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 how the white house and the

president respond to it today. i am not going to go into it at length, but let me cut to the chase. and arizona are where new york and new jersey were 85 days ago. that is what you need to know. it is extremely important to understand that something has changed in the last 24 hours. this is the story front and center today. jonathan: the numbers are worrying. they are concerning. i am not going to get excited about $3 billion of trade between the eu and the united states. this has got to be about the reopening process. does it constrain policymakers' ability to push forward in states like texas? it.: you just nailed consumer confidence, i think, is probably going to be one of the biggest drivers. we are already seeing this anecdotally across the country. meanwhile, we have economists trying to get their hands on around just what this means.

we will get projection from the imf on their latest earth outlook. they already pretty good the deepest recession globally and almost a century. we are expecting them to downgrade that forecast. ,he other thing i am watching crude oil inventories are expected to have built, which means possibly there isn't as much demand as people previously thought. to your point about trade tensions, eu diplomats may decide to bar americans from traveling to europe for fear of catching the virus. it just shows how global this phenomenon is. we can't just tackle hotspots in specific areas. it really affects global trade, global travel, and global commerce. jonathan: i've got skin in the game here, so i will make it very personal. if my family in italy can't come to america, why should tom keene be able to go to venice and cruise around the streets wherever he likes? for me, the relationship between

europe and the united states is one thing. let's talk about the relationship state to state in the united states right now. only a few months ago, there were states outside of new york worried about new yorkers going into their state. that has flipped 180 just a few months. tom: it has flipped, but i love what you say about the politics. morningut earlier this with vice president biden with a 14 point lead over the president. fine. but you're absolutely right about the blue state/red state dynamic in that. what i would suggest is houston is going to run out of heads -- of beds in x number of days. we need to focus on the pandemic and the medicine. i wonder if the politicians, particularly at the white house, how they will adjust to that not only in the coming days, but frankly in the immediate morning and afternoon on this wednesday. hospital capacity is

something we've got to talk about later in the program. we will catch up a little later with kevin cirilli. equity futures negative, just a mild move lower relative to some of the craziness we have seen over the last couple of month. 0.75%.down by 23, off by we begin this morning with someone who was constructive when others weren't. of morgan stanley, cio of wealth management. fantastic to catch up with you. you have been right over the last couple of months come about after the last couple of weeks, the cyclical rotation has started to fade. what is the message for clients this morning? think as you articulated, the concerns over the recent spike in cases is something that investors are definitely grappling with. to your, we have seen a defensive rotation, albeit on

the one hand, people sustained by the fuel of the fed, but on the other hand, buying things like gold, like utilities, like .taples we have articulated that we period was really going to be a range bound market, and we are sticking with that. we still think there's opportunities to buy those in 2021, 2022, but we understand that we are in a very critical period here, and we are not surprised by this rotation, and certainly it is validated by that news flow that tom talked about. numbersup in the virus in the last week. compared to where we

were a couple of weeks ago, you sound relatively more cautious. i wonder what is at the epicenter of that turn for you. as i said, ia s: think we are a little bit more cautious. we are still very strongly in that range that we've talked about between 2900 and 3200. spike in look at the the covid-19 cases, while we don't think that there's to really go back to the style of all outlook downs we saw in march and april, these are numbers that are going to cause people, local towns and cities, concern and stress. limits inrt hitting

certain cities and municipalities on their hospital capacity, they will have no choice but to once again restrict economic activity. i think that that is kind of what you are seeing in the numbers. joke, you can't fight the fed, but they also worry that the only things are going to work in an environment where the recovery is very lumpy and impeded by the virus may be with those very defensive names. good morning. you've always then research-based, to the acclaim of sanford bernstein and the wonderful block books and all of that. you always lead with research first. what are you learning from the morgan stanley sell side research team about this nation and its corporations? what is the spirit they are hearing, they are feeling going into the summer and the mystery of the fall months?

of the mostink one interesting things we are debating is the extent to which companies are going to resume their capital spending. one of the reasons that we as a house have been somewhat more bullish than many, and why our have stuck tosts this more bullish v-shaped weovery forecast, is because are seeing a pickup in capital spending intention. that is something that i think earlier in the year was much more hotly debated. spendingthat capital does seem to be focused on technology and the cloud, digital presence, but that is remainwhere we still very bullish and constructive

that that capital spending can help sustain this recovery. lisa a: we are going to be very lucky to have chat and i -- to have with us tomorrow your colleague. made?e easy money been can we just expect lower returns going forward? lisa s: that is certainly our view. if you just look at the last decade, and we talk about this all the time, over the last 11 years, the s&p 500 has compounded at close to 15% per normal.ich is two times this normalized metrics, normalized earnings,

these are very expensive markets. we are looking at returns over the next three to five years that are going to be a lot more like 4% to 5%, not 7% to 8% come about that of -- 7% to 8% that a lot of clients have expected. the federal government is doing its part on fiscal, but it is really hard to see how financial materiallyeciate without us really getting into -- [indiscernible] jonathan: lisa shalett of morgan stanley, we thank you for your time this morning. our best to the team over at morgan stanley. one of the big pulls off the market bottom starting to sound a little more cautious over the last few weeks.

tom: there's no question about it. we have seen these huge gains, up 40% is the general number. you are seeing some of that caution this morning. i have been watching gold. a call over the last 18 months on surging gold, 17 dominate -- surging gold, $1796. that is the chicago gti future. lme london gold, a different price. still confusing. jonathan: let's just leave it there, shall we? lisa abramowicz, it would be disingenuous of me to say that this market has been ignoring what is happening because it has become a little bit more defensive. .e've had eight straight gains the cyclical rotation has faded in a big way. still veryech is

much in charge, and it goes to the story that the equity market is not the economy. everything else is left behind. keene,n: alongside tom i'm jonathan ferro. this is "bloomberg surveillance ." in the equity market right now, we are down 20 on the house and p 500, negative -- on the s&p 500, negative sera .6%. -- negative zero point 6%. next, we will catch up with kevin cirilli and washington, d.c. ritika: the trump administration is considering new tariffs on $3 billion of exports from france, germany, spain, and the u.k. largeruld spiral into a transatlantic trade fight this summer. it would boost duties on products including cheese and

yogurt. some of the biggest states are seeing a jump into coronavirus infections. that has thrown reopenings into disarray. cases are surging in texas, florida, and 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. eu officials are discussing the sting the curb on non-essential travel -- discussing lifting the curb on non-essential travel next week. u.s. citizens would not be ofowed in because health reasons. mlb agreed to have a season this summer, the shortest in more than a century, according to the associated press. teams will play 60 games. the season will start in the

third week of july. 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. ♪

>> we are beginning to discuss the different aspects of what another bill would look like. we want to take our time because, number one, there's a

lot we still haven't put out. and we want to make sure whatever we put out is much more targeted to the business is most impacted. jonathan: perhaps not what some people wanted to hear. that was the treasury secretary stephen miller jen. alongside tom keene, i'm jonathan ferro, together with lisa abramowicz. equities bounce off the bottom, still down 21 on the s&p 500, -0.7%. bonds not doing much at all. treasury yield unchanged on the 10 year at 0.71%, and in foreign-exchange, euro-dollar going nowhere as well. thei think the focus in next 30 days in washington, the composition of the next fiscal stimulus bill that washington puts together and agrees on. all i still think it is shaded over by what we are seeing with the virus.

i have yet you know, to say chancellor of the exchequer correctly. i think you are right about fiscal stimulus. our chief washington correspondent kevin cirilli, how does this better with the virus in florida, a battleground state, change the next stimulus debate? kevin: i think it puts pressure on republicans to get some sort of economic stimulus through before november. president trump has laid this out very clearly in public comments he made to reporters yesterday, saying he is in favor of there being another round of economic stimulus. someis going to open up divisions within the republican party, many of whom say as states reopen, that is the best type of stimulus for them, especially as economists are now predicting there to be a step up

recovery entering into the third quarter and fourth quarter of this year. speaking,roadly whether we are talking about infrastructure, whether it is secretary mnuchin suggesting that a second tax filing delay could be on the table as well, there are many different economic tools the white house could factor in as we get closer to november 3. tom: the democrats still have to have the up and up. let's take the stimulus debate and what speaker pelosi, senator schumer, and others would do. you see a progressively shocking times" on vice president biden. why should they cooperate on stimulus with the republicans? kevin: exactly. every strategist i speak with says the biden campaign once to make this a referendum election against president trump, not a choice election between the two

candidates. it is why you are seeing the democrats only agreeing to three presidential debates, one of which was moved from michigan to florida because of covid-19. this as the uptick in florida continues to make had waves -- continues to make headlines. somethingfinitely that the democrats feel, at this point, is theirs to lose. i spoke with a source on the vice president's campaign who terms,at, in very clear when going over strategy for how to continue through this summer, they really just want to get out of the way. in this -- get out of the way, from theource's words, president because of how he's stepped over himself. the president's reelection campaign looks at the economic verse, the projections of reopening helping the economy,

regardless of whether there is enough -- there is an uptick, and the president still getting positive marks on how he has handled the economy in the lead up to november. jonathan: let's get down to the state-by-state story. let's get to florida to talk about how governor ron desantis is handling the on the ground -- handling things on the ground. i wonder how that is bleeding into the debate about who should lead the country, republican or democrat. kevin: yesterday, i spoke the former congressman patrick murphy, a centrist democrat who told mely served and the debate is alive and well in terms of the reopening, particularly how senior citizens are being impacted in florida. florida, we all know, so battleground state in elections. it was the state the president state hen 2016, also a

has deep ties to given mar-a-lago. however, the senior population is a crucial demographic for electoral politics in that state , and the president has significantly taken a hit amongst senior citizens in the last couple of weeks. still not too late for him to rebuild, but also look at the hispanic vote in that state. that is why covid-19 is so important, trade policy so important, but the geopolitics of that region, whether we are talking about venezuela or trade, is also important. lisa: i want to get back to the big story in my mind, which is stimulus and further potential support for household. how much pressure will there be among legislators to re-up the unemployment benefits or ifsibly send out some checks there aren't official shutdowns, but you see slowdowns and a lack of confidence that people can go out and not get sick? kevin: well, get this.

to your point precisely, many of the states having the uptick are red states, so that is where the on them point benefits debate really becomes so -- the unemployment benefits debate really becomes so textured because many republicans raising concerns about the economics of this are also staring down upticks in terms of that virus. as this continues into the fall, i do want to note that dr. fauci yesterday testifying before congress, saying he has cupped -- he is cautiously optimistic that a vaccine could be in the market by the end of the year in the united states is a massive sign of optimism. however, that is what is really writing -- really weigh on republicans right now, a wait and see approach. jonathan: kevin, thank you. i think we are all hopeful that we can advance the science over the next nine months. the idea that this administration would together

another fiscal stimulus package for five months out from the election, to me, is unthinkable. it has got to come down to the composition of this stimulus package. will it be all focused on the supply side? that is going to be the big issue over the next 30 days. jonathan: absolutely --lisa: absolutely. steve mnuchin seems to push for re-hireentive to the aspect. there are still so many questions when the virus is spreading. jonathan: questions we will try to get the answers to over the next 30 days. from new york city, good morning to you all. abramowicz,sa together with tom keene, i'm jonathan ferro. equity futures down 22 on the s&p 500, -0.7%. coming up, michelle meyer of bank of america merrill lynch,

head of u.s. economics. that is on this program, live on bloomberg tv and bloomberg radio. this is "bloomberg surveillance ." ♪ w?w?uhió'ñó

jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and bloomberg radio. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. two hours away from the opening bell, price action is follows. s&p -0.7%.wer, an eight day winning streak on the nasdaq coming into wednesday, and all-time highs on several of the big tech names. a defensive posture, if you want to call it that, as the mega caps start to outperform again andy cyclical rotation -- again and the cyclical rotation against to stall. yields higher on the 10 year by almost a basis point now, 0.72%. in foreign-exchange exchange, the swissie and the yen just

about outperforming where we see elsewhere. muted price action across g10 this morning. tom: what do you see in australian dollar? i look at us trillion dollar against u.s. dollar today, australia versus renminbi, and finally versus the yen. it really shows a more optimistic tone for australia. do you agree? jonathan: seeing the aussie right now on the session just slightly weaker on my screen, in-line with the defensive posture we have seen over the last 24 hours. coming into june, we saw a lift, largely seen as a growth proxy with that cyclical rotation, but it has faded on my screen this morning. tom: no question it's faded. it will be interesting to see what we hear from the many strategists as well. right now, a really wonderful conversation on how we are framing our expectation forward. michelle meyer came to the attention of all of global wall street with her financial

modeling, learned at boston university. she did brilliant work for bank of america on real estate, on the sinking of the underpinnings of the economy. she joins us now. do the models work right now? can you use conventional michelle meyer economics to look forward, or do you have to make it up as you go? michelle: i think what we've learned is that right now, it is really important to do a bottom up exercise, bottoms up modeling. it is hitting the economy in many different ways. think about it in jobs, for example. i believe the best way to .orecast the path forward how are retail jobs going to recover versus construction, versus autos, leisure and hospitality? from that, you can think about the big sure, but it is -- the big picture, but it is really important to look on a sector by

sector basis right now. seen disinflation and outright deflation at times. michelle: typically, it is goods that's when the lounge -- that's one around a lot more, but consider the consumer basket we have seen in the past few months as covid hit. people have been spending on durable goods, household appliances, autos, housing, and they haven't been spending on services. the big demand destruction has been in services. a lot of that is already coming back upon reopening, but not fully. you will see outright deflation for broad componentecause the is so broad, but we are going to flirt with that, and certainly many categories will be disinflationary and some will be

in deflation territory. jonathan: i am going to steal from your research the three phases to all of this. the shutdown, the bounce, the recovery. you've talked about the bounce off the trampoline, followed by a long climb up a rope. what are you learning from the bounce in the last month? michelle: i think it has been stronger than maybe we would haven't dissipated. -- then we would have anticipated. part of that is because reopening has been earlier. consumer confidence picks up pretty meaningfully. there's clearly a desire to reengage. that said, we are starting to sue very early evidence that things are 11 -- are leveling off. to peak,e starting particularly in states that are further along in the reopening process. phaseells us that next

for true healing and the recovery phase, we are starting to approach that. that is going to be a much more challenging in my view. lisa: another challenging aspect here is the road ahead for housing. so far we have seen amazing resilience. i know this is one of your expertises dating back to 2005, and i am wondering how long this can last if we don't see further resurgence, especially since these are really being driven by mortgage rates at all-time lows. michelle: i think for housing, clearly the bounce has been incredible. mortgage purchase applications are at an 11 year high. particularction in benefiting because of the search for new construction versus existing. mortgage rates i think is one factor. isdemic related relocations another factor, particularly out of urban areas. and then the demographics in favorable foreen

housing, and this continues. so we won't expect the rate of growth to persist for housing. this is a sharp move up given the situation. but the fundamentals are still pretty supportive, and if we see that interest rates are going to remain very low for the medium-term, housing should continue to be underpinned. --lisa: whenn you you talk about the migration out of urban areas, is it going to leave some of the metropolitan areas where there's an incredible amount of commercial real estate, as well as residential that has been built up over the past few years? michelle: i think there will be some real consequences, of course, from these considerable shifts in population and where people want to live and work. they arer that short-term adjustments. in the end, the urban centers are still vibrant. it is still where the heart of businesses tend to lie. these cities, particularly new

york city, they have been through these shocks over the years, but i do think that in the short-term term, we will be seeing a pretty meaningful adjustment. if you think about the real estate market in some of the cities versus the suburbs, you are already seeing some of that conversion even before covid hit. so that stock amplifies what was already underway in terms of the migration path. jonathan: there's a real worry that the infection increase of the past several weeks, including texas, is going to start to hit the data. my worry from economics perspective is that the sequential improvement is bound to continue because places like new york are just starting to reopen. those forces will be really powerful, so the aggregate numbers might still look strong. do you think that could mask some fragility underneath, and we might miss what is happening in places like texas, california, florida, and

elsewhere? michelle: you are absolutely right about that. where the virus is a rising, things might start to slow their because they have the virus concerns. that is going to be offset by new york, new jersey, massachusetts moving into the reopening process. that is why it is absolutely critical to look at high-frequency data on a state basis. we do a lot of work where we are the states into the degree of reopening and track daily, weekly data in terms of understanding what economic activity is doing. i think the most important indicator will be if the states that are further along in reopening but now have viruses , if you start to see behaviors switch even before there is government policy that demands that, just from personal preferences, i think that will be a very important sign.

tom: what should we look for in the high-frequency data tomorrow morning at 8:30, the claims statistics? michelle: claims are a great piece of information, but they are flawed. they are flawed and part because there's backlog issues, presumably in terms of how to process these indicators. there's all different changes to the claims in terms of eligibility and criteria for receiving claims. i think you need to take them with a grain of salt when you're translating those numbers into actual hiring, and more firing, really. that said, the stickiness that we have seen from claims has been a sign, a reason to be concerned because it tells you that there is still some firing going on, even when we know there is from reopening. for claims tomorrow, would you think we are going to see some modest move down in initial jobless claims remaining above one million, and continuing jobless claims, one of the more

critical indicators when you are trying to access the end and plymouth rate, i would -- the unemployment rate, i would imagine it comes down a bit, but certainly the data hasn't shown that. jonathan: michelle meyer of bank of america, always enjoy hearing from you, and the whole of the team. my best to you and yours. speaking of the high-frequency data, here is the median , 1.33te on jobless claims 5 million claims. these are the numbers we want to see recover and recover quickly. tom: we have to, and this goes to rate of change versus level. there are some good charts this week from houses looking at this claims.us leveling of we have to jump conditions down to a better place. much more 6, 8,

10 weeks ago. i would assume that assumption that we really improve rapidly is a little more fragile as we roll into july. jonathan: let's be clear about something, the bounce is inevitable as you reopen this economy, but the bounce is still important. the longer it takes to recover some of these lost jobs, they could become permanent. we could see real scarring. that is why the bounce is really quite critical. lisa: that is why i keep coming back to consumer psychology. there was a study out of the university of chicago by austin goolsby, looking at the decline in economic activity, not the official shutdown. this does seem to be the driving feeling at a time when the virus counts are increasing. jonathan: with lisa abramowicz and tom keene, i'm jonathan ferro, counting you down to the opening bell this morning. still -24 points on the s&p 500, off by about 0.8%. heard on bloomberg radio, seen

on bloomberg tv, this is "bloomberg surveillance." coming up next, mark lehman of jmp securities on the rally in big tex. we will get his -- rally in big tech. we will get his thoughts. this is bloomberg. ritika: with the first word news, this is -- with the first word news, i'm ritika gupta. dr. fauci says health officials haven't spoken to president trump in weeks, at a time when virus counts have surged in some of the biggest states. the president said over the weekend he has told the administration to test fewer people. another step back for the u.s.-china trade you'll. china wants the international meet and soybean shippers to ensure their cargoes aren't contaminated with coronavirus. american exporters have been reluctant so far, concerned about viability issues. it could become a nontariff barrier for u.s. products. the u.s. senate headed for a

stalemate over police reform. democrats are set to block a republican plan they say is too narrow to adequately address a national crisis over racial inequities. senate democratic leader chuck schumer is demanding that republicans negotiate a stronger bipartisan bill. republicans have promised the measure could be amended. americans are hitting the road again. a survey shows that gasoline demand in the u.s. has them roofed tuned ash has improved to nearly 80% of where -- has improved to nearly 80% of where it was a year ago. the fastest recovery is taking place in florida and texas. gnc has filed for chapter 11 bankruptcy protection. the health and wellness company plans to sell itself and its stores. it has been struggling with debt loads. 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 rick -- i'm ritika gupta. this is bloomberg. ♪

>> i do think the resiliency of our economy is such that we will power through this, but it is not going to be a classic v-shape. i would think more a check mark

shape with some squiggly lines along the way as the second part is a little less medically slow -- a little less dramatically sloped and more jagged. jonathan: i think he even laughed when he said that. we've got no idea whatsoever what this recovery will look like on the chart in a few years time. accuracy is pond truly off the charts as well. absolutely extraordinary what we have witnessed. for many, the collective memory maybeack two quarters, or one product cycle for apple, amazon, and the other storied tech stocks. why don't we speak to someone with some vintage? that would be mark lehmanm of jmp, butrk lehmann of that barely describes his history, of the days back in san francisco with robertson humphrey and the rest. if there's one thing i know, you

have seen trees go into the sky tumble down. what is the risk for our listeners of these tech stocks to the moon? some goodpoint out points. san francisco was a birthplace for a lot of the great tech the ones, and a lot of people are using everyday invented in this decades and others before, like apple. now it is the biggest tech company in the world. what you look for in these tech companies is great innovation, and they become part of your life get all the companies we talk about regularly have become more part of our lives, not less part of our lives, during this covid nightmare. i think that is always what you want to look for. are these companies adapting and

innovating? withif you and i sat down a beverage of our choice, no doubt what we would find is the trouble is arrogance. do you detect arrogance within the leadership of these tech stocks? mark: it's a great question. i don't know if there is arrogance, and put tim cook on a stage and interviewed him, i -- and ifk you would you put tim cook on a stage and interviewed him, i don't think he would detect arrogance. i think there's some of that wafting through the halls of facebook. we've heard a lot about that over the last few months, and frankly years, about where they are with privacy and some of the things they command. there's different stories for these leaders, and i think things do flow downhill, from the top down. i think tim cook is a far different leader than mark zuckerberg and sheryl sandberg.

i think that comes through when you hear them talk and hear what they are trying to do. lisa: perhaps there is an arrogance in size, and big tech is getting bigger. the shares of the faang stocks now account for about 1/4 of the overall s&p market capitalization. at what point will their size and scope become a liability, both from the regulatory , as well as consumers getting nervous about this? mark: i am not sure we can define that because if we were to have asked the same question five years ago, we would have far surpassed that. we would have guessed that congress or maybe some european regulators would be far more aggressive about regulating them and preventing the kind of acquisitions you are describing, and the exact opposite has happened. mark zuckerberg has spent more time in front of congress than some of the people who work for donald trump, and nothing has happened, basically.

nothing has happened. now we are starting to see some of the advertisers pulling themselves, and every morning we get one or two of them trickling in. as we all know, the wallet is the most important thing. my guess is nothing changes from the regulatory standpoint, but maybe in relation to the advertisers. i am using facebook as an example. european regulators have been active, fining them for some of the things they find them in violation, but it don't think there is any wherewithal right now for congress to get in front of these big tech companies and slow down the pace of acquisitions. the pace of innovation in this country is not slowing down. we are seeing in some of the companies they are past their ipo pricing, doubling in price in the few weeks that they are public. i think that is telling you that the pace of a novation in this country is celebrating -- is accelerating. jonathan: let's talk about the

strength of the ipo pipeline because that is absolutely equal. -- absolutely critical. are these really strong companies looking to come to market? because they should. mark: i think it is both. first of all, we see an amazing and we talked about it when we saw zoom price their ipos. vroom is changing the landscape of who purchases and sells a used car. that is something that needed innovation. in one you put consumers of the most uncomfortable experiences they have in buy and were selling a car, and they are definitely on the front end of that innovation. look at what hertz is doing in terms of their bankruptcy. these companies like froom and carr vona -- like vroom and

carvana are great repositories for some of these cars. but you are going to start to see some that will go public. i think the question i would have about some of those companies, are there a lot of really small ipos focused on more of a consumer audience as opposed to the institutional audience? that is what i would look for if you wanted to see some whiff of froth in the market. companieslf dozen that should go public between now and labor day, i look at some of the prospects and marketplaces, and i don't see that right now. i don't see some of the companies we are starting to underwrite. if you see a lot of small companies take advantage of that, i get worried. i am just not there right now. jonathan: i don't imagine if you were underwriting bad companies, you would tell us they were

anyway, but i appreciate your insight nevertheless. mark lehmann of jmp securities on big tech and silicon valley. is there arrogance and silicon valley? i think if you looked at apple, you might conclude no. if you look at facebook, you might have a different conclusion. companyis remarkable, to company and person-to-person, what that is like. i had the great privilege for years of being out at stanford for their annual tech soiree with economists, and table to table, each industrial leader out there is different. to make generalizations about it is just flat out wrong. jonathan: equity futures this morning down 21 on the s&p 500, -0.7%. coming up, we will catch up with credit suisse's global head of fx strategy. on bloomberg radio, seen on

bloomberg tv, this is "bloomberg surveillance." ♪

>> what we need to realize is we will be in a slow growth world for a very long period of time. >> how do 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. have gone up by 65% in the past week. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. we are thrilled you are with us for our simulcast on bloomberg radio and bloomberg television worldwide.