jonathan: michael gapen. 1:30 eastern, the chairman of the federal reserve. watch or do you take a long lunch? michael: i watch. i always watch. jonathan: good to catch up. lisa: can he say no? tom: he watches at lunch. there's a tv in the bar. jonathan: you watch it at lunch. tom: that's what i do. jonathan: there are people i respect and economics, michael gapen is one. mike mckee is another. the why is it about, the spread of the delta variant? both said the same thing. this is about the drop off from the stimulus. tom: i go back to ian shepherdson who mentions next month you get more affect on the effect of this horrific pandemic. jonathan: some people might disagree. yields lower but not as low as they were going into the number. down three basis points to 1.24. lisa: i'm coming up with the narrative and i'm rejecting it because it is not that big of a new -- not that big of a move. jonathan: what you have said? lisa: i would've said that perhaps this prevents the fed from tapering earlier and allows growth to run hotter over the long term because some o

jonathan: michael gapen of barclays already said yes, to be clear.basically said it is going to be a snooze fest, and go ahead, so we will be hearing about your vacation plans. going forward, we talk about price pressures. there's another definition of transitory, as we were just hearing from michael shaoul earlier today area what are some of the data points you find most important when it comes to price pressures in the next few months that could indicate how quickly they will taper, and even the potential for rate hikes currently being priced out? michael: the most important number coming up in august is going to be the cpi because it comes out in the middle of the month. the pce comes at the end of the month, so for this month and ahead of jackson hole, it is going to be cpi. we are going to watch used cars, and we will look for price pressures anywhere else that appeared to be building. tom: he's going to be watching the desert city ramblers in jackson hole. that is really what he's going to be doing. jonathan: mike is just looking for an excuse

[laughter] coming up, michael gapen, barclays chief economist. i once walked into the gym.re bench pressing. true story. actually a fair amount of weight. i said, what are you up to? he said the old ice hockey routine. i walked right back out. tom: the last time i worked out, nixon was president. [laughter] jonathan: -0.4%. tom: we are in arbitration. [laughter] jonathan: yields lower by four basis points on the 10 year, 1.2233%. from new york, this is bloomberg. ♪ lisa: with the first -- ritika: with the first word news, i'm ritika gupta. the president offered a defiant defense of his decision to pull troops out of the afghanistan. he had knowledged the situation was far from perfect. both allies and opponents suggested the president disregarded concerns that the taliban was advancing quickly, and that has led to a humanitarian disaster. for months, superstar fund manager cathie wood has been reducing holdings tied to chinese tech giants. the founder of ark investment management spoke with bloomberg tv. >> we do own and some of our most specialized funds some chinese stock