glenn hubbard, you are not in inflation. you to describe for our audiences fear of inflation and what the true inflation needs to have wrong. glenn: it really gets back to supply and demand, tom. it is race between the two. we know the economy is reopening, and demand is certainly there, various economies. supply has been slower with bottlenecks into the labor market like unemployment benefits being too generous. on balance, i do not think the fed is necessarily wrong but they not managing risks. i think there is more of a risk of an upside to inflation, and i think the fed would be wise to at least acknowledge the risk and to begin its tapering and discussions of tapering. you mention florida, and there is an explanation, -- there is an expression, fixing to do something. they need to stop fixing to do something and something. lisa: food prices are surging the most in more than a decade. glenn: transitory inflation would be simply that bottlenecks occur. if supply chain disruptions related to the pandemic, it takes a while

matt: when you looked for a counterpoints in your reporting of this story, you included glenn hubbardbut there really aren't many keynesian economists, austrian, freshwater, whatever you want to call them. there really aren't that many conservative economists out there in terms of the people we see, hear from, read about. is that whole branch just gone? matt b: you know, i think that sort of ideology has taken on a lot of water in the last several years just because of the facts on the ground and the way the economy has progressed. we haven't had the inflation problem. we haven't had the debt crisis. there's some big debate right now over the extent to which these unemployment insurance benefits are the major factor restraining employment right now, so your took -- now, so to your point, that has receded, but the other big development is that democrats have retaken the white house and both branches of congress for the first time in several years, so to some extent they are just out of power, which may be part of the reason we are not talking about the as much -- about them as much. ma

tom: glenn howard of columbia university -- glenn hubbard of columbia university.data all in all pretty good off adp and a better than good claims. the market improves. -30 on futures. romaine bostick and tom keene. jon ferro is off. lisa abramowicz prepares for the 9:00. we digressed and we can do that with our reporter in florida. joining us is michael mcglone of bloomberg intelligence. the bitcoin conference 2021 in miami. i want to begin on bitcoin with one of the key speakers, which is the senator from wyoming, cynthia loomis. what will the luminaries of the world want to hear from the senator from wyoming? michael: i think they will want to hear about proper regulation and the u.s. government not doing anything like banning it, which is very unlikely. the unique things about the conference, these people are bitcoin maximists. the biggest performer this year is a theory him -- is the theory him -- is etherium. bitcoin has been a done. tom: you are coalescing around the price point on bitcoin. 39,000. to the people at the conference by the price or layoff by it

judy: finally, i want to quote a conservative economist, glenn hubbard, who wrote a piece about this,uing against free tuition in community colleges. he said, if you do this, it's just going to flood colleges with students and make them less inclined to experiment or to collaborate there it about that? john: i mean, that strikes me as deeply misguided. i think we have good evidence here. governor haslam, the republican governor of tennessee, was the first to really lead on this with a statewide community college tuition-free program. and the evidence is, it's attracting, yes, more students, but it's also helping to increase completion rates, it is increasing the transfer rates from two-year colleges to four-year colleges. it's creating new pathways to economic opportunity for folks who historicallyave been locked out of economic success. this is a republican idea that president biden is advancing because it's good for the long-term health of our economy. judy: john king, former secretary of education, it is an important debate we are glad to have you here to participate. thank you. jo

we heard from bill dudley, we heard from glenn hubbard at columbia. there's a lot of that assumption in the market. we are waiting for the fed to do something. it is not there. tom: at least this will give us -- romaine: at least this will give us more groundwork for what to expect, assuming the data comes in around what excitations are. i think the question is if we do get another downside miss like last time, that really changes the calculus for a lot of folks. tom: i want to go to the many nuances we see, and carl riccadonna of bloomberg intelligence was good about the two-part jobs report we may witness in 28 minutes. that two-part jobs report yes, the obvious that we see, a lot of jobs are coming back. but beneath it, there is some real nuance, some unsettled trends where b is it is -- where maybe it is a pause of those 8 million unemployed. taylor: ellen zentner said it great. the hours worked per week coming down. michael gapen of barclays seeing the opposite. it really highlights the discrepancy would continue to see. you do want input. you tw