>> the nightmare scenario would be if the unemployment rate continues to go higher. >> the continued weakness of the labor market is going to drag the economy down. >> we want it to be measured. >> we are still in a deep recession. andt is time to get in big spend big to restructure the economy. 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. jonathan: from new york and london, for our audience worldwide, good morning. this is the second hour of "bloomberg surveillance," live

on bloomberg tv and radio. typically alongside tom keene and lisa abramowicz, i'm jonathan ferro. hyde is here this morning. you and i are operating into different time zones. we've got to work through a brutal here and now on both sides of the landing. -- the atlantic. lockdowns are coming to an end on your side of the atlantic, but i wouldn't want to get up early for anyone else. at the moment, i am seeing some market action that just speaks to this rotation not having that much longevity this week. bettern: this is much than what tom gives back. perfect timing. let's get to the price action this friday morning. we do head towards another week of gains on the s&p 500, set to add just a little but of weight to it. up 0.25% on the s&p.

the posture just a little bit more defensive. small caps underperforming, big tech outperforming. $1.1920, up about 0.1 percent. huge calls coming through on the euro for 22 anyone. do we have 8 -- for 2021. do we have a repeat of what we saw in 2017? on 15 year to 0.8553%. ,et's bring in drew matus metlife investment management chief market strategist. fantastic to catch up with you. let's talk about the bond market to begin with. through the last 10 years and the last cycle, and our inability to get yields much higher, our inability in europe to generate any recovery that led to higher interest rates, why is this recovery going to be any different? drew: when i talk to people, i think what is different about this recovery is that everyone

is talking about the risk of inflation going forward. it has actually surprised me because i think when we do the mass, we come up with inflation normalizing post this crisis. have think a lot of people it in their minds that this is an inflationary event longer term, and the period we are living in more closely resembles the vietnam era in the united states that led to inflation picking up. you have a fed that is very aggressive. you have government stimulus, which we already had rounds of and will probably have more rounds of. and then of course, you had a big amount of dislocation in things like the labor market. you combine those factors and people begin to worry a little bit more about inflation than they used to. jonathan: going into the 1980's, the 10 year yield was about 13%. right now it is 85 basis points. that is a number yield, granted,

but where is the concern for inflation? i know it is priced in. it is not in the market right now. drew: i think this is the boy who cried wolf scenario. people have talked about inflation risk. in 2008, we were wrong. other people talked about it as well. people got into their heads that inflation is this thing that the old people on wall street talk about, but that doesn't really exist. you hate to say this time is going to be different, but i do think there are some reasons to believe inflation might tick higher, but let's just normalize it. the idea that this movement in yields is not part of the movement in yields we saw for the last couple of decades. this is an aberration across the trend, and it means that most likely, the most lightly scenario in my mind is that inflation moves higher, yields move higher. we probably don't go above the

pre-covid highs. at the end of 2019, 10 year u.s. treasury yields were just below 2%. even just a normalization is 110 basis points or so. i think that is something that is more realistic or more reasonable to consider. i am not worried about a 4% 10 year yield any time soon, if you want to call that being worried. caroline: what inflation rate do you see on the higher side? how hot does it run? drew: i am looking for normalization of inflation, so to percent or so. it could go a little higher for a temporary period of time, but if we see 2% inflation, is the fed going to react? pretty clearly the answer is no. they have told us no. what worries me, and i think what worries other people about that, is this idea that an organization that really couldn't orchestrate an inflationary push or has had

more difficultly pulling down inflation, moving inflation around the way they want, has the ability to kind of maneuver inflation with that fine degree of precision. letting it run hot for a while sounds great. how do you know when you're supposed to pull back, and how do you know what the lag is in terms of people believing you are finally serious about inflation this time? all of those factors are combining. the things to make a seal about the current environment are the ones making people more concerned about the longer-term outlook for the inflation move. caroline: where is this inflation coming from? are we importing it? are we fiscal stimulating it? drew: i think people are going back to the idea that it is a monetary phenomenon. the fed has created a giant balance sheet, but unlike in held more of bank reserves and that liquid cash,

there is nothing on the others at this time. there are no regulatory changes they can place to make people .ant to hold more cash people are holding more cash because of covid, because the risks around the economy. i also think from a psychological perspective, the savings rate is very high. people are kind of tired of being in their homes, tired of being locked up. where are they going to go spend that money when the all clear is given? and is there enough capacity in the places they are going to want to spend that money to actually allow them to spend it? i think the answer is no. there's going to be a lot of demand for a lot of experiences and things like that. it is going to be whoever wins the bid. jonathan: the turn of the year is a really important time for bookings going into spring, going into the summer.

you can imagine the competition for flights to go on vacations if the vaccinations have actually started. want to check in on the price action for a moment. equity futures up near session highs, up about 10 points on the s&p 500. had a brief move on the vix to 20, for the first time i believe since february. sub 20 just briefly. .utures return to the story the most import question right , how the fed responds. they have set up their reaction function really clearly on rates. i am trying to work things out, and just extrapolate it out, but do you think we could face a year of style issue where we go through a full cycle, a full recovery without ever putting ?ates up drew: i think it is possible.

. one of the things it is easy to lose sight of is most forecasts, including our own, had a recession in 2021. we were preparing for a recession in the later stages of 2019 because we saw one coming a year and half out, not because , obviously. if you look at margins, the way the labor market was behaving, it also jested that something was going to begin to fall apart in the later half of 2020, and by 2021, we would be staring a recession in the face. i don't think this is a cycle. this is a shock. the cycle we are in probably reset a little bit. recession. having the recession in the labor market do what it is going to do. i think the next economic cycle could be something like the 1990's.

going to be improvements in productivity. ofnk of this, thing of all the technological advances that happened during world war ii. is a big shock to the global system that required big movements in technology, big changes or experimenting with things or figuring out how things worked, and doing it at very rapid pace. oft comes out of this, a lot the changes that take place are going to be productivity boosting. i think we need to really think about the positives sometimes. caroline: put my money to work then, true. where in the portfolio are you adding? drew: look, don't fight the fed is a good adage. across, weyou look are a fixed income oriented portfolio, so we are taking our

cues from the fed, taking our cues from where we think things should be going, but we are also not losing sight of the fact that i think some of the ideas being put forward our may be getting a little head of -- a little ahead of themselves. people are going to go back to the office. there is an efficiency there are people going to offices. there is some lack of efficiency there, but there's also more benefit than not to going into office and interacting with people on a daily basis, and seeing those interactions and what they turn into. part of that experimentation process. i think for a long time, people were like, why do we need to go into offices. what value does it have. i think everyone working from home the last eight months can give you an idea of what the benefit is a going into the office. jonathan: and i'm sure some of those stories are very personal. drew matus of metlife, thank you. the vix dropping below 20 for

the first time since february. we are back above that level once again. advancings&p 500, 0.28%. the close wednesday, high yield spread just off of those levels of early november, 4.09. 409 basis points. that is the spread in high yield. a little later on the politics in washington, d.c., ed mills of raymond james. thety futures advance 10 on s&p 500, up 0.3%. .his is bloomberg ♪ ritika: with your first word news, i'm ritika gupta. president trump says he will really push power if the electoral college confirms joe biden's victory, but he is signaling he may never formally concede defeat and could skip the inauguration.

the president is still calling for election results to be overturned despite no evidence of widespread fraud. the u.k. and the eu are ready to aftert face brexit talks prime minister johnson said there are substantial and important differences to be breached, i sentiment echoed by the eu chief negotiator michel barnier. both sides are leading on the other to make a move if a decisive deal is to be reached. covidhad 570 new cases of in the past 24 hour alone, the first since the pendant began. the spike comes before a request for tokyo bars and restaurants to close early starting friday. 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. ♪

>> our official forecast is that the u.s. economy will have returned to the pre-covid level of gdp in q2 of next year, but i

think that has to be considered in light of this burgeoning caseload around the country. that is clearly going to weigh on that forecast. jonathan: that was the citi speakingief economist to bloomberg. the story around the economy, the short-term and the long-term . in many ways we have been trying to disentangle the short-term from the long-term. short-term is going to be brutal, choppy. a lot of cases picking up in the united states. hospitalizations, things we don't like talking about, we don't like seeing. comfort-term is the trade. can you draw a line between the two? i think that is what catherine mann is getting at in the short to medium-term. caroline: i thick we are not pressing in enough the pain we are about to go through, the

hard winter that joe biden has talked about. the fact that we are back at a record high on the nasdaq, the economy is not reflected by the stock market. the k-shaped in particular. jonathan: we are starting to see it in jobless claims. claims next thursday will be watched very closely. let's get to the price action ahead of the opening bell, about one hour and 11 minutes away. a record high off the record high. the s&p 500, we come back. we add about 10 points, up about 2% coming into friday for the benchmark. to fx market, euro-dollar $1.1927. the small caps underperforming and big tech outperforming. a bit of a bid into the bond market. subtle move lower by about three basis points on the 10 year to 0.8553%. i am pleased to say we can have mills in the conversation now -- we can have ed mills in the

conversation now, raymond james washington policy analyst. the president was asked if the joetoral college confirms biden's victory, if he would leave, and he said, i will, and you know that. ed: by december 8, all states should certify their let's and their election results. on december 14, the electoral college meets in the state capitals. by december 23, those are transmitted to d.c. if they are not thereby then, the government starts asking for it. january 6 next year, with a joint resolution by congress, the electoral college meets in d.c. to ratify the results. if one individual has 270 electoral college votes, that

individual will become the president of the united states. all indications point at this time that it is going to be joe biden. jonathan: just to be clear, when are the georgia runoffs? 5, -- or inber january, sorry. jonathan: so we have genuine a fifth and january 6 as best we have january 5 and january 6 -- we have january 5 and january 6 as two key dates. do you see republicans staying their current course going into the runoffs in georgia? ed: i think when you look at the runoffs, there are a lot of reasons why the current stance is potentially helpful to the republican incumbents, and is potentially really harmful for the republican incumbents. they are walking a fine line.

those incumbents are campaigning on the idea that there victory is a check on the biden adminstration, but there's a lot of republicans not willing to accept that there will be a biden adminstration. if the incumbent republicans, senator perdue and senator loeffler, are not seen as adequately standing up to president trump, will the republican voters who showed up on november 3 show up again in january? i think that is a real open question. democrats have similar issues. will the individuals who showed up for the presidential race show up again in january? we view those races as a tossup because i think we need a few more weeks to have this fleshed out a little bit more, to get a true sense as to where those elections are headed. it is a possibility that democrats will have a majority in the senate. i don't think you can dismiss that at this point. caroline: what does that mean for policymaking? if it is a binary event

there is a democratic senate, and terms of who can be put up for confirmations, who can get confirmed, who is leading these regulatory agencies, who is leading these cabinet agencies, but legislation goes on the floor. there is an opportunity once a year to pass what is known as a budget reconciliation bill. that usually has been done for taxes, but back in 2010, that was done for the end of obamacare, the affordable care act. that change student loans. the democratic agenda can pass the senate with a simple majority vote. it does not need filibuster reform to get those major pieces of legislation and regulatory changes through. if there is a democratic senate, the market has to pay a lot more attention to the legislative side than they would be if republicans are able to salvage one or both of those seats in georgia. caroline: the clients you are speaking to, do you think they

are factoring this in? ed: i think there are some factoring this in. i think the conventional wisdom is that the most likely outcome is a republican senate, and i think in a probability percentage, that is true. i think what we are reacting to right now is we did have a delay for certification of election results, but the market has largely moved on from the presidential election. we are now focused on the other macro issues in terms of what is happening with covid, and ultimately who biden is selecting for his cabinet. pic of janete yellen earlier this week, that is what the market is focusing on, what leadership does joe biden bring to the presidency if the assumption is correct, and what the next four years would look like there, versus probably under appreciating the potential

for changes should the democrats pick up both of those senate seats. jonathan: the market so far likes what it sees and hears. great to catch up. happy thanksgiving to you, sir. hope you had a good one. the difference in the georgia runoffs is the difference between maybe something like billion in stimulus and closer to $2 trillion. that range is huge. caroline: binary, as ed just called it. i feel at this is something that et has got comfortable that there will be cogs turning in congress. but i wonder whether it is being priced in enough at the moment. jonathan: i think participants want to turn the volume down on washington, d.c. and turn the volume up on a smooth vaccination rollout. that is the hope for 2021.

from london and new york come alive on bloomberg tv and radio, coming up on this program, the u.s. economy q4 is and over. q1 hasn't started. the outlook in the short term with dan alpert of westwood capital. this is bloomberg. ♪ g. ♪ are you frustrated with your weight and health?

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jonathan: from london and new york, this is "bloomberg surveillance." alongside caroline hyde this morning. tom keene and lisa abramowicz taking another day off. we will see them on monday. the equity market standing down a barrel. the s&p, the nasdaq, and the russell. the counterintuitive story for many of you hoping we would get that vaccination the big boost in cyclical appetite. this morning, tech leads. on the week it was the small caps come on the session it is tech. the russell basically unchanged. still a defensive posture. yields are lower on the long end. we come down does go basis points on the 10 year 2.85%

accurate on 30 year, south of 160. is it technical or fundamentals that are keeping a lid on yields. the fundamentals, the data not great when you look at jobless claims. they are moving in the wrong direction. retail sales last week moving in the wrong direction. fundamentals and they are not pretty. the forward outlook much better. the bond market is not picking up on the sense of that. is it the fundamentals for the technicals? the reason for bidding into the end portends and 30's, is the technicals around the asset purchase program with the idea they expand the asset maturity of the bond buying and keep a lid on the long end. the question i am asking is the fundamentals come the technicals of the policy response from the reaction function of the fed keeping a lid on things. caroline: as we digest the wednesday fitbit it's and look ahead to the -- the wednesday

fed minutes. today we are down about 1% in terms of your wti contract. on the month of 26%, what? up $10 over the course of the month. more tension as we look at saudi arabia and russia. last minute talks on saturday just before due to decide whether to delay january's output increase. let's get the latest with will kennedy, bloomberg news managing editor. talk to us about what the tension is at the moment. will we get the supply back? will: we went into this meeting expecting it would be quite straightforward. is meant tomoment be putting over 2 million barrels a day of extra oil into the market. in the worst born of the pandemic all of the markets were collapsing and they do plan to gradually put oil back into the market.

we expected them to delay that thinkecause they did not the market was robust enough. over the last week, we have sensed there may not be total lockdown. the reason may be it is strong for value. to $50,almost back up and i do not think anyone expected that to happen as quickly as it has. that means with members who are feeling the financial strain of low oil prices and opec cut country by country like iraq are putting pressure on saudi saying we need to keep everything tamped down, can we not pump more oil? i suspect that is where the talks are focused. jonathan: can you added a bit of politics. we have an outgoing administration that has been close to the saudi's. we have not going administration that has bearing very -- that has been very distant from the

iranians. how do these things come together in the oil market for 2021? will: the possibility for more arabian oil is something the market is thinking about. as joeexpected as soon biden takes the oath of office -- the new administration may be less forthright in pursuing sanctions. it will be a while before we get an agreement. in some people's mind -- the other country people are focused on is libya. one million barrels a day cutback in libya. thatis interesting about is the market has absorbed that easily and we have seen prices rally. the market will stay optimistic that demand is coming back, the vaccines will work, people start flying again. people are thinking there is room for iranian oil. the other question is what

happens for shale. jonathan: great to catch up. will kennedy of bloomberg. wonderful commodity team out of london. 26.5%this month up about on the month so far in wti. the rally has been unreal. we are coming in .9% on wti. a $48 handle on brent. forant crude to be rallying the right reasons. the right reasons are people coming back into the economy, to boost demand. we do not want crude to rally because opec plus friends will cut back on supply. we want this to be about the demand side. willine: the demand side be helped by the fact that we are all nervous to get on public transport and maybe that will help drive oil. we need air travel to come back, you need to -- we need you to be

able to get on a plane from london and come back to new york. jonathan: that would be nice. let's bring in dan alpert. i want to talk about the backdrop going into next year. you've done phenomenal work on the labor market and it has helped me personally and others as well. what are you seeing in the data? what i'm seeing is jobless claims moving in the wrong direction. what do you see? dan: we are seeing reversal in the income growth we saw because of all of the government support injected this year, especially during the early pandemic. income is down, even though spending continues. ofhave good news in the form the vaccine in the form of the change in administration. clearly the market is applauding the elimination of the instability of the trump years and it is focused on wonderful vaccine news we have had. to get to where we are going, we

need to bridge the first and second quarter of next year. that is somewhat difficult if we do not change our plans. we have four areas that are going to cause a problem. one of them you already articulated. household incomes are not growing. they are declining. , to the that, household extent the virus continues to flareup, they are going to experience increased layoffs and we will be in a position where we need to come back and support households in order to maintain aggregate demand across the economy. the other part is all of the wonderful things we did earlier in this crisis to support businesses, especially small and medium-sized enterprises with ppe and other programs, that is all gone. now you are heading into winter months. think of what will happen with restaurants and other

enterprises that are under a great deal of pressure. we are already seeing an increase in layoffs. if you take the seasonal adjustment out of that data and look back, you are about over 800,000 layoffs from last week's data. if that continues, that is a real problem. state and local governments are experiencing increased layoffs because of budget constraints. they will need help. finally we have large enterprises. you talked about the airlines. we need those people to rehire. not only that. before they rehire, we do make sure they are on good financial footing. some of them may be finding their way to bankruptcy courts. think of all of the retail bankruptcies and project that forward into what is a lag in time. you will have a bunch of hearings where people are going to be closing stores, which debtors are entitled to do.

that comes with layoffs. there is a lot of lag going into what will be a potential for significant doubling of decay. jonathan: you've gone through everything point by point and this market is living in a different time zone. forward outlook for the back half of 2021 where things are better. what you are pointing to come it is the degree to which the short-term and the damage we do between now and q2 2021 is actually important. it can shape the outlook. the question i would have is to what extent can we do real damage in the short-term that does bring down the forward outlook? i would: -- daniel: like to be more optimistic than last, but the biggest risk is you have significant accumulation of rent, of debt service, of all sorts of other obligations that have been suspended due to state and federal moratorium.

-- of that continues to people who are out of work and cannot be evicted from their apartments are not paying rent in many states. --mercial office tenants many of them not paying rent. retail not paying rent, not paying the full rent, that bill continues to accumulate. that is where the problem comes. the next part of that equation is the potential for it moving into a systemic crisis. creditors will not get paid. that requires creative thought to get out of. caroline: have we got that creative thought? one of the things people forget about janet during the global financial crisis -- janet yellen, i should identify her properly -- she is very

cognizant of the unreported slack in the labor force. one of the things she has been particularly focused on is the fact that the data does not tell us everything about what is going on. there is considerable underemployment in the labor force, both in terms of poor job quality, meeting people not working a full 40 hours a week. you look at the leisure and hospitality sector that offers 25 hours a week in employment. and in terms of the fact we are not able to produce the type of create anty jobs that increase in aggregate demand in a recovery. she noticed that in the global financial crisis. she is very keen on this issue right now. i think she will be a huge improvement over what we have, because in order to avoid the systemic financial crisis, we need the government to step in and do something, probably not

bailouts, you remember what happened during the global financial crisis when we tried all of these bailouts and ended up creating the tea party and infuriating a lot of people. i think the government needs to seriously look at bail ins, which is effectively what tarp buy -- to buyo be the unpaid obligations off of creditors and stretch them out for a long time so small businesses and households eventually pay, but pay over a long period of time. jonathan: we appreciate your time this morning. my best to you and yours following thanksgiving. dan alpert of westwood capital. coming up, stephen sayed of, the mastercard senior advisor. good morning. in your market, we had a little bit of weight to the s&p 500. keep an eye on gold, down 1.7%

on the session. 17.85. this is bloomberg. ritika: with the first word news, i am ritika gupta. astrazeneca's vaccine looks like it is headed for a new trial. the drugmaker is looking to clear up uncertainty around the results in its current study. it says the more effective results came from our group given a lower dose of the vaccine due to a manufacturing error. president trump's administration is said to have one last show at the supreme court over his immigration policies. thergument set for monday, administration will seek the right to exclude undocumented immigrants from the census count . critics say trump is trying to manipulate the numbers at the expense of democratic leading areas with high immigrant

populations. 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 am ritika gupta. this is bloomberg. ♪

>> we are moving towards what could be a precipice unless we get to a phase four deal. what we need is a bridge to the

point where the vaccine kicks in and we are able to get back to a semblance of the regular economy. jonathan: i think most people would agree. that was peter navarro, assistant to the president of the united states speaking to bloomberg in the last week. news coming out of london. the covert outbreak has stopped spreading exponentially. that is one of the estimates coming out of the u.k. below one for the first time since september 4. on that progress, we will catch up with mohamed el-erian. looking forward to catching up with him on the trajectory for covid and the prospect of a vaccination and what it all means for financial markets posting what is said to be a record-breaking month. caroline: always love those conversations. the disparity between the economy and the markets,

something you will be focusing on front and center with muhamed el-erian. what is your key question to him? jonathan: how much damage we can do to the 2021 outlook over the next couple of months, particular in the united states. that is a key question. caroline: scarring to that economy. how deep it goes and who gets left behind. it is about the economy and how deep that runs overall in terms of spending power and who are the haves and have-nots when it comes to the retail sector. let's dig into that. will be talking retail with steve sadove. former saks ceo. ,e heard it from peter navarro this need for fiscal stimulus. if you were still heading up saks, how important would more fiscal stimulus btu? -- be to you? steve: another fiscal stimulus is crucial, especially for main street retailers. target, theylmart,

are doing extremely well. the numbers they posted were pretty stunning. i think the issue is for the travel related, the restaurants, the small retailers that are not able to play at the scale and be able to do things like buy online. those retailers are struggling. the stimulus checks for the lower income consumers are important. the bridge to talk about between now and the post vaccine period that are required. having said that, the consumer is quite strong right now. we can talk about some of the mastercard spending numbers. the high end consumer is quite remarkable. caroline: i talked about the haves and the have-nots. does the fact that the middle class and the upper-class people who have maintained their white-collar jobs and able to work from home and are able to stash from -- splash the cash. what are they splashing it on?

steve: they are not commuting, they are staying at home, they are not traveling. they are not going out to eat as much. they are spending on things related to their home. it could be hardware, home electronics, everything to spruce up their house and make it more comfortable at home. they have continued to thrive during the pandemic. it is important to step back from it and look at where is the overall consumption. when we went into the depths of this pandemic in the march timeframe, overall retail consumption was down 12%. i thought they are really going to have a long recovery. by may and june it was down to about negative five. during the mid summer it went flat. over the last two and a half months we have been positive. up month of october was four.

the first half of november was up 5.8%. we are on a trend where overall consumption is healthy, and that is even with the stimulus checks having stopped in the last period of time. what you are seeing is an acceleration of earlier thanksgiving promotions. you are seeing pulling it forward. forcing the higher end consumer coming back and you are seeing this home related electronics phenomenon of grocery home delivery, things like that are doing extremely well. caroline: according to your data , those that are able to spend, those fortunate few have been able to be on the upward trajectory of a k shaper economy -- k shaped economy. are they spending more thoughtfully? steve: there is research that has been done by mastercard in addition to the spending which

shows you what categories they are buying. it is also showing that in attitude, they see the pain out there, they're looking to shop locally and support their communities. you are seeing less travel. you are also seeing a big uptick in socially conscious shopping. that is about sustainability, social responsibility. a lot of this started with the generations the -- the generation z customer, it has expanded, and people are looking to do good while they shop. that is a phenomenon that will be increasingly important next year. you think the likes of saks, the likes of the big department stores are pivoting to that realization that people want to spend more consciously and more responsibly? steve: absolutely. smaller in a lot of the

, direct to consumer brands that each have a story to tell. i see it in the bigger companies. it is harder if you are a large department store carrying thousands of items. i see it in the philanthropic work these companies are doing. i see it in what they are promoting. there is an effort being made. case-by-case, company by company perspective. i do see it as being an underlying trend that is hitting all of the retailers, not just the individual brands. mastercard has such a global perspective. what i find fascinating coming from the u.k., when i first moved to new york i was astounded i cannot use touchless payment as freely as i had in london. here i keep having to run back to the office because my phone did not work for payments. is that happening more? are we seeing the digital divide

between the u.k. and u.s. in terms of payments shrink? steve: i think you've seen a massive change over the last eight months. it is driven by the consumer desire for convenience and safety. safety, that relates to touchless, contactless becoming one of those elements. shopping online are having exponential growth. you exceed internet commerce going from 12% to 20%. 60%.today, growing 50% to meeting a touchless credit card experience, that is growing exponentially. nowhere near the levels you are seeing in london. i think that will be the opportunity. these trends have been accelerated by eight years of change in eight months or six

years of change in six months. i think the consumer is getting comfortable with the experience and that is the direction it is going. caroline: steve saywell of -- steve sadove. we could be at record highs. happy thanksgiving from bloomberg. ♪ wanna lose weight and be healthier?

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london for our audience worldwide, good morning, good morning. the countdown to the open starts right now. 30 minutes away from the opening bell. we begin with the big issue. in november to remember for global equities heading for record-setting month. >> look at november alone. >> the level of exuberance has been off the chart. >> fits in chart -- fits and starts. >> this is all about the transition to better breath. >> an unusual situation where there is more clarity. >> less uncertainty around covid. >> positive developments around vaccine. >> less uncertainty. >> better performance on a fundamental basis. >> a lot of positive undercurrents. >> gives you a lot of certainty. >> a different type of rally. jonathan: a milestone month for equities