katie: and i'm katie greifeld. caroline hyde is off today.aylor: for the dow and the s&p, the best week going back since february. all of this coming on a big cpi date, 6.6%. higher inflation means your real wages, romaine, you just lost 2%. romaine: some people thinking as to what the fed response is going to be here. taylor, you talk about going to the moon with regards to the meme stocks. we are going to the moon and beyond. over the next 30 minutes, we will talk about space. blue origin scheduled for another launch tomorrow. we will go to infinity and beyond by digging into the money of this booming space industry. companies are raising money by going public and taking celebrities. future plans include visiting places like mars, which could be big, katie. we will start with tomorrow's launch. taylor: the billionaire space race is back on. this launch was supposed to be earlier this week, but now we are going to see the launch of that ns 19 flight tomorrow. blue origin says whether it was the only factor -- whether was the only factor nega

we want to get more perspective on that with katie greifeld. ou look at history, it tends to be a positive stretch of the year, so we will be watching closely. katie: today and the past couple of days, forget monday, that santa claus rally is underway. the breadth is also amazing. over the past couple of days, if you look at the top gainers in the s&p 500, it spent a lot of the travel names, from airlines to cruises to hotels. you are looking for a fundamental reason for the santa claus rally. it seems a lot of those omicron fears, at least the worst-case scenarios, are in the rearview. you see those names reflected under the hood a little bit. kailey: the equity market will be trading as normal until 4:00, but the bond market will be closing at 2:00 for the holidays. still below 1.50 on the 10 year. why? katie: great question and you are seeing some curve steepen is on the day. consensus seems to be, if you hike rates three times next year, even though our policy is loose at that point, that may take the edge off of growth. at least it is not a

let's bring in katie greifeld for more. lot of times when we see big drops in retail assets like meme stocks, they go and liquidate bitcoin to get some liquidity out. is that what we are seeing? katie: i think so. if you think about the past few days, we had a big selloff on friday in tech shares. i woke up saturday morning to a bunch of alerts that bitcoin plunged overnight. crypto in general tends to follow stocks more than anything else, tech stocks in particular more than anything else. i don't think it's a coincidence that that huge drop we saw was on saturday, on the weekend. crypto's defining characteristic, among its volatility, is that it trades 24/7. trading volume is thin, not a lot of liquidity. you tend to see big moves like this, and they leave a mark. rising a little bit, still not able to get above that 50,000 level. matt: we have seen, the contrary, some of these big mega cap tech stocks over a long period of time following close to bear markets. facebook, tesla off 20% from their highs. what are we seeing t

kailey: katie greifeld, thank you so much. coming up, let's turn to china.utting borrowing costs for the first time in 20 months as it tries to counter the property slump. we will speak to jonathan ward of the atlas foundation. this is bloomberg. ♪ kailey: this is bloomberg markets. i'm kailey leinz. in china, banks borrow low in cost for the first time in 20 months, providing support to an economy showing strength. the move underscores the diverging monetary policy path between china and the u.s. and also marks a new phase in the global struggle to deal with the pandemic fallout. for more insight, let's bring in jonathan ward, founder of the atlas organization. great to talk to you. what we are seeing in china, virus aside, comes amid the pursuit of common prosperity, and that has led to a crackdown on a number of industries. can we expect china to just continue to keep policy easy, do what it needs to do to shore up the markets, so they can pursue that agenda? jonathan: it is sensible to look at the two together. on the one hand you are dealing with these

bloomberg's katie greifeld is joining us. katie: you can see two-year yields are little bit lower.hat is where fed hike expectations are priced. the consensus on wall street seems to be that this probably isn't going to change the needle too much for the fed when it comes to that lift off. that is why you are seeing the stock market broadly higher today. you can see the s&p 500 up about 0.4%, as is the nasdaq 100, the tech sector also posting gains here. this is a sector that is very sensitive to interest rate hikes and those expectations had no surprise it is getting a little bit of a bid today after a rough couple of days. havens not really in demand. you can see the bloomberg dollar index taking a little bit of a leg lower. guy: let's continue the conversation about that inflation narrative. certainly the big story of the day, the u.s. inflation print. i know it came through pretty much in line with expectations, but u.s. inflation is now running at the same clip we saw back in 1982. that was the year of thatcher, the era of rage and -- the era of thatcher, the era of reagan. in

kitty gray felt -- katie gry fell -- katie greifeld is here looking at more. s is the biggest etf in the lineup, with almost $17 billion in assets. sold off almost 150% last year as big tech dominated. starkly different picture as 2021 comes to a close. you can see it is almost down 20%, with some of its top holdings like tesla and roku falling from their peaks. that is in a year when the s&p 500 is up almost 24%. the firm is going through a bit of soul-searching as a result, and light was set on -- like was said yesterday. it looks like investors are going through a bit of their own soul-searching. excluding the ark transparency etf, which just launched this week, of the eight etf's, only two have posted gains this year. you are looking at a chart of five day rolling flows for those eight etf's. since about mid-october, these funds have seen pretty persistent outflows. alix: good stuff. thank you very much. coming up, we are going to get the view from the white house on today's inflation data and the virus. what does this mean for build back better >> inflatio