johnson and alix steel. ♪ guy: thursday the ninth. 30 minutes to the close. the lady is not for tapering. eurozone bonds rallying as christine lagarde says the ecb pepp program will continue to buy bonds at a moderately slower pace. we will discuss that in just a moment. easyjet slides as it signals it will raise $2 billion in stock and debt. the european carrier also rejecting an offer from rival whiz. -- from rival wizz.

taylor: -- my goal for the next hour. let's get a gold here in the market check on where we are in these markets. sort of seeing an improvement here on the tape, 4523, and an increase in this reflationary trade with the russell 2000 as well. that has really seen improvement in the last hour and a half. you are seeing bonds catch a bit of a bid. coming up at want to talk p.m. on a 30 year bond auction. we had a successful 10 year bond auction yesterday, but this is a very stable 1.9 5%. crude markets are turning around a little bit. you have been nailing this about the energy markets all week. china releasing some of their national reserves, all in an effort to help combat some of the rising raw material prices

we have been seeing. we saw that in the ppi numbers with them overnight. but crude turning around, trying to hold onto a $70 handle. guy: we are going to keep and i'll those energy prices. i guess it is all about the weather now. the ecb deciding it is going to slow down the pace of its pandemic bond buying program. the ecb had christine lagarde speaking about that decision earlier. >> the rebound phase in the recovery of the euro area economy is increasingly advanced. inflation increased to 3% in august. we expect inflation to rise further this autumn, but to decline next year. the new staff projections for the annual inflation at 2.2% in 21, we see the risks to the economic outlook as broadly balanced. that gives us the confidence to take the measures that we have taken, which is a recalibration

of pandemic emergency purchase program for the next three months. guy: broadly, the market got what it expected i think here. we have seen a dip in peripheral bonds, btp's bid today. yields coming a little bit lower , may be on balance a little bit more dovish from the ecb then maybe some anticipated. the line that really stood out was that the lady is not for tapering, a nod to margaret thatcher back in the 1980's. joining us is bloomberg's senior executive editor for economics. stephanie, very nice to see you on set. thank you for joining me in person. she described it as not being a taper. why is this not a paper -- not a taper? stephen: wealth -- stephanie: well, it is a recalibration. actually, the ecb has a lot more flexibility in that pepp instrument than the fed has, if you think about the debates

around tapering. they have this capacity at the ecb to be recalibrating, to be going back to the rate of asset purchases you had broadly in the first part of the year without sending some big signal about what is going to happen to all asset purchases. you know, the original app program which we continue into next year, and without raising all those questions about when they will be raising it. she did recalibrate and reduce the amount of purchases from the pepp without setting off a great signal that they were moving into a direction of rate rises or anything else. they didn't want a lot of drama and the markets, and they didn't get it. taylor: you also draw some comparisons to the differences within the federal reserve as well, that there's this global theme that central banks continue to tell us that inflation is transitory. are you seeing that as well?

stephanie: i think we know there's two parts to that. you have the obviously transitory elements of inflation that come with just ramping up output again. some of those mismatches in the first part of the year where people were buying goods because they were still not going out to restaurants. now you have this sort of shift into the service sector of the economy which is happening at different paces. it happened first in the u.s., maybe then the u.k., and no more slowly in the euro zone. that has also produced its own price rises, staff shortages, those kinds of things. the key issue for anyone watching the ecb is not so much that transitory inflation. it is what they thing about the long-term future. i think there will be some, including our senior eurozone economist david powell, who say, is she really showing that the ecb is determined to follow this new strategy review, really committing to acting with super loose policy until they see the whites of inflation's eyes?

some would say she stepped back from that today. guy: when we get that answer further down the road, may be december, the pepp program is limited in its nature, in terms of the amount and duration, so ultimately we are going to see it come to an end. at that point, we will see it merging with the app program. maybe we get more folks ability with the app program, maybe we see an increase in size with the app program that could carry on for a much longer period. this kind of comes down to the question we have been talking about, whether or not we are going to see an ongoing commitment to the symmetrical nature of the inflation target you talked about. stephanie: i think that is right, and i think she has kicked a big debate down the road into december. we often have members of the governing council coming onto bloomberg television and seeming to have their arguments aired on the tv or on our wire, the hawks and the doves. we certainly had plenty from the

hawks over the last few months. people wanting to see policy start to go on that pastor normalization, at least by -- that path to normalization, at least by the end of the year. perhaps that will be that moment when you need to see the ecb doing something you wouldn't have expected them to do if we didn't have the strategy review. we should be exciting them to hold policy looser for longer if they are really serious about the change they took in the strategy review. it is not clear that she's got the support right now to do that. guy: in terms of -- sorry, taylor, go ahead. taylor: no, please. guy: ok, in terms of the process we are going to see unfolding, as we think about how pepp becomes back into app, what needs to be taken from the flexibility they have allowed themselves at the pepp into app? if you are greece, if you are italy, some of these peripheral countries, what do you need to see continuing that will allow the ecb to have the kind of flexibility it may need?

stephanie: there's going to be that debate in december, about what kind of open-ended promise they make. at the moment, they have something which the fed has no managed to extricate itself from, a suggestion that the app, it won't be long after the end of asset purchases under the app that you will have rate increases. if you think about it, that does tie the ecb's hands, and isaac there's quite a few people who would like to see that connection broken, that you could end the asset purchases without immediately sending a signal about the proximate he of a rate rise. i suspect you will hear the sort of greek voices, the spanish voices coming out concerned about what that would mean for yields particularly at the periphery if there's a sort of hawkish note coming out in december. but battle lines will be drawn. taylor: thank you as always, stephanie flanders. we have some pretty significant breaking news. this coming from dow jones.

where waiting to confirm it independently, that microsoft is now indefinitely delaying the return to u.s. offices. they will not set a new date for the headquarters reopening. microsoft now fully abandoning their plans to fully reopen headquarters next month. again, this is according to dow jones. we will wait to confirm this independently. but when you think about all of the companies, remember, this is labor day week in the u.s., reopening, coming back, this was supposed to be the big month. a lot of tech companies said maybe january given the delta virus. this sort of fully confirms january was an arbitrary date, and i think a lot of companies are now even starting to give up on that. guy: it is going to be really interesting to see the divisions between different sectors within society and the economy. microsoft obviously heavily dependent on it. it can position people

wherever they want. if you are a car company, if you are at the lower end of the income spectrum, you probably have to go back to the office -- well, not back to the office, back to work. this is a debate starting in the u.k. at the moment about whether or not actually, society is tailoring our return to normality based on those that are office-based, that are intellectual property based, and it is going to be a very different story for some of those at the lower end of the socioeconomic scale. taylor: and there i say it, in journalism, we require that you be here today and with me maybe tomorrow, so certainly a lot of news on some of these office reopening's. we will continue to bring you those headlines. in the meantime, we are going to get back to the markets, back to that take on the ecb decision. hugh gimber, jp morgan global market strategist, joins us

next. this is bloomberg. ♪

>> the lady isn't tapering because what we are doing is recalibrating pepp, which i will remind you is the pandemic emergency purchase program, and we are recalibrating just as we did back in december and back in march. guy: president lagarde speaking in frankfurt a little earlier on at the news conference the ecb delivered today. recalibrating, not tapering. the balance sheet continues to grow. we have already understood the size of the pepp program. it is just the pace at which it is being delivered.

but ultimately, significant amount of liquidity still being pumped into the system. the fed still doing it, the ecb still doing it, the bank of japan still doing it. so there's still a huge amount of liquidity sloshing around the financial system. you've only got to take a look at the ecb balance sheet just to realize how substantial it is and how much it has picked up during the financial crisis. that chart really laying out exactly what has happened. that will continue for quite some time. we are going to see reinvestment . the balance sheet will remain elevated. so what is the message out of all of this for investors? what should we be reading into a slightly slower pace in terms of the buying that is going to be delivered from the ecb? hugh gimber, jp morgan local market strategist, joining me on set. this almost feels like a normal day today. stephanie was standing there. the podium has been cleaned since then. thank you for coming in and joining us. let's talk about what signal we should take as investors from what just happened in frankfurt.

hugh: today is a tough one because you look at what lagarde has tried to do, the meeting today has gone well. you have seen a fairly muted market reaction. no major problems out the ecb today. but they have pushed out the hard discussion, the hard decision to december. i think the problem for investors is when you asked what the ecb are now trying to achieve, it is a step back from what we heard seven weeks ago. we knew that the goal was we are defining our inflation target in a different way. we are determined to get back to target. now i think there is a risk that investors look at this decision today and say, hang on, maybe this is a taper, and maybe they are not as committed as we first thought. so it fuels confusion, i think, and a risk of misunderstanding as we move towards that december meeting. taylor: what does this mean for all of the signals central bankers are giving us about peak growth in behind us? what you do with that in terms

of a market perspective? hugh: i think that means that the easy gains in the equity market are now likely behind us. we still see scope for further upside, but i think it is a bumpy path as we head into the winter. really now, you are looking at focusing on where you are going to see earnings growth delivery. i still think the prospects in europe for that are pretty reasonable, but certainly when you look at some of the frothy parts of the market, some of the more expensive parts of the market, that is where more questions are going to be asked as we start to see the outlook just becoming a little bit less clear as you move into the autumn. guy: how much of that outperformance is premised on the idea that the ecb doesn't do what it said it would do seven weeks ago and deliver upon the symmetrical target? i.e., we've still got along way to go before we get to the kinds of inflation numbers on a sustainable basis that we would be comfortable seeing, 2% basically? we are still a long way away from that. if the ecb is committed to that,

presumably that means that liquidity on this side of the atlantic will be greater than on that side of the atlantic. is that basically the concept we are talking about? hugh: i think that is right because there's ample liquidity still in the system. i completely agree with that. but what is becoming more clear is that you're going to see divergent paths from central banks over the next couple of years. so you look at what the fed is doing, look at what the bank of england are doing. where they are going to be at the end of 2023 now starts to look very different to what we are hearing from the ecb or the bank of japan. so i think particularly from a market perspective, from a rates perspective especially, that decoupling is likely to come clearer as we move into next year and people start to focus on the different ability of central banks to be able to remove that stimulus. taylor: you mentioned rates. we were having this conversation with seema shah earlier, of how anchored rates have been and may be how much of a tailwind that has been to equities.

so when you think about this divergence you just alluded to as rates start to rise, when does that start to become a headwind for stocks, or is that also signaling higher growth? hugh: i thick it is signaling higher growth. for me, this is less of a headwind for the broad market, but more of a catalyst for rotation under the surface. when you are looking at the prospects for a return to value outperformance, for example, i think we are pretty hopeful that you are going to get back to another period of cyclicals outperform defensive's, value outperforming growth. i think the key earlier this year was the period when yields were rising, provided that base case is rise, you are likely to see treasury yields rise over the next six to 12 months. not a major problem for the s&p overall, but it does suggest there is more scope for cyclicals and value to perform more strongly than the gross leadership we've had over the past six month. guy: why am hearing increasingly

is this idea that you don't take money off the table. you just move it around the market. is that what we are hearing here? you just need to be re-thinking about where you are putting it? is that essentially what you are saying? hugh: i think that is right because if you look at your other options, german bund yields still not going anywhere today. you look at other options around the world, i think it is difficult to make a case to be majorly reducing equity allocations. but it is right to be recalibrating, to be fine tuning thinking about where you have seen leadership over the past six months, which perhaps isn't going to be sustained. so this defensive leadership, this gross leadership that has been underway for the course of the summer i think is one area to question now. taylor: hugh gimber, jp morgan asset management global market strategist, always appreciate your thoughts. thanks for joining. coming up, we are going to battle it out again. it is all about the battle of

the budget airlines. easyjet rejecting a takeover bid from rival wizz air. what does it mean about future consolidation in the industry? we do the debate next. this is bloomberg. ♪

guy: welcome back. let's talk about what is happening with easyjet. taylor says it is my easyjet, but i will fly with whoever. get me on an airplane, please. a couple of reasons why the stock might be down, one of which is they are making a huge cash call. the other is that they are

rejecting a takeover approach which we think public came from wizz. joining us is daniel roeska, sanford bernstein senior analyst. do you think they should have been quite so quick to dismiss this takeover offer? we've now had a very diluted offering about to be present it to shareholders. daniel: you've got a new chairman and a new cfo at the home, so if there is a time to do the rights issue, it is right now. if what easyjet is saying today is correct, which means the price of the offer was really low and there were a lot of conditions attached to it, it is probably right to say no at this time. taylor: generally, what are you hearing about what this means about consolidation and the pressure to consolidate? daniel: a lot of people have been hoping for more activity on that front in europe, but i will

mind -- i will remind everybody that it is europe, where you are never getting 28 different navigation laws. so consolidation is difficult in europe, and this is the hope, that there may be more of a path for consolidation. but also, consolidation does not serially mean fewer planes. what this sector really needs is fewer planes. guy: how would wizz and easyjet fit together? i know the ceos of both companies. the culture is a little different. [laughter] daniel: that is probably a good understatement. i think the industrial logic can be very sound. the networks don't overlap too much. you've got wizz in the east, easyjet and the west. easyjet is addressing a somewhat more upscale traveler. there are some differences which i think should not be eradicated

if you go for a combination. on aircraft purchasing, on airport negotiation, on route coordination, i think there's good industrial logic and can probably take 10% or 15% unit cost out of easyjet, which would make this worthwhile. guy: coming back to consolidation, i struggle to see how consolidation works given the route that air france klm, that lufthansa has taken. i think ag would struggle -- think i ag would struggle significantly, and there's the ownership requirements as well. how many options are there for consolidation? daniel: i think there are very few meaningful options. this combination is something we have talked about last year when the crisis started as one of the very few supported by an industrial logic. you've got a lot of other airlines out there which at least in part exist due to national interest or infrastructure regions --

infrastructure reasons rather than commercial reasons. it is part of their story. so there really aren't that many meaningful entities out there who could consolidate. i think if you got a combination of the sort that wizz and easyjet, it would maybe signal to other smaller airlines out there that it is a lost cause, reducing the pressure of more airlines coming in, more planes coming in in the years to come. guy: daniel, always a pleasure. thank you very much, indeed. we will see what they share price reactions have been in a moment. the european close is coming up. we will deal with the details then. this is bloomberg. ♪

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guy: we are wrapping up the session in europe.

a little bit of underperformance coming through from the london market. a more positive pound but you are seeing some of the commodity stocks under pressure. seeing bp and miners coming down. it is also thursday. everywhere else on the continent, little flat. the dax only up .1%. the cac 40 up .2%. luxury stocks outperforming a little bit. remember we were in the mid-70's, now the high 60's. a little bit of a pullback. we peaked a little bit earlier. we are fitting that into the close. a flat session. the action has been elsewhere. the commodity markets are interesting but today it is currencies and bonds that are the focus with the ecb story.

we did see a lot of volatility around christine lagarde's comments when it came to the euro. euro-dollar 1.1820, now basically back to unchanged. btp, a bit. peripheral bonds outperforming. the sense is the market believes christine lagarde and the ecb more dovish than anticipated despite the recalibration of the pepp program. the fight in december. the pound up more against the dollar. some of that through the euro channel as well. a factor behind the underperformance we are seeing out of the equity market today. let's show you what the sector breakdown looks like. fairly even split. at the top of the market you have real estate and luxury stocks. the bottom end of the market, luxury, basic resources, that is the drag we are seeing.

individual names. we talked earlier about what is happening with the gaming sector in china. the severe pressure that sector is under. one of the ways we can see that translating into eat european and u.s. markets is some of the tracking stocks. tencent out of the netherlands -- it knocked down out of the damage done to tencent. we talked about the dilution being done to easyjet. you see this being done ahead of a very difficult winter. winters are always very difficult for these kinds of carriers. they are raising money, as a result of which this is a moment they have decided to strike. the dilution will be substantial in terms of what we will see. will everyone be going along with it. these are questions to be answered. there is morrison out with numbers.

we have an m&a story. there is a scene of get shortage of truck drivers in the u.k. that is starting to crimp profitability. there is an e-commerce platform they're rolling out which is tricky. there was the pandemic as well. that was a real challenge. people not showing up for work. these are the morrison numbers. taylor: is a morrison story and the truck shortage you alluded to is global in nature as well. nishant choudhary, alpha value senior analyst for retail joins us now and has a reduced rating on the stock. talk about morrison and this idea that higher inflation already on an industry that runs on such tight margins, what does this mean for you? nishant: the main point is i would not put too much in the numbers [indiscernible]

there is no long-term issue on the stock. we know these issues will be solved and they will be solved in the next few quarters. the main challenge for the stock is two fold. how's it going to take care of its issuers and are we going to see any new option of any new escalation in the price for -- in the price war? [indiscernible] guy: see dnr and fortress committed to the business. they say they want to take it over. they say their current offers are not final, as a result of which it looks like we will see an auction process. morrison closing at 292.4 today. nishant: i did my math last

evening and i would be surprised if we see any price to the north of 300.5 per share. the last we saw were 25 pence. that stock is not cheap. [indiscernible] the only hi i'm expecting is if the fair market value of the company for morrison is much higher -- number two, if that person decides to maybe take a risk of accepting below 10%,

which would be not an easy task to achieve. taylor: talk to us about some of the industry-specific issues, the labor truck shortage. this feels very global in nature. some of the supply chain issues. when you think we can be through the worst of that? nishant: it is all linked to how the u.k. government [indiscernible] if they stepping even now and they take steps like issuance of short-term visas for the workers who have left the country due to covid. if they are somehow brought back -- number two, we have something [indiscernible] that issue has been partially solved around august, but still

the government needs to take steps because truck driver shortage is a big point, especially if you see that in the next three to four quarters. if these players miss at this part of time, that will not be taken lightly by the market. guy: let's talk about that. anecdotally i am starting to hear people talking about christmas and they are concerned about whether or not there will be shortages. maybe food, may be presence. -- may be presents. if we do not see a resolution for some of these issues, how impacted could profitability be if the retailers are not able to put what consumers want on the shelves. nishant: [indiscernible] a lot of supply comes from the

part of southeast asia. we have seen escalation. also we have seen the pricing of train containers. these are the issues which these players do not take care of on their own. number two, if we continue to see a demand hard to meet, most of these players will be required to -- if we see increased prices in the short term, we submit -- we can also see an impact on the consumer. guy: interesting stuff. the next few months will be fascinating. the government decision will maybe make it easier to get a truck license will not come in

time. nishant choudhary of alpha value looking at morrison and the wider retail sector. breaking news. we were talking mom to go about the u.s. airlines -- we were talking a moment ago about the u.s. airline sector. united out with comments that the delta variant has delayed the recovery, pushing it out to 2022. they are seeing some stabilization in short-term bookings. it is almost hand to mouth at the moment. when you are seeing bookings they are very short-term. a lot of volatility in the bookings. it is hard to get an idea of what happens to the airlines in terms of the longer-term trajectory they are on. united up 3.6%. european stocks, we are now the ion process. performance coming through the ftse 100. let me check the fed chart to see what action we had during the auction.

we have faded into the close. this is bloomberg. ♪

ritika: this is the european close. you're looking at a live shot of the principal room. coming up, an exclusive interview with espn chairman at 1:30 in new york and 6:30 in london. this is bloomberg. taylor: president biden is expected to announce requirement for all federal workers and contractors to be vaccinated. this is part of renewed push to control the covid-19 pandemic. it will be speaking at 5:00 new york time today. we will be carrying that speech. let's get a preview and take a look at the d.c. landscape with libby cantrill, pimco head of u.s. public policy. i have read a lot of research

notes that say may delta is behind us. we get more calls from mandated vaccines. with this speech tonight, do you think that will be enough to get us through the final push of those who have not been vaccinated? libby: we will see. what this speech will underscore is in some ways the limits of federalism. there is only so much the president of the united states can do. much of the covid policies, whether they're mask mandates or vaccine mandates or at the state level or the private enterprise level. biden can certainly come and i think he will try to use the bully pulpit tonight to try to urge people to get vaccinated and do what he can in terms of requiring federal workers and federal contractors to get vaccinated. it will underscore the limitations of what he can do.

politically speaking he is doing this because he has seen his approval ratings decline, both his general approval ratings declined by five points, but also his approval ratings around the handling of the virus. still above 50% but declined by 10 points over the last two months. there is a recognition within the white house they need it look like they are getting out in front of it, although what they can do is somewhat limited. guy: let's talk about the things going on in d.c. the president has a number of plates to keep spinning. what is happening with the spending programs he is trying to push very much bogged down. does he need to put the vaccine story and the virus story back on a more even keel so he can focus his attention elsewhere? is that what he is trying to do? he needs to get some of these things sorted. libby: i think that is right.

he is trying to substantively and also from a productive perspective to look like he is doing what he can. it relates to the fiscal situation. he does have a lot on their plate. the market should be paying attention to. the government funding bill expires at the end of september. if that is not renewed the government will shut down. there is the debt ceiling limit. that deadline is in october. there is a bipartisan infrastructure bill and a reconciliation, spending, and tax bill that needs to be addressed. a lot going on. you are right that biden is trying to do what he can on covid and trying to plug that h

ole. there are lots of other balls in the air to be sure. important for the democrats, failure is not an option. they have to do what they can and show they can government -- show they can govern. letting the government shut down or letting the debt ceiling be breached would be anathema to that. also the bipartisan infrastructure bill at the reconciliation bill, i think you'll see a lot of focus. the view that failure is not an option going into the midterms where democrats will be on their back foot. taylor: with those bills comes the potential for higher taxes. i'm curious if clients are asking you or the portfolio managers who sit next you at pimco are asking about the impact higher taxes may have on overall sentiment? libby: yes. this is one of our number one

questions that our clients are asking us, both because they care about the implications for the markets, but also the applications for their own pocketbooks as well. our long-standing view has been we would see tax increases, probably signed into law by the end of the year, likely not to be retroactive. they will be significantly watered down from what president biden has proposed. a corporate tax increase, around a 25% level. in terms of the capital gains, which has market implications, probably lower than what president biden has proposed. we will see tax increases. that could weigh on risk sentiment, but probably significantly watered down in order to get through the very narrow majorities biden has in

congress. guy: you say investors are not paying attention to this enough. why do you think that is and what risks are they ignoring? libby: as it relates to the debt ceiling, everyone is seen this movie before. we have seen folks try to take this hostage. if you're not willing to shoot the hostage, it is likely a false flag and that is what we saw in 2011 and 2013. we are expecting this to be posturing once again. when push comes to shove, congress will address it. the risk is we could get very close to the so-called date without any movement and then you will see the market start paying attention. if we look historically, usually the week before the date where the deadline has to be increased is usually when the market start to pay attention.

i do not think they are completely complacent or sanguine. they have been patient because they have seen this movie before. there's also a risk we get closer to the deadline than folks expect without any resolution that could be a source of volatility. taylor: try not to get too much in the weeds, but the salt tax has continued to vex democrats. what are we hearing about. is that a real issue included in some of the bills? libby: this is a state and local tax deduction which folks in california and new york and other high estate taxes know very well. that deduction was eliminated towards the end of 2025. it is supposed to come back online in 2026. the democrats in those states in particular have been pressured to provide some relief, a bridge until the 2026 end date to provide relief. president biden did not say

anything in his own tax proposal, understanding this is the third rail. this benefits those who are higher income earners and not the population joe biden is saying he is trying to support. tactically speaking members of congress and democrats are representatives from those districts. they are insisting we get some salt relief. practically the way this ends up as we do not see a total reinstatement of the reduction, but we see some relief, the $10,000 current cap possibly lifted to $20,000 or 30,000. splitting the baby a bit between joe biden and congional democrats. guy: what will matter on the eve of the midterms? will be whether or not the president has a handle on the virus and we do not have a tough

winter and we get into next year and we start to get back to normality, or is it going to matter more that he passes all of the spending bills and ultimately we see a huge amount of fiscal largess rolling its way around the country? libby: i think all of the above. i also think afghanistan, even though americans have pretty short memories when it comes to foreign policy issues. if that continues to deteriorate , there is an insurance incident that comes from that, that could also be a big headwind for democrats. it is also the perception of competence. i think it is something the democrats and president biden ran on, the back to normalcy, the back to normal governing. voters will want to see that. all of those things, from a handling of the virus in the

passage of the big bills will be important to that narrative for biden and the democrat. taylor: libby cantrill of pimco, always smart taking us through any implications for the market. much more is up next. this is bloomberg. ♪

guy: let's set you up for your next 24 hours. how the house ways and means committee kicks off later. pay attention to the president as well. to the ring remarks at 5:00 new york time. he is pushing forward with his plan to fight the virus, mandating federal employees have to be vaccinated. a lot of fed speak coming up. william speaking and kaplan

speaking. a lot to listen to there. taylor: all ahead of big economic data we are getting in the u.s. as well. ppi, wholesale inventories, how much of this inflationary pressure to we see in the u.s.? and then german ppi, you can industrials. -- u.k. industrials. all of this as we think about inflationary pressures and we go back to central banks, a russian rate decision as well. take a look at this. congresswoman nikema williams, democratic representative from georgia joining "balance of power" with david westin on bloomberg television and radio. guy: i will be going to bloomberg radio and talking about what just happened with the ecb on the cable. taylor, as . this is bloomberg. ♪

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>> from the world of politics -- >> inflation is hurting families across this country.

this has to stop. >> to the world of business -- >> capitalism needs drivers of success. >> this is "balance of power" with david westin. ♪ david: from bloomberg world headquarters in new york to our tv and radio audiences worldwide , welcome to "balance of power." we start the day in washington where they are making news already. already the white house is issuing a directed -- issuing an executive order. we turn to joe mathieu, our washington correspondent and host of sound on on bloomberg radio. tell us about this mandate saying federal workers need to get vaccinated. joe: a mandate we will hear more details about later on today. at 5:00 wall street time president biden will address the nation on covid.

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