tv Bloomberg Surveillance Bloomberg November 22, 2021 8:00am-9:00am EST
>> we think financial markets will discover what normal looks like from a growth and inflation standpoint. >> inflation is really not disrupting that. >> you're looking at a strong trajectory for growth over than x couple of years. >> the uncertainty band is wide. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. lisa: it is countdown to a fed chair decision, countdown to a data dump on wednesday. welcome to "bloomberg surveillance" on bloomberg
television and radio. jon is out. kailey leinz returning from her honeymoon. we welcome you back. i am struck by one of the big debates where perhaps we find out who the next fed chair nominee will be, which is do we or don't we understand the path of inflation going into 2022. tom: transitory being pushed aside, and the idea of an inflationary impulse. there is a gloom camp looking for 1970's-like inflation. i would suggest it is pretty small. one saying we really move to a new regime. lisa: i was struck by the lack of reaction to fed vice chair richard clarida's comments of potentially accelerating a taper . that priced into markets, or are people just saying it is not going to happen and it is sort of the outlier hawkish view tipping the narrative? tom: everybody us sort of
focused on tomorrow. i must admit, people are exhausted by the parlor game and missing the lead story, which is just hugely buoyant. equity markets on better than good corporate news. lisa: six record highs in 2021, the most going back to 1995. is this a mill top, or is this something fundamental that has shifted in the psyche of equity investors? kailey: jim paulsen remains relatively optimistic, and he said this isn't so much a sugar high as it is a fundamentals high. it is better corporate earnings shoring up the equity market. there may be concerned about the fourth wave in europe, and you're seeing that show up in the euro and affects channel -- and fx channel. lisa: taking a look at the euro,
i find that interesting. why are stocks so resilient in the face of potentially a fourth wave, especially with the vaccination rate here in the united states? tom: a huge economic data dump. we will see that wednesday as well. on the day, green on the screen. angela merkel really putting a damper on that with discussions of german lockdown. i use that in a light journalistic phrase, not the language she actually used. dow futures up 77. the yields base, 1.94% on the 30 year. the curve now part of the story. 100 the basis points in the curve gets my attention as well, with some dollar strength this morning. javier blas scheduled to be with us on oil and on the european
electricity crisis. we will do that in 15 minutes. right now, we are thrilled to bring you robert tipp, chief investment strategist and head of global bonds at the hugely successful pgim fixed income. they have taken all kinds of accolades over the next number of years in sustaining for total return. are you guys managing for total return? is it just a desperation to clip the coupon and eliminate price erosion? robert: that is the game that is playing out. it has been difficult to focus on that because of the crosscurrents you are talking about. are you going to have another wave of covid? is the inflation going to prove persistent and force central banks to pull away the punch bowl and ruin the party? i think what people are missing is the fact that the returns,
this is not the 1970's in the sense of, before jimmy carter appointed paul volcker, we heard biden and harris out recently making inflation a top priority. that is a green light for the fed, and the market loves that. you have those two factors of strong corporate performance, strong economic performance, and confidence in the long run that inflation will backup curves staying low. lisa: are you saying that basically, people worried about a fed policy error are just over their skis in the fed is actually nailing it? robert: i think the fed has shown very good balance, and that implies that they have really good odds of airing this. you see the chair focused on the here and now, and getting the
jobs back, on getting a smooth taper done. if this move taper is accomplished, they have run way. they need to raise rates, they can raise rates. this is a chair with the experience of raising rates too fast and crushing the markets, so if they need to hike rates, they have been cautious about how they need to do that. they have been very and just to raise rates. i think that is good for them. lisa: it is fascinating that your view is controversial at a time when mohamed el-erian assaying the fed is well behind the curve, when bill dudley agrees, saying the fed will have to raise rates to upward of 3% or 4% in order to get things under control. while you totally disagree and think the fed will struggle to
get to their 2.5% target, let alone anything above that? robert: i think the thing that people are overemphasizing is the importance of policy. the fact of the matter is the markets work, and part of what is going on here is we have had a very unusual recession where it wasn't a financial overhang inflated asset. it was rather a policy situation , a terrible disease, people had to stay at home. when people were coming out of their homes, economic activity is high, there's none of the economic overhang you normally have. you are seeing a lot of demand, and prices are adjusted. but the markets work. what you have seen the recent years is there have been fluctuations, but global
competition, globalization keeps downward pressure on prices. overall reduces demand for durable goods. things level off and go back not to target inflation, but typically below target inflation. we have seen that for decades in japan and europe, and now the u.s. is a little bit below target. i think that is what they are missing, that the markets are working here, and transitory maiming two or three years, but the markets have faith in that. kailey: let's talk about the chairman because we don't know yet if jerome powell will be renominated, if lael brainard will be nominated. we are expecting that decision could come prior to the thanksgiving holiday. what difference does it make for the markets? robert: we will have to find out. but the one recent data point we have was when janet yellen was
disappointed. i think it is going to be very dovish and turn out to be somebody that really did not want to let financial imbalances pick up, and took a hawkish bias that was part of the fed policy that brought us that ultimately below target inflation. so i think while the thinking is now if president biden moves away from jerome powell and appoints somebody more dovish, that is going to be inflationary in the long run. i would not be too quick to jump to that conclusion. tom: robert tipp, thank you so much, with pgim fixed income. what an interesting battle. it is amazing to be in this three year, for year bull market we are going to see. that includes 2022. who knows versus bond returns? there no jokes about it. it is brutal. lisa: although it depends which
bonds. the safer the bonds, the worse you perform. the idea of safety has been turned on its head, as you know. the idea is that risk has paid off. you have seen that paid off in the corporate profits, not just policy. i think that is what has been driving a lot of the dynamism. tom: we will have to see on that. futures now up 11. dow futures up 59 as well. kailey leinz, it really goes to the corporate news. i've got to go back to the home depot one week ago today or tomorrow, when home depot asked about -- home depot absently crushed it showing the animal spirit of america. kailey: and renovations continuing in the keene household. people are out and spending, and it goes to that survey you were talking about earlier, that prices are higher, but it just means that people will spend more.
lisa: this has been the issue we have seen. will they be a tipping point? we will get some retail sales which we will have a lot of fun with. tom: what i would suggest is it is about claims. it is about a reset of gdp, which i believe goes to 2.2%. overall on inflation, it is really something. looking at a number of different stories now, with dow futures up 59. 10 year yield, one point 57%. kailey leinz in for jonathan ferro. stay with us on bloomberg radio and bloomberg television. good morning. ♪ laura: with the first word news, i'm laura wright. in suburban milwaukee, an suv
sped through barricades into a quiz must parade. at least five people were killed, and more than 40 others. police have arrested one person. they are not saying anything about a possible motive. a police officer fired his gun trying to fire the -- trying to stop the vehicle. the kremlin is dismissing u.s. claims that there is a russian military buildup for a possible invasion of ukraine. a spokesman says russian troop movements on its own soil don't pose a threat to anyone. they accuse the u.s. of trying to increase tensions with allegations. kkr has agreed to buy telecom italia for a 46% premium to friday's close. it is likely to be opposed by telecom italia's biggest shareholder, vivendi. in germany, a warning on the coronavirus from angela merkel. she told officials from her cdu party that the latest surge in infections is worse than
anything the country has experienced so far. merkel said hospitals would soon be overwhelmed unless the fourth weight of -- the fourth wave of the virus is broken. donald trump former fixer michael cohen will walk out a federal court in manhattan after completing a three-year prison sentence for tax fraud, bank fraud, violations of campaign finance laws, and lying to congress. cohen has built a business around his formal -- around his former boss, now writing a book and hosting a podcast. 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 laura wright. this is bloomberg.
thesis of inflation. that is where the political judgment comes in, and that is the judgment that president biden needs to make. this is a sick can moment for the federal reserve -- a significant moment for the federal reserve. tom: mohamed el-erian talking about the theories for the fed. we need to talk about the shift to tuesday. it is quoted from multiple sources that we will see the fed announcement coming up today, some suggesting it could be within an hour or two. we will really have to fold over to a study of the federal reserve now. this is the first indication of an announcement to come today. lisa: the idea here, whether president biden will reinstate jerome powell for another term as fed chair. billy potentially talk about the other leadership positions to be
filled? the consensus, it is not clear whether there is daylight between powell and brainerd. if biden wants consistency, it is a perilous time for fed communication. tom: i mentioned rahbari at citigroup thinking it would be a powell selection, but many from the left saying this is a fed that needs to address political and social issues around climate change. dovetail those issues together, and you get lucky with your booking sometime. javier blas joins us now. i guess we have to change your title to chief energy and inflation correspondent. i want you to dovetail the stresses of europe, the special administration in the united kingdom. spain -- tie that altogether
with your energy world. javier: what we have seen is a significant increase in commodity prices over this year, but particularly over the last six months. that is really fueling the inflation surge across the rest of the world. energy is one of the biggest factors with oil prices, gasoline prices. we saw a big spike in power prices at the beginning of october, and it is coming back. it is putting a lot of pressure on retail companies in the energy sector in the united kingdom. lisa: you are basically saying this is essentially nationalized
at this point. what is the political pressure in terms of trying to keep prices low enough as the months get colder? javier: in the u.k., to put it in some book terms, we have a too big to fail system for the energy market. you cannot have 1.7 million families that depend on oil and gas just stop working. what we have seen is massive pressure with electricity prices , creating significant political pressure for government. they are stepping in with aid to families, but we have also seen a cap and prices. prices in the wholesale sector are going to continue going up over the next two months.
kailey: with oil, what the biden administration is considering is just released from the strategic reserve. so what is the solution? javier: for once, let the market work. high prices are needed to curb demand, and the other solution is one of the things we are beginning to see in some countries like france, direct support to some families. at the end of the day, the market is just going to have to me this work for consumers of electricity. tom: what we have done today is to celebrate your book, "the world for sale." you talk about petrol dollars and kleptocrats, and we talk about any number of central banks that can deal with a
commodity lift. is there any track record that central bankers can do something about a gallon of gas, a barrel of oil? javier: no, the only thing they can is slow down the economy and bring demand down, but they cannot deal with the supply of energy. that is for governments and national oil companies to do. certainly if we are thinking about central banks, the only central bank that matters in the oil market is not the fed, not the european central bank. it is saudi arabia. if you want lower oil prices, you go to the saudi government and ask for more oil. tom: javier blas, thank you so much, and congratulations again on "the world for sale." all of a sudden, the show in economics and investment shift. jake sherman of punch bowl
announcing he has multiple sources of an announcement today. we're being told the vicinity of this morning, not late this afternoon. we will have to see how that goes. at 8:23 federal reserve system time, you have to believe it will be somewhere along the way. we are thrilled that matthew luzzetti of deutsche bank will be here to give us immediate perspective. as many say, it has been a late call. lisa: a lot of people say this is an unforced error. we want stability, a sense of who will be in that seat in the next 4, 8 years. at this time, you already had a nominee. kriti gupta pointing out we now have the lowest real fed funds rate in history as we face this decision. how low couldn't go -- low could it go at a time when inflation is picking up?
tom: shakeup is the right word for it. there's a lot of moving parts to speak of. brainerd out of wesleyan and powell out of princeton with first rate undergraduate and graduate degrees, but two very different worlds. really, that is the heart of the matter. this is the way it is perceived. it is a private equity guy who i guess is getting really high scores for what he has done versus a legit monetary theorist in policy. kailey: i think it is also what kind of policy the fed should be addressing. is it just the dual mandate talking about employment or inflation, or does the mandate need to become something more encompassing of climate, of social related issues? that is what certain parts of the left think and why they have pushed for someone other than chair powell to take the chairmanship. how does the biden administration view that? tom: the 10 year yield comes in a little bit.
matt: -- tom: lisa abramowicz, kailey leinz, tom keene. j sherman saying we should see an announcement today according to punch bowl. looking for confirmation from the white house. we do have confirmation you get lucky when you speak to smart people. we do that right now with matthew liz eddie -- matthew l uzetti deutsche bank. it was interesting for you to put in a conversation on the fed leadership going or were. it was interesting -- i want you to talk about the hawk and dove of the slots to be filled. how abrupt of a shift will the new federal open market
committee be? matthew: i do think there are differences, particularly in how jay powell and lael brainard viewed the broad versus inclusive part of the dual mandate. the most important things is there will be constraints on policy. one is inflation is high and will remain in the driver seat endoscope pump even if you do get a dovish shift in the chair and brainerd would represent that, you have a hawkish voting block for the committee next year from a regional fed voter perspective and a board of governors perspective in terms of what we just heard from governor waller. it will be most likely continuity either way. we think the fed will be raising rates next year either way and we felt comfortable enough to move our liftoff to july year, even without knowing who the next chair would be. tom: professor clara at columbia
had to talk about the art of getting it wrong. the thought is the bank of japan really messed this up 15 years ago. does that pervade the thinking of lael brainard, jay powell, and the rest, that they somehow have to be sure if they speed up the inflation worry and raise rates too soon? matthew: no doubt that was the driver of the policy framework review we got in august. it was a fed that acknowledged zero lower bound. in that world inflation tends to be below target come inflation expectations dip below target, and that can lead to low inflation psychology. what we have seen as monetary policy having to be very flexible. forward guidance not being able to go as far out in this post covid world. we have inflation running high, we've seen inflation
expectations rising, we have seen a tight labor market even though the unemployment rate is elevated. you've seen a fed that needs to be quite nimble in their messaging and we got that last week with fed officials. richard clarida and governor waller all acknowledging that he to steve -- they need to speed up the taper. tom: i want to be clear, as we scramble on this one report -- this is still one report from punch bowl. i have seen no other confirmation along the bloomberg terminal service and also in the zeitgeist. lisa: regardless of who it is they face a difficult terrain and i want to go to your point of the dual mandate. inflation and full employment. what happens if they do not move the same schedule? which takes precedent? matthew: they will not be doing it at the same schedule. inflation was running higher than the fed likes and that was the reason for speeding up taper
, bring the announcement into november, and perhaps that being the story why they may be accelerating in the next few months as well. as we get into next year we think liftoff will be contemplated, i think you're likely to have an unemployment rate around 4% and inflation above target. there will be a debate about how we achieve broad-based and inclusive maximum employment. i think inflation is still running well above target. inflation expectations being elevated. the story will be we are close enough on the maximum employment objective and so far away on the inflation objective it makes sense to start policy tightening. kailey: the inflation has been supply-side driven, something monetary policy is not equipped to deal with or solve. even if we are talking about accelerated tapering, even if we talk about liftoff been next year, will it make enough of a difference or will there be further economic fallout jan the fed control?
-- beyond the fed control. matthew: initially that was right. it was barely constrained to covid shocks, used cars, new vehicles. i think the latest inflation data is different. it has brought it out a lot. we saw the cpi on month on month changes was the highest since the 1980's. you've seen a broadening out of price pressures which is met by strong consumer demand. inflation expectations have risen, have at least made up the gap we have seen since pre-2014 it on some measures are looking more worrying. you heard new york fed president williams last week, a dove talking about inflation expectations looking more worrying. i think the fed has a role. monetary policy does have a role. kailey: i am glad you brought up consumer demand. we are heading into the holiday shopping season.
it looks like consumers are linked to pay more for their christmas present. when does that story change? matthew: we thought it would've been changing already. we thought retail sales would be coming off. the latest data was strong. if you look at the consumer survey data like the university of michigan, consumers have downbeat expectations about the future, buying durable goods, buying cars, about the price of inflation we have seen. they've already bought a lot in real terms. we've been expecting the good side to come off and that would help ease supply chain issues. that is not happened. we been surprised to the upside on consumer durable demand and consumer goods demand. it looks like that is likely to continue. lisa: we are speaking with matthew luzzetti as we await a potential fed decision expected at some point today, that being
reported by punch bowl news. the idea they have waited this long and finally president biden is expected to make his announcement. i am wondering, as we look forward, whether we are looking at a new regime, whether the fed will have to raise rates and accelerate hikes to a point beyond what the market is expecting where you think the fed is well within their range of getting to a neutral fed funds rate of 2% to 2.5%? matthew: markets have brought forward in terms of rate hike expectations -- terminal rate pricing has been quite low. when i look at the one year ois, that is only about 1.65%. that is a fed that is going to tighten earlier, perhaps more aggressively than they thought, but they are not going to get very far. that is feeding into some of the yield curve flattening dynamics we have seen. it is an interesting dynamic. what we should think from a
market perspective is fed forward guidance in this new world cannot go as far as it did in the past world. the economy is far more unpredictable, it is changing faster, we are seeing inflation having picked up, the economy growing faster than expected. it is a world for markets where the fed will likely guide to a 2% funding terminal rate. that is our own expectation for a 2.1% terminal rate. we have to be humble in assessing that. there's a lot of risk to the market few that the terminal rate may only be 1.65%. tom: in our modern federal open market committee analysis, there is modern monetary theory. over the weekend it has percolated to the extent with the debt build up the natural disaster, the pandemic, we are affecting mmt now. does chairman powell or chairman brainard, to they affect mmt in the coming year or two?
matthew: what has impacted views about mmt, and should we be spending more from a fiscal perspective and wait for the inflation and the interest rate impact of that to happen, i think we have seen the politics become quite negative. we have had it inflation shop that began in april or may of this year. it is now running on five or six months and we're already seeing it impact the fiscal discourse we are seeing and the monetary discourse we are having in washington. there is clear constraints on how far we can push this, how far we can push physically driven demand -- fiscally driven demand before it leads to inflation pressures that has impact on our monetary policy decision and our fiscal policy decision. the idea we can push forward a mmt type world has run up
against these natural constraints about the economy and inflation. tom: well-timed. matthew luzzetti with deutsche bank. thank you so much. he talked about the new fit construction -- the new fed construction tilting towards a hawkish tenor. on bloomberg radio and bloomberg television, the zeitgeist was tomorrow, the president to jetting off to nantucket for thanksgiving. it is not tomorrow, it is today. jake sherman at punch bowl suggesting that. it seems to be we will see something this morning. lisa: that is the reporting. it is not exactly early. maybe does earlier than the expectations of tomorrow, but not an early appointment. people have been waiting for a long time. it does seem like perhaps people do not necessarily know who it is going to be. we're not seeing any market movement which is interesting.
tom: let me do that. we do have the yield coming in a little bit. 1.57, now down to 1.5 685. we did have a chicago fed activity index of a certain buoyancy. clearly it is a stasis in the market. lisa: we will talk more about the potential implications for a policy decision in washington, d.c. kathy jones will be joining us, she fixed income strategist of schwab. it will be interesting how much people care about who is the next fed chair. stick with us. we'll cover that for you. this is "bloomberg surveillance." laura: joe biden will give a speech on the economy and the
fight against inflation tomorrow. markets are waiting on the president's decision on the next federal reserve chair and possible move to bring down energy prices. the white house has said the announcement on the fed will come before thursday. a christmas parade near milwaukee, wisconsin turned into a scene of horror. an suv broke through barricades, killing at least five people and injuring more than 40 others. police said they have a person of interest in custody. one police officer fired his gun tried to stop the vehicle. jeff bezos is donating $100 million to barack obama's foundation. the jeff bezos donation is largest gift the obama foundation has ever received. jeff bezos is the world's second richest person. bloomberg has learned monster beverage is exploring the combination with constellation energy brands. monster, which has coca-cola as a shareholder has a market value
of $47 billion. constellation is valued at $44 billion. the structure of the potential deal is not known. pfizer said its vaccine is proved 100% effective against coronavirus and 12 to 15-year-olds. pfizer and biontech are reporting results from a long-term results of a phase three trial. the data is being submitted to regulators as the company seeks full approval of the shot. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪
consumers wallets. he watched for a fed -- you watch for a fed that will state easier longer. too early to be worried. tom: of constructive view on inflation and what it means for this economy. we welcome all of you as we watch for the announcement by the president of the united states over a new chairman of the federal reserve system. the present chairman, mr. powell, and governor brainard as well. we'll give you coverage to the morning but right now we want to speak on the boom economy the future fed will confront. part of that is rising prices in inflation. we are fortunate to bring you dana toll see, chief research advisory at tulsi advisory group. your shop has said forget the bloom, things are good.
how good is it for the american consumer right now, for chairman powell for lael brainard? dana: it is a very good holiday season upcoming for the consumer in 2021. we have consumers that have the dollars to spend. researchers giving them innovative products. they have to shop early because supply chain are a headwind. overall the dollars are there for them to spend and this has been the first thanksgiving. i think we will see the theme at christmas is celebratory. it will be a celebratory holiday season in 2021. tom: can they pass price increases on the consumers? dana: the evidence joe and i see is they can and we are seeing it in all categories, whether home goods, whether clothing, whether accessories. price increases are there, it
can be low single digits, and it is being passed on. the consumer wants the goods, they have the money to spend, and i have seen it in the sales results of retailers, from macy's to tjx to accessory companies like tapestry and michael coors and coach, and even cosmetic companies like estee lauder, we are seeing price increases being accepted. kailey: how universally are they being accepted? is there a two to your acceptance of the low income earners in the high income earners as we start to see the likes of walmart and target say those price pressures are becoming more of an issue for them? dana: i think the price pressures overall, there are cost headwinds, but passing it on to the consumer, even companies like bath and body works have raised their promotional prices they're not seeing obstacles. if this continues, trees do not grow in the sky.
this is a point in time you're able to see this. it is something to watch carefully. we have had some say they have to navigate the price increases carefully to figure out the level of resistance. it is a moment in time you're seeing it be expected but carefully managed. lisa: there is a theory that when people start to have to pay their paychecks and use those to pay for the higher prices, they are more discerning in terms of what they're willing to pay. they are using the money they still have received from the government to buy things. is that true? are using the same dynamic play out that there is a limited amount of time this acceptance will work? dana: child tax credits are expected to go through the end of the year. certainly as we head into 2022 for spring and easter, that is something we will be watching carefully to see if there is a headwind that will be there. we still have four -- we still
have for hire signs at 70 different businesses. consumers can get a job. we'll have to see as this tax credit runs out. we will not be in a holiday season then. we do have inflationary pressures. tom: let's go back to the sell side. what is the telsey single best buy for next year? dana: when i think about what will work in 2022, i think you see companies like levi strauss in terms of denim work well. can meet a more casual attire. i think will cede new business models emerge. look at companies providing scrubs for the health care profession, one of the fastest-growing professions. when we think of other types of business, look at tjx, burlington, ross, traffic goes
to the off prices. tom: dana telsey of telsey advisory group, thank you so much. if you want to get italy you take jfk to madrid and then off to naples. we grabbed him off the road to jfk, and we are forced interrupt his trip took a brief. -- his trip to capri. jon ferro steps in. if i cave-in -- if i came in unshaven, i would go to the timeout chair. your styling. jonathan: i was at the gym watching christmas with the cranks on the big screen. tom: we were all to an announcement. you've been out front on saying they are late. jonathan: punch ball reporting the fed chair announcement could be as early as 9:00.
perhaps seven minutes away. what this will come down to is continuity and confirm ability. you want to make a change at the top of the federal reserve and what looks like it inflation point for monetary policy? will discuss that through the next several hours. and confirmability, whoever it is, this'll be a contentious one in d.c. when we go to those hearings. tom: what we will have is intelligent conversation on this , linking this decision into the markets. it is about economics, finance, and investment. lisa: arguably it has never been more important for the economy to get this right. this is one of the most polarizing moments for fed decisions anyone has seen in history and it comes at an insert in time for inflation. tom: what is so important is on the shortlist. i have to admit after what i observed yesterday, i think --
you are not in earlier today to look at that second half resurrection. jonathan: just beautiful. that was classic antonio co nte. can you imagine if we had a fed hawk? tom: he came out in got on the field with his arms up. jonathan: we came close to that friday when we heard from governor waller and vice chair richard clarida to. for me that was getting us ramped up for a december decision. real speculation about a debate about accelerating the taper. tom: i try to do soccer talk with lisa. lisa: it is still burning on the floor. tom: what if you take us out as we get ready for a special hour of bloomberg surveillance? jonathan: futures of 15 on the s&p. tom: i want the beard. lisa: i think he missed us. jonathan: yields up three basis
and inflation standpoint. >> fundamentals cannot be better it inflation is not disrupting that. >> a strong trajectory for growth over the next several years. >> inflation will be a 2022 story. >> the uncertainty band is wide. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning, good morning. breaking news. the president to nominate chairman powell to a second term , to nominate governor brainard as fed vice chair. that news in the last few seconds. the president of the united states to nominate chair powell to a second term as the fed chair. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up .4%. the chairman getting a second term, at least he has been nominated. this goes to hearings. tom: the market likes