yousef: the federal reserve bank of dallas robert kaplan there.gh there were some fresh bits in his comments, the markets did not aggressively reprice. here is how we are looking at the asset metrics where we are higher on the euro stock futures. u.s. 10 year yield, 146, rallying into the month. dani: every day we have done this show together there has been a new high in u.s. stocks. maybe we will see that again today. coincidence? i think not. we are looking at a weaker euro versus the dollar today. brent crude trading around $75 a barrel. telling us today she could see it go above 80. that's it for us at bloomberg daybreak: europe. yousef: miss you. dani: miss you too, it's been great. this is bloomberg. ♪ >> welcome to "the european open." the s&p 500 finishes with one of its best first half's in 20 years. asian stocks slip. kaplan reiterates tapering should start sooner rather than later. opec-plus heads into a crucial meeting with russia

there we have robert kaplan talking about excess risk-taking, imbalances. elsewhere we have heard about the housing market in the u.s. and imbalances, exuberance there. is that where we should be focused? is that with this is really all about? >> good morning. i think it is both. in terms of the inflationary expectations, we are of the view it is not transitory. it is going to be more sticky. we do see inflationary pressures continuing towards year end. kaplan -- in the broader discussion, but alongside that, the element of margin debt, levels of gdp, historical levels, are very high as well. the risk of fragility is there. taking a little action earlier rather than later would be very wise. anna: it would be wise except don't we have a fed that is deliberately waiting for data? a deliberately waiting for the numbers to be present rather than the expectation of a certain number to come? >> not really. the job of the fed is to manage expectations, be aware of the development, and manage expectation. this is exacting what they did with the fomc. they said lis

jon: that was robert kaplan, the dallas fed president catching up with michael mckee on bloomberg tvnd radio. good morning, tom keene, lisa abramowicz, jonathan ferro. before i turn to price action, can we talk about what counts as a hawk over at the federal reserve these days? this is what we call the chief talk, the fed president, and -- hawk, the fed president, and he is talking about taking it off of the accelerator. that tells you the world we are in right now. this is a different world. tom: it's a really important distinction. i back to the work of john b taylor out of stanford university on the gaps and range if you will around 2%. we have not discovered the high-end of the range in years. the hawks are practicing being hawks. it is a work in progress. jon: do you think coast-to-coast one the argument all of those years ago? tom: i think the gentleman from the university of rochester in minneapolis did very well on that. it is all 2020 hindsight. i'm gentle with the inflation east does and someone like paul has a respect for theories they had even though they fought with him