in restaurants in new york city, from the workforce in new york city. these are big issues. tom: unlike most pandemics, this was almost too successful. we brought on the successful vaccines at light speed and to your point we did not have the time to get the public ready for vaccination. i've emphasized that we completely failed in a celebrity buy-in. you take two people from the super bowl or you take two people from the premier league and you show -- jonathan: i don't think that gets it done. we are talking about a mistrust of government amongst minority communities and there are legitimate reasons for it and we are talking what a mistrust of government from people who just so happen to vote for the former president donald trump. in this country it's where the focus was. it was upper-middle-class hippies on the west coast in california who did not want to touch vaccines. that was several years before all of this happened. did they go out and get a vaccine? tom: that's different. jonathan: but they dominated the boards on facebook. it's been a story for a long time. lisa: y

jonathan: from new york city, good morning. the tone of this market is looking good. the countdown to the open starts right now. >> everything you need to get ready for the start of u.s. trading, this is bloomberg: deal been with jonathan ferro -- bloomberg: the open with jonathan ferro. ♪ jonathan: from new york we begin with a big issue -- wall street heavyweights pushing back. >> unless you embrace the analytically meaningless phrase of " transitory." >> worker shortages. >> this inflation round is not transitory. >>

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market positive five on the s&p, up a little more than 0.1%. jp morgan first out of the gate. tom: i think it is being underplayed. everyone looks at the stock price and says so what. they are doing fine. i thought dames diamond -- i thought james dimon's opening salvo, forget the gloom. jonathan: if you had a headline, things are improving. lisa: however, there is another headline underneath some of the numbers, and that is lending. average lending going up, being driven by the corporations, not consumers. you are still not skin consumer loan growth. to me, that indicates this question mark around how much resilience there will be. jonathan: the equity market not doing much of the back of this. equity futures on the s&p advancing five points, up a little more than 0.1%. 8:30 eastern time with cpi in america. going into that, yields lower by a basis point o

a beautiful morning in new york city. this is bloomberg. ♪ jonathan: unchanged in your equity market this wednesday morning. good morning. we are unchanged on the s&p, down about a point. unchanged on the nasdaq, up about three. that is the story for the equity market. the bond market equally as boring. if that is what you want, maybe it is not boring. 1.6373% on tens. on 30's, up a basis point to 2.1%. not doing much there at all. on the two-year, we have basically doubled over the last couple of weeks, just short of 40 basis points now. where we are moving, this chart right here. if you're listening on radio, it is a simple one. house prices in china have started to rollover. they are negative for the first in six years. you have to pay attention to that because the world's second largest economy is starting to slow. development in the country is starting to hit the wall. default after default. houses are heading in the wrong direction. when these things start to progress, you get that snowball effect. the likes of ba

from new york city, this is bloomberg. ♪ bloomberg. ♪ ♪ jonathan: live from new york city, this is "bloomberg surveillance." futures down, 17 on the s&p, -4/10 of 1%. -.6 for russell futures. we have this conversation about high interest rates. the whole curve is just higher here. 10 is up four. the two year yield has doubled since september of 22nd -- september 22. it is about a rate hike debate, sparked by what is happening elsewhere. the u.k., new zealand, yields higher by 14, 15 basis points on two's. of 24 basis points in new zealand. tom, here is the difference between the u.k., new zealand and the united states. two year yields are up across the board here. the u.k. is encouraging the move on the front end. new zealand is validating the move and the federal reserve is having nothing to do with the move at the front end. this is not a test for the u.k.. it is quickly becoming a test for the federal reserve. repeatedly, they want to separate -- they said they want to separate guidance from tapering and signaling of rights. this conversation is happening without chairman powell. tom: stev

from new york, this is bloomberg. ♪ jonathan: live from new york city on tv and radio, good morning step seven days of gains into friday, the longest -- the longest winning streak since july 2 of this year. the small caps are positive. this money is building up in the face of higher expectations of higher business rates. let's start with the deli of the curve, just off the highs of the year and talking about inflation, you can go out -- go back 15 years when we last looked at the five year. the twos are coming in just a little bit. 45 basis voice, higher interest rates in america, making the chairman powell hannon -- panel with francine lacqua more fascinating stuff tom: the central bank raises the key rate to 7.5% and it does tales with seeing a currency move to staunch the yield rise. yields keep going up until the dollar steps in and adjust. jonathan: what we saw in russia, we could see in brazil. there may be another hike of more than 100 basis points in brazil. sterling and cable, the pound against the u.s. dollar -- a fascinating interview with the chief economist at the bank of en

jonathan: from new york city, this is bloomberg. ♪ >> with the first word news, i am leigh-ann gerrans. there has been improved business travel arrangement agreements made. this is a political boost for the u.k. prime minister, with government analysis reaching such a deal with no long-term impact on the british economy. here in england, the government has been accused of being willfully negligent by not implementing its plan b to tackle rising coronavirus race. the medical associations as i measures are needed to avoid further pressures. the house sec. says the government wants to avoid bringing back tough measures and warns that new daily cases could rise to 100,000. he's urging people to get vaccinated. china has pulled -- and the financial newsgroup has afforded -- as china announced an approved list of domestic media outlets, social media accounts and government agencies have been planning news from using anything else. 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. this is bloomberg. ♪

from new york city, for our audiences worldwide, good morning. alongside tom keene, lisa abramowicz, i am jonathan ferro. tom keene, jp morgan earnings this hour. tom: they get us going this morning, and what will be so important are the conference calls, the nuances of what they say, not only what jamie dimon says, but then, jon, we dive into those important tech earnings. jonathan: before we get the cpi, we need to talk about apple. fantastic reporting from debbie woods out in taipei. that stock is negative, just .6%. apple is likely to switch its projected iphone 13 production targets buys many of 10 million units -- why? because they can't find the chips. tom: my carrier is t-mobile, and they said the same thing to me, jon. they are having trouble getting the phones. to things are going on. one is the shortage of daily reports. but the other thing is they are selling the unit. people want the new toy. the team i bloomberg intelligence says the demand is at least at 6.5% better than consensus. jonathan: you can learn something from the bloombe

from new york city this morning, good morning. on radio and tv, this is bloomberg. ♪ >> with the first word news, i'm ritika gupta. facebook lends a global power service outage. facebook, instagram and whatsapp were blind for hours. more than 2.7 billion people rely on them to communicate, do business. a facebook whistleblower is set to share what she calls the frightening truth with the senate committee today. the plants testify the social network misled the public and shareholders about the harmful effect of its platform. democrats may have to live with a less generous expansion then they wanted. they may have to scale back the cost of the economic agenda from $3.5 trillion to $2 trillion. that's cutting the cost of every program including the ones to state and local taxes known as salt. vladimir putin has public goods miss climate change for years and is now prodding officials to take the threats the country's economy more seriously. j.p. morgan chase is rolling out new measures to prevent coronavirus infections. the bank's b

from new york city, equity futures up one third of 1%. on radio, on tv, this is bloomberg. ♪ this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity ap our thanks your rewards. baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? jonathan: live from new york city for our audience worldwide on tv, good morning. here is the price action after the biggest one-day gain on the s&p, we ha

jonathan: from new york city this morning, good morning. tom keene and lisa abramowicz, i am jonathan ferro. pulling back from all-time highs by a whisker. in the bond market, yields at a basis point, it is the front end to get your attention. this move is building towards 50 basis points in america, barely breaking through that level, one week from now, you will hear from the federal reserve chair jay powell after that news conference and decision with the federal reserve. what we have heard so far from the senate planning committee chair is there are two tax codes in america. the first is mandatory for workers who pay taxes out of every paycheck. second is voluntary for building to defer paying taxes for years, if not indefinitely. tom: it is. this is the debate right now. a lot of people saying there has to be changed here, but it is the way you do it. let's bring back these subsections, 170 pages here. i picked this up very quickly, page four, and talk -- on top of the document in process. subtitle a elimination of blah blah blah, any a

from new york city, this is bloomberg. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. ♪ jonathan: live from new york city, for our audience worldwide, this is bloomberg. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity

from new york city, this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. the u.k. and new zealand have agreed to a trade deal which includes improved business travel arraignments and reduced tariffs on clothing, buses, ships, and bulldozers. government research last year estimated such a deal would have no long-term impact on the british economy. former president donald trump has announced a deal that would enable him to regain his social media presence after he was kicked off both twitter and facebook. a press release says trump plans to start a social media company called truth social. if all goes according to plan, it would be up and running ahead of 2022 midterm elections. china's evergrande group scrapped plans to offload a stake in its property management arm, and real estate sales plunged about 90% during peak home buying season. that is worsening the liquidity crisis on the eve of a dollar bond deadline. in statements yesterday, evergrande added it has made no further progress on asset sales and may not be able to meet financial obligations. global

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. your equity market down 23, negative zero .5%.

from new york city this morning, good morning. futures up 0.3% on the s&p. from new york city, on radio, on tv, this is bloomberg. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? jonathan: live iron lady of ntb -- live on radio ntb -- and tv. it has been born pretty much of the session. unchanged. one third of 1% is a real lift. tom: off of the gloom of the night. jonathan: thank you. unchanged on tens. crude reverses. we are down one third of 1%. $80.28. the narration from you, tom, is really helpful. 10:00 eastern time job openings in america, expected angelo bit closer to 11 million, really -- expected to inch a little bit closer to 11 million. tomorrow it is -- friday it is retail sales in america. tom: we dive into -- we do

from new york,, this is bloomberg. ♪ jonathan: live from new york city for our audience worldwide, kicking off q4. bond market yields are up. mike mckee joins us now. mike: it looks like we are doing a little better than we anticipated. the spending numbers have come up eight -- incomes come in at 2/10. here is an interesting. the revision in terms of spending numbers he thought it was 3/10. it was revised to negatives 1/10. since this is all in the third order it brings down the spending level or the third order. th -- third quarter. the core is up 3/10 and it is up 3.6% on the year, which is much the same that we had then month before in july. at this point inflation, still rising. incomes, rising. we are not seeing government transfer payments but we are seeing wages rise. they equaled themselves out in the month of august. spending goes up in august, may be the back-to-school stuff, but the overall inflation rate continues to rise. jonathan: into the bond market with yields up about eight aces point 21 41.61 -- basis points to 141.61. >> we saw european pmi come in a little weaker but

jonathan: getting into the weekend, from new york city, good morning, this is bloomberg surveillance live on tv and radio. your equity market is positive 1/10 of 1%. his record high for -- ever -- after record high at the moment. tom: we will have an important interview in a moment. what's important is the earnings lift, is it about america or about better earnings globally? jonathan: or is there a big disconnect? tom: higher yields indicate prosperity up to a certain point. jonathan: american express, third-quarter earnings with -- were announced. kayley: with the credit card companies, that indicates stronger consumer spending but american express has business related spending. by and large, it's looking good. the average beat is 13% less. the beats are to the upside and people are questioning coming into earnings systems. jonathan: we will discuss snapchat later but let's run the price action. the all-time high at a closing yesterday's session but we are up almost three right now. phenomenal -- phenomenal yield on the bond. tom: there is a lot of good work this morning with a kill

from new york city futures positive. heard on radio, seen on tv for our audience worldwide this is "bloomberg surveillance." ♪ >> johnson & johnson asked u.s. regulators to approve a second dose of its coronavirus vaccine as a booster for adults. a late stage trial found a second shot of his one-shot vaccine is 94% protective. it could give millions more americans additional protection against the coronavirus. facebook blames a global service outage on a problem with its network configuration. it took facebook, whatsapp, instagramming messenger services off-line for hours that more than 2.7 billion people rely on to communicate, do businesses and consume news. the facebook will so blow or will share what she calls the frightening truth with the senate committee today. claims that they misled the public about harmful effects of the platform. democrats may have to live with a less generous expansion. president biden conceded that lawmakers may have to scale back the cost of his abenomics agenda to about $2 trillion. that

from new york city, this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. tom: some guy on twitter said he -- said he things i look 101. do i need a lift? jonathan: the other one has an ego bigger than mars. who is that? tom: should i do just the eyes or the whole thing? jonathan: really interesting start to the week in financial markets. live from new york city, good morning. equity markets down on the s&p, -.4%. bond markets higher. it is the front that gets your attention as we pull forward on higher interest rates. the fed and the bank of england, euro-dollar at 1.1 six going into the meeting next week. eight weeks of gains on crude, 83.60 four, up one point 65%. -- up

tom: this is new york city and the resurgence of new york city. fendi moved across madison avenue into the old coach store. jonathan: tom's knowledge of luxury is ridiculous. [laughter] another announcement, this one a little bit more serious, senator joe manchin speaking with david rubenstein at the economic club of washington, d.c., 9:00 a.m. if you want to watch that on the bloomberg, that is one to watch. tom: i got an email from indiana pointing that out to me today. jonathan: does the author of that email support the -- tom: of course. if you are from west lafayette, there's nothing else. jonathan: college football. what does boiler up mean? does anyone have any idea? [laughter] it is like roll tide over at bama. what does that mean? tom: it is greek to me. lisa: tom, are you lobbying for another day off? jonathan: he's got one. i approved it. it's monday. lisa: i think the person from indiana approved that one. [laughter] jonathan: he always asks me, always. is it ok, jon? can i have thursday and friday off? i will be off thursday and frida

trade representative from new york city. tom keene, lisa abramowicz, jonathan ferro this morning. 19 points higher on the s&p. on the nasdaq bouncing back 61, up 4/10 of 1%. yields higher up one basis point. there it is. highest since 2014 on crude through $76, $77, $78. tom: $82.36. a lot of topics and not enough time. damian sassower, credit strategist. explain to the public the depth of the market. how would people are there? damian: i don't know but this is the only market we have now that will give us any proxy about what is going on in china because the market is closed. they hedge exposure to china and it is a very deep and liquid market. quite frankly, you see china spreads up 10% overnight. that tells us everything we need to know about the first official default in china, that a fantasia the property of developer. there is not a five day grace period. they put the company on default about an hour ago. and we are also starting to hear from evergrande where we could have another win. tom: how do you judge the size of

jonathan: live from new york city on radio and tv, this is bloomberg surveillance. here is price action for you. equity market up 19. nasdaq, up by 0.3%.four days of gains on the s&p. within 1% of all-time highs. here is a single name -- danone. their stock is down. this from the cfo, we expect 2020 to on the same level as -- we expect 2022 on the same level as 2021. stock trading -- that stock trading negative in france. let us quickly finish on the bond markets. it is yesterday in reverse. that two year yield comes up three basis points south of 40. let us catch up with francine lacqua. francine: i am at the science museum where we heard from the prime minister on innovation. one person who was in the room and who i believe had dinner with the prime minister yesterday is david solomon. david: it has been a while since i have been in london. i am thrilled to be back. good to be spending time with you. francine: the pitch from that u.k. government is come here, invest, be green. have they been persuasive? david: i think they have a good pitch, but we have been commi

from new york city, good morning. the price action, posited by more than 1/10 of 1%. -- positive by more than 1/10 of 1%. the russell up about 1/10. morgan stanley repeated yesterday, corporate america has some explaining to do when it comes to margins. earnings season will be fascinating, q3 as we look ahead to q4. credit suisse and andrew garth with a fantastic note, talking about the only major sector to outperform when inflation expectations rise and pmi's fall, energy. look at the outperformance, 11 percentage points higher over the last month. tech down 5%, 6%, 15, 16 percentage points energy relative to tech. that's a monster move. tom: i wonder what you do on sell side versus what we see from the strategists looking for higher oil prices. jonathan: we've got to have that discussion. 11% on the month, remarkable. on the treasuries, up 18, 20 basis points for the month of september. basically unchanged this morning at 1.4858 read -- 1.4858. . still to come, from the federal reserve and ecb, an interesting meetin

jonathan: from new york city our audience worldwide, good morning, good morning. equity futures with the left. we advance one third of 1%. the countdown to the open starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: from new york, we begin with the big issue. looking for earnings to counter inflation concerns. >> there's a lot of talk around inflation. >> the inflation rate is the supply-side. >>looking for earnings to countr inflation we have not seen a hue impact from the supply chain disruption. >> a catalyst to get the markets to recover. >> look at the earnings story for the s&p 500. >> outright inflation should dissipate. >> it blew expectations out of the water. >>

this is bloomberg. ♪ jonathan: live from new york city, this is bloomberg. equities advancing on the s&p by 0.8%. that is a nice lift. we add to the gains from yesterday. we add some weight to this equity market. in the nasdaq 100 futures, we advanced by 0.9%. that lift is broad-based this morning. yields come in a bout a basis point on treasuries, 1.5264% on tens. on the front end, that rate hike getting pulled forward all the way to the very front end of the yield curve on twos. they are now talking about the backend of 2022. that's the conversation at the moment. lisa: and the auctioneer has a lot of securities hinged on what he has to say. i was looking at the gap between three year two-year yields, at about the steepest level going back to 2017, as people start to price in the rate hikes. you're seeing those longer-term yield curves flatten out as people expect them to get ahead of some of the longer-term inflationary impulses. jonathan: here's a picture of the banks for you right now. let's take a look at morgan stanley, bank of america numbers out thi

jonathan: coming up, up a little bit later from new york city. this is bloomberg. ♪ >> with the first word news. house speaker nancy pelosi has set a revised target date. $550 billion infrastructure. she promised to bring the measure to a vote this week. pelosi is wanting to get progressives and moderates to agree on a spending package before voting on infrastructure. the u.s. is moving closer to its first ever default. they have signaled that they are ready to back down from a partisan showdown of the debt limit. chuck schumer plans another vote with plans to suspend the debt ceiling. infectious disease specialist anthony fauci says they are turning a corner with the coronavirus surge. more people need to get vaccinated to keep vaccination on a declining trend. in japan, parliament has appointed uchida -- kushida as prime minister. they have promised to make -- place younger members in the cabinet. ♪ >> inflation is not going on inflation is hot. -- is not going down. inflation is high. -- hot. jonathan: tom keene, i imagine he is in a bette

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market positive 0.1% on the s&p. earnings coming tomorrow. tom: i am going to say it is a modest pullback over the last number of days. i did the chart for francine earlier this morning. we are basically at a july 21 level, and we have to reset. it begins tomorrow. jonathan: the market worried about higher interest rates and supply chain issues. a haven so far over the last couple of months. the banks have been rallying hard going into numbers tomorrow morning and through the rest of this week. tom: the banks talk about recovery and use of cash. that will be a huge part of the discussion, not only the banks, but everybody else. what i see more and more is there simply two camps looking at the same narratives and saying we are going to get over this fear. others saying they have a persistency that is unmeasurable. jonathan: up 10% on the kbw banks index sinc

from new york city this morning, good morning. your equity market unchanged on the s&p going nowhere. a break at 1.60. euro-dollar one point 1556, unchained. $80 and $.75, up about $.20 on the session. call it a third of 1% higher. tom: we have a thing called launch pan which is a matrix. i am sorry, it has a holiday blinking to it. jonathan: because it begins when some -- when tom says tomorrow. tom: it is sluggish lights blinking on and off. a little bit of a window into the adult nest of the pros -- adultness when we talk about the pros. how much is v.a. it's berg among -- v.a. pittsburgh among other hospitals. he and a team went into the trenches of anti-biotic consumption wrapped around infection in a hospital and the overweight on that on a viral pandemic. we never talk about this stuff. amesh adalja thanks about it and publishes. are hospitals going to get back to normal or is the linkage on viruses and bacteria meet hospitals are forever changed? dr. adalja: hospitals are probably forever changed. we have not seen an infec

from new york city, alongside tom keene, lisa abramowicz, i'm jonathan ferro. yields are up on two with a curve that is flatter for chairman powell next wednesday on radio and tv. this is bloomberg. ♪ >> don't miss out on the bigger picture here. fundamentals are good. >> it's possible to go faster and things are wrong and therefore it goes higher. >> inflation is going to get worse before it gets better. but we are going to see these supply chain issues easing. >> we are a long way from stagflation. >> this is "bloomberg surveillance." tom: we are on radio and television and it's a different hour of sla

with tom keene in washington, lisa and i holding the fort in new york city. earnings season underway. big banks tomorrow. on radio and tv, this is bloomberg. leigh-ann: congressional democrats are still divided over how to -- president biden's economic agenda. there coming together over a taxing and planting -- taxing and spending plan of about $2 trillion but they cannot agree on which parts of the president's agenda to keep and how long to pay for them. next month the u.s. will relax coronavirus restrictions on its land borders with canada and mexico. that will allow the resumption of non-essential travel like tourism. the move comes up to the white house said it would start allowing airline passengers to enter the u.s. with proof of vaccination and a coronavirus test. vladimir putin says russia is ready to supply as much natural gas as your needs. speaking at an energy forum in moscow, the russian leader said it was important to stabilize the markets. europe faces a gas crisis ahead of winter due to a surge in prices and a drop in reserves. the man who pla

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. your equity market down 23, negative zero .5%. earnings season begins unofficially this week. tom: i really agree with you. we spent the last hour in celebration of the nobel prize. the inflation data, and i agree with you, the mystery of this earnings season. jonathan: no mystery on the performance of bank stocks this year. year-to-date, up almost 40% of the kbw banks index. tom: grinding like brent with the vanilla spread. the difference between the 10 year and the two-year was 120 basis points. it is now 129 basis points. jonathan: have you got a word on energy? $81 handle on wti. tom: i've always believed that the fancy suits and ties underestimate when this kicks in. i was in l.a. giving a speech or something years ago. i looked out the window, and gasoline across the street said four dollars a gallon, and that really woke me up. painted, the national price was lower than that. how soon are we going to get there? jonathan:

. >> from new york city from our audience -- for our audience worldwide this is bloomberg surveillance live on tv and radio alongside tom keene and lisa abramowicz, i am jonathan ferro. for big banks on wall street reporting earnings. tom: it is going to be exceptional, and there is no other way to put it. i looked at the tape this morning. the stag in stagflation is being pushed aside. jonathan: i say day 2 because monday is not enough to cover the cpi report. even steve major has gone from 1% to 1.5%. it is a tactical story for them, a three-month horizon. you take note of that. tom: it is the only order of conversation in washington, the imf and world bank meetings. the quality, the character of this inflation. we are data-dependent. we will have to wait to see what more inflation is. you heard it in the president's comments, it has political attention because the public feels -- they don't care about the dallas trim meeting. jonathan: you can't take out food, you can't take out energy. that t-where it is facing a bigger challenge. lisa: the only person sticking with it is janet yel

jonathan: from new york city for our audience worldwide, good morning. every futures -.2% on the s&p. "the countdown to the open" starts right now. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. ♪ jonathan: we begin with the big issue. the beginning of the end of easy money. >> squarely on track for the fed to taper. >> close to peking. >> the field has been tilted too long to borrowers. >> inflation will run hotter and for longer. >>

jonathan: from new york city this morning, good morning. we are 12 minutes away from the payrolls report in america. here's the price action. equity futures up 0.1% on the s&p. nasdaq futures up by 0.14%. tens 1.5750%. euro-dollar positive by a little more than 0.1%. euro-dollar, $1.1570. a slightly stronger euro. remarks taking place now from secretary janet yellen at a summit in italy. bloomberg is the international media partner. if you want to watch those remarks, you can watch those at live on the bloomberg terminal. that event taking place for bloomberg subscribers if they want to watch. tom: with francine lacqua moderating, far more of what we are going to see here, comments from lagarde. jonathan: and the space race. are we still calling it the space race? tom: that upsets me. jonathan: are we going to air every single rocket launch? tom: mr. musk is in the space race. the others are in the tourism business. jonathan: there we go. that distinction is important. i agree. tom: should we continue on payrolls? we are 10 minutes awa

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up another 0.4%. the earnings so far, so good. tom: the vix under 15. there's a reaffirmation today that is very different than five days ago, 10 days ago. more earnings coming in. tina martin adams and the others we have talked to have said, you know what? the sum total of the earnings and revenues up. jonathan: the big tech players after the bell. microsoft, google. then onto apple. apple was in the news because of the supply chain story, a struggle to meet demand. we thought that would really define this quarter. so far, it hasn't. margins have held up. that has been the story of the year so far. tom: i think the powerpoint, buried in it, you see the reality of ge aviation. their fleet is down 18%. that is their calculation. they are parked on the ground. but away from that is the idea of pretty good margins, even with flat revenues. is that tech?

jonathan: from new york city, this is bloomberg. >> with the first word news. democrats are signaling they will accept senate republican leader mitch mcconnell's offer to raise the debt ceiling which would allow the immediate risk of default. it increases another political fight near the end of the year. a federal judge has temporarily block texas' new ban on most abortions. he said the law outsourcing enforcement to bounty hunting members of the public was contrived to get around a constitutional right. it is a major win for the biden administration, which has sued to overturn the ban. damage from the coronavirus expand well beyond the virus according to a study from a health system in st. louis. it found even people never need hospitalizations are in danger of developing heart failure. in china travel during the , so-called golden week national vacation was down by a third from pre-pandemic levels. government measures to contain coronavirus outbreaks prompted vacationers to spend time closer to home. well, that may be why chinese movie theaters saw an increas

from new york city come on radio come on tv, this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. russia is hinting that it will not go out of its way to offer european customers extra gas to ease the current energy crisis unless they get something in return. regulatory approval through the controversial nord stream 2 type line. the operator said the line is ready to begin operations, there it cannot ship until approval is granted. britain has ordered a review of the planned $8.7 billion takeover of aerospace and defense firm hennepin, citing national security concerns. it is one of the last independent british aerospace suppliers, with customers including boeing and airbus. bloomberg has learned credit suisse is nearing an agreement with the u.s. government that would resolve a criminal probe regarding its role in a $2 billion mozambique bond scandal. the ongoing legal saga stems from the 2013-2014 deal that was supposed to fund a new patrol force and two fishing fleets in mozambique, one of the world's poorest countries. barclays' return to office is well

jonathan: live from new york city for our audience worldwide, this is "bloomberg surveillance." economic data is seconds away. equity futures up .9%. your 10 year yield up one basis point to 1.5346. with economic data, here is michael mckee. michael: let's take a look at the numbers. 326,000, which is a decline from 362,000. the first time we have fallen in four weeks. the forecast was 348,000. good news from claims numbers ahead of the jobs report for the month. we will look for any kind of change we might see in the forecast for payrolls tomorrow. we did see a change overnight as the adp numbers got incorporated into the release. we are now looking at 500,000 jobs created instead of 488,000. maybe this will be a reason for optimism. jonathan: the right kind of downside surprise on claims. yields higher by a basis point. equities are firmer, up .9% on the s&p. payrolls friday, 500,000 the estimate. michael: whether we get 500,000 or not, something that range will probably be good enough for the fed. they are looking for improvement over the 235,000 we got in august. one of the

from new york city, this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. congressional democrats are at odds over the tax and spending sides of a bill to bolster president biden's bill but better agenda. the chances of a deal by the end of the week seems to be receding. they are debating with senators joe manchin and kyrsten sinema. in a large study, the result is likely to bolster the argument for giving a third dose of the vaccine. the companies say a booster was 95.6% effective against symptomatic covid-19 in the study, which followed 10,000 people aged 16 and older. risk cases in new south wales, australia's populous state, jumped 89 from the day before to hit 300 72 infections today, the biggest daily increase since mid-september, and comes 10 days after the state lifted a widespread lockdown that did last more than 100 days. 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 leigh-ann gerrans. this is bloomberg. ♪ >> it was april of last year that we ran

from new york city, good morning, this is bloomberg. ♪ ritika: what the first word news, i'm ritika gupta. nancy pelosi will try to get a vote on the infrastructure bill that's been held up between a fight between moderate and progressive democrats over the economic agenda. progressives have vowed to stall the infrastructure bill if the house does not move on a spending package worth as much as $3.5 trillion. one out of four companies imposed a vaccine mandate for u.s. workers, a sharp increase from last month, and 13% plan to put a mandate in place, after president biden's directive requiring employees to require shots or testing. this is affecting about 400 companies. in the eurozone area, prices rose at an annual rate of 3.4% in september. the core rate which takes out volatile components, increased 1.9%, a rate not seen since 2008. a vote whether to split off the truck division from mercedes-benz luxury car offering, a move that could boost the of both units. it is moving into specific trends like battery power and autonomous driving. carrying dr. pepper has approved a share buyback p

from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market -48, down 50 on the s&p, 1.1%. just off the lows on the nasdaq, -1.2%. bond yields are little bit higher, up two basis points. this is just persistent. yields higher. in the commodity market, similar story. softer today on crude, but we have been inching higher towards $80. there's your dollar strength against the euro. euro-dollar, $1.1541, -0.5%. tom: you've got linear moves in fixed income, but you do not have linear moves in commodities. these have acceleration higher as well. there's been a lot of good work on this over the weekend. i think bloomberg asia has done very good work summing up what is going on. i know an lng conference is going on right now in japan, and that is all the talk. this is not just about europe. it is about prices higher in asia. jonathan: the broader fear right now is that higher prices will hurt growth, and every time people start to see higher prices somewhere, anywhere, ene

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up another 0.4%. the earnings so far, so good. tom: the vix under 15. there's a reaffirmation

. ♪ >> live from new york city, on radio and tv, this is berg surveillance with tom keene, jonathan euro and lisa abramowicz, and the s&p is really making a statement around these levels for the last year and year-and-a-half areas we are going nowhere this morning. it is a bomb market. 160 2.67. jonathan: is this a big deal? tom: i think it is. exit london. they are taking the traders to milan. was clarify the exit. i think you're right when out the tray. it is most luncheon traders are headed towards milan. early planning is to move most london traders to milan. jonathan: we have the details. of a chat with them and reach out to them in with them. tom: were going to set up with matthew was steady. deutsche bank is doing good. good luck with that. but it is important to talk about the changes in the dynamics of the fed policy and economic growth. you have a comment. jonathan: here's a quote. with the committee sensitive to higher-than-expected inflation data from earlier this year, we are expecting in assistance to lift off in december of 2022. walk me through. what is change that says w

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. payrolls just around the corner. tom: unchanged from the last payrolls report ago? no, from that 1.12% level to go to 1.50%, that is different than what we saw a week ago. jonathan: the question is a simple one. what gets it done for the fed? we caught up with thomas caustic of picked at -- thomas of pictet this morning. 700000 and see estimate out of morgan stanley. lisa: how much does this bleed into inflationary outlooks, and how much does this move the fed's needle, given that they plan on tapering come november? jonathan: they want to hold your hand, tom. they want to gradually get you there. it looks like they decided at the last meeting. do you think anything can derail that? tom: i think they are completely data dependent. a limbs and her -- ellen zentner made it very clear they see a better q3. but they will look at the data, not just one statistic that we are

from new york city, good morning. your equity market with a closeout of the week of 18 points. the yields are higher, up three basis points to 154. bitcoin is rallying, crude is rallying. of 1% on oil. tom keene, your next stop, there are two of them at the same time. retail sales and goldman sachs results. tom: i wanted to see how they do. interesting how they do in the equity trading area. we spoke to adam pozen, we now speak with the former first deputy managing director and interim managing director of a tumultuous imf and what is so important about his work at john hopkins is not his public service, but that he was in the crucible of the financial crisis of 2007, 2008, and 2009. with the uproar on data integrity, when you were at the imf did you in each instance see data integrity? >> absolutely. it is completely important and central to the imf being able to conduct its work in an authoritative and comprehensive way. it is critical. the imf over the years has made great efforts in conjunction working together with member countries to improve the production of data, to imp

from new york city this morning, good morning. this is bloomberg. >> it is a strategy shift by the white house. president biden's team is trying to broker a scale back. advisors are weighing the liberal policy priorities against moderate concerns about inflation and tax x. meanwhile, the president is trying to drum up support for the plan in michigan. those of his plan are complicit in america's decline. the fed reserve chair powell has gained support to lead the central bank. more than half of the republicans on the banking committee are backing him. not democratic senator elizabeth ward. the united kingdom is facing a historic surgeon inflationary pressures. one of the elitists -- leading business lobbies warns that they are warning -- ready to raise prices us is necessary. it is becoming entrance. facebook ceo mark zuckerberg denies the company puts profit over safety. he is responding for the first time to a series of negative stories about facebook. he says the press conference -- coverage misrepresent their motives. the deut

. ♪ jonathan: live from new york city, good morning. tom keene, lisa abramowicz, jonathan ferro. we are down .8%. yields higher by a basis point to 1.5345, up a single basis point. in the fx market, dollar strength, euro weakness. if we can rally in get to natural gas prices again, the turnaround in europe has been remarkable. we have gone from positive 38% to negative. if europe had a central bank, the government or the chairman would be vladimir putin. the mere prudent saying russia is ready to help stabilize energy markets -- vladimir putin saying russia is ready to help stabilize energy markets. tom: doug kass, and we always protect the copyright of our guests, doug kass has been important guest. i just got a note. this is about china is the red swan. that is an overarching theme. i would give you credit. you've been out in front of this before me as china being the red swan. jonathan: lisa has been clear how this has been building through the year, not just the last few months. lisa: i wonder the idea that the kremlin will come out in support of the natural gas market, what

jonathan: live from new york city for our audience on tv and radio, this is jonathan ferro alongside tom keene, and lisa will be back with us on monday. this morning, we are with kaylee. the market is up 1/10 of 1%. the bond market is getting all of the attention. yields are down even with all-time highs, and the bond strategist on the front end of the yield curve, higher inflation expectations, as well. it is a sharp break even. we are breaking back max into thousand two. this is the breakeven, and what it is is tracking the real yield curve from the closest nominal treasury maturity, so let's take fives on fives, and you come up with just short of three. we had three earlier. that is the implied rate of inflation on maturity. this is the highest on record. you can see the buildup over the last year. inflation expectations are building again, and at the same height --, time, rate hikes are as well. tom: i would suggested shades of gray of transitory. i have real trouble on transitory and court costs. like a gallon of gas, and i got upset on rent. jonathan: we can talk about that a l

kicking off a brand-new trading week in new york city. good morning to you all. this is bloomberg. ♪ ritika: with --leigh-ann: with the first word news, i'm leigh-ann gerrans. foxconn has unveiled its first electric vehicle today, a milestone that can boost the taiwanese manufacturing's credentials as a better for apple's secretive automotive project. it is an edge -- it has an edge as the company ways expanding into vehicle. china is considering asking media companies from tencent to bytedance to let rivals access displayed content in their results. newburgh has learned china is considering the policy, which could be a big step in beijing's campaign to break down barriers among the companies. tech companies have already been warned to open their so-called walled gardens by allowing links to rival services. a big milestone for taiwan in its fight against the pandemic. the country has reported their own local and imported cases of coronavirus cases today -- reported zero local and imported cases of coronavirus today. key legislation to fight climate change may n

from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. payrolls just around the corner. tom: unchanged from the last payrolls report ago?