joe: i'm joe weisenthal. romaine: i'm robot -- romaine bostick. down on the day. joe: the question is, "what'd you miss?" caroline: the deadly covid-19 variant, causing markets to drop? and what we talked about yesterday, putting the brakes on reflation trade. and it's not just the u.s.. a major chinese company lost $15 million as they were slammed by shareholder suits and underwriting. wall street tightens all had to defend themselves there. they were pretty bullish on investing in china, but we can't go a day of course without what we love best, cryptic's. we hear from the founder of the so-called soundcloud, built on the theory of network. don't miss it but apparently, joe, what you might have missed his technical. we have been talking about this all day. joe: technicals is the answer to everything when you don't know the answer to anything. therefore the answer must be technicals. we have seen moves and plays with all kinds of stuff going on. romaine: you aren't going to claim that chart? joe: looks like a bunch of high data plays. [laughter] caroline: we'll se

joe: i'm joe weisenthal. romaine: and i'm romaine bostick. you saw a bid come into treasuries, a modest bid come into stocks. what did you miss? caroline: u.s. cpi reports showed prices soared in june. cpi showed the same thing, but fed chair jay powell says don't worry about any of it. the u.s. economic recovery has not progressed enough to scale back asset purchase. we will talk to a congressman who believes this guy should stay on as fed chair. the u.s. rental market making a bit of a comeback, especially in manhattan. rentals are up about 9%. we have some talk in congress as well. joe: we have hot inflation prints yesterday and today. one area that hasn't been that high but is expected to be hot -- maybe used car prices will come down -- owners equivalent rent, still well-off levels in 2019 but starting to turn up. anyone out on the rental market is probably experiencing it. romaine: i think it depends on what end of the price point spectrum you are on kimberly -- you are on. joe: kimberly, we see in the government data it is starting to

joe: i'm joe weisenthal. caroline hyde has the day off. maine: market jitters back, s&p 500 index down on the day. joe: the question is, "what'd you miss?" romaine: a lot of worries right now about potential slowdown of economic tiffany -- economic activity, yet apple, facebook, growing but a potential slowdown in revenue growth. focusing today on the road to recovery, a rocky road, and parts of the economy are reopening on art of the economy are now facing potential new restrictions. we talk about broadway, corporate offices, vaccines and masks that are now being mandated. we dig into all these areas including supply chains and housing, is hot and restaurants, even hotter. that is where we want to start, an area of the economy that has been growing -- consumer spending. we are spending money and that is giving us a boost. joe: brisk consumer personal income and spending data out today, always one of the more interesting numbers. we have it. it is interesting, because we have these huge swings and a huge drop in spending. a big increase in

joe: i am joe weisenthal. romaine: i am romaine bostick. e day started out up but ended down for the s&p 500. joe: the question is what you miss? caroline: the china regulatory news. the big theme of the day -- it is. romaine: on this show? caroline: we are talking regulation and investing. the u.k. has slammed crypto finance, forcing them to remove financial promotions to make it clear the exchange will no longer be permitted to resume operation without prior consent. this has kicked off global scrutiny. we speak with the ceo of binance's united states branch. meanwhile, we are not just looking at a centralized exchange of crypto, but decentralized options. what is the future of decentralized finance? what protocols are being built? we speak with a venture capitalist who is investing exclusively in crypto companies. let's talk isn data. still well above 60, but slightly slower pace. joe: exactly right. still very strong. i think the way people would characterize the economy overall right now, and nothing we saw in the ism today, was very st

it's interesting, if joe weisenthal were here he would probably have something more introspective toay, but he pointed out this great article this morning where the title was basically what if the fed worked for the people in this whole idea of the fed just lending directly to the people. it sounds like a strange concept but claudia is joining us now to talk about this from the jane family institute, a senior fellow who is a former federal reserve economist and all-around great person, so explain this to me. a lot of people fear i guess the idea that facebook or private companies may sort of move into this staple of the realm where they would somehow usurp the viability of the dollar, if you will. what does the fed being involved with this have to do with it? >> there's a lot of reasons the federal government should jump in. i mean, technology comes from the iva sector. it makes sense that these new technologies, these ways of delivering money and financial services didn't start with the fed, but they can take it and put it in a way where when it goes to the mass-market and americans

taylor: joe weisenthal and romaine bostick are off. it is ladies day. caroline: the s&p 500 worst day since may. the global market selloff. not a single member of the dow jones industrial average managed to be in the green. taylor: the question is, what did you miss? caroline: the u.k. is a prime example. today was it's freedom day. a time when covid restrictions were removed. boris johnson spent the day in isolation. having to conduct a news conference virtually after having come into contact with a health secretary who tested positive. to the most in the world. it is a good example of how doubts are creeping into the recovery. it is also notable deaths are not rising at the pace we had previously but case counts are spiraling. taylor: there are case counts leading us to remember where we were a year ago. there are two stocks that reminded us what goes up when you do these stay-at-home trades, namely peloton. you are up 7% versus the reopening trade. today was starting to unwind. you are down almost 5.5% for planet fitness. felt like the mood music for

joe weisenthal is a storm on twitter about it. i do not understand his tweets. it is fascinating. you have negative real yields. that is one aspect. the other one is that amazon.com posted a job listing for a digital currency in blockchain strategy had. people are speculating they can get into this. i think it is interesting come the idea of the adoption. venmo even having a digital currency checkbox. tom: 38,000, pushing 39,000. maybe we will get to 40,000. lisa: lisa: you are not excited? tom: i am not onboard. matt miller is loaded up to his eyeballs. lisa: you are not excited? tom: it was 29,000. a data check. features -11, dow futures -102. the vix 18.57. coming up, a good conversation, including -- 12:00 with david westin. stay with us. this is bloomberg. good morning. ♪ and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks. i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is cr