jonathan: seema shah, good to catch up with the principal global investors chief strategist. question, bonds are equities, and seema said both. lisa: what i was thinking about is the fact that low real yields fuels the move into stocks. it is sort of this conundrum that the more growth expectations slow, it could be even better for equities. jonathan: this is something we have been talking about now for a while, and it is interesting to me that goldman are as lonely as they are on this call, and that others haven't followed looking out. we talked about the increased possibility of downgrade risk with lori calvasina earlier this morning. there are enough things piling up to suggest we will see a lot more of the same. tom: there's clearly downside risk in a partitioned market. apple and amazon and the rest of these companies struggling. jonathan: a percent, 7%, 6% down to 5%? it seems to be rate of change that is driving things, but we still got to talk about some stunning levels, too. we are down a little more than 0.1%. this is bloomberg. ♪ laura: with the first word news, i'm

we will get the view from seema shah of principal global advisors.his is bloomberg. ♪ chair powell: this particular inflation is just unique in history. >> i think a lot of the reopening heat is going to subside. >> i wouldn't be so concerned about an inflation pickup because there will be inflation pickups for sure. that is something that we regard as transitory. >> it is a loaded word, transitory. >> i don't expect monetary policy to be in for a long period. the u.s. is clearly now having a recovery that is much faster than europe, and the inflation rate is much higher. >> we need some optionality on the upside with respect to possible inflation trucks -- inflation shocks. alix: those were some of the "central policy makers that spoke on the heated inflation debate. with us now is seema shah, rentable global investors chief strategist -- principal global investors chief strategist. we were looking at the university of michigan inflation number, but it is going to calm down and be transitory. what do you think? how do you invest in it? seema: we are