we speak exclusively to the cleveland president, loretta mester.nd china is looking to close a loophole used by tech firms for for foreign ipo's. shery: let's get you straight to south korea. cpi just crossing. we are seeing a faster pace of inflation on the consumer side than expected. 3.7% is that you're on your number, beating expectations and -- 3.7 is that year on year number, beating expectations. a month, poor -- .4% inflation. the core number two point 5%, still higher than expectations. that is the highest since december 20 11. price pressures are really just mounting. we have seen the bank of korea changing their tone and the way they talk about inflation and tight, and that certainly is not going to change given that we will continue to see these ongoing supply bottlenecks. shery: we will see what happens with the omicron variant. we did get that impact in third-quarter gdp numbers. we are getting final numbers, which came in line with estimates. we are talking quarter on quarter growth of 13%, same as the previous estimate. year on year

we heard from loretta mester they're saying her outlook so far hasn't changed based on omicron.as yours changed at all? >> not really, at this point. she was saying, it's still early days. is going to take a couple of weeks to have more data enter billy see but this means, more -- and to really see what it means, how resistant to vaccines that can be rather than transmissible. we already know it's very transmissible. the question is, exactly as she said, we have seen companies able to adapt better, the growth momentum i think gets slowed a little bit but it just gets delayed and pushed back into 2022. so the growth prospects again at this point are not really altered. dani: in that case, when we see days like yesterday when the market gets spooked by a case presenting itself in the u.s. in california, is it just a warning of what more is to come? >> i think yesterday was a little bit particular. no one should be surprised if there's a case of omicron in the u.s. and in most european countries now. we should assume it is almost everywhere at this point. we weren't able to contain

jonathan: that was loretta mester, the cleveland federal reserve president, catching up yesterday.d morning. tom keene, lisa abramowicz, and jonathan ferro. your equity market fading a bit, then bouncing back 0.4 percent. nasdaq 100 futures slightly negative, down by about six points. we are -0.03 percent. yields are higher by not much now, by two basis points to 1.40% on tens. you're stuck mover of the morning's apple in the premarket. reporting here at bloomberg, the company telling component suppliers that demand for the iphone 13 lineup has weakened, according to people familiar with the matter. $160.40 in the premarket. your big bull on the street right now is dan ives of wedbush at $200. tom: we look at the opportunity right now. also want to point out we are looking for a miracle press conference out of germany, which could be of interest. tom forte joins us, d.a. davidson. let me cut to the chase. do you buy the dip? tom f: you do, although i worry that the $160 price of apple is on a growing assumption that they will enter electronic vehicles. but if you look at multiyear

i think loretta mester put it so simply when she's -- put it simply -- put it so simply -- put it succinctly it would give us the optionality move on rates. have they decided exactly when they will move on rates? no. they will take that decision as we are moving through the data and getting possible evidence early next year of whether inflation is going to continue to run hot or whether it is going to start coming off those highs. but you need the optionality, and every central banker ultimately once as much optionality on policy as possible. so i don't think a faster taper is signaling they are going to turn around and hike right away, but i do think they want to be prepared and be more nimble in case that is an action they need to take. alix: to our question of the day in terms of where we are looking, does the number today come in in a goldilocks way? i wonder if there is some truth in that in some of the individual categories. we know prices are going to roll over. we know energy prices are off the highs, and they have already rolled over. there is some softness, relative softness, and u

louis fed president loretta mester will be on bloomberg a little later on, 6:00 p.m. new york time. stocks bouncing back. steep selloff obviously dominating the last few days. our next guest says don't aggressively buy the dip, not yet. mira panted -- meera pandit, j.p. morgan global market strategist, joining us next. this is bloomberg. ♪ ♪ guy: let's take a look at the equity markets. incredibly well bid. on a five day basis, still down, but today we are catching a bid when it comes to stocks, as you can see. we are tracking a little bit higher. keep an eye on what is going on in the bond market. the ongoing repricing is something you definite want to pay attention to. the u.s. two-year on offer today. the dollar on offer. crude coming back. what a ride it has been. we are now trading at $68.49. a strong kind of move from equities does seem to be based on the economic data, and if you look back on the past 31 years, traders would often say tina when it comes to u.s. equities. what does that mean? there is no alternative, just like over the past 31 years at bloomberg. there have be