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tv   Bloomberg Markets Americas  Bloomberg  November 2, 2021 11:00am-12:00pm EDT

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guy: tuesday the second. what do you need to know out of europe this hour? we've got 30 minutes to the close. bp dishing out more cash to investors. 1.25 billion dollars of buybacks announced today after the trading division powers and 18% pickup in quarterly profits. shipping giant maersk delivering as well. we will hear from the ceo later this hour. standard chartered sinking as margins at its retail business disappoint. financial markets and wealth managementtwo bright spots in today -- wealth management two bright spots in today's numbers. we get to the bank of england,
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then we get to the payroll numbers. we dealt with the rba overnight. what is interesting is today, we are getting a little bit of relief in the bond market. fairly big moving italian btp's, down by 13 basis points. yesterday, the complete opposite. huge move in the opposite direction. you are seeing that really across the board. we are looking at france, for instance, down by eight basis points today, which is fascinating. the bond market once again where the real action is. alix: you have to wonder what is priced in when it comes to the boe and the fed. in the u.s., extremely similar story. for the equity market, it does feel somewhat idiosyncratic. real estate, utilities, tech, consumer services all leading the way higher. under armour of all things one of the best performers within the s&p after they had strong demand and raised their forecast. to your point, you have a 13 basis point move in btp's. in the u.s., the two-year yield is down by about three basis
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points as you have some buying coming in. two things i did want to highlight. one, iron ore down by about 2%. china is still putting some curbs on steel output, and that is having an effect on iron ore. there's some other weird headlines coming out of china, things like they are shutting 18 school districts, urging individuals to stock up on household items. so i feel at that is something to start keying in on. weed was getting a ton of headlines, and that is a drought issue that is a demand and supply issue. just goes to show that we are not necessarily out of the woods when it comes to inflation. guy: absolutely not. you look at what is happening in the energy markets, you wonder whether that is going to have an impact and whether that is going to continue. i want to talk about a pivotal moment, an important moment that has happened here in europe today. in september 2000, the cac 40
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gets to 6922. today, 21 years later, we have cleared that hurdle and hit a fresh record. it has taken a long time, but the cac has been absolutely on fire this year, power and higher as many european stocks have been. 6923, a point above that 2000 high. in terms of the drivers, it has been fascinating. clearly the luxury stocks have had a bumpy ride this year, but the banks, names like socgen, have had a very strong year. cap gemini interesting in the services side, doing very well as well. new look at what is happening on the manufacturing side. the glass business really powering as well. but the cac 40 continues its ever upward trajectory. a lot of people focusing on european stocks right now. do you go, 6924 as we head towards the closing europe. what i think is interesting is that the bond market is sending
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quite different signals. o.a.t.'s in france, bdp's starting to generate cigna for can volatility. do these two things go hand-in-hand? alix: it is bananas. the two things very much diverse. let's get some more on that. alberto gallo with algebris investments. good to see you. help me understand how we can have this bond market volatility , but equities taking it on the chin and keep rising to record highs. alberto: what the market is realizing is paper assets are not good. you are going to lose money with paper assets. if inflation realizes at the levels suggested by breakevens over a 10 year period, and the u.k. you are going to lose 1/4 of your principal to inflation, and in the u.s. you lose 20% over a 10 year period. so why hold straight bonds?
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you can lose money slowly against inflation or lose money quickly if these reprice, so investors know that equities are connected to real assets, real cash flows, and the real economy to some extent, so they are one of the few assets that can escape the central bank continued stimulus, the depreciation of paper assets. it looks weird, but the fact is we could be in an environment where inflation is persistent. that has been our view. and where paper assets get taxed, and investors have to look for alternatives. they have to look for real assets, which includes equities. so investing in bonds today is a much tougher job than it was over the last decade, when qe started. today we have a persistent inflation problem. guy: let's talk about what could
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happen here. the market is worried about stagflation. central banks, we are starting to see them being pushed into raising rates, or at least reducing their influence on yield curves. look at what happened overnight in australia. but central banks' ability to control inflation looks rather limited. i wonder whether we could end up in a scenario where inflation persists, as you say. central banks raise rates, but that raising of rates doesn't have much initial impact on the inflation because it has been caused by a supply-side stock. we could end up therefore in a difficult environment. can central banks, the fed, the bank of england control inflation at this point? alberto: the enter is -- the answer is central banks are not going to fix the supply problem, but certainly keeping the foot on the accelerator doesn't make things better.
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the first thing central banks are doing, and the fed will signal this tomorrow, is to reduce quantitative easing and taper. that is going to be a very gradual paper, probably. taking the foot off the pedal doesn't mean you are slamming the brakes immediately. the key question here is demand. we know that there is a lot of pent-up demand so far if consumers have bought into goods , but not services yet because economies are still close. as economies reopen, we see demand coming back especially in the united states, which is bouncing back stronger, or some european economies like france or germany, if we see demand coming back, central banks will be more wrongfooted. now they really have to take the foot off the accelerator pedal. next year, we might be in an environment where they have to slam on the brakes a little bit. alix: do you expect the boe to
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do something along those lines? do you subscribe to that view? alberto: we do. they have encouraged risk-taking, balancing leverage and mortgaging leverage has increased for a long time, but we now have a combination of inflation due to lower sterling and higher import costs, but also we have the brexit self-induced bottlenecks on the labor market. so you have retail price inflation at over 4% for a tenure period. -- for a 10 year. -- for a 10 year period. so financial repression, inflation will erode bondholder returns, and you have to look for other things. guy: let's talk about where you are going to -- where you
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are going to be able to provide opportunity. you talk about alpha. you talk about alternatives. what about credit? credit is linked in many ways to the real assets you referenced when you talk about equities. how does credit deal with the environment that you are describing? the end of goldilocks, the bears are in charge. alberto: we are slowly going into a stagflation light environment. what you don't want to do is to be fully invested in government bonds or gilts. so you are having a loss there, so you want to be in yields more than inflation. only 10% of the global bond market now yields more than 2.5%. so you have to take some credit risk, or you can take some fx risk. today's valuations are very
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tight between equity and credit. we play defense and we are in a very selective set of opportunities in credit, more idiosyncratic. but we play offense through optionality on equities, for example through convertible debt, and commodities, which we think will be continue to be squeezed due to geopolitical risk. so it is overall a more defensive portfolio. we expect more volatility in 2022, and we want to be prepared for more volatility as liquidity dries up in periods like the end of the year and the beginning of the year. alix: where is your biggest conviction where you're taking the credit risk right now? alberto: if you want a defensive place to hide that is in europe, where credit spreads are little bit wider across single b's, across industrials, and also subordinated debt.
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4%, 5% over bunds or even higher, with relatively low duration, so three or four years of duration. so there is still a decent amount of carry, and you won't get hurt too much as rates widen. these are the things we still like, but we definitely want to play defense and credit because we are entering a hiking cycle and we want to play defense and real assets, so equities and commodities. guy:guy: alberto, really useful stuff, as ever. alberto gallo, thank you very much. what are we going to talk about next? the european investment bank wants to become europe's climate bank. we will speak to its president next. this is bloomberg. ♪
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>> there's a lot of pressure on banks because our clients are demanding this. our investors are demanding this. the politicians, the world is to mending this. >> we start to see climate risk becoming key prudential risk as identified by our regulators, so we look to publish our carbon footprint of our 440 billion euro portfolio by the end of next year. >> basically, having bankers in their own domains to really accompany our customers into the net zero banking transition. >> in my opinion, we need to put a price on carbon. i think this is something that is very important. there's an enormous premium for
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certain green technology. we can invest in technology to collapse that premium and allow us to deliver a much more sustainable future. >> i think the way to do it is to have good standards, to have government take more of the metrics and disclosure to offset. guy: bank executives speaking on bloomberg television on the green efforts the finance sector is making. joining us is vern hoyer. europe's lending arm deals with around 160 countries worldwide. werner hoyer, thank you very much for your time today. if you were to prioritize the factors most important to you, the kind of projects you are going to lend to, is climate right at the top? werner: definitely.
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first of all, thank you for having me. it is a great opportunity to convey a couple of messages because i think we have to widen the scope of our look at the climate industry a bit. we talk all the time about things that do not work, and the fact that our political leaders have not come together, but i see here in glasgow is very encouraging, and i think we can really program serious progress. for us, it is clear that we want to trigger up to one trillion euros of investment on climate issues by 2030. by 2025, we will have 25% of all of our lending climate related, and we are fully paras aligned. so what is needed in order to overcome this situation, to move
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out of fossil fuels and into a clean future? that is doable only with technologies which we need to develop, but we are on a very good track to develop these technologies, and then we can produce a miracle like we produced a miracle decades ago when everybody thought solar energy would be too expensive, and now we see it is much lower in price than fossil fuels. so i'm quite up to mystic in this respect. alix: the issue now i think becomes what do you do with traditional energy investments, and in particular, the energy crisis over in europe. you have said in the past that gas is over. we now learn that gas is integral come back to being that bridge fuel in many ways. how you look at lending money to that portion of the economy? werner: well, what is the fact for europe is that for quite a while, basically for two
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decades, we have not invested enough into research, technology and innovation. this is what is needed if you want to overcome the climate crisis. if you are worried about short-term energy prices right now in europe and other parts of the world, this is something that does not get a quick fix from the banking side. but what we can do is to make sure to encourage people to go to new technologies. for instance, take hydrogen. everyone is talking about hydrogen. it means an enormous amount of electrolysis where you can then transform this stuff into green hydrogen. this requires innovation. it requires the multiple patient of electricity production at least by a factor of four over 15 to 20 years, and probably much more. so we need to invest in technologies that make this possible, whether it is wind
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farms, which we have developed, or whether it is the huge buildup of solar energy and other energies. so i think we need to be more technology oriented. people who are interested in technology are normally more optimistic. guy: you said that from 2022 onwards, you will not lend to companies that pollute. . those same companies may want to make a transition to a clean energy future, but for the time being, they will not be on the list. how do we make sure that the companies that are polluting now make an effective transition if institutions like yours will not lend to them? werner: you put the finger right into the wound. it is crystal clear that we can only be happy if a polluted
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company says we are going to move out of this and return to the good side, so to speak, to clean energy. then fine, we are in. but if this offsetting idea only leads to propagation of technologies which should run out, then we are not. this is a difference that is difficult to detect sometimes, and we have to be extremely logical. the methodological questions around this are extremely difficult. alix: when you take a look at what commercial banks are offering, should they be offering lower capital requirements for green lending? should there be a green premium? and what should that be? werner: well, i am not going to answer this question. this is far beyond my role as head of a public bank. but what is needed definitely, whether it is banks or others,
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is a better crowding in of the private sector. this is where my optimism is triggered. i believe that the money is waiting on the surface for us to pick it up and put into green projects because the attitude of asset holders and investors has totally changed over the last 10 years. we hear from big asset managers that this is continuing to change. so when larry fink, and his famous -- said sure you don't find out one day and are horrified by the fact that you have invested in what is soon to be a stranded asset, that this is exactly the right attitude. i see that everywhere. alix: werner, thanks a lot for taking the time. this is bloomberg. ♪
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alix: this is "bloomberg markets ." microsoft ignite conference kicks off today. the company will introduce more than 90 new services and updates, including microsoft's next step into the meta-verse. the ceo spoke exclusively to bloomberg's emily chang. >> whenever i think about the meta-verse, it sort of comes down to really bringing the real world people, places, and things to the digital world. for us, and fact, this is happening both in the consumer space and the commercial space. seven years ago is when we launched hollow lens -- launched hololens. this pandemic has made the commercial use cases much more mainstream, even though sometimes the consumer stuff feels like science fiction. i was able to go with the nhs
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hospital in the u.k. and do a virtual visit of the covid wards. i was able to go to the toyota manufacturing plant and to a remote site, and even the space station. so i think the ability to be able to have the malleability of digital really helped bring things together. emily: you are working with a number of partners, including facebook, which just unveiled its version of the meta-verse. what do you think of their take? what do using of their approach? -- what do you think of their approach? >> we love the fact that there is so much innovation from facebook and others to enter this space. i hope that this is the next big thing that happens after the mobile internet. we will make sure we run as one of the most popular meta-verse is on -- meta-verse
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spaces on oculus. we want to make sure anybody who builds using mesh can run those applications first class on oculus and hololens, and that is our goal. guy: that was microsoft's ceo speaking exclusively to emily chang of "bloomberg technology." this is bloomberg. ♪
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guy: from london, i am guy johnson. alix steel in new york.
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this is bloomberg markets. let's talk about what is happening and logistics industry. the world's largest shipping line expect shipping markets to remain tight into the first quarter. merce ceo sat down with anna edwards to discuss the demand outlook. >> we have a situation where there is strong demand driven by consumer demand, first and foremost by american consumer demand but also a strong command in europe. on top of that we have low inventories around the supply chain so our customers are doing two things at the same time. they are trying to read strong consumer demand but also trying to increase their inventories. that is what is driving the strong demand flow for transportation right now. guy: maersk ceo talking to us earlier.
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let's carry on the conversation with logistics industry. gsl logistics coming out with numbers. it has upgraded its guidance. the company ceo is mark manduca. great to see you. let's talk a little bit about what is happening. i want to talk about the numbers and the background story. you have raised guidance. what gives you the confidence to do that? we are looking at a logistics industry -- is what we are seeing at the moment going to continue? you look like you will take advantage. what gives you the confidence that will continue to happen? mark: it is about helping customers. demand is high for the consumer. the problem is around supply. supply is the issue. this could last another 12 months as the industry works its way through its problems. there are two things to be aware
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of. buying patterns have changed and flying patterns have changed. until those change back, and i do not think at least one of them will, we will see these problems. in terms of your broader question around growth, we are confident in our growth profile. we are a business that solves people's problems. our customers have problems, we are here to help them. that is why we are doing well. guy: is what we are seeing at the moment accelerating that process? i assume the answer is yes. are people accelerating lands they have previously -- our people accelerating plans they have previously to focus on e-commerce or is this a new market we are heading into? mark: two things, macro and micro. when goods arrive at the port, two decisions get made. how do i get this into the consumers hands as quickly as possible and the answer is
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direct to consumer. you use e-commerce channels which is why we need to have a third party provider like us that has an e-commerce backbone. i love your point on tech. you need someone who has a technology backbone as well. able to get that product into the hands of consumers as quickly as possible. you need someone with e-commerce expertise and someone who has technology expertise. that is what the contracts in our industry are coalescing towards. they want scale and they want e-commerce expertise and technology expertise. alix: it is alix in new york. when you take a look at the issues in the supply chain, we talk a lot about the ports. there are signs some of that may be clearing. i wonder if you can get specifics as to where the biggest hurdles are. his the people at the docks, truck drivers crossing state lines, people who on and off
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load the trucks? what you see is a hurdle that may stay longer than we think? mark: the problem starts at the top of the industry with the expense of airfreight market. the airfreight market is not being subsidized enough. that cascades down to container ships, which has container stuck in china and you have a case getting effect in truck drivers and the trucking industry and the flow of goods when you arrive at the port. it all starts at the top of the industry and cascades down. that is not going to change anytime soon until those flying patterns change. we are seeing paid on the west coast, we are seeing pain on the east coast, and also in parts of europe where you can see the same forces of labor inflation coming through. i do not think it will change anytime soon. the need for third-party logistics provider has never been greater. guy: you talk about automation,
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but for the time being you will still rely on a lot of people. we are coming up to the holiday season. how many people we have to hire as we run up towards the holiday period? extra people? how many? will it be easy to get those people into work? mark: you have to focus on your hiring. we are looking for around 10,000 employees into holiday season. this will be a zip code by zip code focus. i'm talk about generous wage incentives, i'm talking about tuition reimbursement, i'm talking about reward programs that deliver on time, turning up to work and delivering on the promise you made in terms of picking, and making sure we keep up with -- we have upward mobility programs. i've been to a number of warehouses who live this. this is all about making sure we are making the workplace a safe place to work and a place where
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people can get rewarded. if you do the groundwork when it comes to hiring the best people, you can still wait in create a great environment. that is what we are trying to do. alix: on those lines, ups announced they will have a three-day hiring event. they plan to hire 60,000 workers friday. when you talk to workers, what is their biggest hesitation in coming back? we used to say it had to do with covid, but now it seems like there may be a larger cushion for a lot of individuals, some say four to six months, we have to get through before workers come back in full or force. mark: you are right. it is all about the incentives that exist right now. you are seeing a very different type of workforce given the incentives into the market and as a result it is harder to get that flow of labor availability back into the front end.
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you have to focus on those key points i made in regard to the generous wage incentives being focused on getting the best workers into your workforce, create the right environment, use technology sparingly but in the right place to remove meeting all tasks and make sore you are creating the environment. that is the absolute sole focus on jack so. -- at gxo. guy: in terms of customer acquisition, how will it compare with this year? or more firms -- are more firms going to make the shift next year? mark: let me color your questions lightly. in terms of a contractual business, in terms of revenue visibility, we have 85% revenue visibility. very exciting, the way the contractual business works. if we take what we talked about of the conference call, we have
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gross winds of 9% back to the previous year. that is very exciting in context of our 8% to 12% revenue growth. we are growing with blue-chip rands across the world and we are to letting them every day. alix: this is the real question i have to ask you. when should i be ordering my christmas presents? i have to wait for the santa letter so i know what to buy. this is a real question. give me your visibility. mark: guy does not take the santa letter, he just goes and does it. [laughter] the shape of peak this year will be different. you will see individuals like guy who are buying sooner at the shape will be shallow throughout the coming months. you will not get this crazy peak sale at the start of december. instead the buying patterns will of started in october, as we have already seen. interesting portion will be how bad q1 will be in terms of how
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full the market is. as you know january is not a good time for retailers. it could be a tough first quarter for many customers and we are here to help. alix: appreciate your time. mark manduca, gxo logistics cio. he bought christmas stuff in the summer. coming up, the deputy spending secretary says joe biden's package does meet joe manchin's demands. we will hear from him next. this is bloomberg. ♪
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laura: you're looking a live out of the principal room. coming, albert fuller -- albert board alert -- albert bourla, pfizer ceo. let's check in on the bloomberg first word news. today's election for governor in virginia will offer the clearest
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picture yet on how much momentum republicans will happen the 2020 to vote for congress. gop candidate glenn youngkin is backed by donald trump and polls show he is in a dead heat with terry mcauliffe. terry mcauliffe is hoping the former president's legacy will turn out democratic votes. hong kong is tightening what was already one of the world strictest coronavirus policies. it will in the exemptions -- it will end the exemptions for senior staff starting november 12. hong kong has not had an outbreak since early june. the city is counting on restrictions to increase the chances of china opening up to cross-border travel. the fed will start tapering its asset buying program this month according to a new bloomberg survey of economists. the survey also found the economists are divided on whether the interest rate liftoff will be next year or early in 2023.
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global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am laura wright. this is bloomberg. alix: thanks, laura. nancy pelosi is planning to push forward with plans to vote this week on the two bills that make up president biden's economic agenda. that is despite complaints from joe manchin about the cost of the human infrastructure package. deputy treasury secretary wally adeyemo said the framework does satisfy joe manchin's demands. dep. sec. adeyemo: the presidents framework does satisfy joe manchin. i understand he wants to read the legislation. when you look at the framework it includes fully paying for the legislation using tax increases on the wealthy and on corporations, including the international minimum tax that is included. it also includes ways to help address some of the pressures
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built in our economy to the pandemic. for example, i was in philadelphia last week and had an opportunity to sit down with parents thinking about reentering the labor force. one of their big concerns is what joy do with my children and terms of those were not in school. this plan includes the biggest expansion to education for kids and over 100 years, where kids three to four will have guaranteed universal education. in addition to doing that it will create jobs by providing incentives to those people who are making decisions on how they can hire new employees to do things like help us address climate change and also investing in training for workers in order to make sure our economy is better positioned to compete in the future. david: i said that larry summers was very complimentary about the global midmonth tax and complementary about adding resources to the irs. he was less complementary and said he cannot understand why it
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did not go further, the tax proposals, to address things like people who make less than $10 million a year. as he put it, we are not raising the rates at all on people making anything less than $10 million a year. we are not addressing the stepped-up basis. what you say to that. i know president biden has made it a priority to try to address income and wealth inequality. dep. sec. adeyemo: the first thing i would say is the bill back better at goes along way towards addressing those issues of inequality by raising taxes on the wealthiest in america. the president made a number of proposals and he has made it clear that the bill back better act represents a compromise that includes the proposals he was advocating for. my goal is we get the bill back better act implemented because we know it will include transformative changes for the economy that will help us create jobs and at the same time it is paid for in a way that will meet
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over time our debts and deficits will go down. david: another item in the news has to do with cryptocurrency. a report came out of your department along with the fed regulators saying we would like congress to give us power to regulate stable coin like a bank, but we have a plan b, we may declare it is important and regulate it that way. what do you not have power to do that you need power to do? dep. sec. adeyemo: we are attempting to provide those in the industry with rigid tory framework to make sure they know what they can innovate going forward. regulatory -- regulators within the presidents working group developed this report to provide congress with our recommendations in order to think what they need to do to provide the regulatory tools that address the potential risks. in a moment the regulators have various authorities to regulate, including the financial stability oversight council
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which will look closely at these issues. it is critical from our standpoint that congress act and that allows us to have a holistic approach the emerging industry. david: that -- alix: that was wally adeyemo, deputy treasury secretary, speaking to david westin. interesting what the results will be in the gubernatorial election today in virginia. terry haynes had a note saying that if you get a glenn young kin win perhaps it moves the progressives along, let's just get one thing passed. guy: it would be a shame for them to go two years of controlling both houses without getting anything done along these lines. these are two huge pieces of legislation that they are arguing internally over. may be this puts the fear of god into them that change needs to be made at they get on with it.
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alix: that is what joe manchin was arguing for, to move ahead with the real infrastructure bill and that is what progressives will not do. time that in with the election will be super interesting. also interesting is the fed taking off its two day meeting, watching what the fed says or does. michael mckee is with us. does transitory stay in the statement? david: that will be what -- michael: that will be one of the key questions, the idea that inflation is transitory. the fed has said in its prior statement that these inflation elevated but expected to be transitory. walking back transitory might be too much because then it would be read as hawkish but they might put an acknowledgment it has been higher longer than we anticipated. we still think it will go back down. guy: can they separate the idea
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that they will have a taper than they will hike rates? michael: it makes sense. that is why it is easier to sell on wall street. the idea that if you are still buying some qe, even if you are tapering, if you're buying bonds , your adding accommodation to the economy and if you are raising rates you are taking it away. the real question is going to be what happens if inflation does not come down and accelerates? would they move up the timing of the taper and taper faster? that is a question jay powell will get tomorrow. then the answer have to be something along the lines of what they have in the statement, we will use all of our tools to address whatever comes along? alix: i am sure everyone will try multiple questions to get the answer? what we have seen in terms of the bond market, how does the fed pushback and do they need to now the last couple of days have a little bit of relief in the
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front end of the perfect? -- of the curve? michael: maybe not. it is not that the market has moved. the fed said it will taper and that will take accommodation out. the fed says we will reprice higher. it is the fact people think of it as some message from the market or portrait of doom -- or portent of doom. it was 3% going into the crisis. at this point it would take a lot of movement to have any impact on the economy. it is really just a repricing. guy: is the fed in control of this process? i ask this question genuinely, because at the moment we spend our time talking about supply chain issues, bottlenecks, concern about american ports. not of that will be resolved with monetary policy. as the fed in control of its own
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narrative? michael: not really. it is at the mercy of the pandemic the pandemics results on the economy. they have to work through supply issues for labor that they did not have before and do not fit in to any model. you were just talking with wally adeyemo about the stimulus package. they do not know what is coming in that and how that will affect the economy. they set themselves up to be reactive and they are going to have to be reactive because they will not have a good picture of the economy for probably another year. guy: interesting. bloomberg's international economics and policy correspondent, busy day tomorrow. michael mckee, thank you very much. this is bloomberg. ♪
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guy: 50 work -- 54 minutes past the hour. this is bloomberg markets. let's talk about what we have coming up or for the next 24 hours. the list of the week -- the rest of the week is busy. in terms of earnings, t-mobile, lyft, chesapeake energy, activision/blizzard all coming up tomorrow. maybe corporate earnings playing second fiddle tomorrow. alix: those earnings coming out today. tomorrow is the fed. it gets confusing. the fed will be tomorrow. u.s. factory orders and durable goods coming up. then a huge slew of earnings still to come. you have cbs, you have marriott, also bmw -- bmw should be quite interesting, particular what
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they say about ev's. guy: and what they say about chips will be in focus as well. we will hear a lot about the supply chain over the next 24 hours from any of these firms. one of the firms we will be talking to tomorrow is long delays -- mondelez. we'll hear from the company ceo. he'll be joining us, hopefully with his fantastic art in the background. alix: yup a special balance of power looking forward to the elections in virginia and new jersey. guests include former new york congressman joe crowley. guy and i will be heading to radio at 1:00. do not miss that. this is bloomberg. ♪
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david: from bloomberg world headquarters in new york to our television and radio audiences worldwide, welcome to a special edition of "balance of power." it is election day and our program will be given over to the key elections being held around the country. what we expect and what the results could mean. to set it up we welcome our washington correspondent, joe mathieu, host of "sound on" every day on bloomberg radio. thanks for being with us. in that building i do not think anybody is on the ballot but they will be watching this closely. what are they looking for? joe: certainly the two governors races, new jersey and virginia, both of which have been to rid binational politics, but virginia is looked at as a bellwether for the midterms. terry mcauliffe has seen his approval ratings dropped right alongside joe biden.

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