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Bloomberg Radio New York

05:55 min | 1 year ago

"oma karon" Discussed on Bloomberg Radio New York

"And we are seeing several Asian nations changing their trouble plan agendas it backs to has all the global news edge All right thank you very much Julia you're right Japan is efficient It will close its borders to new foreign arrivals from today and to have its own citizens isolate on arrival from countries where oma cron is detected The entry band does not apply to foreigners already residing in the country Hong Kong has expanded its travel ban to Angola Ethiopia Nigeria and zombie from today also tightening travel restrictions for visitors from Belgium and Germany and effective Thursday and non Hong Kong residents have stayed in these countries will have the last 21 days will not be allowed to enter Hong Kong Australia postponing plans to relax border restrictions this by at least two weeks This New South Wales reporting over the weekend that two travelers from South Africa to Sydney were infected by omicron asymptomatic another two yesterday So the delay until December 15th to give authorities they say time to gather more information to better understand the variant In the U.S. president Joe Biden this variant is a cause for concern not a cause for panic and says travel bans are not punishment but by time The reason for their media travel ban is there were a significant number of cases on like any other country to other few around South Africa in the world We needed time to give people an opportunity to say get that vaccination now before it has a move around the world That is encouraging all Americans to wear masks indoors again As for vaccination doctor adalja at the Johns Hopkins Bloomberg health says mRNA vaccines at this point are affected If people don't want to take the vaccine if people actively shun this great piece of technology that approves their lives it's going to be very difficult Indeed it's not surprising to me that this variant was discovered in a place where vaccination rates are 25% And that is a case of the epicenter in South Africa The CEO of Pfizer Albert bourla on Bloomberg says a very it can be contained We have been preparing for a moment like that for months right now And I feel comfortable that the playbook will work So what is the playbook Why did this understand more about this virus The second of course we're big Protect And he says if the vaccines need to be tweaked can be done in 100 days or less The reports so far are that oma karon is apparently far more transmissible but symptoms appear to be mild so far the fear without vaccinations more people who are infected allow the virus to mutate In San Francisco I met Baxter this is Bloomberg our brain All right thank you very much The time is 8 minutes past the hour Let's get to our guest It's Thomas Hayes chairman of great hill capital with this for a great discussion So Thomas before this coronavirus new variant on the hit inflation was really the sort of front burner issue for investors Let's talk a little bit about inflation This omicron do you think it makes inflation worse Because of additional bottlenecks in supply chains or better because business was slow and retailers will have to cut prices to generate business Well you don't want business to slow Brian That would be a big problem if you started to see factory shutdowns in Vietnam and the reemergence of the supply chain bottlenecks that are now started to get work through You have the two components You have the supply chain that we're hopeful is temporary and we're hopeful that this will be another variant that is just another blip that will power through But then you have wages which were happening before omicron and that are sticky So we are going to have above trend inflation But that's not necessarily a bad thing I do think these supply chain bottlenecks and omicron will work through that over the next three to 6 to 9 months That part will stop going up but wages are going to remain elevated and give us above trend inflation for some time And that's apparent in 5 year break evens The very nature of a pandemic is that the virus mutates and we see new variants Why has there been such a reaction to this You know that's a great question Juliet we came into the bad news on Friday morning here in the U.S. The market was a little bit overbought a little bit frothy but you also saw among retail investors cash holdings fell to 46% of margin balances That was the lowest reading back to 1997 So I think what you saw on Friday is a ton of retail what they call stop loss orders were taken out during the shortened trading session and the vix hit 28 which over the past 6 months has been the level where the market bottomed and bounced multiple times So I think it was just a positioning and a surprise news and a lot of professionals were not at their desks on Friday Yeah That might be true I'd like to say you're right but I think policymakers politicians are overreacting Well I don't know if they're overreacting They are reacting very strongly just like the markets reacted very strongly So it's not just a market story Let's hope that we know so much more in a week or two that we can make the right policy Bloomberg economics is actually predicting a doubling of the pace of tapering for the fed at the December meeting even with the omicron variant I'm curious and that could allow for rights to go up as soon as March I'm curious whether you think that's urgent and needed Well we have Thomas Hayes with us but we might have lost him for a moment there Let's see if we can get.