other story. the growth of the spread of the virus in the sun belt. florida to texas to arizona. it is abandoned the new jersey of new york. houston will run out of hospital beds in days. palm beach requires wearing a mask. america, like resume, ignores the advice of its -- like the zeal, ignores the advent -- america, like brazil ignores the affairs of the doctors. and markets, tech neural links gold.- tech darlings lift everything else is home on the very narrow range. good morning, everyone. bloomberg surveillance from new york, francine lacqua in london. francine and i decided the scandal of putting tariffs on gin.on's

president trump has said, enough, here are the tariffs on the outcome of june, and other selected items in europe. francine: we were talking about it when the news broke on those tariffs. 3.1 billion dollars, it is limited in size, but it is very targeted and it seems to be on luxury projects. which is why we are looking out the likes of burberry and lvmh down 2% 50%. and a lot of the beer things. we all can survive it. [laughter] ever allow you back in the u.k. kamali we can discuss shopping here in london instead. tom: i will have to see. you may joke about it, folks. but it is not only the idea of tariffs, but coming at this time of global economic struggle. much to talk about. guestl go to our next in a moment on the virus and get

his prognosis for america. first with the first word news in new york city, here is ritika gupta -- ok, we have a technical difficulty right now. francine, -- a data check. francine, pick it up, please, let's look at the markets. francine: a lot going on in the markets. actually,t, tom, but there are a lot of ne little pieces of news. first we understand the u.s. is putting tariffs on $3.1 billion of u.k. imports, having an impact already on a lot of the share prices. in these -- and he's tariff troubles are just not what stocks need given the resurgence of covid-19 cases. european features are dumping as

we are seeing more infection cases not only in tokyo but also the u.s. and germany. what that means for the economic recovery and also for the reopening or the delay of the reopening of certain economies. tom: i went to really emphasize francine just mentioned, folks, there has been a decided change in tone of linking the pandemic. so much like it was 85 days ago in new york. when you look at, not only in america, the sun belt, but also worldwide, with hotspots in new struggles,a having in tokyo, i am told there are struggles as well, in latin america and south america, without question, the worst of the worst. brazil, really having an excellent in early difficult time. you see that with markets, with $1800.ttressed up around

much to talk about this morning, including bloomberg invest global summit david solomon in conversation later today with our john mickelthwait, our editor-in-chief. please stay with us. this is bloomberg. ♪ this is bloomberg. ♪

francine: this is "bloomberg surveillance." the first word news, what everyone is talking about, and trump administration considering new tariffs on experts from france, germany, spain and the u.k.. it could spiral into a wider transatlantic trade fight later this summer.

the you and wants to impose tariffs on beer, june, drugs, other products. there is a jump in coronavirus infections in the u.s. and that has grown reopenings into disarray. cases are surging in texas, florida, arizona. meanwhile, palm beach county, florida, has become the latest jurisdiction to make wearing masks mandatory. when borders open again, the european union may keep americans out. e.u. officials are discussing lifting the curb on nonessential travel to the bloc within the next week. one of the big issues being looked at is reciprocity, whether it would mean u.s. citizens are not allowed into the e.u. the cause of health reasons. here in the u k, burress johnson in the biggest -- boris johnson in the biggest scandal.

he is urging the public to go out and start spending. the goal is to save the economy, but the risk is the u.k. could see a second spike in coronavirus infections. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. tom. tom: francine, thank you so much. a confluence of events in the last 12 hours will make for an eventful day at the white house. the president, without question, he will adapt and he will adjust. kevin cirilli is our chief washington correspondent. is a new poll, mr. biden is way ahead, fine. but the virus news is grim. i will not mince words. it is like 80 days ago when there were seven ambulances one block away from me, was very sick people. but the difference now is that it is red states. the is the significance of

pandemic in the sun belt for the president? democrats which are just the cases on the rise pose a significant political risk from republicans not just of the presidential level. if you look at the results of last night's primaries, progressives had a solid night. they are looking -- you mention the "new york times" poll in which the president trailed by 14 points, they look at this summer as a summer of momentum. i speak withwhen republicans government they note that just three months ago, the president was all but issue in for reelection prior to covid-19. they also pointed out to the economic consensus which is that -ofre will be a step recovery, in the third quarter entering into the fourth quarter right around the election. the president has signaled he is on board for another round of economic stimulus, which could

directly impact some of those heartland states. let the biggest thing to note here is not the virus or the legislation being put it on today with regard to racial unrest and police brutality in congress, it is trade. the e.u. is threatening to elevate a tariff war that could directly impact the heartland, as is china. that is really the geopolitical, economic unknown in november. tom: i have the bat phone out here, right to my eagles football stub hub tickets. the bottom line is the eagles are playing the cowboys december 30 seven in dallas. there is a pandemic across their is a guest of september. there seems to be no end, as dr. fauci mentioned yesterday. and those are republican strongholds. how does the president adapt to the mayor of palm beach saying, you are wearing a mask?

kevin: don't tell dr. fauci, but i think a lot of eagles fans will be in dallas in december. he said yesterday, tom, during his testimony before congress, he said he is cautiously optimistic. his words, "cautiously optimistic," that there will be a vaccine in the market by the end of the year. i want to repeat that because i thought that was completely lost yesterday in the news coming out of the u.s.-mexico border with president trump's visit. dr. fauci, who has had tough talk for markets in the past week, is saying he is "cautiously optimistic" that a vaccine will be in development in the u.s. within a year. play that with the news of a economy, the news of the three debates announced yesterday by the presidential debate commission, and then use of a vaccine getting into the market, i don't think this race is over. is joe biden having a strong summer, absolutely. even the biden source i

spoke with yesterday said this over. from francine: i don't know what cautiously optimistic is, you could debate that all day long. is it a 50% chance? we have had vaccines we thought could be liable being thrown out because it would take a lot longer. in terms of what the virus surge means for the u.s. election, if certain reopenings don't happen in certain states, who loses? is it president trump or someone else? kevin: i think it is a mistake, according to the political scientists i spoke with. a mistake to look at each state in terms of the presidential cycle. i think each state is an have to different because of the local -- iscs on the ground inherently different because of the local politics in the ground. you have a democratically controlled governor being sued in the state supreme court by the republican-controlled state legislature, very much in west

issue. look at iowa, where in contrast to pennsylvania, senator ernst, republican up for reelection, is trailing the progressive candidate who is describing farm-kit,s a for theresa greenfield. .owa is important to trade who loses? democrats will say that the president miscalculated and republicans miscalculated on the issue of covid-19. republicans will say that they reopen. that is why larry kudlow is saying there will not be a shutdown even if there is a spike in cases. francine: kevin, thank you so much, kevin cirilli, chief washington correspondent. today, we are joined by a guest from the imf at 10:30 a.m. in new york, 3:30 p.m. in london. this is bloomberg. ♪ g. ♪

>> yeah. the u.s. had yield curve ii.rol during world war then after the war, the exit from the yield curve control was very difficult. it kind of ended in tears. that's one of the main concerns about going in this direction. there are a lot of questions about yield curve control right

now. tom: james bullard of st. louis, interesting in the interview yesterday. joining us right now is david rosenberg. putting ins bullard that interview, all the items. sitting on the access, one year, two years, even three years as well. where is the nominal gdp right now? where is the animal spirit of this american economy? david: you are seeing the animal spirit in the financial markets, for sure, where you are taking a look at equities or corporate bonds over the course of the past few months. it again, that is the case for the past 12 years, a massive disconnect between what the markets are doing and what the economy is doing. when you look for animal spirits as far as gdp is concerned, facts.ace

we went through the past 10 year cycle with average gdp growth of barely more than 2%, the weakest economic cycle in modern history. and the disconnect is actually widening right now. in terms of nominal gdp, it depends on what corner you want to look at. you look at the second quarter, nominal he could be done after 50%. fourth quarter, we are not getting a v-shaped recovery, may be something halfway towards that. you could be looking at nominal gdp as high as 25%. probably half of the funds rate we had in the second quarter or third quarter. the confidence level in anybody's forecast me on the third quarter of a rebound is externally high. original is

territory. let us begin with the fear out there which is that there is inflation out there somewhere, like a disney movie. is there information out there somewhere? david: there is no inflation out there somewhere, it is a matter of what the timing is. talking about inflation is like talking about dessert as you are eating the appetizers. there is no doubt in my mind that at such point as demand stabilizes, and that is going to happen, we are going to be left with a completely sporadic supply curve. unemployment,gh and we are to have permanently low productivity because there will be no capital investment in the country fun extended it period of time -- for an extended period of time. -- demand right

now is creating the inflationary impulse. inflation is going to come back. demand will stabilize. gdp will be a lot lower than it was pre-pandemic. at some point if demand stabilizes, so does the velocity of money, at a time when they are running between 20% and 30% at an annual rate. in the fed will not be pulling back. so, the answer is yes. i would say inflation is in the future. stagflation is in the future, probably 1-3 years down the road, certainly not in the next 6-12 months. francine: david, good morning, from london. is this a function of also the trade war's end trade skirmishes? we were subscribed -- we were surprised by the comments coming from peter navarro on the trade deal. now we understand the administration is looking at imposing tariffs on certain european goods. if this is the new normal, what does that do to your assumptions

of a economic recovery? david: i think a lot of the trade situation is more political and the numbers are pretty small. i never figured out why everybody was on such a frenzy over a deal called phase one that religious had to do with farm goods and soybeans which is a tiny fraction of the u.s. economy. maybe it was more psychological. i think what navarro had to say had a lot of credence. but the reality is that the president needs to have the phase one deal appear to be intact before the election. trade is something he views as a winning card for the election, so a lot of this is politics. even fighting with europe right now. it complicates things. but the numbers are actually .eally small the reality is that we already

knew that the world is becoming smaller, that trade frictions were rising globally even before the pandemic. we know that the future is going to be one of localizing global production. that will come at a higher global corporate cost curve. it adds to what i was talking about before, the future of stagflation comes because of the cost curve globally coming out of this is going to be much higher than otherwise would have been. that comes out of profit margins . part of it also come at a future inflation, and the trade site is part and parcel of that. francine: but if you look at countries that are more inward looking like you seem to suggest, that is automatically also inflationary. david: it is inflationary in general. the whole concept of globalization and of globalizing supply chains and adjusting inventories, was to bring down the corporate cost curve

and make it more elastic than it has been before. the trade side is part of that. the trade side will be a smaller world. you are already seeing that before the pandemic. cross-border investment and trade flows were already -- before the pandemic. then i would say, yes, from a supply-side, productivity side, that is actually an inflationary development longer-term. tom: david rosenberg, our jonathan ferro will speak with our guest from bridgewater oh on interview that was pre-pandemic. there will be talk of dampening of the economy over zero bound and what it does to the markets. will there be more volatility with our trip through the zero bound? david: i think that the bottom

line here is that this has nothing to do with the economy. the financial markets have nothing to do with the economy. the stockappened with market in the past few months has zero to do with anything but a v-shaped recovery, it has everything to do that with the fact that you have the central bank. you have fed with an endless pocketbook, that has taken the risk premium down to zero. thanis a different ben anything have seen in the past. i would say that they got totally mitigated volatility in the marketplace, have totally eliminated the risk premium in the marketplace. untiley will continue they are comfortable with the fact that the economy is on a self-reinforcing growth --. it will be three years. it is like powell is the

blackjack dealer in the casino handing out chips for free. as long as that is going to happen, volatility will be muted. the financial assets will remain completely disconnected from longevity.ic tom: david, never enough time, there. to leave it david rosenberg,, glad you could be with us today looking forward to this afternoon, jon ferro speaking with bob prince of ridge water come out without question, the interview of the day for those of you who are cautious and worried on the markets. stay with us. from london and from new york, this is bloomberg. good morning. ♪ you doing okay?

yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. ritika: this is bloomberg surveillance. i am ritika gupta. u.s. infectious diseases chief anthony fauci and other health

officials have not spoken to president trump in more than two weeks, coming at a time when cases have surged in some of the biggest states. dr. fauci also told congress he has not been asked to slow down testing. the president said over the weekend he told the administration to test fewer people. another step back for the u.s.-china trade deal. china once international meet in soybean shippers to make sure their cargoes are not contaminated with coronavirus. so far, the concern is about liability issues and that it could become a non-tariff barrier for u.s. fedexthe u.s. senate is headed over a cellmate over police reform. democrats are set to block the republican plan. they say it is too narrow to address the crisis over racial inequality. senate democratic leader chuck schumer is demanding republicans negotiate a stronger bipartisan bill. republicans have promised the measure could be amended. americans are hitting the road

again. a survey shows gasoline demand improved to nearly 80% of where it was a year ago when the lockdown was in full effect in april. demand had been cut in half. the fastest recovery in florida and texas. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ?om and francine tom: thank you so much. no other way to put it, the uproar over the virus at this stage of seriousness in the pandemic, it is a good time to catch up not so much with the virologist and the epidemiologists, but the people who work in our managed health care system. buy, hold and sell. what lauren sauer is

known for. at mizuho. let me open with an open question. what is the state of our managed care system today? is it chaos? is it will managed? is it the best you have ever seen? lori: good morning and thanks for having me on. i think it is well-managed. obviously, coronavirus was a novel virus. so the medical system has to deal with how to treat the patient's. three months later, they are dealing with the patients very different than it was three months ago. they just have to have high enough icu beds to treat the ,ext surge and once it happens since it is happening in many cities right now, things should get back to normal. tom: what is the differential between the cities of the sun belt now grievously affected, versus a big urban medical

systems of new york, boston, and for that matter, washington as well? andthe hospitals the same managed care systems of the same around the nation, or you have an insight of what the sunbelt is in for? a bigvery major city has non-for profit system and are a for profit system. the difference between the northeast is we were hit by the coronavirus first. hospital systems had to shut down quickly because they were not prepared. good thing about the sunbelt is they shut down at the same time the northeast did and they weren't even seeing cases. so back in and of march and early april, i was talking to hospital systems in florida and they were shut down and had no cases so they were able to be more prepared than the

northeast hospitals because of the timing. francine: good morning from london. if there is a second wave or a resurgence of cases in the first wave, whatever this is, how will they do things differently this time? david:. >> i think they just know how to treat patients, that is the main thing. like i said, this was a coronavirus that was novel. people are finding out it was more, not just a respiratory virus, but also a blood vessel virus. it is attacking different organs. now they know how to treat people where they did not know how to treat them before. for example, a lot of people were having strokes and heart attacks. now they are putting patients on blood thinner, which they did not know months ago. so the treatment is better. than knowledge is more in-depth. if we have a second surge, i don't think it will hit the hospitals as much as it did in april. francine: how much more are we going to learn about things that actually treat this virus?

the number of options to treat it right now is limited only when you are critically ill. in the next couple of months, what progress you think we will do? ann: i think the treatment of the critically ill will get a lot of data on antibody fac texas. there is a way to treat a normal person that does not need to be hospitalized. that will not be very different, because the virus has to run through your body. i think the next couple of months, the antibodies that come out, there will be less hospitalizations, have less hospitalization days, maybe people don't even have to but hospital as much. there is a suggestion that the virus is weakening a bit which typically happens with viruses. that would be a good thing if there is a surge in the fall. ,om: let's look at the buy it., sell, feature of

is your world undervalued? i do think they are pricing you at apple or amazon levels, but is your world to you on commonly cheap right now? ann: i wouldn't say that. in march and april when the markets first declined, it was. the only subsector that has not come back is the hospital companies. that is because they are the most impacted negatively in the near term. a lot of state governors mandated the closure of operation centers, delays in even in-patient surgeries, where you would not think they would be elective three months ago and they are elective now. those will take a few months to get back to normal levels. the cause of that, the valuation is impacted right now. francine: thank you so much, ann hynes, mizuho healthcare services senior equity analyst. we have plenty more, of course, on the coronavirus, and we will various.tracking the

coming up, lauren sauer, johns hopkins university assistant professor of emergency medicine, is coming up shortly. this is bloomberg. ♪

♪ >> we are now seeing a disturbing surge of infections that looks like it is a .ombination one of them is the increase in community spread. i am quite concerned about that. this has been something that has been in the press the last couple of days. so that when, and i believe it will be when and not if we

, wefavorable candidates will be able to make them available to the american public as i said in this committee months ago, within a year from where we started, which would put us at the end of this calendar year and the beginning of 2021. francine: that was the u.s. government's top infectious disease expert,. dr. anthony fauci, testifying bloomberg has developed a partnership with the leading authority on covid-19, johns hopkins. they have been at the forefront of the international response. every day we bring insights from the locales infectious disease in -- insights from experts public health, infectious disease. lauren sauer them a thank you so much for joining us. what is the pandemics best-case scenario, and are we living it? lori: i think the worst-case scenario is that states continue to reopen and they don't have a

reality check on what that means for the cases sweeping across the country. we are seeing broad increases in cases across the country and states continue reopen activities. i heard someone say the other day that we are done with coronavirus, but coronavirus is not done with us. people are going back to as time.and that is not the tom: you are in critical preparedness. what have we learned about masks? give me a straight story on masks. lauren: there continues to be a lot of talk in politicization of masks. it is making it hard to do the public health measures we need. we are learning more about masks every day, seeing the efficacy and seeing that my mask protects you and your mask or text me and all the masks attacked the vulnerable people in our community. they are an important public

health measure when we still don't have a lot of options. we don't have a vaccine, we don't have a lot of therapeutics. masks are a critical tool in our toolkit. tom: tell us, lauren, about your inughts in the demographics the reality of the retired florida. i believe the statistics are 1 in 4 people in florida are over some advanced age like 49. this is serious. a lot of old people down there. what does that mean? lauren: florida has a really vulnerable population. we know that a lot of people in florida have multiple comorbidities. they are an aging population and kisses are surging there -- cases are surging there. social distancing needs to happen now. i saw recently that masking is starting to be encouraged in florida, i think the governor mentioned something about it the other day.

the key is that these activities theimportant both for general population in florida, but also to protect this vulnerable population, the people who are older, the people who have comorbidities. that means if they get covid, their case will be much worse. francine: lauren, sometimes it is difficult to understand the endgame of this. are we trying to wait it out isil we have a vaccine, or this about trying to get some kind of herd immunity whilst at the same time giving our health service a break? i don't know what the optimal situation would be, what we are trying to achieve. i know that we are trying to save lives, but how, and for how long? lauren: we are trying to save lives, for sure. i think we are trying to protect the community and, in particular, the health system as

we approach a vaccine. a vaccine is definitely the goal. i don't think heard immunity is a viable option. we will get there eventually but will lose a lot of lives if we don't stay home, don't use vaccine. don't get a we are still learning a lot about what the adorable immunity looks like in patients who have recovered from covid-19. the vaccine is definitely the target. francine: how long do we have to live with this vaccine? one of the things we hear about on social media or people being fed up with lockdown, they want to do something in the summer when the virus could potentially fall?s lethal than in the lauren: there is a lot to learn about seasonality. we are in probably our first season of coronavirus. there is a possibility because we see it in other

coronaviruses, but there may be seasonality's, but warmer weather may reduce the number of cases. we also have a susceptible population since it is a first time we have ever been exposed to this. i think the lockdowns have to continue in certain ways. being outside is suddenly being safer than being inside. being away from large crowds is safer than being in crowds. you can still get out and about while being cautious and just think about the risk and think about, i might going to be in a huge crowd? of my going to be outside in a while-ventilated area? those other ways we can bide our time until we get to a vaccine -- outside in a well ventilated area. those are the ways we can bide our time until we get a vaccine. dr. fauci said we are close and candidates. francine: how many people have had the vaccine, if it is 5% or

10% of the population, but are those people safe to go out? do we know how long they have immunity if they have it in the first place. lauren: people who have the virus? francine: yes. lauren: so we don't know enough about community. for the short term i would imagine they are relatively safe. we also see a lot of information coming out on viral shedding. there are studies right now to understand if the virus is infectious, if it can get other people sick. there is a lot of work to be done in that space. is probably some good evidence that there is short-term immunity. we just don't know how long it lasts. francine: lauren sauer, thank you so much for joining us, johns hopkins. re to check out brus on the bloomberg terminal, and be sure to tune in every day for our conversations with johns hopkins on battling covid-19.

joinroup president will bloomberg invest global. that interview is at 2:00 p.m. in new york, 7 p.m. in london. this is bloomberg. ♪

>> this is "bloomberg surveillance." let's get the bloomberg business flash. this company has filed for chapter 11 bankruptcy protection. the wellness company plans to close as many as 1200 of its 6200 stores. gnc sells vitamins, supplements and nutrition products. it has been struggling with a big debt load and the coronavirus lockdown hammered store sales. the biggest buyout fund ever for asia. bloomberg has learned that the private equity giant has raised more than $10 billion for its third asia fund. has been on a buying spree, snapping up assets as valuations plunged during the pandemic. shares of t-mobile are being priced at a discount in a $20 billion sale by softbank. the japanese company is selling off a chunk of its stake that

almost 4% discount to t-mobile. it is part of softbank's $42 billion pushed to unload assets. it wants to pay down debt. that is your bloomberg business flash. francine. francine: thank you so much, ritika. says the full extent of the damage by the coronavirus on companies remains unclear and he expects volatility to continue through 2021. he spoke to me exquisitely. >> we have been working with five different governments over the course of issues around covid. you mentioned the federal reserve. but other countries we have been working with, in trying to help to boostgn policies their economies. to me, that is a division within blackrock lead we have been

doing since 1994. it is a segregated division within our organization. i am very proud of it. the reason why we win these assignments is we actually do a very good job. i am not here to judge whether we are too big to fail. we have been reviewed and reviewed and reviewed. obviously, we are a large, important asset management company. none of the assets are our own assets. this is not our balance sheet, unlike what people think about banks and insurance companies, it is their balance sheet that has people questioning it. our clients can redeem in their mutual funds and etf's daily. our institutional clients generally can redeem in a 30-day period of time. and so our fundamental position within society is very different than what a bank or insurance company is. the work that we do related to fma, we did this openly-minded.

when we were asked to take on these assignments, people asked, what will this mean? will there be a society. i said, we need to continue to do our job on behalf of the society we work for. we are winning because of our expertise. the compliments we are seeing from our clients are the strongest ever. to try tocontinue position ourselves the best we more and more companies, more and more individuals, and government to mr. have a better financial future. that is what we are trying to do. 100% of our business model is a fiduciary culture. you cannot say that about any bank or insurance company, because their balance sheet navigation doesn't apply related to that fiduciary positioning. because it is not our money, we have high standards we have to operate under. i am very pleased in how we have

been able to navigate this. francine: 2020 always going to be a big year because of u.s.-china trade tensions, the u.s. election, emerging markets, covid-19. what makes you most worried about the markets? a lot more volatility as markets try to figure out what is important and what is not them a cutting out the noise? larry: it will be very part of to cut out the noise. we still don't have a fundamental understanding of, is there going to be a different strains of the virus like we saw in other parts? i don't know if we are going to have a severe rising infection rate or mortality rate. i hope we have antivirals quickly. i hope we have a vaccination quickly. but until we have those issues, until we are over -- until we a better understanding of

the outcome of the 2020 election here and what is going on, i think we should expect a lot of volatility for the next year. but let's be clear, markets have done quite well with all of the uncertainty. pile of casha huge sitting on the sidelines. that money needs to be put to work. francine: that was the blackrock chair and chief executive officer, larry fink. european stocks falling the most week, u.s. futures also lower as there is a resurgence in cases of coronavirus. is morens the world concerned now than it was even yesterday or the day before about the pace of economic recovery. then you have retailers, travel shares also under pressure because of these expected tariffs from the u.s. runningentiment negative on concern that the

spread of the coronavirus could force the listed makers to slow or even reverse business reopenings. later today, don't miss our exquisite interview with bloomberg invest global, with david solomon, goldman sachs chairman and ceo, at 6:00 p.m. yorkn and 1:00 p.m. in new coming up, tom keene, jonathan ferro, and lisa abramowicz with more bloomberg surveillance some o -- simulcast on radio and on tv. ! >>this is bloomberg. ♪

♪ >> what we need to realize is we

are going to be in a slow growth world for a very long period of time. >> it is an urgently needed discussion now to think about how we think about getting back to central-bank independence. >> the markets don't seem to have noticed that the number of new covid-19 cases in the u.s. has gone up by 65% in the past week. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance." we are live on bloomberg tv and radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. tom: it will be fascinating to see