getting a job at goldman sachs, that's like the pinnacle. better or worse. there's things i would like to have been good at was getting myself into the corridors of elite america back on that over the last 15 years. it's one of the better skills one can have. and have repeatedly practiced . i did that in the summer of 2016 when i took an internship at goldman sachs it was something i learned that summer but it wasn't the thing i expected to learn. i expected to learn about evaluating monies but i didn't learn much about that i did learn a lot about how to aggregate power. how to aggregate power away that wasn't actually appearing to smack of the aggregation of power. one of the ways to do it was goldman sachs hallmark event that summer which was a service, you go to harlem and you plant trees and whati noticed when i showed up at harlem's nobody was interested in planting trees . everyone showed up except for the boss but nobody was planting trees. they were telling investment war stories andnobody was planting trees . the thing we went to harlem to do and o

of goldman sachs. this is bloomberg. ♪ top stories.etween powell and brainard as fed chair, president rules out any other contenders. inflation looms large. st. louis president calling for more hawkish policy. u.k. inflation surges to a decade high. and we are live from the bloomberg new economy forum in singapore. later this hour, we will be speaking with the goldman sachs c.e.o., david solomon. 30 minutes into the session here, gains of more than .1%. the breakdown of the divergence is there between the ftse 100 losing .2% dragged down by s.s.e. the energy company that came out with its infrastructure and spending plans. strategy plans for the next five years and selling minority stakes in its distribution transmission business. but the -- you're seeing gains over in germany of .1% and flat on the cac. over in france. so the session in the u.s. and you do have -- morgan stanley that you want to have more exposure to european equities. credit suisse in the last few minutes upgrading japanese equities and the banc of america fund manag

david: so you graduated and went right to goldman sachs? gary: yes. i joined the merger and acquisition area. it was about a dozen people. it grew throughout the 1980's. david: you became one of the earliest players? gary: i was honored to make it into the partnership while i was in that area. david: you were making a great deal of money. why did you leave goldman sachs? gary: i spent 18 years there. i did a number of things. i went to the trading side. i helped run part of the back office. it was a remarkable experience and opportunity. i felt some connection to public service. as a kid who was the class treasurer. i always had this connection. i thought public service was something if i had the opportunity i wanted to be a part of. one of my mentors and bosses at goldman sachs had been chosen by president clinton to be a national academic advisor and later treasury secretary. he knew i would be a soft touch for service. when president clinton won a second term, an opportunity arose. i went down to the clinton treasury as an assistant secretary for f

. >> goldman sachs is one of the archetypes i keep coming back to in my book and some of the things i talk about, but the relationship between the private sector and government, between eecapitalism and democracy. goldman sachs for better or for worse in my opinion for worse typifies the relationship. >> we should say to the audience by the way goldman sachs traditionally f an investment bk announced a commercial bank but onene of the financial institutions considered really elite so top harvard students like you were, goldman sachs is like the pinnacle for better or worse. >> there are things i would like to have been better at an turns out one of the things i was good at is getting myself into protected court orders of elite america. there are better skills one then can have but turns out that turns out that was a skill on accident or on purpose it's when i've completed just practice. when i was a student at harvard and took an internship at goldman sachs and there wasar something i learned that summer, but it was not what i expected to learn. i thought i'd learn evaluated in valuin

goldman sachs for better or worse, in my opinion, typifies that relationship. >> goldman sachs, for those that don't know, was traditionally an investment bank but is one of the financial institutions considered elite. so the students like you were, getting a job at goldman sachs is the pinnacle you aim for. >> there are things i would have liked, getting into protected corner doors of elite america over the last 50 years. there are better skills one could have but it turns out that is the one on accident or on purpose i have repeatedly practiced. i did that in the summer of 2006 as a student in harvard i took a internship at goldman sachs, and there was something i learned that day, but i thought i would learn about evaluating companies and the important part i didn't learn very much about that. however, i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually to smack the aggregation of power. goldman sachs had a hallmark hallmarkevent that summer, whics service today, you go and plant trees. the one thing i noticed, nobody was really interest

david: you graduated after wharton and then went right to goldman sachs?y: i joined a group called the merger and acquisition area. it was about a dozen people. it grew. it was throughout the 1980's. it grew rapidly. david: you become one of the earliest organist partners at goldman, is that right? -- earliest and youngest partners at goldman, is that right? gary: i was honored to make it into the partnership while i was in the merger and acquisition area. david: you are making a great deal of money. why did you leave goldman sachs? gary: i spent 18 years there. i did a number of things. not just the merger and acquisition area, but i went to the trading side and helped run part of the back office. it was really just a remarkable experience and opportunity. i felt some connection to public service, maybe as a kid there was a class treasurer and senior class president. i always had this connection. i felt public service was something, if i had the opportunity, i wanted to be part of. one of my mentors and bosses at goldman sachs, bob rubin, had been chosen

goldman sachs for better or worse typifies that relationship. >> goldman sachs for those that don't know is a social investment bank but it's one of the financial institutions considered really elite. top harvard students like you are getting a job at goldman sachs is the pinnacle that's what you aim for for better or worse . >> there's things i'd like to have been better at and one of the things i'm good at is getting myself into corridors of elite america. there are better skills one can have but it turns out that was the skill that on accident or on purpose i happen to have repeatedly cracked . i did that in the summer of 16 when i was a student and took an internship at goldman sachs and there was something i learned that summer but it wasn't thething i expected to learn . it is an important part but i didn't learn very much about that but i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually appearing to smack of the aggregation of power so one of the ways to do it was goldman sachs had a hallmark investment which is a service day. go t

>> yeah, look, goldman sachs is one of the archtypes that i come back to. the relationship between the private sector and government. capitalism and democracy. and goldman sachs, for better and worse, in my opinion worse, typifies that relationship. >> and should say to the audience, goldman sachs, officially investment bank not a commercial bank, but one of the financial institutions considered elite. top harvard students like you were, getting a job at goldman sachs, that's like the pinnacle, what you aim for. for better and worse. >> there are things i would have liked to have better at. one of the things i've been good at, getting myself into protected corridors of elite america, i've done that the last 15 years and there are better skills one could have, but that turns out a skill on accident or on purpose i happened to have repeatedly practice. and i did that summer 2006 included when i was a student at harvard and took an internship at goldman sachs. there was something i learned that summer, it wasn't what i expected to learn. i thought i'd learn ab

goldman sachs for better or worse typifies that relationship. >> goldman sachs for those that don't know is a social investment bank but it's one of the financial institutions considered really elite. top harvard students like you are getting a job at goldman sachs is the pinnacle that's what you aim for for better or worse . >> there's things i'd like to have been better at and one of the things i'm good at is getting myself into corridors of elite america. there are better skills one can have but it turns out that was the skill that on accident or on purpose i happen to have repeatedly cracked . i did that in the summer of 16 when i was a student and took an internship at goldman sachs and there was something i learned that summer but it wasn't thething i expected to learn . it is an important part but i didn't learn very much about that but i did learn a lot about how to aggregate power. how to aggregate power in a way that wasn't actually appearing to smack of the aggregation of power so one of the ways to do it was goldman sachs had a hallmark investment which is a service day. go t

. >> goldman sachs is one of the archetypes and keep coming back to in my book about the relationship between in the private sector and government in between capitalism and democracy pretty for better or worse in my opinion far worse typifies that relationship. >> is now commercial bank but as for the financial institutions consider really late in the money is top harvard students printed like you and for better or worse. >> turns out one of the things and i was good at was getting myself into protected core doors and on andme on the last 15 yeas in their better skills one can have but it turns out that was the skill that it was an accident or purpose.ha i have repeatedly practice and i did that into the summer of 2006, one of the student at harvard and took an internship at goldman sachs is something that i learned, i thought it would learned about evaluating companies but i didn't learn very much about that however i did learn a lot about how to aggregateho power and how to aggregate power in a way that was not actually the. to the aggregation of powers so goldman sachs had a hallma

jonathon: i want to focus on a goldman sachs to see referenced today. when you referenced goldman sachs, can you walk me through the conclusion of that piece that you referenced earlier this week? marty: say that one more time? jonathon: you referenced a goldman sachs piece of research on what would happen to some of the policies introduced. can you walk me through the conclusion of that these? marty: what we are seeing is companies that have put in place vaccine mandate, we have seen 80% to 90% participation rate people getting vaccinated and we are seeing people go back to work. this is happening all across the country. this is about making sure, what we wanted to do was trying to is going to people that we want to create safe working environments so people feel safe about going back in. i would rather be talking about something else today in this period of time, but unfortunately, we are still living in the mess of a pandemic and we cannot overlook the fact that people are afraid to go back to work. that is one of the reasons. there are other reasons

i want to go to what you are saying, goldman sachs, this terrible timing, it was very likely the fed would accelerate their taper, end at some point in march and have two or three rate hikes next year. kailey: thanksgiving day can make quite a difference. oldman published that note after the data we got wednesday. the fed's preferred inflation gauge showed the pricing pressure in the economy. you can have the virus rear its head again. it underscores the fed's dilemma. you have to deal with this higher inflation. you have to consider that the labor market is not back to where the fed wanted to be. there is concern about growth. lisa: you have officials out of the u.k. saying there is a high degree of uncertainty regarding the new covid variant. this is the key. we do not understand how much it can evade the natural immunity from prior infection and immunity from the vaccines. we are looking at a very risk off field. this is bloomberg surveillance. ♪ g surveillance. ♪ ritika: with the first word news, i am ritika gupta. the new covid-19 strain raises concerns about outlook for demand.

alix: very much echoing the view of goldman sachs. agnes, thanks a lot.oming up, let's stay on the prospect of european earnings. siemens expecting to reap benefits of years long streamlining initiatives that rivals ge. this is bloomberg. ♪ ritika: it is time for the bloomberg business flash, a look at some of the biggest business stories in the news right now. seeing the first green shoots of recovery from the coronavirus pandemic. heathrow is recruiting officers, engineers, and other positions. passenger levels are still around 56% down off of recovered levels. uber is raising its base fare in london by 10% to attract more drivers. customers have complained on social media of longer waiting times, cancellations, and higher fares during peak times. uber says it needs about 20,000 more drivers in london to help return service to normal. siemens expects profit margin to increase next year. the german engineering giant is reaping the benefits of years of streamlining a process that rivals general electric is just starting. >> of course, we've got to questio

she's unclaimed with goldman sachs.ne of the people that keeps the fearful in the market part of the painting over at the goldman sachs shop. we are thrilled that the advisory director joins us this morning. i am going to rip up the script, and i can do this for someone who wrote aristotle on investment decision-making in the financial analyst journal a million years ago. we are all getting lengthier. we are all playing the parlor game of extending the x-axis. we have been here before, haven't we? abby: we certainly have, and it is a pleasure to be with you and the team. another word we could use is protracted. basically, there are several factors now behind the inflation that we are seeing globally. some of these may prove to be transitory, yet protracted. that includes some of the supply chain issues. but some of them do represent the sort of inflation that one gets during the course of an economic expansion. the ones that i am looking at most closely have to do with wages. we have seen a notable pickup in average hou

goldman sachs is amongst them, boosting its s&p target for year end 2022. up in the european story as well. peter oppenheimer of goldman sachs, chief equity strategist, joining us next. this is bloomberg. ♪ >> challenge is if we overreact by saying let's change the path of monetary policy to deal with a one term effect, that could lead to a worse outcome for the economy. alix: this is the bank of america fund managers survey, where we get a read of what clients are doing in the market. this was very different than the previous month, saying clients are convinced inflation is transitory and except the fed to remain well behind the curve. you can see that in where the asset allocation is. global fund managers have the biggest overweight and u.s. equities since august 2013. also a favorite, emerging market equities, as well as bitcoin, three things you are probably going to want to invest in if you think inflation is transitory, as it seems like fund managers are now playing like it is. guy: there doesn't seem to be a sickle narrative working its way around th

when the ceo of goldman sachs says it is time to go, it might be time to go.ot like he is going to make money, it is not like he is shorting the market and looking for to go down. he is giving you some legit advice, if ever he has. amanda: totally agree with that. matt: good, we are in agreement. that is rare. 10 for the stock of the hour, the power of amazon is being felt today in the credit card industry as processors fall following amazon's threat to stop accepting u.k. issued visa credit cards. predictive debt is a look. -- prita gupta is taking a look. >> the ideas those seeds are getting higher and higher. you go to amazon or any other retailer and use a credit card, the company charges you a pretty big fee. especially over in the u.k. since they have left the eu, those fees have gone even higher for that country, especially because we do not have the eu cap's. here in the states, they have risen over $100 billion per year. that is what amazon's turn to put a stop to by saying they are not going to be accepting visa credit cards, and you can see it is ta

we are drilling down on the energy trade of course we are goldman sachs is out with a list of stop picks of the oil patch we will bring you some of those. there is a lot more to do in the next hour. let us begin with the countdown to christmas 38 days left to get all of your holiday shopping done. while there may be plenty of reasons to be worried about the consumer from rising inflation to whether that favorite toy will be on the shelf, judging by the earnings report, all hope may not be lost. walmart beating expectations on the top and bottom line. home depot also exceeded expectation. sales raised more than 6% and average rising ticket is 13% everyone is either buying home or fixing up the one they live in should we expect more cheer for investors over the holidays or has the inflation story not yet hit. karen? start with you what do you think? >> i think there is more to come as the retail numbers were strong that was great the ticket for home depot, maybe walmart as well. one thing i thought was bullish was capacity utilization it just barely surpassed the peak in february of 2020 w

goldman sachs chief a packet economist there. airbus scores the first big win at the dubai air show with america order of 255 jets. boeing says it is having progress in getting its jets can air. that is just ahead -- getting its jet back in the air. that is just ahead. don't miss the bloomberg new economic forum happening throughout the week. face-to-face discussions with world leaders on topics ranging from finance, trade to climate. this is bloomberg. ♪ >> what has happened with the four or five month delay? we have now seen an uptick in demand by significant percentages. not as much as it was prior to the pandemic, but we are now running at 50%, may be a bit more of where we are, and it is growing every day. and cargo is very strong and has been since the pandemic started. it is a good story at the moment. we are looking forward to the next four or five months of good business. >> we see human capital as one of the constraints. we have been working deeply with our supply chain, and will do so as we ramp up. but i would say the

coming up, goldman sachs boosts its bet on london. it targets the world's superrich. bloomberg. ♪ tom: welcome back to the open. 53 minutes into the european trading day. clinging onto gains. the ftse 100 is lower. basic resources and energy are the drag. the dax and the cac 40 are higher. futures in the u.s. pointing to gains. the second day of the bloomberg new economy forum is underway. we will bring you some of the top conversations from the day. there have already been fascinating insights. the outlook for some of these corporate's. the european business summit also today. the focus will be on increasing digitization and the shift toward sustainability. at 11:00 a.m. u.k. time, a rate decision from turkey's bank. that comes in the wake of the country's slumping currency. we heard from erdogan yesterday talking about the need for lower rates. finally, the imf statistical forum is happening in washington, d.c., for all of you stats geeks. the theme is measuring the economic and financial dimensions of climate change. ok, we are talking about -- we are going to be t

adam sachs is the founder of travel economics. great to have you with us.e have to keep this in the context of what has been a reasonably healthy rebound. people were willing -- were willing to travel again, even in the face of continued cases. it is your expectation about what the situation in europe might do to that data? adam: it is a setback, but i don't think it is a significant one. what we have seen increasingly is that travelers are more and more resilient. of course, a big part of that is vaccinations and the confidence that has produced among travelers. i don't see the rise in cases creating a major setback for travelers' willingness to travel. the policies that have been put in place are -- i think it will be short-lived. the one in austria is going to be a maximum of 20 days. those in other parts of western europe are only for those who are unvaccinated, which is a i know any of the population. which hopefully encourages further vaccination. for those reasons i think it is a setback, but not one that is going to have any enduring effect. alix: a

goldman sachs calling that 13% decline on friday excessive. crude climb more than 5%, brent up more than 5% as well. having a look at the airlines as japan comes back online, we are seeing weakness in the reopening trade. what does this mean for travel as we start to see curves being imposed, and and tv reporting it japan will effectively ban all foreigners from entry? we will hear from prime minister kishida at 1:00 p.m. eastern. rishaad: getting more on oil here, a big comeback taking place. that's what's going on, five point 5% up for new york crude. there's also a bit of movement in the metals space as well, iron ore futures rebounding, climbing almost 8% right now. metals rallying amongst all this other depressing news. let's keep the focus on oil and bring in editor andrew james. oil very much the moment and focus, particularly with the news last week with the strategic reserves of various countries that will be released gradually, and on top of that, the opec-plus meeting that is upcoming and how they respond to that move as well. tell

goldman sachs says it rivers and's value versus the u.s.ank of america -- says it represents value versus the u.s. bank of america says something different. we will break it down. this is bloomberg. ♪ k it down. this is bloomberg. ♪ alix: one of morgan stanley's top calls is buy europe for 2022, when they are pretty negative on the u.s. equity market. many people say it is because of the european equities. the stoxx 600 recent 12 month forward earnings growth is topping about 7% growth since october 1. on the flipside, the white line is the s&p, just up 2% versus the yellow line, the nikkei 225, and that is pretty much flat. so in terms of the upgrades in the outlook, it feels like european equities are taking the cake. sure, there may be some slowing, but that doesn't mean completely slowed. that leaves many like morgan stanley to get bullish on european equity for 2022. let's get sharon bell's take, goldman sachs cohead of global emea research. what is your base case? sharon: i think it is a combination of things. we have seen a lack of c

katie koch of goleman stocks still with me. -- of goldman sachs still with me. do you play tesla?right now, 5% of auto sales are in ev, but it is really important for people to focus on this. we are at an inflection point of x been into growth, and a lot of the things happening in the market right now is the market trying to price that which is actually really difficult to do, but it is really any cripple inflection point, and the bill is going to help this because what we are seeing is the cost curve inflect. when that happens, that is when you get explosive innovation and explosive growth, and the cost curve, just to put that into context, we are now almost at cost parity between a traditional ice and electric vehicle. so taking a step back, how do you play this space? we talk about the pure play ev companies. the second area to look would be the traditional auto companies. can they actually transition to take market share here? this is going to be really difficult. we have picked one company with gives going to win there, which is gm, but it is a very difficult thing to reinven

the gentleman from goldman sachs earlier, and a conversation with the prime mr.apore a few hours ago. singapore continues with bloomberg. this is bloomberg. good morning. ♪ jonathan: let's get this trading mornings darted. a beautiful morning in new york city. your equity market -.1%. "the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. from new york we begin with the big issue. counting down to a fed chair decision. >> between governor brainard and chairman powell. >> do not see much daylight between them. >> not a lot of daylight. >> monetary policy is still loose. >> inflation is running hot. >> weber comes in will have to tighten. >> the big differences on regulatory policy. >> will be shaping up the fed. >> a significant story

goldman sachs says it is seeing the doubling of the federal banks taper.

that is a significant change according to the likes of goldman sachs and mara. -- namura. broadly you are seeing a loss of 2/10 of a percent. the futures for the u.s. with gains as in europe, tech was a standout stateside, the reopening trade was punished, concerns about the trajectory of paper from the fed but also higher covid cases in europe. that weighed on european equities. the pound in focusing given comments by the bank of england on sunday, talking about the inflation forecast into suggesting possibly there is ambiguity around the december meeting. the pound and focus this morning. also looking in the oil space. reports out of japan that tokyo and washington are looking at a combined and coordinated release of reserves, this after china said it would also be releasing its reserves. iron ore is up, tied into expectations for more support for the chinese economy, and bitcoin at 57,000 after hammering last week. no upside gains in terms of trading over the weekend for the top cryptocurrency. pressure remains on bitcoin. let's switch focus to the details out of china.

damien courvalin of goldman sachs, much appreciated.w a lot of americans are thing about their thanksgiving meal, but we are going to talk turkey from a different angle. the turkish lira in freefall after president erdogan intensifies his campaign for lower interest rates. lira now in the longest losing streak against the dollar in 20 years. more on that next. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, richard haass, council on foreign relations president. this is bloomberg. ♪ let's check in on the bloomberg first word news. i'm ritika gupta. china has pulled back on its already halting progress towards meeting its u.s. trade deal targets. last month's purchases fell to the slowest pace in a year. the agreement was signed in january 2020. china has now reached just 56% of the two-year goal of $370 million. in turkey, president erdogan vows to cut interest rates and sent the lira into a freefall, falling below 12 per dollar for the first time ever, and in november alone, the lira has lost almost 1/3 of its value

. >> yes, by the way, we had a goldman sachs call one of your competitors saying three rate hikes next year, not two that dropping late wednesday night into wednesday morning so that may be throwing fuel on the fire as well with regards to today. mark we appreciate you coming on, thank you very much. and appreciate you going with the flow on the news flow. have a great weekend take care. >>> now to buying of a different kind outside of stocks this is, of course, retail because things this year, they could look very different as everybody seems to begin shopping early but in many ways it may also look the same. at least for now anyway has much of us feeling more normal than last year, how could we not? courtney reagan with new data and how many of you might have been secretly shopping online while others were cooking and cleaning and you were shopping not you. >> not me. early data from the big shopping weekend shows us that consumers spent $2.3 billion online by 3:00 p.m. yesterday. the day on track to see spending as high as 5.4 billion, up about 6% from last year. a good rise there.

goldman sachs said these requirements could lead to up to 5 million more americans reentering the workforce. that is because they feel safe to do so. it is because there are fewer disruptions for things like childcare. again, beating covid-19 is one of the most important ways to strengthen our economy, not just save lives, but strengthen our economy, and we are making progress. as of this week, 70% of american adults are fully vaccinated. more than 193 million americans fully vaccinated. with less than 1% when we took office one month ago. one more piece of good news, last night, we received promising news about another potent and potential covid -- if you're infected. we may soon have pills and may treat the fires of those who become infected. we have already secured millions of doses, and the therapy would be another tool in our toolbox to protect people from the worst outcomes of covid. look, it is important to remember that we need to prevent infections, not wait to treat infections once they happen. vaccination remains the best way to do that. the pandemic is not yet behind us. within

what do you think of goldman sachs business remt company ticker symbol gsbd. >> i looked at this.we see it is trading constantly at the ticker beneath our pictures and i was concerned about it because i felt this way about all of the bdcs. i don't know what they own and if i don't know what they own i can't trust. even if it is from the firm that i love and worked at so i have to take a pass because i don't know what is in it all right, charts is interpreted by fib notchy queen broden who has been red hot but paypal and mastercard could rally. and remember the meeting this week but it may only be a temporary bounce in her eyes our club disagrees and you have to read the bulletins. and my interview with wayerhaeuser and there could be a corporate citizen. i'm going to check in with the top brass. and then today we got positive data from pfizer on the covid anti-viral which had wall street wondering if the pandemic is winding down so if that is true, what could be bought here and rapid fire and tonight's edition of "the lightning round," so stay with cramer. watch: serena williams..

this is bloomberg. ♪ yvonne: the latest from goldman sachs.hey expect the fed to tighten monetary policy faster than originally anticipated amid the rising inflationary pressures. fed officials are slowly subscribing to that view. let's bring in our next guest with the latest on that. i want to talk about this chart. the car is the flattest we have seen since march 2020 when the market turmoil began. the fed was forced to lower rates. what is it telling you at the moment? it seems that at this point, people are saying the fed is heading into a policy error. would you subscribe to that? >> it depends on what you think is a policy error. the markets are starting to price that in. it is all suggesting now that we're going to have a fed that is going to be much more aggressive when it comes to tapering as well as lifting interest rates next year and that will come at an expense of future growth. we are still seeing real yield quite low. they have come off the lows from last week. that suggests that despite the particular moves by the fed, there wi

alix: thank you very much, jan hatzius, goldman sachs chief economist.k cabana, bank of america mobile head of rates strategy, joined us. you are looking at another hike now priced in for november 2022. mark: we think the announcement today is going to give the market more confidence to move ahead with the pricing of rate hikes for next year. we are seeing almost a full rate hike priced and in june, another in november, and post three by the end of next year. we think the announcement today should allow the fed to pivot to acknowledge the upside risks from inflation and begin to talk about how they will respond. in many ways, fed leadership was somewhat constrained in making this pivot while waiting for the white house decision, but now that that is out of the way, that should certainly allow for the fed to shift a bit more in that direction. guy: does that mean a faster taper? mark: we certainly see risks skewing in that direction. we are likely to see a chorus of voices advocating for a faster pace of taper. we will have another employment report and c

the chief of staff of goldman sachs.e: tsmc is set to build a semiconductor plant in japan as the biggest chipmaker makes moves to ease the supply chain pain. details ahead. this is bloomberg. sophie: -- this is bloomberg. ♪ >> these are the top stories on the supply crunch today. on the semiconductor front, tsmc is expanding to japan. chipmaker will build a fabrication plant without love sony and it comes as governments from around the world are trying to boost manufacturing capabilities to ease persistent shortages. shifting to china where factory price are in focus. that is amid the commodity boom and energy crunch. a ppi spike will impact domestic businesses facing higher input costs and battling weaker demand. president biden spoke with the ceos of companies critical. they assured the president store shelves will be stocked for the holiday season and discussed plans to speed up deliveries. ongoing supply chain disruptions and higher food and energy prices may have contributed to the fest is u.s. inflation since dece

-z sachs has named its biggest class of new managing directors ever. years ago. it's as part of the reason for the jump is the recent headcount at the firm. women are less than one and three of the promotions. black and hispanic employees at goldman sachs each make up 5% of that incoming class. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. shery: it's election day here in parts of the u.s.. the polls close in virginia in a few minutes. one of only two governors races this year. let's get more from our political news director in washington. we also have new jersey closing an hour after virginia. what are you watching? >> virginia is the one everyone's watching. it's the closest so far. we could have an upset in virginia. governors can only have one term. terry mcauliffe is trying to come back. glenn youngkin doesn't want to give him the chance. the governor who is the same member of the party of the president has only one once the last 10 times a

morgan stanley, jp morgan and morgan sachs all on this ipo together. it is rare to have three giants on an ipo. if i look back at the last six ipo's of this scale, you do not have all three together like this. it is an amazing, rare story where you have massive players. matt: i just pulled up the league table, goldman sachs is comfortably at the top with 20% of the market share. jp morgan in second place, morgan stanley in third. i would love to see a lead table for exchanges. is there a difference between doing an ipo at the nasdaq compared to doing a knife yell at the new york stock exchange? -- doing an ipo at the new york stock exchange question mark joe: we are trading aftermarket. you are trading and nasdaq stock similar to a new york stock earlier in the day. even now, it used to be the new york stock exchange was two letters. they are all mixed up now. to me, they have -- matt: this ipo continues, or the trade continues to rise in price. they are now worth 53% more than they were. do you think rj is bummed out he left more money on the table. h

bank of england -- i do not know that distance, but i know the distance from wall street and goldman sachs up to the jpmorgan museum and mansion on madison avenue and 34th. the answer is gary cohn knows why we have a fed and why it is important for the financial system. jonathan: it seems to be lost at the moment. and it is not just a criticism of what is happening here and now in washington. i saw it before in the previous administration as well. left open seats, tried to fill them with names that were never going to get those seats, just dragging their feet. for an institution that is really powerful, and you have the opportunity to do something significant with. lisa: and in a moment that is incredibly fragile when you have bifurcated potential outcomes with such an uncertain outlook. jonathan: joining us now, lori calvasina, head of u.s. equity strategy at rbc capital markets. at the close friday, year end, 2022, you are at 50-50. walk us through that past. lori: great to be with you guys as always. we wanted to refocus the conversation as opposed to just thinking about where we are go

analysts at goldman sachs project this could lead to up to five more americans entering the workforce. it is because there are fewer disruptions to things like childcare. beating covid-19 remains one of the most important ways to strengthen our economy, not just save lives but strengthen our economy. we are making progress. as of this week, 70% of american adults are fully vaccinated. more than 193 million americans vaccinated. it was less than 10% will be took office nine months ago. last night we received promising news about it another -- about another potent treatment, a pill developed by pfizer may dramatically reduce the risk of being hospitalized or dying when taken shortly after being infected if you are infected. if authorized by the fda we may soon have bills that may treat the virus of those who become infected. we have already secured millions of doses, and the therapy will be another tool in our toolbox to protect people from the worst outcomes of covid. it is important to remember, we need to prevent infections, not wait to treat them once they happen, and vaccination re

goldman sachs have new employee perks. the overall benefits are aimed at addressing burnout. we get? >> i was going to say unlike in 1991 when you were at your bloomberg terminal for the first time, you have to work a little harder to retain talent. this is goldman's turn. many banks are doing this. they want to increase retention and contributions for younger employees, and more interestingly they are attacking the social side, addressing potential burnout. you could take a six-week sabbatical, unpaid, to recharge your batteries and unplug to get more work-life balance employees complained they do not have. dani: you are going to see if you can retroactively get that six-week unpaid sabbatical. how surprising is this from goldman? they are one of the most aggressive. >> they are. if you recall earlier this year, ceo, david solomon, the best he could do was try to ensure people did not have to work saturdays. it was not a blanket, but i will do my best. everybody is recognizing they have to be mindful of what people want. there are options for young people in the financial se

goldman sachs seeing india economist.e markets that opened about four minutes ago. they are checking in with their performance. they are in the green and following the regional trend. that positive close we had at the end of the session. monday, 250 day interest rate recovery. resistance at around these levels. you see how that all pans out. that's according to a technical analyst. a lot more on the way. this is bloomberg. ♪ juliette: we are tracking the fallout of the global supply chain crunch, and these other top stories. one of the world's biggest ocean carriers is dangling incentives with 200 dollars per container to clear the backlog of southern california sports. cma cgm group will offer importers $100 for each container removed from ports of los angeles and long beach during daytime hours in the first eight days of arrival. president joe biden says his demonstration has made strides towards relieving u.s. supply chain disruptions. he met monday with the leaders of major retailers, including walmart, to ensure them