Skip to main content

tv   Bloomberg Markets  Bloomberg  November 16, 2021 1:00pm-2:01pm EST

1:00 pm
hospitals, hospices, skilled nursing home abilities, and home health care agencies. the complaint filed in louisiana because the mandate a one-size-fits-all sledgehammer. opponents also say the requirement will worsen staffing conditions as more employees quit their jobs rather than get vaccinated against covid-19. in germany, the number of daily covid deaths as risen to the most in five months. authorities reported 265 deaths today. cases over the past seven days hit a record. lawmakers in a new coalition government plan to introduce legislation that could introduce tighter curves on people who have not been vaccinated. we are learning more about president biden's virtual summit last night with chinese president xi jinping. jake sullivan said the leaders
1:01 pm
spent a good amount of time talking about taiwan and said that president biden reminded president xi that he voted to support the island's self-defense when he was in the senate. in the u.k., the labor market strengthened after the government's benefit program for those out of work in the pandemic came to an end. companies added 100 60,000 people to their payrolls last month. meanwhile, job openings surged to a record high, bolstering the case for the bank of england to raise interest rates as soon as next month. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪
1:02 pm
matt: it is 1:00 in new york, 7:00 p.m. in berlin, and 2:00 a.m. in hong kong. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. awaiting president biden's fed p ick. the decision expected to come imminently. we will discuss what that means and the future of the fed and how that will impact the growing problem of inflation. however, the consumer continues to truck on. retail sales posted their biggest jump since march. we will dive deeper into walmart's disappointing quarter even though they be on the top and bottom line. and we will speak to the founder of carnomaly which lets consumers and dealers buy cars using cryptocurrency, as bitcoin falls by the most since september, hovering around
1:03 pm
$60,000. let's see what is happening in the markets. the s&p 500 up .6%. 28 points, 4710. back up above that 4700 level. the u.s. 10 year is also coming up. the dollar index up about a quarter percent. nymex crude climbing to 81.26 a barrel. it has been up and down on the day. but we are getting news that multiple major company websites are experiencing problems, outages, websites operated by amazon web services, which is a big business. snap, spotify, amazon, moving up and down, but keep your eyes on these stocks as we see them try to deal with these problems.
1:04 pm
so much shopping is done online. it is going into the holiday season, and we focus on retail on this program today. shares of walmart are falling, even as the retailer raised its outlook or the quarter, but inflation and supply chain disruptions are still taking their toll on margins as we head into the holidays. joining us now is stephanie wissink, senior analyst at jefferies. thank you so much for joining us. what do you see as the biggest problem here at walmart? i noticed home depot is now a bigger company in terms of market cap. stephanie: the market is telling us this was not enough. unfortunately, walmart had a hard decision, which was deliver on the comp, but do the right thing, pay your vendors and cap prices as much as you can, but also raise wages.
1:05 pm
it is a competitive market, they need labor in place. at the same time, we saw things that walmart and only walmart will do. the market is telling us today that it was just not enough in terms of the pass-through. the company still has more to gain from some of the alternative value drivers of the business. we see the margins could have been a lot worse, had they not had these drivers on alternative value platforms. matt: i think of walmart as just a powerful company that can crack the whip when it comes to suppliers, and i assume logistics, as well. are they using that power, are they able to do something about the times that they get these
1:06 pm
products in? stephanie: for sure. we are here across the vendor community, walmart is still one of the largest vendors for most, accounting for 20% of company revenues. when they crack the whip, the vendor has to respond, as well as the goods coming into the u.s. certainly, there is a supply chain network that is robust. more importantly, not just cracking the whip for the sake of winning, but also to partner with their vendors and suppliers, making sure it is not just for the network. we saw some pricing coming through at the end of the quarter but walmart decided not to pass all of them onto the consumer. they are trying to balance the consumer inflation, how much they work with vendors, so they are not hitting that margin
1:07 pm
substantially, but also protecting their own margin. they play a more diplomatic role in the overall architecture that we see in the united states compared to other retailers that are more specialized. they carry an incremental amount of weight. matt: i saw a bloomberg story saying fighting inflation is in our dna, so they are not really passing on as much as they could to the consumer. the consumer can handle paying higher prices. i saw a bloomberg businessweek piece about discounting into thanksgiving and black friday. there will be less of it. you will have to pay closer to full price for a lot of the products that you buy. stephanie: walmart knows their customer extremely well. the customer tends to be more value-oriented. they don't want to put their customer in a predicament this
1:08 pm
holiday. they want to be able to give gifts, build that thanksgiving table, and all of that comes into play when they think about value to the consumer. they are also saying, we have a competitive position. if we don't pass through the full extent of the price, we are widening our value vision. this is a good opportunity to pick up chair as they flexed that overall muscle and scale. matt: thank you for joining us. i am just looking at all of these websites that are not working. i was checking to see if walmart's was. i know that you cover target. their website is down. home depot is down. lowe's is down right now. how important are the websites to these companies nowadays? so much more than a year ago, certainly five years ago. stephanie: absolutely.
1:09 pm
one of the big takeaways from the pandemic, the level of e-commerce penetration that was not even on the radar. and the digital fluency that the consumer has moved across different modalities. when your website is down, your consumers cannot access your goods to purchase, but they also cannot access the goods to research them to make educated decisions, whether buying online or in-store. we have a lot of small companies that we follow that use aws, and this is not the best time of year to have your website crash. matt: stephanie wissink, jefferies analyst covering retail. a number of websites are down. cloud fair, aws. we will keep our eyes on this for you. sticking to retail, something that caught my eye, amazon is
1:10 pm
scrapping a major office expansion in new jersey. it's a blow for the landlord and new jersey's office market which has been hammered by the pandemic. bloomberg had reported earlier this month that amazon was close to a lease for almost 400,000 square feet on the city's waterfront. that deal was said to have fallen apart after amazon backed out last minute, according to a person familiar. coming up, all of that is on everyone's mind right now seems to be inflation. it may be a distant memory soon, according to federal reserve bank minneapolis president neel kashkari. of course, he is a dove. we will hear from him. this is bloomberg. ♪
1:11 pm
1:12 pm
1:13 pm
matt: this is bloomberg markets. i'm matt miller. inflation has hit a high, but federal reserve bank of minneapolis president neel kashkari says the economy shouldn't overreact to inflationary pressures that will be temporary. kathleen hays spoke with him earlier. neel: no one is making light of that at all. we shouldn't overreact to what is likely to be a temporary factor. if it is a supply-side and it is supply chains that are disruptive because of the pandemic, barring some in of a new wave or strain of the virus, those supply chains should work themselves out, some taking longer than others. on the demand side -- which
1:14 pm
others have argued this is a demand shock -- we know the path of the fiscal stimulus. it provides a one-time boost and then tapers off and it itself becomes a drag on the economy. unless congress passes a massive new spending package that is not paid for, there is nothing i'm seeing in these fundamental factors that lead me to think this is a long-term change in inflation expectations. we are seeing pressures that are real but most of the evidence in my mind seems to be that they will be temporary, even though they are real and people are paying it. the challenge is, if we overreact i changing the path of monetary policy to deal with a one-time effect, that can lead to a worse long-term effect for the economy. kathleen: the supply chain shortages, constraints, blockages, whatever you want to call them, don't seem to be going away. if anything, they seem to have broadened. kathleen: many of these sectors
1:15 pm
-- neel: many of these sectors are working themselves out. some will take longer than others. kathleen: larry summers, well-known economist, has been concerned for some time that the fed will not move fast enough and will let inflation get so high that the fed has to move way too fast to pull it back in. he is talking about things like demand-driven inflation, prices rising because of a strong economy, some people going back to work, and it is not just things like commodity prices, firmer housing prices, a hot market, although they are contributing to it, too. what are the risks if this does not go away, it becomes entrenched? neel: it goes back to what is the economic theory that a one-time boost of fiscal
1:16 pm
spending, one-time boost of demand, it leads to higher prices, yes. does it lead to higher inflation, ongoing year after year continuing price increases? i don't understand the mechanism by which larry summers thinks this one time fiscal stimulus leads to a change in the path of inflation, unless he is saying inflation expectations will become on anchored. the fed will never allow that to happen. all of my colleagues and i are paying close attention to the data. if we thought long-term inflation expectations were becoming unanchored, we would make adjustments to make sure that did not happen. matt: that was neel kashkari speaking with kathleen hays. president biden's next pick for the chair is said to be coming down imminently. to break that down for us is washington bureau chief peggy collins.
1:17 pm
how soon do we expect this decision to be made? peggy: a lot of people are thinking it will be made before thanksgiving there are couple of question marks there. when they say a decision will be announced, will it be just fed chair, as powell's term is coming up, or will they announce a slate of candidates? the biden administration has the opportunity to change a fed considerably in the next few months. there are up to four open seats at their prerogative. the question is if they will announce 1, 2, or a full slate. matt: we know that at least senator warren says that jerome powell is a dangerous man. what do they expect to change here? do they just want the fed to be more dovish? peggy: a couple things.
1:18 pm
democrats, including warren and sherrod brown, have zeroed in on financial regulation. they feel under powell's term, financial regulation has been sanded down a bit. second, climate change. they want the fed to be much more assertive on climate change in terms of potential regulations for the banks, disclosures around climate risks. the third thing to note is diversity. the biden administration said it wants the fed and a lot of agencies that oversee the country's issues to look more like america does. that is something we are watching for as well in terms of their decision-making process. matt: thank you so much for joining us. washington, d.c. bureau chief peggy collins talking about the fed and white house. inflation and central banks will be a part of the topic for this week's new economy forum.
1:19 pm
we will share with you face-to-face discussions with various policymakers and ceos on topics ranging from finance to tech to climate. goldman sachs and alphabet, just two of the companies that have ceos at the event. stay tuned for that. buying and selling cars with crypto. we will talk with scott heninger, ceo of carnomaly, a crypto auto company that just launched their digital token. this is bloomberg. ♪
1:20 pm
1:21 pm
matt: this is bloomberg markets. i'm matt miller. bitcoin and other cryptocurrencies are falling today. bitcoin having its worst day since september, briefly dipping below $60,000. ether is also touching its lows
1:22 pm
this month in a broad-based retreat from record highs. according to one tracker, the market cap has dropped some 10% in the past 24 hours, but still stands at $2.7 trillion, which i think would make it the most valuable company in the world. technical indicators suggest a strong run across the market was due for a pause, so some traders may have been expecting this. joining us for more insight on crypto and to talk about the crossover between blockchain technology and automotive sales is scott heninger, founder and ceo of carnomaly, which lets consumers and dealers by cars using -- buy cars using cryptocurrency. also offering a defi platform. tell me how you got into this. for a long time, you worked in
1:23 pm
automotive retail. how did you go from that to building your own token, building the blockchain? scott: thank you for having me on. i know we did a radio interview several weeks back, so it is exciting to talk to you again. for the listener that don't know what carnomaly is, we are basically creating an automotive blockchain vehicle platform that allows you to buy cars, sell cars, finance vehicles, and also research the vehicles, also vehicle history reporting, which right now consumers don't have control of their vehicle history report. using blockchain technology, carnomaly can give owners the ability to interact with their vehicle history. as far as buying and selling vehicles with cryptocurrency, basically, what be able do is partner with dealers, be the in
1:24 pm
between that allows consumers to use cryptocurrencies to buy, sell vehicles, and ultimately, peer-to-peer. if you wanted to sell to a friend, we could help facilitate that as well. matt: if i had a bunch of bitcoin sitting around -- i would be very happy -- if i had a bunch of ether, i would buy your token and then use that to purchase a vehicle, or a number of vehicles? scott: you can use the car token or bitcoin or ether, or several other different currencies. we are working on bank partnerships to allow us to facilitate these transactions. essentially, dealers do not want to deal with the cryptocurrencies because once they get it in their hand, they don't know what to do with it. like today, the price is volatile, so basically, we will
1:25 pm
be that intermediary that facilitates the transaction for the dealer. the dealer gets paid for the vehicle. we have the cryptocurrency which we work through our bank partnerships and other exchange partnerships. matt: let's touch on the defi idea. how will this work, when do you see it taking off? scott: the way we are doing defi, i call it like a hybrid. we are taking traditional loan practices, underwriting practices, still pulling credit, looking at people's credit, evaluating what they qualify for. then what we are doing on the other and is allowing people that hold cryptocurrency to come in and fund those loan pools. you may have people all over the world that on these pools of loans for these vehicles, buyers. to the consumer that buys a
1:26 pm
vehicle, has their loan through the defi platform, it will be like just having a loan through another bank. they just pay their monthly statement, use their credit card or bank account to make monthly payments. matt: fascinating discussion. scott heninger, ceo of carnomaly. we have some breaking news on the covid route. the white house, according to the washington post, is going to buy 10 million courses of pfizer's covid pill treatment. pfizer shares still down on the day but recovering on the headlines. this is bloomberg. ♪
1:27 pm
1:28 pm
1:29 pm
mark: i'm mark crumpton with bloomberg first word news. the jury in the trial of kyle
1:30 pm
rittenhouse have begun its deliberations. the 18-year-old killed two men with an assault last year. he is charged with counts ranging from reckless endangerment to intentional homicide, and could face life in prison without parole it can did. the august 2020 shootings in kenosha, wisconsin came admit social upheaval across the u.s. after the murder in minneapolis of george floyd. nearly 300 people trapped overnight in their vehicles by mudslides on a highway in british columbia have been rescued and flown to safety. crews are still trying to determine if anyone was swept up in the flow of debris set up by torrential rain. multiple highways in british columbia were closed due to the downpour. turkey foreign minister today said his country is ready to offer whatever support it can to help mend relations between lebanon and gulf arab nations who are embroiled in an
1:31 pm
unprecedented diplomatic rift. he made the remarks during a visit to beirut, where he met with his lebanese counterpart and with the country's president. lebanon's spat with saudi arabia and other gulf states came unraveled last month and has threatened to destabilize the new lebanese government and accelerate the country's tailspin. it interrupted over comments that angered saudi arabia. japan, which started doling out covid vaccinations months before the u.s. now has the highest inoculation rate among the group of seven. japan is fully inoculated 75.5% of its population of 126 million people. that is according to an online scientific publication that uses statistics from the united nations. global news 24 hours a day,
1:32 pm
on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ amanda: i'm amanda lang. welcome to bloomberg markets. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. with inflation in full swing, the question is how long does it last, and how should the fed approach it? we will discuss the rate conundrum that once the deviled alan greenspan. and as the supply chain crisis continues, we will speak to lily shen of transfix on why infrastructure is critical to fixing the current issues.
1:33 pm
from trucking to biking, we take a deeper look at how peloton was able to reverse its selloff. all that and more, coming up. amanda: optimism around some of that data. retail sales being front and center, some reaction to that, although the pricing component will be for concern for some. other strong data supporting this idea of growth. we are seeing growth stocks back in the driver seat today. you can see that in toronto as well. consumer discretionary and tech are the two strongest groups in the u.s., although the 10-year yield still at 1.61 as we wait for news about the head of the federal reserve. we are watching the retail space pretty closely. interesting to see in those names the difference between
1:34 pm
home depot and walmart today. walmart syncing on margin pressure. for what it's worth, it was the u.s. retail sales number in october that is catching our i, as we see a third month of strong gains signaling consumers are back, even as inflation continues to outpace expectations, the highest in decades. over purchases up 1.7 in the month. it was .8% expected, so well above expected. certainly a sign that there is some inflation consumers are willing to bear. we saw that today. walmart is paying a bit of a price. will retailers absorb that in softer margins? if they do, maybe not so good for investors but good or main street -- for main street. matt: it will be interesting to see as we get closer to thanksgiving, black friday, cyber monday, how much consumers
1:35 pm
are willing to pay. the discounting that we are seeing so far is nothing compared to what we saw last year. in a lot of cases, they will have to pay closer to full price, and in a lot of cases, more than msrp. while the overall retail numbers look good, that doesn't mean inflation is not having an impact. it is especially taking a toll on lower income families who spend roughly a third of their earnings on essentials. this comes after the pandemic relief expired for about 7.5 million people. there is a big difference, i think, between consumers that have managed to save money and are able to spend more than the asking price on goods they don't necessarily need, and consumers that are struggling to pay rent, energy bills, and food, as those
1:36 pm
prices skyrocket as well. amanda: we should note, some of the wealth effect we are feeling in the stock market, or home prices, will not be felt by those that are most vulnerable. there is a line here for whom folks discretionary income does not exist. they are not really fully exposed to the stock market in the way that others might be. the wealthier get wealthier. the question is what we do about this inequity, which has existed for some time. not a pandemic issue but it has been made worse. matt: a lot of people asking how central bankers can affect that issue. i good transition from the fed to peloton? the company sold a billion dollars worth of its stock at a curious time. investors are not bummed out. shares are up 8%. this is a two-day chart. if you back it out, you will
1:37 pm
realize, there were much better times for peloton to raise cash by selling shares in the secondary. we are at the lowest level for years. kriti gupta has more on our stock of the hour. kriti: the last two weeks, dropped 40%, a lot of it because they say the pandemic boom is not lasting much longer. matt: first sell shares, and then cut outlook. kriti: $1 billion of stock was the offering, 8% share dilution. they are expecting that proceeds of about $1.1 billion, so they did get more demand on those shares than expected. that is perhaps the reason the stock was dropping 6% in the
1:38 pm
premarket because of that need for cash. it is now rallying 12% intraday. in the last two weeks, you have seen a 40% drop, and this does not compared to that massive pandemic boom last year. but they also needed quite a bit of money. they have been cash-strapped. a 680 million dollar loss in the last two quarters, so this really was a fundraising story. amanda: you have to worry who is buying the stock today and bitting it up because the logic would point the other way. not just the dilutive effect, but subscribers, a key metric, also showing a slowdown. kriti: up 7% year-over-year but still slowing down. it is not just about subscriber growth but also usage. you are seeing a lot of people work at last bradley as they are commuting to work, and peloton is being impacted by that. during the peak pandemic, 26
1:39 pm
average workouts. they are losing some of that momentum they had last year. matt: kriti grouped talking about peloton. coming up, the latest on the global supply chain crunch shooting economies around the globe. the leech and is the ceo of -- lily shen is the ceo of transfix on how her company is using ai and machine learning to ease bottlenecks. this is bloomberg. ♪
1:40 pm
1:41 pm
1:42 pm
matt: this is bloomberg markets. i'm matt miller.
1:43 pm
with amanda lang. if past cycles are any guide, it may take more than two years to return to normal levels. that is the conclusion of an analysis from one firm. although container shipping rates have decreased from rector rates -- record rates, ocean freight is still up 300% from one year ago levels. amanda, this hurts any consumer who is currently thinking about shipping a car back to berlin from new york, will pay through the teeth to get that into a container, and it will take so long to come into port. amanda: it's important to consider how these stories personally affect you. that is how i mostly interested in these stories, how these stories represent matt miller, but you are representative of many people.
1:44 pm
you are doing that right now, so you are stuck with these freight rates. you cannot do this in two years. but if it does last two years, what is the fed thinking, what is transitory about a two-year return to previous rates? matt: although, i will point out, i only pay about $140 a month for my parking spot in berlin, and i spoke to someone on the upper west side who pays about $900 a month for their spot. amanda: you don't need a car. matt: it is more than just cars. people are shipping containers full of iphones that are apparently taking too long to get here. i am sure there are some elmos on the way over here. there is a lot of stuff that we need to operate our lives on a daily basis and it is not getting here fast enough or cheap enough. talking about how the trucking industry is managing
1:45 pm
bottlenecks, lily shen of transfix. especially as we get closer to the holiday season, this will become a bigger and bigger issue. how bad is the supply chain crunch, logistics problems you are looking at right now? lily: thanks for having me. i think everything that we are seeing is, there is a lot of needed improvement in the overall supply chain. everything that we have been experiencing firsthand really highlights not only the importance of the supply chain for the economy, environment, all players involved, but also the critical role of infrastructure. with all the efforts going on, it will not be overnight. this will take time. some of it has been very structural and even pre-covid. i think the pandemic highlighted
1:46 pm
this even more so for all of us. as we think about the challenges in the industry, it really goes beyond the containers only, or the driver shortage. it is truly looking at this, end to end, on a network level, able to drive more efficiency into the system with technology and data. amanda: explain how transfix does that. one part of the story that has been so revealing to so many is this idea that we have almost overcapitalize the supply chain system. one disruption in a part of it means the whole thing breaks down. how would your logistics system help to reverse some of that problem? lily: absolutely. i think one of the challenges in the industry has been that technology has been not only incredibly sioled but also --
1:47 pm
siloed but also archaic in technology. we look at everything at a network level, able to connect dynamically and in real time, access to capacity, as well as demand, with all the customers and carriers we work with. matt: when you look at an upcoming thanksgiving, black, christmas, what will it look like this holiday season? lily: it is already looking like a fairly tight market. we are continuing to see products are likely going to be in short supply, and prices will be increasing. this is something that we actively manage through our technology platform, working closely with customers with transfix, as well as carriers and drivers that work with us. amanda: we are seeing the shipping costs coming off of the superhigh levels.
1:48 pm
are you optimistic that this resolves itself? when is your thinking about when we could be getting back to what we consider normal? lily: it is hard to say what normal looks like these days, but i do expect this to go on for certainly a number of months. i don't think it will be overnight or a matter of weeks, but likely looking at this going into early 2022. amanda: great to have you with us. super important subject. lily shen is the ceo of transfix. coming up, president biden's fed chair pic said to be imminent. we will talk about what that may mean for the fed as well as the economy, next. ♪
1:49 pm
1:50 pm
>> no matter how this comes out,
1:51 pm
there will be a lot of continuity in fed policy. both of these players have long track records at the fed. certainly, it is a big committee also. people have to keep that in mind. there is a lot of experience on the committee. i think we see continuity. amanda: this is bloomberg markets. i'm amanda lang. that was st. louis president james bullard talking about the future of the fed. the other elephant is inflation. joining us for more on this is bloomberg columnist john authers. we know there is speculation about what may come next for the fed, and there could be an announcement today from president biden. inflation seemed to be a point of debate. it is the market right that we will see a big turning point here, that the next head will
1:52 pm
make a huge difference in terms of how the fed handles it? john: on inflation, no, i do not buy it. if you look at history, jerome pal has been in the fomc nine years, lael brainard, nine years. neither of them have dissented every time on monetary policy. they have voted the same way. both of them are well experienced in the ways of the fed. there is no particular reason to think that either would dispel a direct change. the other argument to make is that people tend to think that democrats want to be more dovish, less keen to raise rates. with inflation where it is now, i'm not sure that is operative. matt: just to sort through the colloquialisms, when we say
1:53 pm
there is an elephant in the room, that means there is an issue that everyone is ignoring. but no one is not talking about inflation, we are all focused on it, with the exception of maybe the fed. why is that? john: the thing that worries me most about this, the place where there is an indivisible elephant is perhaps the oval office, rather than where the fed is. you would think that inflation now becoming a big political issue is a major -- that that would be a bigger issue. yet, more or less, it is irrelevant to the choice of the next fed chair. one is a republican, one is a democrat. they have different views on deregulation, although the deregulation that was
1:54 pm
unpopular with democrats was largely carried out under president clinton. matt: none of them have a magic wand when it terms to inflation. the president is more likely to influence inflation with his spending bills. he says over the long-term he is trying to reduce inflation. i can understand the logic, but the voters think, no, when you spend all of this money, you are causing inflation. john: i would personally come down between both of those points of view. spending like that will have an effect with a lag. it will not help improve the efficiency of the country reduce bottlenecks. fiscal policy will not have an impact on anything that you would notice other than interest rates for years. it is just irrelevant for the next year or two. that is the great big issue. there seems to be a lot of demand, and you could deal with
1:55 pm
demand by making money more expensive. the supply side, it's a huge part of the supply side equation. amanda: not a ton of time, but you are trying to get one of the key issues, they can play with demand, not so much the supply issues. rates were not anywhere near normal before this pandemic. is there not just an impetus inside the fed to get closer to normal so that you have some emergency reserve for next time? is that not in the conversation? john: i don't think it is in the conversation yet because there is such great anxiety about getting back to something like normal once more. certainly that was a part of the conversation when janet yellen and jay powell in his early years at the fed, bringing rates back up, giving them ammunition for the next time.
1:56 pm
that is a debate for further -- you have to start from where you are, if you get what i mean. that is probably an issue that is another year or so down the road. matt: john authers, bloomberg opinion writer. he has a piece out today talking about the fed. we have some breaking news. we know that the white house is buying 10 million courses of the covid pfizer pill. it looks like shares are rising. for amanda lang, i'm matt miller. this is bloomberg. ♪
1:57 pm
1:58 pm
1:59 pm
mark: i'm mark crumpton with bloomberg first word news. bloomberg has learned the biden
2:00 pm
administration plans to buy enough up pfizer's new covid-19 bill to treat 10 million patients. the pill showed extraordinary results in a clinical trial, reducing hospitalization and death by 89% among high-risk covid patients. the company plans to submit data to u.s. regulators by the thanksgiving holiday. vermont senator bernie sanders says he is working on a proposal to set an income threshold for an unlimited estate and local tax deduction by letting high earners continue to deduct $10,000 from federal taxes as they currently can. he says the income level for the salt cap in his plan is still being negotiated. he has previously floated $400,000 in annual income as the limit for unlimited salt write-offs. in the u.k., police are learning more about a suspected bomber who died when his homemade


info Stream Only

Uploaded by TV Archive on