is there inflation in minneapolis, jim paulsen? jim: absolutely.t is cranking up come all the things you guys are talking about. if you go to the grocery store, my tea i drink every day -- tom: oh no, there is two tea drinkers on the show now? [laughter] jim: there's definitely inflation. gas, when i fill up, as back to close to $50 here again. i think bond markets probably started to pick up that up as well. jonathan: they have provided to the upside. do you think they remain insulated into the next year? jim: i still lean towards the transitory side of this, think transitory is going to prove longer than we expected, and even what the fed expected, and the result of that could be we are going to get pretty worried about inflation i think, and that could bring what finally gives him stock market reaction. the underlying cause of this is the roller coaster ride that covid but the economy into. when you push corporate america into a depression area bust and tell them they have to survive a pandemic, and they cut back operations to the bone to do tha

go his outlub --golub is out, ed yardeni is out, even jim paulsen of citigroup. you're getting them in august just shows you how much optimism there is around what is happening with earnings. you buttress that up tom: tom: against what citigroup is saying, tobias levkovich and mike wilson, that is what makes for the debate. jonathan: the gold story just hasn't worked given that we have been talking about the inflation story, and given that we have been talking about record low real yields. that has been a surprise for me. but it did work last year. we had a 25% gain on gold last year. when real yields really bottomed around the end of office -- of august, gold was up about 40% year-to-date. i wonder what that means. is gold a better inflation hedge in a risk off world? because this year has been much of a risk on world compared to last year through august. tom: i had the huge privilege of spending some real quality time with someone named john templeton. sir john turned to me and said, i just don't understand gold. that's where i've been. jonathan: to be fair, ma

we have leuthold group chief investment strategist, jim paulsen. 4700 by year-end.hat is your target? >> i thought we might reach as high as 4600, charles. i thought once we did that and pull back the a little to end the year around 4hundred. i still lean that way. i think a call. it is going to happen at some point in the next six to mine months probably, the problems i am having with it, i don't see pressure on the market. we're growing at some of the fastest rates in postwar history. earnings are even more spectacular in that in terms of their recovery. at same time bond yields aren't going up. they're going down. monetary and fiscal authorities are far from tightening are still easing. that is not necessarily the ingredient you get for a correction. so, i kind of think we're likely to go a little higher. i also am wondering a little bit what hasn't corrected to some degree? tech stocks had rough periods over the last year. charles: right. >> cyclicals, smalls, international, everything has been dipped what is left to really correct? i still think we could head i

[roll call] commissioner paulsen is excused from the meeting. and given the health and mayor breed have lifted the restrictions and this meeting is sell vised by sfgov tv. and for those watching on live stream b aware there is a brief lag between the livestream and to extend the sfgov staff for their assistance during the meeting. to make public comment, dial 415-655-0001, meeting i.d. 146 434 0611 pound, pound. and limit your topics to the agenda item and to be with the public comment made in a civil and respectful manner to refrain from the use of the manner and not to individual commissioners or staff. >> thank you. before going on, we talked earlier this year about acknowledging the first people and today is going to to be one of the acknowledgments we might have different ones at times, but that is something that we will do. so i am going to start. the san francisco puc acknowledges that it owns and the stewards of the unseated lands located within the historic territory of the ohlone tribe and other descendants of the historically federall

sarah paulsen, she totally steps into the shoes of linda tripp.ting a new series called "shining veil." it's on the warner brothers lot. she found an interesting way to stay busy on the down time by helping out the crew and giving studio tours take a look. >> stage five. right here on our right. this is where "friends" started in 1994 and is now occupied by a show called "shining veil. starring me. >> wow >> yeah! >> nope. >> she got it. she's got it >> you made it nice turn. >> you're so good. >> they can't be easy to maneuver she did just fine. might have a future in stunt driving? >> courtney cox, still not as good a tour as the universal tour in hollywood. just saying. >> okay. finally, "the tonight show" -- >> we'll throw extra in your paycheck for that one. >> they're going to be transforming the trams they'll be electric. >> really? >> yeah. >> we'll have more of that on peacock. >> you bet >>> last night jimmy fallon celebrated his 1,500th show and what a better way to mark the big occasion than with one of u notes. iconic segments, "tnk >

and with his sister which you'd think part of what he and paulsen and everybody else et al was dealing with, is it the narrative that the fed ras too easy for too long? i don't know >> yeah, but you have to remember, joe, neel was the break the glass plan he was a throw everything at it kind of guy. so -- >> and what's happening now? what's happening now because you look at the 10-year. the 10-year is not acting like this is time to taper. 10-year seems like it's saying, you know, that there are delta growth worries that's a nice shot there, becky, that you have there. >> why, thank you. >> you're very welcome you did very well setting up that shot. >> it was all me >> nice night. it still is night. >> morning almost morning >> yeah, it's a nice morning for this >>> elsewhere, there is an announcement from the biden administration expected today unveiling the covid vaccine booster program. officials are expected to call for a third covid vaccine shot for americans who are fully vaccinated with the pfizer or the moderna jab. and it will be about eight months after the second dose i did

[roll call] commissioner paulsen is excused from the meeting.he health and mayor breed have lifted the restrictions and this meeting is sell vised by sfgov tv. and for those watching on live stream b aware there is a brief lag between the livestream and to extend the sfgov staff for their assistance during the meeting. to make public comment, dial 415-655-0001, meeting i.d. 146 434 0611 pound, pound. and limit your topics to the agenda item and to be with the public comment made in a civil and respectful manner to refrain from the use of the manner and not to individual commissioners or staff. >> thank you. before going on, we talked earlier this year about acknowledging the first people and today is going to to be one of the acknowledgments we might have different ones at times, but that is something that we will do. so i am going to start. the san francisco puc acknowledges that it owns and the stewards of the unseated lands located within the historic territory of the ohlone tribe and other descendants of the historically federally recognized

[roll call] commissioner paulsen is excused from the meeting.he health and mayor breed have lifted the restrictions and this meeting is sell vised by sfgov tv. and for those watching on live stream b aware there is a brief lag between the livestream and to extend the sfgov staff for their assistance during the meeting. to make public comment, dial 415-655-0001, meeting i.d. 146 434 0611 pound, pound. and limit your topics to the agenda item and to be with the public comment made in a civil and respectful manner to refrain from the use of the manner and not to individual commissioners or staff. >> thank you. before going on, we talked earlier this year about acknowledging the first people and today is going to to be one of the acknowledgments we might have different ones at times, but that is something that we will do. so i am going to start. the san francisco puc acknowledges that it owns and the stewards of the unseated lands located within the historic territory of the ohlone tribe and other descendants of the historically federally recognized