>> it's hard enough to forecast where the economy is going to be going over the next months or quarters. forecasting over the next several years is even harder. >> this is not your father's or imf imf.er's >> this is "bloomberg surveillance" with tom keene jonathan ferro, and lisa abramowicz. jonathan: for our audience worldwide, good morning. equity futures on another planet. we are live on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramovitz. this is "bloomberg surveillance ." i struggle to think of a time when this equity market was more detached from the mood of this country. question about that, and i guess it is no surprise. we have seen it many times before. a little bit of dollar churn

today, but you are absolutely correct. we have ebbed away in the last few hours or so. the events over the weekend are absolutely extraordinary, and they are original and unique versus other times of unrest in this nation. gatesan: and the of the -- and the events of the weeks to come will be remarkable as well. the equity market is totally unchanged at 7:00 a.m. eastern. as we count people down to that payrolls report this coming friday, we are approaching 20% unemployment. tom: my calculation over the weekend from research 18%s is 70% to unemployment, and the model above that other people who get 2% -- 21% to to 22% unemployment. americans,

unemployment could be 30%. lisa: there's a tension right now between improving economic data and the backdrop that is really bleak of rising unemployment rates that have decimated certain communities. today, are looking at ism manufacturing data at 10:00 a.m. wall street time. people looking for any signs of improvement underneath that. then there is the ecb coming out on thursday, expected to expand their bond purchasing program, as well as their efforts to stimulate the economy. friday is that pivotal u.s. jobs report for the month of may. an expected unemployment rate of 20%, not independent of what we are seeing in terms of the tensions boiling over. i think mark zandi at moody's put it the way, i think people are coming to the realization that the jobs may not be coming back or coming back quickly, all

conflating with racial tensions boiling over. it is going to be a very difficult week scope forward -- a very difficult few weeks going forward. jonathan: unemployment approaching 20% this coming friday, the relationship between china and the united states breaking down, and historical tensions deeply rooted in american history coming to the surface once again, and s&p 500 futures are totally unchanged. . we will spend all morning talking about this on bloomberg tv and bloomberg radio, but i have to say, it is quite remarkable. tom: it is quite remarkable, but i will say this again, i have seen this disconnect between finance and investment over social unrest in the social good of the nation. far more importantly, we've got a whole series of guests up to hopefully ins, and a bloomberg way where we are not as strident as other networks, but i think what is so important to understand, it is the

leadership forward and the political space that may be will affect up the markets. jonathan: it is a familiar feeling over the last several months, where it is almost embarrassing to quote equity futures on a morning like this. i've said that so many times over the last several months. tom: well said. jonathan: kevin cirilli is down in washington, d.c. will we hear from the president today? kevin: yes. in fact, the president's meeting with attorney general william barr later this morning and the tenant like our, and then we will have a teleconference call -- this morning in the 10:00 hour, and then we will have a teleconference call with security officials around the country as the u.s. wakes up to unrest and riots that played out from boston to santa monica. here in d.c., just outside of the white house, riots erupted and there were several classes with secret service agents, as well as police officials. like other cities, the mayor of

washington, d.c., muriel bowser, imposing a curfew of 11:00 p.m. last night. unclear if that will continue, though it is expected. i spoke with a senior source yesterday on joe biden's presidential campaign and ask how the biden campaign would be dealing with this, and what the source told me was that he is going to likely going to be -- going to be continuing to make appearances protests and calling for significant reform. you will think back to conversations we have had on this program about economic stimulus over the next couple of weeks. i am told that the next vehicle that could come through is now very likely going to have to include some type of reform to address the killing of george floyd. ins is a significant moment civil rights history, as well as a significant moment in american politics, that is divorced

entirely of the economic reality on wall street. for our international audience on tv and radio, and also for all of you waking up across this nation, the imagery of lafayette park north of the white house, to be clear here, they turned off the lights at the white house for security reasons. there was unrest at lafayette park. on civil rights, this is not 1968. is the distinction that you observed in the unrest in washington overnight versus other protests and riots we have seen? kevin: you mentioned 14th richt, a historic, african-american history in the city of washington dc you cross down about a mile by the white house, go to the historic national mall where the washington monument, the world war ii memorial, as well as

other memorials, they have been graffiti. the images -- they have been graffiti did -- they have been graffitied. the images of historic national monuments, where martin luther gave his speech, to see graffiti printed on those monuments is an image that no remembered for years to come. far, the president has taken a pretty partisan approach in terms of his rhetoric, coming out in a series of tweets with accusations against the media, as well as antifa, saying he was going to designated as a terry missed -- as a terrorist organization. is there any pushback from republicans that the president should take a page from the traditional playbook in this situation of taking a more bipartisan tone in terms of a practicing -- in terms of addressing the nation? kevin: yes, there is.

i spoke with reelection campaigns -- i spoke with officials and the reelection campaign, whose mood is uncomfortable with the response coming from the president. we saw this response after charlottesville. senator marco rubio, a republican from florida, that the riots in the looting and the fires that ,ere set were carried out by according to the senator's terrorists," this as the president tweeting out that he has labeled antifa a terrorist organization. rice, the former national, speaking on cnn over the weekend and saying that she believes there could be foreign adversaries, including russia, the riotingeled

aspect of these protests. she also said she would be covered with labeling antifa a terrorist organization. she is a prominent democratic voice in democratic national security circles. i say all of this because i think over the next 24 to 48 hours, it is going to be imperative on behalf of the administration and democrats to separate outt to the violence from the peaceful protests. jonathan: kevin, always good to get your thoughts. thank you very much for joining us this morning. kevin cirilli on the events of the last weekend. kevin is right to drug distinction between peaceful protests across much of this country and the protests that in some places turned into riots, limits of which were largely attributed to the radical left-wing organization antifa. word the organization loosely because there is no centralized organization, which makes it really difficult to place.

the question is how washington and the white house specifically planned to do that. tom: it is going to be interesting to see. ,oining us now is greg brower former congressional staff memory for the fbi. we are thrilled he can join us this morning. i want you to define for this america, for those listening to coast-to-coast, the modern phrase law & order. it is not richard nixon's law & order. it is not george wallace's law & order. it is not even lbj's law & order. what does law & order mean in 2020? greg: what it should mean is an effective law enforcement that is constitutionally based and is committee engaged, and is very different from some of the examples that we have seen recently that have caused this protest activity.

these are exceptions to the rule, these exceptions involving excessive force and unnecessary violence of law enforcement. those do not reflect law enforcement generally, but ofarly they are examples such conduct that it needs to be addressed in a way that has not been addressed thus far, and we are seeing some high-profile recent incidents causing the kind of social unrest and protest activity that we have experienced over the weekend, so clearly it is a problem. it is a serious issue and it has to be addressed. jonathan: let's talk about it because i know this is something you have given a lot of thought to. how do we more effectively police the police? how do we do that? greg: there has to be effective training, obviously. clearly, recent examples tell us that training has to be better both in comprehensive,

small police to bartman send apart the parts around the country. sawdents like the one we last week in minneapolis happen -- when incidents like the one we saw last week in minneapolis happen, there has to be robust investigative activity, robust oversight, and accountability. i think one thing that can happen is that the federal department of justice in the form of the geo k -- the doj office of the expected general -- of the inspector general can role in hower money is spent by local departments and how training is done. but there obviously has to be a much more effective training and oversight and accountability. those are the things i would

focus on. lisa: what is your sense of how close we are to truly spiraling out of control where we would need a more heavy military response? greg: we have now more than half of our states that have imposed curfews and deployed the national guard. this is the most significant such effort in our country since 1968. violence -- we have a sort of combination of legitimate protest activity for obvious reasons, but also a lot of opportunistic, mindless violence >> -- mindless violence. graffiti, attacks on the media. -- thatnot how marble is not tolerable. it is a very challenging situation for our political leaders to be sure. jonathan: greg, fantastic to get

you on the program. that was greg brower weighing in on the situation that has dominated the united states so much of the past week. from new york city, this is "bloomberg ."rveillance ♪ ." ♪

anybodys matt that would destroy property, but our

officers in danger, and put themselves in danger. while we understand and protect a right to protest -- protect their right to protest, not to destroy the city. mayor of washington, d.c., muriel bowser, weighing in on what we have seen. let's get to the price action. the s&pquity market, positive 0.1%. sometimes the price action just feels wrong this morning. the 10-year treasury yield up a basis point at 0.66%. in foreign exchange, the story across g10 a slightly weaker dollar, a slightly firmer euro. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. this is "bloomberg surveillance ," live on bloomberg tv and bloomberg radio. i set it up the top of the program, a market that feels like it is on another planet this morning. finance,e economics,

and investment a little bit removed. we are going to continue with our coverage from washington on forward and across the nation with our first word news, but we are also going to speak to experts on now what as we touched june 1 of this historic year. michael shaoul has a wonderful historic perspective. he is with marketfield asset management. forael, the investment view june 1 is radically different than it was from december 31. as you recalibrate, what is your number one theme? michael: i think we want to see whether or not some of the strengths in cyclicals that have started to appear in the last few weeks could really be extended. leadership lot of

for precious metals and gold. what you really want to see is some of the traditional industrial models show signs of life. that is what i would look for for the beginning of june. jonathan: it is hard to be bullish for a whole host of reasons at the moment. how difficult is it for you to be constructive on this market? michael: it is quite difficult. of heavy overrt enthusiasm for a lot of technology, but i think there's a good portion of the global equity market, mostly the cyclical portion, which is not , where just the sheer amount of liquidity, but also the level of fiscal injections gives you some hope going forward. it is clearly not the easiest time to be bullish.

but markets are strange things, and you throw a few trillion dollars their way, it does tend to have an effect on prices. jonathan: that is the issue, isn't it? this is the problem they have with what is going on in financial markets at the moment. the federal reserve has thrown a whole lot of money at this situation, and at some point it will reach the real economy. , andst hits markets disproportionately more so. my question is whether the fed and the actions of the fed have divorced this market even more from what we see in the economy and what we see over the weekend. michael: i think the intention of the fed was to divorce the market from economic reality. you did not want a threaded market reacting to the sort of unemployment numbers we saw. point that make the it has been a combination of

expansion.monetary look at the personal income numbers that came out on friday. that really made that point. you had a tremendous injection of cash into the personal sector . i think the fed will leave itself open to criticism for some parties. if you want to go back and look at what happens when the federal reserve does nothing in the face of the crisis, you go back to 1929 to 1932. he see how helpful that is. lisa: i am wondering going forward what kind of practical response there will be in markets to what we are seeing in terms of the riots, the looting we saw and some stores. walmart chairs down, -- walmart

chairs down, target down. will this have a protracted effect on the retail sector that has brick-and-mortar exposure right now? michael: i doubt it. i think you would have to have a lot of looting to really affect the market cap of something like walmart, but what it does do is to bring into question the ability of major urban centers to bounceback. before ony views commercial real estate in a city like new york, but already multiple question marks over the ability of new york to bounceback and become what it was in january 2020. use her when a lot of civil unrest and it is an even -- you throw in a lot of civil unrest and it is an even harder hill to climb. tom: michael shaoul, thank you so much. greatly appreciate that this morning. no question this is an historic time for the nation, and frankly, the turmoil you see in

the united kingdom and other nations as well, and it is where the news, the calendar is so important. we've got jobs day on friday, but much more before that, don't we? jonathan: on the labor market, the expectation is unemployment climbs towards 20% and we get a -8 million print. i would like to think about the words of michael shaoul, the intention of the federal reserve was to divorce this market from the fundamentals to help build a bridge to the other side. in many ways, they have been successful, but that success is a double-edged sword. on the other cited that is that the federal reserve stokes inequality. i think it was bold to say that the actions of the federal reserve do not add to inequality , when the last 10 years suggest that maybe he is wrong. tom: what is so important about this, and it really is front and center, is does the unrest we

see in the unrest that is widely predicted, does that jumpstart the second, third, or fourth tranche of assistance from washington? a changedy, is there policy prescription from washington? sharpens theope it focus washington, d.c. on many fronts. some of the benefits of the best some of the things of the last andmonths will be fading, the federal reserve is talking about the next phase. i think we need to hear about the next phase from the fiscal policy makers as well. tom: much more to come not only here, but in europe as well. jon, why don't you take it out with a data check here on our simulcast? jonathan: thanks for embarrassing me because the equity market is embarrassing us all this morning, completely detached from the mood of the

world. up next on this program, we will catch up with david herro of harris associates on the path forward and on cyclical value. that's next. this is bloomberg. ♪

♪ jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg radio and bloomberg tv. alongside tom keene, i'm jonathan ferro, together with lisa abramovitz. after a week of gains on the s&p 500, we advance a little bit on s&p futures. we advance around 0.1%. no risk aversion in this market, despite the events of the last week or so. yields higher on the 10-year to 0.66%. in foreign exchange, just a bit of dollar weakness. euro-dollar advancing by around 0.1%. jonathan: let's turn to the market. a real risk off feel. as we speak to michael shaoul,

and we will have much more forward on the unrest across this nation, ambassador haas s scheduled to join us in the next hour, we are speaking to , cio of harris associates. david, you are in the fabric of the midwest. you are coming to us from wisconsin today, and you are based out of chicago. knowunrest that we see, i it doesn't affect your investment strategy. i know you are going to tell us that. it colors the international tone. how does the unrest of america change international investment ?orward david: it depends whether this becomes a permanent part of our society. ,f it is just a passing storm

then it won't have any impact. if this divisiveness continues to elevate and persist, perhaps it will lower risk premium on u.s. equities. i do believe our country will go over this. this is something that i think the wrong people are taking advantage of what was a bad situation, and it brought out the worst in certain people, a certain small element, and i think we are going to get over this. we are a good country. the people here are basically inherently good people, and we will get control of this, and this storm will pass. we talked to the technology capitalism minister of brussels earlier this morning, and she is, as many americans would suggest, anti-tech. american technology remains

supreme. is it still of value? david: i think there are still places you can find reasonable prices in american tech. . in our global portfolios, we still have a large position in alphabet because we believe if you give them credit for some of the things they have been doing is at or belowt the market multiple when you make those necessary valuation adjustments, and it should trade well above the market multiple. there's an argument about value coming back finally overgrowth, which has benefited most over the past few years. in your recent letter to shareholders, you were apologetic about it. why do you believe that us about to change? david: ultimately, i believe businesses and stocks really are financial assets, and the price of these financial assets is an

important aspect of what makes them attractive. if you can get certain businesses at a fraction of what they are worth, they're was being determined by their free cash flow, this is the predication we believe a company is valuable based on what it is able to generate in terms of free cash flow. if you look at the price of some of these industrial businesses , that pricer ultimately will matter. price matters when you buy anything. for a long while, almost the better part of a decade, price has taken a backseat. but when the dispersion between two classes of assets, we will call them growth assets and value assets, reaches such a large level, you are bound to see rebalancing, especially since when it starts, when people start to get interested in value assets again, the door to get into these assets is very small because they have been so heavily sold.

you are trading at very low market cap. my argument is that i don't know exactly when this will happen, but when it does happen, you will see such a snapback because there's so little involvement in these assets today. to me, this is one of the big opportunities in investing. we are all saying the u.s. market is starting to look pricey, etc., but you can look at segments of the stock market and especially if you were to ,ook at international value this is probably the worst for five months i've had in 34 years. if the companies aren't falling apart and going bankrupt, a lot of these businesses are actually going to come out of this just fine, and yet they are still down 30%, 40%, or 50% year to date. for us, this really represents opportunity. if you can get quality business franchises selling at los ingle digit price to cash flow multiples, businesses with good

balance sheets and good cash flow streams, think about or bmw or a bnp paribas, or industrial businesses like glencore, if you could get these businesses this cheap, this is the time in our view to be buying them. jonathan: we got a taste of that last week in certain segments of this market, specifically the financials and specifically in europe. some of that was largely a top-down story. i guess my question for you, someone who focuses much more on bottom up, whether those traits in europe that we got a flavor of performing last week, whether they depend on europe getting its act together at the european level. david: i don't know if europe will ever get its act together because it is almost impossible

for them to do so. you have so many different agendas within the eu, it is hard to get any kind of consensus. what i think will propel and awaken these valuations is just the economic recovery as people get back to work in the economy three open. -- the economies reopen. remember, italy and spain, generally speaking, europe came into this covid-19 crisis a little earlier and shut down pretty hard. they are kind of starting to open in many ways earlier. today, andpening german kids went back to school in april. you beginning to see thealization that will be beginning of the light at the end of this economic tunnel, and that is what will awaken some of these value stories as it becomes evident that these

companies made it through the storm. if icing on the cake will be the european union could ever get their act together, and if, for instance, the europeans and the british could ever decide on a trade agreement. both of these have some potential, but i think that these things are not needed for the recovery to really take off. what is needed for the stock market recovery in europe to take off this for the economies to reopen and the light at the end of the economic tunnel, and i think that will be enough to shine some light on these values that i have been talking about. i am wondering how much your outlook for europe depends on its relationship with china remaining at least where it is now and not deteriorating further amid a backdrop of , thatr rising tensions they take some kind of stance here.

is a big exporting nation, and one other is china. relationships, the ability of these economic relationships are going to be important as these economies recover. i do think that is an important factor to watch. the u.s. actually a little bit less so. the u.s. is actually a little less dependent on china for its exports. certain sectors are very dependent, if you look at boeing as an example. for the most part, i think the exports that are most at risk , and destabilized china europe this is something you have to watch. tom: david herro, thank you so much. what i'm going to do in this

simulcast, we welcome all of you in the early morning on the west coast. , good you listening morning on our simulcast. if the trade deal dead, jon? i think it is. jonathan: it's not dead, but it is breaking. our reports suggest that chinese officials have instructed various companies to suspend american farm goods over the last week. that scene against the backdrop, where relationships between the two countries are quite clearly breaking down, so i would say the phase i deal is still alive for now, but very much on life support. some clear breaks in the last couple of weeks. thing thats the last the northern midwest farm community needed, right? lisa: this is coming at a bad

time, and it has been a bad bunch of years due to drought and a variety of addition issues -- of different issues that have the farming sector. yet, they are bouncing back from the earlier decline, as you look at u.s. futures. i am trying to understand when the markets will even take this seriously. it seemswondering, divorce from everything going on, the action we are seeing in markets, whether it is tensions a broader tensions here. jonathan: over the last hour, we were down by a couple of tenths of 1%. it has hardly responded to that either. the words from the president were really strong. i thicket lacks the substance -- i think it lacked the substance that people wanted or feared. to see equity futures this monday morning in positive territory, it doesn't matter to what degree, just to see them 0.1%, isthe green, up

absolutely remarkable. we will continue this conversation into the latest from hong kong next on the program, and a little later we will be joined by richard haass as well. good morning to you all. with lisatom keene, abramowicz. we are live on bloomberg radio and bloomberg tv. ritika: with the first word news, i'm ritika gupta. violent protests hammering dozens of u.s. cities still recovering from coronavirus lockdown. overwhelmed state and local officials, now getting help from thousands of national guard troops. thousands of demonstrators marched peacefully to protest the killing of a black man, wasge floyd, but that overshadowed by those who burned cars and fought with police. president trump reportedly took shelter in a white bunker friday night when hundreds of protesters gathered outside.

according to the associated press, secret service agents rushed the president of the bunker. he was said to spend an hour there. the opec-plus coalition is set to discuss a short extension of its current output cuts. bloomberg has burned the oil cartel and its allies -- bloomberg has learned the oil cartel and its allies may extend cuts by three months. uae have already said they are increasing production next month. prices are narrower on $35 a barrel, below what most countries need for government spending. mass testing in the city of wuhan may have eradicated the coronavirus. authorities in the city say they found no a some thematic cases for the first time -- no a y -- nowtic -- no asu asymptomatic cases for the first time. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta.

this is bloomberg. ♪

>> second-quarter numbers are going to be very negative numbers. we know that. we know that that was the height

of the shutdown when there was no activity. in the third quarter and fourth quarter, we will see activity begin to emerge. jonathan: cleveland fed president loretta mester. the next meeting, june 10 of the federal reserve. it comes up later next week. look out for full coverage here on bloomberg tv and bloomberg radio. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. about one hour and 42 minutes away from the opening bell. equity futures positive just one point on the s&p 500. outside of that, not much price action to speak of. treasury yields higher by about a basis point 0.66%. in foreign-exchange, we talked about this this morning, the dollar is weaker. the euro is firmer by 0.1%. the relationship between china and the united states. domestic issues in the united states, and a chinese communist party that has its own view of

how things are playing out in america as well. not only in america, but in hong kong as well. let's go to hong kong. urrane current -- enda c joins us with hong kong and howard relates to beijing. we spoke earlier this morning with acclaimed historian in england, and he made very clear this is a forever changed hong kong. thishe people protest weekend, and will they protest into june? enda: i think there is a sense of a waiting game at the moment, because we are waiting on two things now. first, the details of the national security law that beijing will send down to hong kong. that could take some weeks or months. in the meantime, we have some key anniversaries that the purchase movement are likely to communicate.

today we had a cancellation of the annual tiananmen commemoration. on the other side, we will have to see how the u.s. response. president trump a speech on friday, but stopped short of specifics on what he would do about hong kong. depends on what exact wording beijing comes down with in the national security law, and what the u.s. chooses to do either before or after in terms of its own retaliation. protests how do the and riots over the weekend in the united states play out in man land china today -- in mainland china today? tom: i think they are using it --enda: i think they are using it as an opportunity. they've been quite active on , making the point that

the u.s. is preaching one things about the protest in hong kong, and now that got their own problems at home with their own protest movement. protests with both the in hong kong and the u.s. is it adds to an ever increasing fragile global picture, between the u.s. and china, fragile domestically in the u.s., and how it impacts the election and the broader u.s.-china relationship going forward. the: i am wondering what messages from beijing, given the fact that they have gone ahead with this controversial passing , and now the news that china is instructing some agricultural importers to avoid importing from the united states. is the message that they believe the u.s. to be hobbled by the coronavirus and too distracted

to be able to respond in full? that thee's no doubt chance to drive through their plans and signal that they will impose a national security law on hong kong despite the fact that it will draw criticism from the u.s., there's no doubt they are seizing the moment. in terms of the trade deal, at this stage, putting a pause on those purchases with the u.s. speaks to the idea that there is a fragility around that trade agreement at the moment. buy u.s. farmo goods of about $37 billion in 2020. that was going to be very difficult to achieve anyway. they only bought about $4 billion in the first quarter. it does seem now we are starting to see the trade agreement get caught in tensions between the u.s. and china.

perhaps now it is back in play. tom: the unemployment rate in hong kong is 4.2 percent, 4.3%. that seems impossible. hashis the and occur on to curran unemployment rate? cheaper labor brings down the headline rate, don't forget. at the same time, it is creeping higher, and especially in the food and beverages sector and in the retail sector. part of the hong kong economy has been hollowed out. i think it does remain low relative to other finance hubs around the world, but most -- [indiscernible] jonathan: great to catch up with

you. of hong kong,t weighing in on the situation in united states and china. you asked about unemployment in hong kong. much harder to get an idea, a tear read on the labor market on the mainland. i think that is -- a clear read on the labor market in the mainland. i think that is clear to everyone. as we reopen, gauging the scale of the recovery i think is the important challenge at the moment as these economies, not just china, reopen across the world. , butit is not just that parsing service sector recovery versus goods producing and manufacturing recovery. there's a huge mystery. i would note tim cook's comments over the weekend on the protests in america. you've got to wonder how apple computers, as one example, sees a recovery in china. for them, it is absolutely key. jonathan: you can gear up

manufacturing quickly. who have you got to sell to? a little later, we get pmi's in america. we had them in china over the weekend. at united states i think 9:45. lisa: people are looking below the headline numbers, how much their inventories have been driven down and how much their orders have picked up. these are the expects -- the aspects we are going to be watching. the question is whether the pace can be continued at a time of unrest, and a question of whether or not the extra stimulus is going to come online. jonathan: a big focus on the politics to start the week here on "bloomberg surveillance" as we count you down to the opening bell. 95 minutes away from the opening bell in new york city this morning. equity futures on the screen on the s&p 500, dead flat as we go into the opening bell. next up on the program, we will catch up with richard haass and get his thoughts on events in

hong kong. from new york city, this is bloomberg tv and radio. this is bloomberg. ♪

a quick to imagine that -- it is hard to imagine that we see a quick v-shaped recovery. >> i think the best we can hope for out of china is slowing -- out of washington is slowing down china escalation. >> forecasting what output will be in the next several years is even harder. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. our simulcast to you across this nation and around the world. we say good morning on bloomberg radio and bloomberg television as