kathy jones joins us now, charles schwab chief fixed income strategist. i always read about the and of easy money. what does that mean backup? -- that mean? kathy: it means an end to the support we are getting from the central bank. it does mean as we look forward, when we have financial conditions about as easy as they have and in a decade, that narrative will start to change and we will start to see this excess stimulus. that is what the markets i think have to adjust to over the next six to 12 months. lisa: is tapering tightening? tomorrow will be a key determines about whether november will be the month where we hear about the plans to taper, and maybe it begins. kathy: absolutely not. the balance sheet is going to continue to grow. we project about $9 trillion by the middle of next year, when presumably we will be done with tapering. so the balance sheet is still growing. that keeps financial conditions really easy. don't expect a rate hike into late 2022. so tapering is not tightening. but the signaling is important here. what we have seen in the pas

the atmosphere of the places inside the machine with her of people know our this is kathy jones sent basin because the mark iconic. clear here, even in the book. god, you do anything with kathy just as a simple pressure, disappearing around sharp turns and bending under low arches, tourist group stream, back and forth all day long. with my pros enough that almost every i'm a modem, but yet some wish it's late in new does thought that you know, the voice i knew was up a smarter in. gotcha. first of at that ask ask marsha scarf, considered english as martha was the lithia, nobody blitzer discrimination be any of the teachers again, but the dumbest best edition. normally in 30 years i'm with catherine said i'm not quite sure what that to her. what are those in here? if you just go on the flies in your mouth, from the player from the middle is preferred with your duties the penny by the order. jessica, not some of you to provide. not only your order, but i do think the of me or ask you put a name or in the breaking down. yeah. but i just don't think this model you currently whiskey court,

i will catch up with kathy jones, and your equity market is down and up on the s&p 500 as the sad newsomes in that general powell has died at age 84. leigh-ann: i'm leigh-ann gerrans with bloomberg's "first word news." colin powell, the first african-american to be u.s. secretary of state and chairman of the joint chiefs of staff has died. his family said he died due to complications from covid-19. his family said he was fully vaccinated and being treated at walter need -- walter reed. he served in public office for four decades. he was 84 years old. china seeing a new cluster of covid cases in the northwestern provinces, new infections since sunday officials say more than 1500 people have been identified as close contacts and it is traced to two people from shanghai. key legislation to fight climate change may not the final vote it needs to survive. west virginia democratic senator, joe manchin, has told leaders he will not support including the spending package. the program would charge utilities -- pay those freezing clean energies and penalize those who do not. assurances from vlad

lisa: [laughter] jonathan: kathy jones is coming up.that, mary from gm offers decent numbers from general motors. heard on radio and seen on tv, this is bloomberg. ♪ >> in london we may be rushing to the pubs after work, in the u.s., democrats are trying a new approach to taxation to pay for president biden's agenda. that would affect around 700 people, those with at least a billion dollars in assets. meanwhile, a separate -- to pay at least 15% tax rate. president biden is zeroing in on whether to nominated jerome powell for another term. the president met with treasury aids to review candidates. he is not settled on a choice and it is unclear whether he is leaning towards reappointing powell or replacing him. xi jinping is calling for breaking new ground in western development. he told a military conference china must establish a modern management system for the defense industry. that comes after both the u.s. and china are rebalancing their forces for what the biden administration has called strategic publications -- strategic compli

stuart: now, we are up 262 on the dow jones spirit kathy woods, the arc innovation etf, i'm told theyere biggest outflow. >> you lived through so many euros of gurus, but some people say maybe this is a peak for cathie wood. $2 billion worth of outflow leaving her arc innovation which is our flagship fund. worst essentially launched arc after she moved. she still manages $80 billion and michael murray says he is a short the arc innovation. stuart: is she losing her influence? >> look, she's returned one 100% over the past year end now she-- maybe gains are slowing as well. you can only do one 100% returns for so long. stuart: what was arc innovation, it's 110 now, where was it? was never 200? >> i don't think so. stuart: i went to look at the auto stocks because today the big guys are coming out with their sales numbers. susan, i don't know what you have got but i think they will be difficult those sales numbers because of the chip shortage. >> talking about plummet over the summer time so it global chip shortage means forecasting less than 3.4 million car sales and it's down 14% from