to the campaign promise and deliver something for the american people that's fresh in their mind when the 22 midterms roll around. jonathan: we have seen anecdotal evidence and from the pmi the company is struggling to hire. given how much is lost in this labor market has been lost over the past 12 months, here's a line out of the governor of montana. the vast expansion is now doing more harm t

jonathan: emily wilkins, getting your monday started early, thank you.hat on earth is happening in the belarus? tom, finding unanimity at the european level is sometimes tough. given what happened over the weekend, they have to move. if they don't, they open the door for this kind of thing to happen again. reports coming out of europe suggest maybe it will not just be the air links that are shut down, and might be the ground links. air and ground, that would be something. tom: particularly with commercial viability in the belarus. jonathan: coming up, neil shearing of capital economics group, looking forward to that. good morning. alongside tom keene, lisa abramowicz, i am jonathan ferro. s&p 500 up 18 points, advancing .4%. euro is unchanged. heard on bloomberg radio, seen on bloomberg tv. this monday morning, this is "bloomberg surveillance." ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutio

right now on washington, and what we heard from secretary yellen, emily wilkins joins us, bloomberg governmentter. yellen is acting cbo-ish, looking at an eight to 10 year timeline. i'm not sure anyone you know in washington has an eight to 10 year timeline. emily: that is the timeline for the spending for the bill that has been proposed. the idea is not that this is going to all come out at once. it will be spent over a period of time. that's one of the ways we are seeing secretary yellen, as well as other members of the administration, try to get out ahead of those expected republican tacts, saying this is way too much spending, inflation is going to rise. democrats know they did those attacks last time. they are anticipating them this time. you just saw secretary yellen tried to get out in front of them. tom: the timeline here, 554 days till the 2022 election. that's the timeline that matters, right? emily: let's be clear, 2022 started the day after the 2020 elections ended. it is on everyone's mind, and you are seeing it here with this next big spending package. the democrats are saying we

we caught up with emily wilkins and i think she nailed it at some degree.e midterms and i see her, it is not about getting it done before the midterms. getting it done and making sure it is already executed before the midterms next year so that people see it, experience what comes out of the other side of the bill and not just looking at a bill and an agreement in isolation. tom: i will go nothing has changed. the other side doesn't want the other side to get credit for any legislation. jon: and the scope of infrastructure as marty said a million times, that is still a question we have not agreed on the answer of. tom: we have an agreed on infrastructure, haven't repair the bridges and, i'm going to say, 30 years -- in, i'm going to say, 30 years. this has been going on for decades. jon: and people expected to go on for a few more years. lisa: this all comes at a time where we deal with disparities from the pandemic, exacerbated by the pandemic. the biden administration wants to convince people this is part of the economic dynamism of the united states, tha

as we were talking to emily wilkins earlier, it's been a jumbled week, may be a transitional week heree are liberals transitioning to in washington? josh: first and foremost, that transition we are seeing this week in terms of the issue of israel and the situation in gaza . biden has been under pressure from his progressive wing to show a little more daylight with israel, with netanyahu, and he really has resisted that. of course, we saw him take that almost victory lap after the cease-fire was announced, expressing hope that both israelis and palestinians can live in peace, but also pledging to replenish the iron dome, sue sort of a signal to progressives that we are not pulling around 180 degrees here. biden has been trying to hold together the party. i think doing a little better than people have expected, but time will tell. you need to give emily a day off one of these days. she's working hard for you. tom: she's doing a great job. tell us about the mood at the white house. we are more than 100 days in, and there's a dynamic and a schedule. we are all getting used to it. a big dif

. -- reporter emily wilkins in d.c.mily: republicans ousted liz cheney from the number three position. it was done via voice vote, so we don't know exactly how many in the conference supported her versus not supported her. republicans have said this message it's about making sure that they are on message, but of course, that is the message of former president trump. she has again challenged is esther tatian's that the 2020 election was rigged and that he should have been the winter. cheney warned colleagues that they would be in trouble if they remained silent on this particular issue. this also comes as a house leader kevin mccarthy heads to the white house today for a meeting with president joe biden. he's going to face biden shortly after hooting out a number of his leadership team for defending the fact that biden won the 2020 election. house minority leader mitch mcconnell, 90 pelosi, and chuck schumer will also be there -- nancy pelosi, and chuck schumer will also be there to try to find bipartisan ways forward. a

emily wilkins joins us now, bloomberg gridlock reporter.valliere out with a sharp note that it is not certain, but democrats were really struggling to get to a house majority in 2022 with retirements, etc. what to say before gridlock biden look like? what is the new urgency from the white house given these political realities? emily: i think the white house realizes if they only have two years of having democratic majorities in the house and senate, they better get to work and do something that they can make sure to run on in 2024. i think that is what you're seeing with this for trillion dollar economic plan that has been proposed. the idea is to do something big to give democrats something to run on. you're absolutely right, the cards are stacked against them in terms of redistricting, in terms of historical. usually it is the minority party that ends up winning in the midterms. but when i talk to lawmakers on the hill, they say if we can get this bill passed, we can at least go back to our districts and say look at what we were able to d

emily wilkins was quite good on that in the last hour. we have a wonderful guest here to drive forward what do we do next. jonathan: let's start with david lebovitz, j.p. morgan asset management global market strategist. have we got this one baked in? david: i do think there is still room for the recovery in more cyclical and value-oriented trades to run here. our base case view is that we are going through a period where rates are consolidating, but there's likely another leg higher during the second half of this year. our base case view is that as the economy continues to open backup, as inflation expectations continue to move higher, that should support another leg in the recovery trade, but arguably by the time you get to the end of 2021, slower growth is likely coming into view, and that would support a rotation back in the growth. jonathan: what kind of deceleration are you expecting going into next year? we caught up with northern trust, looking for a move back to 2.5%. that is below consensus. what are you looking for? david: a lo