subadra: i think so. think there is definitely the case to be made for at least modestly higher yields from here on. the answer to that will depend on how much we will revise our growth forecast for next year based on higher inflation for this year. even within the context, if we are expecting higher inflation, growth in the context of 3.5%, we should be gradually repricing toward higher yield. the hope is, when that happens, you will not see higher nominal yields or real yields at the same time, not just higher inflation expectations with lower real yield. jonathan: bob miller, jumping. -- jump in. bob: i think rates go modestly higher. if we are right about a rising risk of a pivot -- and it's important to note, this view is conditional on jerome powell being reappointed. if he is not, the probability of a pivot goes down substantially. if reappointed, like 20, they will recognize their narrative is stale, and there has been more than sufficient improvement in the areas that monetary policy matters the

subadra: the current ones. jonathan: i think the former guys are more honest and open with their opinion, but that is just my view. subadra: i think the former guys have a lot of wisdom, so we can take away information from that. jonathan: subadra rajappa of socgen. every member someone years and years ago saying something about being an effective central banker, and they said you have to learn to lie. [laughter] lisa: that was not danny blanchflower. i don't think he ever lied. you have to learn how to communicate things in a way that won't rattle the market too much. i guess that is what we are seeing. jonathan: which is why i guess the likes of bill dudley and lacher this week were so open and forceful about what they think should be done. tom: i give william dudley huge credit for this. he has been far more articulate and helpful. some people never leave that. roger ferguson has been tightlipped for decades about his thoughts on monetary policy. lisa: can you imagine if one of the current fed officials came

bob michelle, subadra rajappa, krishna memani. bob michele saying risk for much of this year.king forward to this one. tom: smart discussion. ask them if they would like to come on earlier. jonathan: i will. tom: krishna memani will probably love the photo. jonathan: he might not come back after that. from new york, it is fit decision day. special coverage later. this is bloomberg. laura: with the first -- ritika: in virginia, republican glenn youngkin has sent democrats a wake-up call for 2022. the candidate backed by donald trump defeated democrat terry mcauliffe in the race for governor. glenn youngkin returned some suburban and independent voters to the republican side. that is an omen for president biden and democrats hoping to keep control of congress. in new york city democrat eric adams has been elected mayor. the brooklyn euro president -- the brooklyn borough president easily defeated the republican. you have to grapple with covid, widespread inequality, and issues keeping workers from offices. it is a new frontier for many banks managing climate stress tests. franci