kathleen: thank you. still ahead, we take a look at the week ahead and we will get more insight on markets with jenna lee. this is bloomberg. ♪ >> the criteria that we put in the statement about what would it take for us to begin tapering , i think we are pretty much there. >> we still have a fair amount of energy and momentum. i think we can do our tapering faster. >> let's phase out the purchases and let's give ourselves some breathing room in 2022. >> keep it simple. let's start this process. >> it may give us more flexibility down the road on our decisions. >> the timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate lift off, for which we have articulated a different and substantially more stringent test. haidi: fed officials speaking from the jackson hole symposium. our next guest says the tapir will lead to changes in ca volatile -- and see a volatile [indiscernible] jenna, great to have you with us. you take a

kathleen: i'm kathleen hays. now for a look at our top stories this hour -- asian traders await the august pmi numbers after wall street hit its 12th record close of the month thanks to big tech rally. china's whitening crackdowns also in focus -- via gaming and a private equity latest focus. and the u.s. officially ends its twenty-year presence in afghanistan, but hundreds of americans who wanted to leave are still there. haidi: we do have breaking news crossing the bloomberg when it comes to korea industrial reduction. the company grew better than expected. the survey was expecting 7.2%. it's moderating from the june figure of 11.9%. coming in with a gain of .4%, much better than the contraction of .5% that was expected. delay slowdown from the 2% pace we saw in the previous month. when it comes to bank of korea, a lot of people were surprised a few days ago, largely on account of the debt written in the country, but some of this is positive data that would be supporting that decision. kathleen: as we watch the

kathleen: i'm kathleen hays.at our top stories this hour -- asian traders await the august pmi numbers after wall street hit its 12th record close of the month thanks to big tech rally. china's whitening crackdowns also in focus

kathleen: that is your week ahead.aidi: our next guest says the jackson hole speech made it clear that tapering will not defend hiking rate. we will see tapering in november. let's bring in our guest was the head of product. when it comes to continuity and communication side of things, it felt like he could not do more to keep markets calm. >> i think you are absolutely right with that assessment. chairman powell made it explicit that what remains heavily on the gas pedal and they're not necessarily inking about going to another gear for the time being. because they have been so emphatic about emphasizing the tapering process will be disconnected from actual rate rises and will be extremely get -- gradual. i will also note he made great strides in mitigation strategy as we know back in 2018 and the speeches he made, causing interest rates. i believe that the belief that we would learn about tapering, whether that is september or more likely in november when it begins, causing significant volatility in the market. with

kathleen? >> i like the work.i should say this book wouldn't exist if not for depaul but i was teaching a class in 2131 of my students talked about cher ami and i had never heard of cher ami. if i had a dollar for every time i said that -- it was a line about an old guy sitting on the park bench surrounded by pigeons and it said it is no cher ami story. i was struck in the story and to go to your question for me i think what i do as being a fiction writer don't have to assemble the whole glass window but fixated on a couple of pieces and their relationship so that's what i did. once you look up cher ami you can hear about her without hearing about wit. it's almost like the matching process where we'll find the object of my fascination and adoration and drop attend their anunoby in like they are cher ami and i want to talk about her and they'll start walking the perimeter and drop a pin and start from there. >> kathleen is a follow-up to that i know it's a work of fiction if i understand but this novel is really ba

kathleen. >> i like the stained-glass and territorialwork . before i get more specific about it i should say this book wouldn't exist if not forget paul . i was teaching declass and one of my students heard on the phone that referenced cher ami and i had never heard of cher ami but i say to my students look it up anytime we encounter a allusion or reference i say look it up, like a broken record. he put it in a poem about a guy surrounded by pigeons and he had a goal that said that this was no cher ami story, look it up and i looked it up which i thought was appropriate to share a panel like this about looking stuff up and i was struck by the story so to going to your question, for me i think what i like about being a fiction writer is i don't have to assemble the whole stained-glass window exactly. i can just become obsessively fixated on a couple of pieces and their relationship so i think that's what i did with cher ami and major whittlesby because once you look up cher ami you can't hear about her without hearing about with so for me my pr

we have kathleen back.household debt and other issues, could starting the rate hiking cycle in october be a little too late? kathleen: thanks for having me this morning, and thank you for the question. i actually think it would not be too the lead -- too delayed if we made the rate hike in october. the bok needs to look at covid to make sure the rate hike is not too late. it will be a few weeks until we see the risk going down. i do not think it will be a huge delay in terms of containing the household debt. haidi: talking about the debt burden, this is exactly the kind of dilemma that be ok is contending with, on top of what we see when it comes to park the -- comes to property market prices as well. the inflation will slow further out going into 2022, 2023. there is room to keep the rates supported, but you take a look at household debt soaring, and that is a key reason. shery: haidi, give me a second, because we are getting that very exciting decision. it is a hike, to 0.75% from 0.5% . economists were s

kathleen:. kathleen: towards normal.een: so how big a concern is financial stability as opposed to inflation, or is this a double whammy of reasons why the fed needs to start tapering, even if it is slow and gradual? henry: i will emphasize your last remarks, slow and gradual. even not tomorrow, but to discuss it so it is part of the planning of businessmen and everyone else. now, the financial and price stability are two complementary objectives. many should have enshrined them as in their laws and orders the objective of central banks -- market stability and price stability. of course, in the united states, there is a broader menu of objectives, economic growth, et cetera, but neither of those objectives can be served by a potential vulnerability of financial markets. kathleen: is it prudent to start tapering when there is so much uncertainty over the impact not only of the delta on people, on their health, but on the economy? ? we are already seeing signs around the edges that people started pulling back in their spen

kathleen: absolutely.the bank of korea, you might not mind seeing that because you don't want your currency to get into the kind of pressure with capital outflows, etc., but if you look at the chart, it is an interesting one. it shows the fed funds rate, the fed key rate down around zero. it's a nice margin there. when the fed starts tapering, that will send signals that it will be hiking rates. i want to show you this chart again because they were among the first in asia to tighten in 2017. another very important thing. bloomberg intelligence has done really interesting work. first of all, they say the best thing for them to do if they want to support the won is currency intervention, not hiking rates unless they really need to do that. they have very high foreign exchange reserves. they can easily afford and it's very effective and they have a very interesting way of looking at currency resilience ping an their metric, they found that the one -- they have a very interesting way of looking at currency res

kathleen, what is the governor's reasoning? kathleen: his reasoning is that a central bank has to learn to deal with the virus, deal with outbreaks. he says the economy is still surging ahead. there's key concerns that inflation expectations could get out of control, and he said yes, very definitely, the door is open to a rate hike in october. >> we have to focus very much on our purpose, which is, of course, the inflation and employment mandate that we had, and absolutely, this week was not the best of timing to be looking to reduce interest rates -- reduce monetary stimulus, i should say, given the health situation, but we can observe what is going on, and the underlying economics remains the same. we have severe capacity constraints. we have supply disruption creating the costs. we have above maximum sustainable employment, so the underlying situation remains the same, but we thought best let's just observe over the next few days at low cost to us. kathleen: you brought up an interesting concept of the press conference a cou

kathleen hays joins us with more perspective on this. how significant is it that we are hearing these comments from the number two person of the fed? kathleen: when you see that contingent starting to move up the rate hike from 2024, it is important. it all has to do with the economy performing well and inflation rising. let's listen to what rich said earlier today. >> if it turns out to be the actual outcomes for unemployment and inflation realized over the forecast arising, and i do believe these three necessary conditions for raising the target range will have been met by year-end 2022. kathleen: and as you can see come those are prepared remarks. this is exactly the message he intended to send. he said he is in favor of the fed announcing the tapering plan this year and starting it next year. that also is less dovish, and the money markets took it seriously. you can see there are still few looking forward for any rate hike this year or next but when you get up to that yellow line, that's where people are saying this is when it will b

kathleen: one, it's a bipartisan bill.eral weeks ago, joe manchin from virginia on the one hand, mitt romney republican on the other hand, they said we can hammer out a classic, traditional infrastructure bill, and that is what they have done. chuck schumer, who is the head of the committee that is going to have to see this vote through ahead of this group, says it is a matter of days before gets past. romney says he sees no disagreements, so he is optimistic. here is what is in the bill. roads and bridges is the traditional part. $110 billion. electric grid upgrades, $73 billion. rail and amtrak, really important if you want to move people fast, $6 billion. broadband expansion, one of the leading economies in the world should have more broadband. drinking water and transit, they are all getting plenty of money. going back to joe manchin, he was on face the nation, he was on cnn today. he said that he sees the vote perhaps today, sunday night. the amendments starting on monday. he sees a vote by thursday. and he is confide

yvonne: kathleen, thank you. kathleen will do an interview with the governor later this week, you don't want to miss that on daybreak australia on friday, thursday in new york. david: more analysis coming through, we go there for our ongoing blog commentary with an editors. but stay on a story, a different one. breaking news right now, the $7 billion recapitalization. when we are getting is the ministry of finance looking at the transfer at stake, they have to shift the huarong stake to the ministry of finance. yvonne: the existing shareholders would suffer losses in this overhaul but they plan to repay bonds and their ability to pin these asset sales has been kept. david: in the meantime, let's get back to the rbnz and that shocking decision. head of global research, he expected the hike today but many did until 24 hours ago. they had two additional rate hikes in 2022. good morning. >> good morning. david: we are speaking with adrian or, what do you think we should ask him? >> quite a lot of things. is this just

kathleen hays is here with us. what is esther george saying?n: she is thinking it might be time to start making a move. this is not one-sided. we know that the monthly number eased to 0.5% on a month in the month of july from 0.9% in june. but the year-over-year cpi is unchanged at 5.4%. if some of these things are pushing up inflation like the things that were scarce in the reopening, these kinds of things, if those prices are starting to ease, which they did in the latest report, maybe that means we have seen things coming down. bloomberg economics pointing out that look at this chart. goods prices have been really driving the cpi higher. services prices have been flat. they think that as the economy is shifting and continues to reopen, you will see services prices are starting to rise as goods prices cool off and that will keep inflation in a 5% to 5.5% range towards the end of the year. there are some doubts about inflation and what it will do but she does see the labor market picking up and she says that even acknowledging the risk of the

kathleen hays is here with the latest.ar, the headline was that new policy framework that powell announced. is that still viable right now? kathleen: it certainly was in play but a lot of people have questions about it and just think of a year ago, the fed said we had a decade where we could not get inflation to go to the 2% target and stay above it. the economy has been battered by the pandemic and now, they are going to let the economy runs so hot that inflation will get about 2% and stay there. maximum employment. employment got down to a low of 3.7%. now, you can see what has happened. the big surprise that the fed was not counting on was massive stimulus. in the rapidity with which the economy pulled back out of the pandemic -- thank you very much. i want to show a chart. that is what i was thinking of. while we are talking about this, we can look at the fact that the inflation number is now running at 5.4%. so you have got a situation where things are moving fast. at the same time, fed officials say the inflation spi

haidi: kathleen hays there.ntinue to take a look at vaccine distribution and we were talking earlier about potentially this third booster shot being available sooner rather than later to all americans. lots of different headlines that we are seeing when it comes to the pfizer vaccine versus moderna. it seems like they are still on top when it comes to shareholders despite a lot of the evidence we have seen new studies coming out showing perhaps the moderna vaccine could show more efficacy against the delta variant we are seeing from the likes of pfizer and astrazeneca. shery: retail traders seem to lighthizer now but it was not that way earlier in the pandemic. moderna and biontech with triple digit gains and pfizer sort of missed out with gains of around 35% or so. over the past five or day -- five days or so, pfizer has climbed to a record high so traders, retail traders, has been snapping up about $60 million of shares just on tuesday alone. but yes, this coming at a time where we continue to see this struggl

kathleen: expects the vote tomorrow, tuesday.for optimism is over the weekend, we already had 50 democrats, all 50 in the senate, and 18 republicans saying they would vote for the bill. that is enough to get it passed. of course it is for the cryptocurrency supporting rules, that is what is being contested. because the original bill has been seen by some, including democrat ron wyden for morgan, as t-- from oregon, as too broad. you have to ask these cryptocurrency players to report on information the don't even have. jack dorsey is saying they are overly broad. nevertheless, looks like it will go through. and what is next, chuck schumer and other democrats are saying next we will move on to the $350 trillion social infrastructure built which will complete joe biden's economic agenda. interestingly, the $550 billion bill will add $256 billion to the budget deficit over the next decade. how do you pay for it? that is more and more the big question. haidi: of course this comes as the debate over the debt ceiling heats up again. thi

rishaad: kathleen hays, global economics and policy editor.t what is going on market wise. equities in this part of the world seeing moderate gains in the wake of what jay powell is saying. that so-called dovish taper. let's look, garfield reynolds, our asia editor. give us a sense of what the takeaways are from hearing what is really driving markets, which have jumped up a fraction right now. garfield: asian markets rallied very strongly last week, although that was coming off declines that had hit the region in the wake of china's regulatory crackdowns, and the acceleration of covid cases in various parts. probably not too much of a surprise that we are more moderate today across equity markets in asia. but also, the key here is this well-targeted message for wall street and for the u.s.. it is a moderate for asia, especially the dollar weakening against a lot of currencies, that takes pressure off a number of the markets. and the subtext of powell's speech, which is that the u.s. economy is still rolling along rather nicely, despite covid,

kathleen: you have the fed chair. he is number one. vice chair, number two, john williams, new york fed president, number three, they are the core of the fed, the ballast. when you see -- he says in prepared remarks, when he says rate hike conditions being met by the end of 2022, paving the way for a hike, listen. >> it is the outlook -- if the outlook's turn out to be the actual outcomes for inflation and unemployment realized over the forecast horizon, i believe these three necessary conditions for raising the funds rate will have been met by year-end 2022. kathleen: vice chair richard clarida saying he is in favor of announcing plans to taper this year and starting the process next year. the money markets, they are now signaling more than ever that yellow lot. not the blue line, but 22 or the 23. that is what they are looking for now. if the vice chair, who is jay powell's right-hand man, the guy who supports him, if he is saying he sees the rate hike in 23 does -- 2023, does that mean we can move tapering up and rate hikes up? sher

shery: -- haidi: kathleen hays had let's get some analysis on what markets are expecting. our next guest is a global macro strategist now out of boston. great to have you with us. i'm wondering how strong is the hawkish contingent, being able to push the path of how we see tapering to place? >> i think that my view has been that powell has been on the more dovish side of things since he ultimately joined as chairman and what we heard in some of his conversations earlier. this week, he had been in monetary policy form, dovish leaning. having said that, we are talking about a fed that is looking to get ready for tapering so they are vocal and they are starting to get their way. i completely agree with kathleen in terms of how to interpret the few, the money, the several. you know, where i come out on it is we are going to get some kind of taper announcement this year. more likely in my mind at the end of the year, but that is putting much what the market i think have been expecting for quite some time. the fed has been communicating that for the last few months already. sher

kathleen: they feel it's time.to me, we have seen many investors and colonists saying that, they have said everything they will say. after the july 28 meeting. bloomberg editorial is saying no, he can do more. for example, he can say he wants the taper to start soon and have it over by spring. any other fed officials have said that, including one of the most recent arrivals to the board of governors in washington. and what bloomberg opinion is pointing out is that, we are in a different situation now. we don't have a lack of demand where we have to buy bonds and keep rates low to make sure the economy recovers, we have got excess demand now. we have supply-side constraints and inflation far above target. in fact, states say it's past time for the fed to start dialing back the stimulus. they point out that, let me read this to you, inflation is a risk so the central bank must untie its hands, recover its ability to tighten or loosen policy as the situation demands. the program inhibits its freedom because the fed is

i'm kathleen hays. the top stories this hour.he s&p sees its longest winning streak since january of 2018. >> default risks, rattling investors. opec-plus members predict an oil shortage this year but ceased to fly -- busty supply flipping into 2022 -- but see supply flipping into 2022. you can see the futures are moving up little bit higher. we are looking at the highest valuation since the year 2000. versus more and more high-frequency data suggesting the rise of the delta variant weighing on the economy. financials were interesting today. you can see a loss of about -- wells fargo, a big story, five years into dealing with scandals that have caused the company over $5 billion in fines and settlements, bloomberg news finds out some of the regulators in the u.s. are saying they are maybe not moving fast enough and we might have to introduce new sanctions. you concealed actually grow a little bit -- you concealed's actually grow little bit today after officials signal that they are looking at bond tapering sooner than they though

kathleen: this is kind of an historic move. not only the first asian central bank to move, you could say it is the first big major economy -- advanced economy to move. yes, iceland has raised their key rate, but korea is a large, influential country in the region, in the world, and in 15 months of a record low rate, i do see a headline from img -- ing economics that bank of korea chooses debt over disease. when asked about the impact of the virus, he said we have to have permanent flexibility here. it is not binary, do we or don't we have cases -- it is here now we have to deal with it. of course, it is also interesting from a policy statement, we know so far ahead of the presser, bank of korea, degree of promulgation to reduce gradually, ok? clearly, they have made their first move, but it's not like they are saying full speed ahead yet. david: we are looking ahead to the press conference which should be starting in about 20, 20 five minutes from now. what would you say we should be paying attention to? kathleen: i was there.

david: kathleen hays on a preview for the back of thailand.n other central banks, two months, more than two rate hikes following the jobs report this morning by november. we will do the math on that one as well. a lot to watch the bot, and other markets. nd other markets. (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 pounds, and inflates and deflates in seconds. check it out at aerotrainer.com. that's a-e-r-o trainer.com. >> from the heart of where money and innovation collide, this is san francisco. and this is bloomberg technology with emily chang. emily: i'm emily chang and san francisco.

kathleen, thank you for joining us.sexually harassed multiple women, 11 to be exact, a report finding all of these women to be credible in their allegations of unwanted touching, kissing and groping? >> as you read the report, which i'm sure and i hope most new yorkers are, it is beyond disgusting. the allegations that were founded in this report showed and established that the governor of the state of new york is a serial sexual harasser. there is no question that that was one of the findings. the other finding is that the governor created and was able to perpetuate an incredibly toxic work environment with the help of those closest to him in state government. that is a terribly disturbing finding as well. the women -- the 11 women who are brave enough to come forward in very difficult circumstances against a very powerful and vindictive governor, they will have whatever actions they have either civilly or we'll see what the individual d.a.'s offices do, but that fact alone, wolf, that this report established an incred

kathleen: important question.here were big reasons economist for calling for rate hikes this year. how much will that change? it depends on the lockdowns probably. but on a plummet. to 4% in the second quarter, it was 4.7% first quarter and rbnz didn't even see it falling to 4.6% by the end of next year. really racing ahead. inflation, let's look at this chart, now above target at .3% rbnz, that is the blue line moving sharply higher, they thought it would peak at 2.6% this year. it has exceeded the forecast. you did speak earlier to anz. she said going into this that the economy is overheating, that they must start hiking. she still sees the rbnz maintaining a positive based case scenario, but they are going to acknowledge the risk and also acknowledge they are looking at the economy, keeping the positive outlook, depending how long it all last. >> it could have everlasting confidence. it all depends on case numbers the next three days. and that is indeed the only data that is going to measure markets this week.

kathleen hays joins us with the latest. what is in it?athleen: they are going to have to read fast if they want to make any amendments. it has traditional infrastructure spending and everybody knows it goes beyond roads and bridges. chuck schumer, who is one of the leading democrats in this bipartisan group who hammered out this will says he sees it passing in a matter of days. it's just a question of hammering things out. let's look at some of the details. roads and bridges at the top of the list, 110 billion dollars. we have electric grid update -- remember the big problem in texas? that is the kind of thing you have to fix. rail and amtrak getting 56 billion dollars, expanding broadband. everyone agrees the country should have better rod band penetration. joe manchin, democratic senator from west virginia known as being a moderate and the vote maker on a lot of these votes because with this narrow majority in the senate in terms of power, they need him on their side. here what he said about what he sees next. >> by this evening, hopefu

kathleen costello says this is a really important point. america shows a majority of americans want to preserve row in the legal abortion and it's higher now looking at the polling how we find the narrative going forward to build the majority we need to take actions of the state and federal level and i think that is a great question. we are not even fighting for something that people don't already believe in. clearly we have to build the political night and will to demand rights. anyway, i would love to know what you all think about that. >> thanks, kathleen. the most important part is the minority on the issue vote on this issue in ways that those of us that support reproductive freedom don't. so legislators are at their beck and call because they know that if they cross the other side that the boat will be withheld. we are not so singularly focused. we need to think about how we take the public opinion and turn that into political power. one way we do that is to make sure that our legislators, people who agree with us know that they canno

haidi: kathleen hays. let's dive into those numbers.ng america for the worst covid death rate in the world. in china, they are battling an outbreak of the delta variant, while hong kong is relaxing some border restrictions. our senior medical reporter is joining us with the latest. as we speak, china reporting the latest case numbers, 90 corona virius cases, 61 local cases on august 2. it was always a surprise for china not being able to rein in infections, and the delta variant spreading so fast. michelle: delta has managed to penetrate china's defenses and it is getting wherever it can go. that is what viruses do, they spread dramatically and the chinese population has not seen a lot of virus until this point. vaccinations are good there, so hospitalizations and deaths are low, but they are seeing a number of cases, and they have tested and traced and contacted traced and worn masks and cap to the rate to almost zero. we are seeing the first outbreak in wuhan since they launched the city down a year ago. it is even in beijing. it is a

joining me is congresswoman kathleen rice.or governor cuomo to resign back in march after a woman accused him of unwanted advances. the governor has repeatedly deny good wrongdoing in that videotaped message two days ago, but do you see him surviving? can he avoid impeachment at this state? >> i don't think it's possible, andrea, for him to avoid it at this point. may hope was when this report came out and it was unequivocal in its findings that he was a serial sexual harasser and he created a hostile, toxic work environment for those who worked for him. i thought maybe at that point when his response that was given to the attorney general didn't really come up with anything, any legitimate defense, i thought maybe he would have the conscience and step down, but he has shown he'll be defiant which is consistent with his personality and i don't think he's going to be able to avoid the assembly. more than one week is more than enough time to come up with a defense. he's had more than enough time leading up to this point, and i'm

congresswoman kathleen rice from new york, thank you for your time.prompting a lockdown at the pentagon. for over an hour, the police they've at the pentagon said he described several casualties. joining me with more is courtney kube. what more are we learning? >> we know after 10:30, a pentagon police officers was attacked just outside the pentagon. there's a metro stop here at the pentagon. it's on the reservation, on on the grounds here. a police officer was attacked there. there was -- we know now according to sources familiar, that in fact a federal police officer was killed in the attack. the officer fired back at the assailant, and the assailant was hit. we don't know right now the assailant's condition, though, this all occurred here on the pentagon reservation the last time we had anything similar to this was 2010, when an individual came and fired shots at pentagon police officers. that assailant was also shot in that case and killed, but this is a -- there has been a tremendous, enormous police response to this attack here today. the fbi is

and we also had a statement from kathleen martin, the victim, after sentencing, and she described theus infection is falling in england — as measured by the r number — has continued to level off. the latest r estimate is between 0.8 and 1.0, down slightly from the week before. it comes as a study of the way covid spread in uk hospitals has shown how doctors struggled to contain the disease in the early stages of the pandemic. 0verall, more than a tenth of people in hospital with coronavirus caught the virus while they were there. researchers analysed data from more than 300 hospitals. scientists say levels of hospital—acquired infections are now much lower. here's naomi grimley. falling ill with covid while in hospital with something else was one of the most worrying features of the first wave of the pandemic. howard crozier was 81, and admitted to hospital in sunderland in march last year with regular pneumonia. he was moved around the hospital and put onto an elderly care ward. his daughter is sure that's where he caught covid and later died. the hospital told me they had admitted a

kathleen is here -- kathleen is here. what are we expecting? focus still on jay powell and his speech on friday. it's interesting to see what happened. last year was the first year ever wear this conference had to be virtual because the pandemic was so strong on the u.s.. things were getting better and then boom, you can have it there in person that scenery. the covid cases kept rising. the president of kansas city said they are shifting an elevated risk to the citizens of the county. they want to not be a problem there. what has happened now is if they were first ago -- forced to go virtual because of the delta variant, this can affect what could happen in jackson hole. robert kaplan said on friday that yes, he would consider very seriously the delta variant, how it could affect consumer demand. that could cause him to slow down what he sees a timetable for tapering. he was on the first to push for. i think that will be more of the scene. how much it affects that haired -- that. he made it clear all along. he doesn't want to surprise anybody o

kathleen: -- adrian: i think it does.eal issue is at what extent is monetary policy being useful? the single largest msn we have globally is that government fiscal policy is most impactful to manage this type of crisis. it is a structural crisis, not a cyclical behavior. which sees governments step in and bolster household balance sheets, business balance sheets incredibly effectively so that puts monetary policy in a useful but very secondary role. we need to be true to our mandate, which is to say our in -- are inflation pressures rising? should we be back more out of mutual interest rate? what will change that view? you will have to see a significant shock to demand. what will lurk is that incomes remain strong. demand bounces back very quickly. and that these rolling lockdowns will continue for a while. that flexibility remained focused on the medium-term target. kathleen: i hope all those investors and traders who kind of control the market expectations for rate changes are listening closely. market expectations from

paul: kathleen hays there. we will be hearing from jerome powell later during bloomberg's special coverage of jackson hole. right now, let's get a check of what is happening on the markets with sophie kamaruddin in hong kong. sophie. sophie: with markets waiting to see what comes, treasury futures continuing to go lower. s&p e-minis little changed. this after we saw u.s. stocks retreat from record highs. b of a raising their estimates for the s&p given the strong showing seen so far in earnings and in asia, we are seeing a mixed bag when it comes to futures after the regional index snaps a three day game on thursday and we have earnings in focus as well from the region, from china. we have brokers and carriers announcing results and industrial profits from china as well. the offshore yuan holding onto losses above 6.48. in a dovish taper from the fed could -- 8% year-to-date. we have caution pulling up the terminal right now to show you what has been going on in behaving space. it it of the bid on the developme

kathleen: one advantage of the fed announcing a tapering or tightening with governor or would be thelar might keep strengthening and that might take a little pressure off your currency should you decide to go ahead and make that rate hike in october. one final question. if you move in october, is it possible you are moving at the end of november? a lot of people looking for two more hikes next year, giving up higher than that and closer to that 2% neutral rate that you stress at the press conference. you want people to know that that is what they should be planning on at some point in the future. adrian: why wouldn't you plan on returning to some level of mutual through time? it's always the main reversion. i have been getting very worried that people lose sight of the big navigation stars ahead of us . the number one star of course is what is a mutual interest rate and if it is 2% nominal, it is an incredibly historically low nominal interest rate but it is well above where we are at the moment so we have got a lot of work to do just to get back to neutral. if you have taken on a lo

kathleen: certainly good news for jay powell, right?s is a big question hanging over president biden because many people would agree jay powell has done an extraordinary job managing this economy through, you know, this crash, pandemic-driven crash, but yet, he was appointed by donald trump. he is a republican, although donald trump asked him every time he could. this brilliant compromise i think, she is on the board of governors. they are saying have loyal brainard move into the vice chair for supervision, for bank supervision that randy clore is going to vacate. what a way to not cause more uncertainty, get a woman who knows what she is doing into that deep. all this happening as jay powell is going to stand up in a few air -- a few hours or virtually, may need to be sitting down, and signals he is ready to taper, maybe getting it done by the first quarter or middle of next year. markets will be watching this closely. it is a terrific scoop from bloomberg, but it definitely looks like difficulty moving forward. rishaad: certainly this

oh, kathleen by one. yes. yes. okay. while you're looking to go mean do i need to know if you want to live in? let me sit here together, dan and dan. one day he turned to me after watching an interaction between mother and catherine. he said, an allison, he's a people. this like us. they interact with each other, they have emotion. it just really hit me when you see something incessantly advised her. you know, i can appreciate him for many things and he can appreciate me. we're almost like an old married couple in a way. oh yeah, yeah. but to me, gave a room, got to buy a, got a war with me to buy one. you have to drive the i'm to buy want m a now and yeah, i think i met be la god, the most. you know him, i got there at the i think i done. i'm done. be i did. you spoke up. yeah. doing good bye bye bye. hello. mobile. one of our meeting with my momma. one of i'm, i think i'm not jungle. my mom younger nor my momma went among ali muffin bombgardener my afternoon with a mumble got the got the new one and my wife one is a bu

oh kathleen, by one. yes. if i can while you can call me who do i need to know if you want to listen to me sit here together dan and dan. one day he turned to me after watching an interaction between mother and catherine. he said, an allison, he said people this like us. they interact with each other, they have emotion, interest really hit me. well, you see something incessantly eyes to. you know, i can appreciate him for many things and he can appreciate me. we're almost like an old married couple in a way. oh oh yeah, yeah. but to me, going to buy and got a war to buy one to 5 pm to buy on them and now and yeah, i think i meant to be la god, the most, you know him, i got there at the i think the get done. i'm somebody got there before i spoke up grumbalo a mobile one of our buildings was my mama, one of them. i think i'm not in jungle. google. my mom younger nor mamma went among ali, blank warner my afternoon with a mumble. got the got the new one and my wife one is a fuck under boy. welcome to whoa, whoa, w

kathleen hays is here with her preview. what can we expect?> we figure we can expect good numbers. as you said, we've got so much happening. the pandemic, the delta variant, reopening. jobs are seen rising 858,000 in july on top of it hundred 50,000 in june. bloomberg economics is looking for 950,000. that is the kind of again the fed wants to see. the unemployment rate falling to 5.7 percent. jobless claims continue to fall. in the latest week, they were down to 385,000 a week. that is not a big change, but when you look at this chart -- actually we are not going to show you the chart. [laughter] >> tell us about the chart. what would we see? >> we will see in the latest week, they are so much closer to the 10 year or 20 year average. bloomberg economics says these stronger claims numbers are flashing a green light for a strong jobs report. inching closer to pre-pandemic averages is something else the fed wants to see. now you're going to say, what about this disappointing adp number? exactly. as we look at it, the thing about adp, private pa

kathleen costello says this is a really important point.rica shows a majority of americans want to preserve row in the legal abortion and it's higher now looking at the polling how we find the narrative going forward to build the majority we need to take actions of the state and federal level and i think that is a great question. we are not even fighting for something that people don't already believe in. clearly we have to build the political night and will to demand rights. anyway, i would love to know what you all think about that. >> thanks, kathleen. the most important part is the minority on the issue vote on this issue in ways that those of us that support reproductive freedom don't. so legislators are at their beck and call because they know that if they cross the other side that the boat will be withheld. we are not so singularly focused. we need to think about how we take the public opinion and turn that into political power. one way we do that is to make sure that our legislators, people who agree with us know that they cannot ju

oh kathleen, by one. yes. yes. okay. while you can call me do i need to know after looking let me sit here together dan in one day he turned to me after watching an interaction between mother and catherine. he said, allison, he said people this like us, they interact with each other, they have emotions. it just really hit me when you see something incessantly advised him, you know, i can appreciate him for many things and he can appreciate me. we're almost like an old married couple in a way. oh oh yeah, yeah. but to me i got to buy and got a war. we need to buy $1.00 to 5 pm to buy on them and now and yeah, i think i met be la god, the mercy met him. i got there at the atlantic done. i'm somebody not spoke up. yeah. doing zach regina now. my balance and one of our been with my momma, one of i'm trying to think. i'm not jungle. and google maya. wonder my younger nor mamma went among ali. muffin blanc warner, my afternoon with a mumble got the got the new one and my wife one is a fuck under boy. welcome to whoa, whoa, who

oh kathleen by one. yes, we fucking wiley and i'm going to do, i need to know. i want to let you, let me sit here together, dane and dance. one day he turned to me after watching an interaction between mother and catherine. he said, he's an elephant. he's a people. this is like us, they interact with each other, they have emotion, it just really hit me well, you see something incessantly advised him. you know, i can appreciate him for many things and he can appreciate me. were almost like an old married couple in a way. oh oh yeah, yeah. but to me, going to buy and buy a war with me to buy one to 5 pm to buy on time and now and yeah, i think i meant to be la god, the most, you know him, i got there at the i think i don, i'm somebody i think i need to focus good to me. now you're going to move on one of our be which about mama, one of them. thank jungle. my wonder my younger mamma went among ali muffin bombgardener by the moon. got the rouble. got the new one and my wife one is a fuck under boy. welcome to whoa, whoa, whoa, whoa, whoa, whoa, whoa, that is the num

host: kathleen in chicago. in afghanistan, the images that biden wanted to avoid, the picture that the viewer was talking about, taliban fighters taking control of the afghan presidential palace in kabul, yesterday after the president of afghanistan fled the country. it was yesterday, as these events were going down in afghanistan, and as the situation continues to deteriorate, it was yesterday morning the antony blinken was on cnn state of the union and was asked about the efforts in afghanistan over the past 20 years and the decision to leave. here is what he said. >> we were in afghanistan for one overriding purpose, to deal with the folks who attacked us on 9/11. that is why we went there 20 years ago. over those 20 years, we brought bin laden to justice. we banished the threat of al qaeda, to the point where it is not capable of conducting such an attack again from afghanistan. on the terms that we went into afghanistan in the first place, we succeeded in of -- achieving our objectives. when the president

joining me now, kathleen sabillas, the former secretary of health under former president obama. she is also the former governor of the state of cans cans. thank you for joining us first of all. tonight. >> great to see you again, reverend. >> tonight president biden's national -- great to see you. tonight, president biden's national vaccination effort appeared to be bearing fruit. and from that he gained that political capital he has needed, at least in part. and now the delta variant. in addition to the adding to the infection rate and taking live is also jeopardizing the president's agenda at a crucial time. as a former governor and a former hhs secretary, how do you view the president's present situation? >> well, i think you have described it very well, reverend sharpton. we are in a situation where we have a miraculous vaccine. it's free. it's widely available. the biden team has done an extraordinary job getting it out across the country, getting messages out, working with partnerships. and yet once again, we see republicans playing politics with people's lives. that's ter

kathleen clark, all of the members of the leadership who work so hard on this.t was not just about that vote. it was about how we proceed and make it law within the next couple of months, six weeks, whatever. really the vision of the president, he had said i want to do what i can in a bipartisan way on infrastructure but it is not the totality of my vision. my vision is to build back better, not only with physical infrastructure but personal infrastructure. i am paraphrasing that. it was not a direct quote. in our legislation, we deal with the climate crisis and in more important way we will deal with the building back better for women talking about child care and child tax credit, universal pre-k, home health care, and workforce development. this is not just about women but will -- but women will predominately benefit because they will predominately bear responsibility for many of those important priorities in our society. i am excited. i always had confidence and never doubted we -- that the president's budget would prevail. because of the commitment our caucu