David Westin, Liz Cheney, 10.7% discussed on Balance of Power
DHS warns that social media and online forums are increasingly exploited by these actors to influence and spread violent extremist narratives and activity. Liz Cheney wants House Minority Leader Kevin Carthy testified before an independent commission investigating the January 6th attack on the Capitol. She says McCarthy should be subpoenaed by the commission because they talked with President Trump during the riots. Visuals in Columbus, Ohio, or agreeing to a massive settlement and the police shooting death of a black man, the city announced today. It's approved a $10 million settlement with the family of Andre Hill. The 47 year old was shot by former Columbus police officer Adam Coin December. I'm Dean Mutual from Bloomberg World headquarters in New York. I'm Doug prisoner. We had a rally in the equity market today as the recovery story gathered some steam. The CDC is new federal guidelines on wearing mask was linked to a new study on messenger RNA vaccines, and they were found to be 94% effective. Vaccine maker Moderna shares were up 7.7% today. Now there were a couple of data points today. First retail sales were essentially unchanged last month. The average estimate was expecting an increase of 1%. However, the sales number for March was upwardly revised to show again of 10.7%. And at the same time, the University of Michigan reported consumer expectations for inflation over the next year, rose to 4.6% in early May. That's the highest in a decade. Now we know there's been an uptick in several measures of inflation, including the latest C P I report. Even so, the chief economist at KPMG, Constance Hunter, says the structural factors that have kept a lid on inflation over the last several decades remain in force. There is a risk, though, and I want to be really humble about this. There is a risk that inflation expectations become a nangk erred as a result of this disruptive, transitory inflation, and that would cause employers and employees to permanently demand higher wages, which would then feed through into higher consumption, which would allow these elevated price is to remain the dominant force in the economy, So I think it's a tail risk that we can't ignore. But I still think it's a tale rest. Today. Long term interest rates moved lower, with the 10 year Treasury losing nearly three basis points to a yield of 1.62% in the stock market. The Dow industrial average was hired by 1%, the S and P 500 gained 1.5% and the NASDAQ composite Rose 2.3%. Global news 24 hours a day on air and on Bloomberg Quick take powered by more than 2700, journalists and analyst in more than 120 countries. This is Bloomberg. You're listening to balance of power. With David Westin on Bloomberg Radio. Still to come this hour, House Republicans oust Congresswoman Liz Cheney from her leadership position. I talked with Bloomberg Washington Bureau chief Craig Gordon,.