>> the nightmare scenario for markets would be if the unemployment rate would begin to go higher. >> even before the pandemic we had a lot of frailty. >> equity uncertainty still remains elevated. >> i do hope that the worst will be over by next summer. >> we may experience a bit of a dip economically. >> it is as much of a risk of his -- risk of a double dip at the risk that we extend the rebound. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. from new york and london for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. , equitiesrning positive 0.7%. reported to widely be america's next treasury secretary. tom: bloomberg really out front on this story, talking to jason

furman, who was across from chair yellen years ago at the councils of economic advisors. it will be fascinating to see what she does in a very different job. the headline is she has to do with congress and the senate. jonathan: and she is conditioned by the experience of the previous cycle, and i think that is really important. this is about avoiding a premature declaration of victory. chair yellen has lived that, and i'm sure she won't want to make the same mistake twice. tom: i am really focused on the department of defense after the chaos we have seen over the last number of weeks, so that will be an important announcement as well. the backdrop here is maybe the clearing of uncertainty, and look where the markets are moving. , 3600.n: on the s&p 500

64% off the is up march bottom. on a long chart, it is actually a very elegant chart with all sorts of good features. you really wonder within the debate of those good conversations opening the show, you really wonder what the next leg is. that is a huge debate into the thanksgiving holiday. jonathan: yesterday the small caps outperformed, and that is where the money has been going over the last couple of weeks. look at the headline that just crossed the bloomberg. airlines see pandemic losses region 100 feet 7.2 billion -- losses reaching 172 point -- reaching $157.2 billion. lisa: it is not just certainty. she is going to take an easy approach and give the fed

more ammunition. we will be hearing from fed vice chair richard clarida, ecb's kristalina, imf's georgieva speaking about how to create a framework in a low yield world. at 1:00 p.m., the u.s. is of seven50 billion your notes. yesterday, the sale of five-year notes did not do well. people pushing back with the expectation of more growth ahead. p.m., president-elect joe biden and vice president harris are going to be announcing key national security and foreign policy posts. this is what you are watching. we are crystallizing what is ahead, especially after the gsa formally shepherded in the transition process yesterday. tom, do you want to say something?

tom: no, i don't want to say something. i am focused on your new career as an influencer. jonathan: i know. tom: it is the talk of everyone out there. jonathan: i was promoting my makeup in the commercial break. great product. tom: it's good. instagram. jonathan: getting to the price action this tuesday morning, let's get straight to it. yesterday, really interesting session off the back of the positive vaccine news. to $1.1870.out $1.19 briefly, but then we turn lower. it is a weaker dollar story. in the bond market, yields up to 0.8586%. commodities, there is a story here. we keep pushing higher. copper, crude, up and away, up 0.8% on crude. tom: i know we want to get to our esteemed equity guest.

quickly, this is where we break the bear market commodity trend. jonathan: let's talk about energy equities, up 30% over the last month. phenomenal run in the energy space, not just in the commodity market. doing us now is jonathan golub, credit suisse chief equity strategist come on the year ahead. fantastic to catch up with you again. -- and theey were return to normal is that either of your -- is the title of your research. what is normal in 2021? jonathan g: the reason we are focused on that is we are trying to forecast where markets are at the end of 2021. it is going to be based on the way the world looks at the end of 2021 peering into 2022. at that point in time, you are looking at not an economy bouncing off the bottom with this discussion of cyclicals and

low-quality stocks. you are looking at an economy probably growing gdp in the load mid-threes come eight is very good, but slowing because we are moving towards a midcycle type of environment already. interest rates will probably be a little bit higher, but not dramatically higher. the surprise will be the unemployment rate, based on bloomberg surveys, will be moving towards 5% towards full employment because the people who have been unemployed are going to be the easiest to put back to work. tom: let me go to what you do best. his reports are exceptionally dense. as one exampled, hammered by this pandemic, just come out with a margin expansion. nextat the surprise of year, that corporations adapt and margins are solid, or even elevate? jonathan g: yes, tom.

if you look historically, the earnings improvement is always on the margin. if revenues will be up a bit, this obviously allows years revenue back 5%. if we are expecting something close to 20% earnings growth, you've got to get there on the margin line. this is what typically happens. one of the sectors you like his financials. we have seen the yield curve try to steepen and fail again and again. what is underpinning your financials call? jon ferro has raised this point several times. . how much doesn't hinge on the steepening of the yield curve? jonathan g: i can think of a half-dozen things that aren't working. the banks have reserved for substantial losses.

good situation with their regulators. secondly, the regulators have forced them to cut back on dividends and buybacks. that is most likely going to get released in the second quarter. my third point is that the loan losses are not getting work, and they have over reserved. you are going to start to see probably around the second quarter, maybe the third quarter, that they are going to be giving more money back to shareholders. that is going to appear to be a bit of a surprise from a valuation perspective relative to the way they normally trade. the two cheapest sectors are financials and health care. you have all of those things working for you, even if you didn't get any yield curve steepen us. if you don't have at least a steeper you'll curve come of the trade is not going to work. but i would say 15 basis points of steepening over the next 12 months, along with those other positives, is probably all you need for it to be a leading sector. jonathan f: we've got to talk

about the regulatory backdrop as well. so much talk about chair yellen, monetary policy. the last act of janet yellen at the fed was to stick to boot into wells fargo. do you have a call for next year, your base case on regulation around this administration? jonathan g: it is a good question. we need to hear more from regulators. the question that we are getting about janet yellen in the treasury role is what is she going to do to monetary policy, and is she going to do more qe. the questions are kind of bizarre because they are really questions as if she was being appointed to another term as fed chair, not as treasury secretary. her role is going to be different. i would assume that this is going to be some real respect for her thinking on these issues , but she doesn't have control of that. it will be very interesting to see which levers she looks to push. tom: what is your call on the

banks come on the financials? jonathan g: we are overweight financials. sector a very strange call, or at least historically strange. we think that next year is going to be another tech and growth year, so we are overweight what we call tech plus, but also overweight financials. financials are much more i've been tedious position -- are in a much more advantageous position compared to cyclicals. we think banks are going to do better because, as i mentioned before, you'll curve likely steeper, loan losses coming in that regulatory backdrop we think will be reasonable. jonathan f: great to catch up with you, sir. really enjoyed of the research. suisse, golub of credit

thank you. this equity market up 27. the s&pced 0.75% on 500. that is the call from the team at credit suisse. there call is to get out to the back end of 2021 and look at 2022, and think of what that world looks like. tom: it is a really different call. this is the fun of what we do every day. what i am seeing from credit suisse is tech and banks. it is way away from the conventional one-way call on cyclicals, materials, and the rest of it. the one-way call for me is on radio and tv, we do have to really mention how you are developing this influencer kind of thing. you are influencing the influencers. i am really just honored to be with you as your linked with it. it is amazing. lisa: what is going on? jonathan f: i am hoping i can establish some kind of deal with glossy, just a male

makeup line. something like that. lisa: happy thanksgiving. jonathan f: and then maybe you can join with me and we can do it for the older demographic. tom: i tried that. i went down and influence flames. lisa: i need something harder. jonathan f: we could have a joint instagram account. that would be really cool. it could be a lot of things. [laughter] from london and new york this morning, good morning. tom: we could do a simulcast instagram. jonathan f: as we work our way through this shortened trading week stateside, this is bloomberg. the first word news, i'm ritika gupta. president trump is finally calling on his agencies to cooperate in the formal transition process with joe biden. that follows weeks of an action. the general services administration made it official this acknowledgment that biden

was the apparent winner of the election. still, president trump has he will contest the outcome of the vote. joe biden has turned to former fed chair janet to be his treasury secretary. if she is confirmed, yellen would become the first woman in the job. she has pushed for additional fiscal spending to help the economy get through the pandemic. british prime minister boris johnson has confirmed that anglin's will end next week, replaced by a tougher system -- lockdowns will end next week, replaced by a tougher system of tiers. is planning a european stock trading platform in paris. the aim is to make sure clients can still buy and sell shares even if there is no post-brexit agreement to allow dealing in london. coleman has asked french

--horities from a ration authorities for permission to start in january. 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 ritika gupta. this is bloomberg. ♪

>> she's obviously someone who knows washington policy pretty well. chair of the council of economic advisers, chair of the fed, now

the secretary of the treasury. athink she's very good trying to build relationship across the aisle in congress, and i think she has very good focus on really trying to get things done. jonathan: it is a different skill set, and that is the challenge for former chair yellen as she is tipped to take over the treasury. alongside tom keene and lisa abramowicz, i'm jonathan ferro. good morning. from london and new york, here's the price action this tuesday morning. we at a little bit more weight to the rally over the last couple of weeks. 0.7%, through 26, 3600. the outperformance has come from the small caps, yesterday up 1.85%. 6%. morning, up another 1.3 the small caps in america on fire at the moment. euro-dollar, $1.1875. more broadly, a dollar week this

-- a dollar weakness story. in the bond market, yields higher by a single basis point to 0.8619%. copper pushing higher. crude as well. $.50 on wti -- $43.50 on wti. tom: a massive wednesday data dump because of thanksgiving that we will see. that is something the market will adjust to as well. right now it is a honeymoon of a new administration. kevin cirilli is with us, honeymoon coordinator and chief washington correspondent for bloomberg. i spoke to jeff currie of goldman sachs. and thetalking esg envoy, john kerry. great. they run into a small constraint, coal. coal was adamant about as a legislative logjam on

climate change. explain the republicans in the senate and particularly the gentleman from kentucky on the honeymoon in congress right now. kevin: it is not just republicans. look at west virginia senator joe mansion, a centrist democrat. in this upcoming senate, going to be a crucial vote in terms of or stoppingjority energy and other substantial policy issues from going through. republicans have struggled to communicate on the issue pertaining to climate change as it relates to attracting suburban and more moderate voters. ofhink back to the primary yes or cycle, when carly fee cycle,urged -- of yester fiorina urged for cooperation on climate change.

john kerry being named as the climate czar. first and foremost, paris climate accord. this is another indication of how the incoming administration is going to be looking to regain and re-attract allies to multinational, multilateral type agreements, not just on the issue of the economy, but in this case on the issue of climate. secondly, i was struck by gm announcing yesterday that they are no longer going to be backing the trump lawsuit withn's regards to california, a clear sign of the private sector moving in a different direction political types here in d.c. political types in -- some of the political types in d.c. lisa: congratulations on answering that in a cogent manner after being called the honeymoon manager. when you talk about coal and

global warming, it is not just the energy sector. we are also seeing the potential for it in the financial sector, with the idea of janet yellen stepping into the home of the treasury department. do you feel like the regulatory landscape is going to tighten dramatically based on some of the individuals that have been appointed or nominated so far, and perhaps even more than people previously thought? inin: it is a change direction with a new party taking control over the executive ranch. however, divided government is going to serve as a check and balance in terms of how far the progressive wing of the democratic party can push over president-elect biden from this regard. --sident biden president-elect biden, as has been told to me throughout the asked several months, is a centrist at heart. if you look at his previous record from his time representing delaware in the senate, flashforward all the way

to why he was chosen as vice president in the obama administration, it is because of that ability to navigate through centrism. with regards to chair yellen, this is a pic without question that in 2013, she was able to, which was confirmed for fed chair, i remember covering those hearings, she was able to attract some of the progressives and was not seen as a controversial pick as some of the others during that time period would have been, someone like a senator elizabeth warren would have voted against. but she is going to be someone who is urging for more fiscal relief as she did at the bloomberg new economy forum, even speaking more publicly than the current fed chairman about the need for more fiscal relief. whoe are a lot of democrats like that. i did not see much opposition to her confirmation. jonathan: not much controversy right now.

something i think we need to talk about a little bit more, if the senate does stay republican, this could be a trade story for this administration. that might be where they put their mark on things, the same way this administration we are with right now currently has done. what do we know about cherry -- about chair yellen and her view on trade, and how that develops? kevin: that is the biggest unknown. if you look at her confirmation hearings, that is really where i can tell you she will be asked. we know how a chair yellen governs at the federal reserve. we know she has been out front in recent weeks and months with regards to domestic affairs, and on issues pertaining to income inequality that emerged during her time at the federal reserve. what we don't know is some of the other response abilities at the treasury department. tariffs, for example, international security. i would anticipate there are

going to be several questions that will will get more clarity on. to theickly with regards tariffs as a whole, there is agreement in the bernie sanders wing and in the tea party wing on issues pertaining to tariffs. for someone like tony blinken, nexts really framed the foreign policy and geopolitical divide as techno democracies versus techno autocracies. it is very different than how the communist party of china does it, and that is going to be a sphere we are all going to be watching over the next couple of years. jonathan: kevin, great to catch up, as always. for many people, this is a bit of a blind spot. the president will ultimately set the agenda for the treasury secretary, but this is what she had to say a couple of years ago. "i do not think fair trade practices in china or anywhere

else in the world our response to beaufort trade deficits in the united states." tom: i think it will be addressed very quickly, but i still go to that we are in the honeymoon phase right now. it is going to be sport in the senate. jonathan: this is bloomberg. ♪

♪ jonathan: on this tuesday morning, good morning. this is "bloomberg surveillance ." a lift on the s&p 500 by about 0.6%. the divergence between the small-cap outperformance continued yesterday, spilled into tuesday as well. we are up a little more than 2% on the russell. on 3600 watch on the s&p 500. it is not about where this market has been rallying. it is about specifically where it has been rallying, not at the index level, but beneath the surface in the sector side of the story. the story for me, energy, financials. banks up by about one to percent. in the energy space, commodities have come along for the ride. market comeasury along for the ride for financials? not much price action in the financials' favor over the past

couple of weeks. the 10 year yield no basically unchanged. year, the 3010 year up about a basis point. that's the story of the bond market. i want to finish with foreign exchange. dollar weakness pervasive through the morning. 1%,ie dollar up by about stronger against the u.s. dollar. the aussie right now up by about 0.7%. the calls for more per numb or weakness against the euro continued to come through. kit juckes of suction out out earlier on with one dollar 20 out earlier onen with $1.20 on euro-dollar. tom: we are going to rip up the script, which we do here, and we can always do that with michael mckee.

forney willichelle be picked for secretary of defense. that really indicates biden moving to the center, as we saw with chair yellen. michael: she is an establishment candidate, but she is a woman, so that would be a notable departure for the defense department. she would be the first woman secretary of defense. she's the third highest ranking civilian at the pentagon as the policy chief, and was widely expected to be the secretary of defense perhaps under hillary had won the presidency. she's definitely an establishment candidate, and of course, after the obama administration, she founded a national security advisory firm, westech's advisors, with tony blinken, who is now the nominee for secretary of state. lisa: given the move to the center we are seeing is consistent throughout all of the pix we have heard so far, what

does that mean in terms of biden's economic policy? michael: his policy is going to be have to be driven a little bit by the virus in the beginning, and the same way that barack obama had to come in and deal with a crisis. got economic projections from people like j.p. morgan saying we are going to see a contraction in the first quarter. the biden adminstration hopes they can get some sort of stimulus package before the inauguration, but that is going to be up to mitch mcconnell. they may start off with some sort of triage, just keeping the economy going. then it will be what they do in terms of setting up growth for the future, where the -- for the future, and how does climate change play into this. i think that is an underplayed nomination.llen's she has been strong on the idea of a carbon tax, and with john czar, there climate

could be an emphasis on that a little bit later into the term. jonathan: forgive me for getting out to 2022. the reporting yesterday started with lael brainard being asked to stay on the fed. then things started to move, and we started to realize this is a done deal now. janet yellen said to get the nod. in 2022, the term is up for jay powell. how are you think about a 2022 fed with potentially a chair brainard? michael: i think it is a little early to say in this sense. we don't know what jay powell wants to do. and what kind of job is he going to be doing between now and then? are the markets going to demand he be reappointed? i don't think joe biden is just going to get rid of somebody for the sake of getting rid of somebody, but if powell is lukewarm about staying on, then you've got lael brainard and

waiting. she is a democrat. one of the issues is less the idea of her becoming chair as if she were to leave, to become the treasury secretary, then you've got to replace her on the board. she's the only democrat there now. would mitch mcconnell even let you fill that seat? would they be down three? with the republicans block and a from coming onto the board. julia coronado is now with macropolicy perspectives. you spent eight years at the fed. there's nothing like the fed institution to give somebody clarity and project driven process. what is the yellen process? when she takes on a project, how does ago? julia: when yellen takes on a

project, she learns everything she can about it. she's the most diligent, hardest worker in the room. she knows her mind. once she has decided how to tackle a problem, she is very deft at bringing people on board and building a consensus. she was a master of that at the fed. obviously as treasury secretary, she has less of a consensusbuilding job, but more of a job on capitol hill. tom: exactly. your perspective on how she will handle the senate. julia: i think she's got really good established relationships on the senate. respect onport and both sides. obviously we are anymore divisive atmosphere, and a lot depends on the outcome of the georgia elections. but i think you've got a solid a close enough divide, and terms of republican control, and you got enough centrist moderate republicans to work

with that i think yellen can manage to get some of the agenda through. as michael was saying, it is going to have to be more towards the centrist policy arena, but there's plenty to do their, and i think yellen is going to be good at managing those relationships and moving those things forward. jonathan: in some ways we have had a regime change at the federal reserve. we had a reaction function. i understand -- how do you think those lessons learned in the monetary policy arena would apply to the lessons learned going forward from here in the fiscal policy arena? julia: that's a great question. there's been some attention given to remarks she's made about the ability of the deficits and the debt. i don't think that is going to be her focus. i think those have been over emphasized. i think yellen learned that you

do have more scope in a low rate world and a low-inflation world to really push the recovery first and foremost. i think that is going to be her focus to get the economy back on track, to guide biden's agenda in that direction, do not be worried about the debt and deficits now. to tackle those problems once we have a truly established recovery. lisa: nobody argues with the credentials janet yellen has, that she brings to the table for treasury secretary. there is a question about the visuals of this. the fed is supposed to be an independent body. janet yellen very much a democrat, coming and being part of a, chronic administration. do you think this threatens, at least from a visual perspective, the independence of the federal reserve? julia: i don't think so. i think janet yellen herself

respects different roles. while she has fantastic relationship that the fed, she is going to respect those boundaries because she is like that. i think again the credentials here, look at how the markets reacted. i think she's got so much respect around the world, both in markets, amongst policymaking circles. i think the benefits of having a good, steady, competent hand at treasury spec it around the globe far outweighs any concerns you might have that she is going to work too closely with the fed. this is the moment right now which is what we saw earlier in the year, where the fed and the treasury do need to work together. she could help revive those if that is deemed necessary. benefit,hat could be a and there's so many other benefits that come with a yellow nomination -- with a yellen nomination. tom: i have to circle back to

the senate and the reality of trying to get budget through. the treasuryed is by the debt and the deficit? thea: i think we are seeing republicans bring that out again. not an issue in terms of the economics of it. i think it really depends. i think we have to see what happens in georgia. even if the republicans get both seats, there are people to work with on the moderate side. they don't need that many. they only a couple of votes. we've got some well-crafted policy with some benefits for the economy, i think they will be able to find enough partnership to get some things through. we know mitch mcconnell is the expert at blocking everything,

but i think again, we have narrowed the margin a little bit. i am not as convinced that they are going to be absolutely hamstrung on getting anything done, or that they are going to be able to just throw the debt and deficit in the roadblock for everything. pollyanna here, but i am not known for that, so i think yellen is going to, especially now. we need some stuff done. the vaccine news is fantastic area that gives scope for actually getting to a better future, but we've got to get there, and even distributing and managing the administration of the vaccine is a huge challenge that requires federal money and organization. jonathan: we've got to leave it there. fantastic to get you on the program. this is the important difference between this role and the next role for janet yellen.

it is the distinction between politics and economics. you've got to make a compelling one to convince the people around you. that is going to be the challenge. tom: i wonder if good equity democraticp administrations, as the president emphasized. jonathan: coming up on the program, kathy hochul, lieutenant governor of new york on a tough time as we work our way through thanksgiving and beyond, with the pandemic still raging. this is bloomberg. with the first word news, i'm ritika gupta. things will get worse for the airline industry before they get at her. that is according to the international air transport association. the trade group estimates that airlines will lose almost $39 billion last year. that is on top of $118 billion

for sit in the current 12 months. airlines are hoping that the rollout of vaccines will lead to a listing of travel restrictions. the general services administration has acknowledged that biden was the apparent winner of the presidential election area president trump has called on his agencies to cooperate. still, the president says he will continue to challenge the outcome of the election. joe biden may have found a treasury secretary nominee who can appeal to both bankers and liberals. wall street is likely to support former fed chair janet yellen because they feared a more provocative pic like senator elizabeth warren. aggressive's were concerned that biden -- progressives were concerned that biden would pick someone more friendly to the banks. if confirmed, she would be the first female treasury secretary. 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.

♪

>> the fact that we do have vaccines available in the near future is a very positive thing for the industry. then we need to look at the

local rules and regulations country by country, and i think the vaccine will definitely help to restore confidence and travel. i think it is a part -- it is a bit premature now to say whether it would be mandatory for flights or not. jonathan: that was the klm ceo. from new york and london, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. boss coming out and saying that over the next year, if you want to get on our international flights, you better have taken this vaccine. maybe that is where the policing comes from, not from governments, from corporations. i should point out also klm is looking for a dutch bailout earlier this week. right now on new york state is a proxy for america. why do i say that? it is not about tiffany earnings today on fifth avenue. it is south of buffalo new york, to yorkville and over to warsaw,

and the pandemic is out of control. kathy hochul knows this territory of governor cuomo. she is lead -- the is the isutenant governor -- she the lieutenant governor. it is not about the beds. it is about the staff and hospitals. how critical is hospital staffing in the empire state? lt. gov. hochul: thank you for having be back on the show again. that is absolutely the situation we find ourselves in. i was just on a control room call with all of the leaders of our hospitals, as well as elected officials. we can put together as many beds as necessary. we can fill a convention center. the governor insists that every hospital have a three-month supply of ppe before they can reopen. here is the situation. we don't have people coming from all over the country to help save new york city and new york state like we did in the spring.

we had 30,000 health-care workers answering governor cuomo's call for help in our darkest hour. we don't have that anymore. the people we have now, they are exhausted. they are burned out. they are sick themselves. they are pleading nonstop, saying please, people, follow for our own health. it is going to be a crisis of the numbers continue on the path they are on, no doubt about it. tom: david reisch of mount sinai saying much the same the other day. there's change in the wind as well, but you still need to deal with a republican senate. do you see any greater of a chance now of you getting the aid sooner? lt. gov. hochul: well, the situation is that there are public and senators who represent states that are going through hell right now.

representatives from north dakota, south dakota, idaho, iowa, they were not willing partners with us in the spring, when it was sleeve the northeastern states and california being hardest hit. mitch mcconnell said no bailouts for the blue states. my friend, they are now red, white and blue states. it is all over america. i hope that will shock the consciousness of the senators as they listen to their republican governors who are in desperate need of money as well, to help compensate them for loss and extraordinaryhe costs they are incurring having to pay so much for extra overtime and all of the health-care workers that need to be paid. i think that could create a different dynamic than we have seen before. i hope it does. governor cuomo i know is a very strong relationship with president-elect biden, as i do from my time in congress. get itknow we will

out of the white house, and they need to be cognizant of that. this is their time to stand up for their country and their states, and they need to do it by making sure there's money for not just state and local governments , but we needppp again. businesses are being shut down after reopening all across the country, and these poor businesses cannot survive without federal assistance. before we get any fiscal support, we are probably getting a vaccine with emergency authorization. what is the plan? who gets it first? how quickly will it get rolled out? lt. gov. hochul: i think your last question is the most important. i do hope we get a stimulus plan before the vaccine is widely available. we don't expect there to be mass inoculation of new yorkers until six months from now. we would start with the

health-care workers, the front-line workers, communities of color that are having infection rates much higher than the national average. we have a plan that governor cuomo and our team have been working on literally since july. we have a nobel prize winner heading up our efforts to ensure the safety of the vaccine, along with what is going on at the federal government, but we will get it out to new yorkers as soon as humanly possible. the fact that the governor has said we will have the most robust distribution plan in america. that all being said, this is not the save all. this does not allow you to go around without a max and say i will be fine. that vaccine is not going to be widely available for months. we are going to have to adapt to it. we will need the money before that is available. jonathan: you've got a plan that you have come up with for the state of new york. can you walk me through what the

discussions between the state of new york and the federal government actually looks like right now? lt. gov. hochul: the governor and i, the governor asked me to put his bait in a call with the right house with other governors -- asked me to participate in a call with the white house with other governors. we are in partnership with them. we have to be. just because it is still the trump administration, of course we are going to work with them. it is great to know they are working aggressively. but we also know that as soon as joe biden takes over january 20, i anticipate there will be an understanding that the trump plan as it stands now, yes they have identified populations that should get it first, but also, their plan does not take into consideration the fact that most people do not have a pharmacy or a doctor readily available to them. look at our most densely populated urban areas. there's not a cvs, a right aid,

or a walgreens or in every corner. you see that in wealthier suburbs. we don't have that in rural areas. to expect people to be able to go to a doctor easily and also be able to go to a pharmacy to get it is really unrealistic area in new york, we are going to make sure we engage the churches come of the community centers, the senior housing, the congregant sites. we are going to drill down even deeper into the distribution being offered by the federal government come about as i've mentioned, our communication was as recently as 24 hours ago, so it is ongoing. jonathan: we appreciate the update. thank you. kathy hodel new york's lieutenant governor. tom -- kathy hochul, new york's lieutenant governor. tom keene, this is going to be a massive effort. tom: the story moves forward, and you just have to see what aid comes from the government. i do want to point out as we look at the transition, the president quite active on twitter this morning. 6, 7 tweets, all about election

fraud. i mean, it is most bizarre. jonathan: the market has moved on and has been moving on for the last several weeks. coming up, patrick armstrong, chiefi wealth investment officer. this is bloomberg. ♪ ♪ businesses today are looking to tomorrow.

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>> the nightmare scenario for markets would be if the unemployment rate went even higher. >> equity volatility and uncertainty still remains elevated. >> i think we will have weathered the storm, and i do hope the worst will be over by next summer. >> we may experience a bit of a dip economically. >> it isn't as much a risk of a double-dip. it is a risk that we extend the rebound. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. good morning, everyone. lisa