went to jackson college, which is now jackson state university. then went to divinity school in rochester, new york. then he he went to a jesuit school, craig university of north and omaha. gordon is about this minister, so forth. so he resisted the civil rights impetus by king and others because he thought that the church shouldn't be in it, in politics. the thing about jackson was in chicago he was very much in politics. he was very much aligned with richard dailey, very much in line with daily and others because he wanted his people to get jobs. he wanted people to get things. chicago politics meant you had to be aligned with the machine, the daily machine. while on the one hand he was saying, no, i don't want the national baptist to be involved in the civil rights too much, he on the other hand in chicago politics tried to be like a mini political boss. anyway, by 1960 there is an all right battle to take over the convention from jackson. at the 1961 convention you see this paragraph. in kansas city, missouri, down the block from us, jackson a

jackson. he was the head of the national baptist convention and the other one you well recognize, was martin luther king, jr. king wanted joseph jackson, a chicagoan then to use -- to be more aggressive about civil rights. and joseph h. jackson did not want to do that at all. he thought that the church shouldn't be in politics. and i'm going see if i can switch here for a minute, if it will work for me. come on, come on. something's spinning there. all right. it's slow. so in kansas city in about 1961 the national baptists met in kansas city and there was a controversial action going on. so this is from the king's -- you should look at this site, the king global site. as a controversial leader of the national baptist convention, he wasn't controversial, he was elected over and over again even if he had to do it kind of semi fraudulently. he's like a political leader, right? jackson often clashed with other baptist ministers including martin luther king jr. who believed jackson's opposition to

traders look ahead to jackson hole. afghanistan in turmoil. president biden expands the evacuation beyond kabul airport amid criticism of his response to the crisis. the g7 meets tomorrow. angela merkel's bloc slumps to an all-time low in the polls. a very good morning. welcome to "the european market open." marked joins us from singapore. nice to be back. what are the markets saying to you? mark: great to have you back on the show. look, the markets are super positive. they are excited to have you back on studio. in the context of the big selloffs we saw last week, the assets that are balancing the best in asia are the ones that slumped the most last week. the korean stock market, the taiwan stock market, metals prices. they are bouncing quite aggressively. we have low liquidity. you see dots on the iv chat. people are not around, they are on holiday. people that are around are not too focused on markets with jackson hole next week. it is a consolidation of what we saw last week. i don't think there is a change. we saw concern about global gr

jackson hole, but no jackson hole.ne swonk lined up to be a jackson hole but she like us canceling travel plans. a buoyancy. near record highs. diane swonk, we need to speak of this american economy. we have been remiss on that. let me ask you chapter 23 of the beginning textbook at the university of michigan. why are stocks up if we have so much worry about our economy? diane: you could explain the stock market to me as well as i can explain it to you. the reality is the expectation is the fed will signal a much more dovish tone. as we were going into this we saw the consensus built on the wind down on asset purchases. now it looks like it will be delayed. we are in the middle of a fourth wave. now that schools are opening, without masks in some parts of the country, and children are now the fastest growing cases, that matters. school openings matters to parents, particularly mothers, particularly low-wage mothers. if that can happen the economy will slow. we have already seen a pullback by some of the concerns regard

curvature, let's look at jackson paul -- jackson hole. anna: the reality of mining there.the impact that your business has on the environment. i know esg concerns are to the forefront to anybody in your sector. you have asked to cut greenhouse emissions by 2030, how we deliver? where is the pressure coming from? is it the russian regulators or investors -- or london or global telling you that this is what they want to see? vitaly: the bulk of our institutional investor base is in london. institutional london investors have been very vocal about the importance of climate change agenda for several years. we have taken the on board, relatively early compared to other mining groups. our very detailed plan to use our -- hence, are very detailed plan to reduce our omissions. we have come up with a granular action plan which stipulates where the reduction of the carbon footprint will come from. we will link our remote operations that are currently running on diesel fuel into grid , the russian forest powered by hydro. second, the mining fleet, underground mines. third, the direct

it will be very interesting as we see the language coming out of jackson hole. if we get more of a tapering discussion, you know, i suspect rates will move up even faster than what they've been i suspect that could lean on the s&p 500 stocks but, frank, that very well could be a positive for the russell 2000 stocks that are going side ways for months. >> to be clear, what would a policy mistake be in your mind is it acting too soon or too late or tapering at all? >> it could be either. moving too soon and the economy. you look at the numbers that have come out lately on the kmec economy. it looks like things have slowed or it could be that they act too late this is a very difficult transition for the fed to navigate and get this right, keep markets happy, keep the economy growing. i certainly don't envy, you know, powell and these decision thez have to make there with the fed. it's a very tight rope to deal with too early too late has big consequences for the economy and equity markets. >> i want to squeeze in one more question i know you're also bullish on the

jackson is an interesting figure because there is an age of jackson to. it was a rise in american democracy but it was arise of what people refer to and i'm not making this up the idea that white men should rule so even in situations and places where of blacks had been disenfranchised you have the situation where there's an expansion of democracy. working-class and lower classes getting power that they didn't have a foreign by then -- it's a restriction on blacks so that's a problem and what does that mean and how do we celebrate one side? it had been a policy before jackson but jackson's treatment of native americans has been seen as a problem and i'm putting out mildly. if you think about those issues he looks worse than he may have before. people were thinking about the fortunes of african-americans during this time period or fewer assuming there's only one way to handle the situation with native americans and he becomes a problematic figure. people like arthur schlessinger and others -- because of the spread of democracy. you have this nation of progr

tom: dambisa moyo, a guest of jackson hole.ill be part of these discussions as we drive forward the conversation. i want to tell folks to stay with us on radio and television. michael mckee with james bullard of st. louis will be something. taylor: it will be. the main event with jay powell. really interesting conversations all morning, the likes of which started with jim caron same 1.70% on the 10 year appears to be fair value. ending with dambisa moyo saying if you're worried about inflation do not have the taper conversation, have a rate hike conversation. tom: mr. harker philadelphia, interesting regional district in philadelphia, may be microcosm of manufacturing and small business. an eclectic philadelphia fed with important economic data. robert kaplan of texas carrying on the texas tradition. absolutely unique fed led by and founded by robert mcteer. robert kaplan saying let's get going and let private enterprise heal this nation. bullard of the regime change. there has been a few. i think michael mckee will ask about t

let's focus in on what we are expecting to hear from jackson hole. it has become fashionable this week to play down expectations, especially because we know it is going to be a virtual event, but is there a sense that if we don't hear from powell that he wants to begin tapering this year, that that will be newsworthy? >> yeah, i think in the last few days, there has been a bit of a dovish taper being built into markets with a rally in commodities, and move higher in bond yields, and also a rally in more cyclically substantive equities. this could be a reflection on the weakness in recent data and a little bit more of a dovish powell, but ultimately what he is there to do is deliver a message that the taper is on track, it is going to happen. he will probably not talk about timing, but he will talk about details and structure, treasuries versus mbs, and may the pace of tapering -- maybe the pace of tapering and really deliver a message that everything is on track. anna: if he does give a message that tapering is coming, but not give any kind of time h

but not a canceled jackson hole, but a different jackson hole. lisa: the idea that it was moved to virtual highlights potential economic pain from the dragging on of this pandemic because think about all of the canceled hotel rooms, all of the canceled flights, all of the canceled dinners. it is all revenue for different areas in the nation. you wonder how long this prolongs the recovery at a time when offices are basically being pushed out in terms of their closures for that much longer. what does the new normal look like when we have had this for years? tom: kayleiy -- kailey, i want to go to you. vaccination mandates, that is a big deal. kailey: it is. this is just one and a series of companies to have instituted similar policies. you have banks like morgan stanley now having a vaccination mandates and broadly, the return to office being complicated and delayed. if you have people not coming back into the cities, what does that mean for all of the lunch places around those offices? tom: that is a manhattan kind of thing. i like about chevron i

jackson hole. we have been gearing up towards this moment.here are some sectors investors have to be watching as we go to the symposium. the s&p 500 banks index gained 30% against the broader s&p 500's's 20% gain. if we hear anything from jackson hole that could move the bond markets, that will affect financials. also the tech stocks, faang index seeing double-digit gains this year. precious metals are also sensitive to inflation and trade. paul: yes, it could be an interesting debate to say the least. these three hawks in the ranks of jackson hole, the dallas fed chair robert kaplan, he would like to see tapering were discussion starting in september. he is not voting until 2023. but there are a couple of orders next year, ames bullard -- -- he would like to begin in the fall. and esther george, a longtime hawk. . she is interested in having the debate around tightening but she is less interested in any decisions. it will be interesting to see how this shakes down. shery: and really what it does to the commodity space as well. because it is

tom: we are talking jackson hole, as well.he divergence we see from the start of the pboc versus the fed. how impactful could it be for assets? is it something we need to watch more closely? >> it is the most important investment for the capital market. the chinese economy, chinese financial markets are not as integrated to direct the capital markets. so the fed matters more than the pboc. >> absolutely. thank you for your insight. sylvain broyer. just nine months away from the french presidential elections. executives and politicians gather in paris for the conference organized i the country's biggest business lobby. with an economy still recovering from the pandemic, our executive satisfied with the current business climate in the country, tune in for the president, the french trade minister, the french treasury chief economist and the head of the court of order in charge of the public finances. coming up, the future of work as we emerge from the pandemic, companies look at the economic benefits of hybrid working for employe

the jackson hole symposium is kicking off virtually today.lobal markets will be watching for any indications on the fed's timeline for tapering asset purchases when share jerome powell speaks today. it comes after hawkish comments from a range of fed governors including kansas city's. >> i think it's important to release center on when you believe the progress in the economy is sufficient to start that process. that's really where i'm focused. in that sense, we should get started this year. so that we can begin to pare back the amount of accommodation, watch to see how the economy unfolds after that. we will have to see what impact this flareup in the virus might bring. you can imagine that it might slow down some of the returns to the labor market. i don't expect at this point that it will derail the economy as we saw last year when we first had to deal with the virus. as i look at the progress that the economy has made so far, it really does suggest that we've come to a point where we can begin to ease up on the amount of accommodation prov

maybe jackson hole. world meetings where she holds court with profound and original prospectus -- perspective on central asia. afsanch beschloss is the chief executive officer. yes very good on investment. expert on natural gas. also expert on her iran and all of central asia. it is in crisis. miss beschloss, thank you so much for joining us today. you know back to the 1950's the iran, pakistan, india gas pipeline. you have lived it at the khyber pass in west pakistan. the romance of the british, great gain and all that other malarkey. is china going to come in and take over the vacuum of the iran-pakistan-india pipeline as the u.s. exits? afsanch: you always go straight to the point of the matter. it is really interesting that you said i studied natural gas pipelines going through all the way in asia, but also in europe. no question that politics is always more important than the physical aspect of this thing. china is seeing a void. we saw the russians lose in afghanistan. we saw u.s. pulling out as we

tom: i jackson hole, there will be a lot of academic papers -- at jackson hole, they will be a lot ofpapers. does any of the theory that we have now apply to the actual debates of jackson hole? does the dynamic equilibrium theory actually matter in the mill you -- in the mill you we are in? jim: dan to reload was at the -- was at the fed and gave the speech that said the fed has no working theory on inflation. that if you test any theory you want, expectations anchoring, monetary philosophy of money, it just doesn't pan out in the statistics of what causes inflation. we are all kind of in the dark, and i think rich clarida is also a bit in the dark. he's been a big advocate of inflation being anchored. it is going to be very difficult for the fed because they want to project certainty on where inflation is going to go. the fact of the matter is they don't know, we don't know. inflation is a very difficult thing to get your head around, and a very difficult thing to understand, so it is a big gas. we will have to see. some of those papers i think should address that next week. jonathan

taking a look at the taper plans after the plans at jackson hole.: we do have some breaking news when it comes to earnings. for your income coming in at $10.3 billion there. that number coming in at 16.3 8 billion final dividend being declared at 2.11 aussie. will speak to that ceo later on to get her gauge on what the men out of china is given that we have seen some volatility in that market on account of the environmental curbs. also coming through and saying they see the four-year iron or shipment at 180-1 hundred 85 million tons. maintaining that expectation. -- 185. just getting a little more flesh around those numbers when we speak to elizabeth gaines. miners shipped more in the third quarter than the second quarter according to estimates early on. lots more to come on "bloomberg daybreak: australia." this is bloomberg. ♪ >> the criteria we put in the statement about what would it take for us to begin tapering, i think we are pretty much there. >> weasel have a fair amount of energy and momentum. i think we can do our tapering faster. >> let u

it is interesting to see so much anticipation going into jackson hole.e expect them to continue to discontinue the same narrative well -- where they will talk about the stuff, tapering. all about whether the tapering act will be -- what does delta do? the commodity prices moving, there are so many things, so many variables still to come. i think we certainly expect them to continue to talk about the discussion of tapering but nothing significant that will shift the tapering. >> we really have not seen that 5% in quite a while. i think it is the 200th day without a pullback. analysts seem to be a little baffled about where the s&p 500 or global stock and treasuries will go this year. what are your targets? >> our target will continue to be positive. the market is really underpinned by the corporate earnings recovery story. the earnings season in the u.s. as well as australia and the other markets have been recently good. this was 30% more than the ones that missed. there have been quite a few variables at this point that need to be monitored closely. thin

tom: kailey, honeymoon to jackson hole. kailey: so romantic. lisa: jackson hole?ughter] tom: it will be just spectacular. lisa: marital bliss. tom: this is bloomberg. ♪ tom: bloomberg surveillance. morning. futures at negative. the vix 22.90, somewhat like yesterday, some gloom there, and a bit here at 7:30 wall street time. the yield space a 1.23 on the 10 year yield. dollar stronger, and i do want to note overnight repo goes out to 1.9 trillion. that wall of liquidity. we will talk to gabriela santos about this in a moment. right now, as gabriela puts in a research note, there's china and that is where romaine bostick starts. romaine: that selloff has been going on in china stocks and the u.s., to unabated at this point. they closed about 49% down from that all-time high yesterday. you talk about alibaba, all moving lower. the asia-pacific index on track for its worst week going back to february, and the etf on peace right now for what could be its worst week since its conception going back to 2013. that regulatory overhang is not clearing, lower by 1.7% in the

there is the countdown to the jackson hole symposium as well.t this will reduce pressure for capital flights out of asia. haidi: we are hearing from the head of emerging markets debt at hsbc saying they are buying emerging markets assets that are already battered by a taper tantrum. as we look toward jackson hole, toward potentially a taper tantrum, a lot of investors say what we are seeing over the last few months is already the taper tantrum. it has already been priced in, and the recovery is here to stay. shery: given we saw the selloff starting in june already, and we continue to see cheap valuations , with emerging market shares near a 20 year low. not surprising that we continue to get calls from hsbc global, but also earlier this week we heard from goldman sachs and bank of america liking em currencies and em stocks. haidi: couldn't the won really rejuvenate the em trade? kathleen oh joins us next. we will assess the path ahead for the central bank. it is the delta variant versus the huge debt load they are facing. the bond had been tradi

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we have seen that as it has gotten to the jackson metro area and north. we are seeing 30 mile-per-hour winds. rather than 60 mile-per-hour winds, which were projected. given how much rainfall we have seen over the last 24-36 hours, we were really concerned about the potential for 60 mile-per-hour winds with the ground completely soaked. the mentor trees that could still fall. we have seen a significant amount of debris, a lot of limbs fall, but not nearly as much as it might have otherwise could have been. we did speak on a call earlier today with the president. he offered his support, he did approve our declaration and he has sent -- since approved our request to expand it to all 82 counties, not knowing exactly what the landscape would be as we move forward over the next 12 hours or so. it was a good call. it was a number of people largely from louisiana and a few from mississippi, as well. at that time, the storm was south of jackson when it was ongoing, so we were in a different situation at that time then was louisiana. at the time, we were still ver

investors eyeing cues from the jackson hole symposium. three policy hogs urged the central bank to move quickly on tapering bond purchases. asian stocks eye a cautious start on the geopolitical tension following the afghan blast. it was about fed officials talking today including robert kaplan and jim bullard, talking about fed tapering and how we should be starting to move more quick lee. esther george saying the risks from delta do not alter the taper urgency and it is important to get darted while scaling back bond buying but when it came to the market moves for today, it was really interesting that it was the afghanistan headlines that have not moved the market that much in the past that really made an impact on asset prices. paul: the situation in afghanistan did take a turn for the worst in the past few hours. two blasts killing 12 u.s. soldiers. a total of 60 people killed, many injuries as well. president buying saying the u.s. did not forget, did not forgive, and would hunt down those responsible. the white house saying the deadl

shery: that takes us to jackson hole.h of a reaction do you expect to see and what you expect to hear from jay powell? louis: we think powell will try to signal their willingness to look through that inflation data. the markets were worried. we have not seen bond markets come down. a huge amount of attention to how the fed is responding to this higher inflation in the u.s., whether they think that this inflation is temporary or permanent and what it means for their plans. we think they will stick to their plan and to start to raise rates only an early 2023. in terms of tapering, it is a different story. there are signals that have told us that they are starting to prepare the market for the beginning of the tapering, which should not be a big thing. they are only talking about reducing the amount of money that is still being pumped into the economy. shery: they are saying hiking rates and outright tightening would not happen, that is a different story from tapering, which means less stimulus. if we are looking at a centra

we've got jackson hole coming up a little bit later this week.usly, expectations now being tamped down a little bit for what we are going to hear from jay powell. as ever, our daily update on what is happening in the drumbeat towards jackson hole, bloomberg's mike mckee joining us now. let's deal with the data first of all. the housing market is looking pretty testy right now and continues to be relatively strong. but given what else is going on right now, is that going to be something the fed is going to put one side? michael: the fed is going to be talking about the housing market, but probably looking, as you guys were talking about a moment ago, at how the covid rate is increasing and what impact that is going to have on the economy. i want to start with the richmond fed index, not something we normally talk about a lot, but the richmond fed index comes up significantly lower. you see this yellow line go below the red box there. the white line is the new york fed empire index, and the blue line is the philadelphia fed index. these are indexes

the eyes of many investors still on jackson hole. whether or not this is a view that seems to be increasing among some, whether or not jay powell will indeed delay any communication on the timeline for tapering. we are talking about a disconnect between the s&p 500 index. this is what the chart is showing. there is a widening spread between high-yield, investment-grade bonds in the u.s. that spread has been widening. the s&p 500 index, the bond market investors, credit market investors, are they seeing concerns that equity investors are yet to price in? what is that telling us about sustainability. even though that baton has not been handed over to asia. the msci asia pacific is currently at gains of about 1/10 of 1%. some modest gains, up 25 points. in the u.s., following that record gain, virtually flat. the greenback, three days of weakness, so maybe some pressure on emerging markets. you are seeing that crude oil down 0.6%, giving up some of the gains we have seen in the last few days. a contingent of wall street looking to reope

his remarks were part of the jackson hole economic policy symposium hosted by the federal reserve bank of kansas city. this is about 20 minutes. >> hello, i am esther george, president of the federal reserve bank kansas city. each year since 1982, the kansas city fed has been honored to welcome central bankers, policymakers and others to jackson hole, wyoming for our economic always eat symposium. by hosting and -- a virtual conference last year it was our hope we could was in person this week, and that seemed a reasonable plan before local health conditions changed. i regret the inconvenience of this virtual format and i want to express my thanks to our partners at the jackson lake lodge and the others in the jackson hole area for working with us to make preparations and accommodations. we will open the program today with our first speaker, fed chairman jay powell, whose remarks will be broadcast to the public. following that, the remainder of the program, titled macroeconomic policy in an uneven economy, for invited guests. as always, the full agenda and each paper presented will be

you mentioned jackson hole. manus gave us the history behind jackson hole as a risk event. if you look at with the currency volatility is doing, it is the one-month tenor showing more volatility and that captures the next payroll data. i wonder if to you, also given what waller has said about the importance of the job numbers, about which event you think it makes more sense to price this risk around? guest: volatility is stubbornly low. we have seen a lot of volatility around data events. we need to see how this data pans out with the volatility spike. i think we need to see reality to kick in as to when we can move out to the lower volatility regime. right now looking at history it is fairly low. we need the next fed meeting to see a shift. manus:, i am just wondering slightly left field, but i was outside the ecb a few weeks ago and a lot of people were saying it is the same old wine served in different bottles, which i think was a bit disingenuous in terms of the guidance. he has clarified what he means over the weekend. the p, in the ppp, the p stands for pandemic, not

plus, bond traders are bracing for jackson hole. tells us how she is positioning for the event. this is bloomberg. ♪ haidi: welcome to daybreak asia. sophie: we are counting down to asia's major market open. shery: our top stories this hour. asian stocks set to track u.s. gains, strong earnings, commodity rally boost confidence. president biden's

so all eyes and ears for jackson hole >> ryan, how do you expect powell to approach this topic of the taper? >> i think we need to get some indication of the tapering and also we have this huge human infrastructure package that may get passed on capitol hill i expect the fed will hold off on any real indications until we know how much stimulus will be pumped in. when we know more of the physical situation, we'll know more on the monetary at the end of the day it's coming whether it's next month or next year, at some point we'll see tapering and the fed start to raise interest rates and the bottom line the economy is starting to rock once the delta variant starts to subside a little bit and we see the reopening with schools back in september and see the unemployment benefits come off and a lot of people back in the workforce. accounting is going to run hot >> if the economy is running hot, john. consumer prices on the rise with the exception of last month. >> right now we continue to like information technology, consumer discretionary financials within those spaces we're looking for gr

the caveat it was lighter volume is the normal given we are headed towards jackson hole. financials and energy led the gains, not surprising we saw the 10 year yield rising to that two week high. not to mention the wti rose given stronger equities. u.s. crude stockpiles dropping to the lowest since january 2020, although in the asian session we are seeing pressure. chinese adr's also gained ground for the fourth consecutive session. it was in the negative for most of the session but it did manage to gain ground. of course the tea topic today was another record high for the s&p 500. we are talking about the 50th record close this year, the most new highs that we have in the past was since 2017. take a look at the risks ahead. we saw in july the first decline in borrowing to buy u.s. stocks since the boom market began last year. this dropped and margin debt. america said it is potentially bearish to share price. this beautiful chart illustrating how the s&p 500 performance closely mirrors peak margin debt. and of course another risk when it comes to the markets could be tha

you got the railroad tracks and then right there is jackson square. not far from here, all the iconic places that people come to -- from all over the world, just to experience this city. now, this storm has rapidly intensified. we've been talking a lot about that, wolf. and you can feel the difference. yesterday morning about 80 miles per hour. today the wind speeds up to 145, 150 miles per hour. that happened in just a short amount of time. a lot of people here thought they would have time to evacuate. they thought they would be able to somehow get out of town before ida showed up. and that did not happen. so if anyone is on the roads right now, they're trying to find a plan b or c, because of how quickly ida is showing up and showing us her fury. wolf? >> all right. nadia, be careful over there in new orleans. we'll get back to you as well. i want to check in with our meteorologist, jennifer gray right now. jennifer, 150 miles per hour winds. nearly a category 5 strength. atlanta is a category 4 almost a category 5. is the storm showing any signs at

as investors await jay powell's speech at the jackson hole symposium. rishaad: and australian retailer wesfarmers reporting bumper earnings. we will speak to their manager about the windfall for shareholders. haslinda: investors are waiting to see some kind of signal, wherein the tapering might happen. we have fed officials divided on when that should be. the msci asia pacific index is up, getting a lift from asia tech, currently up one point 3% and reversing the losses set for the best week. the bloomberg dollar index is steady. yields rising. the attacks in kabul prompting joe biden to say we will hunt them down. investors perhaps waiting to see signals from the fed moving forward. rishaad: let's look at what is going on with the banks. the open for thai stocks. the currency having its longest weekly gain since november. looking like it is going to be flat at the start of the session. indian equities, in terms of their ranked returns, they are the best among emerging markets. year-on-year, looking at a 40 5% uplift in the past 12 months and 19% on the

p lisa: good morning, countdown to a virtual jackson hole. tom keene, lisa abramowicz, jonathan ferro. johner if row off today. taylor riggs in on this day of a deepening consensus that every dip will be a buying opportunity. tom, we see a turn in markets yet the upgrades continue to come out as people expect stocks to continue to do well regardless of what happens. tom: a lot of people publishing. earning sheets coming up in moments. lisa, moments ago steven with a blistering note from standard charter, the great looks for a dollar negative. he said this is a fed. can't be aggressive. they can't be hawkish. he sees the first estimate for nonfarm payrolls september 3 and says it ain't happening. lisa: how much is countdown to jackson hole will be count done to the payroll report. as people look at the data. tom: exactly. better said than ferro could do it. lisa: i don't know about that. he's off meditating. we'll have his take when we come back. taylor, honestly we were talking about meme stocks, but how much this indicates the peripheral des

tom: he's going to be watching the desert city ramblers in jackson hole.eally what he's going to be doing. jonathan: mike is just looking for an excuse to still actually go. [laughter] michael: we were talking about that after the news conference. powell said, it is not going to be very interesting. we were saying, don't tell our boss. jonathan: making the decision on base ring -- on tapering based on different things. when i hear the likes of kaplan and bullard talk about tapering, i hear them talk about the context the decision was made in 12 months ago, which was an emergency, a crisis, the threat of a depression. now i hear them say we don't need that anymore. i hear others talk about the data are let's wait and see how the job regresses. are we having two different conversations here? after a conversation with mohamed el-erian and jim be onto -- and jim be uncle -- jim be uncle -- jim bianco, they are wondering if this is just inconsistency within the fed on key arguments. michael: the real difference is the folks arguing to leave the accommodation in

taylor: this brings up what we heard from jackson hole, we have heard this from here -- from airlinesedia and other booking websites, that people are waiting to book until the last minute because they're getting canceled. planning is getting shorter and shorter. how does that affect your operations when people are not looking things only until a few days before. does that change the way you have to plan? james: no, actually. that is very interesting. in our study, we find people normally purchase tickets 24-48 hours in advance. we found it that way pre-covid. like i said, "hamilton" has had a gigantic advance for quite a long time out, and other shows are doing quite well -- "wicked ," "lion king," they are tracking excellent. caroline: i am curious. romaine: after you, we will talk to someone from the music guild. i am curious about the performers themselves. they have not been working at the same capacity they would have pre-pandemic. with regards to their response to coming back to their workplace effectively, the stage, what their general response has been, have you heard any feed

is that related to jackson hole? how do you view something like this today? it is important to remember bonds are selling off from low levels in terms of the yield. i would not react strongly to this because let's not forget a few months ago, when covid looked pretty good in the sense vaccines were being rolled out quite aggressively, we were at 1.75% on the 10 year. where we are now does not concern me that much. francine: what concerns you? how much stronger is dollar going to be and how does that change market? aditya: it is not just the dollar. there are offsetting effects. on the one hand when risk assets are performing very well, the dollar is a safe haven currency. on the other hand, if the u.s. outperforms, than the dollar gets a lot stronger. in terms of the u.s. economy itself, the third quarter is looking soft because of the data which we can talk more about, but looking farther ahead there is a pretty strong case to be made for u.s. outperformance, especially if you think about -- alix: true, but it does seem like the rhetoric is we are at peak gr

but jackson hole -- >> nothing wrong with kansas city city is good but jackson's better >> yes well depends president james bullard will join us and reaction to all this morning's fed talk, from blackrock's rick rieder, what are their policies on vaccine mandates. here are the futures right now as you can see, they're up 47. we're coming right back. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. and there you have it- whose resumes on indeed match youwoah. criteria. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has

in jackson, around jackson, there are literally bears. you're not one of them, quite clearly. there's nothing in this report that would derail your essential thesis, which is that technology and technology companies that are going to improve productivity and increase margins are going to lead the way in the market. correct? >> look, i know we all spend a lot of time on the macro, we spend a lot of time on the fed policy, fiscal policy. but you know, there is an economy out there that's run by business people, by workers, and the reality is one of the major trend in our economy right now is a shortage of labor we're running out of workers before the pandemic. unemployment got to 3.5% in january and february of last year coming out of the pandemic, everybody is suddenly shocked that there's another labor shortage of course, some of these are pandemic-related issues that have kept workers from going back to work but the labor force just isn't growing. it's growing 0.5%. i think companies are starting to realize that workers are skars. you have to hug them, you have to hold them,

jackson hole taking place later on this week.ou can get up-to-date analysis on commodities and other assets from the mliv team on your terminal. coming up, afghanistan's economy is looming at $20 billion in size. the nation may be sitting on more than a trillion dollars worth of lithium, a key ingredient for the green revolution. plaintiff say on who will have the asset rice -- rights to invest in afghanistan minerals. we talk about that at 8:30 london time. two months after leaving wall street, goldman sachs is getting more cautious. we get the details later. the cio of one of the biggest u.s. pension funds says that he is starting to get nervous about the equity market. we discussed that with randeep somel. send questions to us. this is bloomberg. ♪ ♪ >> i think this market is priced to perfection. if i look outside the window, life is not perfection. my team started getting a little nervous about the equity market in the last couple weeks. it doesn't mean we will be underway. we certainly won't be ever -- underweight going int

louis fed president jim bullard speaking of the jackson hole symposium., i am getting a lot of economist notes, they are looking at the taper announcement in november, not looking for a rate hike until the end of 2023. a lot of pressure next week on that jobs number. francine: it does put a lot of pressure on the jobs number. it is interesting jay powell was maybe a glass half-empty on the labor market compared to some of the hawkish comments we have from other fed officials. it was clear to point out employment is now 6 billion below february 2020 levels. he did not paint a picture that was there some a jobs opening and we cannot fill them. i feel like there's a lot more caution and much more will depend on the jobs number. alix: a lot of strategist say we are waiting for the fed. it seems like the fed has been clear. i wonder what the catalyst will actually be, particularly if they will not be selling any assets, they will just be running off, reinvesting them, which is different from actively selling which is different from hiking. i wonder where the v

>> yeah. >> what kind of food >> all sorts really the mecca. >> jackson heights over jackson hole. >>ain street versus whatever they do out there virtually or whatever. >> yeah, they're not even there. >> jackson hole is one of the poster children for wealth and equality in this country it's sort of poetic that they hold the symposium. >> and by the way, has only gone up dramatically since because so many people have bought second homes and/or primary residences because they feel like they can work remotely full-time. >> come the revolution, it's going to be a bad place? >> it is a beautiful place >> you think that's beautiful, the toughest man in business is frank slootman from snowflake, the flying dutchman. he once did pretty much call me an idiot for not understanding his business model i studied it for like fives hours. >> he called me one too. >> frank said something to me last night that was extraordinary. he's moved to bozeman. he said the productivity -- pretty funny the productivity now is so great. why? because you can make people work sen days it's not a problem they can w

jackson hole symposium comes at the end of the month.et's get to the global market strategist of jp morgan asset management. great to have you with us this morning. you see this, it's the most triumphant u.s. equity market up 100%, storming ahead, europe is in the catch up lane, outperforming europe, outperforming asia and e.m.. does u.s. exceptionalism and triumphal to lose him endure? >> that is something which of the start of the year we did not necessarily expect. we felt the market would give a better time to shine with the u.s. remaining central. behind the record that you just mentioned is quite striking in how quiet the market has been. we have not seen such a quiet market for years. very below volatility with movement. a lot of optimism. and exceptionalism. but the u.s. is prized for perfection. we have seen this perfection among others in the earnings season. filipe: in response to that -- dani: in response to that, i would take you to the chart that manus loves this morning, the v vix rising of volatility versus the vix itself

jackson hole coming up on friday.omberg surveillance will bring it to you when that powell brings that speech. we will see you next friday at 1:00 new york time. this is bloomberg real yield. 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 thi

let's continue with the major of jackson, mississippi. mayor, good evening. welcome. >> good evening and thank you for having me. >> how are things in jackson right now? how are you all doing? >> presently things are calm, but we are bracing for the worst. we are having our public works crews go out along with our fire and police department in order to prepare for the impending storm. >> talk about what you have had to deal with not only with getting ready with the storm, but also covid. that's an ongoing concern as you know in the southeast and that's got to compound what already stands to be a very difficult emergency situation. >> yes, you make a very poignant point considering the fact that our hospitalization rate already stretched beyond its capacity, so that intensifies our concerns at this moment. in addition to having concerns related to our hospitalization rate, like all the impacted communities, we are concerned with our infrastructure, wanting to make sure it holds up with the storm coming our way. we are fearful of the other communities, not only

the jackson hole conference and jay powell's speech, infamous speech.phil said the spread of delta variant stopping any taper talk on friday. i think many economists in the financial media have chosen largely to ignore. remember the title of this quote, macroeconomic policy in an uneven economy. joining me the host of "kudlow", larry kudlow. larry, before jerome powell addresses press he and with this one sentence. we understand our actions affect communities and businesses across the country. everything we do is in service of the public mission. we at the fed will do everything to support the economy for as long as it takes to complete the recovery. the key word in my mom, is complete. i think the fed has new defacto mission, full employment, that will make inflation run superhot. i think we'll go places we've never been before with this woke social justice jay powell, what do you think? >> i like that woke, social justice jay powell. that is a good line. the stuff reading from the prior speeches that is jay powell's re-election speech, absolutely righ

haidi: what are you expecting from jackson hole?s it a goldilocks expectation, is there a risk the fed could be behind the curve? guest: that is the fear. there are signs inflation is in the u.s. and elsewhere, they have to deal with supply chains. the question in the u.s. is whether or not labor will come back into the workforce after the $300 extra per week. that starts september 2 i think. whether people return to the workforce, at that point, kids go back to school. wages are a big part of overall inflation in the u.s., that is where the sticking point i think will be. right now, we have supply chain issues, not just because of covid, but also there are not enough workers. it's harder to get things done. shery: we really appreciate your time, we love having you on. plenty more to come on daybreak: asia. this is bloomberg. ♪ shery: here is a quick check of the latest headlines. citigroup is considering letting its biggest clients trade in bitcoin futures, sources tell us the bank is waiting for regulatory approval. in a statement

we're waiting for jackson hole anticipate what j. powell will say.inent, too political and too powerful joining us now is judy shelton former nominee to the federal reserve. judy, you got a pretty good prediction about what powell will say on friday, and basically nothing. >> well, i think he's going to be appropriately vague and perfectly noncommittal we'll hear a lot of same phrases we've been hearing for months about the fed using all of its tools to support the economy he'll say that at the fed they are seeing progress but he won't say whether that meets the fed's definition of substantial further progress so, overall, i think he'll hit all the bases. i think he'll not completely satisfy but mullify listeners on capitol hill and in the white house. >> that sounds pretty good doesn't matter anyway. that's where you would say it absolutely matters and this is no way to run a country or run the fed. >> right i think it matters entirely too much to have markets be so substantially moved by the utterances of a handful of officials at the federal reser