let's bring in jeff rosenberg of blackrock, the portfolio manager. the downside surprise. read? jeff: the first read is this has some delta variant on it. retail is lower. leisure and hospitality which had been contributing 500,000 does not show up at all. the wage increase you are talking about -- the disappointment is in those two sectors, leisure and hospitality, which speaks to the delta variant impact. because that is the fingerprint, that is a temporary impact. initial bond market reaction was lower yields but now you're starting to push higher in the back end. that said the market is looking through this and seeing this is temporary. if we talk about transitory inflation we will talk about transitory delta variant impact, at least with regards to market reaction. a little bit of disappointment in terms of labor force participation rate. that is more of a temporary factor related to the delta variant. the market was already pushing back in terms of expectations of when the tapering announcement would happen. in terms of folks were getting something sooner, we will ge

jeff rosenberg of blackrock. good morning. here is your equity market. i am jonathan ferro. keene will be back in couple of days. the s&p market is up 2%. at the bigger move is in the bond market. yields are higher by four basis point come and yields are higher on the curb, a little bit steeper and we have a ton of job openings in the united states. they say, north of 10 million. there is a believe that they will stay open and eventually get filled maybe later this year and into next year as well. that that supply will finally meet the demand. what happens if actually the job openings just are too close and not because someone turned up? lisa: that is the point from peter cher, who is joining us shortly, but over the weekend in massachusetts there was a store that was closing early because they cannot find staff to staff the place and make enough money to turn a profit or stay afloat. it raises the issue of how much does it put a damper on economic growth, that we are not ending some of the frictions. jonathan: let's go to pete right now. is there a risk for that demand that