let's get straight to michael bloomberg's opening remarks. mr. ave the next ordinary group together in person in singapore. we have more than 300 when he five leaders in government and business that have made trips from all over the world from 40 different countries. to all of you, to our official partners whose names you see on the screens and our many friends and partners tuning in from around the world, thank you very much for joining all of us. at the start, let me thank the tears of our new economy forum advisory board, henry kissinger who is joining us by video and hank paulson, who is joining us by sitting right there. thank you for your continued leadership hank and henry. we also express our sincere gratitude to prime minister lee and the people of singapore for their generous hospitality. this has been one of the most dynamic and innovative countries in the world and this event wouldn't have happened without the close collaboration and partnership of the prime minister and his team. they've been very gracious hosts and i want to encourag

the democratic primary in june and was endorsed by his two predecessors, bill de blasio and michael bloomberghe now faces a stagger set of challenges as he prepares to take charge of the nation's largest city. these include lingering economic inequalities and a spike in crime rate, issues that have been compounded by the covid-19 pandemic. but for his supporters, there is no doubt he is the best man for the job. >>. >> he is from this community. he was the only politician that reached out to us in this community. reporter: a moderate democrat, adams has been a vocal opponent of calls to defined the police, and supports a strong and robust police presence to combat crime. he will not have a chance to put his ideas to the test as he steps into what is considered the country's second toughest job after the president's. tom: we spoke earlier to a political analyst university of virginia and this is what he told us about the >> it is going to be hard. it is pretty common for presidents to have at approval ratings when they first get into office and then for various things, it starts to chip away.

former new york city mayor michael bloomberg said he's going to spend $150 million to try to close thousandsal-fired power plants in the world. why this particular commitment, and what is its intended impact? >> he is committed to closing about 2500 coal-fired power plants around the world and 500 more that are proposed. coal is a fossil fuel, and it is one of the biggest sources in the world of co2, carbon dioxide, the largest greenhouse gas. so, this is a very significant commitment by bloomberg, and if it is successful, it will radically change how people get power around the world and move toward renewable energy that doesn't produce greenhouse gases. kristen: in the past few days, we have heard pledges by nations to cut greenhouse emissions methane emissions,, and deforestation. the ultimate goal is to keep global temperatures from rising more than 1.5°. we are currently looking at possibly a 2.7° rise if we don't change our ways. what would happen to our world if that were to happen? >> we are starting to see the very first pieces of what will happen with large hurricanes, storms and d

we should be taxing billionaires like michael bloomberg, and i don't feel that it's right to have michael bloomberg be an arm of this government, so i will be voting no. >> president walton: thank you, supervisor preston. supervisor chan? >> supervisor chan: thank you, president walton. i disagree with supervisor preston. i believe this is happening in city government quite often, given that when supervisor peskin said when earlier discussing this item, that that's how city government grows all the time. not too long ago, $2.5 billion, and now, blink of an eye, we're at a $13.2 billion city budget. even though i will support this item, colleagues, it raised some things, as well. this is going to be the first time and only time that i will be voting for something like this. these types of city practice, that instead of being able to go through this civil service process to be hired, now, we have these temporary hires through grant, and eventually, they become permanent positions that we have to continue to carry the financial burden. the grants may be limited in time, but the grant that ea

we should be taxing billionaires like michael bloomberg, and i don't feel that it's right to have michael bloomberg be an arm of this government, so i will be voting no. >> president walton: thank you, supervisor preston. supervisor chan? >> supervisor chan: thank you, president walton. i disagree with supervisor preston. i believe this is happening in city government quite often, given that when supervisor peskin said when earlier discussing this item, that that's how city government grows all the time. not too long ago, $2.5 billion, and now, blink of an eye, we're at a $13.2 billion city budget. even though i will support this item, colleagues, it raised some things, as well. this is going to be the first time and only time that i will be voting for something like this. these types of city practice, that instead of being able to go through this civil service process to be hired, now, we have these temporary hires through grant, and eventually, they become permanent positions that we have to continue to carry the financial burden. the grants may be limited in time, but the grant that ea

that school is supported by our founder, michael bloomberg, the founder of bloomberg lp and bloomberg philanthropies and owner of this broth cat -- of this broadcast network. later today, tune into our special coverage of the omicron variant and the impact these variants can have on the markets and business. that is, i guess 10:30 in berlin. still ahead, jack dorsey steps down as ceo of twitter. shares are giving up earlier gains, but there was a real pop at the top. we will about that next. this is bloomberg. ♪ matt: this is bloomberg markets. time for our stock of the hour. huge initial rally abaded fast but the news is official, jack dorsey giving up his leadership post at twitter. why did investors buy the heck out of the stock after they found out the co-founder was leaving as ceo? >> i don't know. it is anyone's guess. at the end of the day, whatever the pop was, it didn't seem to be making a long-term impact. it is important to keep in mind that jack dorsey has a lot on his plate. ceo twitter and square and he also did some planter he worked on the side. most investors expect h

point was pulling so in such low numbers during the primaries, they tried to replace him with michael bloomberg. amanda was only when obama interceded to essentially get all of the candidates, except for bernie sanders to resigned at biden, was kind of kicked into the nomination. so i, yeah, the, i, you know, that the, the media landscape itself ah, has undergone a kind of see change. and all of this pulling reflects those divisions and the stoking of the antagonisms between the, the, the demographics that are catered to by the major media outlets. so, final question, the goals and question, what can we do out? let's to to try and regain that public trust way to begin with that one. they don't want to regain the trust i. they the, in many ways they love trump back the former head of cbs news at one point famously said i, trump may not be good for america, but he's very good for cbs. i. so they have already found their particular media model. i and trump was a very effective ah agent for increasing their viewership and their revenues because they demonized him not in the, in the in outlets such

paul: the johns hopkins bloomberg school of public health is supported by michael r. mberg, founder of bloomberg lp and bloomberg philanthropies. we are tracking the fallout of the global supply crunch. >> let's start with the top supply chain stories of the day. the world's biggest supplier is finding that labor shortages are limiting its production and raising costs in developed nations. though the issue impacts operations in europe, canada, and australia, the situation is more acute in the u.s. which is seeing labor shortages across the logistics chain. the pacific maritime association which negotiates labor agreements the largest ports in the u.s. is warning that the federal vaccine mandate will worsen the supply chain crisis. the rule is set to take place in january and the organization says as many as 40% of the workers are not vaccinated. the congestion in ocean shipping lines has resulted in a booming demand for air cargo which bypasses port bottlenecks. they will be chasing sales when leasing companies and carriers gather for the dubai air show on sunday. ther

before we get to jack i want to take a personal note that henry paulson visits michael bloomberg in theew economy forum he does and this is a gentleman who has single-handedly tried to save the wildlife and birds of all of southeast asia. john, hank paulson single-handedly saved the six foot tall philippine eagle. he spent millions on this. he is absolutely unique in philanthropy and it is just a guidepost of doing year after year after year. it is amazing to see him in singapore. we have spoken many times on wildlife and the force of southeast asia. with that to jack fitzpatrick in washington, what is the inflation debate in washington? we are having a fancy debate about math in theory, nobody cares in washington. what is the inflation debate right now? jack: the inflation debate in congress is repetitive because they have gone in circles about what effect of the future bills would be, the reconciliation bill that the democrats are passing -- or trying to pass and they are waiting to see the score of how much of the spending would be frontloaded. more on the campaign trail going to 202

covering mary de blasio and michael bloomberg first at the daily news than at the wall street journal. from 2011 to 2013 the digital publication and in the first job a staff editor and feel into magazine from washington dc beginning her career with the michigan daily with the university of michigan in ann arbor. so please welcome emma goldberg to the stage. >> . >> hello everybody. i am lucky enough to be a colleague of emma goldberg and also a dear friend. i am d so proud she is here at her hometown bookstore to talk about her first book with you life on the line. i just want to dive right in because she is the star. so bear with me it is actually my first b time moderating anything. congratulations. i'm so excited for you. can you just start by telling us a little bit about the subject matter? your book is among the first to be published anywhere with that first wave of covid which was brutal. >> as we march toward reopening, why is it important to keep writing and talk about front-line communities and providers and what they saw last year? >> i am so grateful so first of all coveri

michael bloomberg got more del gates than mayor -- delegates during the primary. go giants.work together problem don't go away. giants won, jets won, bears won, good weekend. carley: still ahead, wall street suffering a massive black friday selloff as investors panic over the omicron variant. cheryl casone is breaking down what we can expect to see today. cheryl. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2 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. and they're number 1 in customer satisfaction. his number? delete it. i'm deleting it. so break free from the big three. xfinity internet customers take the savings challenge at

she's also at msnbc political analyst attending -- she covered mayor bill de blasio and michael bloombergty hall reporter. from 2011-2013 she served as a national feature for reporter at the daily and digital publication by news corp. and her first job she was a step editor of the atlantic magazine in washington, d.c. she began her career as a columnist and editorial board writer for the michigan daily at the university of michigan in ann arbor. she grew up in brooklyn. she's a city kid. without further ado please welcome emma goldberg and mara gay to the stage. . >> hi everybody. i am lucky enough to be a colleague of emma goldberg and a dear friend. i am so proud she is here at the hometown bookstore to talk about her first book with you life on the line i want to dive right in because she is the star. so bear with me this is my first time moderating anything. so apologies in advance. and so excited for you. can you just start by telling us a little bit about the subject matter? your book is among the first to be published anywhere about new york's first wave of covid which is brutal fa

before the times she covered bill de blasio michael bloomberg at the city hall recorder. for daily news and the wall street journal. in 2011 to may 2013 she served as a national features reporter a digital publication by new sport in their first job she was a staff editor from washington, d.c. she began her career at the columnist and editorial board writer for the michigan daily at the university of michigan in ann arbor. in brooklyn and westchester, and new york city in the great outdoors. without further ado please welcome emma goldberg to the stage. >> hello everybody my name is mara gay and i'm lucky enough to be a colleague of emma goldberg and also dear friend. i am so proud that she is here at her hometown bookstore able to talk about her first book life on the line and i just want to divee right in, she is the star and i hope you'll bear with me it is my first time moderating. i apologize in advance. emma, congratulations i am so excited for you. i'm just wondering if you could start by telling us a little bit about the subject matter. your book is among the firs

reminder, the johns hopkins bloomberg school of public health is supported by michael r. founder of bloomberg are -- bloomberg lp and the owner of this broadcast network. for amanda laying, i'm matt miller, this is bloomberg. ♪ announcer: the most crucial moments in the trading day -- this is bloomberg markets the close with caroline hyde, romaine bostick and taylor riggs. denise: it -- caroline: this is bloomberg markets, the close. the trinity are back together and we are looking at treasuries falling further. investors manage strong economic data versus that threats of inflation. taylor on treasuries and all eyes on fed speak, we've got you covered. we are eyeing infrastructure with pete buttigieg as president biden tries to win back public optimism for spending aimed at repairing aging infrastructure. how can it alleviate immediate supply-chain concerns and tanks to? as

rachel: mayor michael bloomberg said he regret starting this whole practice of plainclothes policeman be racial targeting. his belief in the end was that it was. others disagree with that. this whole idea of plainclothes policeman looking around areas and insight trouble before it starts, could that in and of itself spur crime? >> you need a relationship with your community. having a relationship, you police in a manner the community wants you to police, they don't want to be victimized by violent criminals, targeted enforcement means you go after those who are out preying on people, violent perpetrators so people want that as long as you do it in a constitutional way, ethical way, people will continue to support it. to make -- threaten burning a city down to a mayor, he is a former police officer and i can appreciate what he wants to do but by message to him a 0 tolerance, don't negotiate with blm. they have another agenda and you cannot change their agenda. neil: black lives matter will come back, the spokesman said this targets african-americans, african-american males, the numbers

bloomberg's michael mckee. this is bloomberg. ♪ guy: s&p back to flat.-- off the lows. abigail doolittle, over to you. abigail: retail is getting bashed around but the s&p 500 flat. let's look at what is lagging the most and leading the most. taking a look at retail, the gap down 22%, the worst day ever going back to 1980. they missed prior quarter estimates. a similar deal for autodesk, very different company, down 17%. a software company. there quarter was lackluster. supply chain issues are coming into play because it is a software company. as for the biggest point drag, salesforce.com and pepsico both down. as for the leaders on the day, we were talking about john deere earlier. hp q up 9%, the best day going back to march of 2020. apparently pc demand remain strong it is expected to stay strong. john deere up 6.2%. even though there are supply chain constraints and labor costs, we have strong farm demand helping out. nvidia and tesla are higher, not for any known reason but big floyd boost. we have the s&p -- but for big point boost. guy: who will b

going this now, michael moore, bloomberg managing editor. nio coming into this business, he now has a new plan. is it enough? is this going to be a lower risk business going forward? michael: it certainly looks that way. moving capital from the prime brokerage to wealth management certainly lowers the risk profile of the bank. i think some investors were expecting something a little more radical or more cost cuts, which we did not see much of. it was more about how can we grow this business rather than continuing to cut away on the cost basis. alix: on the other side, we have socgen. bloomberg also spoke to the ceo of socgen earlier on their numbers. >> we have overall very strong performance on the capital market, 8% compared with last year, driven by very strong performance of the equity business. alix: so the equities business extended previous declines. how long can they sustain it? how does it compare to the u.s. guys? michael: we saw equities pretty much across the board at a number of banks, but socgen did stand out with a bigger jump,

we will note, of course, that the johns hopkins school of public health is supported by michael r. bloombergming up, jes staley is out suddenly at barclays. his ties with sex offender jeffrey epstein costing him his job, or at least his description of that relationship to his employer. more on what this means for barclays. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. a shakeup at barclays over the weekend. ceo jes staley has stepped down after early conclusions from a u.k. regulator probe into his description of his relationship with jeffrey epstein. apparently, he wants to contest that description, and he and barclays have agreed that he will leave immediately. let's get more details from sonali basak. this was sudden and unexpected. jes staley is gone now. the new ceo is already there. sonali: he was made the treating chief. important for barclays, they were the last of the big european banks to be fighting with u.s. banks in that space. jes staley, the timing was sudden. but this investigation was a couple of years running. what did jes staley say to the regulato

more than a decade ago, in 2010, i was part of an effort by new york city mayor michael bloomberg to pilot a project restricting sugary beverages from snap purchases. the usda denied our efforts and since then billions of snap , dollars have supported the purchase of unhealthy products across the country and child obesity rates nationally have increased to almost 20%. that is one in five children in this country are obese. in 2017, i was part of a bipartisan policy center task force on leveraging federal programs to improve nutrition. we developed 15 recommendations that the federal government could implement to improve nutrition among program participants. they all remain relevant today, but the main point i want to make is that the federal nutrition assistance programs have a role to play in improving the diets and health of americans. the federal government spends upwards of $100 billion per year on these programs, the largest of which involves a map the -- involves snap. the problems of poor diet quality and health consequences in america are bigger than snap, but it can play a r

michael mckee, bloomberg international economics and policy correspondent, who has not slept because of this, i am sure. annmarie hordern, damian sassower. what was the process like to get here? do we know what happened behind closed doors? annmarie: we knew the president spent at least an hour with each individual, and his allotted time went over with governor brainard. it was clear that these were the two top individuals for that spot. he also spoke to a number of senators, including senator warren who was at the white house recently, senator sherrod brown, who will be the first line of organized net panel for a hearing for these individuals as early as december. we have been waiting for this decision. prior administrations have made the decision earlier, so this is coming a little late in the schedule. perhaps they were waiting to see if they had the votes for these two. sherrod brown has said he but either of these candidates would be able to get through. i would just look at their past numbers. it was 84-13 when governor powell became chair powell, and in 2014 -- and things have

we should be taxing billionaires like michael bloomberg, and i don't feel that it's right to have michaelsor chan? >> supervisor chan: thank you, president walton. i disagree with supervisor preston. i believe this is happening in city government quite often, given that when supervisor peskin said when earlier discussing this item, that that's how city government grows all the time. not too long ago, $2.5 billion, and now, blink of an eye, we're at a $13.2 billion city budget. even though i will support this item, colleagues, it raised some things, as well. this is going to be the first time and only time that i will be voting for something like this. these types of city practice, that instead of being able to go through this civil service process to be hired, now, we have these temporary hires through grant, and eventually, they become permanent positions that we have to continue to carry the financial burden. the grants may be limited in time, but the grant that each of the positions [indiscernible] we are short changing our civil service system when we continue to create and fund grant

bloomberg's michael mckee and annmarie hordern with us.t the news yesterday that it was going to be four days from yesterday. what is the timing? i don't get it. annmarie: emmett to -- imminent to indecisiveness. president biden is still deciding whether he is going to reappoint jay powell or nominate lael brainard. just quickly on the timeline, four days would be friday when they are going to have that big white house ceremony with a part in the turkey, or saturday. but saturday is the president's 79th birthday. i don't see the president announcing the chair of the fed then. but we will have a decision before thanksgiving. the white house also has to have the votes in the senate. by and large, the senate will support either of the president posture choices. the market believes monetary policy will remain the same. guy: i wonder what the president is wanting for his birthday this year. better approval ratings definitely on his list. annmarie: lower inflation. guy: that is perfect. what is separating these two? why is this decision taking s

bloomberg's michael mckee. but i think is really interesting is the two stories show how much president biden has to deal with and the third story is what has happened with the energy crisis here in the u.s.. very high gas prices. there are a lot of things we have to figure out. he signed an infrastructure bill on monday. the human effort structure bill still has large questions when it comes to the senate. how does he make all this work? guy: he has to have a guiding principle in all of this and that will be the american people. the american people, judging by the data we have just seen, are worried about inflation. he has to figure out a way of dealing with that. in some ways, the two plans may go some way to hopefully resolve some of these issues. they may hopefully raise long-term productivity for america. that would be something that would help for the inflation narrative. in the short-term, his problems are enormous. he has to figure out how to get inflation down and get inflation down quickly. alix: $3 t

we will break it down with suburban propane ceo michael stivala. this is bloomberg: you are looking at a live shot of the principal room. coming up, u.s. senator rob portman. this is bloomberg. ♪ let's check in on the bloomberg first word news. the leaders of the u.s., canada, and mexico will hold their first in person meeting since president biden's election. the three will meet at the white house today. amongst the issues likely to be discussed, energy, borders, and auto manufacturing. in canada, the city of vancouver has been cut off from the rest of the country by land due to flooding and landslides. major roads and rail lines have been blocked after what local officials called the storm of the century. that has led to panic buying at grocery stores. inflation is on the mind of bankers around the world. economists at j.p. morgan expect the fed to raise interest rates next september. jp morgan is the latest wall street to abandon an earlier forecast that the fed would stay on hold through next year. meanwhile, the ceo of hsbc also sees rising prices is a big issu

bloomberg's lizzy burden joining us. two hours away from the fed decision. markets awaiting jay powell's press conference. what he will say about tapering, rate hikes, and michael is bloomberg. ♪ guy: is not certain but it is looking very likely that the fed will announce a taper today. there are going to be questions that go with that announcement. the main one in my mind, what does the timing look like? trying to answer some of these questions, mike mckee joins us now. let's work through the mechanics. the fed announces a taper but the data is all over the place. is that taper on rails, is it $15 a month, or is it come as tiffany wilding was suggesting, is there the possibility they do more, they are more aggressive, they tweak it as they work their way through the process? how will it work? michael: it would be hard to tweak it but not impossible. if they set it up as 15 as the market expects -- i would expect them to do that because they do not want to surprise the markets -- and inflation started to speed up, then they might want to speed up the taper. the only way they could do that is to say we know inflation is becoming a problem so we will take policy

we want to bring in the bloomberg correspondent michael mckee.hat stood out and what are you looking for? michael: not a lot stands out because the treasury and fed chair are trying to be as circumspect as possible, because as you repeated over and over in the immortal words of william goldman, no one knows anything about the new variant yet. how hard does jay powell push back the idea that the fed will taper faster, or does he pushback at all? you look at his statement and you see this, poses risks, increased uncertainty, could reduce, would slow. a lot of conditionals as the fed chair tries to keep his options open. here is why. the fed does not have to make a move every day. their next meeting is december 15. you can probably expect jay powell to talk about the u.s. economy has performed better during each successive wave of the coronavirus. if that is going to be the case the fed is not going to be as concerned with what happens. you can see -- i understand the treasury secretary is cutting me off. alix: almost. we are looking at janet yellen

bloomberg's international economics and policy correspondent, busy day tomorrow. michaelthank you very much. this is bloomberg. ♪ guy: 50 work -- 54 minutes past the hour. this is bloomberg markets. let's talk about what we have coming up or for the next 24 hours. the list of the week -- the rest of the week is busy. in terms of earnings, t-mobile, lyft, chesapeake energy, activision/blizzard all coming up tomorrow. maybe corporate earnings playing second fiddle tomorrow. alix: those earnings coming out today. tomorrow is the fed. it gets confusing. the fed will be tomorrow. u.s. factory orders and durable goods coming up. then a huge slew of earnings still to come. you have cbs, you have marriott, also bmw -- bmw should be quite interesting, particular what they say about ev's. guy: and what they say about chips will be in focus as well. we will hear a lot about the supply chain over the next 24 hours from any of these firms. one of the firms we will be talking to tomorrow is long delays -- mondelez. we'll hear from the company ceo. he'll be joining us, hopefully with hi

joining us on bloomberg television and radio is bloomberg's mike mckee, who is sitting down with mary daly from san francisco, the fed president and ceo. michaelgood morning to everyone on bloomberg television and radio worldwide. i have to point out, this is mary daly. she is here in person. we are actually sitting down. some progress being made against the virus, i guess. this is a good sign. however, we do have to talk about inflation. it is not often you can celebrate economic history, but today is one of those days because given this morning's cpi, we are now looking at a real yield of roughly -6%, which is lower than we got in the 1970's. does that tell you that we have a problem? mary: certainly we have a challenge right now. inflation is high, and it catches people's attention and hurts their pocketbooks. the issue is that we still have covid, and covid is still an issue globally, and that is affecting supply chains. it is affecting the ability to go out and buy services. it is affecting the validity to meet in person. this is my first in-person meeting. that matters for inflation. it matters for jobs. so this is a transitory period. t

joining us with all the details, mike mckee, bloomberg economic and policy correspondent. michaelit all fits together in a timeline. the fed announced it was going to taper this month, and it will end in theory with rate increases. take a look at what they are going to be doing. that is the taper schedule, when you get past the gutted line there. they are still adding a combination to the economy. if they think inflation is getting out of control, they've left themselves in out. this is based on if he did $15 billion a month. they did not put any specification on how much they are going to taper between january and july, so you can see the reaction with the pink line there which is where the market thinks interest rates are going to go. all of this is going to depend on inflation and the job market, and that gets to what jay powell was talking about area 450 thousand additional jobs restored, which is much better than the surprisingly weak september report. wages are going to up -- are going to go up because it is going to be hard to get people. are they going to go back to work?

bloomberg surveillance for you. what are we focused on? economic data with michael mckee. the equity markets coming up after greg boutle and amy wu silverman will join. stay with us, this is bloomberg. ♪ ritika: in germany, -- set you succeed angela merkel. he has formed an unprecedented alliance to promote climate change and digital technologies. democrats say they will present their agreement with the greens today. in turkey, the plans of the lira threatens to erode president everyone -- president erdogan. demonstrations call for any and to economic mismanagement that has led to inflation and led to the lira's longest losing streak. the market clearing -- the spacex rocket carrying a probe will test if it is possible to keep a speeding astroid from crashing into earth. if it goes well, next september it will slam into an astroid to nudge it off course. neither the astroid nor its larger body poses any danger to earth. a jury has come down hard on white supremacist leaders for violence in charlottesville, north carolina. violent clashes left dozens injured, one woman was k

let's bring in bloomberg's international economic sin policy correspondent, michael mckee.eter orszag describes this as the dream team. it took along time to get to the dream team. now that we are here, what changes? michael: not a whole lot, which is pretty much what joe biden wants. this is best described as a dog bites man nomination. no real surprise, other than brainerd did not end up with the supervisory role. but you've got the current fed chairman who has won widespread praise for his reaction to the pandemic, and a governor who is seen as basically having the same monetary policy views as the chair who is being elevated, so it gives wall street, the word that is going to be overused as much as transitory, it gives wall street continuity, and there's going to be happiness in that there's not going to be any surprises coming next year in the making of monetary policy. alix: mike, thanks a lot. to bring in another voice here. peter praet is the former ecb chief economist get if you have a renomination, you have that consistency. you also elevate lael brainard to the f

jim bullard will be joining us on "bloomberg surveillance" at 8:45 a.m. with michael mckee to talk about what their dynamic is to determine whether they should end their bond purchases more quickly and whether they should start to talk about raising rates. 10:00 a.m. we get a dump of data. we get you a september business inventories, as well as the housing market index. how much do we see that momentum continue at a time when prices are high and a lot of these builders are trying to build for the lower income sectors? 2:20 5 p.m., president biden will speak on his bipartisan infrastructure law from woodstock, new hampshire. he will also talk about trying to push forward the social spending. a lot of this was trying to shore up supply chain issues. they will be accepting competitive grant applications to get that money out quickly. not expected to ease some of the constraints in the near term. jonathan: let's get the conversation started with david leibovitz -- with david lebovitz, global market strategist at jp morgan. david: it is difficult to see how at current leve

bloomberg markets." adp was good. we are just getting ism. we are waiting for the fed. alix: as michaelckee pointed out, you have treasury paring back what it is issuing, as well as potentially the fed going to taper. stick a look at the impact of the market. the s&p pretty much flat. real estate leading the way on the s&p. come down here to the 30 year yield. yields down by about one basis point, a little heavy on the backend, because we saw that longer-term debt sales will be pared by the most in five years. both of those kind of happening at the same time. do they cancel each other out? detention really reflected in the currency market -- the tension really reflected in the currency market. christine lagarde said she does not necessarily think the criteria will be met for hiking next year. both of those acting at the same time. on a totally separate note, oil down by 2.5%. it is trading heavy, but it is still over $80. as we will talk about later, president biden is now asking the saudis again to pump more at that opec meeting tomorrow. guy: it is so ironic, the first thing he does a

bloomberg's mike mckee come over to you. michaelfollowing what you said about the oil market, it is exactly as you would expect in the services market for the united states. medium-size larger companies that export versus ism, which is mostly really big companies, but the manufacturing number comes in higher, and we know businesses have been good for many factors. that sets us up for the question of what happens with the ism when it comes up next week. probably going to see it rise because manufacturing has been good. you can see how buzz of these have gone up. they did a little bit. the real question is what happens with services going forward. you can claim what happened there by the virus itself. people are not over the idea yet that they are a little bit nervous going out and trying to spend. we have shifted our spending. it was a service economy. lately it has been a manufacturing economy, and we have seen a lot more manufactured goods beyond people's wish lists, so that has slowed manufacturing. service is just kind of drops.

michael: i am not sure what the beast means, but we are happy to happy with us on bloomberg radio andevision this morning. there's a lot going on to talk about. there is an elephant in the room or at least there will be imminently in the room. let me start with that. sherrod brown told us last night as far as he knows it is down to lael brainard or jay powell for the next fed chair. you have worked with both. what would be the policy differences between the two? how would the fed change if at all? pres. bullard: i think no matter how this comes out there'll be a lot of continuity in fed policy. both of these players have long track records at the bed -- at the fed. it is a big committee. people have to keep that in mind. there is a lot of experience on the committee. i think we see continuity. michael: would you anticipate any change in the timeline for typing policy? i would use that broadly to mean tapering and raising rate and forward guidance from anything you might do between one or the other? pres. bullard: it is a committee decision, and as i just mentioned it is a big committe

we are thrilled that michael mckee will lead our coverage here as we look at what america's october looks like. this is bloombergtom: bloomberg surveillance, good morning. economic data. let's look at the disco year yield -- let's look at the two year yield. .60 161. helping us out, michael mckee. maybe because it is wednesday it is coming up quicker than it has ever last six months. look at the jobless claims. lisa: that is amazing. michael: down to 199,000 for the first time since the pandemic. i will caution that because we had a holiday, the veterans day holiday and some confusion about jobless claims, this may be an outlier to be that low, but it is certainly going to be seen as good news and will put pressure on the bed that we're getting closer to full employment. that is the hard thing to know. continuing claims a 2,049,000. they advanced the trade balance, $82.9 billion. the forecast was for $95 billion. last september was 96.3. it suggests a stronger start to fourth quarter gdp. we dropped the number of imports we've increased the number of exports. we have to look into that. speaking of gdp looking ba

michael mckee and mary barra -- and -- later on today. this is bloomberg.morning. ♪ tom: cpi -- jonathan: cpi coming in hot. your equity market softer, negative one third of 1%. the countdown to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. jonathan: from new york, we begin with the big issue. more fuel for the great inflation debate. >> inflation. >> inflation. >> inflation in general. >> come along does is elevated inflation last? >> transitory could be at least another year. >> what is the fed going to do about it? >> the dynamic is complex. >>

jonathan: we will catch up with michael holland of holland and co. from new york, this is bloomberg♪ ritika: with the first word news, i'm ritika gupta. president biden is still deciding whether to reappoint fed reserve chair jan powell -- chair jay powell or replace him with governor lael brainard. senate banking committee sherrod brown says there is no doubt the senate will confirm either candidate. european central bank vice president expect inflation to slow down, but says it won't do so as quickly as expected. a few months ago, he was also asked about interest rate hikes. >> we will see what happens over the next months, but my personal view is that it is going to be quite unlikely to have a lift off of rates in 2022. ritika: meanwhile, the ecb warned that market exuberance could pose a risk to euro area stability. in the u.k., inflation climbed faster than expected to the highest level in a decade, putting pressure on the bank of england to raise interest rates. consumer prices rose 2.4% in october, but higher costs of fuel, restaurants, and hotels led the jump in prices. chin

mike mckee, bloomberg economic policy correspondent, is with that -- is with us. michaelthey are still going to face the same problem in 2022, and that is inflation. you see that ppi for panel -- for final demand, which is the had time -- the headline number, and ppi core, both are up. they are still both at records. this does not get a lot of attention on wall street. what really matters to people on wall street is the pce, the fed's favorite indicator, and the cpi which comes out tomorrow. the forecast is expected to go to 5.9%, it would be the highest in decades, and 4.3% of the core. the headline is higher because that includes food and fuel, and according to the bureau of labor statistics, the ppi was heavily influenced by the price of gasoline this past month. so where does this leave us going forward? are you going to feel a political impact from this? maybe not. take a look at this. the white line is the employment cost index. this is how much the raise you have gotten went up over the past three months, and this is the inflation indicators. the cpi is the purple

bloomberg. ♪ jonathan: the payrolls report is seconds away. with your jobs number, let's bring in michael>> i cannot bring you the jobs number yet -- 531,000 is the number, about 81 thousand more than anticipated. the unemployment rate goes down by 2/10 of a percent. that is the lowest post-pandemic number that we have had. it is good news for the federal reserve chairman. the number everyone wants to see is job participation. employment to population ratio is 58.8. that goes up a take from the previous month. looking at unemployment rates for the various minority groups, african-american is at seven, no change. latino goes down from 6.9 to 5.3. a big change. up by 60,000 for manufacturing. some significant hiring in, this categories, which are generally higher paid. the one we have been watching as hospitality. that is a significant change from last month. we are seeing more people get hired in food services and drinking places. i wanted to check that government numbers because of the problems with seasonally adjusting because of education. -- adjusting because of education. this would h

cofounders michael reese and michael short adopted a silicon valley type business model for financial services. they spoke to erik schatzker for bloomberg-- >> we said there is a chance to be that disruptor, and we purposely built a business model that looked a whole lot more like a tech company than financial services. we did not start and say our base model is a bank, and how do we become a better bank. ritika: you can watch the entire interview tonight on bloomberg tv starting at 9:30 new york time. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i ritika gupta. this is bloomberg. guy: thank you very much, indeed. the super return international summit is back in berlin some of the world's largest private equity and venture capital event. joining us now from the summit, bloomberg's dani burger. were to you. -- over to you. dani: i am pleased to say we are joined by ursula burns, the founder of integrum holdings. of course, you were formerly the ceo of xerox as well. you are on many boards. you have been on many boards. but of course, private

bloomberg's front row. today, i'm talking to the dynamic duo behind blue owl, one of the fastest-growing players in private markets. michaelled a giant portfolio of hedge funds buyout firms. vonnie:

michael feroli will join us of jp morgan. this will be a timely conversation. this is bloomberg.d morning. ♪ ritika: but the first word news, i'm ritika gupta. there's never been a coordinated attempt like this to bring down oil prices early of the u.s. will release 50 million barrels of crude from its strategic petroleum reserve. china, japan, india, and south korea will also release some of their stockpiles in the decision to collectively discharge stored oil. the latest coronavirus wave in the u.s. is taking its toll in some states and care units. some parts of the country are seeing outbreaks that are as bad as ever. in 15 states, patients with confirmed or suspected covid are taking up more icu beds than a year ago. michigan now has the highest coronavirus case rate per capita in the u.s. president biden has dodged the risk of a senate confirmation fight over the federal reserve decision to reappoint jerome powell for another four-year term. it drew support from both democrats and republicans. some progressives -- the president also selected lael brainard to be vice chair. t

bloomberg sam fazeli, director of research for bloomberg intelligence. michael set. michael, sam talking us through what is happening with covid, the numbers are accelerating in europe, they may accelerate in the united states. the market does not seem to be paying a great deal of attention. you think that it -- do think that changes? michael: i think it does if we start getting deeper lockdowns. i think the market has been looking through covid and assuming the vaccinations are doing their jobs. if we start to doubt that, whether because of a new variant or because the vaccinations are expiring, are we going back to lockdowns and impacting activity , but it will be sector specific, i suspect. we will have tech outperformance , travel and hospitality and leisure, you see bits of that in the market. generally the market will look through until things like the u.s. start to pick up a little bit. guy: one thing covid has caused his problems with the supply chain. it is something that impacts all kinds of different regions in different ways. net-net, it does seem to