romaine bostick info jonathan ferro on radio and tv. i said to ferro, you're gone. we've got to get romaine in. are you long amc? why is it up again today? romaine: no comment on my personal positions, but a lot of folks went long on this. the big question after yesterday's run up was how many people were going to stay long. for a lot of folks, when you look at the activity not only in the equity itself, but what we saw underlying and the options market, which was a lot more active than the stock itself, that gives you a sense that this is going to be short-term. it will be interesting, still up in the premarket today. tom: forget about waldo. where in the world is gary gensler? lisa: this is a great question, the idea of regulation coming in. which side are regulators on? is this democratization of the market, allowing reddit traders to come in and do their thing? tom: that's enough market talk. see romaine bostick tonight. [laughter] let's get back to the real adult topics of the moment. we'll be smarter at 8:31. lisa: maybe, hopefully. what kind of information i w

taylor riggs with me this morning, and also romaine bostick. with amc or start with something a little bit removed? romaine: let's start with amc. it continues to be the biggest mover out there premarket. unfortunately, the trendline for the last couple of days has been down. you can see at down about 5% in the premarket. another potential share sale coming down the pike here. the ceo making it clear they are going to take advantage of the recent elevated price action to get its balance sheet right. also, keep an eye on pershing square, the biggest spac ever raised here. last july, they raised about $4 billion. apparently in talks to strike a deal to buy 10% of universal music group, so billie eilish and bill ackman may be breaking bread at some point. keep an eye on coinbase. another cryptic tweet by mr. musk enough to take down a lot of the crypto stocks. we've been talking about amc and the meme stocks, but there are a lot of stocks with real fundament of value that have been rallying. ford is up 3.5% on the day. this is one of the best-perfo

jon off or get romaine bostick very much in -- jon off. romaine bostick very much in. new paradigm of international relations. i know i am just killing you with all of these references to the paradigm shift. tom: a paradigm act shift, you are killing me. [laughter] lisa: the g7 meeting very much front and center, the paradigm of international negotiations. tom: the paramedics friday -- the paradigm attic friday. jennifer jacobs, please come on air and tell us about this weekend. with is a friday in the summer, but seriously, it is the shock and awe of where yields are. do we have a y beside short covering -- a why beside short covering? lisa: the idea is that transitory is the way to go. you can go ahead and drink. you can see at and stocks as well. people starting to shift their view of inflation to something more in line with what the fed is thinking. romaine: we should point out too, the bond market has been nudging in this direction for quite some time. i thing it was the equity market that was a little bit less convinced. they have had their little moment here whe

what is your take on this, romaine bostick? romaine: they've got it back up and running. fastly is critical. a lot of people don't know about it. but basically every time you are getting online now. you are usually being routed through a fastly server. this is something people will gravitate to if this does turn out to be something bigger. tom: i think we can say all clear right now. romaine: are we up and running? our people able to watch us? tom: i don't know if we are up and running. we had 12 viewers in the last hour. maybe. . maybe we are up to 14 -- maybe we are up to 14. the vix comes to a 16.57. i'm going to dispense the rest as a churn this morning. he's smarter than we are. nate lanxon joins us. lisa, why don't you go through your brief because we have david malpass coming up later. lisa: david malpass will be speaking on "the open," 9:30 a.m. he will be talking a little bit about what they are saying, what the potential risks are for cyberattacks come although we don't know that this was anything related to anything the various in terms of what happened with fa

romaine bostick in. we very much appreciate it.he longer you give markets right now, the more they went to go up, even if there is news to push them down. that is what we are seeing this morning. tom: the friday gloom was covered by being right near record highs. the gloom crew is begging for the markets to go down. i'm sorry, the bid is there. is that their everyday? no, but it is there pretty much. lisa: even as you see the momentum heading into the close, it seems to be up as well. i am wondering what the participation is like. in other words, who you have a sense of that is driving this trade. tom: a lot of them -- romaine: a lot of them had moved to the sideline with that volatility. you saw the volume start to pick back up and a bid come back into some of the more traditional growth and momentum names rather than the more speculative names. that is why sprite a -- why friday, you did to the s&p 500 above that all-time high. that was driven by microsoft, apple, and the more traditional growth and value names. lisa: i think a l

romaine bostick infra jon ferro with the bull market. what is the color of the bostick bull market? maine: it is green on this friday, tom. tom: the real story always for "bloomberg surveillance" is the foundation across equities, bonds, currencies, and commodities. lisa, you nailed it with the high-yield paper or whatever you said, one basis point from record tight. is that what you said earlier? [laughter] lisa: what a way of building credibility. you nailed it, whatever it was you said. the issue here is you've got low yield. when you get the gravitational force lower in treasury yields and that benchmark r1 rate, you get risk on. that tends to be what happens in this new paradigm, to use the word you love. the idea that lower rates means more stimulative, means more risk on. see that with the lowest yield ever on high-yield bonds. tom: we will do a data check in a moment. to begin, your thoughts on the g7 meeting, the royal family to attend cornwall this afternoon our time. as well, many others lending now. we saw draghi land, we saw merkel land. lisa: today i think they could gi

romaine bostick here alongside taylor riggs. tom keene is out. you did better than -- taylor: you did better than lisa. she called me riley in the last hour. romaine: taylor riggs is here. tom keene had one too many martinis. lisa promises -- lease or bomblets is off to another ship -- lisa abramowicz is off to another show which means the full "the close" takeover is underway. taylor: markets unchanged on yields after we had been higher after some of those initial jim bullard comments. the -- we talked about where we were in economics with the full vaccination rates and what does that mean for economic growth and travel opportunities. no better person to discuss travel than brian kelly. we know him as the points guy. i am a huge fan on instagram following you. some of the big headlines this morning, the eu trying to reopen to u.s. visitors. the big question is can i still afford a flight or are my flights now priced out of the price range to europe? brian: the best deals this summer are to europe. we are seeing thousand dollar one-way business cl

romaine bostick to save the day on individual securities selection. romaine: tom, thanks. of the individual movers, we have to start with the vaccine companies here. novavax finally showing data from its trials, saying it is on track for approval in europe sometime in the third quarter. novavax has sorta been late to the game, but novavax, as well as some companies that already have vaccines out there, have said that there is a long-term market here for these covid vaccines. novavax up 12% in the premarket. moderna down slightly. pfizer and biontech weaker slightly with a new player in the market. take a look at lordstown motors. the shares down 10%. that company added concerned language to its q2 filing. company tried to walk that back a little bit and soothe investor fears that the company would be able to keep going, but now we are getting worried that the ceo and cfo have both resigned. they put in an interim cfo for now and in interim executive chairman. they are looking for a new ceo to take over. this is an ev company that still hasn't managed to bring its vehicle t

on the stocks, the very memeish romaine bostick. f course, the meme stocks continue to rise. the three biggest movers premarket on a volume basis are probably three stocks that most people, at least a few weeks ago, weren't paying much attention to. context logic, the operator of the wish website, up 39%. people started to move into that stock yesterday, now getting a nice pop in the premarket. clover health has been are -- has been on a run for several days, up about 22% premarket. the newest kid on the block appears to be clean energy fuels, up about 31% in the premarket. if you are looking for a catalyst as to why any of these are higher, up by double-digit percentage points, i don't have a reason for you. most people we talk to also don't have much of an explanation either. flip up the board, take a look at some of the movers. there are some fundamental stories out there. look at that, campbell's soup. tom: this has been a train wreck for 30 years. romaine: it is not getting any better. it's a little bit of a pop every now and th

romaine bostick into assist. i've got to get up to speed on the meme-ishness on this monday morning. if that done? romaine: at least for now, it looks a little bit less meme -- a little bit less meme-ish nationals a bit less -- a little bit less meme-ish this morning. . tom: romaine and i went back-and-forth friday and decided orange was the color of our bowties today. lisa was tasting wine or something this weekend. [laughter] lisa: it's true. tom: we welcome all of you this morning. seriously, gamestop, joe feldman walks away from it and kelsey advisory group. is anyone else walking away from amc? romaine: pre-much all of the analysts are relatively bearish on this. into last week, the highest price target was like $6.50, and yet couple of folks down at a dollar here. the fundamental bearishness at least among sell side analysts is still there. as far as the euphoria among retail traders, i think you're seeing volumes come down this morning, at least relative to what we saw over the past couple of weeks. whether

we have romaine bostick looking at the meme stops. -- at the meme stocks. you are looking at these up 20% to 30% on the day. the meme stocks dominate, but we cannot ignore the larger legitimate type of stocks. just yesterday target closing a record high, google closing at a record high, and you have a lot of other of those big cap names camped out near record highs. that cannot be ignored. tom: capitalism marching forward and green on the screen across the board. the vix under 17.16. lisa and i watching a yield lower. stunning consensus, 1.505. on the 10 year yield we had a 1.49 handle. we welcome all of you on bloomberg radio across the nation and on bloomberg television. a worldwide view to the g7 meetings. joining us is someone who has the courage to take a longer perspective. claudia psalm is one of the most -- claudia somme is one of the most interesting practicing economy. we are thrilled she can join us this morning. i love your morning report where you say would everybody grow up and stop looking at weekly claims, stop looking monthly, thinking mont

romaine bostick tolerating us for another hour.e really have to focus on the markets, what is going on with 10 year yields in particular. the idea that we have been talking all year about inflation picking up, about whether perhaps the fed is staying on hold for too long, and here you have the 10 year yield down to 1.54%, a material shift lower. tom: that is absolutely extraordinary. what percentage of the zeitgeist is that pushing against? lisa: it is massive. tom: i think that is the right word. lisa: when you look at the camps, they are deepening. you have the likes of bill dudley on one side, and a whole host of professionals including no -- including nobel laureates saying the fed has it exactly right in the markets right now, saying the fed does seem to have it right for the time being. tom: the other thing i would look at besides bitcoin a bit off is within the data blur, the quiet of the fx market to me is really important. i loved when one of our guests said mom is the fx market and dad is the debt market. i thought that w

romaine bostick and taylor riggs with us.aking over the open today, as we look at s&p futures getting deeper in the red. we are looking at a 0.3% decline that does seem to be going south, and we've got the 10 year yield also going lower today, one point 483% -- 1.483%. crude, $70.58 on the nymex. we've been talking all morning about the reason for the deflation of the reflationary trade. how this works is very unclear. romaine: you talk about the collapse that we had in mid-may, we really haven't bounced back from that. we have basically been where we've been for the last five or six weeks, and there was a great story on the terminal here of some of these hedge funds, and the idea that a lot of them are staying on the sidelines primarily because they can't model this. not because they don't think there's a future for it, but unless you can create some bun a mental model for it -- fundamentals, remember those? we don't do that on "the close." we just do unch and bitcoin. lisa: it could be in a lawn must tweet. let's go -- and

romaine bostick very much in. countdown to the fed seems to be the theme of the week.he question is whether we get any hawkish rhetoric, but perhaps the biggest question is just hurry up and wait for a certainty that just isn't going to come for months down the line. tom: i am going to the land of romaine bostick, and that is the massive mystery here will be not only the earnings season, but the reset to q3 and q4. i look at q3/q4 is a complete and total mystery. everyone on wall street will be listening to those corporate reports. lisa: in the meantime, that is why the stock traders are looking to the fed because there's not a lot of other data. earnings have slowed now. what is your view on how sensitive stocks are at this point to the fed that could talk about thinking about talking about thinking about tapering? romaine: you saw a crawl to that record high last week, but it really was a crawl. a lot of traders and investment strategists are saying we could see a little more of a hawkish tone, and that you need to position for that potential here. but go back to wha

romaine bostick here for jon ferro.ome all of you on bloomberg radio and bloomberg television. ian lincoln writes a what -- ia n lyngen writes a widely read note. within your precision right now, what matters within fixed income? ian: i think that in this moment, as a market, we are looking beyond the employment landscape and looking beyond the interim or transitory data on the inflation side and we are starting to contemplate what the new economy looks like reopened as we get past this summer into labor day and beyond. what does the work from home environment translate into after-the-fact? what does that mean for frontline service sector firms? i suspect one of the reason employers are having trouble getting people back into the front service sector jobs has to do with the fact we are still to some extent in the midst of the pandemic. we have not reached herd immunity although significant progress has been made, and there a lot of uncertainties that remain in terms of how long certain jobs are going to be available and

romaine bostick and tom keene.e visit with someone riding high, eric adams, mayoral candidate in the june 22 primary . this has a national view as well as what we see. i was thunderstruck, and i do not know where you came in on this, but in the debate transcript i looked at, once again the fancy suit and ties, a middle-class definition of 137,000 income per year, one of the candidates said it is more like $54,000 a year. explain to me, if you are mayor, where your middle-class is. define middle-class in your new york city. eric: that is a moving target as i said during the debate. when you looked at the united way report, 40% of new yorkers have a deficit. if you have a family of four and you're making $150,000 a year, you are challenging to make ends meet and there are many parts of the city where based on your income, your rent, and dealing with everything from student loans to tuition, this is a very difficult time for middle-class new yorkers. we have decimated the middle-class in the city and the entire countr

jon ferro out, remade bostick at romaine bostick very much in. -- romaine bostick very much in. there seems to be complacency that the fed is not going to be particularly hawkish. tom: on the international basis, there's at least some other nations sort of pushing against the huge accommodation from the fed. the accommodation is going to come in 29 minutes with economic data. lisa: although it is unclear whether any central bank in the developed world is willing to push the idea that that would risk tightening their currency, raising the strength of it, and perhaps hijacking the economy. this is the ecb conundrum right now. tom: dxy, 90.6 tics. maybe an indication of a weak dollar. i would say we had dollar stasis for the last two weeks. do you agree with that? romaine: probably the last year, really. the idea in general is when you look at the accommodation we are getting by the fed and the lack of movement in the dollar which is no wonder you are seeing stocks continue to creep higher and higher. there's no reason not to be out on that risk spectrum if you believe these condit

romaine bostick in for jon ferro this morning. ople emailing in, get romaine on to give us the meme update. romaine: that's why i'm here. [laughter] tom: the major news item out of cornwall, where the u.s. did a formal statement to the united kingdom about a week ago. really concerned about northern ireland, the republic of ireland and such. within the last three hours, disputing the report in "the times of london," jennifer jacobs. the official said the united states is not planning to issue any official rebuke over northern ireland. that's one way to start things off. lisa: he's meeting with boris johnson, so it would be a surprise to come out with some sort of major rebuke today ahead of those negotiations. that said, still so many tensions underpinning these meetings. that cannot be overstated because honestly, even post trump, there are some remaining tensions. tom: a new atlantic charter. i'm not sure they will get in front of the prince of wales, the military pride of the united kingdom, for the signing of a new atlantic cha

romaine bostick in for jonathan ferro -- matt miller in for matt miller. romaine bostick is scheduled to be with us. that is a good and beautiful thing. alisa, i am looking at the clear and present market action now. people want to own the tenure yield which is driving the yield lower. lisa: the great online a longer-term inflation expectations, that is what we are seeing in markets, that is what pushing is pushing stock prices to near record highs. that is a question -- there's a question of how long this trend will be with a fear sitting debate between the economics profession on whether the fed is taking the right approach or risking a policy error. tom: something we heard yesterday and continues today, the elegance of the five-year inflation-adjusted yield. lower 10 year yield, great, but the five-year real yield won't budge, and it is a elegant chart -- an elegant chart. it does not want to move to a lesser negative number. lisa: how much is it counting fed continuing its on purchases for a longer period of time versus just low inflationary environmen

[laughter] tom: romaine bostick, in april, in june, but by july of last year, we sort of knew where thiss an elegant chart. romaine: it is. i don't actually know what chart you are looking at. lisa: he's pointing and contemplating. [laughter] romaine: this explains everything. lisa: you point at it and then you figure it out. [laughter] technical term. tom: i am going down in flames here. stay with us on tv and radio. good morning. [laughter] ritika: with the first word news, i'm ritika gupta. the u.s. on the european union have agreed to a five-year tariff troops in the long-standing dispute over subsidies -- tariff truce in the long-standing dispute over subsidies to airbus and boeing. bloomberg has learned the u.s. would be added to a so-called white list of countries from which non-essential travel to the eu is allowed. that will be a boost to airlines such as list anza -- such as lufthansa and air france. president biden because vladimir putin a worthy adversary at a news conference following the nato summit. the president says he will tell the russian leader at their meeting tomorr

romaine bostick very much in. the focus very much on the federal reserve, even as president biden engages in diplomacy throughout europe. the question really is domestic, which is how hot will the fed allow inflation to run. tom: you are absolutely dead on. it is in one part the gdp numbers, and what it means for earnings and corporations into the mystery of q3. a really strong set up for the fed meeting this afternoon. lisa: i am struggling to understand the market's wish with respect to the fed meeting today. a growing concern of financial stability risks. the longer the fed waits, the more of a policy error they will commit later. tom: it comes down to a word from another time and place, which is overshoot. i really have trouble thinking about an overshoot with the millions unemployed in america still. lisa: that is the reason why increasingly, markets are coming around to the view that inflation will remain lower for longer. once we get this pop, it will revert back to a lower than normal regime. you are seein

taylor riggs with us and romaine bostick as well.abramowicz and jonathan ferro off on other duties. the 10 year yield has barely moved. jeffrey rosenberg, blackrock portfolio manager of their systematic multi-strategy fund. what i see in the calculus of your carnegie mellon is forget about the y axis. what really changes with these back to back labor reports is our estimate along the x axis. how does your ex axis -- how is your x axis change across 2020 one and into next year? jeffrey: it is a very difficult headline number two forecast. the news on this payroll report is you are seeing signs of supply-side constraints to the labor market, so you're seeing that in some the headline numbers, you are seeing that in some of the industry numbers. go back to the conversation you had a minute ago on average hourly earnings. despite a likely mixed shift that should otherwise pushed average hourly earnings downward , we are seeing that increase. it is a similar story to what we saw in april in the average hourly earnings figure before. for a

romaine bostick, i would suggest the stasis of the markets into this meeting.omaine: stasis is certainly the right word. we have seen a bit of a holding pattern for the last week and a half. even if we don't get any meaningful change in policy, or even a change in tone, i think the market just wants to hear it out of powell's mouth. here's what's going to happen over the next few months. once they hear that, you will start to see maybe a little movement. in which direction, who knows? tom: we be the one thing that looks like helsinki of three years ago is the motorcade going by and then the empty street with the crowds waiting for the next motorcade. because of the news flow this morning, i think we should get to the data very quickly. futures at negative two present -- futures at negative two. romaine: it has been locked around 1.50%. gives you a sense of what the bond market is expecting. that reflect what you're seeing in s&p futures, as well as nasdaq futures as well. we will see if that changes in a few hours. tom: oil advances, $74 a barrel. lisa: today w

romaine: i am romaine bostick. let's look at where we stand. another listless day. the s&p 500 down. joe: the question is "what'd you miss?" romaine: the market board was the overall story. amc got everyone's attention. stock dropping 40%, then into the green, closing down by 18%. i don't know what is going on. maybe you can explain, joe? what is happening? joe: you know, people are dancing. it was a wild day. people sold it. down 18% on the day. for more, let's talk to our cross asset report appeared -- reporter. you don't often get companies saying our stock does not have any connection to our company. let's bring in our report appeared romaine: that was it -- reporter. maybe you can explain the wild day? >> there are so many factors moving the stock now, the share sale, the massive move from retail traders, but i imagine there is some institutional money riding the wave. if you did see institutional money hop in on the upside and downside, and you have those short positions sticking to their guns, so i'm sure it is a saga that will continue, until someone is blowi

romaine bostick in for john miller. john miller, matt

romaine bostick in. what an interesting moment yesterday. i think all three of us came into this fed meeting like, yeah, yeah. boom. lisa: they surprised. one thing i am wondering we get more color on is what disagreement there is in the federal reserve. you did have members increase their expectations for a fed rate hike as soon as 2023, and then fed chair jay powell had a very different tone. how much does this represent vision on the federal reserve? tom: down we went, and powell brought us back from the market. and later with a great note, emphasizing that new volatility and the resiliency of the market . what is the resiliency of the market? scarlet: i think you saw that -- romaine: i think you saw that bid come back into the session. the general idea is that the fed is going to start to remove some accommodation, but it is going to be a while before it starts to actually remove it. that seems to be the message the markets took, but that is still going to lead to some repositioning. we've talked with a lot of folks here that say it is g

romaine bostick info jonathan ferro on radio and tv. i said to ferro, you're gone.o get romaine in. are you long amc? why is it up again t

romaine: and i'm romaine bostick. the s&p 500 closing out a record high.oe: the question is, "what'd you miss?" caroline: the industry is going to cost you a little bit more each and every day. prices paid by u.s. consumers rose more in the past consecutive months in more than a decade. if you want to go to crypto, perhaps you are using it as some sort of currency, but you are also talking about if you are a bank looking to get into crypto, you will have to set aside quite a lot of money to do so. joe, let's start with the cpi data. joe: another hot on the headline measure, at least. cpi trend up. that's something we haven't seen in a while. this is the second month in a row. highest since 1992, so there you go. a big jump, and we know this is a debate by now, how much is transitory, how much is the base effect, how much is skewed by reopening categories, but the headline is pretty hot. romaine: absolutely. let's get some more insight here. bloomberg news, monetary policy, and economic reporter matt -- here. what's your take on what we saw? matt: there was

romaine: i'm romaine bostick. say hello to q3. joe: the question is, "what'd you miss?"aroline: the halfway point of the year and progress in the recovery, especially here in the u.s., vaccine rates higher across most parts of the country. recovery is not complete across the world. places where i come from, the u.k., struggling with the delta variant today. how are investors approaching the economic climate? let's dig into the numbers. start with the market story. joe: right, stocks up. another good quarter, goodyear, halfway through the year. pretty impressive overall. little volatility lately, stocks mostly going up rate what can you say? that is the story. let's bring in katie cry felt -- katie greifeld. katie: i want to look at the equal weight s&p 500 index versus the fraud s&p 500 index. this tells the story of the first half. we had cyclical's and small caps dominate the bulk of the first half of the year. and in the past few weeks, since the fed, you have seen the broader s&p 500 catch up as big tech reasserts itself, large cap tech stocks taking a hold. we have

romaine bostick is off today. caroline: the dollar goes lower. that helps commodities get a bounce. quite the comeback for equities. the s&p 500 snapping that losing streak, posting the best day in five weeks. industrial, equity stocks driving those gains despite of course ongoing hawkish rhetoric coming from the fed. in fact, investors kind of getting comfortable with it, may be more ok with projected type. crypto not joining in on the party. bitcoin falling to its lowest level since january. this has to do with china. we will be talking about the u-turn in the treasury curve. joe: the treasury curve, that is where the real action is. last week, we saw the real flattening, a little bit of uptake at the end. a little bit of a reversal. we are still way flatter than we have been for most of the year. caroline: this comes as we get a more hawkish fed. we'll get more of a read on that tomorrow, giving evidence in front of lawmakers, saying inflation has increased notably. before that hearing tomorrow, economic activity, employment continues to strengthen. growth on track for its fastes

romaine: rounding out the best anchor trio in television, i am romaine bostick. the s&p down, the russell 2000 outperformed. joe: the question is, "what'd you miss?" caroline: on the surface, a pretty quiet day in the market. you might have missed two moves. lumber prices sliding again. the historic rally continuing to backtrack. sawmills appear to be catching up with intense homebuilder demand. you may have also missed asset stumbling in peru as results in sunday's election showed a leftist candidate with an edge. we are going to start with the headline. let's take it back to the meme stocks. joe: extraordinary day for biogen, having got that historic therapy approved. the 8% move. pretty extraordinary. it had been up i think around 50% early in the day. amc, 15%, whatever, kind of standard move. [laughter] for more, let's bring in bloomberg cross-asset reporter katie greifeld. biogen and amc but overall one of the quieter days in a while. katie: not a lot happened. cross-asset volatility really taking a nosedive. stocks, bonds, currencies. it feels like nothing

romaine bostick is out today. caroline: a new record high on the s and p. we even saw money move into amc. yields push up five basis points. joe: the question is, "what'd you miss? " with the biden-putin meeting some might forget. we are all still fretting about inflation, front and center. a survey out today from the new york fed, it rose to an eight year high. restaurants like to bully have had to raise prices on their menu. price pressure could be lessening. a dip in prices from corn to cotton to lumber. it seems as though parts of the commodity spectrum are coming off highs. joe: narrative buster here. not every commodity input good going up right now. one thing that is go up today, stocks. for most of the day, the s&p 500 index was in the red. look at that, heroic gains. i don't know what happened. it counts. they still count it. for more, let's welcome bloomberg news cross-asset reporter katie greifeld. what saved the day? more buyers than sellers? katie: i think that had something to do with it. tech the way, the nasdaq ended at a record. i think for

romaine: i'm romaine bostick. let's get you caught up on where financial markets stand.nother record high on the s&p and nasdaq. >> the question is, "what'd you miss?" caroline: the economy is certainly not boring, recovering from the pandemic. bottlenecks remain in focus. there are still a long way to go. it's not just the white house. you will hear from new jersey governor, phil murphy, in an exclusive interview in a few moments, plus we discussed the roads and bridges. gridlock remains the world's biggest block. joe: we talk all the time about inflation and lumber and shipping and all that. but if you are as people how they are feeling about the economy, it continues to improve, coming in at 127.30, much better than expected. also a big jump from last month. the bottom line is in total, all these things, great employment possibilities, the big picture is an ongoing public assessment of the economy. romaine: i guess it makes sense when you look at the data, a lot of folks are starting to see some of the benefits of the rebound here. caroline: anecdotally, i'm looking a

romaine: and i am romaine bostick. caroline hyde is off this week. s&p 500 closing up a 10th of 1%.oel: what did you miss? . >> it is all about the meme stocks frenzy and they don't die, they just multiply. amc is now the king of the block. almost doubling on the day. now up almost 2900% year to date. a money-losing movie theater chain starting to welcome back customers and now has a market cap of more than $31 billion. joe, there will be a lot of talk about fundamentals and whether the stock price is justified. at the end of the day, there is a large cadre of investors that have shown they can move the markets at their whim. joel: before we get to all of that meme mania, a bit of news from another entity that sometimes moves the market, the federal reserve saying it will line down some of those pandemic-era entities. it will be gradual and orderly, this wind down process. i want to bring in bloomberg's economic and policy correspondent, mike mckee. pity extraordinary vehicles that were an established a bit over a year ago top backstopped the credit markets. at this point, is this t

romaine: i'm romaine bostick. cicadas got in the way. s&p 500 down.oe: but the question is, what you miss? caroline: darn those cicadas. shakeup of gamestop. the company announcing two amazon veterans. gamestop is the old guard, the poster child for retail trading. meme stocks can waive seen an explosion during the pandemic. you will be talking about meme stocks and crypto. will we still be trading can will be still wanting to be go into retail stocks, will we be wanting to travel, dine out, joe? joe: the original meme stock, now has a new ceo for the announcing potential share sale. the old-fashioned meme stock. for more on what is going on, let's bring in billy lifshitz float -- bailey lifshitz. i want to know what they are going to do. new executive committee so forth. when are we going to find out what they are going to do to be on more than just stripmall game store? bailey: i have no idea. ryan cohen at the annual meeting was very vague on what you're going to see outside a customer-driven amazon-esque entity. we didn't get many details from his

what to watch a little bit later after the close, romaine bostick. romaine: good morning.p an eye right now on shares of boeing, slightly weaker in the premarket. some concern here about the latest edition of its 777, the long-haul version. the concern is that the faa has actually said that there might be some issues that boeing needs to address with regards to the so-called un-commanded pitch error. this is the same type of error linked to the fatal crashes of the 737 max. something keep an eye on. it could delay certification of this plane until mid 2023, maybe even later. virgin galactic rallying after receiving faa certification to begin those spaceflights. the chip space, nvidia higher after the company is getting a bit of a boost from some of its customers with regards to its acquisition of arm, the u.k. semiconductor group. those companies saying they are not worried about the antitrust concerns. flip up the board. just a quick check on what is going on in the biotech space. we got some interesting news out of intel you -- of intel he on. the results from that came

romaine bostick in. what an interesting moment yesterday. three of us came into this fed meeting like, yeah

romaine bostick infra jon ferro with the bull market. what is the color of the bostick bull market? en on this

shery: the biogen ceo speaking with romaine bostick, taylor riggs and alix steel. eli lilly rose.he nasdaq index finished the day up more than 3% at the highest level since 2015. we will continue to watch a sigh in -- watch asi in japan. you can see the u.s. after hours trading. coming up, the u.s. says it seized most of the ransom paid by colonial to hackers last month. we will tell you how. this is bloomberg. ♪ shery: we were watching daybreak ghost really appeared we are seeing -- daybreak australia. we are seeing a little bit of pressure on the copper price. there are concerns about the demand outlook that mixed trade data we got out of china. when it comes to canola and soybeans, we saw the gains in the new york session. we have some weather concerns. we also have australia raising the canola output estimate by 20% from march. given the stronger pricing. we are seeing gasoline futures under a little bit of pressure. this after we sell enough strength the past week given this summer driving season. haidi: in the u.s., authorities say they have recouped most of the ransom paid

romaine bostick, caroline hyde, and taylor riggs will be doing that.will see if we can extend the record highs we will see. what is interesting is the defensiveness we continue to get with the nasdaq. that through 2020 has been the defensive sector that leads the way. at least for the day, the dow looks like it is making a comeback. we love doing the dow because it is price with it instead of market cap waited. lisa: jon ferro loves the dow. he tries to put that is much as possible. tom keene tries to hide the dow. we are looking at the nasdaq up about 20. the s&p up a little. no trauma. it has been up in the green all morning. the 10 year yield coming down a little bit more after the disappointing spending data. still core pce coming in at an annualized 3.4% rate. well above the 2% yield we are seeing -- the 2% rate the federal reserve is looking for. coming up will be speaking with libby cantrill, pimco head of public policy. that is at noon. taylor: space. i want to go to space, lisa. lisa: this is bloomberg. ♪ (announcer) do you want to reduce stre

romaine bostick, "the close" this afternoon on bloomberg.e been a set of books along the way, where late last year, it was instantly my book of the year. "the new map" is by daniel yer gin right now. really a wonderful book to read on oil and our geopolitics. dr. yergin, thank you so much for joining us. it is $70 a barrel, up from $45 a barrel when your book was released. what is the disrupted future -- what does the disrupted future of oil look like? dr. yergin: glad to be with you, and thank you for making "the new math" the "bloomberg surveillance" book of the year. i think we are in the post-pandemic economy right now, and after all of the obituaries and everything were written for commodities, for oil, we have seen a rebound telling you that we are in a strong world economy. probably in our numbers, looking at 6% global economic growth this year. tom: that won't bleed into demand. how do you frame the price of oil up? are we here, or do you go to $80 a barrel as we have heard from technicians? brooke and daniel yergin speak of $100 or

romaine bostick doing it again for jon ferro today. the meme of the moment with bostick. we've got

kailey leinz in for jon ferro today, in for romaine bostick and taylor riggs and 47 other people as wellill get to kailey in a moment. it is not a normal monday, is it? lisa: i think people are just trying to understand the fed's reaction function area honestly, this this and it's between lower yields indicating slower growth and a bid into risk assets i am just not understanding the permanence of heading into a choppy rest of the year. tom: george sarah vallas at deutsche bank writing about -- kailey leinz is with us on the equity markets and a company from sioux falls, south dakota, raven industries. kailey: a little m&a in the ag tech space, getting bought for $58 a share. in premarket trading, it is almost at that level right now, up about 49%. that price tag with a 50% premium to friday's close. another stock surging in early hours is torchlight energy. this is one of the new favorites of mima traders on ash of mima -- of meme traders. that stock is up around 40%. amc getting a little bit of a bid as well. remember, it fell 38% last friday after that poor efficacy data from its covi

romaine bostick once again coming and joining us for the rest of the show. there's a question here.e've got summer stasis ahead of key data ahead of the ecb, the federal reserve very much and focus. how significant is it that there are no signs of caution, that people basically have faith they have it under control and can exit when they wish? tom: stability is there. there's no question about it. romaine has alluded to the equity markets, solid as a rock. whether it is the theory of deutsche bank out three years, that peter hooper conversation of earlier this morning, or it is ian lyngen at bmo capital looking at the short short market. , everyone is assuming they get the calculus right. lisa: which raises the question, what i, datapoint will move the needle -- what economic data point will move the needle? tom: there will be a moment. there will be some big, fancy tantrum of some type, but it is not going to be one moment. it will be a set of data. lisa: we are hearing from the likes of mike wilson that you are going to get some sort of correction in equities. are there significan

i believe romaine bostick, i'm not sure, i thought i heard him.up on this moment for economics, ben evans is with us from medley global advisors. from cornwall with the president, guy johnson. johnson meets biden. stay with us. this is bloomberg. ♪ ♪ >> the market is becoming more concentrated and less contestable. >> right now people are focusing on low quality stocks, whether they are meme or not -- or not. >> we have a real recovery in process. i don't think the roaring 20's are the right analogy. >> i think inflation is going to run. that is a good sign. that is an economy getting back on track. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning,

tom: romaine bostick, thanks so much. greatly appreciate it. on a june morning synthesize what we are seeing? the dynamics, the newtonian plumbing of the financial system? let's take the conversation we just had with edward yardeni about inflation, and maybe it is cost push, maybe it is demand pull, zachary griffiths has to synthesize this for wells fargo. how do you get from inflation guesstimates to yield guesstimates over to the dollar? zachary: thanks for having me. that is really the big question, and for us we see inflation rising, and that should push yields higher. that is part of the story that really comes down to the global reopening. we have a very tolerant fed with higher yields and very heavy supplies you outlined earlier. as far as the dollar goes, we think dollar weakness is what we're going to see for the next month or two, and that comes down to a fed that has been the most resolutely dovish of the central banks, and at the same time, you have this u.s. exceptionalism story fading where other major economies are picking up fro