to what degree, how does the consensus under jay powell compare? powell doing a good job relative to predecessors of keeping a fair amount of consensus and singler opinion of this wide-ranging review? >> i get the impression he is. the most interesting question that is still unresolved is if you are going to have an average inflation targeting regime, over what time span are you going to have that target echo they have not said anything about that. there are two reasons. one is they want to see how the data pans out the second is there may not be clarity among the members. they may not all agree. they are trying to coalesce around a specific data point before they actually come out. we read a crucial moment where we have almost maximum certainty because we are getting into this full reopening. they want to save their dry powder in terms of being very specific about what that timeframe is. caroline: the 579 billion-dollar infrastructure deal took the market by surprise how quickly they seemed to strike a deal. do think the federal reserve has been f

. >> my point is jay powell was printing money before the pandemic. not only has he overshot, he overshot by a mile. i looked, i live here in lake mary, florida, everybody is working. there is traffic. the airports are two million people a day now. we're out of it and this guy is going to still print 4 billion a day, 80 billion a month. by the way not to mention his counterpart at the european central bank doing the same. and again, by the way, what about aunt mary and uncle bob who want a little money on their riskless income investments who get zero because of this? again i'm just worried he distorted all price and all assets. i hope i'm wrong. i'm pretty sure i'm darn right. i think we're getting closer and, man, oh, man i hope somebody has asked some darn good questions today. that is all i can tell you. charles: here is the thing, nancy, whenever there is a big event like this big news, whatever. we see headlines, i'm always wondering what are we missing? is there something we're not talking about, particularly comes to the fed, vis-a-vis the mar

jay powell revealing the central bank now sexpects to raise rates but not until 2023 that is not next year, but a year and a half. that is sooner than projected. powell also giving no indication when the fed will begin to scale back the aggressive government bond buying program. that is the so-called taper you hear so much about remember, the fed has already begun to taper its corporate bond buying program. there is a taper under way it is the government bonds that matter to the market speaking of bonds? after a spike in yields yesterday, yields are back down again. benchmark 10-year was higher than a couple days ago still under 1.6% really it hasn't moved in four months let's get a check on the overseas stock markets following the fed meeting, a mixed picture in asia. nikkei down under 1% the european markets are open. they are down, but very, very frac frac fractionally in their trading. >>> and your money and the markets. that is not all that is happening this morning new optimism around the possibility of a bipartisan infrastructure bill. here with that and other headlines this mo

jay powell is set to speak before a house subcommittee. chairman powell says inflation has picked up but should move back towards the 2% target. with pandemic restrictions being lifted across the country, companies are taking different restrictions -- different steps. companies like goldman sachs are requiring all vaccinated employees to be back at their desks this fall wears apple and others are preparing a hybrid work from home strategy. data centers temporarily close giving workers a much needed break from covid-19 burnout. global news, 24 hours a day on air, on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is a bloomberg. it >> -- >> i am mark miller. new yorkers head to the polls. we will discuss what the election means for the big apple's real estate market. plus we speak to the ceo of one of the world's largest institutional investors for their outlook on inflation and the markets. and we will discuss the outlook for specs as play studios go public via a

let's start with jay powell's testimony. what is his main argument. >> you can't go to restaurants, can't go to a hotel. the u.s. economy is opening up rapidly. all prices are rising. here's what jay powell said. >> look at the categories where these prices are going up. it tends to be areas directly affected by the reopening. it will then be over. should not leave much of a mark on the ongoing inflation process. >> apple also said the reopening impact on nation has been bigger than expected, and maybe will be more persistent. 5% in the first five months of the year, how long do you consider inflation transitory? we are watching the numbers, we see the inflation risks. we are not doing anything with tools until we see actual evidence that we need to. yvonne: it seems like john williams seems to echo what we heard. >> john williams is number three at the fed. the vice chair did not speak today, but you have to the big voices. it is very clear. as farsi is concerned, that rate hike is out. >> the key issue is when does the eco

ultimately how jay powell responds to q&a is going to be pretty simple. i think the walkback is the way to go and i think new york fed's williams has summed it up best rate left in the future not to mention quaint at a timive easing. >> stocks continue to hold steady as wall street waits to hear what fed chair powell has to say when he testifies today on pandemic emergency lending. our next guest expects the fed to continue to emphasize the need for accommodation while preparing the market for asset purchases later this year. russ costrich is with blackrock. always good to have you with us. let's talk first about inflation and what you are seeing, what you expect to see for the rest of this year, and what you expect chair powell to say about it >> thanks, tyler what does transitory mean? transitory to our thinking is not that we'll have one or two bad months and then inflation will normalize it's no longer just about the base effects it's about supply constraints in numerous markets, whether you're talking about semiconductors, furnish, we have seen it al

>> reporter: brian, jay powell will stick to his script calling the increase in inflation over the pastg it still appears to be transitory. powell will say that the comments are from his written testimony ahead of the hearing before the house coronavirus committee. he will say the jump in inflation is due to base effects and increases in oil prices and rebound in consumer spending and bottlenecks in supply chain. as the transitory supply effects abate, inflation is expected to drop back toward the longer-run goal that is pce inflation to be back at 2% next year. powell's testimony does not mention the liftoff in the same projections and doesn't mention rate hikes at all. he does warn about the slowing pace of vaccinations and points to new strains of the virus as the economic risk. the hearing will also focus on the fed's emergency lending facilities during the pandemic powell said the fed unlocked $2 trillion for businesses and non-profit is and state and loc businesses that prevented businesses from closing and workers from losing their jobs powell reiterated the fed is committed to s

charles: right. >> so i'm not really worried about what jay powell said yesterday.ot of it, quite honestly, was expected. in the broader talk out there, the consensus has been to expect that the jackson hole, the august jackson hole boondoggle is going to be where he gets a little bit more definitive. and i think the that's the news he gave us yesterday, right? they're no longer hinting about thinking about talking about it, he said, look, we're talking about talking about it. so we're into that next stage. i think investors are going to have to reprice some of the risk. i don't think it's a panic event at all. but i do think it's going to create some opportunities for both the long-term investor as well as the short-term trader. because the volatility is going to pacify the short-term trading types that want to jump in and jump out where the pullback in some of of the value names or the russell names are going to provide opportunity for the longer term investor because i still think at the end of the year we're going to have the an s&p closer to 4400 than not. char

the buyers and sellers have spoken they think jay powell means business but not anytime soon. and the hyper inflation is off the table where it should have been all along i wish we had time for calls we do. let's go to max in california. max. >> hey, jim, how you doing >> max, i'm in good shape. the chill man is good. what's up? >> good to hear. i'm curious on what you think of draftkings. >> okay. remember, i do have a contractual relationship with draftkings, i thought gt report was off because if there's one division not doing well, if they closed it tomorrow, this stock would soar they have won things they have won that game. listen, okay, this market is spoken, and it's saying inflation has peaked and we should stop worrying about it. we're seeing the industrial sellers jump a chip, moving into tech like adobe, convinced that powell is getting tough. we're going to build a portfolio that can withstand any market environment, the summer patio season heating up, i'm sitting down to find out if an investment in the stock could do the trick, and the best chemical company you

jay powell holds the line on inflation.g any talk of tightening is still a way off. and the take of ivan glasenberg. plus, hong kong starts a new trial under his new national security law, raising questions about the city's independence and its future. anise, good morning to you. i have to say, whenever i come in -- manus, good morning. one of the ways i gauge is what is gaunt -- gauge what is going on is the plethora of notes i get. we are talking about it coin. what a wild ride went on yesterday, falling 10%, gaining 10%. it's the fifth time it has happened this year. it is not unusual to see that kind of volatility. manus: it is gut wrenching, and it's whether you've got the wherewithal to stomach it, scott minerd says it could trade down $20,000 but there is a longer-term story. he said i still prefer bitcoin to gold. of course these people are talking their book, and it's fair enough, everybody's got a book to talk. i've been obsessed with jeremy grantham at the moment. he says it coin is an asset with the nasdaq bubbl

jay powell's press conference a half an hour later.or more, let's bring in bloomberg's economic policy correspondent, michael mckee. what is the main thing you will be watching for today before the dot plot comes out? michael: the dot plot will be the first thing on people's minds. you also will want to have a shot glass ready. calmly times those jay powell say transitory talking about inflation. the dot plot right now forecast no rate increase until at least 20 24. there are 18 members and only seven saw a rate increase in 2023. if three dots move up, then the fed is weighing rates move earlier them a most of the markets had anticipated. the other question is about inflation. transitory has been the feds where. -- the fed's word. they are respecting their economic survey, 2.4% inflation for the year. they may have some explaining to do, as they say in the business. matt: on the blog, "markets are coiled like a snake." the risks have been called asymmetric because no one expects them to get more dovish. the only thing they can do is st

jay powell holding his news conference just after 2:00 p.m. eastern. we debate where the markets will head following the fed we will welcome jeffy siegel in just a moment. we are keeping our eye on geneva as well. where the meeting between president biden and the russian president wrapped after about three and a half hours we are expecting to hear from the president. we will go there live. joining me, jenny harrington, and joe terranova is here. steve weiss as well. let's check stocks it has been a wait and see mode. we see it in the indices, custom are virtually flat dow and the s&p, there is the nasdaq touching positive ten-year not expecting much given the fact it is sitting at 1.48 banks, lower oil, two and a half-year high. david teppers made some interesting comments today at conference saying he is long oil stocks pointing to occidental petroleum as one that stock was on the move we will get into much of that coming up in a second. there is oxy getting a lift, no doubt on the hedge fund manager david tepper's comments. we are not expecting much

joining us to talk about the issues of jay powell is jim. do something. has been calling on them to do something for a very long time were youyou apiesed by the actis you saw? >> no. these are very low rates and very high valuations dangling on the threat of the low rates. it is all very important i think what the fed, in effect, said is going to give inflation a nice running start it won't catch up at length. that is a strategy that failed in 1960. i'm not sure it gets here today. >> jim, you have been calling for this what the fed has been doing for a long time. you have been saying this is going to be the road to ruin with high inflation. it hasn't happened yet why do you think that is >> i'm not sure incredibly high inflation, becky the inflation in the '70s that people refer to when they are talking about the risks ahead of us that started in the 1960s and chesney martin was the strongest historical in opposition of when the fed was rising of less than 1% for half a year he gave a running start. he didn't mean to. by 1967 or so, when th

jay powell and company meeting today.ta on what to expected the big question for the fed and the markets. is inflation here to stay? jamie dimon says yes >>> president biden preparing to face-off with russia's vladimir putin. leading the eu counterparts this morning. we take you there live it is tuesday, june 15th, 2021 "squawk box" begins right now.

but at the end of the day, i don't think jay powell overreacted.ay powell was very clear that we expect it to be transitory and there are long-term -- and their long-term growth outlook, the long-term expectation for growth is still 1.8%, so there continue to be structural headwinds. that is on debate counter defining reality relative to the exceptional strength that they see now. guy: can we open the aperture a little bit and talk about other central banks and what this means? my good friend and colleague paul gordon spoke to philip lane, the chief economist at the ecb earlier on, talking about the possibility of a september taper. he poured a lot of cold water on that. we are not necessarily going to have every piece of hard data you want to have going into the september meeting. basically saying, we are not going to be there at that point. let's talk about how the fed is going to impact other central banks. how do you think the ecb is going to be taking about what just happened in washington? do you think the ecb can stick to its own trajectory?

. >> we got his prepared remarks from jay powell. one of the most important things he said was inflation has increased notably in recent months however, it will ease as the transitory supply effects, the transitory effects start to diminish. what kind of questions will he get on that tomorrow? john williams, part of the fed transfer -- triumpherate said that the economy is way off in achieving substantial progress. yes, we see pressures but we need to get jobs done as well before we even think about moving. all of the things we have heard for so long. maybe that is an indication of the things that jay powell said tomorrow. >> global economics policy editor kathleen hays, you can also turn to your googler -- bloomberg for more on jay powell's testimony. vonnie, you have headlines. vonnie: this is what we are hearing from the bloomberg scoop. three large chinese banks have decided not to roll over maturing loans as of june of 2020 having combined ¥46 billion. decisions were made before those bonds began tumbling at the end of may and t

the final question, can jay powell say he is not even thinking about tapering? is not just about inflation, it is about these markets. is it time to start pulling some of that out? bloomberg economics says the latest jobs report are on the weak side. there are still seven or 8 million people unemployed. that will keep jay powell from signaling that we are starting to think about it or starting to talk about it. it is a big question. it could be exciting for the markets. >> kathleen hays a bloomberg economics. don't miss our special coverage of the early thursday morning here in asia. 1:30 p.m. in europe -- in new york. the markets are looking for some kind of hawkish turn. what kind of indicators are you looking for that could push yields higher? >> one reason they may feel comfortable in being a bit more hawkish is the fact that the financial conditions are really loose in the united states. simon flint was writing about this. that might give them a little bit of comfort. even if they were to sound a bit more hawkish, there is so much slack in these conditions.

we will hear from jay powell today. it sounded like he was just speaking rationally. >> what do you expect us to do >> exactly it didn't sound like anything you couldn't pick up when you watched the dots on wednesday with the fed's meeting it didn't seem like he was saying anything revolutionary. the market did take it in a weird way. >> when somebody like jim bullard speaks, there is a view. i don't know if it is true or not, but it is orchestrated. it's a cartel that they talk to each other powell says i'll do my press conference this day and jim, you are doing tv later in the week let's talk before you do that and they are all trying to send messages was he trying to send a message or just talking the way he feels honestly >> it sounded like he was speaking honestly. who knows? we get the chance to hear from powell today when he goes before congress to talk about the issues we will hear how he wants to lay this out do they think it is too much of a reaction on friday or do they double down and say this is where we're

it will have to be fed chair jay powell that changes it.onathan: on this be 500, equity futures drifting higher. we advanced zero point -- on the s&p 500, equity futures drifting higher. we advanced 0.5%. euro-dollar, $1.1941. basically unchanged at the 10 year at 1.4868 sent. -- 1.48 68 percent. unchanged after the surprise of the last week. taylor: this is telling because the fact that you have -- lisa: this is telling because the fact that you have all of these fed officials saying inflationary pressures could be significant, that that you are not getting moves today is significant. the bank of england coming out and saying the t word, transitory, when it comes to inflationary pressures. if we had such a robust recovery , such a tight labor market, why is it that we are still getting nearly 400,000 americans filing for unemployment benefits each week? today we are expecting less than 400,000 for the first time since the peak of the pandemic. however, still a high of 380,000. the question i have is how much progress is being made. how can

liz: oh, boy, charles, breaking news, the markets have just now found the floor as jay powell strenuously pushes out the message that the focus is not rate increases but rather, asset purchases, which will remain in place and that there will be a highly accommodative stance for the federal reserve. this is an extraordinarily important meeting. we're going to go right back to washington d.c. to listen to what will be key comments from the federal reserve chair. let's go back to the presser. >> asset purchases are taking too many safe assets out of the market right now, and creating maybe some dislocations in the money-markets. >> so on the facility, we think it's doing its job. we think it's doing the reverse facility is doing what it's supposed to do, which is to provide a floor under money-market rates, and keep the federal funds rate well within its range, so we're not concerned with it. you have an unusual situation where the treasury general account is shrinking and bill supply is shrinking and so there's downward pressure. we're buying assets there's downward pressure on short-term r

. >>> and fed chairman jay powell heading to the hill with his latest on the economy. we will preview that testimony. >>> and american airlines is scrapping flights over the next few weeks. we will tell you why a busy hour still ahead when "worldwide exchange" returns of al charge on their credit card? you do. round the clock fraud protection. one of the many things you can expect when you're with amex. wait, this isn't your bed... how'd you get here? ah yes...groceries. earn points now to use on travel later. one of the many things you could expect when you're with amex. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. >>> welcome back bitcoin and crypto

the one big thing is the long, hot summer for fed chair jay powell.ng with inflation. is it temporary? is it going to be long-term? and the other one is starting, and that is, what's president biden going to do for his next fed pick? jay powell is up in february, but traditionally the decision is made around labor day. that's what democrats close to the white house expect. and what you're seeing on capitol hill is these two debates overlaying each other. and you're starting to see republican senators say, look, we need to know where jay powell is on inflation, before we give him our affirmation. we think there's going to be some crossover. remember, jay powell is a republican. he was a former treasury official. he was appointed president trump. he, of course, battled with president trump on the independence of the fed, where the president was constantly badgering him to cut interest rates or keep interest rates low. it's going to be interesting to see which democrats come to jay powell's support and how this all plays, takes place in the context of th

jay powell says the jump in prices is

brad, let me kick it off with you, what did you hear from jay powell yesterday? >> i heard jay powell saying we will stay the course and focus on unemployment inflation will go away. he's been saying extrahe said so far and doubled down again and i think the markets like it. maria: do you believe that inflation is temporary, would you want to put new money to stocks right here? >> i do and i do. i will say that for a couple of reasons, maria, first of all, when you look at highest frequency data, when you look at lumber and copper, they are rolling over. we are seeing this happen. when you look at jobs, yes, there's a mix match but you have millions of people who were out of the labor force looking for a job again. the problems are solving themselves and it'll take a little time. maria: i see, so where are the areas that you want to be invested here? do you expect that we will see the momentum continue with big tech and some of those leadership groups that really led this market through the pandemic or do you want to go now on valium? >> i think growth has some l

we are all waiting on jay powell to testify before lawmakers lauter today.oing into it, dow industrials down 30 points, the s&p down 5.25, and the nasdaq lower by 24.5. investors will be closely watching powell's comments on inflation expect economic recovery. yesterday all three indices ending at highs, the dow finishing almost 600 at the close, and the s&p 500 higher by 58. global markets this morning are slipping, european stocks right now mixed. take a look, inflation fears tightening monetary policies impacting the markets. fractional move, the dax index lower by 39. in asia overnight, let's take a look as the markets look mixed this morning. as you can see, the korean -- the japanese market was the best performer. nikkei average up with better than 3% on that big rally on wall street. "mornings with maria" is live right now. ♪ ♪ ♪ maria: now some of the top stories that or we are watching this morning, president biden meeting with lawmakers once again this week as he tries to strike a deal on infrastructure. a bipartisan group of 21 senators are pushin

but i'm not surprised also to hear the language of fed chair jay powell.hey are committing at going at this gradually. the real unemployment rate is still elevated. the bond market is not signaling substantial inflation, so this is going to be a gradual process. to me it is still the early stages of the cycle and a good backdrop for risk assets. tom: a good backdrop for risk assets, but does domestic go -- does invesco have to shift domestic? brian: i think you will have two stories going on. one will be a slowdown in the u.s. economy as we start to move into 2022, and that gets back to favoring technology companies and true growth businesses, and the u.s. does quite well at that. what you are also going to see is more of a recovery start to emerge in the emerging markets part. when you think about the time to buy the united states, it was when things were darkest, and that was of course last march. so similarly in the emerging economies, we are awaiting a better, more sustained vaccine rollout and improvement in the economic activity. so i don't think it

stocks climbing after fed chair jay powell raised rates once again. saying that inflation pressures are transitory. the dollar was on the downside. powell continuing to say that currency actually coming down over the past few days, rallying. we will be digging into currencies today, traditional and new. bitcoin taking investors on this wild ride, dropping below 30,000, before making a full comeback back, turning positive. before we go to that volatility, we start with powell. he still thinks that king dollar will be a reserve currency of choice. joe: still not going anywhere for fed chair jay powell. he testified before congress earlier today. take a listen to what he had to say. >> we will not raise interest rates preemptively because we think employment is too high, because we fear the possible onset of inflation. instead, we will wait for actual evidence of inflation or other imbalances. a pretty substantial part or perhaps all of the overshoot of inflation comes from categories that are directly affected by the reopening of the economy. i will say

i mean, that's why on tuesday, well, we got to pay close attention to jay powell. if he wants to take the bullets out of the blunder blust, he can. h his comments are too useful. consider powell and bullard good cop and bad cop but i can tell you in real life both of these guys are good guys if powell doesn't defang bullard's comments and the market falls, that's the time to do selective buying in higher growth stocks like adobe or amd or amazon, which is about to have prime day which is really a two-day shopping ex tspree that happens on monday. i saved $16 on saturday. it's time to return to reality with two earnings report, winnie and k.b. homes we know the industry is on fire but hasn't mattered to the stocks at all. four industries are basically sold out of motor homes for the year, and yet, when reports it go no lift whatsoever, maybe if they tell a good story, thor can move, too. many think of it as a pandemic way because they are a cleaner, safer way to take a vacation maybe the stock goes down. k.b. homes confirms everything that leonard said yesterday morn

before the house tomorrow details from the testimony released in the last half-hour hi, ylan >> jay powell characterized the increase in inflation as notable but emphasized it appears to be transitory those comments are from the written testimony before the house coronavirus committee and said the jump in inflation was due to base effects, past increases in oil prices, a rebound in consumer spending and supply chain bottlenecks and made no mention of when the fed may hike rates, but he repeated the fed's commitment to supporting the economy until the recovery is complete he also warned about the slowing pace of vaccinations and pointed to new strains of the virus as a potential economic risk. tomorrow's hearing will focus on the fed's lending during the pandemic unlocking $2 trillion of funding for businesses, nonprofits and state and local governments and argued that helped to prevent businesses from closing and workers from losing their jobs. however, i can tell you republicans like the committee's ranking member do intend to confront powell over inflation and turned it into an economic

this has to do with what jay powell said. take a listen. >> the federal open market committee capped interest rates near zero and maintain our asset purchases. the housing sector is strong at business investment is at a solid pace. shift and demand can be large and rapid, and bottlenecks, hiring difficult these and other constraints could limit how quickly supply can adjust. that raises the possibility inflation could be higher and more persistent than we expected. we will be looking at a strong labor market. it is not a time to reach hard conclusions about the labor market. it is about inflation and the path of policy. we need to see more data and be a little patient. manus: annmarie: joining us now is eric lonergan, co-portfolio manager, m&g. what was the most hawkish surprise, the tilt of dot plots for when we could see rate rises. where does this leave your outlook on the fed? manus: this is one of those moments -- i think he has gone to get the guitar. annmarie: i hope so. i think he heard you singing, and thought he cou

jay powell says the jump in prices is tied to the economic reopening. the wild ride for bitcoin continues, bouncing back after tumbling below the 30,000 threshold. plus, morgan stanley tells staff they must be vaccinated against covid-19 to enter its new york offices as wall street find tunes its return to work policies. haidi: let's take a look at how we are setting up when it comes to the asian trading day. we will give it over to sophie kamaruddin in hong kong. sophie: a study start for asian stocks after the regional index capped the best session in a month on tuesday on that typical bounce back and early in the asian session, u.s. the minis think steady as well. nasdaq futures extending gains after that benchmark hit a fresh, all-time high. switching out the boards, focusing on commodities with the inflation trade debate going on, wti holding below $72 but on the front foot this morning. $1500 oil on travel demand. gold holding losses as we saw the fed double down on the transitory inflation message. we saw a muted reaction in treasuries with some

scott gottlieb say jay powell is too pessimistic when it comes the covid.to see low prevalence this summer, perhaps outbreaks in areas of low vaccination, and risks of new delta variants in the fall there he goes, in answer to jay powell. >> and went on to say he does think vaccination rates will go up significantly awe approach the fall and he did say he thinks powell is too bear ish on the bouncebac from the coronavirus. >> there has to be a question out there whether the fed is risking a policy mistake there are people like muhammad el-erian, larry summer, who think inflation is not a transitory issue right now that think the fed should be more on top of this. >> look, i think people who talk about the fed pessimistically for a living i don't have a problem with that i do some things that maybe people would feel the same way about. but that's just a fact i also think a lot of the people screaming about inflation now being structural, were screaming disinflation or deflation three or four years ago. take a lot of that stuff with a grain of salt. i think t

jay powell and company meeting today. we have survey data on what to expected the big question for the fed and the markets. is inflation here to stay? jamie dimon says yes >>> president biden preparing to face-off with russia's vladimir putin. leading the eu counterparts this morning. we take you there live it is tuesday, june 15th, 2021 "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc i'm becky quick with andrew ross sorkin joe is out today andrew is reporting from brooklyn andrew, i guess it is not because you get an early seat for the game against the bucks >> that would be a good idea we are here, becky, because it is game five tied 2-2 we have a big interview in the 8:00 hour this morning with the owner of the brooklyn nets joe tsai co- founder and executive chairman of alibaba. we will talk sports, media, basketball and social justice in america and so much more we are here at the barclays center, as you can see, behind me 15,000 people will be here this evening. this is effective

i think that jay powell is doing a phenomenal job if we use our two ears to actually hear what they're saying and watch what they're doing, you will be able to prepare your portfolios appropriately. i mean, again, what more do you want >> well, i mean, dr. j, the risk, of course, is that the rate hikes which the dots suggest you could get two in 2023, could actually come sooner because even as chair powell himself admitted, inflation could prove to be higher and more persistent than they think. it is all a guessing game. they don't have a crystal ball any more than you do, doc. >> no. >> so we're giving them the benefit of the doubt for now, jon najarian interest rates are at 1.50% today. >> yes, sir. >> how do you see it from here what are people supposed to do now? >> i think the key was what kourtney said there, and that is that people that are listening can start positioning whenever they deem that appropriate, scott. so in other words i agree with you, kourt, about this is out in the future they've said they're going to do this and this is pretty far out into the future. so for so

annmarie: wednesday you have the fomc meeting and we will hear from jay powell, arguably the most importantry for the markets this week. right now the treasury market is not positioned, a slight tilt in a hawkish tone from powell. what would happen if there is a hawkish tilt in the treasury market? martin: i think the fed would not be doing their job properly if they don't discuss tapering at the meeting. the reason i say that is if we look at the movement of u.s. treasuries this year, we started the year at 1% and we got to 1.75% and we are now one point 45%. we suffered a supply shot because the fed is still buying $120 billion of securities every month. the $360 billion of fed purchases in q2 actually caused this supply shock in the market. they will have to be cognizant of that, and it would almost be a dereliction of duty if they did not discuss tapering on tuesday and wednesday at their meeting, and they should tell us wednesday evening with jay powell. manus: martin, thank you very much. martin malone with his call on the fed and what is their duty. coming up on the show, a united fr

. ♪ alix: coming up, yup treasury secretary janet yellen, fed chair jay powell, gary gensler all meetingbiden at the white house. the main event is powell testifying tomorrow at capitol hill. guy: that is piles first meeting with biden, isn't it? -- that is jay powell's first meeting with biden come isn't it? alix: i think it is. guy: frost will be giving testimony before parliament. and we have the new york city primary election. make sure you vote. alix: this is bloomberg. guy: this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strength

jay powell is scheduled to speak later tuesday for rising prices will be in focus. inflation has picked up but should move back towards the feds super target once the balance is resolved and he remains optimistic on the outlook for employment, saying job gains should pick up in the coming months. a chairman says plans to transform each of the units under his refining to retail conglomerate as he chases a net carbon zero goal by 2035. asia's richest person told the economic forum that sustainability is the only option for the business. india's most valuable company got 60% of revenue last financial year from its hydrocarbon energy operations. >> we have adopted this full heartedly. transforming to be sustainable, circular, recyclable and fully transparent for social and government standards and that is a prerequisite for every business to survive as we go forward. haidi: hong kong is set to shorten its mandatory hotel quarantine, using some of the strictest order curves. starting june 30, fully vaccinated residents can quarantine for seven days instead of the origina

jay powell has reiterated he sees inflation as transitory.ials called for the central bank to be more in tune to inflation risks. let's talk about where the fed goes from here. karen ward joins us now. it is obviously from a european point of view, watching this fed narrative because it ties into reflation expectations or the reverse depending on the day. today, we seem convinced that the fed is more hawkish at the margin but it will only withdraw support gradually. is that where your focuses? -- is that where your focus is? karen: i think you are completely right. all of this really does hang on the 10 year yield. the message from the fed is it is time to take the foot off the accelerator. we have come a long way in the last six months in terms of reopening learning about the strength of demand coming out of the pandemic that also learning about the success of some of the support schemes. in the u.s., fiscal stimulus. in europe, labor market supports. coming out of the pandemic in a remarkably good stage. i think the central banks have a rig

we'll dip deeper into some of those stocks take a look at what's happening in the treasury market jay powell making those comments yesterday. we'll have more on that. the 10-year sitting at 1.473%. the 30-year yield is at 0.25%. it was a wild 24 hours for bitcoin. the cryptocurrency briefly dropping below 30,000. at one point it was negative for the year and it turned around and for the year to date it's now up by 12% before you see the gains this morning up another 4 1/2 to almost $34,000. we'll talk more about this in a moment, too. let's look at the squawk stack technology growth are what were different. this is worth pointing out because we had talked about this yesterday. they had the stock sale yesterday that we heard about earlier. it was completed they told us yesterday. stock was up 10% yesterday on that and it's up fractionally this morning microsoft was one of the big tech names that really pushed things yesterday it crossed $2 trillion in market cap. apple was the first. around $2.2 trillion you see apple unchanged. apple was one of the biggest drivers yesterday. it added a lot o

jay powell reiterates he sees inflation as transitory. another thing that is transitory. markets pivot away from the reflation trade. sooner rather than later. that is the fed's robert kaplan wants to start tapering. and oil tops $75 a barrel for the first time over -- in over two years. we are joined by the traffic europe -- trafigurea economist. there is a host of voices from the fed. that is the alpha voice in terms of the temporary nature of inflation. yes, kaplan wants tapering now. let's get down to business. i don't know who wrote it, we are googling it as we speak. do we need more of that? dani: that song is stuck in my head for the rest of the day so thank you. of course, it matters here because he is a voting member but this dissonance we are seeing among fed members, the difference of opinions, how do you price that in? does that mean more mullet till it he --does that mean more volatility to come? manus: i love the word dissonance. could it be that the five-year foreword rolled over to a level that we have not seen since 2018 and therein lies john's opinion. r

coming up, president biden meeting with jay powell, janet yellen, and others.going to get a preview of those talks next. ♪ amanda: this is bloomberg markets. i'm amanda lange alongside matt alert, who is from ohio. if there is a group of people you have to have sympathy for, it is the bond bears. for years they have not had their moment in the sun. we have got the flattest 530's of the year. indications are that the that's are changing. matt: yeah, it has been really strange. i've got to tell you, after the fed took a more hawkish turn, i expected investors to be selling bonds like mad. to be fair, we did see the yield go to 156 in about 12 hours, but then come straight back down. this morning i saw a quote at 143. what is going on? amanda: it is a bit confounding. the markets in general, of course, can be confounding. want to look ahead to the meeting president biden is heading -- is having with some important folks. janet yellen, gary gensler. that is coming up this afternoon. we will keep watching the state of the financial systems and nancy cook is with us

jay powell has done a fantastic and he has been saying essentially, weight, look -- wait, look, and wel respond if we need to. but there is no inflation problem. 2.1. get real. jonathan: do you think we are suffering from groupthink? david: absolutely. the groupthink if you follow powell is to be right. making ludicrous claims saying inflation is going to take off -- based upon what? thinking in guessing. that is not credible. jonathan: it is healthy to have that. that is what we have missed over the last 10 years, especially from the bank of england when the governor came out with guidance that did not work. you have everyone agreeing with one thing and no one could dissent anymore. david: if you look at the state, not a single governor has ever dissented. governors at the bank of england -- i think a real debate is credible and sensible. but if you realize that we just don't know. remember, we saw the biggest drop in output we have ever seen and the question is what is the data? we have passed data from the 1918 influenza. there is really not much to go by. you are right. in a sense,

jay powell holds the line on inflation. hammering home the central bank is nowhere near raising rates. china can't call the commodity market below. we bring you our conversation with glencore ceo ivan glasenberg. the u.k. and eu are close to striking a open. later of course in singapore, mark is with us to tell us what the markets are saying. mark: it is the most stable and balanced day we have seen since the fed meeting last week. a real roller coaster across assets. a lot of confusion. we are now settling down to a new kind of equilibrium. it has been marginally positive overall. powell came out dovish last night as anticipated. maybe less so than people were hoping which is why we are seeing yields a little bit higher today. overall, markets are happy coming to terms with the message we got from the fed. anna: it has taken a week for us to go through the process is record -- required. let's look where we are on futures right now. through yesterday's session or to the end of yesterday's session, the european market making

fed chair jay powell downplaying the market for 1970s share inflation.t says that's providing an opportunity for you. victoria green is at g squared private wealth what do you mean by that where is the opportunity here? >> i think he's saying a lot of the inflation is going to be transitory a lot of people saying inflation is the boogie man. prices high 1970s, 1980s readouts we don't think it's going to be that way many people pointing to the semiconductor shortages now. honestly, in april they produced 100 billion units versus 73 billion and they're increasing supply to meet demand. some of the shortage is on transitory some people upgrading phones and we've bought multiple electronics. you have ramped up supply. a little we're looking at the lumber market as a hit for that. lumber had the huge spike and has come back down to earth. sawmills ramped up supply. as demand naturally curtailed itself on the high prices. seeing inflation as more transitory means it might not be this horrible event that everybody is anticipating it could be >> you know what ha

lisa: how are they going to communicate that given the fact that jay powell has reiterated his dovishd some of the regional fed presidents agree with you that a 2022 rate hike is in the cards? stephen: right now, as powell and others have indicated they are not focused on rates just yet. the first order of business is asset purchases. they have to begin to taper those. most people on the committee would like to end asset purchases before they start to raise rates. to the extent they are feeling like they need to raise rates earlier, that argues for an earlier beginning to tapering, and a quicker process. that will be a key difference between this time and 2014. i do not think they will have the luxury of moving slowly on the taper process. i think they will have to get that done more quickly than they did last time. jonathan: that is the worry a lot of people have. good to catch up. stephen stanley, amherst pierpont securities chief economist. we shave about .1% off the dollar index. bond market basically unchanged. down about half a basis point on the 10 year yield. lisa: downside ec

jay powell is more reserved. we will see if the other board members have that tone as well.t we are starting to pull into focus is how to this increase rise in consumer prices , disinflation debate we are seeing, how's it influencing the fed faster in pulling forward some of these decisions faster than they might've expected earlier this year? it puts the jobs data in focus over the next couple of months. lisa: peggy collins, thank you so much for that. as we were speaking and asked the market does digest what these comments say, you are seeing yields go up, particularly in the long end. 30 year yield 2.1% and 10 year up to 1.52%. matt hornbach, morgan stanley head of global strategy, you are the right person to be speaking to to understand how much this is indicative of a broader fed policy. what is your take on these comments from jim bullard? matt: thanks for having me on. i'm not surprised president bullard is making headlines. he has done that often in the past. i think what is more surprising is the degree to which the fed is linking themselves to realize inflation dat

michelle: even -- jay powell's more conservative position. kathleen: you heard from jay powell at acknowledgment -- an acknowledgment that there are side risks to inflation but i do think that, you know, we have gotten to a point, particularly in the wake of the strong economic data, that has everyone feeling slightly less comfortable in assuming that the fed is going to be able to be as patient for as long as they would like and when you look at it from a risk management perspective, this is something we spent a lot of time talking about and some of the fomc members themselves have been talking about it. from a risk management perspective, you may end up seeing fed officials believing that it is, at some point, sooner than they had anticipated, going to be wise to take some action in order to ensure that inflation is not -- does not move above target too far for too long. haidi: financial conditions is the other thing we have been watching. looking at this chart quite a bit because it is extraordinary. it shows the loosest financial conditio

to happen >> well, i know. >> powell has already said it they're not doing it this week. >> would you rather say paul tudor jones is right >> that would be a shocker. >> jayeady told you what he is going to do which is nothing. >> buy amazon. >> buy amazon. >> look at those buy those. >> powell, by virtue of doing nothing is saying buy technology stocks and tudor jones says the nasdaq could go up 20% if they continue to buy at their current pace which is no reason they won't, unless they shock us on wednesday. >> certain stocks will be good and certain stocks will be bad, but it doesn't mean anything for them like it just, like he's not talking about amazon, i mean he's talking about the world of stocks our viewers are not as rich as paul tudor jones is. i don't know, that's something that could be verified now, they're also, they're not buying corsair, that's a meme thing, but they might want to take a hard look at some of the faang names are or maybe they buy microsoft. microsoft does very well in that environment. so i mean amd could have a rally. look at nvidia i like to focus on what our viewers can do and our viewers are not just binary billionaires

>> jay powell is so much smarter than we are. can we just own that he's always been smart. >> but he zill doesn't have a crystal ball >> we're giving him the benefit of the doubt. >> he's making things happen he's prepping us so much better than janet yellen prepped us so much better than bernanke prepped us all of these people are eye cons not here the only icon is icahn, a reference to your book. >> thank you. >> i think last week, that jay has learned from the last three fed chiefs, what did he go on, when he announced three rate hikes, he was going like on a game show show, or something, i think he was on "ellen," wherever he announced there were three rate hikes, he learned his lesson and getting it all done and we're not shocked at anything he does i love that guy. i love him and by the way, i am, i don't mind being the most hated man notice world i'm jimmy chill. it doesn't bother me one bit. >> for two minutes, we will take a break. futures we said, off to a bit of a rough start ahead of the final trading session of the w

it is the big day, the fed takes center stage we'll find out if jay powell is talking about, thinking about tapering plus, cnbc's evolve global summit is getting under way, we will hear from the head of the imf and the ceo of novartis and gm announced boosting the global spending on evs by 30% and the ceo mary barra will join us ex choose missile a little bit. so excited about that interview coming up. this is the day. this is the big day. >> well, look, i think that we are all conditioned at this point for parsing every single word of this gentleman, of mr. powell, and you know that there can be always one word that can trigger selling. we are in a seasonally weak moment for 22 years actually, seasonally weak beginning friday, so i am concerned that at one errant moment, powell says something he shouldn't. now, this is not though october 3rd of, what, 2018, when he blew up the market, the taper tantrum. >> the destruction tantrum that was not a tantrum that was like a full-blown time-out and what i think has to happen here is that we have to have calmer heads and just say, he said st