tom: seriously? that's likely's essay and she loves tom brady -- that's likely lisa saying she loves tom brady. jonathan: seriously, the worst movie ever made. tom: 65 miles north of pittsburgh, they do groundhog day. scotland gets it. they do a snake thing. the isle of man has sink bridget stay and all of that -- has sink bridget's day and all of that. you guys are missing the party. jonathan: love pennsylvania. love the history. spent some time in the state a long time ago. tom: i bet you did. jonathan: i will talk about my time at penn state another time. [laughter] let's give you the price action. really shouldn't have brought that up. tom: you should not have, but let's stay on this for radio and tv. jonathan: i think we will give it a minute. i think it was game weekend or something. isn't the beaver the mascot, that's right? tom: in-state college of pennsylvania, every weekend's game weekend. jonathan: there were go. futures up 0.8% on the s&p 500, on the nasdaq, 0.8%. rom is going toaine -- r

tom: what was it like? jonathan: i have this thing watching movies where i don't learn anybody's character names, so i have no idea. tom: i had trouble with it. did you like it? jonathan: it was a long introduction to the second part was my experience of that movie. that was it. v(xuit's like part one before pt two. lisa: is this our space coverage? jonathan: this is it. i just ottowa -- thought i would mention it. i went to the movie theater. tom: i had to watch for the 14th time "pitch perfect 2." it was great. we know all the words. jonathan: fed decision day, believe it or not. your equity market is down three on the s&p. lisa upset about the move on avis yesterday. lisa: 108% because they said they might add electric vehicles. jonathan: i am not here to explain it. tom: the way you parked that electric -- jonathan: i would up to just reach out to the person who bought it and say, why did you buy it? they would turn around and say, because everyone else was, and i thought someone might buy it after me.

>> my name is tom. >> tom klain was on the phone to 9-1-1. something about his wife, she was not breathing. >> how long has she been down? >> i don't. no i don't know. i just got. home >> buckley in home, sucked down a pocket of long dark road, it would never be home again. >> coming up, what had happened to kelly? police discovered disturbing scene inside the family home. >> i said where is your? wife >> and he pointed through the kitchen. area and that's when i walked around, boom, boom, okay. >> when dateline continues. >> when dateline continues >> when dateline continues there can be some not-so-pretty stuff going on, on the inside. it's true, if you have diabetes, you know high blood sugar is the root of the problem. but that excess sugar can cause the blood vessels to be seriously damaged. and when that happens, this could happen, vision loss or even blindness. that's right, diabetic retinopathy is a leading cause of blindness for adults in the u.s. but even though you can't see it, there is something you can do about it. remember this

tom: it will be in the conference calls. no one will pay attention to revenue, it may be you get a nominal gdp surprise, but i will take the point that they will be in selected sectors, some margin mysteries. jonathan: revenue falls to the bottom line. lisa: how much has been priced in? we've seen pockets of real selloff among a number of big tech players. you wonder if that is more with bed, bath & beyond. jonathan: could you go through the schedule for d.c.? lisa: basically a lot of phone calls, people having discussions. i wonder what the tenor of those discussions is, is it, i will give you this or that, or, this is potentially catastrophic for our party? jonathan: a lot of guys come off. down one third on the s&p 500, negative one third of 1%. on the nasdaq, down 2/10 of 1%. euro-dollar 1.8254. in crude, -9/10 of 1%, 74.37 on wti. >> we get data on spending from early august and the expectation is of a decline on the heels of last fiscal stimulus. the idea of the runoff of the fiscal cli

tom: i did. lisa: how did that go. tom: i am still all-cash. brian moynihan, bank of america, look for that at the 12:00 hour. david westin with that conversation. this is bloomberg. ♪ want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotr

tom moore is now sir tom. the 100—year—old world war ii veteran was knighted by - queen elizabeth for an extraordinary job well done — to meet the queen was more than anyone could expect. i mean, it was... never, never, ever did i imagine that i should get so close to the queen and have such a kind message from her. that was really outstanding. it really was truly outstanding. tomorrow will be a good day. that's the way i think i've always looked at it. if we, as a country, can show the same spirit of optimism and energy shown by captain tom moore, then we will beat it. together, we will come through this all the faster. it's wonderful that everyone's been inspired by his story— and his determination. he's a one—man fundraising machine. god knows what the final total will be. . at the darkest of times, captain sir tom moore was the light that shone into our lives. he won the nation's hearts with the simplest of ideas. to walk 100 laps of his garden for his 100th birthday. it triggered a remarkable fu

tom: thank you so much. picking up the pieces off the apple soiree this afternoon on open the close. -- on "the close." right now, matt hornbach has to synthesize global research at morgan stanley, head of global microstrategy, also -- of global macro strategy, also senior head of herding cats. it is greek to me and everybody else as well. you go to the heart of it. watch the fed. what is this distinction between tapering and tightening? matthew: thanks for having me on, and what i said way from jgb asset swaps into fed tapering. i think the issue for the fed is that when they are tapering their asset purchases, they are technically not tightening monetary policy. they are simply easing monetary policy by less and less with each subsequent paper -- each subsequent taper. the issue for the markets, in order for the fed to hike rates, they need to taper their asset purchases. so the first step towards rate hikes i asset purchase tapering. it doesn't guarantee that the fed will reach the end goal of actually ti

lisa: how are you doing, tom? tom: i'm doing great. the great jocasta lyons -- the great jocasta leone. kevin cirilli joining us now, our chief washington correspondent. he knows phillies 3-0, red sox 0-3. how do they get the infrastructure bill to a philadelphia phillies-like bang up job? kevin: good morning, tom. appreciate that introduction. what an amazing intro. kidding aside, it is going to be a tough haul for democrats. they are going to be targeting mayors, targeting governors in red states to try to get the roads in the bridges portion of this stimulus bill. beyond that, candidly it is a nonstarter to have tax hikes and whatnot, and republicans aren't going to go for that. tom: do they have the power to ram it through? kevin: no. they can do a piecemeal approach that would be targeted, and i think they will get some bipartisan support on this. there are areas of this that i think ultimately will be tacked onto defense reauthorization bills. others will be tacked onto some legislative vehicles pertaining to foreign policy. the

tom: that is brilliant. it is like the subcommittee we have here were you and lisa tell me to shut up. jonathan: it is a smaller room, a smaller setting and seems to be more direct. i think that his mother congressma -- i think that is what the congressman is alluding to. i am a journalist. what we do sometimes, we like the theater, too. i think we have to acknowledge the usefulness of them. we have to make these better. i know somebody financial professionals who watch that yesterday because they thought it would be a bit of fun. it should be serious stuff. tom: it is political posturing. my basic issue is well-meaning politicians are trying to be experts on every topic. they are not. i want to listen to the experts. lisa: i would argue there is a financial literacy aspect that is more crucial to make sure people understand. tom: yield up, price down. jonathan: from new york city this morning, good morning. th when you switch to xfinity mobile, you're choosing to get connected to the most reliable network n

tom: respect. jonathan: i will pay my respects to the queen of england who is reopening parliament in the united kingdom this morning and laying down the prime minister and this government priorities for this parliament. but take a listen. >> and address the legacy of the past. my government will introduce measures to increase the safety and security of its citizens. legislation will increase sentences for the most serious and violent offenders. and ensure the timing -- timely administration of justice. measures will be brought forward to address violence. >> president biden says russia has some responsibility to address the ransomware attack that crippled a giant fuel pipeline. the president stopped short of directly blaming the kremlin but says there's evidence that hackers used software used in russia. some gas stations on the east coast say they are running out of gasoline. the pipeline expects to substantially restore service by the weekend. the biden administration is wrapping up its response

tom: thank god. jonathan: wednesday won't be a live meeting for interest rate hikes on the federal reserve that thursday could be for bank of england. sterling, 137 right now. 100 3420 seven is where we were at the back end of september, tom. the fear is they might be hiking into weakness. this is where they play the music. is this it? do i interrupt tom again? did you do this? kill the music. 137 22. i know who's in charge here. sterling, just a bit weaker. tk is the meeting, a live one, chief bank economist says it is. jonathan: taylor wants to know what she parachuted into. [laughter] jonathan: i will wrap it up. that's the sterling. tom: thank you. jonathan: good morning, taylor. taylor: it's my pleasure to be here and according to dan, it may not be a 600 type down with a world series, but microsoft is darn close. it's not often you see a company this size posting these gains, but it's an opposite story for alphabet. earnings yesterday had signs of slowing in the cloud market with the fourth qua

tom f: yes i can. if you look at it as a precursor of what sustained sales could look like for apple, they have north of 40% revenue growth in the june quarter for china, but the build up in the 5g network is far ahead of the u.s., far ahead of the western world. if you are thinking of starting with china and 5g, i think you can have a sustained double-digit topline growth for apple for years to come. tom k: they are buying back shares with apple cash flow. if you get revenue growth, do you assume the privatization of apple with that massive share buyback? tom f: i think you can assume they will continue to use a large portion of their free cash flow to buy back their stock. i think the big benefit apple got when they lowered the corporate tax rate is it freed up even more cash flow to buy back shares. so yes, they are generating by apple standards very robust topline growth. when you think of their high margins, lots of free cash flow, lots of opportunity to buy back their stocks and retire the shares

tom loved to travel. when he came back to washington county, that is when he really started writing extensively, and he loved to travel. if you had turned the clock back a few years, you probably would've not seen tom kollie at reunions, because one of the symptoms of ptsd which is still valid today with our service men and women, when they come back from iraq or afghanistan or wherever, the last thing they want to do is be around people they served with. and early on, tom probably would have not been seen in a photograph like this, but he went to several of the united confederate veteran reunions. this happens to be a reunion of the first virginia cavalry. they had a reunion everywhere somewhere different in virginia. this one happened to be and addington, so tom did not offer to travel for this one. i think this was in 1902. this is tom's grave site, and i know it is hard to see from where you are sitting. the stones weathered a little bit, it was clean, you should've seen it before they cleaned, you co

tom: we have data this week. to me, inflation data wednesday is trumped by the retail data on friday. jonathan: and we look at that month on month, so there's going to be some real deceleration from the boom we saw in the previous one. tom: matt brill with us, invesco senior portfolio manager, head of u.s. investment grade. investment grade to corporate stuff out there. the whole thing has been a search for cash. record low yields, issue, issue, issue. the paper has finally stopped, hasn't it? matt: good morning. the party on the issuance side has stopped a little bit. but the party on the demand side is still there. what we are seeing is inflows coming in from the overseas hedging costs are low, and as the fed stays low on interest rates, that is going to continue to keep hedging costs very cheap. that is not going anywhere. we are also seeing overall, the fed being accommodative. that completely reinforces friday's number. that is good for risk assets, good for investment grade credit. tom: it is a different st

tom: good morning, everyone. jonathan ferro, lisa abramowicz and tom keene. jamie dimon and the same angle as the president-elect, both looking at near-term economic uncertainty. that from jamie dimon moments ago from the jp morgan earnings. we will get right to it on radio and television. wall street is booming. lisa: yet the picture for mainstream is uncertain. one of the most notable aspects of this report that was stellar on most aspects was the increase in credit loss revisions for the fourth quarter. about what people expected. interesting, income coming in better than expected. trading revenues better-than-expected. $1.4 trillion of cash. tom: it is killing me to see the moonshot of jp morgan coming out of this pandemic. last time that i saw jamie dimon, i said do not release these earnings at 6:58. so much for him listening to me. [laughter] we will get to that in a moment. sonali basak is here to save the day, our lead wall street reporter. sonali, 24 reasons for mr. dimon to celebrate today. sonali: he has a record profit of $24 billion-and a reserv

tom: why didn't you tell us this? [laughter] i'm telling you now, tom. tom: kailey is hiding secrets from us. [laughter] i'm hearing about this right now? kailey: that's the call, tom. demand is going to outstrip supply is the basic thesis from bank of america. we know those talks ended in vienna without a deal. do you need supply to come back to the market to meet all of this demand we are seeing at the world reopen? tom: lisa, i think she is one upping us -- one upping us. [laughter] lisa: i think it is a great string to bring up -- a great thing to bring up. are we going to see higher oil prices? are these coherent trades, given what we are seeing in the bond market? tom: chris verrone of strategic talking about $80 as the target, and i would suggest nobody has really framed $80 yet. then there is kailey leinz showing us up this morning with francisco blanch at $100. lisa: there are other analysts as well. tom: can this not happen again? [laughter] lisa: kailey, it is fabulous to have you. happy monday. tom: how do you spell her name? lisa: really, to

tom: good morning, everyone. it's monday, "always interesting and more so this monday, lisa, as we set up your jobs day on friday. lisa: it may be more important than jackson hole. last friday, how much will it affect the federal and how much will it frankly be a more tradable event? tom: the estimate was down to 5.2 percent unemployment, 750,000. lisa, five .2% is nicely on the way to a ater american economy. >> though still much russian as to what for employment means. some say it's tighter and others say that we still have a lot of slack labor market uncertainty that is very much not weird up on friday and very much unclear with some of the jobless data and filings that seem to be coming down at a time when there are still millions out of work. tom: interesting news flow, taylor, is this where strategist tweak upwards? am i reading this correctly without my glasses? 4509? taylor: 4500 if you like round numbers, northward to 5000 you have really seen the bulls come out. though i would sort of mentioned that it

tom: thank you so much. terry haines of pangaea with us today as we drive forward the discussion. i am pleased to inform you, i'm told, the infrastructure discussion will last well into 2028 or something. [laughter] lisa: well beyond that. we've been having it for more than 10 years. tom: i don't mean to make light of it, but it has been emergency legislation. we are getting addicted to three months, four months, let's go. we don't have that here. this is like, nine months, let's go. lisa: but we are still talking trillions of dollars. we are getting used to that. how about those trillions you would like to see to get the red sox a winning streak? tom: they really need that. now futures up to 28. what is your market observation this morning? lisa: the idea of a blowout jobs report being fuel, giving fuel to this optimism we are getting to the end of the pandemic, at least in the united states, and the divergence with the rest of the world reigning supreme. tom: we will see. futures up 22. the vix, 17.73. it

tom: i agree. tom keene, kailey leinz, jonathan ferro. lisa back next week. tom: so she says. jonathan: she will be back, tom. no doubt about it. she will be missing this. equities -1.1%. lisa will be missing this kind of price action. i'm sure she will write in at any moment. 4270 on the s&p 500. this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. opec and its allies have overcome a split that threatened the supply in the oil market. they have reached an agreement to invest 4000 -- to inject another 4000 barrels of crude a day into the economy. saudi arabia met the united arab emirates halfway on its demand for oil output. those that helped smuggle former nissan chairman carlos ghosn out of japan are going to jail. they received a 20 month sentence. senate majority leader chuck schumer has set up two major tests this week. schumer is hoping to have a first test vote on the bipartisan infra structure bill this wednesday. he wants democrats to get behind a much bigger bill that would carry out the bulk of president biden's agenda. finally, an amer

everybody was a team player tom: tom:. stay healthy. david kotok, surely the street experts on collating and coalescing and all of the research on these medical issues. i do not know where to begin with the date as we summarize at 9:00. one thing we are doing i do not think we knew at 6:00 a.m., waiting to hear from the president. lisa: and next couple of days. david: can he go out -- tom: can he go out a couple of days? i don't think so. lisa: that is the report from the ministration. i think the china data overnight was significant. we saw something similar out of the empire manufacturing. what does jerome powell say in response to this? really important issues at a pivotal time of uncertainty. tom: futures -16, dow futures -124. the vix, 17.19. stay with us with our reporting from washington through the day. this is bloomberg. good morning. ♪ >> this is a special update from tennis channel. the sport superstars and back in cincinnati for one of the most popular spots on the pro tour. the russian took out djokovic on his way to the

tom: years of pwc. if we get beyond this and we get a better pandemic, midtown manhattan and from sea to shining sea, they improve. what do suburban newlyweds do? do they go back to the city? mitchell: i don't think so. if you look at history, the american dream of white picket fence and the two point whatever cars and kids. i think that has been around for generations. we were seeing the trend of young professionals moving to the suburbs. all this did was accelerate that trend. i do not think they turned around and sell their houses in the suburbs and run back to the city. i think they are here to stay. tom: what dynamic you see in florida at the many florida's of america? a place where people are choosing to go to, sun, taxes, and the rest of it. mitchell: right now is taxes, the weather, the weather may change when we start naming storms, and that may scare potential buyers. it is the killing field down there. you're trying to buy a home there are bidders across the country putting bids in. waiving i

tom: there's the rabbit. lisa: oh my god, tom oh my god -- oh my god, tom. tom: lisa, don't talk over me. [laughter] jonathan: heard on bloomberg radio, seen on bloomberg tv, lisa does that a lot. [laughter] tom: she's out of control. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotr

tom: the best in nine years. what a first-half are the biden administration -- what a first-half for the biden administration. annmarie hordern is in washington. what is the power of the left on a tuesday morning? annmarie: good morning. politico is talking about the fact that inside his own white house, people are very confused by president biden's move towards the centrist. you have the left wing of the party upset with the moves the biden administration has made in terms of the bipartisan infrastructure deal, and leading towards the right and those senators to get that deal done on saturday, rescinding he would not make a veto effort. the left has some power. you even saw protests from progressive groups outside the white house. the struggle will be to make sure they get enough votes for the house, but also in the senate it is to make sure -- we heard from mitch mcconnell yesterday -- to make sure the republicans also support this deal. what mitch mcconnell is putting on the line and saying is we heard from th

i'm tom mackenzie. this is bloomberg daybreak europe, and these are the stories that set your agenda. variant concern, a new strain identified in southern africa sparks flight bans and warnings from scientists. stocks and treasury yield slump as investors flock to safety. china escalates its crackdown. a bloomberg scoop reveals beijing asked dd to do list from u.s. exchanges in what would mark its most severe action to date. plus, it's not just a red friday. it's black friday, too. will supply chain snacks and price snares mean this deal failed to impress? you are seeing heavy selling, a very significant risk off move in the markets today. and we want to focus in on what is behind this. it is this variant that is emanating out of southern africa. we have a terminal chart that shows what is happening on the ground. and since the rate of infections and the gap between the infection rate and the vaccination, and this has always been the morning from epidemiologists, that if you have a proportion of the pop

jonathan: i'm aware, tom. tom: dangerous. i could see you down there in one of those 19th-century boats. jonathan: higher by couple of basis points. it is going to be that kind of morning, at about 830 eastern when we get some news. the inflation report in america just around the corner. from new york, this is bloomberg. ♪ . ♪ ritika with first word news, i am deaf. senate democrats -- ritika: with the first word news, i am ritika gupta. partyline vote was 50-49, and it marked a debate among democrats and moderates and progressives over the details. the first woman to be new york governor will have to clean up after her predecessor. today governor kathy hochul will be sworn in and about two weeks. she will face a pandemic on the budgetary crisis, and an economic recovery. governor andrew cuomo says he is stepping down because sexual harassment allegations against him or prevent him from governing. millions dollars in crypto currency. the network lets users swap tokens across multiple blockchain's. tens of thousands of peo

tom: you are expert on this. the chinese commercial aviation, is it a clone of a boeing or an airbus? is there something new there? is george ferguson blown away by the c919? george: really, they have built an airframe which a lot of people can do, and put a component from europe and the u.s. onto the airplane. in time, i think they will try to replace those components with chinese components. they want to be in this high-value industry, but right now i am not concerned about it area it won't be an airplane that beats the 737 or a320. that keeps distance between them. lisa: before we let you go, we were talking about deserts full of parked planes, the idea that they were not in use. nobody was flying. everybody once to fly now, and yet capacity is more of a concern with respect to pilots, with respect to who is going to staff those planes. where are we in terms of capacity heading into 2022? george: there's still a lot of airplanes parked in the world, i think 25% of the narrowbody fleet is parked. there's enough

tom: this is true. lisa: tom is like, the first true thing you said. [laughter] tom: i was out mowing the lawn the other day. lisa: and central park? tom: yeah. [laughter] the mayor gave me 1/3 of an acre . jonathan: the rental market is picking up, too. coming up, henrietta treyz, veda partners director of economic policy. tom: have you and lisa made up? jonathan: just getting into it a little bit, having a chat, talking about credit. futures, 4200. tom: i'm shocked. that is an exclusive. [laughter] jonathan: lisa is one of us. she says what she thinks. that's not passive-aggressive. you know? just say what you think. in new york, everyone gives you a hug. it's so good to see you. it's been so long. it's been so long for a reason. [laughter] lisa: oh my god. jonathan: don't you experience that, guys? it's been so long. from new york, this is bloomberg. tom: have a beverage. it's transitory. ritika: with the first word news, i'm ritika gupta. president biden is betting he can sell the american public on sweeping change. in a speech before congress, the

tom: it is not about us. jonathan: you know it's not. [laughter] tom, clearly. the curve is flatter, let's get to the stock movement. let's say good morning. >> good morning. if you're looking to more evidence as to the potential for some of these inflationary pressures, alcoa is actually reinstating its dividend for the first time since 2016 after the spinoff. it is an interesting read. the commentary out of the company is that they see the pricing power sticking around for a little bit longer. the company is reporting great earnings. $3.1 billion in revenue. 201 and change on the etf. the ceo seems to think that this will stick around for a little longer. core shares not only up before the stocks, it has been on a phenomenal run. at least among some of the large-cap companies. keep an eye on the bitcoin crypto space. the folks at bloomberg intelligence have been saying for a while that bitcoin futures etf is going to happen in october. we have new reporting based on people familiar with the situation saying that the sec could sign off on this in a matter of da

tom: it is a technology raise as well. i go back to 2019, and this is not target, not home depot, but they are up 8% plus going back to sales in 2019. a fairly clear press release, they increased 19% through the pandemic. they have grown 49% since pre-pandemic. that gives you an idea of the new reality is what you do against amazon. jonathan: it is fair to say that retailers in america are executing. tom: they are executing in a new world. i'm romantic. you and lisa i am sure as a kid did this. i wanted to bring back the wooden escalators at herald square. jonathan: the narrow ones? did you fit into the? -- into them? tom: no i did not. it was a moment where we could feel british. wooden escalators from another time. jonathan: do they still have the met bergdorf's? tom: no they don't. jonathan: i thought they did. tom: no, they have a personal shopper that walks you around and every 15 minutes, your wallet. you know what they are doing at macy's? they are taking on digital. i mentioned -- they mentioned on the channel -- t

tom: please. romaine: pr headsets. tom: killed it. lisa: [laughter] romaine: basically a precursor to something more advanced. viewers and listeners can take part. flip up the board. i was looking at this. remember the bellwether stocks? you remember, tom. it used to be synonymous with the start of earnings season. people still pay attention. they came out with earnings. they were better with guidance going forward. i will not bore you. ibm going to report after the bell tonight. three months away from the one-year anniversary. intel, the new ceo has not taken over yet. still a month. manufacturing strategy, tom. tom: i cannot concentrate. where is your bowtie? romaine: can we have two bowties on the same show? where is ferro? tom: capri? key west? who knows. jonathan: can i weigh in on bitcoin? i have to say my piece. tom: please. jonathan: the reason i don't talk about bitcoin is i don't know enough about it. i don't understand the risk tolerance, why it moves on a given day. the more important point, i found a lot of people in our

>> tom foley. there is nobody else. >> a year and a half after tom foley's conviction, both sides filed back into the courthouse to once again determine tom's fate. >> circuit court is again in session. >> as before, the state opened its case with the crime scene analysts. >> what is it that you found in the basement? >> on the yellow dunham's bag located inside the bag was three shotgun shells. these are phone records -- >> norris also showed the jury the foleys' home phone records from around the time dar was killed. >> there were no phone calls that either came in or left. >> your wife doesn't show up somewhere, why not call and say, have you left yet? we're waiting for you. >> that's what i would do. >> according to detective carbon, tom didn't bother calling dar at home because he knew dar was already dead. then members of dar's family stepped forward to testify that tom and dar's marriage was troubled and that tom wanted out. >> he told me that his wife is very controlling and that that was w

tom: i agree with that. i went back and looked at some of the newspaper reports under the greenspan redo i bush senior, and it was the same idea. it was a big debate for a select group, no question about it. jonathan: do you remember when they floated the larry summers nomination in the obama years? that was shut down pretty quickly. tom: these are called trial balloons. jonathan: we seem to be playing that game again. tom: i take immense issue with the politicization of lael brainard. she is a first-class academic at an extremely young age in applied economics. she did tangible work at m.i.t. m.i.t. is just loaded with talent as she stood out there. jonathan: she is fantastic, phenomenal, and no one would disagree with you on that. tom: if she was a guy, would we be having this debate? jonathan: i think we would be. she made a did nation to a political campaign of hillary clinton. bottom line. no judgment. she's on the federal reserve, a sitting fed governor, making a political donation. gender has nothing

tom: we are allowed to pause. lisa: thank you, tom. tom: we will get through it. lisa: we are allowed to pause. jonathan: this is great therapy. lisa: therapy for us. tom: the fed meeting, forget about that. i'm way more worried about revenues and earnings than that. jonathan: are you, tom? on what side of things are you more worried about revenue than earnings? tom: do you know what, that is a beleaguered question. my brilliant answer right now is i guess i'm more worried about revenue because that is not what the pros are worried about. they are worried about earnings. jonathan: bouncing back after five days of losses. up 6/10 of 1% on the s&p. tom: two shots. two shots. jonathan: this is bloomberg. >> policy for the most part looks like it is going to be somewhat benign. there's no fears of taper from the ecb or the fed. >> they won't do it in september, i don't think. i think they will announce in december that tapering will start from january. >> we are in a place of strategic ambiguity. >>>> we know for a fact every time something goes wrong, we come back wi

tom: i don't care. jonathan: explict -- tom: explained to me why we have a $3000 stocks -- stock price. this is part of the american fabric. they are to bring it down to a dow equivalency so they can join the index that matters. jonathan: it's 2021 you don't have to be in the dow. there is such thing as fractional share ownership. do you want to be -- do you need a stock split in 2021? tom: amazon should be in the dow. jonathan: i'm not a bite back. too much energy for later on today. i'm just knocking to do it. tom: jerome powell quotes the dow. jonathan: when they look at financial conditions they look at the dow? tom: no they do not. this goes back to my mother. she used to sit there with a martini in her hands screaming about the dow. jonathan: jonathan: coming up, julian emanuel l. -- julian emanuel. the family ate plan down in d.c.. no interest in arguing about the dow this morning. here we go, s&p 500, futures up three. tom: jonathan ferro faces formal probe over apartment refurbishment. jonathan

tom: good morning, vietnam. i want to go back to the 1960's and into the 1970's, where we had horrific inflation gyrations , and the dow, i've got to quote the dow. jonathan: please do. tom: essentially, the dow pivoted around 900 through that whole period. is what we don't see coming not the up or the down, but we get range? matt: that could very well be the case because the fed is still providing a certain amount of liquidity. even though they are going to taper back, they keep telling us we have the tools if things get really bad, but i think they want higher inflation, and they are going to be providing a safety net that is going to be a little bit lower than the marketplace, and therefore, with this sideways market, it is going to be much more important that investors are good at stockpicking and group picking, not displaying the s&p 500 etf and going to bed. jonathan: when you and the team talk about the u.s. dollar, what does that conversation sound like at the moment? matt: it is still a very crowded tra

tom? ? tom: let's get into the markets driver. what is the top take from you and the team on the market selloff we are seeing now across the europe, the middle east, what we are seeing in asia and the futures in the u.s. pointing lower, as well? kristine: well tom, it's very, very clearly a risk off day today. the deceleration and risk sentiment in the new year, this is very much a combination of the deterioration in sentiment brought about by omicron related fears as we see more countries potentially considering lockdown , and also the fact we are heading into holidays, the year end, liquidity's very thin, the combination of these factors making for a risk off start to this week. tom: and we always knew that joe manchin from west virginia was going to be picking through the details of this build back better plan for joe biden. now the surprise, it seems, taking surprise many in d.c. by killing the prospects, at least for now. could be revived. but it weakened on the back of this. kristine: absolutely, tom. and this is just adding

tom foley is guilty. and i ask you to bring the back that verdict. >> the outcome of tom second trial was far from certain. what were you the most? >> just that he was such a nice guy that you would never have guessed that he would've done something like this. he >> didn't seem like murder? >> right. >> and then, at the fabled 11th hour, it was time. the jury filed in. >> were they looking at you, the jurors? >> no, they weren't. >> i talk a couple of the press and i just -- >> your honor, we the jury find the defendant not guilty. >> the waiting had paid off. >> as to count two? >> not guilty. >> the reaction that type of tom at the time of the verdict -- >> he collapsed to the floor and wept for 20 minutes. unbelievable. >> he got away with murder. he almost didn't. we had it. we had him convicted. and to actually have to go back and talk with that family, and try and give them some consoling, how do you do that? >> you're just angry. and you are angry at the jurors, the judge. there's nothing you can d

tom: good morning. it is 6:30 a.m. in the city of london. i am tom mackenzie. this is bloomberg daybreak europe. the last flight out of kabul. the u.s. pulls its final troops out of afghanistan after 20 years, ending the nation's longest war. china's slowing recovery saps risk sentiment. back in contraction for the first time since last february. eu recommends new restrictions on u.s. travelers in another blow to the tourism industry. ok, so some grim data out of china earlier this morning. really painting a picture of a slowing recovery. of course, you had very severe restrictions put in place to counter that delta very insurgent that we saw in china a few weeks ago. that no doubt playing into the data. the question is when two things start to revive? is this a short-term knock or is this pointing to a more sustained slowdown? manufacturing also hit by a drop off in new orders and new export orders, as well. the nonmanufacturing released it out, as well, falling into contraction for the first time since february of last year. the economists we have spoken to p

tom:. crackers. jonathan: dominic cummings in hearing today saying it is crackers --nuts went --wrong. not surprising this is the tone, the comments the prime minister is making. tom: crackers moving from loud braggart to the northern realm over to nuts. we digressed to the crackers of washington. emily wilkins joins us in washington. i want to get away from the news flow today to a leading story as they look at where this federal reserve is heading. it is may. we get to the summer. we move on an year. it may be a new fan. how the president shape the federal reserve? emily: at this point, president biden as try to be as hands-off as he possibly can with it. he has not spoken of a lot of numbers. he is not try to influence them. a dryships what we saw with former president trump -- a shift from what we saw with former president trump. it is a little unclear exactly how president biden is going to go forward but we know yes pressure from within his own party. yesterday we saw senator elizabeth warren i

tom? tom: correlated, equities, bonds, currencies, commodities, accuray's -- equities continuing to lift. futures up 11, the vix does not give me much information right now. what does get me information is the rate market, and there you have two year lower, which is very interesting as the 10 year goes higher come out to a mighty 1.19%. we are on a 2% watch with a 30 year bond. brent crude, $60 a barrel. francine: you have done my data check, tom. i also have the 30-year, treasury yields rising to the highest in a year. inflation implied by the bond market accelerating to the fastest since 2014, and that dovetails nicely between the -- with the debate between janet yellen and larry summers overheating the economy. stocks hitting a record as brent oil tops $60. treasury secretary janet yellen says the u.s. can return to full employment with a robust enough stimulus package. she spoke yesterday to cbs. ms. yellen: this package is going to speed recovery and analysis by moody's and economists

tom: equity markets? mike: equity markets probably do somewhat ok, partly on inflation, partly on stimulus. jonathan: mike, good to see you, sir. some headlines coming from the ecb. this is the account of the last meeting. do we think that boost is sustainable? "models may overestimate impact of fx moves on inflation." is that a very subtle green light that f strengthx -- that fx strengths may not mean that much? tom: the idea of how do you weigh these different dynamics, but what i would suggest respectfully is that the media often mis-weights what is important. the idea that inflation expectations is not important, the lack of growth is important. tom: even though -- lisa: even though it is unclear exactly what they can do to mitigate some of these currency moves, the fact that they are not even going to try is interesting. you're seeing the euro near the highs against the dollar for the session. euro-yuan has arguably been a bigger move this year, and is a concern when you talk about imports. jonathan:

alongside tom keene, im jonathan ferro joined by taylor riggs. we can talk about that a little bit later. equity futures on the s&p up 19th, advancing for 10th -- advancing 0.4%. tom: we spoke with michael purves yesterday. others begin to recalibrate, to take their earnings. the french luxury conglomerate. but there is benjamin laidlaw. i love what he says. it is a healthy pause. what we saw is not a correction. jonathan: 5% more common, averaging three year. history favors buying them. the fundamental outlook is unchanged. let us talk about this bond market. we went from 1.12 to 1.25 this morning. tom: a sigh of relief and may be more clarity on the delta variant. there it was a little bit of pandemic calm in the last 12 to 24 hours. jonathan: let us talk about the delta variant and united airlines. that did not sound like an airline too concerned about the future. kailey: a full recovery of demand by 2023. if you've been traveling, you would think there was a full recovery demand this weekend. w

tom: you sound like lisa. jonathan: lisa speaks the truth sometimes and sometimes you have to agree with them. lisa: sometimes. [laughter] jonathan: tom keene has come after you on twitter, have you noticed that? [laughter] tom: let's get away from the gloom and say you can't all be in cash. anthony ross -- anthony roth joins us now. let me picked up on what john said. you have an international cast and we have a rally that continues in some way, what does that mean for asia and pacific rim? anthony: it is good for asia and pacific rim. they are providers in commodities. that provides sources of revenue and profit for them. i think that is good for pacific rim and asia overall. you have a weird situation in china which is 50% to 60% of the market cap in that part of the world and they are marching to the beat of their own drummer now. whatever happens in china affects the overall scenario from a commodities standpoint. higher commodity prices are going to benefit. tom: your claim for the management of quite mo

tom: thank -- lisa: thank you, tom. then we hear from general motors' ceo, mary barra, to discuss the path forward for a company that has seen the price of their cars go up dramatically even though there seems to be a supply chain disruption. tom: but lisa, she's got to talk about the electric car. you've got to take them into the shop because the battery is going to blow up thing. lisa: the idea of some of the regulatory scrutiny from the u.s. government, the idea of what that bar is, and what the competition is like at a time when any type of regulatory scrutiny really dampens potential interest. tom: we welcome all of you on radio and television. this is the important conversation today of the emotion of what to do. you know the cliche. there is a wall of worry, and darrell cronk is esteemed and able to write about it at wells fargo. he's their chief investment officer. i love your note because you go to the emotion of this. forget about the textbooks. forget about all of the fancy stuff. you say here are the worries

tom: yeah. i don't know if it is october or january, i don't know, but my major issue this weekend is the three of us have to decide our strategic plan to be financial influencers. this is something i have been studying. jonathan: i saw that story in the bloomberg this morning. some of them are making some really decent money. are you going to charge for content? tom: i don't know. do i do a cooking show? jonathan: i think you have to tell people why the best path forward is to stay in cash. every single meal that you prepare, you just finish by saying stay in cash. tom: that is good. i love it. jonathan: i don't know if you need any qualifications to make that investment advice. tom: which pub are we going to? jonathan: from new york, this is bloomberg. ♪ jonathan: live from new york city for our audience worldwide, heard on radio and see on tv, i am jonathan ferro. rounding out the week with a marginal week of gains into friday morning. equity futures down three points. negative almost .1%.

tom: there is. jonathan: there we go. tom: thank you so much. on radio, the chart from the upper left to the lower right, as mr. gartman would say. right now, jim o'sullivan with us, chief u.s. macro strategist at td securities. i want to piggyback on what we heard from julia coronado earlier this morning with macropolicy perspectives. she thinks the auto industry is so messed up that she is the really partitioning american gdp for what we get, and adjusting for a beleaguered auto business. are you doing the same? jim: there's no question that auto is an extreme case. you could talk about the growth side, you could talk about the inflation side, but particularly on the inflation side, so much of the net pickup in the inflation has come from vehicles, particularly used vehicles. that is also a semiconductor issue. no question that has been a part of it. we saw in the industrial production report this week, there were other factors in there, too. tom: are you able now to get beyond into q1, q2 next year with a tone of optimism on gdp, or is it a v

tom: it is a huge deal. i am going to go to the german response of what the prime minister says about their urgency in the u.k. what does it mean for us? jonathan: the cost of travel. you have to pay for the ticket and the four tests. it is expensive. lisa: there are people who will come to you for a fee. it goes up as you make war tests. jonathan: it is good to see you. over in the u.k. right now, the prime minister facing a testy prime minister question time. ordering a probe into the alleged downing street christmas party. if rules were broken, there will be disciplinary action. tom: what do you make of the dv out -- the devaluation of sterling? jonathan: clearly some nervousness around rate hikes into weakness. that is the concern, or at least it has been over the last few months. facing down the prime minister, boris johnson. more to come. the s&p is up. tom: john, you're talking alabama football with a british accent. jonathan: one heck of a quarterback. tom: crimson tide is not for dishwashing. jonath

tom: brian kelly, thank you so much. i will tell you, of all of the internet people, and has changed our lives more than anyone. kailey: absolutely. points are everything. that is why i have the credit card i do. i want to know what your net worth in points is. tom: the numbers are so large it is impossible without lawyers. we will not go there. kailey leinz trying to visit all six continents this year. kailey: i've not touched antarctica yet. tom: futures down to -25 on spx. tiffany wilding at 12:00 after the 10:00 economic data. stay with us. 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

ashley's and tom's. she'd invited her co-workers -w like andrea. >> it was casual but she verbally told everyone at work, like you should come. >> they worked together at a rehabilitation hospital where ashley was a respiratory therapist.is >> she was crazy, nice. >> crazy. >> spunky. yeah. just full of energy.>> she was a happy person. she laughed a lot and joked. >> their friendship was new. andrea didn't know a lot about ashley but had listened to her chatter about jobs and marriages and the three kids. the youngest of whom was born with a dangerous condition called hydrocephalus which causes life-threatening fluid build-up in the brain. >> she talked about it a lot. >> did she? >> but i didn't get the impression she felt burdened by it by any means. that was the cards she was dealt. >> in fact she embraced the challenge, said ashley's mom, jenna, became a public advocateh >> she went to washington, d.c. in the fall of 2011 to speak before congress for funding fork hydrocephalus so she had a full plat

tom: good question. come on, barry. [laughter] lisa: really, tom? barry: i think it would be great if you can implement it. there's just a lot of challenges with it. i think in the u.s., given the vaccine is really already knocking down the hospitalizations, i don't know how necessary it is going to be. when you are traveling between countries that maybe one or the other has still a lot of infection, i think it makes sense. tom: i've got to go to the pride of gainesville, texas. are you happy with the opening up of your texas? can you support the governor, or do you need to see a different strategy in your texas? barry: if you look at the facts, i know they got rid of the mask mandate, and last week their cases hadn't changed materially versus some other states. so there is something else going on. i'm from texas and i will always be proud of being from texas. jonathan: don't expect that to change. good to catch up. did we say frontier or front air ? tom: we say british airways. ryanair. frontier. jonathan: 90 minutes left. neil dutta, renaissance m