francisco blanch, bank of america.the best this morning, jeff currie and francisco blanch, commenting on this this morning. tom: you interpolate oil $80 to $100 a barrel. that is regular gas, $3.18 to three dollars 94 since a gallon. -- $3.94 a gallon. jonathan: it is about how price and that response persists over time. i think that second part is important. we talk about higher prices correcting higher prices. francisco is pushing back against the little bat. tom: all of these people, ed morse, jeff currie, francisco blanch, the others we talk to, that is what they are seeing. jonathan: if you just missed it, we will get that on bloomberg.com and the bloomberg terminal for you. equity futures down 35 on the s&p, -0.8%. from new york city, this is bloomberg. ♪ ritika: with the first word news, ritika gupta. senate republicans have blocked a bill that was to spend the debt ceiling until september 2022. it would also have kept the government operating until the end of the fiscal year. they now may have to use a budget p

jonathan: i would love to speak of francisco blanch and fold in the china story.p around 1%. going into the opening bell a couple of hours away, equity market stateside, futures up 32 on the s&p. we bounce by 0.7%. tom: it is unbelievable. three herons fly in, and in walks nora roubini. there's been a roubini citing. i'm sorry, i'm lonely. jonathan: i can tell. this is bloomberg. ♪ ♪ looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program i have ever d

francisco blanch, good to catch up. let's get to what is happening with aluminum. s all supply scarcity? francisco: indeed, there is supply scarcity on a couple of different fronts. we had a coup d'etat in guinea, which has created some exciting -- some anxiety around an ingredient into aluminum, which in turn, we've had shortages there, but more importantly, china helping curb aluminum supplies for most of the year because they are trying to rein in and become cleaner, and it has been a low rate year in china, part of the reason they have been trying to crack down on bitcoin. so it is filling the gap for that lack of hydropower. when you look at limited production in china, it is flat as a pancake. we have this liquidity in the system, and that is what is pushing prices higher. tom: i saw the london metals index. the bloomberg index shows metals as a group doing better. we know the commodity index has done better as well. does it signal a commodities breakout? can you call a bull market in commodities? tom: -- francisco: we had a bit of a bull market already. we th

tom: french cisco blanche with our perspective -- francisco blanch with a perspective on commodities.re other sides to this besides wall street firms like bank of america. we look at the extractive process and say what does the future look like? we do that now with columbia and diego puyo joins us, their energy and mines minister and his tour of duty with the international monetary fund. we do not do this enough. when you look at the media talking about the extractive process, mining, or even oil, what we get wrong about the challenges you face in making supply happen? minister puyo: in the extractive industry sector, we need to make sure we have more stability on the price side. that is difficult because it is determined by the market forces. it is understanding how the production levels will change once we have those swings in prices, either upside or downward. that could be one of the things that is difficult to forecast and understand the response from the real sector. tom: you bring prodigious academics to this unlike many others. do you call a commodities super cycle after years

later on, and the next hour we will catch up with francisco blanch on the way to 100.he bring that forward? what does it mean for the bond market question mark treasuries, twos, tents, 30's, -- tens, 30's. we were in the low 60's on fives. on twos, we have gone from 10 to 15 basis points, double that with 331. the question we have been asking yesterday, today, how loose the tightening be. that's the debate we can have. tom: huge debates going on. this american economy, she calls it transitory and fragile. frances donald joins us. how tough is it right now to gain q4 and q1 of next year? frances: tougher than many years. i knew look at 2022, looks as though growth and inflation. a host of uncertainties. will we see policy miscommunications and when will those supply chains. all of the risks seem a lot better priced than they were six months ago. that is why we were struggling level looking not so great with the expectations not aligned for them and we could get a reprieve and the next three to four months until we had a more difficult 2022. tom: how do you respond to th

thanks for your time today i hope to check back in soon francisco blanche joining us from bank of america set to go public via a spac merger, what does it mean? we will ask the ceo. >>> plus, j & j is out with the effectiveness of its booster wsh weill hear from the company's chief scientific officer ahead strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. if you're 55 and up, t-mobile has plans built just for you whether you need a single line or lines for family members, for a prospectus containing this information. you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. that's our everyday price. plus, our plans always come with unlimited talk, text and data included. so, switch to t-mobile and get 2 lines of unlimited for only $27.50 a line. that's half the price of verizon or at&t. only at t-mobile. the leader in 5g. if you wake up thinking about the market and want t