we are joined in the meantime by david westin. what can we expect president biden to lay out when he speaks later on today? david: that is the question. he has a lot of pressure. countries around the world on friday started to close their borders. we now have a direction from the united states with respect to southern africa. will he talk about things like wearing masks? he will tell us we need to get vaccinated. it is all of the more important. on the one hand he needs to act decisively. at the same time he does not want to shut down the economy. guy: if you think you will be hoping that what is happening on the ground may make his life easier? david: i am sure he will be hoping that. i doubt whether it will. he has relatively few legislative days in december when he has to get the government refunded, the debt ceiling raised, there is built back better. i would not be surprised to see the -- to see the president say something about that, saying this underscores the need to support working families across the country, that is why

coming up, new york august been gregory reached will be joining david westin -- gregory meeks will be joining david westin on "balance of power" on tv and radio and guy and i will be headed to radio as well. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. 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

david: i'm david westin and want to welcome a very special based -- special guest. johnson & johnson's chairman and ceo alex gorsky. we had a very big announcement. you are breaking this iconic company into two pieces. johnson & johnson was known forever as being proud of having both the consumer side, a little less return, but a little less risk, and the pharmaceutical side. more return, but also more risk. you wanted them together. what made you change your mind? alex: thank you for the opportunity to have a conversation today. you are right. this is a historic day for johnson & johnson. this is something we have been looking out for years. we have given a lot of reflection and careful consideration to. we have long said that our diversified portfolio strategy was one that was founded based on where the markets were going, where we saw innovation going and as we have seen things switch in a significant way, we think it was important to make this announcement today. we are going to separate our consumer division to form an independently traded public company. there

i am david westin. the question of inflation and what we might not be thinking about. >> the desire to maintain credibility when you have made a big mistake is the source of data festers that we have had. david: a continuing crisis of supply chains and what we can do

we are joined now as well by bloomberg "balance of power" anchor david westin. david: thank you for joining us forget first of all, congratulations. we talked about it before. it could not have been easy to get done. my first question picks up on what we just heard, that you did not just take the tariffs off. it is more complicated than that. why did you do it that way, and how much of that was to make sure we didn't hurt jobs back here in the united states in steel and aluminum? sec. raimondo: good morning. thank you for having me. of course, we want to have a strong relationship economically with the eu, but we have to protect u.s. industry. we have to protect the u.s. steel industry, steelworkers, the aluminum industry. so we maintain the tariffs, but we also allowed for the first 3.3 million metric tons of steel to come into the u.s. from the eu terra free -- eu tariff free. beyond that, we maintain the tariffs because the real problem here is china. china's dirty steel, their excess capacity of steel, that has distorted the global market through their dumpi

deputy secretary talking with david westin. the supply chain crisis risks taking the world economy down with it. we will break down the news. the new bloomberg economic gauges that show the extent of the bottlenecks. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. now to today's big take, where bloomberg economic looks at how the world has failed to find any quick fixes to the supply chain pain and what that means for central bankers trying to counter rising inflation. bottlenecks are still getting worse in parts of the world thanks to a mix of overloaded transportation networks, shortages of labor, and a surge of demand. new indicators developed by bloomberg economics underscores the extremity of the problem. you can see here the u.s. supply constrained indicator, a composite measure of supply that shows shortages just off of a two decade high. the breakdown with delivery times is apparent in supermarkets with empty shelves, ports where ships are backed up far offshore, and car plants were output is he

i'm david westin. this week, former bank of england governor mark carney on enlisting the banks to fight climate change. >> they see a lot of offensive opportunities. david: former treasury secretary larry summers on the fed's calm attitudes towards inflation. larry: i think we're taking a real risk that we're setting up problem -- setting up for a very se

paul krugman will be joining david westin. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." our two our program today is given over to the story of president biden's fed nomination. will be joined by paul krugman, larry summers, douglas holtz-eakin. to set it up we turn to michael mckee. finally we have the answer. i'm not sure if it is a shocking answer. what we make of it? michael: not a shocking answer. this returns to the dog bites man way of appointing fed officials. the current chairman is reappointed, even by a president of the other party. it is because joe biden

richard haass will be joining "balance of power" with david westin. guy and i are going to radio, check us out on the cable. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." president biden this morning ordered the release of 50 million barrels of oil from the strategic petroleum reserve to help ease the pressure on gas at the pump. we welcome the person who reported that yesterday this was coming from our washington correspondent in reordered. you predicted it bashar washington correspondent annmarie hordern -- our washington correspondent annmarie hordern. he has gotten other countries to go along with them? annmarie: 50 million barrels, 30 million to borrow now and replenish later, and 18 million which congress has given authorization to at the administration will put it out

tiffany wilding joining "balance of power" with david westin on bloomberg television and radio. i am off to bloomberg radio. the cable show coming up on dab digital radio. gina, thank you very much for helping me through the last few hours. my booster has kicked in and i'm feeling rough but we have made it. gina: thank you very much for having me. guy: have a great thanksgiving. we will continue our coverage here for the european markets throughout the next couple of days. i suspect we'll be seeing fairly light volume. enjoy the thanksgiving holiday. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." we have economic numbers out this morning. the first thing we want to do is see how the markets reacted. i anticipated a lot of reaction. abigail: right now the market is not doing that much. the s&p 500 fluctuating. earlier on the open we had stocks down sharply because of economic da

vincent reinhart will be joining david westin next. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." president biden is on his way to michigan to the gm electric vehicle plant, part of his continued marketing effort for his economic plan. we welcome washington correspondent annmarie hordern. thank you for joining us from the white house. on his way to michigan. is he marketing the infrastructure plan or marketing the bill back better or a little of both? annmarie: it will be a little bit of both. this is him touting both of his economic agendas and his two legislation, one he is trying to get past and one he is still trying to get past. he will make that case for the heart infrastructure which

coming up on balance of power with david westin, a doctor from the new york press materials ceo. we are headed over to radio and cable. we will talk more on lockdowns. this is bloomberg. >> from the world of politics of the world of business, this is balance of power with david westin. >> from bloomberg world headquarters to our television and radio audiences worldwide, welcome to balance of power. it is a big day in walls -- washington with the house passing its way of building back better with the redeployment of jay powell as fed chair. for a rundown of this very busy day, we turn to our washington correspondent who is at the white house. it is a tossup which where we start with this, but let's start with the fed. it has a lot more suspense than i thought it would. if anything, a heightened overnight. >> it certainly has heightened. we are still waiting for the president to make a decision. what we know is that it should become -- come before thanksgiving. senator joe manchin, who we know it's taken issue with transitory inflation, he had a meeting already with chair jay powel

secretary of labor marty walsh speaking with david westin. let's get a check on business flash headlines. >> told senior managers he would consider leaving his he is unable to fix a company's culture problems. kovic left open the possibility of stepping down. offer to buy telecom italia for $12 billion in the world's largest telecom purchases ever in europe by a private equity firm. preliminary cash offered 55 year, however, we are told that telecom italia's largest shareholder is likely to oppose the offer which i undervalued. egs nominated the former morgan stanley chairman to succeed faber -- weber. weber had suggested the bank consider appointing a woman as his successor to improve gender diversity on the board. deutsche bank has tapped alexander wynaendts as its next chairman to help guide as it emerges from a decade of restructuring. he is set to replace paul in may. the bank named a chief risk officer from june. the head of the international olympic committee said he held a 30 minute video call sunday with the chinese tennis star peng

coming up, michelle meyer will be joining balance of power with david westin on television and radio. guy and i are also hit radio. guy: we are. the cable show. we are going to radio. this is bloomberg. ♪ guy: from the world of pop -- >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." the big political event of the week turns out to be economic, particulate those inflation numbers that came out yesterday morning. the question is what president biden can do about them. for answers we welcome our washington correspondent in new york today, joe mathieu, the host weekdays of sound on on bloomberg radio. good to have you here. what is joe biden going to do about inflation? this is not good news for him. joe: if you ask joe biden he says he is already -- already doing it. it is being seen as a cure by the biden administration --

i want to break down a preview with balance of power anchor david westin. you guys are going full on this tomorrow, what is the most important question mark -- most important? david: will mr. adams will win. the biggest race to watch as the former governor coming back trying to have a new term, but running against the former carlisle executive, someone we know pretty well here bloomberg. normally, you think that would go to the democrat, but that race has narrowed. there is no distance between those two candidates. guy: what is the read across? can i take a message from what is about to happen? david: it is one of the great debates. people will take the read whether they should or not. but what does it say about the democrats nationally is what is going on? a pokey met yesterday from nbc that is not good news for mr. biden. but even more interesting is a gallop poll that suggest the majority of americans think the government is trying to do too much. joe biden thought he was going to be helping the democrats by looking at these great things we are going to

coming up, jason furman joins "balance of power" with david westin on bloomberg television and radio. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." next week looks like it will be a big week in washington. we have the possible virtual summit between president biden and president xi and a possible vote on build back better. we are joined by our washington correspondent annmarie hordern to cover both of them. we are starting to get news about the summit. what we know? annmarie: it is supposed to be happening monday evening and there are really no deliverables for it. it is supposed to be a frank conversation between the leaders. jake sullivan spoke about the fact it is about managing a relationship, making sure you are putting guardrails on the relationship. what will likely come up is trade. china wants tariffs taking away e'

westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." if it is monday, it must be glasgow as world leaders have moved on from the g20 summit the cop26. we turn to glasgow and my colleague francine lacqua. some people were disappointed with g20. what is expected at cop 26?

westin. ♪ david: from bloomberg world headquarters to our television and radio audiences worldwide, welcome. the big news of the morning commend was jobs numbers. we welcome dr. jared bernstein. so, you beat across the board, i think it is fair to say, both in terms of last month and revisions further prior month. give us your perspective on why we have a robust a job growth right now. >> i think that the president's plan is clearly working in the american job market. people have more opportunities than they have ever had. we have a record number of job openings and well over 500,000 jobs created in october. this is important, in good months and b

you have elaine chao joining "balance of power" with david westin. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." we begin at the white house, where president biden is turning from celebration over the passage of the infrastructure built late in the night on friday to selling the plan to the american people. we welcome washington correspondent joe mathieu, host of "sound on" weekdays on bloomberg radio. tell us about the s

westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." president biden has the infrastructure bill signed into law and his first summit with president xi behind him. what is next? we turn to, the host of sound on on bloomberg radio. i can see air force one fueling up. i guess that is part of what president biden has on his agenda. joe: he is back to his role as traveling salesman after the meeting last night with president xi failed to provide any real breakthroughs, any heart deliverables as we forecast this time yesterday. the lack of real news around china helps the white house give it back to the narrative about

coming up, william flynn will be joining "balance of power" with david westin. guy and i are headed to the cable. dab digital radio. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." president biden is traveling to baltimore today as part of his effort to emphasize the benefits that come from the infrastructure package. our washington correspondent annmarie hordern is on the scene to report on the president's visit. we can see the port behind you. give us a sense of why the president is going to baltimore today. annmarie: he will have this port as his backdrop. this port is very different from the chaos we see on the west coast in los angeles and long beach. this port, there imports are stable. for some it is actually below pre-pandemic. we can see a ship moving away. this is a r

david westin spoke with the ceo earlier today. >> both of these businesses have the potential to be growing at least mid single digits and above going forward. we think this will better position our consumer business in this evolving environment i mentioned earlier to be more agile, more flexible, more innovative, to reach more consumers around the world. matt: joining us now is damien conover, analyst at morningstar. he has a $106 price target on the stock. will you consider changing that? damien: based on the news we have seen today, i don't think it will drive a change in our fair value. the consumer assets for johnson & johnson were relatively correctly valued in the overall conglomerate structure. that has not always been the case if you think about some of the other divestments that are out there that can unlock value. gsk's consumer group coming out of its group. you have seen some of these breakups create value. in this case, i don't think it will create much value by separating the consumer group. greg: always the first thing you think about if a company is breaking things up, perh

balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." it is a busy day at the white house, with president biden signing the infrastructure built about 3:00 eastern time, that holding a virtual summit with chinese president xi this evening. to set up the president's day we welcome up -- we welcome washington correspondent joe mathieu. thanks for being with us. let's start with the signing ceremony. it will finally get his infrastructure bill. joe: it is hard to overstate the importance of this day for this white house. there will be a major bill signing. they waited on this to get the boast bang for the buck they could.

. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." as washington continues to struggle with president biden's fiscal plan, britain took a surprising step when it comes to monetary policy when the bank of england surprised everybody by not raising rates but keeping things where they were. our colleague francine lacqua sat down with andrew bailey shortly after the decision was announced and he said a lot had to do with market pricing and out shifted during the summer. >> market pricing, as you can tell from the commentary we made today, the right direction, a bit overdone, in my more candid view.

i am david westin. larry summers on inflation. it turns out larry may have been right. larry: it is important to avoid excessive certainty. david: a big announcement that three giants, ge, johnson & johnson, and toshiba would brace themselves. and, a famed investor on how overheated

secretary of labor, marty walsh, speaking with david westin. david: a brief look at these markets. equity still on offer. treasuries down. commodities are mixed. plenty more ahead. this is bloomberg. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. rishaad: this is bloomberg markets. let's have a look at our top stories. a cautious mood on the market. concerns about faster federal reserve tightening and europe's virus resurgence. new signs of beijing's discomfort with the yuan's rapid rise. plus, india's prime minister makes the biggest policy reversal since he took office scrapping controversial fa

fauci will be joining david westin on balance of power. you will be joining bloomberg radio on the cable on dab. this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. david: dr. fauci eight, thank you so much for being back with us. we now have a pill on covid-19. we got approval for children to be inoculated. tell us what comes next in this saga. dr. fauciu: what comes next is how well we get the country vaccinated. there is really

david: that -- alix: that was wally adeyemo, deputy treasury secretary, speaking to david westin. interesting what the results will be in the gubernatorial election today in virginia. terry haynes had a note saying that if you get a glenn young kin win perhaps it moves the progressives along, let's just get one thing passed. guy: it would be a shame for them to go two years of controlling both houses without getting anything done along these lines. these are two huge pieces of legislation that they are arguing internally over. may be this puts the fear of god into them that change needs to be made at they get on with it. alix: that is what joe manchin was arguing for, to move ahead with the real infrastructure bill and that is what progressives will not do. time that in with the election will be super interesting. also interesting is the fed taking off its two day meeting, watching what the fed says or does. michael mckee is with us. does transitory stay in the statement? david: that will be what -- michael: that will be one of the key questions, the idea that inflation is transit

coming up at 12:00, richard haass with david westin. this is bloomberg. good morning. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. lisa: 30 minutes until the start of trading, a softer tone as people reassess a more hawkish fed. 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. lisa: we begin with the big issue, chairman powell's next chapter. >> this is a don't rock the boat move. >> there will certainly not be any conflict. >> elevating the voice of lael brai

she spoke to bloomberg's david westin earlier about that deal. >> of course, we want to have a strong relationship economically with the eu, but we have to protect u.s. industry. we have to protect the u.s. steel industry, u.s. steel workers, the aluminum industry. so we maintain the tariffs, but we allow for some amount of free trade. the first 3.3 million metric tons of steel will come into the u.s. from the eu tariff free. beyond that we maintain the tariffs. the real problem is china. it's china's dirty steel that has distorted the global market through their dumping, often sending it into the eu, which comes on to american shores. we said we are not going to allow our steel industry to be hurt by chinese excess capacity. we are going to work with the eu to protect our workers and their workers. david: to pick up on china, how important was it that you banned trans shipments of steel from china into europe and on into the united states? sec. raimondo: the term is melt and pour, which may not sound very sexy, but it is a big deal. we said we only want eu steel to come in tariff fre

larry culp, general electric chairman and ceo, will be joining david westin on "balance of power" today. definitely do not miss that. this is bloomberg. ♪ ritika: peloton is expanding beyond cardio. the company has launched its first strength training device, a $495 setup ox with a camera that guides you through exercises. southwest gas has rejected an unsolicited takeover author front -- takeover offer from billionaire carl icahn. they say the offer undervalues it and is not in the best interest of shareholders. icahn holds a 4.9% stake -- icahn holds a 4.9% stake. netflix is launching a tiktok-like feature for kids. hurts hopes to raise as $10 billion. if shares are sold at the top of the market range, it would be the largest u.s. ipo on record. that is here business flash. -- that is your business flash. guy: thank you very much, indeed. it is not far off half of what volkswagen's worst, which is amazing. alix: it also becomes how much can they produce. it is the same situation tesla was up against. it is only about 300,000 400,000 units per year. but i don't know, did you really b

caroline: the ge ceo and chair larry culp speaking with my colleague david westin earlier. meanwhile, we will speak to the blue apron ceo about the third quarter results, and what is next for the meal provider, as we, the pandemic. and poshmark, forecasting missed estimates. we will keep. this is bloomberg. ♪ -- we will keep an eye on the story. this is bloomberg. ♪ ? caroline: let's talk about shares of blue apron. dropping in trading after the company missed third quarter estimates, forecasting a bigger loss than compared to the year previously. what is the outlook moving forward, and what is the company managing -- how is the company managing with the supply issues we face? let's get more with the ceo, linda findley. thank you for joining us. let's talk first about the future as we look at a loss continues. you hope to gain profitability? how do you see the world evolving in meal kits? and you are branching into delivery now, fully processed food. linda fish so we see this as a standard impact of seasonality with a twist. q3 in the milk industry tends to be the highe

david westin will f

caroline: the ge ceo and chair larry culp speaking with my colleague david westin earlier. meanwhile, we will speak to the blue apron ceo about their third quarter results, and what is next for the meal provider, as we come a fully out the other side of the pandemic. let's look at poshmark shares, plummeting after forecasting missed estimates. we will keep an eye on the story. this is bloomberg. ♪ caroline: let's talk about shares of the meal kit provider blue apron. dropping in premarket trading after the company missed third quarter estimates and posted a bigger loss than compared to the year previously. what is their outlook moving forward, and how is the company managing what we hope is a post-pandemic world? let's ask blue apron's president and ceo, linda findley. thanks for spending time with us. let's talk first about the future as we look at a loss that continues. do you hope to gain profitability? how do you see the world evolving in meal kits? and you are branching into deliveries now of fully made processed food. linda: so we see this as a standard impact of se

david westin will fill us in later this morning. it is about the markets, about a fed meeting. join us this afternoon. we will be doing that on radio, on tv. the markets higher. jonathan: all-time highs on the equity market. there is one thing we have not discussed all morning, chairman powell's future. i think we need to talk about it. a little later today, when he talks about the years to come and policy at the federal reserve, for the strategy to be credible, you've got to know who's executing it. right now, we don't know. tom: published moments ago by douglas kass, doug kass channels chuck prince from another time and place. at some point, the disruptive event will be so significant that instead of liquidity filling in, the liquidity of 2021 will go the other way. i don't think we are at this point in 2007. that is the sum of all our fears. jonathan: do you want to keep on dancing? that is the question. tom: i guess so. you've got to look at this, the politics of the moment. you pulled that she folded into the markets. it is about a fear that just hasn't happened. it is a g

shery: the pfizer chairman and ceo speaking with david westin. if you missed any of those conversations, you can watch us live and dive into any of the securities are bloomberg functions that we talk about, plus become part of the conversation by sending us instant messages. this is for bloomberg subscribers only. this is bloomberg. ♪ haidi: a quick check of the business flash headlines. saying it will play aíf big role in the adoption of electric cars in the u.s.. the stock more than doubled on tuesday, bringing -- avis didn't disco -- disclose, executive said it doesn't mean they're not doing potential deals. a rocky path to public progress. after pricing at 90,000 per share, raising $1.3 billion. it's seen as a litmus test for investor sentiment in south korea. don't miss our exclusive interview with the cfo on thursday. 10:30 in the evening if you're watching out of new . that's it for "daybreak: asia." our markets coverage continues in showing -- hong kong and shanghai. this is bloomberg. ♪ ♪ yvonne: 9:00 a.m. in beijing and shanghai.