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tv   Bloomberg Markets Americas  Bloomberg  November 3, 2021 11:00am-12:00pm EDT

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♪ guy: wednesday the third of november. what do you need to know out of europe this hour? let's talk about central banks first off. the fed preparing to taper. christine lagarde says conditions for rate hikes will not be met into next year. today, eurozone unemployment data shows that the labor market has already recovered. the overall economy not far behind. we have just seen the polish central bank raising rates by 75 basis points. nobody expected that. they are leaning in on reasonably aggressive inflation they are seeing in that country. lufthansa flying high. determine carrier delivering surprise profit driven by superstrong cargo and a passenger revival. with billions of dollars being pledged in the energy transition , the most ironic story of the day is that a wind turbine maker
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is down hard. this as shortages and high steel costs hit its bottom line. let's talk about where we are for the markets, where we are with equities. equities our bid once again. we are up 0.2%. we have cleared for 80 on the stoxx 600. huge line in the sand, fresh record. got material stocks, the miners at the top of the market, the energy stocks at the bottom of the market. why? brent down by 2.74 percent. that leads me to the other ironic story of the day, joe biden coming back from cop, tells opec to pump more oil. alix: at the same time, oil producers here are doing capital discipline instead. it is truly quite puzzling. let's get to the market here. overall on the indices, it is a little bit mixed. ism services, record. new orders, the highest since 1997. adp surprises to the upside. some really good data going into the fed.
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activision blizzard down by 15%. they are delaying the release of two of their games and got some downgrades today. on the flipside, bed, bath & beyond, really strong numbers, and keep in mind, a lot of short interest in this stock. in terms of the yield, we are seeing some pressure along the curve or you may be not so much of the backend, but that is as the eyes them services came in superstrong, now you have yields up by about three basis points again into the fed meeting. interestingly, because the refunding announcement from the treasury saw a pullback in the amount of issuance that treasury is going to be doing in terms of the bond market, so even more impressive that we are seeing some selling. wti now off by 3%, despite the fact that storage for gasoline and jet fuel inventories, etc., they are really tight now in the u.s.. everyone says supply is tight. joe biden most definitely says
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that. yet we are trading a little heavy on the day. guy: i think it is going to be interesting. jet fuel story quite a big draw as we await the restart, the two way restart of transit lentic travel. yes, we europeans are going to come and see you. alix: you just said it, we are not. guy: i am going to come soon. there are things getting any way at the moment. however, i know a man who is going to be flying across the atlantic on monday, and he is standing next to me. he covers european airlines. he's got lufthansa out with european earnings in the next human its. let's start off with lufthansa. from the depths of despair to a real bounce back here, and we are looking at cargo being superstrong. we are starting to see a passenger revival as well. >> absolutely. cargo is basically with been driving lufthansa profit in the
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quarter. they seem to be suggesting that passenger traffic will be holding up the other end of the spectrum all the way through the end of the year. they are saying that mainly because of the fact that people are now booking holidays, clear they are going to have 75% of 2019 capacity, and seeing 18% of bookings compared to 2019. so fairly good outlook for the airlines, and they seem to be bouncing back fast. it seems to be that the entire recover is not restricted to the low-cost carriers, but also the legacy airlines. alix: it is coming. i promised guy, and it is still not coming over. guy: he's getting on a plane on monday going on the first flight effectively he is allowed to take to new york. alix: so you can come over for a croissant and beer. thanks a lot. let's get to that ironic story. when turbine giant
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vested cutting. the ceo sees the instability lasting through next year. he spoke earlier with bloomberg's tom mackenzie. >> in an environment where customers are seeing energy prices increasing rapidly, but unfortunately also the scarcity of what is hitting us in the supply chain, as much as we are doing everything we can to eliminate those risks, we cannot be all affected by it, and that is what we see right now. alix: for more, i would to bring in the head of gas and power for europe for bloomberg. they can't get the bids from china for the solar panels. put this into context for us. >> it is ironic that when world leaders are actually meeting in glasgow, talking about how to reduce emissions, you see this big hit to renewable energy, and wind turbines especially are becoming early expense of to
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make, so you have the outlook where the order flow still looks quite good. there are a lot of order flows, but the turbine makers are taking a big hit, suggesting that oil prices are going up, commodity costs are going up, but actually, getting things transported around the world has become a lot harder. guy: as you say, the demand story is superstrong. is it some thing they can fix? if so, when? >> i think some of determine makers have already started fixing that and have entered into agreements, and then commodity prices came off, they are coming up with different ways of writing those forward sales, so that is something you start seeing in the market, and it is really needed because markets has been stable for quite a while, and volatility is now the name of the game, i would say. guy: we are going to leave it there. great coverage, as ever.
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as you say which of the more ironic stories of the day, given what is happening with c -- with cop. strong ev sales helping bmw beat on sales. they seem to be muscling their way through the chip shortage. walk me through the numbers. what are the real takeaways here in terms of the trajectory that bmw is on? ib the time, and actually there is an opportunity here. >> we saw this from bmw, that the chip shortage is really dominating what is going on at the company. the key difference is that they have been faring a lot better by having higher stockpiles coming
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through on the whole much firmer. you see it in the earnings, 50% during the third quarter. you're quite right, the whole sector is priced very cheaply. i guess the point i would make here is that even as these companies are rolling out there ev's and turning out more attractive models, and customers are reacting and taking up these ev's, we saw last week with the stock rising above $1 trillion on market valuation. alix: thank you very much. appreciate it. coming up, we have earnings. we also have the fed and the boe tomorrow. what is fed chair jay powell going to say about tapering? christine lagarde doing her best for a rate pushback after last week's conference, where some say she did not pushback enough. we will break it down with seema
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shah comfortable global investors chief strategist. this is bloomberg. ♪ ♪
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>> in our forward guidance on interest rates, we have clearly articulated the positions that need to be satisfied before interest rates will start to rise. despite the current inflation surge, the outlook for inflation over the medium-term remains subdued, and thus these three conditions are very unlikely to be satisfied next year. alix: that was ecb president christine lagarde pushing back
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against markets for a rate hike into any 22. joining us with more is seema shah comfortable global investors chief strategist. what is the market price for? what is the market reaction today and tomorrow at 8:00 a.m.? what is the time difference? anyway, you get my point. seema: the market is looking at the ecb, probably feeling more reassured. there is some view that 2022 is still going to be that first rate hike. when you look at some of the fundamentals of the euro zone economy, to me it sounds crazy. i think wristing lagarde really missed the opportunity to pushback very convincingly. thank god she did it today, and hopefully after maybe the fomc meeting today, we are going to see a bit of a pushback across the board for a lot of central banks, and specially for the ecb.
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guy: do you think the market is overdoing it? the polish central bank has raised, and no one in the market expected that. is there a danger that the fed ends up having to do an accelerated taper, that the bank of england hikes more than the market things it is? does the ecb get pushed into doing what it once? that's what it wants -- what it wants? gdp is not that far behind. i know there are big differences in europe, and italy and other countries are on a different page, but what if actually these central banks are forced into action? how is that going to affect asset prices? seema: if they are forced into action, it is not because we are suddenly accelerating beyond the already solid pace we were in his baiting. if that happens and that pushes
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of inflation, that is going to be a positive. that is a market positive overall. if on the other hand citro banks are forced into action because inflation goes beyond expectations, and you see inflation expectations being unanchored, there are severe repercussions for equity markets at that point. but i have to say, there are major differences across central banks, and we know that the bank of england, the pboc, they have all changed their path. but that doesn't necessarily mean that all of the central banks are going to be in the same direction. i think it is really important that we identify that there are differences amongst the central banks and the ecb, along with the bank of japan much further down the line. alix: i feel like it has been a while since we had central banks not moving in the same direction. how do you take advantage of that? seema: we have seen a bit of
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divergence across the year. it comes back down to it is still about the growth profile, so we do know that some central banks are going to be raising rates a little early, but essentially they are moving in kind of the same direction, just moving at different stages. so the key point becomes what is happening with earnings, and that is where the key story comes. for us, it may be a little bit different to the rest of the street. we do think a lot of opportunities are going to arise in emerging markets next year. we still like the u.s. we still think the fed is going to move late 2022, early 2023, and from that regard, the u.s. is still attractive. europe, on the other hand, has a lot more going for it than it had two or three years ago, but the relative growth profile still to support what you are seeing in the u.s. and potentially from em. guy: so do you want to be
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investing in areas where rates are going up because the economy is further along and better recovered? is that the clue you should be taking as an investor? seema: i think it is two things. is the central bank raising rates against the backdrop of still solid growth? that is going to be key. but also, what is the pace of rate hikes? pricing has brought every thing forward, but it is still quite a shallow rate profile, so against that backdrop, we are not expecting a major disruption to bond@óínr can still have valuations supported as long as you have that earnings growth profile still solid. so overall, we are still risk on. we think there will be opportunities globally. don't pile everything you have into the u.s. emerging markets. you have to diversify, especially when central banks are moving at a slightly different pace. guy: always great to get your input. thank you very much, indeed. we really appreciate it.
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seema shah, printable global investors. what have we got coming up for you? south africa's largest energy provider looking to spend big to go green. it's got a long way to go, though. as come -- eskom's ceo joining this is bloomberg. ♪
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>> it is a $100 trillion problem. >> the money is waiting on the street for us to pick it up and put it to green projects. >> all of this ambition is going to collide with a unable to absorb it unless these a#ácompanies are given the tools they need to succeed. >> alignment of global standards isaac is going to be key. but for banks that stand willing and able to actually finance
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this transition, but also really for clients. >> as we underwrite them, the risk we are underwriting is do they have a plan for standards that we want them to have? if not, that will have a problem down the road, and that is how we do it. guy: somebody bankers -- some of the bankers at cop-26 talking about this green transition. let's talk about a company at the forefront of this. south africa is the 12th are just emitters in the world, heavily dependent on coal. it has huge coal mines that employ thousands and thousantcáp ñ? which, the journey to net zero is going to be a difficult one. yesterday, president ramaphosa talking about the fact that south africa needs financial assistance to make this journey actually happen. eskom's ceo, eskom provides almost all of south africa's
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electricity. it has had a troubled history recently, and this journey to net zero is going to be a tricky one for eskom. thank you very much for your time. the president says that south africa needs help. how much help are you guys going to need to make this happen? >> according to our calculations , we will need between $30 billion and $35 billion to make this energy transition a just one, and also for us to invest in all the various component parts of our business to make the transition from coal to a lower carbon footprint. alix: where does that money come from? is it financial institutions, the private sector? how does eskom make that kind of ask? andre: i think we need to w>vc=■////vdq/a our legacy datem the date that is needed for this
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-- legacy debt from the debt that is needed for this energy transition. but we are having to do is to approach first of all develop into financing institutions. that is where the announcement yesterday by the heads of state is such an important announcement because it indicates the appetite from donor governments and lending governments to assist in this very important journey. over time, we will obviously have to approach capital markets , raise more funding, but the important to come from governments and develop into financing u -- financing institutions so that we can accelerate this energy transition and decarbonizing our economy faster. guy: how does that actually happen? what do you think it is going to look like? south africa is a huge coal
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country. my uncle, my cousins were both coal mining engineers. the facilities are absolutely enormous. let's talk about how you transition away from coal is it to -- from coal. is it to gas or to something else? andre: it is going to be a mix of both. we are ironically in the fortunate position that we got an aging coal-fired power fleet. the average age is 41 years old. so these power stations need to be replaced. some of them are past the operational efficiency date. so what we are trying to do is repurpose and repower those power stations to use the existing transmission infrastructure and connect renewable energy to our existing grade, thereby accelerating and also making sure that we can use existing infrastructure. alix: back to your other point,
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how can someone as an investor separate current debt from the new money that is going to be needed to make this transition? :d#uyou have $27 billion of debt over the last two years. how do you manage that and increase spend for this other stuff? andre: during the past financial year, we have already been able to work down our debt by some 20%, so we are very aggressive on managing our debt. we've got a number of different solutions that we are working on together with our national treasury in order to ensure we can bring down that debt to sustainable levels. we think further reduction of about $150 billion to $200 billion in rand is in the realm of possibles, and we look forward to including that is a separate exercise to this
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climate financing transaction. guy: you have not only got a lot of debt, but you've got a lot of employees, and the coal mines have a lot of employees as well. how difficult is it to reengineer eskom? how easy is it going to be to reengineer the mining industry for this new world? south africa already has an unemployment problem. this could potentially only add to it. andre: that is a very pertinent question, and i think we need to ensure that this transition is a just one. there are very legitimate concerns among those who are invested both financially, as well as socially, in the coal value chain, that this transition will not lead to economic misery and hardship, and we empathize with that. therefore, our approach is not so much one of locking the gates
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and walking away. on the contrary, we want to ensure that we can provide a new future entirely by manufacturing renewable energy components in those coal mining towns, by establishing new renewable energy plants, and also ensuring that we can leave a self-sustaining, vibrant community behind. alix: we appreciate your time, and we wish you luck on that as well. thank you for joining us. coming up, we will continue the conversation on local trading and its role -- on ethical trading and its role in the climate emergency. this is bloomberg. ♪ ♪
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>> 71% of our co2 footprint is
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coming from our ingredients. that means coco, wheat. it is all about working with farmers, making sure they get a balanced living income, that they understand the effective deforestation and it will be worth it to find alternatives. guy: mann delays -- mondelez ceo speaking on this program. i'm surprised that number is as high as it was. i would've thought a lot more would have come from packaging and transport. it does seem it is right at the beginning of the value chain with farmers that is where things need to come in. alix: you wonder where that comes in from. this ties into our conversation earlier. does it come from the companies using the stuff? does it come from the farmers themselves? does it come from other private partnerships?
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does it, from other governments that will force the companies to get greener? what is being worked out is who needs to put that bill. it does seem like mondelez still has some kind of pricing power. guy: we have seen that with all of the good food producers. nestle able to pass it on. you start with the farmers. one of the things we've learned about the gas crisis in europe is the impact that has in the fertilizer business. what has become clear is that is a clear line of sight. natural gas, fertilizer, ammonia into the food chain. that is something we need to figure out how we will fix. then those prices get passed on to the consumer. it is interesting what he has to say about elasticity in terms of
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the price the consumers are willing to make. that greening process is critical. the supply chain story front and center. let's talk more about that and figure out what is happening. co-op of well-known names in the u.k. talking about the idea it needs to green and supply chain. joining us to discuss this from cop is the ceo of the supermarket chain, steve merrill. it is a diverse group of businesses. the uk's sixth largest food retailer. great to see you. thanks for joining us. we have heard from the ceo of mann delays about the -- of mondelez. it starts with the farmers. that is where the input costs comes from. you've been front and center with the british retail consortium in terms of putting together a plan for british retailers to make this
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transition. is that plan aggressive enough? steve: it is a great question. you have to recognize we are trying to float all votes and bring all businesses along at the same point. this is where cooperation works well and as the chair, i have a way to help create those pathways. the larger businesses are working towards 2040 two net zero. that is something we are focusing on but we are imposing on ourselves reviewing every five years. i like to think we could get there a lot quicker. this is a problem for the world, how it will heal the climate and heal the world again. but fastest we can get there, the better. it will require solutions to problems, real collaboration, it
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is not enough for my plan to be better than everybody else's. in the same way cop26 is about getting progression with international leaders, we have to do the same thing as far as business is concerned. alix: it feels like retail is in a tricky spot in that it has a larger carbon footprint, packaging, shipping. it is also exposed so much the consumer. at some point there will be demand destruction. what is the realistic scenario of what retailers can actually do in the next 12 to 18 months? stacie: -- steve: i think we can help businesses understand what it will take to cut down on their carbon emissions. i think it will be important businesses become transparent about how they do that. we tend to follow three
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principles in the retail consortium, and some echo in the organization i run, the co-op, follow the signs and let the signs measure progress. find solutions through partnering are working together. do not leave anybody behind. there is a cost to healing the planet, there is a cost to climate change. we have to make sure those that cannot afford it are not prevented from trading into it. for example, plant food, one of the things we have been able to do is make sure we do not sell it at a pre we make sure we sell it at the same price, therefore allowing customers easier access to do the right thing. guy: you think consumers are going to be willing to pay more for products that accelerate the
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process of healing the planet? steve: i think there is a real job of understanding to make this issue simple, simple for the consumer but equally simple for businesses to act. as we turn the volume up on the communication of what we are facing and we built the momentum of what we have in front of us, i do see consumers coming on board because they will start to understandq=sñ it. of course, we have to work hard as businesses to not inflate these changes. i do think there is an understanding that this is going to cost. certainly in the u.k. food pricing has been deflated for over 50 years. there is going to come a point
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where we will have to start to see those prices rise but make sure we do it in a gradual way in a way people can afford. alix: that is such a great point, particularly in how you price the product. you are a co-op so everyone is in it together, it is like in new york living in a co-op versus a condo. if other companies are like condos, can they make the same kind of changes? walk me through the flexibility you have? steve: events like top 26 and -- like cop26 and future events are the trigger moments. there needs to be a turning up of the volume at every point around how we do what we need to do to ensure climate temperatures do not rise above 1.5 degrees celsius. that is incumbent on us as businesses and incumbent on
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leaders in this auditorium for the next few days. as the world's media bring into the homes of families, they will start to see the absolute need of what we have in front of us. as our prime minister said, the clock is ticking, one minute to 12:00. in a way the parents promise, glasgow has to deliver. guy: while we have got you, it would be remiss not to ask about what you see in terms of the operating environment right now. the bank of england is expected to raise rates tomorrow. it sees an inflation problem in the u.k. and it may need to put its foot on the brakes as a result of that. what is your outlook for inflation, how do you can -- how do you see the consumer dealing with it? steve: we are facing a perfect storm of how brexit issues have
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come together with covid issues. the u.k. supply chain, the global supply chain needs restructuring. we are seeing that through a lack of drivers and now a lack of labor. certainly over the course of the next six to eight months prices will start to rise. you are seeing that happening now. if people's pay rises at similar levels, that will help cushion those increased prices at the shelf edge, but they will start to rise. what i would say for those people as they move into their christmas shopping from an availability point of view, i think you will get what you need, but maybe not in the same range of choices as you've had in the past. certainly coming to the dose going to have to u.k. co-ops, you will be able to get what you
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need for christmas and hopefully at prices you can afford. guy: thank you for your time. useful insight into what is happening both now and long-term. steve murrells, co-op group ceo. we got an exclusive interview with rishi sunak coming up next. will be talking about green finance, its impact on the u.k. budget all of that ahead of the bank of england tomorrow. this is bloomberg. ♪
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ritika: coming up, scott minerd, guggenheim ceo. this is bloomberg. alix: live from new york, i'm alix steel. guy johnson is in london.
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climate finance is the main focus on today's cop26 program. rishi sunak, u.k. chance of the exchequer spoke exclusively with francine lacqua on how the world's biggest economy is funding green efforts. >> it is important we take a moment to look at what has been achieved. you look at this alliance, which is an assembled 450 different firms that represent 130 chile dollars of capital. that is an enormous'sáachieveme. we know publicizk funding is not efficient on its own. the wall of capital cannot be deployed towards helping developing countries. it will be a process we have to make sure governments work and a piece of paper will turn into tangible projects on the ground that are going to make a difference to people's lives. francine: you are cutting the eight budget but sticking to
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your pledge on climate. francine: on our eight budget -- >> on our eight budget, -- on our aid budget, we are forecast to return back to .7% of our gdp being spent by 2024. there in mind that even at the level we are at now, we are still a third or fourth highest in the g7. far more than many other countries and significantly ahead of the oecd average. i think the vast majority of people spent less as a percentage of their gdp than the u.k. does. historically we've been at high levels. we can lead in other ways as well. as the president of the g7, one of the things we've been determined to do is green the overall financial system, and we've been talking a lot about that. how do we make sure global requirements and crime reporting
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is being embedded mainstream to unlock that capital. that is another way we can make a difference. francine: a lot of countries have asked for debt relief instead of climate help. is there something richer countries will entertain? >> something we have set up through the g20 is the common framework which is a way to do debt relief to make sure it works well. what we are key to see is everyone participates. it is something we knew would be a challenge that requires we establish a debt system and that turns into the common framework. francine: you would not redirect some of this climate finance spending or money to some of these countries into debt relief . >> there is the common framework on the debt side, there is also
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the $650 billion as you are allocations that countries like the u.k. where we do not have much need of that every circulated our sdr allocations. hopefully we can raise up to $100 billion of additional capital in the imf and world bank are working on mechanisms to get that funding in place. francine: are you getting pressure from your kids to be more green in your life? chancellor sunak: it is a family endeavor that started with my life when we lived in california. i was early on the recycling thing as a result of that. a collective family endeavor. guy: rishi sunak speaking exclusively to francine lacqua. an early recycler and apparently a k-pop fans. who isn't? let's talk about this and the lead in to what we get out of the u.k. tomorrow, which is that we rate decision.
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to talk about both, bloomberg's lizzie burden is with us. what do we take away from the conversation with the chancellor? >> you had a lot of criticism from activists and academics saying this is all hot air, they are questioning the credibility of all of these pledges. as you heard rishi sunak all but ruled out these prospects of debt relief instead of climate finance help, which we know -- he defended the aid budget cuts even though they are still going to have to meet these climate targets while having cut the budget. he said by geographical and historical standards it is only a slight change. when he was asked about the governance he said it would be a process. those answers will not be that satisfying. the injection of $130 trillion
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will be a big boost and mark carney, the former bank of england governor it refers to it as a watershed moment. alix: a lot of the conversation is that any kind of green transition will be inflationary. the u.k. dealing with quite high inflation. we got the 75 basis point hike from the polar central bank. what are we expecting tomorrow? lizzy: i was resting to your interview with the co-op ceo talking about food prices. markets are convinced the bank of england will raise rates for the first time since the pandemic crisis to .25% tomorrow. economists are increasingly getting on board with that view. of course the backdrop is the surgeon inflation. you also have hawkish hints from monetary policy committee members, including the governor, and we have that more generous
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than expected budget from chancellor rishi sunak last week. on the other hand there will be warning we should wait for clearer dater on the labor market which will not become until just before the decision. they will want to see how covid pans out over the winter. the new chief economist said it will be a finely balanced decision. in any case -- guy: what impact will the 15 basis point hike have on the u.k. economy? lizzy: we have the house pricing nationwide today and you are already seeing banks exceeding the expected interest rate hike into their mortgage offers to customers. it will have a significant impact on people who have homes on a variable rate.
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that is a low point by historic comparisons. it will take a long time until those people -- until fixed-rate mortgages are renewed to see about the impact. markets already pricing it in. the bank is going to need to take hold of the reigns again before the markets are in control? alix: super appreciate that analysis. bloomberg's lizzy burden joining us. two hours away from the fed decision. markets awaiting jay powell's press conference. what he will say about tapering, rate hikes, and michael mckee's question. this is bloomberg. ♪
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guy: is not certain but it is looking very likely that the fed will announce a taper today. there are going to be questions that go with that announcement. the main one in my mind, what
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does the timing look like? trying to answer some of these questions, mike mckee joins us now. let's work through the mechanics. the fed announces a taper but the data is all over the place. is that taper on rails, is it $15 a month, or is it come as tiffany wilding was suggesting, is there the possibility they do more, they are more aggressive, they tweak it as they work their way through the process? how will it work? michael: it would be hard to tweak it but not impossible. if they set it up as 15 as the market expects -- i would expect them to do that because they do not want to surprise the markets -- and inflation started to speed up, then they might want to speed up the taper. the only way they could do that is to say we know inflation is becoming a problem so we will take policy action. it is still a risk.
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the markets repriced it entirely because they are waiting for the rate increases at the end of the taper and if they speed up the taper that come sooner. it depends how far the markets would want to go. alix: why won't we say something like cap we already had the taper tantrum? michael: we have not had the taper tantrum. alix: we have seen a big move on the short end. michael: we have seen a relatively big move given the fact we are still not where we were going into the pandemic. that is why the fed is sanguine about where bond yields are right now. what they do not want is what happened in 2013, when ben bernanke suggested they will taper and everything went up by a lot and started influencing emerging markets and others. they want to be very careful. guy: do you think the elections we have seen in virginia and new jersey make it more likely jay
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powell is re-upped as fed chair? i.e., the centrists seem to be in control and maybe jay powell fits that bill? michael: i do not think it makes a difference. in virginia it is a governors race and out the senate race. powell appeals to the centrists it will be easier for biden to get him through the senate because he would get republican support rather than lael brainard, who would only get support from democrats. guy: fact -- alix: thanks a lot. go prep. you will be on forever. stay tuned for the fed special at 1:30 in new york. coming up on "balance of power" -- ♪
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david: from bloomberg world headquarters in new york toward television and radio audience worldwide, welcome to a special addition of balance of power. a big election day and night turned into some big surprises. we turned once again to her washington correspondent joe mathieu, host of sound on weekdays on bloomberg radio. some big surprises, both in virginia and new jersey. joe: that it's exactly right. there is a bit of a hangover for democrats in washington, frustrated about the outcome in virginia. terry mcauliffe has conceded that raise. new jersey is still too close to call. there is a lot of frustration after months and months of debating the biden agenda with little to show for it. as we look back on that evening and think back, it was one week ago tomorrow that joe biden stopped us all in his

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