tv Bloomberg Surveillance Bloomberg September 16, 2021 7:00am-8:00am EDT
♪ >> at the end of the day, it's part of the business that wins out. >> the fed the pedal to the metal, and inflation is down the list of worries. >> as china keeps slowing down, that is going to keep causing problems for the fed. >> i wouldn't be shocked if we get a correction. we are going to have one at some point. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: retail sales 90 minutes away. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures down six after yesterday's rally. we are down a little more than 0.1% on the s&p 500. it is about claims. it is about retail sales. tom: of course, all of this to the fed meeting and what it means for the stock market. if you are getting out of your
car on bloomberg radio, stay in your car. if you are in the living room and going into the kitchen to get a glass of tang, don't, because anna han is coming up with the sharpest note wrapped around that economic data. it is the way they get there. they have the acuity that is really unique. jonathan: lisa, one of the big bulls on the street right now going into year end. lisa: everybody is sort of expecting maybe a little softness, and even the people who had previously been a little more bearish are getting more bullish. even the bears are buller bears then they were before. the narrative is not changing for people depending on the data. it is really just what your view is going forward. jonathan: tom is having a great time, lisa. he's enjoying the week. is flying by for him. not flying by for me. jonathan dollop of credit -- jonathan golub said, why do we
need to get a correction? lisa: because people want it. i think at this point, people think perhaps we need to stall, we need to restart and see the data coming in stronger. what people are saying is that right now, markets are not reflecting the weakness in some of the economic data, and whether some people are saying that is because everyone is looking past it and some people are saying it is not reality, those are the two bifurcated views right now competing against each other. jonathan: the view from hsbc that we are not praising in right now, super divided still. we are do a correction, that seems to be -- we are due a correction, that seems to be the consensus view. let's get to the price action. we are negative almost 0.1% after yesterday's decent move higher on the s&p, with a nice
cyclical bias. in the bond market, yields higher to 1.3073%. there is some dollar strength out there. euro-dollar, $1.1767. lisa: this doesn't really seem to fly in the face of a bit of bullishness. today, august retail sales. we are focused on how much power there is behind the consumer. this does come with initial jobless claims around the same time. don't pay attention to the noise. that is what analysts are saying , typically because the hurricane does muddy the waters and speed to -- and lead to a higher unemployment rate. we might see a spike in the trend. at 9:00 a.m., our own jonathan ferro on bloomberg television, interviewing cisco systems' ceo. [indiscernible] tom: -- jonathan: just let it go. lisa: the reason why i am
promoting this, i actually think this is good. [laughter] this is someone at the epicenter of a lot of the changes, upgrading software. 10:00 a.m., we get to live inventories data. this feeds into the idea of supply chain disruptions and chip shortages. how much does this force businesses to stock up more than they otherwise would do race to get ahead of the holiday season? jonathan: lisa, thank you very much. tom: let her do the interview. [laughter] jonathan: chuck is a good friend of the show. lisa, drop by. anna han joins us now, wells fargo securities equity strategist. your call is fascinating. 4825 gets your attention on the s&p year-end, but the next year, 4715. let's talk about the bullishness into year-end and the nuance
through next year. anna: i would say the bullishness for the next three months or so, what we are doing to get there is not just a one approach. you know i have been long cyclicals and the reopening trade. what i am asking folks to do now for the rest of this year is to take that multifactor approach, add on the little bit of that low volatility defensive taste to that portfolio to whether through that uncertainty with the timing of tapering. i think that combination is going to be a nice sweet spot for the rest of the year. tom: we protect the copyright of all of our guests religiously. get her note through wells fargo. it is the single most concise bull market note i have seen this year. got an earnings juggernaut out to 238. you do it with multiple compression. you are the first publication i have seen under 20.
can this market stay a bull market with a 19.8 pe? to me, that is massive multiple compression. anna: we think that multiple compression comes in in 2022. for this year, we still think multiples are probably around 21 or 22, and the reason why we have that compression for next year is because we think that the amount of growth we had coming out of this recovery has been accelerated. tom: i am going to cut you off there. this is so important. you are telling me the second derivative of earnings growth right now in profit, wherever on the income statement, is a positive function? anna: for this year, yes. and i still think we are going to see that earnings growth next year. but the pace at which that second derivative is a deceleration in the velocity here that we are talking about, the reason for that is when you have such good news and that
fervor drops forward, you are going to see that impact, and we are taking some future profits. that is why we think 2022, a little less peaky story. but for the next three months or so, we still can get is going to be up. lisa: do you think this is predicated on the idea that companies will be able to pass along increased costs to consumers? anna: it is hard to say all, but i see your point. so far, companies and corporate's are saying that they are able to maintain margins, pass along those input prices. but that is a weak spot and a risk we are looking at very carefully. going into this earnings season coming up, i think that is going to be one of the spots we look at and pay attention to the most. lisa: what do you think is the potential risk factor, an addition to the margin pressures? one is from a debt ceiling debate that goes awry. people have been flagging that is the most likely disruptor of this rally. what is your view? anna: i agree.
having this kind of overhang, there's a lot of uncertainty going on not just in domestic policy, but international policy as well. you are seeing that mix into the witches brew and causing people concern, causing additional volatility. it is going to be a bumpy ride. but when you focus on the fundamentals, it helps you focus when you really look at corporate health. you're going to see that corporate's are strong. they still have a ton of cash. they are putting that money to work, and they are doing what they need to do to have that earnings growth that we expect, not just this year, but next year as well. jonathan: bigger market into the year-end, slight down market through next year. that is the call at wells. can you help me understand what to own on the months to three month rally you are looking for into year-end? anna: i think you hold onto that covid beta. i think you hold onto that cyclical trade. but at the same time, keep something to whether the low
yield and that stubbornly low yield we have been seeing. what is interesting is you have seen real yields come up about 25 basis points over the last month or six weeks. i think that trend continues. but with that yield volatility, you want a little bit of that defensive in there, so that barbell multifactor approach, stick with that. jonathan: people confuse us all the time. and i, thank you. -- anna, thank you. futures on the s&p down 0.1%, down 0.4% on the euro. tom: you look at the bulls, golub, anna han, lately, all the rest -- laidler, all the rest of them. that is the most acute note. jonathan: 4825 year-end, 4700
through next year. that is interesting. there is some nuance there. tom: there's a ton of nuance. what i see is the earnings call at 2:38 is just extraordinary. jonathan: the multiple contraction. tom: john dollar i think -- jon golub i think is at 20. lisa: i also think margin compression is going to be one of the key issues to watch. it is the dividing feature between bulls and bears. much can they offset the degradation of martians that people are pretty pretty broadly? you can say it is gloomy. i can say it is realistic, given the fact that input prices have been increasing. jonathan: that's what the bears always say, that the gloom is just realistic. lisa: it is one thing to be a bear and say sell everything, go to triple leveraged cash. it is another thing to say here are the nodes of caution to be looking for. jonathan: what about the nodes of upside risk?
lisa: the nodes of upside risk is if washington, d.c. passes the stimulus plan that actually is stimulus, that doesn't have high taxes, that ends up without a debt ceiling debacle, and you have companies that actually are able to pass along margin costs. jonathan: there we go. it's nice just to get a fuller picture. lisa: do you feel better? jonathan: i think it is nice to get some balance on the outlook. tom: the pendulum of notes. jonathan: a wide range of outcomes we can experience. lisa: a pendulum of nodes. [laughter] look at those markets. tom: we want a three week vacation. they say no. jonathan: happy friday to you. [laughter] heard on radio, seen on tv -- it is thursday, really. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. this may be the start of a new era and human spaceflight.
elon musk's spacex has launched four civilians into orbit. it has been reported that -- is paying $2 million for the flight and also donating $2 million to charity. the latest cruise missiles tested by north korea were fired by a train, according to the country's official new tendency -- official news agency. they suggest that kim jong-un has a new option for attacks against u.s. allies in the region. there is continued squabbling between the democratic already's progressive and moderate wings asked democratic party's progressive -- democratic party'ss progressive and moderate wings. the push for $15 an hour federal minimum wage may have stalled in congress, but the tight u.s. labor market is making $15 the
de facto minimum these days. an analysis of jobs posted from spring 2019 to spring 2021 show that many service sector industries crossed the $15 threshold. the risk of battery fires has general motors playing it safe to get gm has told some odors that the chevy volt electric car -- pulled some owners of the chevy volt electric car to park the car 50 yards away from -- global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg area -- this is bloomberg. ♪
this does is allow the countries that share values on the rule of law's to come together. we don't wish to be adversarial towards any other global power. jonathan: there's a new partnership between the u.k., the united states, and australia to share nuclear technology. it is an important story we will stay on top of through the morning here on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market looks like this. we are down three on the s&p, -0.1%. jobless claims and retail sales one hour and 12 minutes away. going into that, yields higher by a basis point, 1.3090% on tends. euro-dollar, $1.1770. tom: we haven't talked enough about the yield today. the idea that we come into 1.30%, we have been gyrating, but i am fascinated.
if we get a transitory set of data today, what do we do? selloff to 1.26%? jonathan: since chair powell spoke at that jackson hole symposium. tom: it was virtual. jonathan: i don't think we get a game changer until we get a better view into 2022 and what policy looks like there and beyond. tom: i will go with it. jon ferro scheduled to be in the building for the fed meeting. jonathan: i am, you. i will be here -- i am, yeah. i will be here. if that a promo? lisa won't be. lisa: thank you, jon. [laughter] tom: we shift on washington news today. this submarine story is a huge deal. annmarie hordern has been reading on this, as jack fitzpatrick mentioned. i look at what open with the new york times" says -- what "the new york times" says.
they bet the ranch. what did australia but the station on in washington? annmarie: well, they bet it on joe biden, really. tom: they bet it on the president. annmarie: yes, and the u.s. president and the u.s.'s special relationship with the u.k.. before australia joined this partnership, it was quite a surprise. this was technology that is shared between london and washington. what was so interesting about this speech between the three leaders is the fact that they kept saying in the end of pacific it was clearly the elephant in the room, but they would not say that this was because of china had on. it was a bit complicated and the fact that now you see what is happening. the french are clearly very upset about this. even the foreign minister saying this is a stab in the back because australia was supposed to have and did have this
contract for some marines with france, and they are ditching that to now doing this new group with the united kingdom and the united states. tom: what is the back story for you? i know you are distracted by a lot of serious stuff like higher taxes, etc. but what is the annmarie hordern research item on this state department issue? annmarie: i think the research item is, one is really australia, does this mean for them that they -- for them it is very complicated, i guess is where i would start. i would want to know why they wanted to do this now with the united states when they already had a contract with the french. because doing this with the united states is clearly going to erupt a more emotional feeling from beijing. australia is already having issues with commodity trading with china. this is their biggest partner, and they cannot completely ostracize beijing if they want
to continue down a prosperous economic road. jonathan: let's go there. it's got a big problem. it is not just foreign policy. it is economics. where does the cover come from for that? annmarie: it is a great question. as the president said, his pal, or mr. prime minister -- we think he potentially forgot the prime ministers name, scott morrison -- it is a great question on economic coverage. does this mean the united states, the u.k. is going to help australia a little bit more with trade? because this clearly does set up a more adversarial relationship between beijing and canberra. it is very interesting to see what happens on that front. but clearly, australia is excited about this. they are in the good graces, you can say, of the united states. they will be meeting with the president next week, a quad meeting. the prime minister is now going
to have a little bit more of a strategic and closer partnership with the united states. that is the cover militarily. jonathan: i mentioned this early this morning, the editorial in open with the global times -- in "the global times," the chinese state affiliated media. if australia becomes military assertive, canberra will likely become a target to send a warning to others. that is the pushback this morning. lisa: that basically come australia will become a pawn in u.s.-china, which is a big concern for australia which is concerned about these economic issues. i am wondering about the timing. it comes with a backdrop of a very big domestic agenda facing increasing roadblocks. how much is president biden trying to use and ramp-up some of the disagreements between the u.s. and china, which are highly popular, in order to gain
popularity to push through some of this agenda that is stalling out? annmarie: i don't see this announcement as having to do directly with domestic policy, but it is a good point in the sense that they can use this as a way to push forward his build back better agenda. he's going to be giving a speech about that later this afternoon in the 1:00 hour. we have seen this time and again not just from the president, but other elected officials, about why there needs to be better infrastructure, better spending on cybersecurity, better spending on energy. they want to maintain competitiveness with china. but one thing the chinese will take on bridge with in this agreement is not just about competitiveness, but containment. this nuclear submarine agreement is about containment of china and the south china sea, in trade shipping lanes. this certainly has a little bit more of a foreign-policy tilt. but they will use it to drive home their domestic agenda. jonathan: annmarie, thank you very much. latest news coming out of punch bowl on the debt ceiling debate,
that yellen, secretary ellen -- almost called her cherry -- secretary yellen. almost called her chair yellen. how many times have you done that? senate minority leader mitch mcconnell had a phone conversation with secretary yellen on the debt ceiling. if you are a market for to spend right now, we are conditioned by experience. tom: exactly. i have grown up with hysterics in my household over the debt ceiling. you know what, it always gets fixed. i'm like, ok. chair yellen would say no, tom, that is not right. jonathan: keep looking through it. is that your view? tom: my experience is it is there, it will get fixed. lisa: most people in the bond market agree. however, there are disruptions that are real like the amount of debt in terms of the offset of qe because they aren't selling as much, because the debt ceiling hasn't been lifted.
that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today.
jonathan: retail sales and jobless claims one hour away. here's the price action on radio, on tv. this is "bloomberg surveillance ." equity futures down 0.1% on the s&p. the nasdaq down 0.2%. where's your dow, tk? tom: the dow is down. jonathan: brutal. real value add. doug kass writing and. doug making that's writing and. doug -- writing in. doug making the point, how can you have an accurate forecast when the range of outcomes is so wide? tom: what he's really revved up about is mr. september, brett gardner is doing it again for the yankees. jonathan: you want to do baseball? tom: brett gardner is doing it once again. that's why brett gardner is brett gardner. jonathan: your bond market looks
like this on treasuries. tom: great data check. [laughter] jonathan: yields up a basis point on tens, 1.30%. 30's, 1.87%. stephen linder -- steve englander thinks we are underestimating rate hikes going forward from here. switch up the board and i will show you. the call itself is interesting, but then you got to make a market call off the back of it. he once to play a market flatten are here. so you play the rate hikes into the belly of the curve, yields higher. then the curve flattens, fives out to 30's. over the last year, just 10 or 11 basis points, but a lot of chopped in between. tom: the belly of the curve is not in 10 or 11 basis points. jonathan: it is out 10, 20, 50, 100. i think we need to move on. that is the process at price
action. in about an' hour -- the cross asset price action. in about an hour, we get claims. let's get to remain -- romaine. romaine: cisco is your biggest mover on the day. 5% to 7% growth over the next fiscal year. the company saying that subscription side of its business that chuck robinson has been trying to build out, that will generate about 50% of revenue by 2025. that is significant for a company that has been a laggard for quite some time. tom: this is critical. lisa interviewing the leader of cisco late in the 9:00 hour. romaine: ok, there you go. jonathan: i just don't think chuck robbins knows that yet. lisa:lisa: neither does lisa abramowicz, but carry on. romaine: i will keep an i on that interview. keep an eye on las vegas sands and the rest of the casino stocks. they are down now.
if today turns out to be a down day, this will be the sixth and seven that they are down. a lot of them are well into correction territory here. las vegas sands down 2% premarket, down about 15% over that stretch. beyond meat getting a downgrade today, all the way down to underweight. some concern about competitive pressures. there was an interesting note on the automotive space, particularly with ev's come out of bank of america. they downgraded lordstown. the concern here is really the competitive pressures. the analysts didn't seem to think that these companies would not be able to bring their products to market, but by the time to get there, there are going to be so many other options for investors out there. both of the stocks down by about 2% each. an upgrade to avis budget on the capacity to over earn. tom: a lot going on here. i really would do point out that an hour from now, key economic data. the silliest gkionakis -- the silliest cannot cuss -- vasil
eios gkionakis joins us here. strong or weak dollar 12 months out? vasileios: well, this is indeed a very tough call. i inclination would be to say weaker dollar. in the near-term, there is loaded -- there is low visibility. we have the markets getting spooked about how deep or how prolonged that growth scare is going to be, if it is going to be something a bit more sinister, a bit more severe. if our central scenario here is that the activity data are going to start stabilizing, and potentially we are going to see some pickup in activity, especially in places that have lagged, then that should eventually morph into a somewhat
bearish environment for the dollar. but in the near term, i think it is going to be very narrow ranges. tom: if there is ambiguity there , where is the cross rate opportunity? i'm hearing this from so many. if i really don't know on u.s. dollar, where is the opportunity to see a couple of big figure moves? vasileios: i think one need whether they want to be tactical , whether they want to play the short-term, if you want to play the ranges, and particularly in euro-dollar you would like to sell out towards $1.19. but if you have the stomach for a medium to long-term view, i think you would want to be positioned somewhat bearish against the dollar, which means in g10 space, you would like to hold some euros. you definitely want to hold some aussie for the medium to long-term because i thing
monetary policy expectations are extremely benign. if you look at three years out, we are looking for 45 basis points of hikes, what is virtually nothing. in the ian space, you need to be position for upside -- in the e.m. space, you need to be positioned for upside. lisa: this has been the pain trade to try and short the dollar. if the fed policy does tighten, albeit not very much, or even starts to taper and starts speculation, why will that not strengthen the dollar against the backdrop of an ecb that can't get dovish enough, even if there's a little bit of taper talk on the margins that christine lagarde has to back down occasionally? vasileios: lisa, you have thrown two things there, the fed and the ecb, which are extremely important for the fx market. let me first say, i think it is in the price. it is well telegraphed by now.
it is not going to have a major impact on the effects, or in asset markets more generally, whether it is going to be earlier or later. i don't think it is going to really matter. as far as the fed hiking is concerned, we have already about 325 basis points of hikes priced in by the end of 2023. we also think there will be baby hawkish steps by the ecb which were announced last week. i find it extraordinary, the fact that the market is so benign about the three year horizon for the ecb policy. there's virtually nothing priced in. so even the slightest probability of the ecb moving means to me that this is quite a complacent approach. but above all, i think what we are missing here is the global picture. it is not just the fed that dictates what the dollar is doing.
the dollar is moving along with a global cycle. you had in the past where the fed was hiking rates, yet the dollar was depreciating. so i think the main point, the main question here is not really whether the fed is going to hike or not because eventually they will come but whether growth is going to stabilize and start picking up. of course, if the fed goes all out crazy because inflation turns out to be much more persistent, this is going to be an entirely different story. but in a scenario where the fed is hiking alongside a robust global growth and robust global trade picture, i think empirical evidence would tell you that the dollar should depreciate. lisa: there's one thing that you said, that there's too much complacency that the ecb will not tighten at some point in the next three years. is there, or do you really think that perhaps there is a serious chance the ecb will never be able to raise rates, given how low inflation is expected to be?
vasileios: well, never say never, first of all. the way i see it is in terms of probabilities. i see it in terms of risk scenarios. i am not saying that the ecb will raise rates over the next three years. what i find a bit complacent is the fact that the market is currently pricing a zero chance of that happening, and that is the bit that i am actually finding a bit complacent. and right now, we know that rogues is rotating towards europe. you can see that in the relative pmi's between europe and the u.s. you also have the next generation eu funds that are going to be put into work and potentially going to start helping growth even further, therefore narrowing the output gap and putting some pressure on inflation. i find it weird that we have zero chance by the market priced in that the ecb and the next
three years will do nothing at all. jonathan: such an important point. good to catch up. there's a difference between having a base case, maintaining the base case, and adjusting the balance of risk, the probability around that base case. clearly there is some risk in the mind of vasileios. lisa: that there is a 0% risk priced into the market, that alone speaks volumes. jonathan: total capitulation conditioned by what is happening in europe over the last 10 years, and arguably what has happened elsewhere in japan as well. tom: the europe dynamic come of the japanification and all that, we go back to a major foreign exchange seen. -- foreign-exchange scene. jonathan: the range of outcomes next year is just so wide still. tom: i did some research on
this, and the yankees have the worst walks per game in major league baseball. they can't get the ball over the plate. jonathan: is that actually true? you did not make that step up? tom: why would i? jonathan: you've got a bit of history there, come. equities down out -- history there, tom. equities down. we will break that down for you. at 8:30 eastern time, we are 49 minutes away. yields are higher by a basis point. talk a lot about the euro this morning. the euro is weaker, the dollar is stronger. euro-dollar, $1.1773, -0.4%. this show is flying by. tom: it is. jonathan: yeah right. heard on radio, seen on tv, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. it won't be all sightseeing for the first all civilian crew of a man space mission -- of a manned
space mission. they will conduct some medical research during the three-day excursion. the passengers include tech billionaire jerry eiseman -- billionaire jared isaac meant. a new indo pacific ship with the u.s. on the u.k. -- australia adjoining a new indo pacific partnership with the u.s. and the u.k.. it allows australia to acquire new nuclear powered submarines. australia had agreed to buy as many as a dozen subs from the french. president biden and the u.s. military have defended calls that joint chiefs of staff chairman mark milley made to china in the waning months of the trumpet adminstration. a new book says the jet -- the trump administration. a new book says the general spoke with top officials twice. president biden says he has great confidence in millie. summary -- in milley.
some republicans say you should be fired. hong kong shares of the gaming and social media company fell today. there's no chinese company on the top 10 list for the first time since 2017. beijing's regulatory crackdown has been wreaking havoc on the market. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪
don't like that. if reliability goes down, it creates real problems. it's one of the reasons we have to be very thoughtful about changing the mix. i think what we are seeing in europe right now is wind and solar are great, but if the sun is not shining or the wind is not blowing, people still need electricity. jonathan: certainly seeing that in the u.k. right now. tom: do they get wind in the north sea? jonathan: the wind is not blowing, that's the problem. chevron ceo mike wirth. alongside tom keene and lisa abramowicz, i'm jonathan ferro. marching towards retail sales and jobless claims in about 42 minutes. equity futures down eight, -0.2% on the s&p. tom:tom: brilliant interview earlier with anna han on her bullish call. it is founded on earnings. david wilson drives forward the conversation that earnings matter. dave: they absolutely do. if you are looking at a comparison between earnings and stock prices.
tom: i'm all-cash. i'm looking. dave:dave: it really depends on your timeframe, what that relationship looks like. keith lerner at truist was pointing out that earnings have grown faster than the s&p this year. if you pull back and look at a little more than a decade going back to 2010, around the time you had a low in earnings, it is a different story. over the course of the past year and half, the bull market we had an u.s. stocks, the s&p 500 has really pulled ahead of the growth in earnings. that is the key point. tom: that is a multiple expansion. dave: you could say it that way. that is one way to look at it. but beyond that, you look at the top performing groups like technology, you go back over the last 10 years, you see a far bigger increase in share prices than you do in earnings. same thing and that consumer discretionary category. retailers, automakers,
homebuilders, you name it. then you look at stocks where they are, you are still not talking about relatively high p/e ratios compared with smaller companies. definitely high relative to the rest of the world. tom: s&p 500, 22 times earnings. anna han saying we are going to compress that down over the next 18 months to 19.8 with some earnings multiple compression. if it wilson, thank you so much. right now we go not to cape canaveral, but over to port canaveral which is where the bars were back in the apollo, gemini, and mercury programs, so my father would tell me. ed ludlow reports after celebration last night. what happens today and tomorrow with the astronauts in space? ed: they are at a cruising orbit of 300 62 miles, which is a record for spacex. they have never sent their dragon capsule that high. they are orbiting. they are in real space. they are in a vacuum inside that
capsule. let's just be frank about it, they will conduct some minor scientific experiments, but really, they are along for the ride. they are there for the experience, and to be the poster children of future civilian space experience. they will do that for three days, and weather a template is this for consumer ventures into space, considering the fact that the members of the crew paid something like $200,000 a pop, each of it going to be donated to children's cancer? this is very much a statement more than some sort of recreational view into space alone. so what is the template we are seeing created here? ed: there's two elements of this. spacex says they have a big back
love -- big backlog of willing, paying customers who want to do it. they say they will do four to six missions next year. it doesn't seem to be a priority within the scheme of things, but every nasa official i spoke to, every aerospace engineer, every space investor say this is a much bigger, more substantive step forward than anything we saw from bezos and branson. what bezos did, there was so much fanfare going 50 miles above the earth for just a few minutes. what they are doing is much higher, much more technically difficult to pull off. so far, the mission is a complete success. lisa: just to correct myself, i said $200,000. this whole mission is raising 200 million dollars in charity for childhood cancer research. one of the crewmembers personally donating $100 million to saint jude children's research hospital.
so what exactly is the price tag for a trip into space,? based on what we have seen -- into space, based on what we have seen? ed: simply put, we don't know. he paid for all of the crewmembers around the tune of $200 million, as you say. for spacex, the cost of launch is a bit unknown. when spacex takes a professional nasa astronaut to the international space station, that is at a cost of $55 million per seat. they normally carry four. $200 million seems to be the going rate. tom: your coverage this morning was outstanding. i just got to tell you, don't do kilometers. do miles. they are 360 miles up. i almost fell off my chair. has richard poor sir -- has sir richard or sir jeff congratulated sir elon? lisa: not yet. -- ed: not yet.
there was so much fanfare around bezos and branson, and the crew of this mission acknowledged that they don't want to be seen as the latest billionaire going into space. they actually wanted to do a mission that was deliberately challenging, deliberately difficult, deliberately risk-taking, deliberately beyond what anyone has done. spacex agreed to hand over all of the data from this mission free of charge, everything that is recorded out there. radiation levels, space debris, the impact on human physiology. when they get back down to earth, they will even hand over the capsule so that nasa can inspect it. tom: quickly, did they take tang into orbit? ed: they took a ukulele. jonathan: there you go. [laughter] can we send tom next time? that is what we are all wondering. lisa: with tang and a ukulele. jonathan: thank you very much, as always. ed ludlow at cape canaveral.
congratulations for spacex and elon musk. tom: this is so important. i look at the coverage from ed that we had in texas was phenomenal, but come on. this is the real deal. this goes back to john glenn. it goes back to mercury and the challenges along the way, including a fair number of risks of death and injury. i don't know where it is going. i will say is we under missed -- we underestimate how improved the technology and engineering is versus what we see at the smithsonian air and space museum. jonathan: but the personal story, i think we underestimate elon musk. he becomes a caricature often of himself. pre-phenomenal achievement. lisa: i also think pretty phenomenal achievement. -- pretty phenomenal achievement. lisa: i also think erin could
(announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible results. with over 2 million satisfied customers, golo is the new way to lose weight. this is the only program i have ever done that i have never deprived myself of anything. (announcer) if what you're currently doing to lose weight isn't working, or you feel like diets don't work, you're right. don't give up. get golo. go to golo.com and get your life back, with golo. (chorus) golo!
>> really look at corporate health. corporate's are strong, they have a ton of cash. >> the delta variant has put us in a position that i think we will set up a second reopening. >> the fed will have to contend with inflation pressures or supply-side. >> to raise rates they want to see they have achieved maximum appointments. >> this is "bloomberg surveillance." tom:
IN COLLECTIONSBloomberg TV Television Archive Television Archive News Search Service
Uploaded by TV Archive on