in an environment right now where there is much less leverage in the equity market. >> you don't want to get into a debt trap. >> the fed has a lot of upside to accelerate. i think they will maintain this pace. >> we have an income cliff at a time when the consumer is supposed to go out and spend. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. from new york and london, for our audience worldwide, come morning -- worldwide, good morning. this is "bloomberg surveillance ." alongside tom keene and lisa abramowicz, i'm jonathan ferro. a day away from an election in america. we call that "eight days a beatles.e

come on, jon. theent an hour reviewing dynamics. there's been a real deterioration. mike allen publishing moments ago for axios, and he melds the two stories together. he's focused on wisconsin and montana being those swing states with huge pandemic issues. jonathan: and yet, where's biden and harris going to be this week? biden in georgia, harris in texas. who would have thought that was to the election, those are the two places they would be. tom: georgia has really been front and center. londonitical analyst in francine lacqua mentions she is focused on george as well. jonathan: new restrictions

across the continent, and what are we not talking about this morning? we are not talking about stimulus conversations. this market adjusting lower. lisa: perhaps you can blame the fact that we haven't gotten a fiscal deal. week, wasch a huge andt days to the election, the data does stay pretty soft. 10:00 a.m., we are getting u.s. new-home sales. expect deceleration in the full number based not on a lack of people are rather saying in their homes, and want to buy them. if china stays on the trajectory where it is right now, it will surpass the size of the u.s. economy within the next decade, so it is really important to see how they are going to get there. also today, the senate is going

to vote to confirm amy coney barrett to the supreme court. mike pence presiding over that despite the fact that five of his staff contracted covid. interesting dynamic at a time of such a rapid spread in the pandemic. jonathan: then we can have talks about talks at some point later this week. lisa: i can't wait. 500, equity the s&p futures lower. early this morning, equities lower there as well. byity futures down 30, off 0.9%. in the bond market, yields back in three basis points. european government bonds rallying. foreign exchange has dollar strength more broadly through g10. some risk aversion this morning to kick off the trading week. tom: i don't want to oversell

it. but i look at the pullback we are seeing in the market, and it nasdaqts you like the 100 to a center tendency of the recent volatility. there's not a lot of gloom and doom. it is just sort of range bound centre tendency off this morning. . jonathan: wejonathan:. -- jonathan: we know what ben is going to say. he's going to say buy. let's bring even, been late -- let's bring him in, ben laidler. why? talki think all of this about fiscal stimulus has held people back. we are waiting for a vaccine. we don't have that yet. let's get the election out of the way, and look forward. what does that look like?

get 25% earnings growth and these deep cyclical stocks that have basically been ignored, those are the big beneficiaries of the vaccine, which we are going to get something, some more fiscal stimulus, biden wins these area blue wave, the sectors of the market chair out of favor and have huge operating leverage to the base case scenario, and it hasn't really moved yet because i think people have been very distracted by the fiscal talk and the election and everything else. tom: the challenge of people trying to catch up with ben laidler is on an absolute and relative basis do you shift. do you shift away from big tech completely, or do you do both together and still owned both areas?

downi think you bring those sort of quality growth, big tech, health care bids. but we are talking different instruments here. tech is going to continue to look very good with these ,alance sheets, but absolutely the sector i am telling people to shift into, industrials, small-cap, real estate, a little bit of money is going to go very long way. this look at what is going on in third-quarter earnings right now, which we are ignoring because there's a lot else going on right now. hugee just getting operating leverage on the upside. lisa: there's the counterargument that the pandemic is accelerating and worsening dramatically in europe and in places in the united

states, and that we are not out of the woods. even if we get a vaccine, the rollout is going to become located, the efficacy is questionable. how do we stay in this environment? how long does that have to go on before you change your view? ben: i think the relative surprise which has given me a lot of hope has been the resilience of the consumer, the resilience of economic activity. just u.s. pmi for october last week up 55. very expansionary. , retail sales, we are in pretty good shape here. i'm not naive enough to think on forever, but the story so far has been one of extreme resilience. think that can go forward a little bit further. at some point we do need some more fiscal stimulus come on we

are seeing everywhere -- stimulus, and we are seeing everywhere that this is having less of an impact on economic activity. i am looking for a vaccine. i am looking for more fiscal stimulus, and i am looking for this second wave to have less of an impact than the first wave did. futures ticking higher on the s&p 500. the correlation between cases increasing in the united states and what you think happens with consumer engagement, how loose or tight will that be? ben: to my previous point, i think it is a lot looser than it was previously. we just learned to live with this to a certain degree. so again, i think the consumer is going to be pretty resilient, certainly for the next couple of months. at some point we are going to

need more stimulus. we are going to need these cases to come down. but i think what we have seen so far is that we have a little bit of time here. great to catch up as always. staying bullish, ben laidler of tower hudson research. here's a comment on italy, the latest on their partial lockdown. ours and restaurants to shut at 6 p.m. casinos, game rooms closing. it hellions are urged not to travel, not to invite guests at home. shops can remain ash italians -- italians urged not to travel, not to invite guests at home. this has been a surprise to business. what do we know about s.a.p. friday that we missed today? jonathan: downgraded their outlook. cut up with the cfo earlier. bizarre conversation.

uncomfortable,'t that he wasn't unhappy with the numbers, and i said, i think anyone in the stock is going to be unhappy with the numbers. are we going to see much more of that, lisa? guidance from corporations that didn't end is a another wave of this? lisa: i think that is a really important question. if it is just plugging an economic hole and not actually acting to stimulate the recovery, that is a big difference, and it has a longer deleterious effect on the economy if it is just debt to bailout an economy hampered by the pandemic. i'm not hearing a lot of projections about that going forward, and that is a big issue. jonathan: should we do the good news this morning? that's the second reference to the fact that i was here a lot earlier this morning than i , for the european market open show on bloomberg. that's because mr. miller sent me a quick text last week and

coming, so i need you to cover my show. now isave matthew miller a father. tom: and the guy has absolutely theed it because he's got candor from drug -- the kinder kindergeldand the going. you always name the child after the richest grandmother. [laughter] he's over there in the amand of immediate tiled -- in the land of immediate child tax exemptions. the kid gets a childcare allowance from day one. we would kill for that. lisa: here we have negative yields on children. tom:tom: look at that, the

kindergeld. jonathan: i think it is fair to say that, given matt's spending this kidings engines, is born with a negative yield. tom: he wanted to name the kid harley. toathan: congratulations matt miller and their newly born daughter. from new york and london this morning, good morning. this is bloomberg. ritika: with the first word news, i'm ritika gupta. house speaker nancy pelosi says the chamber could pass a pen the mac relief package this week. still, a deal with the white house remains elusive, and the republican led senate may not act before the election. of moving each other the goal posts posts on the legislation. isthe senate, a final vote

set for today on amy coney barrett's final nomination to the supreme court. chuck schumer accused republicans of using raw political power to get barrett confirmed before election day. the british government is indicating it is optimistic about a trade deal with the european union. the latest round of talks between the u.k. and the eu has been extended into the middle of this week. earlier this month, britain temporarily walked away from negotiations for a free-trade agreement. the coffee and matching to be' is in talks acquired. shares have more than doubled since march. the brand owns buffalo wild wings and jimmy john's. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries.

i'm ritika gupta. this is bloomberg. ♪

♪ rep. pelosi: they keep moving the goal posts. we want the sooner the better. we are making concessions, too.

>> we don't even have the bill yet because we continue to make offer after offer, and nancy continues to move the goal posts. jonathan: back to back interviews on cnn over the weekend with nancy pelosi and mark meadows, white house chief of staff. how many times have we done this? it's boring, isn't it? on the s&p 500, we are down 29, -0.8%. a bid into the bond market. we give up some of that. 0.1861% is your yield on the 10 -- 0.8161% is your yield on the 10 year. $1.1820.ar, a shout out to our colleague jen jacobs in washington, who is part time leading the track and trace initiative in washington, d.c., the latest being mark

office. vp pence's pentz inlose to mr. ce inmity -- to mr. pen outimity, as he campaigns of quarantine. kevin cirilli joins us, our chief washington correspondent. zeitgeist ways to go this morning. i want you to overlay these two big stories, your conventional politics with the pandemic that is worsening. how does the election change across the greater north midwest and mountain states? kevin: it doesn't. justin traveling the past couple of weeks, there is a very different reality in those parts of the country outside of the

coasts, where there is an acceptance of the virus and the risk that comes in terms of voting. just to note the trajectory in terms of the polls in the early voting that we have seen, in contrast with democrats, you look at a state like texas and .arris county, where houston is the mail-in voting has skyrocketed, absolutely skyrocketed. i spoke with a democrat strategist last night who said to me the reason they are so bullish on texas, which behind the scenes, they are trying to quiet down some of the expectations, but it is harris county. when you look at the early returns and something like houston, it is why senator kamala harris is headed to texas, because they are thinking maybe we should do that, and there is a map of the early voting per state, and it is more than 6 billion in terms of how they are shattering records. walkingare all one big

cook political report. cut to the chase. what did kevin cirilli learn about the 47 polls out there in the last 24 hours? what is your knowledge right now? kevin: i think the biggest unknown, this is really what it is, whether or not the mail-in ballots simply mean that there's blue voters. that is the biggest unknown because as much as the president has criticized early voting, many republicans are looking at the virus and voting republican, but are casting mail-in ballots for them as well. pollsters inr the the data analysts to track whether or not early voting is going to necessarily mean democrats. the way they have been able to do it is by looking at traditionally democratic leaning parts of the state and suggesting that the early returns in those counties would

mean a positive sign for democrats. jonathan: much has been said about the polls now and back in 2016, but will we did see -- but what we did see was some real momentum behind the president to close the gap to election day. we don't see that now, do we? kevin: they would say they have it. democrats would say that they don't. in terms of the biggest unknown with regards to a flashback to 2016 and the hillary clinton emails, the letter that came out from comey and whatnot, that jolt ine a real seismic the final weeks of the campaign. i will tell you that the president's campaign has seized upon some local issues such as energy policy. they are blasting that in michigan, wisconsin, and pennsylvania. they feel that will be able to pick them up votes on lost grounds. lisa: control of the senate is very much at stake.

you can see a tightening gap there, in terms of the odds, that there will be this blue wave that has been increasingly priced into markets. what is your sense of the theme? republicans say they are registering more voters, more men who are white and have not gone to college, more likely to vote red down the ballot. how does that change the calculus on the senate front? kevin: that helps them in florida, north carolina, south carolina. it's very hard to understand whether or not getting people to sign up to vote is the same with voter engagement of folks that have already been brought in in the 2018 cycle because the democrats will push back on that data and say they have been able to mobilize voters ever since 2016. these numbers are so hard because both of the political parties are operating under their own metrics, so it is very difficult to understand from a comparative sense whether or not

they are actual. in terms of the down ballot, for the senate and a blue wave, you look at the markets and how they priced in and started to recalibrate with biden bidenainty -- with certainty. markets would view that as an asset. they would also view him much more to the center of someone bernie sanders. beyond that, in terms of a blue wave, we just don't know. someone like senator tillis, i am headed to capitol hill after this, of course, there is the acb confirmation hearing aid or this afternoon, all of those issues -- hearing playing out this afternoon, all of those issues factoring in. jonathan: great to see you this morning. kevin cirilli, bloomberg chief washington correspondent, thank you. that get to that poll

made so many headlines over the 4%.end, 46%-40 let's get to a headline across the bloomberg. i know you have been following this story. it comes from m group -- from ant group, seeking to raise up to $7.2 billion in the shanghai leg of the ipo. i should emphasize the last part of that headline. this is $17.2 billion in the shanghai leg of the ipo. tom: what is so missing here, of course, is western capitalism. jp morgan helping out on parts of this offer, but i like what the south china morning post says. they sum it all together with overallotment. it is a little bit of a statement there, but really something to see how this sums together away from wall street

come away from the city. jonathan: everyone wants to know what you reduce -- everyone wants to know, will you reduce the cash allocation? tom: i need an entry point, of course. [laughter] jonathan: from london and new york, this is bloomberg. ♪ ♪

♪ jonathan: from london and new york, good morning to you all. this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. two hours away from the opening bell this morning, eight does away from wrapping up voting in the election in america. a cap lower overnight. we bounce back a little bit, down 30 on the s&p 500. a week of losses last week. . a few more losses this morning, down 0.9%. risk appetite taking a punch. euro-dollar down to $1.1824. in the bond market, last week a selloff. we add 10 basis points to 18 year yield. this morning, a rally. we come down three points to 0.8128%. first of all, a shout out to kathy jones of charles schwab,

who dominated last week's programming. it is the only thing i remember from last week was kathy jones playing the piano on this program. that says more about me than anything else. kathy jones also had this to say on the bond market. >> i think 1% is probably the upper limit to where it can go from here. i think at that point, the fed may get somewhat concerned, and we might see some yield curve control or may a twist to put a cap on it. jonathan: that was the take from many people last week off of the back of that treasury market selloff. the question i ask repeatedly, how self-limiting would that selloff be? when with the buying start to come back in? this morning, the bid is back. tom: there's not a lot of hyperbole. we are rage bound -- we are range bound up at the higher end of the range. the only way i would go is to go

to the dollar. looking at the bloomberg dollar index, it is on support. that's all it is. it has not broken through. jonathan: dollar stronger this morning. keep going back to the euro. euro-dollar at $1.18, given what europe is going through right now, i think it is really interesting. more restrictions this morning. italy shutting things down, not completely, but in a bigger way. a curfew in spain. and a covering the lost momentum going into all of this, and rear pressure -- and real pressure building on the ecb again. christine lagarde, going into this press conference thursday, i don't think this is an easy one for her. kronaery simple, swedish stronger against the euro, but within the range, it is not excessive. i would go through this october is being range bound. our next guest is very good at

identifying new come out of those ranges. jonathan: we can bring in mike swell now. mike, great to catch up with you. i am sure you heard a part of that. can we start with the 10 year treasury range we have been stuck in for a number of months now? do you think we've got the set up in front of us to break out of that? mike: i don't think i can match last week's piano. that i can play a little kazoo for you, if that makes your week. [laughter] in terms of the range on the bond market, i think the death of the bond market rally has just been a story that has been written way too many times. still yield. there's still balance in fixed income relative to risk assets. as long as you have investors that need some level of diversification, as long as rates are zero or negative around the world, it offers

balance to your portfolio and some hedge efficacy, and 80 basis points may not sound like a lot, but if it rallies from 30, that is a significant total return. i think people are writing off the bond market too early. for the value foreseeable future. tom: that's where i wanted to go, within the internals of the market. what do you see on your desk of the appetite on the bid ask? there's a wall of money out there. i get that. but what are the internals -- but what are the internals you see? the: we look at a lot of funds out there to see where they stand relative to the benchmark.

you are seeing investors right now anywhere between flat and somewhat short duration. that from a technical standpoint is a very positive technical for the bond market. i would say that the other very important point is the volatility we are seeing now in equity markets and we are likely to see going into year end, it is one thing to have a positive impact on the treasury market as investors look for flight to quality. in the near term, it may even have a positive tailwind towards the dollar as well. lisa: you say there's probably going to be buying of treasuries, and yet i was reading your note, and you are bullish on high yield. your bullish on the riskiest credit. isn't there a contradiction that if people are looking for the safety of treasuries at sub 1% yield, why would they be confident they are going to get any of their money back with a high-yield bond? mike: first off, there is a lot of merit to owning growth

related assets in things like high-yield that have not benefited as much from the fed coming in and buying everything in the investment-grade universe. it kind of been left out there. treasuries paired with credit is very significant. when you go long duration paired with credit, you actually create better balance in a portfolio. in the event that there is a risk off, treasuries would rally, and in the event that treasuries may back up, you would see credit spreads tighten very significantly. number one, i don't think that is an inconsistency. secondly, i think when you invest in things like high-yield and other fixed income related assets that are not treasuries or agency mortgages, using longer-term. longer-term, we do believe you are going to have improvements in care for covid. we will get back to better growth next year. we want to stay more in growth

related assets. but as we look at what is setting up in terms of potential for election volatility, the potential for funding issues at the end of the year as banks are not in a great capital position to be able to markets, we want to be in the position where you have dry powder to take advantage of dislocation coming at the end of the year. lisa: let's unpack some of that. you said dislocation into the end of the year. you are expecting some of the riskier credit to potentially selloff, potentially significantly heading into year end? what is your entry point? we can divide the income universe and to two. one is relying on growth improving next year, earnings improving on the margin, and just getting paid back. in trading credit, it is very hard to jump in and jump out, pre-election, postelection. long-term we still like going

credit. in the near term, we look at sectors like volatility. we look at vix, we look at bid offer spreads, and we get a little concerned that there's going to be volatility to the election, and likely to be volatility going into year end. we are trying not to free up balance sheets and portfolios to take themsition to into dislocation. you can earn very attractive returns by deploying on the balance sheet. us ofichael swell with goldman sachs. mike swell, right now, what lisa ferro inw, with jon interview after interview, everyone is saying they are buying china debt. everyone seems to be in the

trade. what is the risk, or what is the thought you have on what could 2022 forere in 2021, the certitude of owning china debt? mike: i think you have two factors that are a risk to owning chinese debt. one is the risk that the chinese economy is very insular and continues to recover at a pace very different than the rest of the global economy. in the event that that does occur, that could create a situation where the chinese central bank provides less accommodation, and you actually see rates rise and inflation pick up in china. that is a real risk. the other risk is that, from a credit standpoint, people get concerned about china to the other side. while the central bank has the ability to lower rates, you could have credit concern. i think that is less of a concern. in the end, rates are attractive in china. 3.75 percentthe

area. we don't expect to see inflation running away in china. the real rate in a country like china is actually somewhat attractive. i am not overly concerned. there aren't a lot of investors that have the ability to invest in china debt, but i will watch pretty closely. tom: you were an enormous basketball player at brandeis. did you really cut practice once because he wanted to go see al gore? did you really do that? mike: you really did your homework. election.n the 1988 actually, it was true. i actually worked on one of the presidential campaigns, and was very actively involved. there were about eight democratic candidates at the time. i did go to the coach, and he rolled his eyes. alaid, no, i want to go see

gore and hear about that green new deal. so it actually was a real thing. back inndeis basketball the day was the real deal. very competitive program. jonathan: i would love to know what david solomon would have to say if mike said i want to go see aoc talk about the green deal. you won't it's her that one, don't worry. [laughter] mike: appreciate that. jonathan: thank you very much. let's get to the bond market quickly. twos-tens, we talked about this chart last week. we've topped out at about 70 basis points twice now in the last six months, and we've done it again. last friday, bridging that level. then we roll back over again. we keep talking about potential limits on the long end. to some degree, this chart speaks to that. tom: it is just uncertainty out there.

be honest. marty schenker was brilliant earlier. it is about the presidential election, yes, but the uncertainty about a president with a senate on the same side or a president with a different party senate is really the key issue. jonathan: much more still to come on "bloomberg surveillance ." coming up, lawrence gostin, georgetown university professor. i'm jonathan ferro. this is bloomberg. the first word news, i'm ritika gupta. house speaker nancy pelosi and the white house accuse each other of doing the same thing when it comes to a pandemic relief plan, and that is moving the goal posts when it comes to what is in the actual legislation. pelosi says the house could pass a bill this week. still, an agreement with the white house isn't certain, and the republican-led senate may not act before the election.

biden calls questions about his son hunter's business dealings a smear campaign. he says the release of documents allegedly belonging to his son may have been part of a russian disinformation campaign. biden's claim has not been substantiated. more deliberate blackouts in northern california. the state's largest utility pg&e cut power to 2.1 million people to prevent live wires from falling into dry bush and starting wildfires. winds as high as 50 miles an hour swept through an area north of san francisco. blackouts may last until tomorrow. forgroup is now on course the biggest ipo ever. the fintech company has set the price for listings in shanghai -- and hongme kong. 's would surpass saudi aramco

record share sale last year. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪

♪ pres. trump: many of our greatest companies and labs are coming out with the vaccines. they are doing great. very shortly, it is going to be

delivered fast. it is going to end the pandemic. it is ending anyway. we are rounding the curve. mr. biden: they didn't tell us about the virus. the administration gave wall street investors the go ahead. that's why they made so much money by selling short in the market. they knew what was coming. what happened to the rest of us? jonathan: president trump and vice president biden holding rallies over the weekend, with eight days to go. tony fauci seemingly backing the for aent's timeline vaccine, saying we will know whether a vaccine is effective by the beginning of december. velti of course -- mr. course, always controversial. maybe we can do a little on

pandemic and also the affordable ,are act as lawrence gostin georgetown university professor, joins us. his harshest critics always read and always listen to professor guston -- professor gostin. thank you so much for joining us again. i hear one line from the president, and i believe it was in the bait, but there was that classic republican ancient conservative line on socialized medicine. if we do this, if we do that, this will be an america socialized medic -- this will be an america socialized medicine. where did this come from? lawrence: i think it is just a political talking point. it is not socialized medicine. it is far from it. it wouldn't even come close to what is in europe, the national health service, the german

system, the japanese health system, you name it. what it does is it is still a predominantly private insurance so.et, overwhelmingly still mostly employer-sponsored health plans. but there would be a public option, which just means that if somebody wanted to, they could sign on for their public option, the same way you could sign on for medicare or medicaid. it is basically one of the options in a really discombobulated american health system. but i think it will drive down the uninsured rates for sure. as: if we have 85% insured the great fear of the core republicans and even those in the middle is they are going to end up paying for the medicine of the 15%. as that is where -- is that where we are heading in 2021? lawrence: i don't think so

because there's no evidence of that. there's no evidence that there is a cross subsidy from private insurance system now to our public systems, whether it be veterans administration, medicare or medicaid. so you don't really have any kind of cross subsidization. what you do have is cross subsidize nation through the home market, that the young and subsidize the old and the sick. lisa: as we talk about the infrastructure of health care in the united states, it is important to take a look at the rollout of a vaccine. the more i read about it, whether it has to do with the rollout, the efficacy, whether it has to do with dosing and who gets what when, this is incredibly complicated. how long is this going to take before we can actually count on some sort of herd immunity or

actual effect to stop the pandemic? lawrence: you really asked exactly the right question because tony fauci, tony and i go back many years, said that he thought we would have a effective vaccine at the end of this year. and we probably will know. the gun thateally is shooting the races off. what we really need to know is when that vaccine is going to be delivered and taken by the population. i don't foresee that, and neither do my colleagues, until the second or third quarter of the year. there are monumental problems. it is going to require two doses. we don't know how effective it will be. it might be like an influenza vaccine, which is not fully effective.

so it is not going to make covid go away. we are probably still going to need the distance and masks for a while. i don't see herd immunity coming , certainly not in 2020 one. but i think by the end of 2021, we will be rounding the corner, and that is what i've always predicted based upon historical evidence of other pandemic's about when this pendant is going to end. but we will still live with covid. it is here forever. but i think it is going to be some thing we will be able to manage and go back to normal. lisa: meanwhile, we are at a tipping point as the number of cases spikes upwards, talking about the exponential factor of this disease. what is your biggest concern heading into the winter months? there is i'm worried going to be an escalation. i've been saying, and so have many of my colleagues, that it

is not too late in the united states. we can still do the right thing. we can still get our testing regime up, our contact tracing. we could still have universal masking and social distancing, and we can dramatically move the needle down. it has become painfully obvious to me we are not going to do that. we have been saying it for nine months and there's so many conflict and messages out there, it is clear that the population isn't going to do it in the number that we need to in order to make a difference. so i foresee continuing rises all winter as we are moving indoors. we've got family gatherings. people are going to have pandemic fatigue. go see friends, go to the restaurants, eat-in the bars. so the vaccine is going to be needed. we will have to wait for the cavalry. we will have to rate for the

treatments like antibodies, which the president got, to go mainstream. sadly, it is going to be a blazing fire until the cavalry comes. jonathan:jonathan: professor, appreciate your time this morning. the confusing messaging around masking at the operative this virus, when it really started to spread, still seemingly struggling to get that message back on track. that was a mess, and i think when we look back, for whatever it is worth now, i think we will look back at that moment is one of these moments that really got messed up. tom: that interview we did 10 days ago with dr. murphy of northwestern university, who is he did about the mask factor in this explosion of cases in the hospitalizations we see in the northern midwest. at was just one of the conversations we had on that. jonathan: end of 2021, my take away from that conversation.

tom: yep. jonathan: april became may, june, july, august, then the end of 22 anyone. coming ash end of 2021. -- the end of 2021. coming up on this program, gregory peters, pgim fixed income. this is bloomberg. ♪ - [announcer] imagine having fuller, thicker,

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for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) >> we are in an environment now where there is much less leverage in the equity market. >> at some point, stimulus is going to happen. debt,have huge levels of and we don't want to get into a debt trap. upside levels to accelerate. great u is the n-equalizer. the strong get stronger. the week get weaker. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. a simulcast on bloomberg