>> certainly there is an argument to be made that perhaps we have gone up a little too far, too fast. >> the data is slowing. momentum is ebbing. >> when you are looking at hiring, you are seeing permanent layoffs increase. that is going to be a concern going forward. >> the important thing to keep in mind as we are starting a brand-new economic cycle right now. >> band-aid stimulus has already been priced in. companies who have made it through 2020, when you get into 2021, some may find it too difficult to keep going. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. andthan: from new york 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. with equity futures positive, the story in this market,

euro-dollar taking a little look $1.22.dollar $.22 -- at tom: to me, the real story is yes, euro moves off of euro pmi data on the manufacturing economy, but far more it was a jump condition worldwide, seeing the renminbi come in. showingright now strong yen. to me, it was the aggregate. the dxy, the bloomberg dollar index all congealing to a jump condition, weak. u.s. dollar -- weak u.s. dollar. jonathan: it all takes us to chair powell in a news conference later this afternoon. what are you looking for? the december meeting as a snooze fest. there's a bonus round this year. this is not a snooze fest. it is going to be quite

interesting how he frames what they are going to do, given vaccines and given a slowing economy. the other issue is we got powell, we've got juergen, and we got jose. there's a small destruction going on during the fed press conference. jonathan: it took you two minutes. for our audience, this is what is going to happen during the news conference with the federal reserve. about halfway through, tom keene is going to sit on the other screen watching spurs versus liverpool. [laughter] screening thewo- news conference and not listening. lisa, when you engage with the content a little bit later after that news conference, when tom pontificates everything chair powell has just said, just assume he did not pay attention during the whole of the back half. [laughter] that my favorite part is we are giving an accurate look ahead to what we are going to be

watching today. we are going to be watching that fed conference. we are watching tom watching the spurs feud with liverpool. we will get u.s. retail sales. the expectation is for the first month over month decline since april. the good news is that tom keene is going to contribute to retail wooden snowshoes, which are the number one brand to trick to work. we will be getting a fashion show tomorrow. u.s.a.m., we are getting andmber marketing services pmi's. the question is, is this complete a backward looking? how much do the ongoing lockdown to eat into this momentum? decision,m., the fed also the tots game.

i really like what diane swonk of grant thorton said. the fed's most powerful tool is the perception they are there. how much do they actually have to take action, and how much do they signal they are willing to extend the duration of their purchases should there be a disruption? jonathan: really well put, lisa. that is why this is all about guidance later today. worldwide cross asset, we start with the treasury market, the epicenter of attention for a lot of wall street little bit later. will we get any guidance on the asset purchase program? what does it mean for your 10 year yield? we travel higher by a single basis point. in foreign-exchange, dollar weakness the story this morning. euro-dollar out to $1.22 briefly. for 2020, $1.2212. which weuity market of 3700.ust south

was that just optics yesterday, or did we actually move on the substance? tom: we are going to see what we see there. we have mcconnell talking up president-elect biden maybe as the big news, but i think we are missing some of the corporate news, including the true lift in apple shares yesterday off of the enthusiasm on the iphone. there's micro corporate news, which is driving this, or at least sustaining this higher. jonathan: i agree with you, and everything in and around the apple universe had a good session over the last 24 hours as well. ,oining us now, sebastien page t. rowe price head of global multi-asset. top of your note, "don't be a hero." what does that mean? i don't think this environment is one to take a large position on risk on versus risk off. i thing now is the time to be conservative and remain

invested, remain neutral between stocks and bonds. you have this impression that stocks are expensive because you good run, and then you start hearing comparisons with the late 1990's and you start hearing the word bubble, but really, you can't compare on a relative basis. you've talked a lot about this on your show. but back in the late 1990's, you had interest rates in the 5%, 6%. now you have the 10 year at 92 basis points this morning. so it is a kind of environment where it pays to be neutral. one of the spreads i like to look at is the dividend yield on stocks relative to the yield on bonds. if you look at that spread back only at itss, it is high about 3% of the time. so the question on valuation is about absolute versus relative, relative,-- versus

and on a relative basis, not the time to be a hero. stay neutral. covid off,tion is and it is fairly clear. but as many of the guests on your show talk about, the path is going to be treacherous. banks a banks -- are neutral alternative? are bancshares part of being neutral? shares part of being neutral? under the hood, -- that is informed by out for you that they are starting to upgrade banks because the low rates for longer, especially because they have been priced in, and if you believe in the destination despite the rocky path, than the recovery trade makes sense. so we are tilting towards value.

overweight's small-cap versus large caps at the moment. this is the situation where you have good relative valuations. look at the s&p 600, which is higher quality, but also good momentum. yes, banks. yes, small caps, emerging markets, and some credit in loans, for example. long the recovery trade under the hood. lisa: you said it is a rocky path. in your note, you were talking about how it would be important to get through the holiday season with the spread of the pandemic. and yet, one asset manager after another comes on this show and says you've got to look past it all. it doesn't really matter in the short term. it is not going to have that severe scarring effect for the most part on the economy. so go long risk, and you will not necessarily get that big of a selloff. what do you think is different? wind using this data matters? sebastien: the short-term data will matter. that is why we are neutral between stocks and bonds. we have a meeting in a couple of

days where we will discuss if we keep leaning into value. some of the questions will be, has this run its course for now, for the next few months? we tend to move incrementally because we focus on relative valuations. you will see an economic pullback because of the lockdown measures in the short run. there is enthusiasm about the fiscal stimulus, but it is quite possible you will see numbers start to disappoint, and now we have good numbers out of germany -- again, the destination is clearer. look at china pmi's, for example. it gives you a glimpse of what it looks like on the other side. but i completely agree that in order to get there, you can have a bumpy road. by being neutral stocks and bonds, this kind of gives us an opportunity to lean into stocks should we see increased volatility. all of that being said, i did mention that we are long the recovery trade. the idea of being long the recovery trade is that while the

argument for stocks versus bonds is both are expensive, when you look under the hood, small versus large, em versus dm, you see a real relative value opportunity in yield and momentum. you can look at the destination and position your portfolio that way, incrementally. not being a hero. jonathan: you've used this word destination a number of times during this conversation. destination for the medium term. i want to understand the longer-term destination. a lot of people have come on this program and talked about a changing characteristic of the economy post-covid. many have also argued that perhaps we just go back to where we were before pre-covid, that those characteristics persist, and at some point, growth and big tex start to dominate again. as you look out 12, 18 months, what you look for away from the recovery trade, the cyclical exposure, back to the names that dominate the last cycle, with the idea that they dominate

again? toastien: medium-term, six 18 months, we would still belong value relative to growth, but still investing in growth. i wouldn't talk about selling all of your growth portions and going all the way into value. after you get a recovery bump, you are in a world where -- and i know you talk a lot about this on your show, but the digital economy starts to dominate and you remain in a low rate environment, so growth stocks have been saying that for a while. advantage thatm we should not ignore. think of it this way, about how major this shock has been for the digitization of the economy. it took 10 years for retail sales to gain about 10% market .hare in terms of online buying weeksen in the first 10 of covid, you had another 10% gain in retail sales.

so you have gone digital in terms of retail buying. you've earned as much market share in 10 weeks as you had in the 10 years before. so this will continue. jonathan: fantastic to catch up with you, sir. we appreciate your time this morning. sebastien page thereof t. rowe price. we our audience worldwide, count you down to a fed decision and u.s. retail sales as well. this is bloomberg. ♪ karina: with the first word news, i'm karina mitchell. republican leaders say there has been progress on talks with nancy pelosi a stimulus package. no word yet whether pelosi and senate democratic leader chuck schumer have agreed to set aside the two most contentious issues. those are eight for state and local governments and a coronavirus liability shield for

businesses. federal reserve chair jay powell and his colleagues are considering whether to change their bond buying program to provide more support for growth. fed policy makers wrap up their today meeting today. they are likely to offer new forward guidance as the outbreak spreads. in germany, chancellor angela merkel has raised doubts that the lockdown that began today will end in early january as planned. the new lockdown will force non-essential sores to close -- non-essential stores to close. a vanguard equity fund has made history, the first of its kind to have built $1 trillion of assets. the vanguard total stockmarket index fund includes a mutual fund and an etf. 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 karina mitchell. this is bloomberg. ♪

sen. mcconnell: this morning, our country has officially a

president-elect and a vice president-elect. --today i want to cry julie to congratulate president-elect joe biden. the president-elect is no stranger to the senate. he has devoted himself to public service for many years. jonathan: and just like that, the mood improves a little bit in washington. senate majority leader mitch mcconnell recognizing the election of president-elect joe biden. for our audience worldwide this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. it is fed day. retail sales about one hour and 12 minutes away. equity futures up by 10 on the s&p 500. we advance by around 0.3%. we had a little look at 3700 again this morning. just south of that level right now. in the fx market, we had a little look at $1.22 on euro-dollar, back down to $1.2190 now. to 0.9262%higher,

on the u.s. ten-year. one big thing was missing for me. has dimock credit leadership accepted the potential, the statect of separating out aid and liability protection, putting it to one side, and voting on two different things? tom: i agree that the idea that the democrats have to rationalize the moves from x trillion dollars down to $700 billion to be an interesting discussion over the next several days. i am focused on december 26 which is where a lot of this aid dries up. ourn cirilli with us now, chief washington correspondent. i am absolutely fascinated by the grace of the senator from kentucky. obviously he had to wait to see the numbers, given the president's actions. last night, in the midnight hour, the president weeded out, "92% of republican voters think the election was rigged."

it is literally as if there's two republican parties. does that affect the georgia races in early january? maria: senate majority leader -- kevin: senate majority leader mitch mcconnell has been able to divorce the issue of policy from politics. the fodder that president trump has been circulating via his social media account is accurate, according to the polls. obviously, these are unsubstantiated claims. but in terms of the mood of the republican party, he is tapping into that. as it relates specifically to answer your, to question directly. they will all be gleaning information from the results of the georgia runoff election. thes struck yesterday by negotiations on capitol hill, and to go behind the scenes for a second, you have a 4:00 eastern scheduled meeting between all of the major

players, including leader mcconnell and speaker pelosi, and secretary mnuchin was there, too. then you have a halftime, where they both have to work the phones to go to their caucus, and they added a second meeting. that is why there is so much optimism right now it washington for additional fiscal stimulus, because they added a second meeting in the evening, and that has spurred this notion that they are inching closer to fiscal stimulus. tom: who benefits from a $700 billion deal? we go from x trillion, or the republicans at $1 trillion, we take out all of that money, who benefits from the proposed bill? kevin: americans in need, but to answer your question as a political reporter, i would argue that you have the translation of aid for state and spun governments now being to get republicans on board as a

to facilitate the distribution models of the vaccine. that is a nuanced word difference that the democrats are now making from their arguments standpoint. secondly, and this bears repeating come the crux of the is originally authored by the problem solvers caucus. they now have political capital, a bipartisan group of lawmakers, that they did not have in the wake of the 2008 economic crash. that they did not have with the assent of the tea party, with the assent of the progressive wing and the democratic-socialist wing of the democratic party. for them to be pushing and using their voice right now, this could be, based upon the conversations i am having by political observers and some of the numbers of congress, a new

force within congress, a centrist force within congress that is very policy driven as we anticipate the incoming administration from president-elect biden. jonathan: you are painting a beautiful, cooperative picture of washington, d.c. [laughter] lisa, as you know, there is one big missing in this puzzle. democratic leadership. are they for what leader mcconnell's four, which is separating out these issues? lisa: and how splintered is the democratic party on this? the more centrist democrats seem more willing to give up this particular section. given some of the disagreements over that aid, how pivotal is the data we got over the past 24 hours shown that certain states, california, new york did not suffer as much as people expected with tax revenues based on the windfall from wall street and beyond? kevin: it is crucial. it is incredibly important. you look at the other data in terms of the inequities that

have been exposed as a result of the second wave of the pandemic. look no further than the hispanic community, which disproportionately has bear the brunt of covid-19 infections aced on data compiled by johns hopkins university. but the triangulation of sorts, while it might be an optimistic, rosy picture, i would argue it also will set up a political fight in which there is now a third element of nettles between the fringe of both parties and now a centrist force. the question becomes whether or not the suburban politicians in both parties are able to communicate from their swing districts that in order for them to keep control of the respective senate and the house, again, the difference of ideological split, that they be able to compromise. as a result of that, that was the message that president-elect joe biden took to georgia yesterday ahead of the january 5

runoff, in which he is saying, tok, this is not an argument get a deeply progressive election in georgia, but rather just to hold onto a majority in push a more narrow agenda. jonathan: thank you. kevin cirilli downing d.c., chief washington correspondent. we talked about this so many times. is this market trading on a more constructive new mood, or the content? because the content is still lacking. tom: the content is lacking. retail sales are really going to help give us a snapshot of how ugly q4 is. but i would say it is a combination of these broader events, but also there is some micro data here showing companies doing better, particularly the more visible ones like apple the other day. jonathan: our survey looking for a negative print on retail sales

for the month of november. that data one hour away. coming up on this program, michael schumacher of wells fargo. with a fed decision just around the corner, and a news conference from chair powell. heard on bloomberg are you frustrated with your weight and health? it's time for aerotrainer, a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. planks are the ultimate total body exercise. build your upper body with pushups. work your lower body with the aerosquat. the aerotrainer is tested to support over 500 pounds. it inflates and deflates in less than 30 seconds

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♪ jonathan: from new york and london, for our audience worldwide, this is "bloomberg surveillance," live on bloomberg tv and radio. futures positive, up 0.3% on the s&p. a little look at 3700 earlier this morning. we pulled back just a bit. on the nasdaq, up 0.2%. tom keene talking a lot about apple this morning. apple looking good for the holiday season, it seems. this, according to td securities, is the day of reckoning for the treasury market. i will catch up with priya misra a little later this morning. yields up by a couple of basis points, curve steeper. 0.9264%.r, up to will we get any clarity around

forward guidance, around the asset purchase program? and will they extend the average maturity of the bond buying program? what does it mean for yield calls going into 2021? on foreign exchange, the pmi's out of europe, maybe you think their sale because germany has gone back into lockdown. some people didn't feel that way this morning. the euro through $1.22. that is the new high for 2020. $1.2190, up about 0.3%. stale because germany has gone back into lockdown, or it is some momentum that europe was previously lacking, and may be an indication that they can snap back once these restrictions are paired back and the vaccinations are rolled out. about withint is each nation, to economies. yes, the united states.

yes, pakistan. yes, a beleaguered journey. two separate has economies, one that is recovering and one that is flat on its back. mike schumacher is with wells fargo securities, their head of microstrategy. what i want to hit -- head of macro strategy. what i want to go to is the length of time you envision out there. of reall be the effect interest rates if they become so chronically negative? mike: it is really interesting. real rates have gone super negative this year in the u.s., germany, australia. it is really for a couple of reasons. poor growth, central bond and central-bank purchases. but when you think about it, it is really a function going forward of what do investors expect to earn. we think those numbers are going to be very poor for a long time.

we think that is a good policy choice. tom: we talked to randall kroszner, former fed governor, about this as well, the choice that the fed has, or any central bank, to deal with the unwinding of all of this given that effect out over time. how do you perceive if they will unwind out of this, given the new duration we are all living? mike: no time soon. it is really interesting to think about the degree to which central banks have been super involved in markets for the last decade plus, since the financial crisis. there was maybe a year or two when they stepped back somewhat, but that is gone. we think central banks will be huge players for a long time. tom: this dovetails right into into kostin's reframing 2023. i think we will see a lot of that coming up. jonathan: we heard the ecb framing it out to 2021. so we get the same story from the fed a little bit later this

afternoon? mike: be similar. ecb has got inflation at 1.4% for 2023. the fed has it a bit higher. but the fed's guidance in september as we are on hold through 2023 and probably longer. i expect a similar message today. hours at wells fargo is about new wants, not major policy shifts. we expect a market will not take it very well. it is going to be a challenging day. lisa: the assumption is that inflation will remain muted for the near and the medium-term. do you think that is right? could these incredibly negative rate policies, really old policies and up to see inflation? mike: inflation could pick up basic of a can come up jay powell has said time and time again, the pandemic is the most disinflationary event he has ever seen. it is not going to fade in a

quarter of two -- in a quarter or two. it is probably three or four years. we will see as vaccines are distributed and confidence goes up quite a bit, but that does not mean we are back to a 2018 or 2019 level. lisa: karen ward came out overnight and was talking about how inflation is the one thing very priced into the market in terms of remaining low. if it were to increase, it would upend a lot of market calls. how much would it have to increase to go against the consensus trade that are so prevalent right now? mike: if realized inflation were to pick up by about 0.2%, 0.3% i europe, the u.s., the u.k., expect it would cause a lot of consternation, and he would get this big bear steepener we have talked about for a while. jonathan: you mentioned we would have a challenging day with the federal reserve. what is it you think they are about to try to do that would be

challenging? mike: we think the fed will try to deliver guidance, but the market once specifics. the market wants to know if inflation is 1.5%, how many bonds is the fed going to buy. the fed wants to provide quality of guidance. what does that mean? does that mean if inflation goes up, the fed buys fewer bonds? kind of know that. so how does the fed provide some than useful in terms of quantitative guidance? the market will look at the statement, listen to the press conference, and wishing that leads to a fair bit of choppiness in the session. jonathan: so potentially, equities lower. where would that leave the bond market? what would that mean for treasury yields? mike: assuming there's no extension, which we think is not going to happen today, probably yields go up a little bit. maybe a couple of basis points on the 10 year, but nothing radical. tom: nothing radical.

do you look at 2021 as an opportunity for nice return? everyone is always spouting single digit, and decidedly it was a double digit 2020 for those with courage. do you frame next year as a year of opportunity? mike: it is a tough one to get a lot more opportunity. when you think about the reason that risk assets have rallied so much, it has really been that central banks have come rushing into support markets and provide put options in a lot of cases. those that happened next year, not to the degree it has been in place in 2020, and the moves have been extraordinary, so we think you would need to see much more validation in terms of growth, and that is going to take a while. givenan: given -- tom: your duration called, do you have the confidence they can unwind with stability? or can there be shocks like an ever weaker dollar, or frankly

it could swing the other way on fear, or the idea of place up, a bidding war for all of this paper out there? which way does it cut? mike: i think there's another element, and that is how much of a yield increase would central banks really tolerate. the fed, the ecb, take your pick. can they deal with that sort of thing? it is a judgment call. we think the vaccines get out there, central bankers will say, ok. if confidence is increasing and growth is picking up, then we are all great with longer-term yields rising 20, 30, 40 basis points, something like that. but as far as a huge surge in inflation pushing yields up, we think that is unlikely. it's got to be a fairly moderate increase. in terms of real yield, we think they stay negative, if not as negative. maybe it goes to something like

-0.7%, something in that neighborhood. lisa: i was struck by what you were saying, that this is going to be a tough day for the fed, and if the market is unsatisfied, you might see 10 year yield flip up a couple of basis points. are the days of taper tantrum's over as we knew them back in 2013? mike: i certainly hope so. that was a pretty interesting period, and the fed has we flickered quite a bit on that. the message from the fed almost certainly will be to remain .uper confident actively buying bonds and reinvesting the proceeds. but we will expect it will be a then.ong time until jonathan: mike schumacher of wells fargo, thank you. do you know what is crazy about the year 2013 that is often forgotten? everyone remembers the taper

tantrum. how many people remember that the s&p 500 was up almost 30% that year? tom: so true. jonathan: that year was huge for equities. tom:tom: and the tantrum was not that long. you look at a challenging year, and to me it is going to be a challenging december 16. not only do i have to get through the fed meeting, i didn't realize that tottenham has not won at liverpool between when the titanic sank and when they discovered the titanic on the bottom of the ocean. why is it so hard to win at liverpool? jonathan: the stadium and the atmosphere, but that is not so relevant this year. tom: so is it a huge tots advantage within a piece stadium? -- with an empty stadium? jonathan: it has been an advantage for visitors to the grounds where it used to be

intimidating, with really reduced capacity as we have been some stadiums across the united kingdom at the moment, or with no one there. so yes. who is airing this game in the states later, nbc? is that who i send any mail to? can i send them a show real of you? of you to a show reel nbc sports network to see if they need a new commentator. tom: i don't think i am up to speed on that. if i did that, i would have to watch arsenal play, and that alone would be painful. lisa: i will say that i do think your team is going to lose. tom: i've got a core question. it is core knowledge. is tottenham-liverpool in derby? lisa: no, it is not. right? jonathan: no. liverpool, top of the country, to the west. london, southeast. that is not a darby.

tom: ok. i'm learning. jonathan: we won't put that in the show reel. still working on the exit plan for tom keene. some of you are unhappy with that. i get a lot of hate mail about that. people do love you. futures up 11 on the s&p, up 0.3%. this is bloomberg. ♪ karina: with the first word news, i'm karina mitchell. republican congressional leaders are optimistic about reaching a deal on a stimulus package. senate majority leader mitch mcconnell said "we are getting closer and closer." top republicans spoke with nancy pelosi and chuck schumer. no word if democrats have agreed to set aside two of the most contentious issues. in other news, not all states were hit equally hard by the coronavirus pandemic. california now saying the state is poised to pocket a windfall

of 26 million -- of $26 billion. that is thanks in part to the booming stock market. new york and connecticut have similar stories, and could undercut the push for more aid. -- many areworkers already taking up the offer. joe biden is breaking a barrier by naming pete buttigieg to be transportation secretary. the former mayor of south bend, indiana would be the first openly gay cabinet secretary. apple over attacking changes in the iphone operating system. in a series of newspaper ads, facebook changed the ad would be back for small businesses.

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. mitchell. this is bloomberg. ♪

that wee is something

are all focused on, but everyone is tired. andyone is really tired, these boosts that come from the scientific good news of the vaccine and the real-world good are, seeing colleagues getting it, yourself, that's huge. but it only goes so far when the cases continue to pour in. jonathan: an industry that we all owe a great deal of gratitude to through 2020 and looking up to 2021 as well. that was johns hopkins' associat e professor of emergency medicine. alongside tom keene and lisa abramowicz, i'm jonathan ferro. wednesday morning ahead of the fed and retail sales, 42 minutes away, here's the price action in the equity market in the united states. the s&p 500 staring down all-time highs again. through 3700 briefly this morning. we advanced 0.3%. a $1.21 and/or earlier this morning. in the bond market, yields up to 0.9196%.

just briefly wanted to touch on anddebt market, if i can, come to you on what i thought was amazing, to see norwegian cruise lines come back to the primary market with debt. just compare and contrast the yield they have to offer now to get the supply away, compared to the yield they had to offer back in may. lisa: you just had this incredible rush to buy debt at any cost, and this is lowering the garnering cost. it is a private offering, just , the issue with the cruise lines, they were backing it with all of their cruise ships. now they don't have anything more to necessarily ensure this debt with, so they are just selling debt, and people want to buy it. jonathan: unreal. back in may come this debt was 12.5%, now looking at something around 6%. tom: to me, it is a lot like 2006, 2007, where people are in a frenzy about yield.

to me, that screams that maybe the call of higher yields around the board is a bit off the mark just because of the demand side of fixed income. right now on the pandemic, and we have really taken pride of a cross-section globally of physicians and surgeons looking at the medicine, and the medicine now is to deploy the vaccine, katherine baumgarten is with ochsner of louisiana, director of infection control and prevention, and joins us about the real world of getting the vaccine out. there's got to be a lot of stresses about actually getting the vaccine out. what have you learned? what is the critical stress of moving the vaccine forward? is it nothing more than the temperature of the shots? dr. baumgarten: there's a lot that is involved into getting the vaccine from the shipper

back to a patient or a person's arm. we've been working on this for months, actually. communications, our nursing staff, administration, all of us working to get this vaccine from point a to point b so we can start to have some hope and relief from this pandemic. the cold storage is quite a challenge, and that has been amazing to watch in terms of getting the freezers, getting the case from pfizer, and unloading it properly and making th -- it is is thawed properly so a person can receive the vaccine. we have actually done a trial with pfizer, so we had some trial runs on how to do this. so taking it large-scale was a challenge as well.

tom: you get the vaccine up seven flights of stairs, etc. do you just assume over the hours, the days and weeks, that all of us by definition are going to have to go to hospitals? we are not going to do this in the doctor's office. dr. baumgarten: well, we have basically set it up in hubs. we have freezers stationed throughout our health systems, and then we are able to tonsport the vaccine safely our other sites. so it is given currently at our facilities, clinics and hospitals in which we have stations to basically give the vaccine. the good news is that moderna does not require such precise ind storage criteria, so louisiana at least, they are talking about distributing the modernity places where it might

not have cold storage capabilities for these freezers. so there is a plan in place if that vaccine does get fda approval later this week. that would be an option for skipping out on the cold freezers that we do. just at a quantitative level, based on how it is being rolled out right now, based on the willingness of the people you work with and perhaps even your patients to get inoculated, what is your sense of how this is going and the speed at which we will reach critical mass immunization? dr. baumgarten: if our institution is any indication of what is happening, it is incredible. all of our health care workers are prioritized, especially those working in our covid units. unitse dedicated covid here, those working on the front ands in the emergency room

emergency care, everyone has been really excited about this vaccine. it really gives us a sense of hope. ponte 20 has been tough for us. we had a lot of stresses here. we've done great. we've been prepared. we've taken care of patients. we've also seen our colleagues ill. we seen our patients become ill and die. so to have this science, to have the resources so quickly, that is incredible. there is just a sense of relief. we started vaccinating on monday. you could just feel that sense of relief. the other good news is in terms of its efficacy, so that was a hopeful moment when we found out that the vaccine is 95% effective and has minimal side effects when we talk about vaccine's. so we were just thrilled. we cannot wait to get it out to the other health care providers in the community. in terms of when that might happen, we are talking about the

spring or the summer. about we needing to continue to wear masks at this point, but if we are talking about a christmas that may be more normal, that you have a larger number of relatives next year, it is critical that people get the vaccine. that is what our focus is on at this point. you, and doctor, thank thank you for all of the hard work being done in your industry right now. we are credibly grateful, all of us. the word we have heard repeatedly through this week, confidence. we keep hearing it again and again going into 2021. tom: i would agree with that, and i think some of it has to do with the messaging, not only from dr. fauci and those presently assigned, but what we will see after the inauguration. the confidence is messaging among medicine, but i would respectfully sit just -- respectfully suggest it is also

messaging among politicians and our fearless leaders. tremendoushere's a amount of confidence in this market, that's for sure. alongside tom keene and lisa abramowicz, i'm jonathan ferro. a beautiful new york city. with equity futures positive, the dollar weaker, this is bloomberg. ♪

♪ >> certainly there is an argument to be made that we have gone up a little too far, too fast. >> the data is slowing. . momentum is ebbing. >> when you look at hiring, you see those permanent layoffs increasing. >> the important thing to keep in mind as we are starting a brand-new economic cycle right now. >> i think a lot of this band-aid stimulus has already been preston. >> the central bank -- been priced in. >> the central banks have locked themselves in at their effective lower bounds. >> when you get into