you remember back in 2014, michael bloomberg conceded that he does let china sensor bloomberg's news.r the past years, there's been questions about journalism going on in china and whether a company in its effort to grow has muzzled. in china, they have rules about what you can publish. we write the stories that we think are interesting and we distribute them where they are allowed to be distributed. >> tucker: we follow the rules. turns out the rest of us should've followed up on that. alex marlow did, he found bloomberg executives regularly flew to china to meet with senior officials on the chinese communist party including that countries propaganda ministry and you can read details on --thank you so much for coming. this is one of those stories that i think all of us remember of whatever happened to that? you found out. the next 3 minutes, just outline what you found about those. >> i'm thrilled to share some of the details of my bombshell investigation into corporate media and this isn't just a book about simple liberal bias. you're watching a show like this or breitbart, you know

it was led by michael bloomberg, henry paulson, and tom steyer. among the findings, if we continue on the same path, by the year 2100, the country could see $701 billion of coastal property underwater. $108 billion in average annual losses from hurricanes and coastal storms on the eastern seaboard and gulf of mexico. and in some states, a loss of up to 70% in average annual crop yields. extreme heat and humidity would also threaten human health, reduce labor productivity, and strain electricity grids. >> global climate change over time poses severe threats to li on eartas we kn it today. ands time gs on, those sere threa become greer and gater, an uimately think ha the tentialf becomi atastroic. even if you're skeptal aut clima change,here's no denng that it prests major rks that no compa, city, countryan afforto ignor >> i belie the amecan busiss commuty can a must leadhe way ihelping to reducthese ris. toise to the challens of clate chan, they mt do snow. ts is not problem for anotr day. t investmts e'rmaking tay will determi our ecomic futu. >>

amber desousa, professor of epidemiology at the johns hopkins bloomberg school of public health. it is supported by michaelbloomberg, and he is the founder and majority owner of bloomberg lp. coming up, warren buffett to the global chip crunch. this is bloomberg. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. karina: let's get to first word news this afternoon. the signs of greater reopening in new york. governor cuomo says railway will resume 24 hour service. also announcing that most capacity restrictions have businesses will be lifted on may 19. the announcement comes as infections in the u.s. climbed at the slowest space since the pandemic began. new yo

the same method had been used in new york city mayor michael bloomberg suggested along limiting the size of jumbo so those sold in restaurants. bloomberg was mocked as a school dignity and the courts ruled in the industry's favor. in this faceoff between corporate freedom and consumer protection freedom once again seemed to be the private property of the most powerful i represent a part of san francisco that was emigrate people people who speak english as a 2nd language people who live in subsidized housing public housing tenements and the one thing that we all had in common was that we were dying from preventable diseases dying. and you know it. was just really hard to accept. and. it seemed like. people didn't care the industry didn't care they continue to target. their money and their resources. to get people addicted. so that. they become wealthier. so. what brings me to this entire conversation. is that. i don't want to people to die. and if it means changing policies. to change educating people so that they are aware of the choices that they have in bringing more choices to people

the same method had been used in new york city mayor michael bloomberg suggested along limiting the size of jumbo so those sold in restaurants. bloomberg was mocked as a school the nanny and the courts ruled in the industry's favor. in this faceoff between corporate freedom and consumer protection freedom once again seemed to be the private property of the most powerful i represent a part of san francisco that was emigrate people people who speak english as a 2nd language people who live in subsidized housing public housing tenements and the one thing that we all had in common was that we were dying from preventable diseases dying. and you know it. was just really hard to accept. and. it seemed like. people didn't care the industry didn't care they continue to target their money and their resources to get people addicted so that. they become wealthier. so. what brings me to this entire conversation. is that. i don't want our people to die. and if it means changing policies. to change educating people so that they are aware of the choices that they have in bringing more choices to people

. >>> michael bloomberg has donated $200 million to create the vivian thomas funds scholarship.ally black colleges pursue ph.d.s in s.t.e.m. fields. >>> kentuckyr medina spirit has been cleare stakes the horse was unwhitingly treated with an ointment containing steroids which may have led to a drug test. the horse will undergo rigorous testing for the preakness. >>> texas lawmakers are debating the word meat. a bill would ban companies that make plant based foods broader terms like burger would be okay. they want to prevent misleading labels the house will need to vote on the bill before it goes to the state senate for more debate >>> a new study is shedding light on racial disparities in banking. the financial health network has found hispanic and black households paint a total of $3.1 billion and $4.1 billion in overdraft fees in 2020 it found black americans paid $800 million for fees for banking like checking account, money orders and more. hispanic families spent $1.1 billion on the same services. >> as more people go back to their offices, more pets are being returned one

that school is supported by michael bloomberg, the founder of bloomberg lp.his is bloomberg. ♪ mark: i mark crumpton with bloomberg's first word news. the president is preparing for his first face-to-face meeting with kevin mccarthy and mitch mcconnell. it comes as republicans ramp up opposition to the president's economic plan. there is not much expectation for breakthrough at the meeting. last week, mitch mcconnell said he is 100% focused on blocking the president's agenda. north america's biggest petroleum pipeline is pledging to restore deliveries of gasoline and other fuels to the eastern u.s. and by the end of the week, after a cyber attack halted shipments. clinical pipeline says that segments of its line are being brought back online in steps. fuel shortages could affect the east coast. the fbi is looking into the disruption. americans it set a record for pandemic era air travel, then broke it over mother's day weekend. the transportation security administration says more than 1.7 million people were screened at checkpoints on sunday, the highest numb

and impose, what was taking place at this moment from schwab in the world economic forum, and michael bloomberg i would warn government officials that there is a very serious and concerted effort on the part of players outside government to usurp the power of the people including the power of the administrative branch and bureaucracy. as far as efg goes the idea, activists and external activists. and unilaterally, they had to be involved, to punish, remove, replace managers and directors and change company bylaws in order to meet their specific political ends, if a manager chooses to invest the companies resources in a political campaign by donating money to the republican candidate that will be able to aid the company as a senator for example. a lot of these activists don't want that to happen, to be able to punish the managers who make that decision and they are serious about what they intend to do. >> you are talking, activist shareholders, publicly traded companies, large companies but he's efg pressures affecting companies of all sizes and all industries, do they affect public and privatel

haidi: and a reminder, the johns hopkins bloomberg school of public health is supported by michael bloombergming up, a bitcoin recouping some of those losses in the new year obsessions after the energy usage debate really rattled investors. we get the outlook from caroline bowler. this is bloomberg. ♪ shery: take a look at the currency markets. emerging markets currency is gaining. this is where we see downward pressure on the u.s. dollar. really getting very close to the low of the year, around 89 level that we saw earlier. take a look at the brazilian real. it was weaker in the new york session. this as we got news with inflation really slowing less than expected. we have been watching it very closely as we continue to see the central bank of brazil battle inflation concerns. we are also seeing inflation growing less unexpected in mexico, where we saw weakness against the u.s. dollar. even though emerging markets were much stronger, we saw these currencies pulling down the index. when it comes to the turkish lira, a little bit of strength after weakening in the previous session. some reshu

in fact, that's taking place at this moment with help from the world economic forum and michael bloomberg and so i would warn the government officials that there is a very serious and concerted effort on the part of players outside of government to usurp the power of the people including the power of the administrative branch and bureaucracy. so, i would add that. now as far as this goes, the idea basically is that activists, be they activist shareholders or external activists want to be able to make these decisions for corporations themselves. they don't want the board of directors to make these decisions. they don't want the managers to make these decisions unilaterally. they want to be involved and the way they are involved is they want to either punish, remove, replace managers, directors or change company bylaws and meet their specific political ads. if, for example a manager chooses to invest the company's resources in a political campaign by donating money to the republican candidate that he thinks will win and that will be able to aid the company as a senator, for example, there a

michael bloomberg also supports this research. dr. klein, thank you for your time.n question that has to be answered here is, how likely are people who have been fully vaccinated to get coronavirus and pass it on to others who, we assume are wearing masks, if they themselves are not wearing them? dr. klein: if vaccinated individuals are not wear masks, the data is available and that the cdc used for this recommendation suggests that vaccinated people are significantly less likely to acquire the infection, and also, if they were to become infected, rcep in the vacantly -- are significant a less likely to pass on the infection. this is afforded to us from the vaccination from not only the wuhan strain, but some of the variants that i know many of your listeners, know about, hear about, have been concerned about. through the millions of people who have been vaccinated, we have ample data to show that we are, in fact, protected against infection and transmission. matt: what are the big concerns then? as long as people who are vaccinated are the only ones de-masking, and

i did it for michael bloomberg.ered the votes to hispanic votes he needed to win the mayorship for new york city. there are 2.5 million hispanics in new york that dislike curtis sliwa. those 2.5 million hispanics that are out there, that voting bloc will vote for me, not because i am hispanic but because of the work, the hard work i've done over the last 30 years for the hispanic community. i count on staten island, i count on brooklyn but it what you do know i was endorsed by the manhattan gop, , the bronx p and the queens gop. half of brooklyn is mine. most of staten island would be delivered for me. curtis sliwa has no chance in the java election, no chance whatsoever. >> were out of time for this round. thank you for your answers on electability. josefa velasquez come over to you. >> good evening general men. for the next topic we want to discuss is the economy. we asked the democratic mayoral candidates a similar question at the debate two weeks ago. the next mayor will inherit a city that is reading from the p

laura davidson and bloomberg's michael mckee. what we have coming up for you? ower is coming up. gregory flynn joining balance of power with david westin on bloomberg television and bloomberg radio. i'll be going over to the table in london on dab digital radio. we will certainly be working through all of the political develop its we are seeing in the u.k. this afternoon. a lot of pressure on boris johnson. kailey leinz, the long almost here bank. kailey: you are alone on the cable show because alix steel has an extra long weekend, but at least we did our three days in the u.s. and the u.k.. guy: well deserved by everybody. is this going to be a moment of reset? enjoy the weekend. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." we start with a check on the markets. joining us is abigail doolittle. a little green inequities. it is friday before a long weekend. ab

mckee, -- michael mckee, bloomberg economic policy and -- bloomberg economics and policy correspondentjoins us now. michael: what we already knew about durable goods orders, the news is good and just about every category. durable goods numbers revised up , 2.8 from 0.5. nondurable goods orders come up 1.5% over the month of february, so that is particularly good news. capital goods orders, nondefense, leave out boeing, we get an increase from the earlier number of 1.3. american factories in much better shape over the last month . the last number i will give you his inventories. no change, up 1% on the durables side. inventories for nondurable goods were also up on the month by about 0.8%. we are seeing some very good news in terms of american factories. we are rebuilding and been tories. inventories very low -- rebuilding inventories. inventories very low in the first quarter gdp numbers. this is raising people's guesses for the first round of gdp, but it sets us up much better for the second quarter as well. guy: i think it is a really critical narrative because a lot of people are ta

o'leary spoke with bloomberg earlier today. michaelen a very strong rebound in our forward bookings. about half a million bookings. last week we took 1.5 million bookings. there are an awful lot of u.k. families booking their holidays in greece and italy and spain and portugal. we think that is going to continue. the u.k. has done a spectacular job on vaccinations. 60% of the population now vaccinated. all of scientific evidence confirms vaccinations are effective against the indian variant, but the indian variant is more spreadable. the vaccinations are effective against it. we think, like previous experience with the brazilian, with the south african, everyone will come down because the vaccines are effective. reopening in europe will be the rollout of the vaccines. most european countries are predicting they will get to about 80% first dose vaccines by the end of june. we think we are looking at a very strong july, august, september. we think the booking trend supports that. anne-marie: germany has already raised some alarms. are yo

michael mcglone of bloomberg intelligence joins us now. the easy question. you want to buy the dip. ? michael: most people are thinking this is a by the dip. the prices the same since february. before tesla allocated it was bumping up against 40,000. now is coming back to support. the key thing to think about is elon musk just pointed out the whole strength of the bitcoin network is a decentralized -- the largest computer network on the planet. it uses a lot of energy. that energy happens to be electricity. what is the difference between a using electricity and bitcoin? bitcoin goes to sources that are cheap. all of the electricity is going renewable because it is a matter of time. the force of electricity. guy: i'm not even going to get into that. i am not sure you can make that comparison. what i can ask you about is how much less is bitcoin worth if the market does not back it? michael: -- if elon musk does not back it? michael: that is a problem if he does not back it. tesla allocated to bitcoin for good reason because it allocated to the equity well. we're the world's largest au

kailey: bloomberg's michael mckee and his pink pants -- that's how you know it will be a holiday weekend. and president biden will be kicking off spending negotiations with congress when he sends his budget proposal to congress later today. bloomberg's laura davidson joins us now -- what will be get in this budget that we do not already know about? laura: this will be biden's most important spending priority to date. it combines everything, his -- as well as economic projections, how much will the debt rise, how much will the gdp to debt ratio be? this is the starting point for congress. budget proposals never get and acted as they are written, but this is something the democrats can pick and choose and say what can joe manchin vote for, those moderates in the senate, and start to put together a bigger infrastructure and social welfare plan? we will also see, in addition to this budget, a more detailed tax proposal as well. this will put together all his ideas, looking at somewhere north of $4 trillion in tax increases, something corporate america is closely watching, the menu of options

bloomberg's michael mckee is here to provide all that.ichael: labor markets, at least in the united states, still have a lot of slack. the openings in the month of march is the highest ever by more than 800,000. there are a lot of jobs available. the hiring rate is a full percentage point below the jobs rate. you can see they're the kinds of jobs that are open. we saw a big rise in manufacturing jobs, up 23%. the leisure and hospitality space has 28% more openings, 102,000 -- 129,000 in march. let's check quickly the nfib report. small business optimism index a little bit lower than had been forecast. it was as high as 100 point five in february of 2020 before the pendant began. the interesting thing -- 100.5 in february of 2020 before the pandemic began. the interesting thing, the increase in average selling prices rose to 36. so price pressures are rising. of course, 44% of the small business is say they are going to be hiring. they are looking for people. can't find them yet. alix: mike, thanks a lot. another top story is what is happe

bloomberg quicktake. coming up, we continue the crypto part of the conversation. michael nova gratz will talk about volatility. this is bloomberg. ♪ joe: there were two big things people talked about coming into today, at&t's deal and cryptocurrency, specifically elon musk and his tweet and cryptocurrency. when does it end? caroline: we have been -- joe: we have been asking that for 10 years. bitcoin not looking great. there you see it, falling through the 100 day moving average, the blue line getting close to the purple line, the 200 day moving average. not that great. joining us for more is mike novogratz alongside son lali bostick. >> i know you had a record quarter, you announced today. you told our colleague that it coin is probably going to consolidate for a while. after bringing in almost $1 billion in profit, how do you keep that up if you also think bitcoin is coming in? >> listen, when i say consolidate, i think bitcoin will be somewhere between 40-55,000 for the next chapter four it builds up enough new momentum to take out the 55,000 and end the year higher. w

this is -- michael sonnenshein. this is bloombergnow how much you count on us... ...and that's why we're here 24/7... ...and on the road maintaining a fast and reliable network. we're always working to ensure the internet meets your needs... ...by making access easier for all... ...with comcast lift zones and our internet essentials program. we're invested in making our apps easy... ...to give you personalized assistance around the clock. and we're committed to keeping our team and customers safe by working from home... ...and using precautions in store. see what we're up to at xfinity.com/commitment >> i think bitcoins greatest risk is its success. right now, it is not such a big deal. fighting it is more of a big deal. that's it because it is not that big a deal. as it becomes a bigger deal and more of a threat, let say people want to sell their bonds and they want to buy bitcoin. and they want to do that in a bigger way like buying gold or something in a bigger way, and then, there is more transaction, they lose control over that.

bloomberg markets." we have seen one of the oldest companies and canada being brought back to the public markets. that is as a spac. an acquisition. the ceo michaelke to bnn bloomberg about the value of this transaction. >> as we have moved through the last several quarters looking to strategic move algoma forward, opted for the spec transaction to provide sufficient influx of cash to allows to pursue an advanced strategic initiatives. amanda: eric rosenfeld, prayed to have you with us. -- great to have you with us. you obviously have dry pattern and are looking for a deal. why algoma? what can you do with this that makes it the right move for you? eric: algoma is the perfect target for us. we started logado in january when we took a public. we are looking for companies in particular industries in infrastructure, infrastructures, renewables. algoma really is just the type of company we were looking for. it is a company that has real revenues, is generating tremendous cash flow. the valuation we are merging with algoma at is only 1.9 times enterprise value, which is just remarkable. the valuation of the company is $1.7 billion. they are expecting

we will discuss it with the ceo, michael kliger. this is bloombergka: this is "the european close." coming up, macy's german nco at 3:00 in new york -- macy's chairman and ceo at 3:30 in new york, 8:30 in london. let's check in on the bloomberg first word news. european union foreign ministers are debating how to use the 27 nation block's political clout to help end the fighting between israelis and palestinians. the eu has called for a cease-fire. the nations are divided onto how best to help. the eu is the biggest owner of aid to the palestinians, still it has little influence over israel and hamas. covid cases in the united states are going down, but when it comes to an inflammation in the kids come in story may be less clear-cut. the cdc says 3700 cases of multisystem inflammatory syndrome in children have been diagnosed early in the pandemic. that number is likely to be low. the cdc says it is not doing a comprehensive count and the numbers depend on a voluntary. andrew giuliani says he is confident to win next month's republican primary and bea

. >> mike nova garnets -- michael speaking to bloomberg. a mixed picture. let's go back to sophie.er the golden week break, rising on the nikkei 225, also with tech. sidney snapping a three-day gain, banks, despite stronger cash profits, it is a low base, and the doubling of the dividend payout. financials on the kospi climbing, offputting the drop in chipmakers, samsung heavy falling on the earnings miss and share sale plan. stocks jumping in south korea and japan. by july 19 high in tokyo, this with a supportive backdrop for steel prices, according to citigroup. i went to quickly mention holdings here rising to a high, with a forecast for an annual profit, despite concerns around the slow recovery in japan. checking bond markets. jgb's ahead of the bond buying, gaining ground. you can see more support for jgb's, if the virus emergency is extended. australian bonds climbing. treasuries with a four-day game, back above that level. we see that climb. inflation expectations have fueled the commodities rally, but oil taking a breather at that level. haidi: sophie kamaruddin. let's get

michael: the reddit mester, press -- loretta mester, president of the federal reserve bank in cleveland. thank you for joining us on bloombergion cured jonathan: michael mckee with president mester. looking at the market, up about .5%. down a little bit off of the back of the retail sales but steady following the report you made the right point. the previous month was a monster. tom: the previous month was a monster. a short note where he writes the control group statistic dampens the calculation for gdp. jonathan: that was your call. ian says here is the math and the math starts out a little bit shaky, but he does emphasize the boom economy on that revision is extraordinary. jonathan: this was fun. coming up on "the open," greg peters. tom: he is not good enough for the real yield? jonathan: he is busy. greg peters coming up on the open in about 20 minutes. tom: very good. jonathan: you enjoy your long weekend. enjoy your monday off. tom: do not give me the happy talk. jonathan: i will see you later. tom: i hope lisa comes back. jonathan: otherwise i will be on my own. tom: have fun. my next guest is very valuable. there on

let's get to bloomberg's mike mckee. michaeli don't know if you are a birdwatcher, but this is the rare avis of the numbers that we get in here. the pmi for services up to 71. that has never happened before in the history of the series. we also see a big rise in the manufacturing number in the united states. we thought that we had reached the best, and now we still see more going forward. that follows what has been happening in europe. you could see maybe april showers bring may flowers. they have pretty much gone up across the board. these are among the highest numbers recorded for those as well. as we come back from the pandemic, we will finish up with the u.k. not only did you have extraordinary retail sales today , but they pmi's for the british isles show a very big increase in manufacturing services and the composite. things are getting much better. but as alix mentioned, the market folks have said that in each of the countries we have talked about, including the united states, not just input pressures are at a record, but

i close on and shine of grace -- michael sonnenshein of grayscale investments, thank you. this is bloombergit is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. the biggest blunder of fossil fuel companies. jp morgan pledging a 35% cost -- the biggest funder of fossil fuel companies, jb morgan pledging a 30 from his off -- pledging a 35% reduction in carbon emissions. and disney reports fiscal second quarter earnings after the closing bell today. disney is seen as more insulated from the unwinding of the stay-at-home trade. 26 of 33 analysts who cover disney rate it as a buy. mcdonald's will raise hourly wages to help it retain and hire workers in an increasingly tight labor market. this raises the average about 10% for salaries between about 11 the indo -- about $11 and $17 an hour. meanwhile, amazon is offering signing bonuses of as much as $1000. that is your latest business flash. alix: thanks so much, rick. sounds like -- thanks so much, ritika. sounds like inflation picking up there. more on the colonial ransomware attack. a

bloomberg economics and policy correspondent michael mckee joining us now. michael: i don't think anyone on wall street is going to worry too much about this, and the fed is going to be relatively happy with it. the thing to keep in mind about these pmi indexes is they rate one month compared to the prior month, so it shows that in the month of april, we saw very strong sentiment, but it is not quite as strong as it was coming from march. it doesn't mean that the economy is significantly sloping at all. at 60.7, it is a very high number. orders at 64.3, down from 68, but it is still a strong number. the new export orders number goes up. so in general it is a strong report, just not quite as strong as it was last month. the prices paid number is going to get everybody's attention. that is the highest in many years. it does show that factories are reporting a lot of input pressures that will probably result in higher prices. we have seen that in the earnings reports. a lot of ceos talking about needing to cover their margins and raise prices. the question is n

. >> galaxy digital's my cult -- michael nova gratz speaking to bloomberg. speaking exclusively to bloomberg about futur proofing. this is bloomberg. ♪ >> today we begin a new series. generation x looks at how prominent families and business leaders are adapting for the future. >> at the helm of one of the richest and the most famous families in the philippines. the third son of the country's so-called tuna king to, a chinese immigrant who built one of the'nations largest 10 food companies from scratch. he took it public and it is now worth more than 1.6 billion dollars and the group has diversified beyond canned tuna to meat, dairy, and property. for the first installment of generation next, christopher po speaks exclusively about where he is leading the business. christopher: facilities has a long development to runway economically, and i guess the difference with what we do property development, all of our projects are sustainable or green projects. we entered the industry and 2010 with partners and we have developed quite a few green buildings and now, l

michael mckee is the only one of the building who knows what coors 32 is. jonathan: your equity market down 0.3% at 4143. on radio, on tv, cpi next. this is bloombergnathan: down 131%. your bond market unchanged. it is 8:30 eastern. here is mike mckee as we wait for the numbers. michael: this is the inflation you're looking for and it comes in hotter than anticipated. cpi a month over month basis up .8%. the forecast was for a .2% gain. that pushes the your average year cpi to a 4.2%. that is much faster than the 2.6% we saw in march and the 3.6% that was anticipated. let's take a look at the core rate, up .9%. there is the one that will worry wall street. the forecast was for .3%. is three times the amount in march. we are up to 3% on the poor. the estimate, 2.3%. i'm sure you want to look at the market reaction. i will look at the breakdown of the cpi. jonathan: i will look at the price action right now. the nasdaq down hard, off 1.6%. the s&p in 1.1%. an upside surprise, it is going to hit the nasdaq harder. yields higher. on a five year, up two basis points. on the 10 about two basis points as well. basically unchanged on twos. it is an upside

we want to get more on the impact of that from bloomberg's international economics and policy correspondent michael the lines in the prerelease said the time is now with low interest rates. he's making his case for that huge budget deficit. what is your take? michael: this is something economists have been talking about for a long time. with costs to borrow so low, the president's budget which officially comes out tomorrow suggests that he is going to take people up on that. you can see there's $6 trillion in spending proposed for fiscal 2022, and you can see the magnitude of the difference. another $1 trillion in spending over what we spent this year for his american jobs and and american family plan, if they pass -- family plan. if they pass, he would get up to $8.12 trillion. guy: i don't normally quote "the new york times" on this program, but the last line i think sums up one of the big problems that the administration, the country may face. "even if interest rates stay low, payments on the national debt will consume an increasing share of the federal budget. net interest payments would double

bloomberg's international economic and policy correspondent michael mckee joins us. the latest is richard clarida talking about that. michael: we will talk about the dog that is not barking, the fed. canadian says they will start tapering in the next year. you have all of these other countries saying maybe it is time to start looking at that. the economy in those countries recovering faster than people thought it would from the pandemic. richard clarida, as alix said, is not making a strong case for that yet. he does say he does not think inflation will be a lasting phenomenon. he says there will be a time in the upcoming meetings where we will be to the point where we can begin discussing asset purchases. is that a real hint or is he just discussing reality? so far the markets are hearing what the fed wants them to. take a look at what is happened with breakevens. the 10 year and five year have fallen. that suggested they believe the fed story inflation is not going to be a lasting problem. the question is where we go from here? the dog that is not barking. we are l

bloomberg's international economics and policy correspondent michael mckee is following the event inddition to all of the other stuff we get this week. what have you got? michael: empire manufacturing up a little bit, better than expected, and inflation up a little better than expected, but you will not hear about it from rich clarida, at least not in his speech. this is academic speech -- this is an academic speech, technical talk on how to read the bond market reaction to "central policy moves. he is not talking about the current economy or current policy, but what is important in the signals the bond market sends. he finds the slope of the yield curve rally -- yield curve rather than the level of the yield curve get whether it is steepening or flattening is the most importance signal for the fed in the bond market. he also says sovereign bond rates in the u.s. and other countries are often very correlated with those countries reacting to each other's economic data. perhaps this is not all what was expected or wanted. a lot of people want to hear from the fed about what is going on

bloomberg surveillance." we rip up the script. michaelgoing to join us any moment, but right now, david wilson, visual guide to financial markets author, we are waiting for a visual guide to crypto. dave: i'm going to give you a visual guide to quality. it is morgan stanley highlighting what may be a developing shift toward higher quality companies and away from lower quality ones. now they are -- no there are all kind of ways you can define quality. tom: things like apple? dave: that kind of thing for sure. it comes down to looking at an index which, in essence, buys the highest quality companies within the russell 3000 and bets against the lowest quality ones. going back to march of last year when we started to see stocks taking off, that that really went awry -- that bet really went awry. this index that morgan stanley uses was down 58% in about a year. it is starting to come back, and their chief u.s. equity strategist mike wilson is saying look for more of this. it is basically an economic argument we are making, that we move beyond

michael feroli, jp morgan chief economist. alongside tom keene and lisa abramowicz, i'm jonathan ferro. live on bloombergadio, on bloomberg tv, this is "bloomberg surveillance." bond yields higher by a couple of basis points to 1.61 percent. euro-dollar at $1.2002. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. (woman) (man)i don't want to look what is happening to my body? (woman) why can't i lose weight? (announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's

michael collins. this is really something. stay with us. global wall street reacts to this historic jobs report on bloomberg radio and on bloomberg televisionouncer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. >> everything you need to get set for the st

bloomberg international economics and policy correspondent mike mckee is here to do all of that for us. michaelit is a little hard to interpret the new-home sales numbers, although they follow the existing home sales numbers coming in little shy of where we expected them to be, but there was a revision to the prior month. they revised the number down, so the drop was not as bad as we thought. take a look at the right side of that graph there. you can see that homebuilding, home sales still well above the pre-pandemic level, so we are making progress, but as you mentioned, we are probably somewhat capacity restrained at this point. interesting news earlier today on homes was the price levels. the s&p corelogic numbers up on a year-over-year basis by 13.3%, the biggest jump since 2005. the fha puts out its own numbers, and it was up by almost 14%. the interesting question, is this inflationary? when you take a look at the line at the bottom of that chart, that is home prices in the cpi. they ask you what you think your home would rent for. they don't put actual prices into it. if that ever starts

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michael was very apologetic he could not 9:30. tom: so he fell back to the 8:00. jonathan: the coverage will continue on bloombergm keene, on bloomberg tv with myself. lisa has an hour to read. tom: entry point? jonathan: you do what you want. it is about personal choice. lisa: my kids love the dogecoin. jonathan: have you given them an account? lisa: not yet. jonathan: down 13% on bitcoin. on radio and tv, this is bloomberg. ritika: with the first word news, i'm ritika gupta. president biden appears to be boxed in when it comes to the fighting in the gaza strip. right now he is able to only urge a cease fire rather than taking stronger steps. the problem, the president is wary of applying too much pressure on israel and has a lack of influence on hamas. he is looking to build on it denuclearization agreement president trump reached with north korea. the 2018 agreement between the former president and north korea's kim jong-un was a bare-bones declaration that called for the two sides to work towards complete denuclearization of the korean peninsula. in china tesla sales growth slowed down sharply last month, lit

bloomberg opinion. thank you both guys for joining us. i'm sure you're just listening to the interview i had with barbara. also michaelhe same thing, that essentially, joyce, the former president may very well flip on his own kids if all roads lead back to him. talk about the change in dynamics here now that this is a criminal probe and is it time or is it too late, really, for his children to start lawyering up? >> well, if they haven't already lawyered up, it's clear that they need to. something that prosecutors almost always will treat as a certainty is that people will protect their children from prison. it's a rare defendant, i have seen it happen on occasion, but a rare defendant who will let a child take the fall for that activity or who won't seek to protect their child from their own criminal activity. so, the problem here is that weisselberg now faces pressure, more pressure, because of tish james, the new york attorney general's involvement. there is some reporting that suggests that she may have evidence about tax charges that could potentially be used to pressure him. on the other hand, we have donald tru

bloomberg, for example. it is not something i incorporate very much into how i think about where our policy should be. michaelif you get the payment system up and running will there be any need for a fed digital currency? i know the fed is looking at it. is there any cryptocurrency in the fed future or are you going to be able to cover that with instantaneous day one transmission? michael: -- pres. bostic: how real-time growth system serves a lot of the purposes you would need to look for from a digital currency. in that regard it takes is very far down the road. as you know, there have been so many evolutionary developments in the digital currency to the extent we need to have a digital currency that is issued by the central banks. one of the things that has been interesting is there are lots of issues around this. questions about the relationship between the central bank and the american public that we have to sort through. that work needs to happen. it will take time to get through it. when we do we will take that information as well as what we are seeing globally to make a decision about where to move for

bloomberg surveillance" live on tv and radio. seconds away from economic data in america. 4189 on the s&p 500. there is your data. on time this week. michaelre hoping we continue to get that kind of speed out of the government. durable goods orders down 1.3%. update disappointment because they were expected to be up .8%. the prior month revised to 1%. still a decline in durable goods orders. ex transport up a better-than-expected. it looks like this is cars, probably. car production shut down. capital goods orders non-defense, this is the one we watch because it suggests where business spending is going. 2.3% gain for the month of april. better than the 1% expected and better than the 1% we got in march. good news on business spending as companies start to come back from the pandemic. jobless claims, this is fun. we almost made it below 400,000. 406,000, a drop from 444,000 the prior week. we are at our post-pandemic low by a lost. remember when we were around one million? we are getting back down into the area we used to be. a much more normal look. gdp in at 6.4%, .1% less that in the initial print. i am looking to see where the change i

michael moore from our finance team. up next, it is a big day. what to expect, and just how much it means to markets. this is bloombergo the open. 52 minutes into the trading session. markets look like this, little change. getting a boost from airbus. let's talk to our macro strategist. we have individual stock stories coming through. going in different directions. laura: a little bit of a reprieve from what we saw yesterday. banks are bouncing back. we have to travel and leisure at the top of the leaderboard. we do have those recovering prices, but this is a european equity market that is struggling for direction, that has been the case for the past number of weeks. i think the focus will turn into the slew of data later today. we also have the u.s. china trade later. something smart market watchers to dig their teeth into. anna: we are waiting for a lot of data. you have been thinking about how that data is going to play out for markets. very focused on tomorrow. before that, waiting for it to come through in the u.s., what will be the focus for you? laura: we do have that second quarter gdp, and upwards is expected