tom: let's frame this for leon cooperman. mr. operman i believe has a caution on the market out one year. state the case as you see it. lisa: the idea is where else are you going to go? are you going to go into bonds, and to anything else? you are not going to see a massive crash in stocks. at the same time, you're getting inflation, getting cost pressures we heard about from general motors. he himself in a recent interview said that he did get a new car, although he traded in a 2002 lexus for a hyundai. leon cooperman i am sure can talk about all about the supply and demand. tom: he's got a 12 car garage, so we know where that is going. jon ferro, i look at the debate we got in the equity markets right now, and it is what everyone is looking at. i think we forget it is expecting out six months, nine months, your out. -- nine months, a year out. jonathan: how big is that deceleration? we are still working our way through so many distortions, and the way i view this economy is that it is like holding a beach ball beneath the surfac

eastern time, and about 15 minutes, leon cooperman, omega family office chairman and ceo, joining us little later on. yields are higher by about a basis point. your s&p 500 up 0.3 percent. on radio, on tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. treasury secretary janet yellen wants to me it clear she was not forecasting interest rate hikes to rein in any inflation spurred by president biden's spending. that came after remarks earlier in the day that ruffled. yellen says she doesn't anticipate higher inflation, but if there is one, she says the fed has the tools to deal with it. we asked the chairman of ubs about yellen's initial remarks and the impact of a growing economy. >> i think she just spoke in general about what the treasury secretary needs, expectations around the yield curve and how to plan fiscal spinach or's. i think -- fiscal expenditures. i think she was just reflecting her forecast relative to everone else's forecasts, that we cannot assume that interest rates will stay anchored. ritika: he said that interest rates and c

. >> if you want me to summarize in one phrase, it's what leon cooperman said when asked how he positionedsted bear which tells me even people who are uncomfortable about the market feel compelled to be invested, which is good news for now. but if they sense a crack in the liquidity paradigm, they will just be bears. they will not be fully invested. jack: and it doesn't leave a lot of buyers on the sideline. mohamed el-erian, i look forward to having you back in a few months and seeing where we are then. >> thank you. jack: coming up, a new generation of money managers is changing the traditional ideas behind value investing. jpmorgan's claire hart will give (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back. they want to be set free. to make the world more responsible, and even more incredible. ideas start the future, just like that. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars.

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. >> if you want me to summarize in one phrase, it's what leon cooperman said when asked how he positioneda fully invested bear which tells me even people who are uncomfortable about the market feel compelled to be invested, which is good news for now. but if they sense a crack in the liquidity paradigm, they will just be bears. they will not be fully invested. jack: and it doesn't leave a lot of buyers on the sideline. mohamed el-erian, i look forward to having you back in a few months and seeing where we are then. >> thank you. jack: coming up, a new generation of money managers is changing the traditional ideas behind value investing. jpmorgan's claire hart will give jpmorgan's claire hart will give [ crowd cheering ] [ engine revving ] [ race light countdown ] ♪♪ ♪♪ when you save money with allstate you feel like you're winning. safe drivers save 40% saving is easy when you're in good hands. allstate. click or call for a quote today. stay restless with the icon that does the same. the rx, crafted by lexus. get 0.9% apr financing on the 2021 rx 350. experience amazing, at your lexus dea

. >> if you want me to summarize in one phrase, it's what leon cooperman said when asked how he positionedich tells me even people who are uncomfortable about the market feel compelled to be invested, which is good news for now. but if they sense a crack in the liquidity paradigm, they will just be bears. they will not be fully invested. jack: and it doesn't leave a lot of buyers on the sideline. mohamed el-erian, i look forward to having you back in a few months and seeing where we are then. >> thank you. jack: coming up, a new generation of money managers is changing the traditional ideas behind value investing. behind value investing. jpmorgan's claire hart will give walter, did you know geico could save you hundreds on car insurance and a whole lot more? so what are you waiting for? world's strongest man martins licis to help you break down boxes? arrrggh! what am i gonna do to you box? let me “break it down” for you... arrgggh! you're going down! down to the recycling center! >>hey, thanks martins! yeah, you're welcome. geico. switch today and see all the ways you could save. ♪ when i

that is what we will talk about with leon cooperman.uch towards the market but straighten us all out on the show. larry kudlow. good stuff. >> sometimes we double as a business show. stuart: why not? we have a great deal coming up for you and i will tell you what is on the show coming up very shortly. we will be back right after this. i have an idea for a trade. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪♪ stuart: with the summer driving season approach we better look at oil, $66 a barrel, the average price of gasoline as of right now $3.04 a gallon which is indeed higher than it was a year ago. in terms of supply of gasoline in washington dc, 73% of gas stations are still without fuel. inappropriate moment to bring in gas buddy'

lisa: leon cooperman said the main thing was looking for in terms of equity performance was fed speak says everything you need to know. jonathan: i will talk about how this reconciles. alternately over time, the story reconciles again, but which way? real yields higher equity market lower? tom: we don't know. jonathan: i will bring it to you in about an hour. tom: there is a study for most unusual market, the most unusual pandemic. we try to figure out what this vaccination program means. we have found a grandfather who will see his grandchildren for the first time since time began. the kids show up in the coming days, danny blanchflower. denny: my grandkids are coming today. things are starting to get back to normal and that is the story we are hearing on the economy. it is slow progress. we are seeing past recovery but never had to where we were before this awful pandemic hit. tom: i want to go back to your book. there is a mystery here to what wage dynamics will do as we bring on millions of service sector lower wage employees. are you worried about rising wages and benefits? danny

jonathan: leon cooperman their of the omega family office, the chairman and ceo, on inflation and whatmean for rates in this market. good morning. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. here's the price action of the moment. we ship up as follows on the s&p 500. futures positive three, almost 0.1%. yields up almost a basis point on tens. euro-dollar, $1.2049. crude just a little bit lower. commodity rally defining the moment we are in. demand shocks on wti. here's the line from j.p. morgan. "many of today's investment management's have never experienced the rise in yields, commodities, values, or stocks in any meaningful way. managers will not take chances and will reposition portfolios." ultimately, that is what we have been looking at. tom: it is all moving along in real time, and we will continue with claims coming up in about 35 minutes. what jon and i like to do is stop the show when it is important, and right now we are most fortunate to have david wilson with us come our bloomberg stocks editor. one of the giants of what we do ha

input, if you were to pick one for risk appetite for the summer, i think this echoes the words of leon coopermanek. forgive me if i get this wrong. it's the federal reserve and the balance sheet. so if risk appetite is shaped by what the fed does with its balance sheet, it is kind of bizarre they were talking about risk appetite being elevated that leads to this vulnerability if it's risk appetite is being shaped by the federal reserve. lisa: basically it is using the passive voice when they are the active player, ignoring that factor. there's a question, when you talk about the corporate default rate, have these defaults been taken off the table, or have they just been postponed? in other words, will we allow some of these zombie five companies to default at some cash these zombie -- these zombiified companies to default? this is a major fed policy going forward. jonathan: kit juckes captured this nicely. "the fed is, to all intents and purposes, warning about irrational exuberance in the equity market while keeping rates at historic lows in the middle of a once-in-a-lifetime economic boom." th

it is like leon cooperman with the turks and caicos buy or whatever. i'm actually at my house up north, the summer place. what is important to understand is my belief that corporations adapt and adjust. every cycle up and down, there's a miss underestimation about how executives adjust to how cards are dealt. jonathan: and those corporations this morning have to wake up and work out what they do with this mask mandate and the shift we have seen. dr. fauci on msnbc saying the guidelines are a major step towards normality. tom: i am going to weigh in with mcdonald's on 3rd avenue, where i am scheduled to have lunch. what do they do? they need more help. jonathan: are you making a mask point or a labor point? tom: both. i think they are linked. jonathan: i agree. tom: you've mitch'-- you miss lisa so much you can't talk to me this morning? you know what it is, we need a banner. jonathan: what do you want the banner to be? tom: the pendulum of inflation is where we are right now. jonathan: just jarring being in a room with you and then not being in a room

in fact, i invited one of the largest critics and loudest critics, billionaire leon cooperman here today to discuss the proposals with the members of the committee and the american public. after all, that's how democracy is supposed to work. citizens and stakeholders discuss ideas and then our elected representatives vote. i'm disappointed that mr. cooperman decided he was more comfortable taking softball questions on cable news than subjecting his views to debate in the united states senate. now, mr. cooperman may have been too frightened to come here today, but others were not. today we're joined by a panel of distinguished witnesses, including several academics and tax policy experts, by millionaire abigail disney and by small business owner, cheryl stroter who have a variety of views on these proposals and are willing to discuss and debate them in public. a fairer tax system is about making our country better and stronger. and it's about allowing us to make investments in our economy, by asking the wealthiest americans and biggest corporations to pay their fair share. so, i'm looking