let's bring in kathy bostjancic, oxford economics chief u.s. economist.aving a similar conversation but it evolves as we go. felt like a disconnect between what the bond market is signaling on inflation and what the data shows. are we seeing a coming back together today with the bond market acknowledging this is really inflation here, it may be transitory, but it is real? kathy: great point, amanda. up to this point, markets priced in a little bit of inflation in the spring but then they eased off. today, we are seeing some trouble digesting supply yields going higher. this was a surprising number this morning. we had expected, most of us, some moderation, still a high number but moderation. now we have four months in a row, the highest increases of inflation since 1980. kailey: when we look at the forces going into these prints, used cars up warty 5.2% -- 45.2%. people say that will not last forever. are there other points in the data that you look at and say this pricing pressure may be more persistent? kathy: i think the service side of the economy we

kathy bostjancic of oxford economics usa. we have had a lot going on in terms of breaking news. looking forward to the payrolls number today. the grandfather of economic statistics tomorrow morning at 8:30 a.m. i'm matt miller. this is bloomberg. ♪ >> i'm mark crumpton. a major overhaul of its text system. organization for development says -- tax system. along with rules for sharing the spoils from multi-northern -- multinational firms. the g20 finance ministers meeting next week,. nancy pelosi has named liz cheney to a panel that will investigate the january 6 riot. she was one of the 10 house members who voted to impeach president trump for his role in stoking the mob. many republicans are dismissing the panel as an exercise in partisan politics. a divided u.s. supreme court has placed new limits on the voting rights act. arizona did not violate the law

but kathy bostjancic of oxford economics says the rapid spread of the delta variant underscores the downsidec. >> does it actually give cover to the fed to hold steady at these rates as it tries to bring more people back into the labor force? >> there's some commentary on that exactly, morgan, that the fed will use the delta variant as like, hey, this is what we were talking about. we weren't sure we're out of the woods. that's why we didn't alter our course we stayed the course because we want to see how this all works out. some people think it's the right thing to do. some say it's a cover for the fed to keep their policy in place. >> are we going to see more meat put to the bone, so to speak, around taper talk rather than this week? >> yeah. and by august, you mean the jackson hole meeting. >> yes. >> i think there's an expectation for that, morgan i think that's what you mean powell says he's going to tell us about something, then he's going to tell us about it. then he's going to do it it's very, very -- i don't know what you call it, shallow ramp upwards toward the taper they've begin