john ryding. the price action, lived at the front end by a couple of basis points.our five year yield coming into two or three basis point and then lower on 30's by a basis point. 10-year real yield coming in a couple of basis points. fascinating to look at the data and try to interpret how this market is responding to the data. .2 is the important point. tom: the fed dialogue will be critically important. -1.01%. jonathan: your equity market in a little bit. down .2%. new york city, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro on inflation in america. what it means for the c-suite. will do that with hugh johnson of pepsico, the cfo. from new york, this is bloomberg. ♪ >> i think there is a good chance that oil prices will be robust and high over the coming years. i think there is a good possibility they will be volatile. we are not planning on them being high. we are building a company that is resilient to a low price. i can assure you that if they are high, we have a portfolio that will absently benefit from that. tom: bernard looney,

planet, there's fingers left over of people with legit bank of england and fed experience like john rydingchairman powell speaking globally today, and is he speaking to central banks that are maybe not on the same page as he is? john: obviously there's a massive global element to this, and other countries, a lot of of the haven't had access to the same vaccine supply. the u.s. has an abundance of vaccine supply relative to the number of people who are willing to take the vaccine, and that is a major issue. but the question is does the chairman give some signal on backpedaling on when they are going to start tapering back the purchases of bonds? as you have pointed out, and as jon across the way has pointed out, the 10 year yield has dropped 25 basis points since the fed gave a signal that it was talking about talking about tapering, and advanced its timeline for the first rate hike into 2023. so domestic considerations have to be the primary focus for the fed. i thought about this. if the fed were to signal that it is less inclined to start tapering back its bond purchases, i think that wo