it is a trust given to oecd.ouple of years,, 140 companies -- countries, trying to find a new architecture for global taxing when it comes to huge companies. where do they make the profit and pay their taxes? it's a lot of work and we've seen signals from the new u.s. at attrition that they really want to work together with others to find a solution by the summer or autumn. i think it is feasible. >> can you talk about scarring? we've just gone through the pandemic and a lot of people are still in and, and we are getting some vaccinations. how can you address these imbalances? >> we will see scars a long time and many people are still in the pandemic. we will have to work a long time to build up money, companies have gone bankrupt, people have lost their jobs, and any countries have put themselves in a big debt trap. that will take a long time to recover. we must make sure we get the global wheels rolling and global trade working, rules-based trade, i'm happy the wto has a new attorney general to help marginalize

and it's critical because the oecd also predicted that the united states economic growth, fueled by therp and increased vaccinations, will be a key driver in global growth this year and our trade partners benefiting around the world as a consequence. but to get this right, we all have to focus on generating domestic demand and driving sustainable global growth. and we've launching an ambitious new joint partnership that is going to boost vaccine manufacturing, and for the global benefit and strengthen vaccinations to benefit the entire indo-pacific. we're establishing a new mechanism to enhance our cooperation and raise our mutual ambitions as we address accelerating climate change. and we're renewing our commitment to ensure that our region is governed by international law, committed to upholding universal values, and free from coercion. we've got a big agenda ahead of us, gentlemen, as you well know, but i'm optimistic about our prospects. the quad is going to be a vital arena for cooperation in the indo-pacific. and i look forward to working closely with with all of you in the coming

the oecd says a u.s. recovery turbocharged by the new seamless package will help our faster than expected global upswing and euro could be left behind. a parents -- paris-based organization said it expects global outlook to be above pre-pandemic levels by the end of the year. 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 am ritika gupta. this is bloomberg. ♪ >> last weekend, as you know, the house of representatives passed our american rescue plan, a plan that will provide immediate relief to america's cities, towns, and villages, and directly to the american people. this past weekend, the senate advanced this legislation, and very soon, the president of the united states, joe biden, will sign the american rescue plan into law. >> kamala harris, the u.s. vice president. good morning alongside tom keene, lisa abramowicz, i'm jon ferro. looks like this for the s&p 500, almost up 40. we advance a full one per

the oecd says a u.s.ecovery turbocharged by the new stimulus package will help power a faster than expected global upswing, and europe could be left behind. the organization set that expects global output to rise above pre-pandemic levels by the middle of this year. the biden adminstration is looking ahead to its next stimulus package, and it will face more obstacles than the one on the verge of getting through congress without a single republican vote. it will address infrastructure, climate, health care, inequality, and more, but republik in opposition to tax hikes will make it harder to pay for it all. the measure will be unveiled after the president signs the coronavirus relief bill. new global covid-19 infections are picking up speed again after dropping to the lowest level since october just a few weeks ago. variants are spreading rapidly and pleases like brazil and europe. brazil is on course to overtake india for the second-highest numberf infections in the world. the u.s. is seeing a slowing in i

the oecd morning that vaccination programs need to speed up to ensure a strong recovery. the broader outlook may be brightening slightly. millions of families around the world are still facing severe economic difficulty as a direct result of the pandemic. in italy, a million people or plunged into poverty last year. reporter: these are some of the thousands of people who have been queuing up for food parcels at the daily bread charity. despite being the center of italy's industrial north and one of the richest cities in europe, milan has seen poverty source since the arrival of covid-19 a year ago. >> [speaking italian] >> [speaki italian] reporter: according to figures released by italy's national statistics agency on thursday, the number of people in absolute poverty jumped by one million in 2020, to 5.6 million, a 15-year high. castlesí@ cannot afford basic living necessities. as for the state of the italian economy, gdp shrunk by nearly 9%. many hope the outlo will improve following the appointment of mario draghi as prime minister. 2020 also saw unemployment rise, th

the oecd says a u.s.ecovery turbocharged by the new stimulus package will help power a faster than expect a global upswing, and europe could be left behind. the paris-based organization says it now expects global output to rise above pre-pandemic levels by the middle of this year. the biden adminstration is now looking ahead to its next stimulus package, and it will face more obstacles than the one on the verge of getting through congress without a single republican vote. it will address infrastructure, climate, health care, and libby, or more, but republican opposition will make it harder to pay for it all. a measure will be unveiled after the president signs the coronavirus relief bill. a highly contagious variant of the coronavirus is circulating in florida, raising turn that a resurgence of the virus is possible in the state and beyond. the per capita rate of patients in florida hospitals as above the national average. china's national people's congress, the future of china's system, is at stake. crit

we believe the oecd is the right space to do that. there has to be a global approach.ountry or one bloc going it alone will not yield a result everybody is looking for. we'll have to see what comes out of the oecd. matt: what about the infrastructure in ireland? how key is that and how much do you invest in the kind of international infrastructure that big banks and big tech hubs want, like international schools? martin: we have invested heavily over many years now. we have a very significant national development plan. the brief history of this is 10 years ago we were heavily impacted by the global financial crisis. we came out of that very strong, and we now have the wherewithal to invest. the pandemic is a setback, but ireland is one of the few economies that posted positive growth last year. we saw foreign direct invest may continue to come into ireland even during that period. the number is at 6%, so we have the wherewithal to do that. we have an ambitious national plan to invest in infrastructure, all types of infrastructure, but physical infrastructure and the ed

growth from the oecd, 3.2 percent. what is it now? 6.5%. that has been behind the rally in small caps. that has been behind the huge lift in yields we are seeing in the last several weeks. tom: as you mention in the last hour, a simple idea of rotation. the quality of it and the back-and-forth. the sum of it is the big -- jonathan: everyone now is -- tom: even i am a rate strategist. jonathan: whether you are an fx strategist in e.m., you are playing off the same story. lisa: i don't think we have talked about this enough, that janet yellen came out yesterday and reiterated she does not seem this -- see this stimulus effort fostering an inflation problem. this has been the real underpinning behind the selloff in the bond market. there has been a growing amount of scholarship saying it cannot be different, we are in the same trend. that to me could be one of the big underpinnings of the rally in treasuries. jonathan: they are asymmetric and they say they have the tools to deal with it. when they say they have the tools, they actually mean th

and — —— you saw the projection from the oecd and other forecasters that they will be _ oecd and othere to be putting money into the hands of people — putting money into the hands of people who will spend it. i really think. _ people who will spend it. i really think, though, personally that the main _ think, though, personally that the main thing driving the economy back is that— main thing driving the economy back is that we _ main thing driving the economy back is that we are getting control of the virus — is that we are getting control of the virus. you've seen the spread of the virus. you've seen the spread of the virus _ the virus. you've seen the spread of the virus drop, precipitously, in the virus drop, precipitously, in the united _ the virus drop, precipitously, in the united states, and that's what's allowing _ the united states, and that's what's allowing people to feel safer and they are — allowing people to feel safer and they are going back out of their houses, — they are going back out of their houses, so _ they are going back out of their houses, so the same time that

and that, the oecd says, will hurt their prospects for growth. his organisation has an even sunnier outlook for the us economy, predicting 7% growth this year, the highest since the 1980s. hello to you, thanks forjoining us. 7% growth, that's really quite incredible. are you sure your figures are right?— incredible. are you sure your figures are right? only time will tell whether _ figures are right? only time will tell whether these _ figures are right? only time will tell whether these figures - figures are right? only time will tell whether these figures are l tell whether these figures are right. but what's important is that this package will support much stronger growth than we have previously expected. we have revised up previously expected. we have revised up our growth forecast by over three percentage points to 7% for 2021. on the back of this american rescue plan, as you've stated, it will help lift lower income family's incomes and support spending as we get through this hopefully final phase of the recovery from this very deep covid c

the oecd says the u.s.ry turbocharged by the new stimulus package will help to power a faster than expected global upswing. the report says europe could be left behind. the paris-based organization says it expects global output to rise above pre-pandemic levels by the middle of this year. it may soon be easier for people who have been vaccinated against covid-19 to travel within the european union. the eu will propose a certificate that could ease travel for those who have received the shop.the european commission says the certificate would indicate which vaccine a person has received, the results of a coronavirus test if taken, and details on whether they have recovered from a covid-19 infection. the u.k. royal family is breaking its silence about the interview that prince harry and meghan markle did with oprah winfrey. buckingham palace today said it is saddened to learn how challenging the last few years have been for the couple. the palace says the issues of race are particularly concerning and will be

the biden stimulus package will power global growth, according to the oecd. a swiss italian pharma firm has agreed to manufacture the sputnik vaccine in italy. last week, the european medicines agency started a review of the shot, and european leaders are posed to affirm their commitment to a tech tax. we are starting to see a bounce back, but europe was up yesterday, so actually, today is rather a muted response compared to what we are seeing on the nasdaq. we are still up by 0.7% and getting a bit on the bond market. feels like we haven't seen that for quite some time. alix: here's a headline in the u.s. for you. apparently the house is going to vote on the stimulus bill tomorrow. we had thought they might do it today. they will vote on that one point $9 trillion stimulus bill tomorrow -- that one point $9 trillion stimulus bill tomorrow. in the u.s., you have lower yields, a monster move in the equity market, particularly in tech. gamestop, it is game on again. that stuck up at one point by over 21%. ark investment also remounting -- also rebounding. you a

, tilman -- the oecd, 10 million more people unemployed then at the start of the pandemic. the markets are more concerned about have we got inflation, so they want to try and keep those bond yields from going higher, and i think that is the play here. they've got to say something to stop that happening. alix: i hear you come about why hasn't the market been buying? they haven't been buying more in the pepp program. jane: i think many people were surprised that we see that weekly data that they haven't done more, and maybe that is going to be an issue for the central bank. maybe they need to provide a reason. maybe they haven't had to just yet, but i think if there is an indication that those bond yields are going to start moving more, i think they will. right now, i think we can step back and look at the moves in bond yields both in the u.s. and the euro zone and say they haven't moved that much, considering that the bounce in growth we are anticipating, so maybe what we have seen to date is fine, but i think that is where they wanted to be. they don't want it to get out of

we are looking at 5.6% global growth projected by the oecd, 6.5% projected in the united states, so fromperspective, confidence is really, really high, and probable with justification given everything we have seen in the economy. romaine: talking about confidence, a lot of cash going to the public to individual people and corporate balance sheets in many sectors are flush right now. there is speculation about how that money could be put use, whether increasing spending, and mande activity -- increasing capex spending, m&a activity. declan: it is fair to say fortune 500 ceo's are looking at their capital allocation strategies, and i still think there is a disconnect between the stock market and what i call the real economy, and teneo has written extensively on this end we still have close to 10% unemployment. but in general, most companies are looking at significant capex and significant consolidation in some sectors because there is more cash flowing into those sectors. it is a lagging indicator, but i think m&a will increase significantly as we head into 2022. we still have bumps in the

i have seen several forecasts, the oecd out this week, lifting expectations by one full percentage point. have you sensed the capitulation yet? jim: i have not sensed it yet because the news continues to get better but i think you are getting onto a good point, which is that we are getting to a point where these positive surprises are going to start to run out of steam. if we go back to the start of this year, we had a positive surprise in terms of the vaccine , all these things have gotten better, growth has gotten upgraded, retail sales have gotten better, the employment numbers we expect to get better. all of this is great. unfortunately, this is becoming old news. effectively, by the second quarter, we should have fully priced most of these surprises that we had now and even potentially some in the future because i expect the jobs data to be good. soon, we are going to be talking about an infrastructure deal. we just signed a relief package, now stimulus -- and there is a difference --this was a relief package. this new package coming up will be stimulus. all of these things are goin

according to the oecd, joe biden's nearly $2 trillion stimulus package will boost the economic recoveryes but around the world. the economic group upgrading its growth outlook around the globe. the economists are expecting a stronger rebound forecast in november, calling for the global economy to expand by 5.6% this year. that is up more than 1% from the last estimate, helped not only by massive u.s. spending because of also the rapid rollout of covid-19 vaccinations programs in many countries. world output expected to reach prepandemic levels, get this, by the middle of this year but the pace and duration of the recovery will depend on the race between the vaccines and all of these emerging variants of the virus but the oecd predicts that the u.s. economy will lead the way on the back of that stimulus, expanding 3.8% this year followed by canada at 1.2% and then you have mexico and brazil under 1%. by the way at the got there, china with an expected growth of just half a percent on the back of that stimulus plan. now the group says overall growth in gdp will see india lead the way, bel

bank phases out financing for coal—fired power stations and thermal coal—mining, in the eu and in oecdby members of the rockefeller family to persuade banks to align their lending with the 1.5 target of the paris climate agreement. hejoins me from seattle in washington. i'v e i've got to begin given your family name, it's associated with oil. it made its money through oil. just give us that initial understanding of what made you change your mind. the truth is 150 years ago we didn't know about the relationship between fossil fuels and climate change. but when we know more we do more. and so the fact today that is my delete not members of the rockefeller family and also cross the banking sector today we recognise there is a direct relationship between investment and in expansion in the foster full industry and the catastrophic impact on climate change across the world. especially on the most vulnerable populations like myanmar as he was speaking about. we formed the effort called bank forward. as an initiative to organise significant bank account holders to engage with their banks and e

tax rate on corporate income above pre-tax cuts and jobs act levels, making it the highest in the oecd." that's a proposal that senate leadership on the republican side, the senate minority, has already indicated that they're not willing to support. >> well, i would say this. he is going to put forward a plan, a comprehensive plan that invests in our nation and moves the economy forward. the business community, the chamber of commerce, they're all saying we have to invest in our nation. and people complain when you don't pay for it because you rack up deficits. people complain when you do pay for it because somebody might have to pay for something. >> that's fair. >> but if you look at the amount of money we spent on the tax cuts under the trump administration, the same republicans who might be complaininnow didn't -- weren't complaining back then. so, bottom line is, he's gonna put something forward that allows us to invest in our nation and to help pay for at least a good chunk of it and to do so in a way that does not hurt real people. and i think that's really healthy for an econom

our guys put out a piece on how bullish they are and then the oecd comes out with higher numbers. morgan stanley came out with one and then they of rated the forecast. this is a line in your note today. "the sooner we get to 2% of the better so people can realize paying 2% is likely to average twice that over the next decade." can we talk about twice that over the next decade -- is that what you are looking for? kit: 4% nominal growth would not be too extraordinary. there's nothing extraordinary about that. as a benchmark, i don't think that is a bad mark for where we could be. my point is, we are making a quick adjustment. it is brutal because of where we start. we are not going to end with what we considered as high financial conditions. jonathan: good to see you. kit juckes. lisa, is not that a breath of fresh air? lisa: it is more comfortable territory, to be honest. there is a question in this dollar call about the divergence between the euro region and the u.s. and the idea of how much can this divergence occurs given where bonds are and the ecb involvement? jonathan: there

economy, doubling it from 3.2% to over 6% this year and oecd projects that this legislation will boost global growth by a full percentage point this year. the title of this year and is who wins on wall street. we just have an ambitious fiscal measure in the senate. given that the bottom 50% of american households, i wealth, possess -- by wealth, possess 1% of stocks, what gets cash to the wealth households by fiscal measures versus economic policy that as liquidity to financial markets via the banking sector, like traditional monetary policy? >> thank you for the question. no way that it actually occurs, when you give money to people who come from the kind of background that i have, they are more likely to spend it. we learned about this in economics textbooks. it is true that if you give money to those who are more indeed, they are going to be more likely to spend it and circulate it throughout the economy so it does not just help them, it is not just something we want to do to help the vulnerable, it is something that creates a multiplier effect throughout the economy. it makes good

jonathan: that was the former eu trade commissioner and candidate to lead the oecd. good morning. tom keene and lisa abramowicz, i'm jonathan ferro. the economy and the outlook for that economy gets better and better, and this administration throws $1.9 trillion at. the house can seal that bill, and then i gets signed. yields up to almost 1.60% on tens now. your dollar is stronger. euro-dollar breaking down to $1.1863. the peso is weaker. the rand is weaker. i know much more so for you, you are on lira watch. turkish lira weaker by almost over 2%. tom: it is still idiosyncratic, but can you imagine a $1.17 zero? how do you imagine that -- $1.17 euro? howdy imagine that? jonathan: i think we have -- how do you imagine that? jonathan: i thing we have expectations for growth in america shift just north of 5% to 5.5% in a matter of a couple of weeks. if you follow the economist forecasts we do at bloomberg, that median estimate has really pushed out over the last couple of weeks and could go up again. tom: we will have to see. it begins an eventful week as people start to lean towards

as the race to lead the oecd has narrowed to two candidates, francine lacqua spoke with the european former eu commissioner for trade. she told us she got backing for the post from both european and non-european countries. >> there are 37 countries and i know i have backing from many european countries and

a host of interviews and on tuesday, the oecd publishes its interim outlook.dnesday and thursday, central bank decisions. you've got the ecb delivering rate decisions. let's see what the ecb does. 10 central banks coming up over the next several weeks. read enda curran's op-ed. the european market open is up next. this is bloomberg. ♪ >> good morning and welcome to bloomberg markets: european open. longtime friend of the show, our markets live editing -- managing editor, joins me to take you through the market action. first, your headlines. the cash trade is less than an hour away and here are the top stories. higher treasury yields temper optimism.

across the oecd, half of prescriptions are filled with generic medicines. there are important opportunities to further foster competition and realize additional drug savings in the u.s. or mystical markets. my testimony marks six areas where i ensure more timely entry of generics without discouraging innovation of medicines. let me highlight just three. first, biosimilars have yielded $37 billion in savings but more can be done. one approach would be to align the incentives of prescribers with payers and patients. this can be amended by ash -- second, the importance of complex generic medicines and their approval. congress should ensure the fda has the resources to review and approve complex generic applications. i have estimated seven products which are not available here but available in canada or europe, bringing them to the u.s. could save $1.3 billion a year. finally, innovative drug companies are building tickets around -- building tickets around products by a myriad of patents. to deter generic challengers is the intent of these efforts. without poli

i do not usually pay much attention to the oecd economic forecast the same way tom does, but this weekpgrade of almost 1% off the back of a fiscal stimulus plan in america, with the fiscal effort in america lifting global forecast expectations by 1%. goes to show how big the plan is in washington. lisa: you look at the import cap in the u.s.. the u.s. imports more goods from the rest of the world. we are being supplied by china, by taiwan, south korea, vietnam, and these are the things the u.s. is paying for with some of the stimulus. jonathan: where are we in this cycle? we will answer that with the vito supper mommy -- with so vito supper mommy and. -- with so vito supper mommy and -- we will see a snapback in this economy. the asterix next to every single forecast is what happens with the virus. so far the best case for everybody is a rapid recovery. we have seen a rapid recovery in this market. the early cycle playbook in the small caps. we surgeon energy, we surge in. is it time to pivot -- we search in financials. is it time to pivot? we recover on the nasdaq. yields around 1.60.

the downside risk here, very quickly, rosemary, and something that the oecd suggests if you don't vaccinately and it's happening slowly, those numbers could come down because of the spread of the virus even into 2022, if you don't get them vaccinated. very good point. cnn's john defterios, many thanks. >>> a uighur man who vanished after leave the united states is calling on the united states to take action. she said her brother was among those detained in a china damp. kylie atwood has the story. >> he was recently seen in a video. >> reporter: rye ayhan asat has seen her brothers in years. in a rare interview with cnn, the chinese national living in the united states said recent images of him are shocking. she hasn't seem them herself but said she was described as -- >> absolutely unrecognizable. he lost tremendous weight. he looks like a bone with a human face, except the face is absolutely unrecognizable. >> reporter: ekpar asat, a successful chinese entrepreneur went missing in 2016 after arriving back in china from a state department program in the u.s. >> i'm still looking for answer

the oecd saying it will have global impact as well. do you buy that? >> it is certainly big, no doubt about that and janet yellen said we want to go big. i think this is consistent with that and it is not just this by itself, remember there was just almost a trillion dollars that was passed in december and roughly a year ago almost $3 trillion spent in, and so, when you put all of that together, that is a very significant fraction of gdp and, i think it will have, it will certainly boost, boost gdp but i'm not sure it is the wisest way to spend our money. eventually this has to be repaid and i think focusing on the health situation, focusing on vaccines, focusing on making sure our educational institutions and school children are able to safely go to school be educated that is super important investment for the future i would be a little more wary of all the spending right now. i think the u.s. was on a good path to begin with. neil: you know, a lot of your old colleagues at the federal reserve are saying all good things about stimulus, right? whether

corporate state tax which i think is like 32% change, that is higher than the average for the entire oecd g-7. this is a moral dimension and i will say this, iea am delighted that team biden so far has been very good on china very tough on china including the sanctions which teed off the chinese and started them to operate their social media to attack our companies. we have to be on guard, you cannot play footsie with them they will not let us anymore, they want to whitewash their communist totalitarian system, they don't want us to talk about the uighurs, they don't want us to talk about hong kong or taiwan, none of that stuff. our business b is no more liberl wall street exelon, this is a time to be tough with china. >> you look at the companies affected nike, adidas, these are the company set up in the social justice war years on the american landscape or a long time. this is a moment where they get a put up and say we mean and we will put our checkbook on the line and you know they will and it'll be interesting to see if all of the celebrity endorsers andnd athletes who have gone on t

the economic watch dog cited the deployment of coronavirus vaccines for its boosted forecast, the oecddid say sluggish vaccine roll outs could threaten the job market. >>> disney plus added more than 100 million subscribers worldwide. the streaming service which just started showing their newest flick hit that milestone after launching just 16 months ago.. >>> a warning for big tech. the president's nominee for top post at the justice department is promising to enforce anti trust laws to protect competition. she said that she highly doubts facebook, apple would be excited about her confirmation. >> i think you have a new term for people. snackid, nt. >> when the snack size turns full size. we can as a rule it a snack accident. the average american experiences 416 stacking related accidents each year. we aren't talking about spilling a few chips. over half of responders admitted to accidentally eating a full sized bag of snacks in a single sitting and nearly half said they have made a meal out of snacks. >> yeah. you don't want to see the bottom drawer in my desk here at the station. th

companies to be globally competitive, and that is why the oecd negotiations are so important.m trying to understand, having been a state legislator and speaker of the house, i am trying to understand how this is different from federalism and the states trying to be competitive. when i became speaker of the house, we had the highest corporate tax rate of any state that had a corporate tax rate. now we have one of the lower ones. we were also in the fourth quartile for economic performance and corporate job creation. now we are in the top quartile. so why would any country like vietnam, thailand, or any developing nation buy into the idea that they should have a minimum corporate tax rate? as an extension, i wouldn't we expect a flow into those jurisdictions that would have a lower corporate tax rate, at the expense of the united states? sec. yellen: we believe that the oecd negotiations can be productive in creating a regime in which there is a minimum corporate tax rate, and that it is a way of stopping a destructive race to the bottom in terms of countries competing for busin

that would be the highest in the oecd industrial countries, and china is 25.maging tooment i mean, look, liz, you could have done an infrastructure plan for about $100 billion a year which would have come to $1 trillion over ten years. this is something we discussed in the last couple of years. and the pay-for wouldn't have to be an assault on large and small business taxes. the pay-fors could be user fees, they could be toll roads, they could be public/private partnerships, they could be bonding -- liz: well, did you tell that -- but, larry, did you tell that to president trump? because he floated a $3 trillion idea. larry: well, he did, but we simmeredded him down to a buck, $1 trillion. more rational discussions in the oval office. [laughter] my friend mnuchin and i and a few other, we kind of reeled him in there. liz: pulled him back, yeah. larry: again, part of that was the pay-fors. i was in some awful meetings in the cabinet room with the senate and house leadership, both sides, and the president and little me, and some of them were very unpleasant, not

the 24 nation oecd of industrial countries averages 24 or 25. so we'll be pricing ourselves out. we will no longer be competitive. president trump issued a press release critiquing this thing and he put it very heavily. this is not helping america first. this is helping foreign countries first, this is helping china first. >> martha: i would love to hear that question asked at a news conference. why is it better to price our serves out of the global market with this corporate tax structure. before i let you go, in the lead-in in peter doocy's story, you nodded your head on the idea that jen psaki brought up. yeah, we would like to hear from the gop. what is your plan to pay for a infrastructure bill even if it's the one you were working on. where is the gop? where are they on this? >> i'm asking. i had senator barrasso on last night. jim jordan tonight. a trillion dollars would be fine. an average infrastructure bill, land transportation bill, you could have $500 billion over five years a trillion over ten years. here's the important thing. you don't have to have massive taxes an

alix: the oecd is not the only organization to raise the growth outlook for the u.s. this week. you have morgan stanley raising its target to 7.3 percent for 2021, boosting the average forecast to 5.5 percent. joining me is austan goolsbee, university of chicago school of business professor of economics and former chairman of the council of economic advisers. always wonderful to speak to you. your best guess, model four the impulse growth from this stimulus? austan: first, thanks for having me back. alix: always. austan: i don't consider this stimulus. i think it is properly thought of as a relief package, not conventional bang for the buck stimulus. as a result, i don't think the multipliers are as big as in a normal cycle on stimulus, so i am less anxious about the inflationary impact. i do think for this year, you could see an astoundingly good number for gdp growth. 5%, maybe even 6%, but that is just a temporary coming back. we are only about halfway refilling the whole bar that we dug in the middle of last year, so i think we are due a little but of juicing. alix: is the j

>> you've seen a number of independent forecasters increase their projected growth for 2021, the oecd earlier this week doubled its growth rate to about 6.6%. so we are certainly hopeful we'll see strong and robust growth this year which is what we need to get back to full employment quicker and get out of what we still have a very serious job. >> you worked, it took six years to get jobs back. how long do you think it will take to get all the jobs back this time? >> it is a really important question, and it is a lot of the motivation behind this rescue plan. if you look at forecasts before passing this bill, one of the most harrowing elements of them was just how long it was going to take to get back to prepandemic employment, to 2024, 2025 or beyond. most independent estimates suggest that with this piece of legislation, we can increase that by at least a year. get back to full employment at least a year earlier and that has enormous impacts for american families and in particular those workers who struggle the most to get into the labor market, including people of color, often stru

according to the oecd as well, international economic group of countries, the u.s.ow does invest more in r&d than china. that is factoring contributions from private companies as well, not just the government. as percentage of gdp that number for the u.s. is about 3%. you can also see it discuss increased incrementally over the last 18 years. you look at china, 2.23%, in 2018. that is 2 1/2 times the amount they were at the start of 2000. charles? charles: blake, thank you very much. you know, it is interesting, just days after calling russian president vladmir putin a killer, that doesn't have a soul, president biden extended him an offer along with his pal chinese president xi to a major climate summit that will run from april 22nd, to 23rd. i understand the old saying keep your enfriends close and enemies closer. they might cut a deal that might make concessions essentially look the other way on some of the most egregious acts on both of these dictators. gait stone institute, senior fellow officer, author of the great u.s. china tech war, gordon chang. gordon, wh

and europe or oecd just like a big developed nation but we should include large and small democracies, mature from every continent on the planet. i mean, shouldn't that be the goal of such a summit? >> again, i don't know how the current administration is thinking about the summit and i can tell you, senator, from having helped design invitation lists as a un investor that questions of who is in and who is out are quite challenging. >> i'm not asking about particular nations but i am just saying it would have less utility if it is just seen as the u.s. and europe thing or a big nation. we will have a summit of democracy there are democracies on every continent and big and small and mature and if we will try to uphold the model and share best practices we should not have a u.s. or u.s. and europe centric view but try to include democracies from everywhere. >> i think the more demographically and culturally and regionally representative we can be in general and talking about democracy and human rights, the better. the progress i was able to make as a un investor and lgbt rights would no

we saw the oecd numbers yesterday. we subscribe to that dynamic.tive earnings growth coming through and we think ultimately it will be positive for u.s. equities as a whole. anna: we heard from jeffrey gundlach talking about how he thinks the nasdaq looks a bit tricky at the moment. he was suggesting maybe we will see some kind of selloff. i guess you are not anticipating that. carolina: no, we are not quite in that camp. in our view, to see a material correction, i would say that a 10% correction is not material in our view. if we were to see a material correction, i think we would be inclined to act rather than reduce our exposure. anna: a lot of people are focused on the 10 year treasury market at the moment, they look at inflation expectations, think about what all of that does to stockmarkets. where do you see treasuries heading, and the link between that and stocks. carolina: critical driver of stock is currently. i would go even further, of market volatility overall. we think treasuries have an upward bias in terms of yields. our current for

yelling working with an expert at the oecd. the goal is for oecd countries to agree in principle to a minimum corporate tax rate that makes it harder for multinationals to play countries off one another and threatening to leave one or the other. it would be a global initiative, but plenty of reporting today, including from that story we just showed you. what do we think of the effort? would it work? caller: it would. why? the you is already doing the same thing. -- the european union is already doing the same thing. she is on the right tone. they are finding american corporations for not paying taxes. -- they are fining american corporations for not paying taxes. we have to wake up. somebody has to pay for it. corporations are making money. host: that's josephine in new jersey. that story in the washington post noting the average tax rate among countries. the average corporate tax rate is 24%. in the u.s., 21% under the tax cuts and jobs act. from the proposals being considered to raise money for these new initiatives, includin

president biden is signed into law the american rescue plan, and the oecd has now projected that our economic growth will be the highest in decades and will help power global economic growth. we're ahead of schedule on the president's ambitious goal of a 100 million shots in 100 days. we've launched a bold effort to secure our critical supply chains. we've reclaimed our place in key international institutions, and with the current presidency of the un security council, we passed a strong statement on burma just this week. we've revitalized our alliances in asia and europe. last week with the europeans, we agreed to a pause in tariffs in the long running boeing-airbus dispute, and we executed a strong joint response to russia's poisoning of alexia navalny. we've begun deep consultations with our european partners on a common approach to our concerns with china. in asia, just in the last few days, we've reached new hosting agreements for our troops and our bases with both korea and japan. and now we've taken the quad to a new level. so make no mistake. today is a big day for american d

most oecd governments have quite markedly expanded the average time to maturity of the government debt. germany has not. i think that's a mistake because the interest rates are still below zero. if germany were to issue 100 year bonds, it would probably sold that less than 100 basis points. you lock in the interest rates first century. these savings can be really used to stabilize finance for future taxpayers. anna: thank you very much for the timely conversation. moritz, chief economist at country risk, and former s&p sovereign rating officer. thank you for joining us. coming up, grab your popcorn. we bring you the stocks to watch, including citi as the u.s. reopening as planned. this is bloomberg. ♪ anna: welcome back to the european market open. eight minutes until the start of what looks to be a sluggish session for european equity markets. let's look at the individual stocks. dani burger with popcorn at the ready. dani: plans for reopening. in the u.s., the planet reopening regal cinemas in april. in the u.k., they plan an opening up in may, in line with the government guidelines.

the oecd says it could be a real boost for the global economy. haslinda: let's get more on the days market action with mark cranfield. china stocks rebounding somewhat, pretty modest. was the intervention yesterday enough? mark: probably not enough in one go. history suggests that when trying to help out the domestic stock market, they probably have to do it a few times. when a has been such a large decline in the market, if you take the csi 300 index as a gauge of how much volatility there has been in the china markets, it has really been a substantial decline since they came back from the lunar new year holidays. it would be pretty unusual if just one round of stocks buying was enough to turn it around completely. in the past they have usually had to come back a few times. it is unlikely the chinese authorities would want to completely turn it around back into a bull market. that will not be there intention. -- their intention. they are more concerned about severe swings in one direction or another. what they would really like to avoid is somet

but certainly if the u.s were to get way out of whack with the oecd average i think that would be a problemen. sanders: ok, senator graham, thank you. sen. white house: thank you, chairman. thank you for your testimony and your graph. you document unprecedented income inequality in this country basically since the gilded age, which on its own is a problem. the question i want to raise with you, what do the new age robber barons do without money? we know some of them start famous foundations and do charitable work, and good for them, but some of them set up faux foundations and fund fake think tanks and go to work in politics. from hiding. many of them are billionaires who made billions in the fossil fuel industry. the operation they run their billions can best be compared, in my view, to hostile covert operations like intelligence services run. and so the question is, what happens when income inequality at virtually unprecedented levels spawns political inequality? what happens when you have a quietly ruling political class hiding behind dark money outlets to control political parties, publ

across the oecd, over half of all prescriptions are filled with generic medicines. there are, however, important opportunities to further foster competition and realize additional job -- drug savings. my written testimony notes six areas where i believe bipartisan cooperation can ensure more timely entry of generics without discouraging risk-taking without medicines. let me highlight just three. first, they have already roughly $37 billion but more can be done. one approach would be to align the incentives of prescribers with payers and patients. this can be achieved with the proposal for the finance committee or the demonstration operated for medicare part b. second, the importance of complex generic medicine and approvals in the united states. congress should ensure the fda has the resources and incentive to review and approve complex and generic applications. i have estimated seven such products not available here but are available in canada re: dutch or europe, bringing them to the united states can save $1.3 billion a year annually. finally, patent thickets. in

a pilot program based on oecd due diligence guidance to support. there are pilot programs recently by the department of labor that will focus on developing solutions to forced labor to bring together technology tracking the supply-chain and vÉritÉ there was support a project based in india that will look at supply chains for cotton in pakistan and cobolt. but we know we need more and we may need more from executive branch and the congress. i want to briefly focus on the executive branch aspect. we eradicate forced labor from the supply-chain working together with the state department u.s. trade representative's office labor commerce and it's the usda to make this a priority for a whole of government approach. i want to talk about the important role of u.s. customs and border protection to implement the enforcement strategy u.s. companies are partners with enforcement a policy of informed compliance the participation of companies interested trading program and a shared approach to enforcement but we believe it will help is more transparency is in th

now, according to the oecd, which is an international economic group of countries, you can see the numbersat number right now in the u.s., or in 2018 was about 3%. but you can see it's only increased incrementally over the last two decades whereas in china it's grown more than 2x. one area of concern right now when you talk to some of the experts, a a.i. the bipartisan national security commission of artificial intelligence says the pentagon needs to be ready for a.i. by 2025, and here's what they said in a pretty lengthy report. quote, we know adversaries are determined to turn their a.i. capabilities against us, china is determined to surpass us in a.i. leadership. now, they write, we hues act. jackie? jackie: thank you so much for that, blake burman. good to see you. >>> a new report from the world health organization in china suggesting that covid-19 came from animal-to-human transmission, not from a lab. but critics are asking why was china even involved in putting this report out. to the china learning curve author, dan joseph. let's start with that, dan, why was beijing involved in