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tv   Bloomberg Markets  Bloomberg  August 25, 2021 1:00pm-2:00pm EDT

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urged countries in the southeast asia region to apply more pressure on beijing. she also said the u.s. wants to upgrade its relationship with vietnam to be a strategic partnership. the u.s. may give vietnam and other former coat -- another former coast guard ship and is donating more covid-19 vaccines. a divided u.s. supreme court has rejected president biden on a controversial immigration issue. justices cleared away for the resumption of a trump era policy requiring asylum-seekers to wait in mexico while their cases are being processed. the biden administration had revoked the so-called remain in mexico policy in june. a new study from the u.k. supports the case for booster shots for vulnerable people. it found that immunocompromised patients had weaker immune systems after two covid-19 vaccine shots than the general population. the u.s. and other countries have begun rolling out third shots for people whose immune systems have been weakened.
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in scotland, nicola sturgeon warns her government could reimpose pandemic restrictions. scottish authorities reported more than 4300 new cases in the last day. that is the highest daily number since the start of the pandemic. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> it is 1:00 p.m. in the york. i am matt miller and welcome to bloomberg markets. here are the top stories we are following for you from around the world. wall street plans for returning to offices as golden sachs mandates vaccines and masks.
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credit suisse pushes back its return date. plus executives from across the business world are set to join president biden, to talk about improving cybersecurity practices. we will talk about that with camille jaffer, founder of the national security institute. american business leaders are working outside the government to gain greater access to china. we will look at a round of meetings planned before the year end and our new economy segment with andy brown. first off, i want to give you a look at what is going on in the markets. we do see the s&p 500 up 3/10 of 1%. as i speak, we see it go up to 4500. in any case, we are looking at a 50th day of record highs. the 10 year yield rising as investors sell off that debt.
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1150 is the bloomberg dollar index. very little change from yesterday. nymex crude is up $.48 a barrel. we also have the results of a five-year auction coming out right now. the notes drew 0.831%. five-year notes draw 0.831%. i always like to give you the details of an auction, no matter how large or small. no matter how little or how much you may care, we will bring you all auction results on this program. let's get to something that caught my eye. the corporate reaction to covid. today we heard from delta airlines as it announced something that has -- that it
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has been discussing. the u.s. airline is imposing a 200 that -- a 200 dollar monthly surcharge on employees who are not vaccinated, becoming the first major u.s. company to levy a financial penalty on workers who haven't gotten the protection. the ceo said 75% of the workers are already vaccinated. the fee applies to employees in the airline health care plan who have not received their shots by november 1 because if you are hospitalized for covid, it is going to cost her health care provider a hefty chunk of change, talking tens of thousands of dollars as a result. unvaccinated employees will be paying a few hundred dollars in a surcharge. when you look at the corporate response from a financial industry to the delta variant and the threat of covid, goldman sachs is requiring employees and visitors entering the office to be vaccinated, and to wear masks, in some places, even as
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you sit at your desk. credit suisse is also delaying its return to the office until mid october. joining us now for the latest on wall street's management of the pandemic is bloomberg's senior banking and financial reporter. what are we hearing about the changes? because of course, most wall street bosses expect of the pandemic to be over by this point and everybody to be getting back in offices by the day after labor day. >> the problem is every time we think we are getting closer to pre-pandemic normal, that date seems to get further and further away. goldman sachs in particular, the push to bring people back into the office and being particularly aggressive across the industry when you compare them to other industries. goldman sachs brought back all of your employees by june, jp morgan by july.
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-- all of their employees by june, jp morgan by july. when you see this resurgence of covid, this uncontrolled spread of the delta variant, they are being forced to take more measures. in goldman-s case, vaccine -- in goldman's case, vaccines becoming mandatory. credit suisse pushed back the return and other firms as well are pushing back the return to work date. it seems like another attempt. when covid kicked off in march of last year, by june, banks wanted their employees back. this time around, we are seeing the same delay but with a widespread use of vaccines with these mask mandates, we are going to see people return to offices, not just in the -- just not the way they are used to working. matt: and they are not going to be able to do exactly what they wanted. the point of bringing bankers
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back to the office is to increase the sense of camaraderie among the younger bankers. they want younger bankers to be learning more from the older bankers, the more experienced bankers. you can't be as social if everyone is wearing a mask, social distancing and terrified of some new virus variant. >> what is worse is the discomfort of having to wear a mask when you are walking around the office, or is it the worry and the anxiety that your colleagues might feel when they think about not having a mask mandate or vaccine mandate in the office and being worried all day long, if the virus is going to spread, if they will potentially be taking the virus back to their kids at home? in that sense, a lot of these banks and across the big banks on wall street, you have some form of measure, and place in response to the spread of the delta variant, and they are all making the decision that we need
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to take more stringent measures. discomfort is something we will have to live with for now, at least it allows people to come back in and as long as we have people back in, let's put these measures in place. matt: what does the split look like on the street? the bifurcation of return to office, in terms of the traditionalists who want you there five days a week, or the progressives who believe in a hybrid model? >> it is interesting. we've over to talked about goldman sachs and jp morgan. most senior management has been very vocal about the idea that they want people back in offices. they've been saying that since last year. they have even been embracing that idea this year but on the other hand, citigroup has been out there, presenting a kinder, gentler self, increasing the mantra of maximum x ability, and we've even had some executives from citigroup talking about the idea that when you have this commute occasion from the top
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down where you have a more relaxed approach, where it tries to take into account the anxiety, it helps them with recruiting talent, especially when it comes to other areas like hiring coders and engineers into the firm. they believe it puts them in a more competitive footing. matt: are we hearing anything about sticks in terms of delta airlines and they're going to charge those who don't get vaccinated $200 a month for the cost of health care? i have viewers writing and saying why don't they charge obese employees and smokers, etc.? i guess it makes sense? those groups are going to cost you more money in the long run. >> there might be different calculations or some places where you can't necessarily say we will make sure you have to have a compulsory vaccination policy. you go and provide some sort of penalty, and that is not the type that banks employ.
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the generative action largely seems to be, if you are not fully vaccinated, then you will have to work from home and all of your colleagues will be in the office and you don't want to miss out on that. hopefully, putting this pandemic behind us sooner rather than later. matt: thanks very much for your time, covering wall street for us at bloomberg news. now it is time for a bloomberg business flash, a look at some of the biggest business stories in the news right now. shares of dix boarding goods are surging. the real chill chain beat earnings estimates thanks to demand breath let escape -- at fedex goods during the pandemic. they are also raising their full-year forecast, expecting compromise -- expecting sales to rise this year. social media subtraction service only fans reversed a decision to ban sexually exposing materials
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after an uproar from creators and sex workers who had come to rely on the platform as a source of income. the reversal comes just one week after the announcement which came in part because of pressure from banking and payment services, according to only fans. china has reopened terminal as the world's third busiest port after a two-week shutdown. that closure at the terminal in -- was caused by one worker coming down with covid, reportedly and it made stressed shipping routes in asia even worse than expected. that is your bloomberg business flash update. coming up, executives and around the business world are set to join president biden and talk about improving cybersecurity practices. jamil jaffer, founder of the national security institute, joins us to discuss. this is bloomberg. ♪
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matt: this is bloomberg markets. i am matt miller. business leaders are meeting at the white house later today with president biden, to discuss strategies for confronting the growing threat of cyberattacks. the meeting called due to the recent string of high-level widespread cyberattacks such as the colonial pipeline hack and what we saw -- for more insight, we welcome jamil jaffer, national security institute founder and executive director. he is an expert in cybersecurity and he served at the white house as an associate counsel to president george w. bush. great to have you on the program. so corporate leaders are going to washington.
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has biden not done enough already? jamil: president biden has been doing a whole lot in this area. we have seen at least two executive orders and the number of things coming out of various agencies, including the collective announcement at the cyber infrastructure -- we have seen some great appointments. rob joyce at nsa. a great team with a lot of work going on and now they are bringing in industry talk about how they can work better together to really -- some of these ransomware attack's. matt: is that the case that a lot of this hacking is happening in countries like china and russia, where the government could very easily stamp it out? i can't imagine running a large criminal organization in russia is the kind of thing that
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vladimir putin would put up with , were he not in some ways giving it his blessing. jamil: you are exactly right. nothing happens in vladimir putin's russia without his knowledge and consent and frankly without him taking a little bit off the top or his cronies around him. what you see in russia is a confluence of cyber commonality and often times, cyber actors do the work national -- go to work day today for the national agencies and then they go home and -- the same is increasingly true in china. we are seeing the growth of a cyber committal industry there where it crosses purposes with the nationstate. in order to effectively confront this threat, you have to engage against those nationstates as well as getting better on the defensive side back home. matt: how can people like tim cook and jamie dimon and andrew
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jazz actually help? what can they do that the cia and the nsa can't already do by themselves? jamil: it is a great question. part of the challenge is that today we expect companies to defend themselves individually against every cyber threat. if russia were to fly a bomb over the united states, we would not expect amazon or apple or jp morgan to defend themselves. yet in cybersecurity, we expect every company to do that, regardless of size. we have to work together, large and small to create the best capability so can effectively stand up against nationstates like russia, china, iran and korea -- and north korea. matt: we are talking about a cyberwar. is it all about defense? is there any potential for an offensive from the united states of america? jamil: absolutely. we have to get better at defense
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so this idea of bringing industries and companies together, to work together and better defend each other, that is the defensive end. on the off inside, we have to demonstrate to russia, china, and is committal gangs that we mean business what i mean by that is have to show that there will be a cost for doing these types of activities, so we extract the data out of them and they are less like me to attack us again and there are two pieces of this. they need information and then the government needs to work together to defend the nation in cyberspace. matt: you founded national security institute, but you are also bp for strategy and iron at cybersecurity. what can you do? jamil: iron that is trying to bring together various companies and industries and the energy sector, health care and frankly abroad, our allies in asia and the middle east and europe to
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come together and create this collective defense give ability with a system we call iron dome and we bring together these keep abilities and so part of this is really looking at how companies can work together and you need to get ability to do that. matt: thanks so much for joining us. jamil jaffer, founder of the national security institute. he is also a vp for strategy partnerships and corporative element at iron net cybersecurity. still ahead, wall street executives have a lot on their plate today, reaching out to revive talks with beijing, to open up its financial system. we will discuss that with andy brown, bloomberg's new economy editorial director. this is bloomberg. ♪
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matt: this is bloomberg markets. i'm matt miller.
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let's turn to our segment on the new economy where we examine how global leaders are trying to solve the world's biggest challenges. american business leaders are working with the government to fight cybersecurity and then outside the government to gain greater access to china, which is interesting and maybe alanis morrissette would deem it ironic because they are trying to defend themselves against china with president biden and then go around president biden to get into chinese revenue streams. bloomberg has learned a new round of meetings is being planned before the end of the year, for masters of the universe from wall street to go over and meet with political party leaders in beijing. for more, we welcome andy brown, bloomberg's new economy editorial director. i'm not sure if they are party leaders we are talking about. are they regulators? are those the same in china? andy: it is a mix.
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this is a very serious high-level group. it includes almost all of the biggest figures from goldman sachs, morgan stanley, blackrock. on the chinese side, it includes regulators, including the number two official in the securities regulator, as well as the much revered long-standing governor -- former governor of the people's bank of china. in the absence of any other real serious dialogue between the u.s. and china, this is perhaps the most high-level conversation that is taking place right now. matt: it is interesting as well because a lot of strategists and analysts are asking and answering the question, is china uninvestable?
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they are saying not only is it not that, it is a necessity in terms of doing well and beating competitors. andy: everybody around the table, this china/u.s. financial roundtable, is extremely worried about the prospect of u.s.-china capital markets decoupling. wall street looks as -- looks at china as the big opportunity of the future. they want to get their hands on chinese savings and mediate chinese capital outflows as chinese capital markets open. on the chinese side, figures have had a long-standing agenda to open to foreign capital as a means of encouraging economic reform within china. matt: on the other hand, have to do it through a vie, or one of these incredibly complicated set ups that goes through the cayman islands or the bahamas and then into the u.s..
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gary gensler in the sec is in think investors are getting enough disclosure. of course that has a lot to do with the fact that investors are losing money, and then regulators all of a sudden are paying very close attention. is that a problem for foreign investment in china? andy: these are big problems but they are technical problems which probably could be resolved with goodwill on both sides. the difficulty you've got right now is that the regulatory process in china has been hijacked by the political process. i'm afraid, important though this group is, it is losing relevance. what we've seen over the last couple of weeks is an all-out assault on the private sector in china. that is what is really driving the tensions, driving all of this market turbulence. it is being conducted under the authority of president xi
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jinping, in the name of common prosperity, i.e. reducing economic disparity. this is a political process, and it has only just begun. matt: andy, thank for joining us as usual. andy browne is bloomberg's new economy editorial director. you can check it out daily, focused on what is driving the global economy and what it means for policymakers, businesses and investors. this is bloomberg. ♪
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mark: i am mark crumpton with first word news. president biden is keeping his plan to remove all troops from afghanistan by august 31.
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but he ordered his national security team to come up with contingency plans if he decides a delay is necessary. he says completing the u.s. mission by the deadline depends on the taliban continuing to cooperate by allowing access to the airport for those the u.s. is evacuating. the house panel investigating the january 6 riot at the u.s. capitol once a record of information from eight executive branch agencies including communications involving the white house and associates of former president trump. the select committee is looking for information to fill out details about the insurrection and the days leading up to the violence. in vietnam today on the second leg of her official visit to southeast asia vice president harris increased her criticism of china, urging countries in the southeast asian region to step up. >> we need to find ways to
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pressure and raise the pressure on beijing. to abide by the united nations convenn the law of the sea and challenge its bullying and unmanaged claims. mark: vice president harris also said the u.s. wants to upgrade its relation with vietnam to a strategic partnership. the u.s. may give vietnam another former coast guard ship and is donating more covid-19 vaccines. global news 24 hours a day on air and on quicktake by bloomberg. powered by more then 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ grag: i am greg burnell, welcome
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to "bloomberg markets." matt: and i am matt miller. here are the top stories we are following from around the world. nordstrom falls the most since the start of the pandemic. we discuss what is weighing on the retailer and the stock of the hour even as others do well. counting down to jackson hole. the symposium kicks off this friday but virtually. we discuss what to expect from the event with kelsey berro of a fixed income portfolio at j.p. morgan and american business leaders working outside the government to gain greater access to china. we will discuss that with u.s.-china business council vice president of government affairs anna ashton. greg? greg: let's check the market. i think the anticipation is we would have sleepy days heading into jackson hole and we are making gains. yesterday we were denied a new
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all-time high so we are trying again. we are a couple of points above where we need to be. s&p 500 and nasdaq building on the record runs. it is notable this idea it was going to be sleepy. you have the 10 year bond yield inching higher. questions i've been asking our guests the fact, is the bond market thinking about jackson hole, perhaps the equity side getting action? it is anybody's guess but taper will be on everybody's lips. whether jerome powell wants to go there. one stock i want to highlight. big banks in canada, royal bank of canada, it is canadian bank earnings week. royal came out this morning and like the other three that have reported already they kicked to the doors off when it came to the bottom line, beating expectations. surge in real estate market, recovering economy, and the fact
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that they are releasing more of their loan provisions into the profit stream because you did not get the surge of default they feared. why? the government backed up everybody and everything. matt: yeah. greg: you have justin trudeau saying, you know what? we think it is time to give back. they raised to the corporate income tax in banking and life insurance. they would also start this recovery dividend. it is not a lot of clarity but basically saying, we did you a solid, do us a solid and return. i do not know how the banks are going to feel about this one. matt: i think it is huge. you are getting a lot of big headlines out of justin trudeau. this is what he wants, media spotlight, as he runs this campaign. yesterday we had the real estate story where he wants to ban foreign buyers. today a 3% surcharge on banks that make more than $1
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billion in profit which i think is fascinating. you make a great point. bank executives cannot really take credit for the fact they get to release loan loss reserves because of course it is about government-backed stops. we are not seeing as many defaults as we would have. i finally want to point out on a personal note, my first job on wall street that was not in a bucket shop was for a brokerage called tucker anthony which, after getting bought by tom ely and going through other deals -- tommie lee and going through other deals, was bought by royal bank. nordstrom beat second-quarter earnings estimates but still headed to its worst day since the start of the pandemic. weak comparisons and dave wilson has a deeper look on a
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day when other retailers are doing really well. dave: absolutely. it isn't just that they beat in terms of second-quarter earnings they came out ahead on sales as well relative to analyst estimates. they also increased their forecast, looking for revenue to be up more than 35% for the fiscal year that ends in january. 10% more than the previous projection. profitability, i mean, they only bumped it up half a percentage point at most from where it was. really the company was citing what they called macro related cost pressures on the business, labor cost, arguably inventory too because it was up 13% from two years ago even though sales were down. you compare it to last year and sales were double. of course, that was when the coronavirus pandemic was raging. you look back to two years ago
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and sales were down close to 6%. you didn't see that with nordstrom's peers. when khol's reported results, up from two years ago. macy's a similar story up 1.8%. there was a real contrast in stock performance between these companies and it is reflection of how people are interpreting the results. not only in terms of sales but in terms of profitability. greg: clearly investors are not impressed. how about the analysts? dave: equally unimpressed. the one that jumps out is j.p. morgan. there was only one other sell rating, dillards. as good as it is for retailers right now, and nordstrom's not doing all that well, what
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happens when the bigger picture isn't so rosy? that is a concern. another analyst that jumped out was evercore isi. they talk about how the results are lagging, not only nordstrom's peers in department stores, but those that sell apparel and clothing, the soft line retailers. matt: thank you very much. dave wilson with nordstrom as our stock of the hour. coming up, the jackson hole symposium kicks off this friday virtually. we discuss what to expect from the event with kelsey berro, fixed income portfolio manager at j.p. morgan. this is bloomberg. ♪
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matt: this is "bloomberg markets ." i am matt miller with greg burnell. jackson hole on economic policy starts friday although it will once again be virtual because of covid. kelsey berro, fixed income portfolio manager at j.p. morgan joins us. the first most obvious and easy question is what do you expect that could change your strategy? what do you expect that could, you know, push you to make moves in the portfolios you manage? kelsey: we are certainly going to be listening very closely to everything chair powell has to say virtually tomorrow but the july minutes really stole the thunder as it relates to learning more about the asset purchase tapering, which we expect by january of next year. when i think about the taper
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there was a lot of consensus that seems to be forming and has already formed starting by the end of the year, cutting both treasuries and mortgage-backed securities. in my mind i am already looking forward to the september meeting. i think that could be even more informative because we are going to get the 2020 for dots. when people ask why our yields so low? i say, the market is very skeptical that nothing the fed can taper, they can, but can the fed actually raise rates? can they raise rates more than a few times? and can they get to a terminal right that is above 2%? that 2024 dot is going to give us more information to understand that. greg: kelsey, when it comes to the taper i feel like people are going to say it is a done deal.
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timing will be an issue and it seems now that people are turning toward how did they execute the taper and wind it up? how long will the taper take? kelsey: i think that the taper is going to last a couple of quarters actually, maybe around three quarters, so they will be done by fall of 2022. i think the markets should be less focused on the mechanics of the taper and more focused on how is the economy going to look as we move toward the end of the program? if the economy is still going to be robust enough to allow the fed to eventually hike rates. with that we would say, yes, we do believe the economy would be robust enough that inflation will likely be above the target. it will still be appropriate for the fed to move forward tightening policy. the question i hear a lot is,
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why should the fed be tapering at all if this is decelerating? i look at december 2015. that is the last time the fed started raising rates. at that time inflation was 1%, growth was 2%, and the unemployment rate 5%. skip forward to 2022. what are we expecting? double the growth, triple the inflation, and unemployment rate that is below 5% if not closer to 4.5%. tapering is absolutely appropriate in this environment and reducing should be appropriate as we look into the second half of next year. matt: you know, you mentioned 2015. i believe that is when, and correct me if i am wrong, you became vp and the global fixed income group. before that you are in analyst
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on the tax aware fixed income strategy side. reading these details it makes me think about the possibility of tax changes, legislation in terms of trillions of dollars in spending. how does that affect your outlook? it is not all about the fed, right? kelsey: no, it is not all about the fed. for once there is fiscal policy to talk about and stimulus fiscal policy to talk about. what we are looking at is this $3.5 trillion reconciliation bill that the congress is looking at. how much of that is deficit funded and how much of that is going to be associated with cash or revenue offsets? because when you think about the impulse to growth it is going to be not that total number of $3.5 trillion but the net number once you consider the revenue offset which is primarily going to be tax increases.
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we think there will be some tax increases but in the end there is still going to be a lot of spending, infrastructure spending, and human infrastructure spending, that is going to be deficit finance and that on net is another tailwind for the economy. greg: we only have about one minute left but before you go, in terms of the handoff that all these nations, united states, canada are going to have to manage between fiscal and monetary stimulus, do you think that is going to be a success? how delicate of an operation will it be? kelsey: it is a delicate operation and that is why they need to move slowly but they also need to get started earlier. the fed said in the july minutes. you need to have a risk managed approach. we cannot just wait if we are wrong on inflation. if it turns out to be higher than expected and the fed or the rba poor bank of canada does not
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have tapering access, it could put it could put in a vulnerable spot. i agree, it is a delicate balance but that is why monetary policymakers are moving slowly toward the exit. specifically to manage that risk. matt: kelsey, thank you very much. greg: thank you for being with us. matt: we both appreciate it. thank you for joining us. greg? greg: we both appreciate it. great conversation. coming up, reviving talks with beijing to open the financial system. relations are not great between the west and china and anna ashton will join us. this is bloomberg. ♪
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greg: this is "bloomberg markets ."
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i am greg burnell alongside matt miller. kathie wood is dipping her toes into the chinese stocks and she talked about that. kathie: i am not pessimistic about china longer run because i think they are very entrepreneurial society. sure the government is putting more rules and regulations in but i do not think the government wants to stop growth and progress at all. greg: these comments, the time when bloomberg news -- come at a time when bloomberg news heard there is a lot of policies at stake. we bring in anna ashton. thank you for joining us. as far as how the two political regimes are feeling.
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anna: i think the political regimes have been slow to engage in a way that makes it clear to the u.s. business community or the american people, and probably the chinese people, exactly what direction the relationship is headed. the biden administration has it seemed to embrace the trump administration's policy, but we know that they are engaged in an ongoing review of the china trade policy of the last administration and we have repeatedly heard that they are going to be rolling out their policies but it is all in good time. they really need to be considering what approach they are taking and how it fits into the larger strategic picture. getting all of those pieces aligned just isn't something
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they have been able to do rapidly. matt: it is slightly ironic, if i'm using the term correctly which i am sure about anymore, that they are meeting at the white house, these leaders with president biden, to fight the cyber security threats beijing, in a sense, backs. on the other hand, they are trying to set up a meeting with beijing to get better access to the country. is in their concern -- shouldn't there be concern on behalf of u.s. businesses that the rules will be changed? the rule of law is not the same, the culture is just too different to work? anna: in many ways that sort of seeming contradiction has defined the commercial relationship for decades. there is immense opportunity in the china market and that opportunity is being realized in major ways by lots of u.s. companies on the ground there.
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for many of those companies we repeatedly hear in our annual reports for our members china is one of their top five markets and they don't feel they can be successful globally, that they can compete successfully globally with counterparts in other countries if they cannot compete in the china market. tons of opportunity but that doesn't change the fact that yes, there are flaws and regulations and practices in how the chinese economy works and how the chinese government allows business to happen that do not really align with the international norms created after world war ii and developed since then, or the way our free market works. so those differences continue to have to be ironed out even as business wants to be able to get into the market, make in rose --
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rows -- matt: what kind of growth are you expecting from china in the medium and long-term? anna: oddly it seems that, you know, the international monetary fund has come out with the numbers that have been more bullish than the numbers the chinese government itself is put out. i think the chinese government is aware that they have to make some changes to continue growth in a safe and stable way. maybe they are trying to manage expectations and forecast a little bit slower growth than could be possible depending out policies they had in place. 6% ish is where we are. matt: thank you very much for joining us. pleasure having you. anna ashton, u.s. china business council vice president of government affairs talking about, i mean, today there is so
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much china and the news. from the meeting to the reopening of the fort to the sec regulation push. there is never a shortage to talk about when it comes to china but today three of the most read stories. for greg brown, i am matt miller, have a fantastic wednesday. this is bloomberg. ♪
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>> are you still committed to the u.s. pickup market? i know you do good stuff with
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frontier but americans want something bigger like the titan. do you plan to stay in that market as competitive as it is? >> i mean, for us, the market is one thing. the second is what customers aspire for from this. the customer in the united states aspire for suvs and the pickups. titan is a great pickup truck and we are, of course, focusing on the titan. but as i said before in our whole lineup our main focus has always been suvs and the smaller pickup truck. ♪ ♪ mark: i am mark crumpton with bloomberg's first word news. the biden administration told refugee groups to get ready to
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settle as many as 50,000 afghans. the refugees are being admitted under a program known as a humanitarian parole. it would target afghans considered to be at risk under a taliban led government. u.s. house speaker nancy pelosi is criticizing a trip made by two lawmakers to afghanistan to observe the ongoing evacuation saying it detracted from the focus of getting people out of the country. >> it is not just about them going to afghanistan. there is a call on resources militarily as well. this is deadly serious. we do not want members to go. mark: the speaker says she learned of the trip hours before was made public and did not disclose it in order to protect the lawmakers' safety. new york governor kathy hochul

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