tom k: i am going to ask sweetheart questions to my good friend richard clarida to. ro in between. [laughter] tom p: jonathan, give him heck. i wouldn't let him get away with just saying we want further progress on labor without finding that. in fairness, maybe it is a little bit too early. maybe they do want to talk about it in broad strokes. but i think pressing him a bit on that, maybe that is the answer. if that is what you are so used to telling us, that you are not ready to define it yet, just give us something. but my sense is that the way that powell has been talking about this, how many times has he said there's 10 million people on the sidelines? well, now it is 9 million people. my sense is that is probably one of the guideposts, one of the lines in the sand. i think they want some, if not all of those folks back. but i just want some clarity on that, and i think that is totally reasonable. but i am some pathetic if they think it is a little too early to define it. but just say that. say it is too early to define it. jonathan: i think they think it is worki

tom: there's been an adjustment. i'm going to go to david k ostin. love his idea that it is a micro market of micro news. jonathan: at the epicenter of that, a bond market that is off the highs of the close last month. right now, 1.57%. we are taking a pause. tom: i don't know where to say the limit is, 1.62% or 1.60%, but we are certainly to a lower yield higher bond price. that is not migrating towards higher inflation, better real yield space. jonathan: on one side, you got the pause crowd. on the other side, the reopening crowd. lisa: when you got that treasury rally, there are technical underpinnings. there was a huge rash of bond sales for the biggest banks. there was perhaps this short squeezing. is that driving the narrative? what does the bond market know that we don't for all of those equity bowls out there who have been going into an inflationary -- equity bulls out there who have been going into the inflationary trade? jonathan: don't you love that, what does the bond market know that we don't, as if there is some -- that we don't? as if

tom: professor, your wonderful book, what is the next labor convergence? do you perceive globally about a kd economy, do you see any power for labor to reaffirm what we see in our nostalgia? prof. spence: yes, i do, actually. we are in for a couple of things. one is a very powerful recovery that is underway in america and will come with a slight lag in europe. second, we have productivity enhancing technology that is ready for prime time. third, we have governments that have decided the need to use their fiscal power to make sure the demand side of the market, and particularly the employment side, is good. if we convince a sufficiently large part of the economy to engage in this process of innovation, i think we could have an employment and productivity boom and a real change in the dynamics we have been seeing for the last couple of decades. lisa: michael, does a minimum wage gap or the idea of some minimum wage higher than it is now lead to higher wages, fewer jobs, or both? prof. spence: this is controversial within the economics profession, maybe you will get views on all side. sometime

tom: one final question. what are we doing with our money? what is schwab seeing that we are actually allocating in 401(k)s? liz ann: it has been interesting, the flows recently. they have taken on more of a defensive posture. the flow into utilities are the strongest in the past month, which is quite extraordinary. prior areas like communication services are on the low end of the spectrum, but also at the broader asset class level, definitely seeing a pickup in interest outside the u.s., so positive flows in the past month or so into parts of the rest of the world, particularly emerging markets, and a bit of outflow out of the domestic equity side. we have had an overweight undeveloped international equities since the beginning of this year, and we are seeing that in the flow data, at least in the last month or two. tom: liz ann sonders, thank you so much, chief investment strategist with charles schwab. what did we learn there? i think it is fascinating, this total mystery coming up in two weeks. lisa: it is not the headline number at 54%, which is what people are expecting. tom: we do that so they will t

tom, what needs to full into place between now and the 5th ofjune for these five k run is to start again participate. but we need to open all of our 600 events at the same time, otherwise the smaller events are likely to be overwhelmed by too many participants creating an unsafe environment. we have written to all members this week with a pack outlining the evidence and the rationale behind the thinking including evidence from the minister for sport and we need them to respond quickly and positively. tote respond quickly and positively. we will be watching out for that response. you have commissioned a risk of infection survey to make a case? , ., risk of infection survey to make a case? , . ., , risk of infection survey to make a case? , . . , . risk of infection survey to make a case? , . ., , case? yes, that was important, it is one of the — case? yes, that was important, it is one of the most _ case? yes, that was important, it is one of the most studied _ case? yes, that was important, it is one of the most studied viruses - case? yes, that was important, it is one of the most studi

tom: we talk to all kinds of mucky mucks on this show p or you get more mail than anyone on the show. also they say baby charles must see turks and krcedes, cut to the chase. i need to travel this weekend, it is on the gulfstream, i am taking baby charles to the turks and kinko's. is that a wise thing to do, seriously? mercedes: everything is a calculated risk. i would never deign to say someone should absolutely do something and it is a terrible idea. the possibility of your child becoming severely ill is low, but it can happen. you could not be able to come back if someone tests positive down there. then you get locked in your room. tom: they will send an email back, mercedes, go away, you're giving them too many ideas. charles is a headache. mercedes: tell your boss i'm doing my public-health best and i have to quarantine in turks & caicos. tom: mercedes, go away. seriously, a university professor of preventative medicine, she is literally best in class on talking on the social aspects, the hardcore medical data aspects, of what this means for society. we make a lot of jokes, but you heard dr. -- talk about 38,000 people at the

: tom, i wanted to ask about this because it's not just the people coming over but the drugs, mexican cartel smuggled 1100 pounds of meth to texas to miami according to the documents on foxnews.com. k-9 sniffing out fentanyl pills inside of breakfast burritos. tell me about the drug trade and all of this as well. >> wealth the criminal cartels, you know, they are taking advantage of this humanitarian crisis. when joe biden made all these promises which everybody knew it would cause a surge, the criminal cartels geared up because they knew they were back in business. when they send these 200 family groups in one area, they do that on purpose. the criminal cartels control the drug cartels. they say go here and this time and this place so why the border patrol are tied up, they will run drugs and they were bad folks ms-13 to unguarded portions. when i talk to the border patrol agent, i asked him, where is the nearest border patrol right now? he said 3 miles down the line which means 3 miles of border is wide open. he said and what is so frustrating mr. homan, we know that we will have foot traffic, camera traffic of drug smugglers that we cannot respond to well taken care of the child