mr. kaplan, i will let you jump in first.: let's start with compulsory vaccination and mandatory vaccination. compulsory means you get vaccinated, if you will, in the site of the authorities and perhaps by some sort of public health person and you cannot refuse. we are close to that, by the way. probably the military, tough to refuse vaccines there in the federal government area what the military will do to get a choice, more like witch arm. if you say no, you can be in a lot of trouble quickly on the enforcement side, history of court-martial's for people who refuse required vaccinations in military service. no one is proposing that under these mandates. what we see is a requirement with a penalty that you have to do it. i would say enforcement in the kit area usually is you cannot come to school. you have to homeschool or identify another way to educate. there has to be a combination offered by the education system. you may say that has that she may stay home. that has been true for decades with child mandated vaccines. peo

mr. kaplan and trading of debt ets. but he is going to do everything he can to get through this, maybe calibrate in a hawkish way . they need more economic data. i am not going to look at the dots. jonathan: i will go straight to the dots later. any communication around separating qe and rates could be disrupted by the dot plot later this morning. you're going to sing us out? futures up 25. yields 1.3294. tune in for the rest of the day. we've got abba. this is bloomberg. ♪ >> that u.k. government is set to provide limited financial support to restart production of the country's biggest plant. the food industry had halted because of high natural gas to costs. government has also met with domestic gas and power supply. u.k. is said to be looking at the u.s. free trade agreement between the u.s., mexico, and canada. it is recognition that the biden administration will not start work on a bilateral deal anytime soon. boris johnson downplayed expectations of progress. he send agreement is unlikely before the 2022 election.

mr. kaplan of dallas speaking at 6:00 p.m..the sovereign side, i talked with the 10-year note issue. we have a ton of investment-grade debt coming in crossing the bloomberg terminal, walmart kicking that off as well. >> the idea is that there is a record pace of sales the day after labor day. we have the greatest number of issuers, to market yesterday and why wouldn't they? this is the best time you can ever imagine. borrowers have good balance sheets and can borrow record low rates. in make sense and my question is wet -- what -- why is this a warning signal? >> borrowers have good balance sheets. >> for the most part they have been at least reducing their borrowing costs for the longer term. how long that continues if you see the activity coming up, we will see. it is just so much debt. is there no consequence? >> there's an easy tory to -- an easy story to spin. typically this is a busy. for issuance. >> everyone was expecting this to be a busy time for issuance and the weakness we saw the corporate debt space was for people

mr. kaplan of dallas. your reporting, particularly with the national so season for business economic dynamic meetings -- business and economic meetings, going on right now? michael: probably some pressures internally, but the problem they have is that this was all cleared by ethics officers. they all passed in advance, so it wasn't what they thought they were doing some thing wrong. the appearance is bad. obviously, people will make their own conclusions about whether or not there were any profits made here. there is an internal investigation at the fed. the question is, does that internal investigation turn up anything? you never know with internal investigations. tom: the president of brown university, every regional board has that local constituency. who holds the decision-making on this ethics debate? is it powell, the governors in washington, or the president of brown university christina paxson? michael: it is sort of shared in this case. the board of directors is in charge of hiring a bank president

mr. kaplan that it was a distraction, were there misdemeanors if that's the right word for both two noticeably him, too? he himself admitted last week that he needed to do better on that front. >> that's an interesting question certainly kaplan and rosengran were actively trading. in the sense of rosengran saying he did not make any illegal trades or violate code of conduct he was buying and selling in the year same assets the fed was buying kaplan didn't seem to but made trades on multiple days he said were outside of the blackout period and not disclosed on the form powell owned municipal bonds in the year before -- years before the fed began buying them. he said in a perfect world he wouldn't have owned them i don't know that powell will face the same type of pressure here i don't know by the way if either would face any legal jeopardy in what they have done and doesn't appear initially anything unlawful initially here at least more of the impression that it gives of officials >> totally agreed. doesn't imply anything illegal but the key point that is absurd the rules so flexible in the fir