if a city or state refuses to take the actions necessary to defend the life and property of their residents, then i will deploy the united states military. >> the country is crying out for leadership that can unite us, leadership that brings us together. >> the political risk environment usually comes from the rest of the world. >> this is "numbered surveillance -- this is "bloomberg surveillance." jonathan: for our audience worldwide, good morning. this is "bloomberg surveillance." i'mgside tom keene, jonathan ferro, together with lisa abramovitz. we focus on the following, the peaceful protests gratefully demanding change, replaced by riots overnight. there's a real hope this wednesday morning that we have finally broken that patterns and we can focus on the former and not the latter. tom: i love the way you put that.

no question about it. i was on the police scanner last night, and just absolutely extraordinary to see the police of new york monitor the peaceful to wheres people moved they were going not at the exact moment of curfew, but an hour or two later. absolutely, the media has it right this morning, it was a relative calm. compared relative calm to the chaos of the last several nights before. and i think to sharpen the focus, the labor market data that comes today and continues into friday. have adp today, then claims tomorrow. people modeling under 2 million claims, which would be constructive to that really ugly may report. it is a lagging indicator.

there's nothing lacking about the hardship that all americans are facing. everyone, even if they are employed, i really want to emphasize this, you are touched by this depression unemployment. jonathan: we've said it repeatedly on this program, that those words we hear every week about things getting better, a little comfort -- getting comfortof little to those suffering. 8:15 -- lisa:: 15 is when we get those adp numbers. at 9:45 a.m., we get some feeling for the services sector with composite pmi's, as well as may services pmi's. trump5 p.m., president has lunch with secretary of state mike pompeo. this is closed to the press. i don't find this lunch particularly interesting.

what i find interesting is this is the only thing we know of on president trump's schedule today amid the growing unrest across the nation, when people are looking to the white house to try to get a sense of what his response is going to be. jonathan: i imagine that schedule might shift and change in the hours to come, but really well said. there's a huge focus on what the president does next in washington, d.c. going us from washington is kevin cirilli, our chief washington correspondent. we are trying to get our hands around the political fallout. talk to me about the washington you wake up to this morning. ivin: the washingtonkevin: wake up to is much like the situation playing out across the country, and that is the protests last night in the nation's capital were largely calm. i've got my eye on what lisa was talking about, how the president is going to communicate this morning. he's going to double down, i'm told, on the issue of law & order because the political reality for folks not living in

cities is vastly different than those who went to bed last night with helicopters and the sounds of sirens. in contrast, biden's presidential campaign is doubling down on the issue of racial equality. i am hearing that we are going to continue hearing that theme and seeing more of the former vice president this week in the days to come. don't mean to be snarky about it, but the president seems to have a daily photo op. where is the daily photo on this wednesday? where them not sure president would have that, and that has been an incredibly divisive issue in american politics, but i put this question to a senior advisor of the president's reelection campaign, and what the source told me was they are banking on the fact that law & order, something the president

campaigned on in 2016, is going to help him win back a certain population of suburbs, as well as hold together the base. pulling would suggest the president disapproval rating is above 50%. president with a disapproval rating of above 50% is typically forecasted for there to be trouble for the incumbent in november. kevin cirilli,m: thank you so much. we greatly appreciate the reporting from mr. cirilli in washington. jon, you mentioned the markets. today there is a new correlation enforced to the up feel of the things that go up and the ebbing away of safe havens. bizarre is ittely is completely removed from everything we are reporting on our political relations.

sharpan: it is a contrast, a country absolutely mindn, contrasted with the of the market. it is focused on reopening. what we have seen over the last several days is a real cyclical rotation in the equity market. from the equity side, pushing that view to the fx market, we have moved four figures on euro-dollar in just over a week, north of $1.12. you on welcome all of our simulcast. we really believe it is about the quality of the guest conversations. it is easy to say that jared bernstein was an advisor on economics and policy to vice president biden, but more importantly, he is one of the progressive economists in washington that every

conservative reads and studies. he's been doing it for decades. economic policy institute, and now at the center of budget and policy priorities. jared, we are thrilled you are with us today. what is the biden mandate forward? what does vice president biden need to do to speak not to those committed to him, but the marginal voters looking for the biden message? what does he need to say? jared: first of all, always listeningtart the day to your rap. the vice president is running for office in the midst of really three crises. economich crisis, the one that stems from the health crisis, and now the outpouring of racial violence, which, as i think i heard at least implicit in some of your comments, feels very justified for a lot of people. to bring theime

nation together and restore a competent federal sector, something we so sorely lack, that can lead the kind of shock to come out in the global .conomy fast and furious we need a competent, amply funded federal sector that has the capacity to protect the american people and give them the opportunity they need to realize their potential out there in the economy. i think broadly speaking, that is the agenda. as the former chief economist to the vice president solution? what is the what does it mean to have a strong federal response given the fact that we have seen a strong federal response? enhanced un-implement benefits, checks out to americans below a certain -- unemployment

benefits, checks out to americans below a certain income level. what would former vice president biden do? jared: the response you are talking about is very key to what we are dealing with now, but that is not a plan for a future. that is a cyclical response. i think what the next president is going to need to do is resolve structural problems within the economy. is no one solution because there are so many different types of problems. biden has articulated a path towards universal coverage that is very important. probably the top of the list now is going to be jobs. that wasn't necessarily top of the list when the un-limit rate was around -- when the unemployment rate was around 3%, but now it is on the agenda, whether it is on the infrastructure side, green inhnology, or whether it is the caring professions. health care, child care.

really establishing higher quality jobs for folks in the services. a long time and wash i -- a long time in washington to them from and those changes. some will say he had his chance. what do you say back to that? you have to recognize that before barack obama was sworn in, there was literally a cabal of republicans meeting to try to block every aspect of his agenda. he still managed, with the help of the vice president, to push to establish very important health care change that brought uninsured rates down, and financial reform that has proved pretty durable, and that is with tremendous political blowback.

then the tea party tried to shut it down even further. i am sure the democrats are very interested in trying to get a majority in the senate, but even amidst to the kind of opposition that he and obama faced, they actually got quite a bit done. jonathan: jared, always great to catch up with you. thank you. you can't avoid it on days like today and weeks like the one we have had. tom: i've been a piñata recently. we are working at it every civil day, trying to do what bloomberg has always done, just trying to take the middle road, but i get the love mail and the hate mail back and forth. that's how i would describe it. jonathan: i think you can believe into things all at once. you can believe in what the protesters are protesting for, and you can agree with the president and governor cuomo on the need for law & order.

i think you can believe the two simultaneously without diminishing the former. up on the s&p 500. up 0.4% on the s&p 500. 3090 on the s&p. from new york city, this is bloomberg. with the first word news, i'm ritika gupta. thousands took to the streets again across america to protest police brutality, but there appeared to be less violence than there had been for several nights before. curfews went into effect in many cities to help stem unrest over the killing of george floyd, a black man in police custody. the pentagon is distancing itself from president trump, warning that he could use active duty military to clamp on protests. defense department officials say it would be better to rely on the national guard for law enforcement where needed.

still, some active-duty troops have been put on alert for deployment, most likely in washington. senate judiciary chairman lindsey graham holds a hearing today into what republicans call obamagate. they claim president trump was the victim of anti-trump forces in the fbi and justice department. the first witness, a former trump administration deputy attorney general, rod rosenstein. a meeting between opec and allies this month is now in doubt. saudi arabia and russia drawing a hard line over quota cheating by some nations. extend thoses to output curbs, but the saudis and russia say it may not happen if countries such as iraq and nigeria don't commit to implement in their supply curbs. 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. ♪

♪ stop thelice must looting and the criminal activity. that is the essence of the police force.

they are supposed to protect the community, protect the property. they did not do that in new york city last night. jonathan: from new york city, live on bloomberg tv and bloomberg radio for our audience worldwide, that was new york's governor referring to the events of tuesday night -- of monday night, rather. he said that yesterday, not referring to just the nypd. he was talking about the management. i think we should be clear on the specific tone of that. that was about marietta plaza -- about mayor de blasio and how he handled the city. this is quite original. tom: each city across this nation has their own conversation now between the politics and enforcement. what i really watched yesterday were the comments of the police commissioner, and he was very defensive of mayor de blasio in

the resources deployed, given the geography of the looting. i would urge anyone within new york, or whatever city you are across this nation, get on a police scanner and see and hear the many geographies in any given police force monday night and last night, and of course, we will see what happens tonight. to be sure, everything went a lot smoother tonight than it did on monday. jonathan: it certainly seems that way. this is "bloomberg surveillance ," getting you up to speed on the market. equity futures positive 14 points on the s&p 500, up around 0.4%. has been happening over the last couple of days, a real cyclical tilt to the equity market, with materials leading some of the gains.

yields higher and the curve steeper. 10 year approaching around about 70 basis points in america and the treasury market. the euro soaring. the equity outperformance in euro-dollar pushing higher, up 0.25% on the session. chart i the first looked at this morning, i think it was 6:52, something like that. i got up, the first chart i looked at was the euro through $1.12. you really wonder what will take to get to $1.13. you see any news flow right now that could drive euro higher, macron?kel, from jonathan: just the momentum. right now, the price action is positive, and so is the narrative around the continent at the moment. tom: we welcome all of you on our simulcast. right now, steve have our own

joins us. -- right now, steve chai verona chiavaronew, steve joins us. how do i feel right now if i rebalanced out of amazon come out of alphabet? think you feel pretty lousy. you know some of our thoughts on rebalancing that we have discussed over the years. i think right now, we have lived through an unprecedented period, roughly 10 years where economic growth was low, but widespread. it allowed inflation and reach to stay down. the gulf between winners and relatively down. right now, the difference between winners and losers are companies doubling or dying, and in that environment, you really need to do your work and be active in the way you invest.

it is a case where when you see a winner, you hold your winter. i think it is a little bit of a different game now than it was precrisis. lisa: that certainly has been true up until now. ng nameshe big faa dominating, but we have seen a rotation to the cyclicals. underperformance came from the nasdaq. how much steam do you think this trade has? steve: it is a debate we have internally. i think what is going on is in a very messy way, we are observing the wisdom of crowds. you see it when you see folks shoulder to shoulder on the beach in ocean city, or rushing into bars in wisconsin, or even when you see the large groups gathering for protests. the we are doing is pushing limits of how far we can reopen

in ways that experts would never approve of, but it is getting us information as to how aggressive we can open. the truth is as the economy reopens, it is opening at 60% capacity instead of 30%, for example. that's a whole lot fewer companies that die and a whole lot fewer people currently unemployed that get back to work. i think what the market is trying to understand is how long is this social distance purgatory? how long before we get back to full capacity? it is messy. i think the market is starting to sniff out that the reopening could be more aggressive than we originally thought. i think that is what is primarily driving the market, and cyclicals benefit from that because they are going to be where you price in the better economic activity. lisa: we talk a lot on this program about the disconnect between the brutal unemployment data and the economic figures we

have been getting from the world , and markets that have seems somewhat divorced from reality. but it has really been the big tech shares that have benefited the most from this environment. it has not been the cyclicals, which actually lagged behind and posted losses. our repricing in a v-shaped recovery, or are we still woosh,g in a s square root sign, whatever you want to say? steve: i don't think it matters. it will take us until the end of 2021 until gdp levels get back to where they were at the end of 2019, as an example. but if you look back at the history of markets, markets in recessions when data goes from deteriorating at the fastest rate to a slightly less fast rate. we are only a month away from

the end. i think what you have to remember is the market is a series of individuals trying to get ahead of each other. what happens here is unemployment claims stopped rising at that rate in the market bottomed. that is actually typical. it is frustrating because it is illogical, but it is typical of how markets react in recession. jonathan: steve, always great to catch up with you. e there.iavaron i don't think the right question is to say whether we have seen the bottom. i think the question is whether this market has gone too far ahead of the recovery. i think that is what we've got to explore. is tohe right question say that those in cash have been humbled, not that i would know anything. [laughter] jonathan: i think we are all humbled every day. i think you just a little more

than us, tom. tom: 3100 spx. jonathan: congratulations. from new york city, this is bloomberg. ♪

jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom, i'm jonathan ferro, together with lisa abramovitz. getting you up to speed on the price action, we advance, with equity futures positive 0.4%. a nice cyclical tilt to this rally that we will be talking about through the next several hours here on bloomberg area supporting that rally, that pickup into financials, a steeper yield curve. it yields higher on the 10 by just a basis point to 0.695%. in foreign-exchange, a fifth day of weakness for the u.s. dollar. euro-dollar, what a turnaround the last couple of weeks. euro-dollar advancing 0.2%, a weaker dollar, stronger euro.

tom: one of the great surprises on the year, and certainly as we shift to june and july, the persistence of dollar weakness has really been asked ordinary. we had wonderful conversations s.day with economist us, and now joining the former president of the ,ederal reserve william dudley and the service of william geithner are a crisis ago. thank you so much for joining us today. john and i were talking about inequality -- jon and i were talking about inequality. explain trickle-down federal reserve policy. how do they assist in a lesser inequality? the fed monetary tools are

really about supporting economic activity and driving the economy to higher levels of employment. however, that can actually cause financial asset values to go up, and that can exacerbate inequality. so the fed tools are just not suited to address the inequality problems. jonathan: is it that binary, or can we find a better balance? william: i think it is pretty much that binary. when we are in a crisis like embarked onfed has special facilities, the fed can facilities toke try and get more money to households and small businesses, but how does the fed actually get money to millions of households and small businesses?

that is difficult to do operationally. do in the easier to capital markets, where the fed buyessentially help financial assets. toh more difficult to lend million of different entities. a broad: there is consensus that they should be keeping financial conditions loose to help this economy pick up and recover. you will hear very little debate about that. think with the debate really is about, how far the federal reserve goes when it does that. you've intervened in credit markets. companiesn help big issue debt to keep people on the payroll. when you start to go into junk, you run the risk of getting the accusation that you are helping those who made risky bets in this market, and the likelihood that that actually spills over to the broader economy is relatively small. i guess what i am trying to ask is how do you know when you have done too much?

the fed's focus has been on making sure that financial markets work well so that people can have access to the markets. that is really the reason for the intervention. even the intervention into the high-yield debt market is not so much to bailout individual borrowers, but to make sure that people can access that market. i think they have been quite successful in those efforts, but you raise an important point. people who have high-yield debt outstanding, a lot of times that has happened by choice. for the federal reserve to intervene and support asset prices is basically creating a bit of moral hazard in the sense that you are encouraging people to take on more debt. lisa: let's talk about the moral house third -- the moral hazard and broaden out the applications. there have been analysts who say the reason why the federal reserve had to step into the corporate debt market was because of the expansion of the shadow banking system. in some ways, they were bailing out the shadow banking sector

rather than the banking sector, which was actually well-capitalized. how important is it to set regulatory standards for the shadow banking sectors that are more similar to what we see on wall street following this, given the fact that perhaps this can be viewed as they are having the systemic import of wall street of the past? isliam: if something systemic that will require the central bank to intervene in a different way, it will need to be regulated to some degree. we've had a number of players in the last few months that have essentially been bailed out by the fed. people had funds that were invested in cash funds and short treasury features that bicycle he said the treasury futures were helping those entities unwind what turned out to be a bad trade. people become very leveraged and they are big enough to be systemic, but there needs to be regulation to real that in. lisa: what kind of regulation

could the fed push for from other government agencies that you think would be appropriate from the hedge, from private equities, from some of the investment firms that have benefited from the fed programs and will probably continue to, based on what they have pledged going forward? william: one thing the fed could do is say there's got to be a limit on how much leverage you give them. the other thing would be money mutual funds. we have mutual funds that are invested in very illiquid assets. that andould change see if you are invested in illiquid assets, you have to offer monthly liquidity. that would also reduce the risk of a fire sale. what the fed really wants to episode the kind of where people have to dump lots of assets into the market, and there's no buyers, and that

distorts markets significantly. to maketo avoid that is sure that people have access to liquidity. another thing the fed could do is to say you have to buy from the fed. there's a number of things worth exploring. it is one thing if you have a financial crisis once every 50, 100 years. if you start to have a financial crisis every 10 years, the fed's actions will encourage people to take more risk in the future. away, youago and far wrote a chapter for me on our fiscal position, and you said that there was not a moment to lose. to lose,ur moment not with $9 trillion of presumed balance sheets? when is that moment out in the distant future? william: what has changed is the level of interest rates has come

down dramatically. although we've had this explosion in federal debt, debt service cost has remained very subdued. i think we had more than a tripling of debt outstanding over the last 10 years or so, yet the costs have barely moved upward. i think what happens to interest rates is going to be critical in terms of when the debt burden becomes important. it is not going to be a problem in the next year or two, but looking further down the road, i think there will be some consequences to having such a large increase. jonathan: what are your thoughts how much we are monetizing at the moment? william: the fed actually buying primary issuance of treasury. now is uplance sheet to $7 trillion. it has gone up by more than $3 trillion just in the last three months, so the balance sheet is

rising very rapidly. there's no limit to how bigbee fed balance sheet can get, but you have to understand that there are some risks for the fed. the fed is basically becoming interest rate risk, because a lot of its assets are longer duration assets, so the fed has an interest rate risk exposure that doesn't get talked about very much. jonathan: bill dudley, we will have to get you back to talk about it once more. bill dudley, former new york fed president, on the situation in the treasury market and the inequality from the federal reserve. just on a final point, there will be some pushback on whether the fed is monetizing. i understand they are buying in the treasury market, but they are sucking up age tremendous -- sucking up a tremendous amount of supply. think you are absolutely right. dr. dudley did a nice job of

finessing that rude question of years, jon. i went to the famous bloomberg yield analysis function, and i looked at the three year amazon bece, and the yield to ezos was 4.4% or something like that. it is amazing to see where interest rates are. it reallythat makes difficult. the financial repression we talked about 10 years ago and for the next 10 years, we are doing it all over again. what is the incentive to buy corporate credit at 40 basis points? you are just pushed to take more risk, aren't you? lisa: the incentive right now is where else are you going to get yield to get it is not just amazon. corporate borrowing costs within spitting distance of record lows. corporate borrowing

costs within spitting distance of record lows. to be clear, that is the real yield? william: that is the --lisa: that is the absolute yield. jon, we don't do spreads on simulcast. you can do spreads on real yield. when am i allowed to bring real yield back so that we can cover spreads? tom: it is under negotiation. that is all i know. the guy that you shot "bloomberg real yield" down? tom: you've got that right. [laughter] jonathan: i should tell everyone to send their emails to you to bring that show back? lisa: yes. tom: we are getting bushels of emails, particularly from indiana. it is remarkable, the number of emails from indiana, to bring back "real yield." [laughter] jonathan: good morning to you all. you know who to send your emails two.

looking ahead, equity futures with a pickup. just to compare and contrast, this country i can fully -- this country absolutely shaken to its core in this market keeps drifting higher. course for another morning of gains. this is bloomberg. with the first word news, i'm ritika gupta. last night, thousands of people demonstrated over the death of george floyd, a black man who was in police custody. there were few fires and loadings that marked ash and looting's that marked the last -- and lootings that marked the last few days. president trump says the republican party is being forced to seek a new city for its convention. it is planned to be held in charlotte, north carolina in august, but the state's governor has asked that the convention be

scaled back because of coronavirus restrictions. theparty official says president may make his acceptance speech in a different city. in iowa, congressman steve king lost in the republican primary. afterad been rebuked making inflammatory statements on race. america's largest economy reported more than 1200 new deaths yesterday. that brought the death toll to almost 32,000. brazil has become the epicenter of the disease in the last few weeks. the government of president jair bolsonaro has resisted social distancing efforts. zoom has transformed the hype into a huge jump in sales. the company says revenue sword and the most recent quarter. zoom has now boosted its annual sales forecast. 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. ♪

♪ >> the country is crying out for leadership, leadership that can unite us, leadership that brings us together. readership that can recognize

pain and the deep grief of communities that have had a knee on their neck for a long time. jonathan: former vice president joe biden there, weighing in on the tension in this country over the last week or so, and positioning himself quite clearly to be that leader come november. you can see this has quickly become one of the big issues ahead of the general election several months away. politics is absolutely extraordinary. i know we want to get to a market check here, and it is quite good markets today, but politics are it is always a market of the labor economy. i really want to emphasize the overlay of this pandemic with a crashed labor economy, buttressed against what we , simply as minnesota that toxic chemistry that leads to the difficult moment we are in. jonathan: adp report under 30 minutes away. we will bring it to you on

bloomberg tv and bloomberg radio. let's get you up to speed on the price action, one hour and 42 minutes away from the opening bell in new york city. equities higher by around 13 points for the s&p. 0.4%.anced by steeper, yields higher on the 10 year by a single basis point. on the 30 year, out through 1.50%. that has given banks a really nice lift. think we have beaten this one so hard over the less several weeks. euro-dollar advancing through $1.12. the big turnaround is just the improvement in risk appetite and how sharply it contrasts with the devastation we see around us, both in terms of the social unrest and the labor market as well. he saw this in the protests of the 1960's. i am not sure if that is a good parallel.

you often see a market that bottoms well before you see the worst of the economic data. we still haven't seen the worst of the data. i think the question we've got to grapple with, as we reopen and as these protests continue, and clearly no one is thinking about social distancing anymore, every day that goes by, if we have no sign of a second wave of infections or a pickup in infections, you will see more people more encouraged about how quickly this economy can normalize. tom: it is going to be fascinating. what we are trying to do is bring you a very to set -- a varied set of conversation with people with experience. in philadelphia is a gentleman we will go to here in a moment. we are trying to work that technical arrangement up right now. int is so important to me all of these conversations that ideae having is the simple

of this labor economy. it is absolutely untenable that we can have an unemployment rate of 18%, or maybe it is going to be 22%, and if we make it halfway back, it is still untenable. jonathan: a double-digit unemployment rate is totally untenable. on wall street, there will be a focus on the aggregate number for the economy in the united states. i think the focus for policymakers increasingly has to be on the disparity we look at friday when we get the payroll report. get beyond the aggregate figure and look at the disparity beneath. that explains a story of a community being disproportionately hit by the economic effects of this pandemic as well. lisa: you see this in black and hispanic communities that saw 20% fewer jobs in april than two months earlier, see the brunt of

the effects of the covid-19 pandemic, and much deeper job losses than among white americans. the question is what can be done to remedy this. how quickly can this be addressed at a time when people are concerned about a summer of discontent that will have ramifications that i have not heard? this is one of the main questions over the main few weeks. i have not heard what exactly this will do to the economy going forward. jonathan: has got to come from the fiscal side, and what we have seen over the last several weeks, you and i have talked about the collective ,ill that has seemed to fade the collective will to do more on the fickle side. i would like to see a renewed effort on that front in the months to come as we look past some of these unemployment benefits that begin to fade out. tom: that may be for this wednesday. the day is young. for you and me, we are halfway

through it. but you really wonder if this is the wednesday when we begin to see a new impulse of fiscal thinking down in washington. buttressed up against that will be the international economics that the president faces. there's no one at bloomberg who looks at the pulse of the international economics better in the last number of weeks then our damian sassower. he joins us as well. the american political crisis and the american employment crisis seem separate from brazil , singapore, or eastern europe, but it is not, is it? damian: it is not at all. there's a lot of similarities between what we see in the u.s. and many of the things we see across emerging markets. i mentioned previously on the show, i've talked about arab spring risk. turmoil moves over into

the economy. this is something that i am definitely keeping an eye on. it is impacting valuations across the whole of the market. i am curious about the perception of the united states amid the unrest in please is like china, and how that could affect policy, given the fact that aging is using these images as propaganda to try to cull popular support in the nation. nationalist fervor and china's very high, and that is certainly alarming from the perspective of a u.s. dollar investor, if you want to call it that, or maybe a u.s. centric investor come but at the end of the day, this is nothing new, as china goes, so goes the rest of the market. it is a really key factor, and i am not saying it is derailing u.s. dollar exceptionalism, but it is certainly giving pause for thought. change it is a real big

as we enter into the summer months, when liquidity dries up. always great to get your thoughts. thanks for dropping by. damian sassower there of bloomberg intelligence. much debate about what is happening in the fx market. is the weaker dollar a symptom of improving risk appetite, or a driver of it? theuld suggest it is former, not the latter. just clearly, we're chipping away at that every single day. tom: i agree. it is a convexity rolloff. admit, and the last 24, 30 hours, there's been a very nice correlation between weaker safe havens and all of this asset lift we are seeing. jonathan: just feels look a huge positioning squeeze across a

range of assets over the last several weeks. -- onre conservative bloomberg radio. ♪

pres. trump: if a city or state refuses to take the actions necessary to protect their property or residents, then i will deploy the united states military. >> the country is crying out for leadership that can unite us, leadership that brings us together. >> the tools are not fit to address the inequality problem. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. our simulcast on bloomberg television across this nation and worldwide, and on bloomberg radio. we particularl