at 8:30 p.m., the fed's lael brainard, she's not fed chair, but she may be. fed chair jay powell is likely to be the next fed chair as well. however, lael brainard has been pinned as the potential successor should president biden choose to switch things up. she's thinking of rebuilding the post-pandemic economy. i want to hear her political intonation as she tries to addition -- tries to petition to get that role, but also what she will say about tapering from raising rates, because perhaps they are a little too connected for the fed's comfort. jonathan: they've got to aggressively de-link that. lael brainard could take one of the vice chair spots, and perhaps that would appease some of the democrats and the party. lisa: and you wonder, given that back drop, whether her words will take new weight. going forward, all said speak may be up -- all said speak maybe a little more interesting given that chair powell sort of punted to them. jonathan: i will let you run back to the deskjonathan: because david jones of bank of america has something to say, that once we

in fact, a lot of people thought if hillary clinton had won a race to the white house, lael brainard have been hillary clinton's choice to head the treasury. this is why there is so much spotlight for her. she is in as the likeliest person to get this job. people have talked about rafael bostic. as for -- the vice chair of bank supervision. senator warren, a liberal democrat, every time she can, when he testifies, and she got after jay powell last week as well for being too soft on the banks so that is a voice which will be urging the president to go ahead and pick somebody else to take this seat. maybe we will find out by september but there's going to be a lot of voices. i think what is interesting is because she is a woman, because she is so well-qualified, a lot of people figure she is the first choice. when it comes to the markets and invest is and maybe even janet yellen, at a time like this when the economy is still coming out of that deep recession, we are still worried about jobs, etc., market stability, maybe it is better to keep a solid, successful fed chair in place, and

jonathan: i thought you were going to call the fed chair lael brainard, which is a separate story. she is part of that conversation which is why i mentioned that. lisa: she is one of the key contenders should jay powell not keep his seat. her comments will take on that much more significance, given that backdrop. jonathan: 127.6 three is where we closed out. the yields are lower on the week now. we are down a couple of basis points this morning. we are bringing in wells fargo. jay, let's talk about the week. the downside of gdp a, the upside on initial jobless claims supply-side complaints exist. how long will they persist? jay: maybe a few more months. i think we have to get visibility around covid. our kids going back to school in the fall? that's a crucial question. if they don't i think you will continue to see some labor market strength. this story will be with us for the next few months until we have visibility on what's happening with the delta variant. >> we are going to get a slew of economic data. it is starting to feel cleaner with respect to year-over-year comparison an

chair powell, vice-chair clarita, john williams, a permanent voter of the new york fed and lael brainarde fact other opinions are being heard but to me the fed will be remaining incredibly dovish. i'm a bond bull for the record. the terminal fed funds rate, charles, just a couple months ago, in other words where the market thought the fed would take rates when ever this business cycle is over was just under 2 1/2% around it has rallied almost 100 basis points. it is only at 1.50. markets are forward-looking. yes there is some inflation, and more importantly the markets believe it will be temporary and expectations have a way of self-sustaining. rates willing stay low and housing will because inventories are so low. charles: there is palace intrigue but there won't be any overthrows. what i'm hearing here. >> that's right. charles: danielle, i want to get reaction to the next story. car prices, as you know, particularly used car prices have gone right through the roof. the question everyone is asking, how long will it last. we have gerri willis to help update one of the biggest inflation

camps of democrats, particularly looking at progressive democrats, and that leads us right to lael brainardwho has been working with danielle in, jay powell now. she is seen as someone was passed over for that treasury secretary job by joe biden. she is a woman. she is tougher on banks. that is another thing that people like elizabeth warren would like so she seems to be potentially -- if jay does not get the nod -- people figure she is next in line. haidi: johnson & johnson raises its annual forecasts after a strong quarterly sales rebound from one year ago. we will have more on the data. this is bloomberg. ♪ shery: a study has found that johnson & johnson's single-dose covid vaccine produces relatively low levels of antibodies against the delta variant. that is raising questions about how well the shot will hold up against the strain that is spreading rapidly in many countries. we spoke to j&j's cfo, joseph wolk. joseph: johnson & johnson is proud to be part of the solution set despite last night's report. we think that the data shows that this is very effective against many variants incl