this was the reaction of neel kashkari.ashkari: i feel good about our policy approach, which is outcome based. let's actually allow the labor market to recover. let's not just forecast it will recover. let's actually allow the labor market to recover, get back to what we call maximum employment and back to 2% inflation, then we are in a position to talk

we'll talk with commerce secretary gina raimondo and neel kashkari. and as we slowly turn the corner in the coronavirus pandemic, should public health be moving the country to move to normal more quickly. we'll talk with dr. scott gottlieb. plus, with the republican party in fresh turmoil over president trump and the big lie about the 2020 election, will believers be able to roll over the non-believers. we'll talk with illinois republican congressman adam kinzinger. and we'll hear from author michael lewis. his new book is "the prem premonition: the pandemic story." and our salute to a special group of moms. it is all ahead on "face the nation." ♪ >> dickerson: good morning, and welcome to "face the nation." margaret is on maternity leave. the country appears to finally be turning the corner on the pandemic, and there is good news to report. one-third of american adults have been fully vaccinated. children between 12 and 16, will likely be able to receive the pfizer vaccine soon. there are drops in every way, now cases, hospitalizations, and deaths. b

jonathan: we will have near kashkari -- have neel kashkari of the many applets that.d more vacation -- of the minneapolis fed. you had more vacation than me this year. lisa away all next week. what is that about? lisa: can you believe i am getting time off? jonathan: basically a retirement. [laughter] this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. president biden stunned european allies and the drug making industry with his support for waiving patent protection for coronavirus vaccines, a reversal of long-standing u.s. policy that it's companies' intellect ual property is sacrosanct. but there are signs that the president is interested in a more modest compromise. germany has said it opposes a waiver. a warning from the fed. it says the rising appetite for risk is stretching valuations and creating vulnerabilities in the u.s. financial system. the central banks as prices could be vulnerable to significant declines if that appetite falls. fed governor lael brainard also cited the implosion of archegos capital and called for more hedge fund dis

neel kashkari with michael mckee, 10 minutes after the payrolls report drops.m new york city this morning, good morning. this is bloomberg. ♪ want your workout to be easier, more effective, and more convenient? then you should try aerotrainer by golo. the new full body workout that you can do at home or anywhere. it's great for planks, squats, core, and glutes. you'll strengthen and tone muscles, relieve back pain, and reduce stress. it's also great for yoga and pilates. get noticeable results in just ten minutes a day. (woman) aerotrainer makes me want to workout. look at me. it works 100%. (host) all of this is a $300 value, but through this special offer, you can get the entire aerotrainer system for just four easy payments of $19.95. and if you order today, we'll also include free shipping. still not sure? then we're eliminating the risk. try the aerotrainer in your home for 60 days. if for any reason you don't want to keep it, we'll give you a super easy refund. we'll even cover the return shipping. this is a limited time offer, so go to aerotrainer.com to

that's what neel kashkari is talking about. a long way to go., we went up a little bit, but not nearly enough to close the gap to where we were in january and february of 2020. so the fed is going to keep the pedal to the metal at this point. we are going to see what they do in terms of talking about talking about tapering. a lot of people thought they might be doing it by the time of jackson hole, but now probably not. a lot of people think what they will do is put it in the minutes first. so here's your calendar to look at. i don't think you are going to get anything june 16 because they are going to wait and see what happens in the jobs report for may. they probably want a couple of jobs reports. if you are going to get anything setting up jackson hole, it is august 18, the last minutes that come out before that. but neel kashkari was suggesting we could see nothing in the minutes suggesting tapering all the way through to next year. alix: we saw that big whale of a trade being put on in the euro-dollar market. mike mckee, thank you so much.

neel kashkari telling us today he didn't think that was happening.he fed is doing what is needed to stimulate an economy that needs the help right now. this is the average hourly earnings again, but look at what is happened in the markets in terms of the fed, since the fed balance sheet has been going up. we have seen stocks rise significantly. you can see it here, the white line is the fed balance sheet. the blue line, the s&p 500. yellow line, i never put bitcoin on the chart, but i did this time just to show you what has happened. the fed is putting all of its liquidity in the markets, and the fed is worried about a car crash. they said we could have a problem with some risk assets if there is, in their euphemistic word, repricing. these are the things you want to keep an eye on. the market is going to keep going up. at some point, you might have a fed that doesn't do a taper. guy: i think with elon musk going on television this weekend on "snl, - you're probably ok putting that on the -- on there. we have certainly seen the narrative of the stron

the minneapolis fed president neel kashkari says the labor market strengthens support for continued supportphasized economic recovery still has a long way to go. ♪ kathleen:kathleen: ok, we are having a bit of a technical difficulty with the sound from fed president neel kashkari. more on the economic outlook in asia had. the center of oxford economics joins us. plus, some snp global ratings. plenty more ahead. this is bloomberg. ♪ >> it's an unstoppable financial vehicle that will take over the world. so it's a hussle? it is a hussle. kathleen: elon musk in his saturday night live appearance talking about those coin -- dogecoin. prices plunged as he called it a hussle. this was quite an appearance.a lot of people said that this was not a good idea, a ceo will go on tv. first of all, if you watch any of it, i would urge our viewers if they haven't, you can go online and watch it easily. he handled himself very well. his mom, his glamorous, x supermodel mother was there, who was poised was fantastic. ando chicoine -- dogecoin, that was a skit, it was comedy. and boy oh boy, those people took

we have the president and of course ec of the federal reserve bank of minneapolis, neel kashkari.say to these concerns about inflation? >> well, erin, we've been having low inflation, the fed aims for 2% inflation. we've been having low inflation for more than ten years. and after the financial crisis, people predicted that inflation was about to come, it was around the corner, and it never came. the federal reserve has very powerful tools if inflation does materialize, if it surprises us to the upside, we have the tools to keep it in check. what we've said is let's just wait, let's wait till the 8.5 million americans who are out of work today who were working before the pandemic, let's give them a chance to get back into the labor force, let's see how the economy thrives, and if we need to raise rates, we'll do it. but let's not cut off the recovery prematurely. >> so, the economy -- i mean, look, it is recovering by any measure, 6.4% growth annually in the first quarter of this year. that was before we even had max vaccinations or anything like that. i guess, let's just start wi

the pushback's from the likes of neel kashkari to say this is the labor market and when he does support failure to communicate is how billions upon billions of mbs purchases help them achieve that goal. do you think the as a purchase program is helping them achieve that goal? especially when we have spent the last few weeks talking about the price hike problem. >> it is not helping because they cannot be with the supply side. they cannot lift the bottlenecks by flooding us with liquidity. they cannot improve the functioning of the labor market were open schools with liquidity. they cannot have a better matching of skills to demand with liquidity. we could spend more time looking at what the bank of canada did, the bank of england did come and say why is that they feel confident they can taper a little bit where the fed is afraid? tom: this is like a three hour conversation. our control room is deciding if we want to go there. mohammed, this is really, really important, folks, what we're talking about. i will go back to your saf five years ago on the dilution of liquidity. i'm not puttin

if you look at the payrolls report from friday, you had minneapolis fed kashkari on your program, talking this idea that a number like that validates the fed stance around an outcome based approach. they want to let the market improve, not just forecast the market to improve. so i think there was some risk heading into that number that if that number was outsized, there was a risk the fed could start talking about tapering in june. i think that near-term risk has been taken off the table right now, and that is why the market is getting more comfortable with this idea that you could enter into a more dollar environment where you are seeing the dollar trend lower, at least versus the progrowth, procyclical sector. alix: we really appreciate your time today. kirsten macleod, thank you very much. this is bloomberg. ♪ ♪ ritika: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. i'm ritika gupta. l brand will spin off victoria's secret rather than sell it. it will split into two companies, victoria's secret and bath and body works.

looking ahead to tomorrow's data, tomorrow mike is going to be viewing neel kashkari shortly after the jobs number comes out. 8:30 a.m. in new york, 1:30 p.m. here in london. the bank of england is going to slow its emergency bond buying. governor andrew bailey says he expects a strong rebound to take hold as the pandemic restrictions start to be removed. let's figure out exact a what we learned today. bloomberg's emma chandra has more. emma: of course, no change, as expected, to interest rates. those have been held at a record low of 0.1%. as you mentioned, a change came to the emergency bond buying. that will be slowed to 3.4 billion pounds a week, one billion less than the bank had been spending up until now. governor andrew bailey saying in the press conference which just wrapped up fairly recently, saying explicitly this is not a tapering decision, and officials talking about it being operational. it is not a policy shift, they say, because the total amount of bond purchases remains the same at 875 billion pounds, but it was not a unanimous decision we heard today. the senior econ

i love what you did with neel kashkari in the last days. have the lovely mathematician from cleveland loretta mester. michael: yes we do. we would like to welcome the cleveland fed bank president loretta mester. thank you for joining us on this beautiful morning in boston. looks like the narrative the american people will be recovering more quickly than everybody anticipated might not be correct. they are still spending money but not at an increasing pace. pres. mester: i think this is probably what we should expect. we have pent-up demand coming back. vaccinations have been distributed more widely. that is strong demand. we also have supply issues affecting the economy and the interplay between demand and supply is what we are seeing in some of the data, whether it be today's retail sales report for the labor market report. the volatility month-to-month is something we should expect. i think what's happening is we do see the recovery continuing. it is just we will have the month-to-month changes depending on which factors are more dominant

neel kashkari of the minneapolis fed said a lockdown mentality is holding back the economy.t you say bank of america says workers who work 32,000 a year, they're making more money taking government handouts but the president said all those ideas are wrong. people are not saying home because of government handouts. what do you think? >> well he needs to get out more. i mean i'm trying to be very polite about this but if he would just drive up and down some streets anywhere in america he would see help-wanted signs everywhere. you would find out if you call people, who are unemployed and say, would you like to take a job, well, i can't come in until june because i got my stimulus and my unemployment will carry me to then. my barber told me last week he had a guy call, say, hey, you got a job for me? the barber said, i don't know, can you cut hair? , no i'm not a licensed barber, i have to make three calls to clock in to keep getting unemployment. this guy was no more of a barber than me. he is going through the motions making a few calls. he reports, yeah, i was out there real

there's no one saying anything disagreeing with the consensus at the fed neel kashkari made some commentsdoing and he doesn't have any pity for what you are doing. what hedge fund guy is complaining about what the fed is doing right now in terms of their investments? i hear you warning, but in terms of your investments, have you had a tough go of it recently, stan >> well, i don't know who neel kashkari's talking about we were up 42% last year and up 17% this year so they're certainly not hurting my trading strategies i think i made those numbers because of the fed, not in spite of them. i have six outside money managers who are up a lot more money than me. i haven't heard one person complain about their business with regard to the fed i mean, a monkey could make money in this market so, you know, i don't know -- i literally don't know what he's talking about. with regard to the consensus of the fed, i'm just confused you've got a lot of output people there as you know by the fed's own projections, we have the most favorable output gap in other words, production relative to capacity forwa