you mentioned mary daly. want to give just due to some of the other authors -- shelley buckman at sanford and laura choi at the san francisco fed, louis siegelman at boston university. catarina, i am curious about the broadening nature of this paper, because when you look at some of the inequality issues before and you look at them in the context of trying to put empirical data on it, we looked at it as to what is happening within our borders between the united states. this paper seems to go after the idea that what is happening with regards to inequality is putting the u.s. at a competitive disadvantage versus the rest of the world. i wonder if you could expend what they were trying to explain that point. catarina: absolutely. one of the big problems with the economy is the impact they have on how much we can put out. if we have fewer workers working in economy every day, and the u.s. among rich countries is the employment rates, if we hadest fewer workers producing, that is a small economy. it puts us at a

one of the economies that released the study was the san francisco fed president, mary daly. listen to what she said today at a virtual panel. mary: the size of the gaps tells us there's some opportunity to even up those gaps and have better outcomes, not only for the workers, but better outcomes for dep. shery: this so much more important now that we continue to see this on even recovery from the pandemic. -- uneven recovery from the pandemic. paul: mary daly saying it is not a zero-sum game. it is a case out of, you know, distribution -- distributing the same size pie equivalently, so this debate is ongoing. it is not going away anytime soon. you can be sure to tune into bloomberg radio to hear more from the days big newsmakers and get in-depth analysis as well from the daybreak team, broadcasting from our studio in hong kong. listen via the app, radio plus, or bloombergradio.com. plenty more to come. stay with us. ♪ paul: anker sells 1.5 billion dollars worth of smartphone accessories and other consumer electronics a year. bloomberg's chief north asia correspondent, stephe

san francisco fed president mary daly becoming the first president to talk to reporters after those resignations rosengren and robert kaplan. she says that the fed wants to ensure that they are transparent in their processes and the fed is committed to getting this right. and she means the review process and the disclosure process at the fed. she says the federal reserve needs the trust of the american people to do our work. specifically addressing these issues, daly says in terms of the rules and whether they need to be changed, that is clearly the case she goes on to say we disclose our information on a regular basis, and people are saying this is not sufficient daly backed changes that may be coming for the review process initiated by fed chair powell. on policy she says she anticipates the federal reserve will meet the, quote substantial further progress test by the end of this year for tapering and that the fed -- does not envision the fed raising federal rates in 2022. i expect we'll hear more additional testimony from jay powell >>> still to come, our interview with the woman who rose to

mary daly is going to come on and she is on the fence as well. will react to him. but he does not have a vote. and i think that is actually a mistake because they do agree with him. we need to start to pull back. neil: it is interesting i'm just wondering what you would look for one to happens, it's going to happen soon but went to happens do you look at the degree, they buy 120 billion worth of sub securities do you look if it was 10 billion less if it's dramatically cut, do you look for signals that they're going to increase the slow purchasing and i think you have to it i would like to see it unfold this way. but they start slowly and if you take a 120 billion a divide by ten munson said were going to do this much every month the matter what i think that is probably the worst scenario. i think they should start slow, see how the market digested, see how investors digest it and see with economic data, and then they can adjust as they go along it does have to happen did everyone know the good happen in its needs to be at the pace which is a defi