on is a royal— that borisjohnson is keen on is a royal yacht — that borisjohnson is keen on is a royalthe recent g7 summit, he announced a marshall plan for global green _ announced a marshall plan for global green growth. —— would cost £20 million _ green growth. —— would cost £20 million the _ green growth. —— would cost £20 million. the marshall plan has not been _ million. the marshall plan has not been costed. we know about the education — been costed. we know about the education catch up plans that boris johnson _ education catch up plans that boris johnson was talking up earlier this year johnson was talking up earlier this year which — johnson was talking up earlier this year which would have cost £15 billion — year which would have cost £15 billion but rishi sunak only gave 1.5 billion but rishi sunak only gave 15 billion — billion but rishi sunak only gave 1.5 billion and that led to the resignation of boris johnson's catch up resignation of boris johnson's catch up recoveries are, so there do seem to be _ up recoveries are, so there do seem to be division— up recoveries are,

alongside tom keene and lisa abramowicz, i'm jonathan ferro.oming into tuesday sitting pretty at all-time highs on the s&p, down a single point to 4279. in the bond market, 1.4816. jp morgan sticking with the short. j barry still looking for 1.95 on the tenure. right now some 1.50. tom: the rate market has been quiet. i am waiting for to tell me something. it is not told me much. jonathan: what is it telling you now? not much. what about the idea peak everything is behind us? tom: is a theory. where are you on that? jonathan: clearly a theory not given much weight. here is argument from jp morgan, valuations are rich, supply will remain heavy. inflation should increase. tom: ben laidler is looking for double-digit equity gain. jonathan: what a first-half. tom: the best in nine years. what a first-half are the biden administration -- what a first-half for the biden administration. annmarie hordern is in washington. what is the power of the left on a tuesday morning? annmarie: good morning. politico is talking about the fact that inside his own w

and taylor riggs, in for tom keene this morning.t is going to be a wonderful few hours, as we have to talk about standard to be agents. -- standard deviations. lisa: is that what we are doing? in the stock market, you have seen that rotation back into growth. kind of fascinating. romaine: this reflation trade will be interesting to see whether this is just that knee-jerk reaction to the surprise that we got on wednesday. maybe we do gravitate back to that reflation trade. whether this is a real reset of where evaluations are. taylor: could it be an un-unch kind of day? lisa: we don't do unch on "surveillance." taylor: it is stunning, the migration lower beginning yields. unbelievable as we have talked about the unwinding of some of that reflationary trade, not only within the world of the equity market, but within the world of the bond market. lisa: is this what you guys do on "the close," un-unch? romaine: that's what i deal with every afternoon, so prepare yourself. [laughter] we talk a lot about how the s&p has been in the relati

is very keen not to be seen to give way to europe _ keen not to be seen to give way to europe on— keenality is that it's one country, the uk against 27 others — one country, the uk against 27 others. the eu accounts for nearly half of _ others. the eu accounts for nearly half of all — others. the eu accounts for nearly half of all britain's trade, so if the eu — half of all britain's trade, so if the eu keeps to its word and does retaliate — the eu keeps to its word and does retaliate, then obviously it's a risk to— retaliate, then obviously it's a risk to the _ retaliate, then obviously it's a risk to the british economy. but as ever in_ risk to the british economy. but as ever in these negotiations, it's whoever's _ ever in these negotiations, it's whoever's bluff gets called first. this is _ whoever's bluff gets called first. this is the fact that if if you do have _ this is the fact that if if you do have the — this is the fact that if if you do have the uk while ireland is in the

the government's ve keen where 1300 is ok? the government's very keen to — where 1300 is ok?is ok? the government's very keen to avoid putting _ where 1300 is ok? the government's very keen to avoid putting numbers l very keen to avoid putting numbers on what the acceptable level of case levels are, how many people as acceptable as a nation to cope with, who's got covid, who's got it seriously, obviously some people will die. what is the acceptable level? that's a very tricky decision to make. but as you say, when the scottish fans travelled to that match, people were quite surprised at how many people were being allowed to move freely around the country in such big groups. but actually, there were no travel restrictions in the uk at the time, nobody was breaking any rules, everybody — although the pictures look quite shocking because it's so unusualfor look quite shocking because it's so unusual for these people to be look quite shocking because it's so unusualfor these people to be in one place, nobody was breaking any rules. itjust depends on how seriously ill people have

keene once me to, either -- mrs. king want -- mrs. keene wants me to, either. alongside tom keene and lisa abramowicz, i'm jonathan ferro. just dropping bombs this morning. this is bloomberg. ritika: america's largest meat producer will have the majority of its plans open today after a cyberattack. according to a union official, the cyberattack force to shutdown of all of jbs' u.s. beef plants, which accounts for almost 1/4 of all u.s. supply. the u.s. and china have taken another step towards restarting trade and economic talks. treasury secretary janet yellen and vice premier liu he had what they described as frank discussions in the first call. so far, the biden adminstration has retained much of former president trump's economic policies towards china. that includes no reductions in tariffs. president biden meets today with the top senate republican negotiator on infrastructure, shelley moore capito. the administration has set june 7 for the deadline for a deal. the republicans have countered the president's proposal with a $900 billion offer, but that taps

tom keene back with us on monday.quities closing in on record highs, up 21 on the s&p, up 0.5%, and just a shrug from so many people as this takes place. from new york city this morning, good morning. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. prime minister boris johnson is government is to convene a london summit on how to tackle the latest covid vaccination rate. at least 60% of londoners have had at least one dose, compared to 75% across other regions. daily fatalities remain low. queen elizabeth ii's income was hit hard by the pandemic with a 53% drop in income from tourists to royal palaces. without places like windsor castle open to visitors, the income was cut to 13 one $1 billion -- cut to $13.1 million, down from $28 million a year earlier. china has filed a lawsuit against australia at the wto over dumping of some chinese goods. the measure targets chinese products including wind towers and stainless steel sinks. earlier, australia said it would impose duties on china for wine

tom keene had one too many martinis.promises -- lease or bomblets is off to another ship -- lisa abramowicz is off to another show which means the full "the close" takeover is underway. taylor: markets unchanged on yields after we had been higher after some of those initial jim bullard comments. the -- we talked about where we were in economics with the full vaccination rates and what does that mean for economic growth and travel opportunities. no better person to discuss travel than brian kelly. we know him as the points guy. i am a huge fan on instagram following you. some of the big headlines this morning, the eu trying to reopen to u.s. visitors. the big question is can i still afford a flight or are my flights now priced out of the price range to europe? brian: the best deals this summer are to europe. we are seeing thousand dollar one-way business class bears to europe and is a great time to use those frequent flyer miles. we have not travel that much. use them now, especially because you can cancel your frequent f

alongside tom keene and lisa abramowicz. equity futures this morning, unchanged on the s&p 500, a simple message coming from morgan stanley. get back to work and when you come back to work, you better be vaccinated. tom: today, john and i are totally on the same page. read that statement from the director of hr. this is a hard-line approach, coming back to the office. it was john dropping -- it was jaw-dropping. see, and we see it throughout society. there is a lot of market activity to talk about. the delta variant is front and center. wall street's decision is to get vaccinated. jonathan: the counting in new york, we are going to be counting for a couple more weeks. tom: it is pretty straightforward. we don't need to go into all the details. this is about crime, about public safety, a metaphor for every city around the world. the thing that absolutely stunned me is the gentleman from brooklyn, mr. adams did so well in the bronx. this is yankee stadium and north of new york, a pretty tough area. adams, 46%. the bronx voted

i think this is an event, the g7, was built for tom keene's presence.: i have been thrilled to be there. it's going to be a ho-hum meeting and it won't be ho-hum at all. lisa, your thoughts here on inflation? into ours, we get this inflation number. i am looking at core. we are writing up a trimmed inflation. i should say, which is still much contained. lisa: we haven't mentioned anything about the initial jobless claims coming in at 8:30 a.m.. but people are more interested in jobs than the cpi prints, because as peter hooper was saying, nobody cares. people are looking at more employment because they want to understand when wages come up to understand the stickiness of inflation. lisa: matt, she is dazzling us, 100% collect -- correct. that is probably a bigger deal than inflation. matt: especially wages. yesterday you had luigi on the show and his question was why have we not -- why we see prices increase over the last decade but not the american worker wages come up? that's a question that has not been answered. tom: part of the productivity is deci

alongside tom keene and lisa abramowicz, i'm jonathan ferro. tuesday morning with s&p 500 futures at 4282. with united airlines, huge bet on the future, agreeing to buy 70 airbus planes. that is a big at on a better future. tom: the response of the market is to grind higher. just like yesterday, we are grinding higher. dow futures just went positive. nasdaq 100 is going to go positive before lisa tells us what is going on in the real world. lisa: part of it is the airline story of can we get back to normal. those plans are getting delayed. i think you asked a really good question earlier on the show. has it been delayed, or has it and brought backward in terms -- or has it been brought backwards in terms of the delta variant? we are seeing restrictions were imposed. i wonder longer-term how much of a speedbump this is in the recovery. look at the airlines. there are some cracks in this cyclical story. jonathan: you sound like -- tom: you sound like lisa. we should all get together. there's an ebb and a flow to the market as well. jonathan: doub

is very keen not to be seen to give way to europe _ keen not to be seen to give way to europe on— keeneen to give way to europe on symbolic issues such as this, _ europe on symbolic issues such as this, but_ europe on symbolic issues such as this, but the reality is that it's one country, the uk against 27 others — one country, the uk against 27 others. the eu accounts for nearly half of _ others. the eu accounts for nearly half of all — others. the eu accounts for nearly half of all britain's trade, so if the eu — half of all britain's trade, so if the eu keeps to its word and does retaliate, — the eu keeps to its word and does retaliate, then obviously it's a risk to— retaliate, then obviously it's a risk to the _ retaliate, then obviously it's a risk to the british economy. but as ever in— risk to the british economy. but as ever in these negotiations, it's whoever's _ ever in these negotiations, it's whoever's bluff gets called first. this is _ whoever's bluff gets called first. this is the fact that if if you do have _ this is the fact that if if you do have the — this is the fact

alongside tom keene and lisa abramowicz, i'm jonathan ferro. little later that afternoon, chairman powell going down to capitol hill to testify tom: he's got a lot to say -- testify. tom: he's got a lot to say. the message is the time continuum. what is important with powell is to see is he focused on 2021, 2 022, or even out to 2023 or 2024. while you were out, landau had the courage to go out to 2024. jonathan: i'm not sure anyone is calling it a sabbatical, but that's ok, tom. [laughter] i'll let that go, don't worry. you talk about the damage done to this market. what damage? where is it? lisa: tom: exactly -- tom: exactly. the drawdown in the s&p 500 is less than 1%. there's a raging debate on what to do, but if you're not in the game, you can't play. jonathan: and we are always focused on the dumpster fire, aren't we? what happened in credit? lisa: absolutely nothing, basically wide open. it was completely calm. spreads tightened after a brief moment of i wonder what is going on. we talk about damage control. where was the damage? why are

alongside tom keene, lisa abramowicz, i am jonathan ferro.sday morning, after closing out yesterday with the smallest day of gains to complete a 4-day winning streak. equity futures down 5 as we close out a second quarter and the first half of the year. yields in, tk, down a little more than a basis point on the day. the euro at 1.19. weaker. euro-dollar 1.1884. tom: jon, again, i would just simply go to the fixed income market and what we see in in as being really indicative. let's do this right now, every once in a while, an essay comes along that redefines the landscape in washington. it's no surprise that david ignatius could write that up in the "washington post." annmarie hordern joins us. david ignatius talks about a hugely difficult thing to do, and we have seen this way back, i would say back into the early 19th century, this shift from a senatorial tone, the happy, the backslapping, the smiling, over to a presidential tone, what that might be. how is president biden doing in making the shift from senatorial over to presidential? >>

tom keene is out of the building. equity futures of five on the s&p, 42.6 one. alisa, we have a deal down in d.c.. lisa: this came as a surprise, not only did we get a deal but larger than expected. 570 $9 billion for infrastructure, traditional brick-and-mortar. the question is, can they get it through and get 10 republican senators on board? jon: in the market -- and the bond market we have tumbleweeds. yields did nothing off of the back of this. lisa: that's amusing to. a lot of people have been saying this has been priced in but this is significant, the fact they are getting something done. it is feasible and larger than what some people expected. democrats are still talking about additional spending yet nothing. what is this? jon: what you make of that, taylor? taylor: some interesting conversations we had yesterday, it's the market not pricing it in from the equity markets. perhaps they say this more money is in bonds, something more sinister going on, but one of my key questions yesterday are what are the tailwinds of further fiscal stimulus? maybe the pr

jonathan ferro, lisa abramowicz, and tom keene.ance" on radio come on television. a digital outage. we will touch on that in a moment. romaine bostick in for jon ferro this morning. i want to go from the uproar on negative

alongside tom keene and lisa abramowicz, i'm jonathan ferro.ooking at the markets right now, down five on the s&p. we are set to close out the quarter for a 5th street quarterly gain. still up by a little more than 1%. tom: right now, 16.68 on the fix -- on the vix. it's been a terrible six months in the stock market. jonathan: up 14% on the s&p. tom: the pendulum is one of gloom. jonathan: one thing that hasn't continued is the bond market selloff. they've come in almost 30 over q2. tom: if you start with the plane in january, who takes a bigger victory lap than jerome powell? he's got the markets with him. that's a fact. jonathan: should they be? there is consensus around the goldilocks outlook this economy in the years to come. mr. el-erian has written that peace in "the ft" this morning questioning that. lisa: basically, it could breed more inflation then people are expecting down the line. an increasing number of people are coalescing around that it is definitely not priced into the bond market. jonathan: do the fed officials start to brea

jonathan ferro, lisa abramowicz, and tom keene. we welcome you to new york. lisa abramowicz, tom keene, sleepless in new york and matt miller joining us after a good eight hours sleep and berlin. mr. farrow, we await his return. what we do know, when you think of this news fast, it is not. lisa, that was something yesterday. lisa: humility, and you know what? markets don't get complacent and the fact we will never move. those were the two messages the fed was sending. they are watching the data but at the same time, they are willing to move potentially even twice in 2023, which is a big surprise to markets. tom: it's really interesting. we will have a substantial surveillance today and it does to the pendulum of ffp. let's bring it out now. lisa, what is -- does substantial further progress mean? lisa: substantial further progress, frankly, is a question mark whether they are looking to the inflation which they raised yesterday. it was clear they were more worried about inflation than people thought. with respect to the labor market, are they talking about a

on the left there the david keene. terms as president of the national rifle association. he now sits on the nra's board of directors. on the right is john lott. he's a very influential person in gun organization circles. he wrote a book that people call the bible of the nra. both david keene and john lott were invited to address the graduates from james madison academy. and they both said yes. they put on their robes and their funny hats. they travelled to las vegas. they prepared speeches about following your hopes and dreams, also about the importance of the second amendment, right? that's kind of why they were there. the school told them that as a thank you for giving those speeches, they would both be awarded the james madison academy's keeper of the constitution award. this is them having received their statues to commemorate their receives those awards. and all of this, i don't know, seems a little bit on the nose, right? gun themed school gets gun themed speakers to give gun themed speeches and receive a short o

jonathan: tom keene, you are on form this morning.on laptops moving around stocks, dubai airport in west virginia. which one do you want to start with? tom: i don't know, i survived the weekend. i got through the weekend. jonathan: you talk about the kids moving stocks around on laptops. lisa: he's got a point. jonathan: is it still what you alluded to? is it something more now? i would say yes. tom: the kids wake up and they are looking at bitcoin, trying to get to doge, and they are upset because they can't get it off the bloomberg. $36,000 on bit dog. lisa: you actually have a point. the idea that they want to get involved when shares are valued as highly as they are gives them the ability to raise more money to sell them at potentially a higher price and then use the cash to do other things. there's a lot of ways for them to play a company in the popular i because of kids moving around stops -- in the popular eye because of kids moving around stocks on laptops. jonathan: some of the debt that was issued back in 2017 dropped to its

keene would agree. tom: this is a long-running story on this show.es, i am going to walk off the set. lisa: meanwhile, we are talking about the ecb policy in tandem with ecb stocks, and really the underlying question here is is there an exit strategy that could be done with grace? can you by european stocks for a longer period of time with faith that the ecb can extract themselves easily and gracefully? katrina: i think it is interesting because you were talking about grace kelly before and high heels backwards. if i look at the exit out of this, the ecb is watching the fed. the european markets are actually behind the u.s. in terms of recovery from the covid virus because the vaccine rollout was slower, so i think they are really looking at the markets and looking at the fed action, and i think that the ecb will be slower to act this time. just have a look at what happened back in may, were you saw italian yields blowout, and it was kind of this mini taper tantrum. i think they are watching to see what happens because it is not just about what the e

jonathan ferro, lisa abramowicz, and tom keene. mr.off and romaine bostick is holding court with us. an important report on work from home in about 15 minutes. right now and with great insight, neil dutta joins us. green on the screen. futures up fractionally. 16.86 on the vicks. neil dutta tears apart what we learned about the labor market friday and driving forward -- what did you do to your x axis off the jobs report. how long until we see tangible labor recovery? neil: a great question. it is coming slower than i would have hoped. obviously we got a head fake with the strong adp numbers heading into the friday jobs report. i think over the summer we should begin to see stronger employment growth. the issue right now is not demand. we know job openings are quite high. we will get more evidence of that later this week. the issue is one of supply. labor force participation rates have not moved since last summer. during that time job openings have grown by 2 million. this is primarily an issue of supply. there are issues around why tha

lisa: i'm just going to put tom keene, tom keene, tom keene.re is a question, i will say, all of the advertising ice on the sidewalk, people pestering you to vote were saying, if not for number one, put them at number two. people are tried to cater to this rank system. looking to washington, d.c., there is a question of this bipartisan bill that seems to be gaining steam. i am interested in the headlight number of a just north of $500 billion. is it really coming down all that much or is it being viewed as a siphoned off infrastructure plan with additional support for a bigger project down the line? marty: that seems to be the biden strategy. apparently, joe biden will get briefed by this bipartisan group in some way today. the biggest question is how to pay for it. the bipartisan proposal of the graduated gasoline tax is a nonstarter as far as we can tell from the biden administration. but if they can find a pack -- aim for this, it looks like joe biden once to get this bipartisan bill through the congress and then take on the multitrillion do

they will be very keen to ensure that there is no suggestion that the reason this new arrival into themay be possibly prince harry might have hoped, but i think it is a very sensitive issue over baby archie and the royals will be very keen not to give them any more ammunition to fire back at them across the atlantic. quite interesting you say that because you mentioned about the importance of the relationship between the sussexes on the royal family will be viewed vis—a—vis the names that have been given. it appears it might be fair to say that i think that couple they will be criticised. do you think this happy news book quieten down the critics? i think this happy news book quieten down the critics?— down the critics? i hope so. until the whole — down the critics? i hope so. until the whole tone _ down the critics? i hope so. until the whole tone of— down the critics? i hope so. until the whole tone of this _ down the critics? i hope so. until the whole tone of this rather - the whole tone of this rather unpleasant series of events with them quitting the royalfamily and being so open

on quarantining anyone at all. ., , . . , not keen on quarantining anyone at all. ., , , ., not keenall. no, because of course what spain is concerned about - all. no, because of course what spain is concerned about is - all. no, because of course what spain is concerned about is its l spain is concerned about is its economy and how badly it is hurting, and british tourists are very big parts of that summer and holiday economy. i do need to remind people, though, it's notjust about people wanting holidays. some of us would actually like to see our families, and that has not been possible, because some of us and a lot of us have been complying and obeying with the rules. in fact, it has been ensured near here in the uk, the compliance. that has been world leading as well. so that is why... it is not hancock cosmic half hour, but that is why the previous story was so worrisome —— hancock's. you are right, the german chancellor angela merkel would like to see eu wide quarantining of people coming from the united kingdom, whether they are british or not, and that is not because she is tr

alongside tom keene and lisa abramowicz, i'm jonathan ferro.r equity market this tuesday morning, all-time highs, just pulling back 0.25 points. we are off by 0.01%. in the bond market, 1.4917%. dollar strength the story through g10. euro-dollar, a break of $1.19 to the downside. we are negative there 0.3%. tom: this goes to an important economic data in the july jobs report on friday. right now, arguably the most important interview we will do on china. leland miller's china beige book is the granularity of china. he owns the high ground on what is really going on in china. leland miller joins us around the politics of china and their economics. i want to just cut to the chase. what is our biggest misconception about china right now? leland: i think the biggest misconception is the degree to which credit is really being strangled right now, and is down. -- and capex is down. when you look at quarterly credit results, you are seeing record lows in everything. all the big categories. overall borrowing, borrowing by state firms. if you look by ge

tom keene is out of the building.ay, lisa -- alongside may, lisa abramowicz and taylor riggs. sterling comes in a little bit, now negative on the day, with a bank of england rate decisi

i knew south africans were very keen to destroy zambia.te me from other leaders in zambia. because of that, i went ahead and spoke to personal —— political leaders in zambia. "don't do that, don't listen to that, this is a destroyed country". you didn't want them to exploit different parties in zambia and use them to undermine you? that was your justification? precisely. for having one party than on the ballot? why were you then always the only candidate on the list to become president? well... chuckles. why didn't you have a choice? i was elected by my people of zambia. but they only had your name on the ballot. yes, yes. but! yes, yes. but i was a member. when i was there, many other people were there. so many other leaders were there. and they were all playing some role in the politics of zambia.- in the politics of zambia. when ou look in the politics of zambia. when you look at _ in the politics of zambia. when you look at what _ in the politics of zambia. when you look at what happened - in the politics of zambia. when you look at wh

lisa abramowicz and tom keene.we start strong on the 100th anniversary of the communist party in china, rob warlick joins us. the bubble that never pops got rave reviews out of oxford in recent months. tom orlik, thank you for joining. i want to go to your boat where you talk about the fourth cycle -- your book where we talk about the fourth cycle we are in now. how does president xi get to the fit cycle? -- get to the fifth cycle? tom: this hundredth anniversary of the communist party will be a celebration of the development in the last 40 years. looking forward, there are opportunities, investment in technology come efforts to boost fertility to offset the demographic drag from the one child policy. president xi will hope you can deliver on his objective of doubling the size of the economy again by 2035. also the overhang of debt, the slow down of the state sector, and decoupling from the united states and its allies, which threatens to slow the cross-border flow of ideas, which has been a driver of china's devel

alongside tom keene and lisa abramowicz, i'm jonathan ferro.quity futures this wednesday morning totally unchanged for the s&p 500, positive 0.01%. a headline crosses from ifx. russia firing warning shots near a british ship in the north sea. -- in the black sea. tom: up through istanbul, crimea to the north, bulgaria to the left, and the sprawl of what i will call eurasia to the right. guess what? the ships are bumping into each other over there. jonathan: one more thing to monitor. many people think as we work our way through summer, this summer gets choppy or, and maybe it won't be until september that we resolve some of the issues on the economic side. tom: to take it over from international relations, what we saw in geneva with president biden and mr. bruton come over to the black sea, you are right. it is a total mystery of gdp. every single discussion to a gdp analysis. 250 dollars of earnings on s&p 500, that goes back to a boom economy analysis. jonathan: to what degree do you think growth will decelerate from 2021 to 2022? lisa: a lot

alongside tom keene and lisa abramowicz, i'm jonathan ferro.quity futures this wednesday morning moving higher by three points on the s&p 500. do you like anticipation there? just a pause. thank you, tom. we touched on this a little earlier. is q2 the calm after the q1 storm or the calm before the q3 storm? tom: we are really going to begin to focus on that. we've got the jobs report friday, but our guest as we begin in a few minutes is really going to dive on board on the beliefs from fed, front bonds into the equity market -- from fed, from bonds into the equity market. jonathan: 1.60% on tends, -- on tens, basically on average we have been for the past couple of months. lisa: the idea is that there is nothing to change the view right now that the fed will remain patient, and frankly, to counter their view of a transitory inflationary push. should that change, which it very well may in august or september in terms of taper talk , that could be very disruptive, especially given positioning in market right now. jonathan: amc in the premarket up

jonathan ferro and lisa abramowitz and jon ferro. -- and tom keene. the american labor economy, matt miller in for john. -- jon. today is a day we finally get a sense of the american labor economy. lisa: right. adp report and jobless claims. the idea is how much momentum is behind the hiring surge we have seen. however not as big as previously expected. really today i think the theme will be inflation all around. wage inflation and price inflation. tom: it will be price inflation on what we see and we all see it at the grocery store. that miller, are you seeing inflation in germany? matt: i have to be honest and tell you i don't really pay attention at the grocery store. the one thing i'm seeing here is pollution, and there was a great headline across the bloomberg terminal, an eu court ruled against germany that it has not done a good enough job keeping its cities clean. that was a really interesting -- that was really interesting, not a market moving issue, but fascinating. in terms of european stocks, we are watching the new relationship between bi

well, it appears to me that both sides are keen on trying l that both sides are keen on trying to finaliseement before power changes hands in tehran. it is much easier that way, and it's also something i believe is in favour of newly elected president because this way he can come in with a clean slate, blaming raw honey was the key architect and advocates of the original agreement for any shortcomings while reaping the economic dividends of the deal. the question is whether they would then be willing to negotiate the following agreement which is what president biden has in mind. the iran and boy _ president biden has in mind. the iran and boy is _ president biden has in mind. the iran and boy is quoted as saying that a lot of what happens next is down to washington �*s reaction, so pushing the responsibility back onto them. how inclined do you thinkjoe biden is to see it that way? them. how inclined do you thinkjoe biden is to see it that way?- biden is to see it that way? look, without any _ biden is to see it that way? look, without any doubt, _ biden is to see it that way? look, without

the palace or a palace source at least is very keen to set the record straigh as they saw it., harry and meghan were very firm that they thought they had gone through all of the proprieties involved. philippa: our royal correspondent, there. let's take you back to the live pictures there from eastern england and suffolk, where joe biden has arrived together with jill biden, first lady. he's due to speak in the next half-hour to you -- u.s. air force personnel and their families. he's got quite a welcome, you can see plenty of evidence of the stars & stripes among those gathered at the air force base. as he arrived, white house sources said the u.s. will be supplying 500 million doses of covid vaccines to around 100 countries over the next year. that was one of the key issues, wasn't it, how the wealthiest nations will help others around the world access vaccinations against covid-19. lots more on the g7 agenda. we will be bringing you more of that in the days to come. narrator: funding for this presentation of this program is provided by... narrator: financiaservices firm, ray

tom keene is out of the building.longside may, lisa -- alongside may, lisa abramowicz and taylor riggs. sterling comes in a little bit, now negative on the day, with a bank of england rate decision. lisa abramowicz which is the detail you see right now? lisa: no drama. there was no rate decision. they voted unanimously to maintain edge market interest rates. basically, no change. no indication of tightening. we will have to parse through the details to see if there was a more -- was any more hawkish decision. people will way this -- will weigh this as them being asked of us they can be. jonathan: voting to reduce the asset purchase target, right now 875 billion in its entirety. sterling down to 1.3942. all-time highs on the cards may be the s&p 500. taylor: certainly an interesting day. the resiliency of these markets to shrug off some of the inflationary, more hawkish tones we get. rafael bostick really striking that tone, hinting that he's looking at a paper in three to four months. that sets us up nicely for jackso

yes, and obviously boris johnson was very keen to promote| johnson was very keen to promote some of thelittle of china was mentioned, because arguably the biggest polluter on the planet as china, so if you're going to band together to try to do something about climate change, you'll probably have to band together to have a talk with china. they didn't really seem to come out in the communique. whether something will happen more in brussels tomorrow, and obviously everyone is decamping from cornwall, they'll meet up again in brussels for a slightly different summit. but it's a shame that perhaps more was not actually signalled in the communique for the things that they would've liked to have done. after all, they had sir david attenborough speaking to them, they had prince charles talking to them on friday evening — they are very passionate about it, maybe itjust speaks to how difficult this really is when you're talking about a disparate group of countries who have all got very different agendas. jae. countries who have all got very different agendas.— different agendas. joe, the sugges

we reached out to david keene to get his response and we haven't heard back from him.this remarkable demonstrative experiment, this stunt was orchestrated by a gun safety advocacy group called change the ref. the group pointed out today that quote, ironically had the men conducted a proper background check on the school they would've seen that the school is fake. they said they were trying to illustrate here that the thousands of students lost to gun violence won't be forgotten. they wanted to force progun advocates to literally face the consequences of their policies. they call those 3000 empty seats, the loss class. this advocacy group change the ref, was founded by manuel all of, in 2018 their son was killed at stoneman douglas high school in parkland, florida. he was 17 years old. he was a great writer, an athlete, he loved music. his father manuel said today that he was not scared to pull off this sort of unbelievable piece of advocacy, and honestly subterfuge he said quote, we need to show were brave and not afraid of these guys. we've already felt the worst poss

— that clause because the group is very keen to ensure the piece continues— very keen to ensure theut on watch effectively so will be interesting to see _ effectively so will be interesting to see that he is getting pressures from _ to see that he is getting pressures from brussels as well and joe biden is being _ from brussels as well and joe biden is being fair in telling brussels to be less— is being fair in telling brussels to be less bureaucratic and to honour and be _ be less bureaucratic and to honour and be more flexible with the way they do— and be more flexible with the way they do this. it looks like the headmaster is now coming and effectively holding these two incredibly, this man has been doing this since _ incredibly, this man has been doing this since the day the breaks of both— this since the day the breaks of both scott cast an eye we have a presence — both scott cast an eye we have a presence in the united states who feel slightly more inclined to wait in on _ feel slightly more inclined to wait in on what — feel slightly more inclined to wait in on what we've had

have hoped, but i think it's a very sensitive issue over baby archie, and the royals will be very keenmmunition to fire back at them across the atlantic. it's interesting you say that because you mentioned about the importance of how the relationship between the sussexes and the royal family will be viewed, vis—a—vis the names that have been given. itappears, though, duncan, it might be fair to say that anything that couple do will be criticised. do you think this happy news now will quieten down the critics? well, i hope so. because actually until the whole tone of this rather unpleasant series of events, with them quitting the royal family and being so open in their criticism of what life is like inside that family, you'd really hope that that is not going to continue. so, maybe a baby is the perfect chance... as many of us will know from families, when a new baby comes along, it can bring families closer together. if nothing else, it can get them talking. and frankly, that would be an improvement from where we were last week. the headlines on bbc news — the health secretary says the

alongside tom keene and lisa abramowicz, i'm jonathan ferro. heard on bloomberg radio, seen on bloomberg tv, with your equity market close to all-time highs, 4273 on the s&p 500, we advance just two points this morning, positive 0.04%. your yields are coming in almost two basis points on the 10 year to 1.5071% following the selloff last week. yields come in, then yields go higher. you get the picture. from new york, it is going to be a hot one. this is bloomberg. ♪ ritika: u.s. airstrikes on american backed -- on iraqi backed militants raises questions. talks on reviving iran's nuclear deal have dragged past initial timetables. there was concern a deal could fall apart when the president linked it to a larger tax and spending bill that republicans oppose, but the president walked back his remarks saturday. republican rob portman says work on the bipartisan legislation can move forward. the last and only foreign scientist in the wuhan lab is speaking to bloomberg. they were rocking at the lab just weeks before -- they were working at the lab jus

jonathan ferro, lisa abramowicz, and tom keene. "bloomberg surveillance" on radio come on television. a digital outage. we will touch on that in a moment. romaine bostick in for jon ferro this morning. i want to go from the uproar on negative futures, and backup we go, but, does it show the fruited julie -- the fragility of the system as we know it. lisa: certainly the big moves were not that big. the fact that people clambered into buy at a 0.5% dip shows you there's not that much out there. fireeye up nearly 2%. amazon web services down. fastly also lower. these are all raising questions about the new dynamic of the new economy that really leads to stockpicking going forward, when you try to think about the cyber world we live in. tom: stockpicking doing better here on a macro basis. romaine, your thoughts on this? you deal with this everyday. for those of you on global wall street, tliv is the way to go. it is really smart analysis. what is your take on this, romaine bostick? romaine: they've got it back up and running. fastly i

we have tom keene, jonathan ferro, lisa abramowicz. we do not have tom keene or jonathan ferro. we have matt miller and taylor riggs. help us get back on the rails. a question about what the message is in the flattening yield curve, the decline we are seeing in longer-term yields. there is a feeling of disinflation. is that the correct call? matt: that is what we're hearing from all of the central bank officials. yesterday we heard from the buddhist bank. they should be the most hawkish european central bankers. he does not see any inflation midterm. there is a spike right now but he sees it as transitory. that we had real concern voiced by bankers by peter hooper and economists like andy haldane, we have not heard it from continental central bankers or from the u.s.. lisa: the interesting thing, it is not just what we are seeing the yield space, we are also seeing it in the commodities and the equity index with the nasdaq getting a bid. the mainstay names getting bid up once again. is this because of the fed hawkish tilt or did it start earlier and stemming from some sort of fu

on centralizing power, not so keen on the independent institutions. he's tried to neutralize and undermine a few of those, not very keen on civil society and joe's even the media itself, national and international. when it's criticized symbol prince is something that he doesn't like. he's been quite came to attack. so people on the other side to say, this is really the chance to try and limit his power a bit and to prevent mexico and the country, bob's going in a direction that he doesn't want to go. i think finds with his vice president the council of the americans, and he explains why this is a crucial election for the mexican president. the president himself is not on the ballot, but he's the one that everybody's voting about. and you know, he's got now 3 more years of this term. he's limited to one year, gives me one term. and the question is now, how empower is he and the 2nd half of his term to really try to carry out what he calls the transformation of mexican society. there are some people that are really wanting him to be successful and there

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: this is "bloomberg surveillance." i am jonathan ferro. tom keene is back on monday. taylor riggs is stepping in. equity markets, all-time highs. the deal in d.c. is the head story this morning. 148.67 on the tense, unmoved. lisa: the feeling that not much could move it. not only do we get the infrastructure bill, but we are also about to get inflation data. no one is even mentioning it. at what point can nothing shake the resiliency. is it a market pumped up by stimulus dollars? jonathan: where are we in the cycle of this market? lisa: that is the key question. a lot of people are saying midcycle. that is the consensus being generated on wall street. some people are saying this has moved so quickly, such a consolidated cycle that we could be entering into a later stage without realizing. jonathan: taylor riggs is desensitized by these big numbers in washington. taylor: [laughter] you did see some interesting movements within the equity markets. this much money is in bonds. y

lisa: i'm channeling tom keene. i've been working with him long enough.dulum of exceptionalism, and that is where we are headed. there's a question of whether people will view strengthening dollar as disruption and the rest of the world. exactly what you are saying, as a really bearish sign on a recovery that will eventually start to stall out. mark: it absolutely needs to be a link where the sequence is the dollar rising because real rates are rising. that is really the plumbing of the global financial system on a lot of frameworks we look at. real rates should be higher, breakevens should be lower. with that you would get more rate volatility, higher vix, and that in itself is disrupted because what is anchored is really the suppressed level of real interest rates. even if we see a 15, 20 basis point moving real rates, which is kind of what we saw earlier in the year, that itself is disruptive for conditions, and for some of the allocations where everyone is pro reflation, very long equities come along credit, short the dollar come along -- short the do

this is a president, we've been pretty keen on centralizing power, not so keen on independent institutions. he's tried to neutralize and undermine a few of those. not very keen on civil society and joe's even the media itself, national and international, when it's criticized him or printed something that he doesn't like, he's been quite came to attack. so people on the other side to say this is really the chance to try and limit his power a bit and to prevent mexico and the country, bob's going in a direction that he doesn't want to go. another news, the military wing of the palestinian group, hamas has release an audio recording of someone. it phase is a capture. the israeli soldier, the unnamed man is said to be one of foi, really, who has been held in garza for several years. although israel says 2 of the soldiers are dead, i'm also released new video for me is really soldier. the launch lead sheet was raised in 2011 in exchange for more than a 1000 palestinian prisoners. the deputy leader of masses, casara brigades. my one isa told on just 0, the group wants to finalize our new busines

jonathan ferro, lisa abramowicz, and tom keene. jonathan ferro out.ne bostick helping us this morning. right now we go granular with gregory valliere. he has a life tied to the south of switzerland with some st. bernard somewhere on his way to milan. he's leading the way to american tourism in europe. very quickly here, should americans travel to europe? your leading the way. greg: if you had your shot, if you have been tested recently, yes. tom: we will leave it there. there's too much going on. i want to go to a great npr thing i heard on tennessee, which is the the distance between memphis and nashville, where the democrats get gerrymandered out, and this cost to democrats the house. how may battles are out there now to give speaker pelosi some serious angst? if forced to make a wager today, i think the house falls to the republicans in 2022. the history would indicate it. the redistricting would indicate it. i think the republicans are favored. tom: what kind of republican house would be? would be fragile and of gridlock? greg: it would be fragile