joining us now to discuss, neil dutta, macro research head of u.s. eil, thank you so much for joining us, you put out a note this morning talking about myths regarding the federal reserve. let's start off the bat, is the market testing the fed in some way here? neil: i don't think so. i mean, i think you mentioned the 10-year yield, the treasury market. that's largely a growth of expectations, why would the fed push back against 10-year yields, it would be akin against pushing against rising growth optimism. that seems foolish. what would people prefer, have the federal talk down the economy and then the fed knowing something about the outlook that no one else does pushing the yields lower, mission accomplished, i guess? i don't really quite understand it. i think the bigger story is that, yes, interest rates are up. if you look at broader physical conditions, joe, this is a point that powell made beautifully last week is that broad physical conditions remain accommodative, look at corporate credit, they're basically at the tights, there hasn't been m

tom: neil data had a note -- neil dutta had a note out on this., it is the bear market and bonds. you'll down, price up. it is not wrapped around a recession, or wrapped around tepid economic growth. jonathan: not at all. tom: i thought abby joseph cohen had something with the reaffirmation of 7% growth. jonathan: i don't think it is the fed's job to bailout growth equity, but credit spreads wider , the fed has a problem they might have to respond to. tom: on this international women's day, i want the three of us to mention the one woman that really moved us forward. i was 17 years old and in over my head. aerospace engineering at the height of the apollo program, and iran into ruth rebecca strew it ash and i ran into ruth rebecca str in mathematics. she changed my life. i was as lost at 17 as you were. that is hard to believe. jonathan: i'm still lost on that subject now, tom. i want to know more about tom keene the student. tom: she is a giant. her father literally invented modern spherical geometry. this is we could nerdy stuff. but she was lig

if we get the neil dutta world, where we get an upgrade the forecast but not a corresponding lift andctory of rate hikes, you have an easier fed. michael: i will go tom porcelli on you. it is about wages. where is there evidence of the when of wage inflation? lisa: that has been a persistent message. how do they dismiss the faster growth and say it justifies the low rate environment they are in ? this is a key question. how do they transfer the focus away from that to wages? tom: -- jonathan: better growth ahead for 2021 or 2022, and they have to lean against rate hike expectations. that will appear on the dot plot. that dot plot is often more of a hindrance than a help. i wonder if that will be the story next week? final word? tom? tom: we have to go to break. i have to cancel my order on gamestop. jonathan: i need a break. futures rebound. this is bloomberg. ritika: with the first word news, i am ritika gupta. the house takes up president biden's $1.9 trillion bill today. tomorrow the democratic chamber is expected to approve the measure. janet yellen is dismissing fears the package