>> this stimulus really is a stopgap. it has come really late, and it is a little lame, honestly. >> i don't know if it makes a lot of sense to be giving people who have jobs and income checks at this point. >> this is not a normal environment, far from it. >> there could be some surprises. >> it will take a very long time before we have -- again. >> put on your seatbelt. i think this economy could really rip. 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. this economy could really rip. >> this is "bloomberg

surveillance" with tom keene, jonathan ferro, and lisa abramowicz. lisa: good morning everyone. withmberg surveillance" tom keene, jonathan ferro, and lisa abramowicz. jon ferro managed to get another day off. i will say, he evidently is getting vegetables from the shipment that is now coming across. tom: the vegetables are coming in from angela merkel, lufthansa sending incongruent planes -- ascending in cargo planes to london to provide the vegetables. lisa: we are getting some shot of optimism in the market's. yesterday, the bombshell president trump dropped on twitter was notable to me. i thought it would have a negative effect on markets, the idea that he was potentially going to veto the $900 billion to millis plan. it had no effect, other than to keep things took a long long -- billion stimulus plan. it had no effect, other than to keep things chugging along. what is that about?

is 8:30,early morning as the first cup of coffee, and you really don't get going until 10:00 a.m.. i am serious, lisa. you are going to see a massive recalibration coming across the morning. i know kevin cirilli and david westin are really on top of that story, including important conversations through the day. futures up six. dow futures up 54. other than that, we do have the holiday market. you wonder if economics in 30 minutes upsets it. lisa: i wonder if everyone has gone home. everyone is already home, let's be honest. holiday season setting in. volumes are pretty low. you do wonder who is actually trading and making a call at this point in the year. tom: let's get it started here. as we've learned in the pandemic, it is where you are and what it says about your

equity investment strategy. joining us now, picking up off "mena lori and -- off "mena lori mandalorian,"e this is the only woman with an imperial star destroyer on wall street. lisa: the only one? [laughter] tom: on radio, folks, she's got the john norma's -- the ginormous three foot model behind her. what is that? boys, and whatee you can't see is the other legos across the room. this was the most impressive, so i put it behind me. [laughter] lisa: that is awesome. great.t is let us get started. your framework for next year, given once again double-digit returns. you guys,eat to see

and merry christmas and happy new year. we think next year on the fundamental side is going to be extreme to positive particularly in the second half. we are looking for a reboot and a restart and recover. i think that is really the theme for next year and this pent up demand because as you know, there's 1.4 trillion dollars of extra savings in u.s. households, so that is going to be spent. think of the conversations you have. has a wish list of what they are going to do. that is what markets are reflecting right here. how early are they pricing the sin? we arm -- pricing this in? positive going into this quarter. we think there could be a collision between rising prices and rising yields in the market. lisa: let's talk about the concern a growing number of

people have about things getting overheated, given the fact that everyone's 11-year-old is opening up a robinhood account. what do you thing about people who are concerned about that? alicia: the robinhood account thing is real, speaking from experience. we are all sitting home, and everyone has extra time. i think there is excitement in the market. it is not as overly priced as it was. there are pockets unquestionably. we have electric vehicles, we have solar. the solar etf is now trading 100% over its 200 day moving average, so i know there is excitement with a democratic administration, but let's take a deep breath. this doesn't end well. my favorite line with you guys is that parabolas don't make great technical charts. so you want to think about where you enter those more overheated places. i don't think this is the place to do it. i am going to tear up here.

levine goes cartesian on us today, pulling up the squared functions. it is too much. lisa: it's ok. take some tea, maybe our teeny, and we will -- maybe a martini, and we will come back to you. when you take a look at the sectors, how do you say what that is? these are the arguments we hear every day. what is wrong with them? alicia: first of all, we do like cyclical value into tech, as well as small caps. that is our fundamental call for next year. analysisoned technical kind of tells you where the short-term is going, and i use that as a barometer. we do think that the digitization of all businesses, everything is continuing and accelerating, so you have to be in tech. you can't just do one or the other. it is really a barbell, but we

are clearly in a cyclical recovery, and that means steeper yield curves, financials will work, and also small caps will work. but you have to be there. tom: lisa which is so important here, and she brings it up with her math skills, the ambiguities that are out there. what is the ambiguity for corporate officers given the economics that are going to be dealt in the next 24 months? we willnce again underestimate how corporations will adjust. alicia: that was the great story coming out of the bottom here is that large corporations were more nimble than we ever would have given them credit for, and produced results as early as the second quarter in their ability to adjust. unfortunately, some of the smaller businesses, as we know, were not given the opportunity. we have 20% of u.s. restaurants out of business completely, and

i suspect that really under counts what is really going on. corporate have to get through the air pocket, and the air pocket is really the first quarter leaving december. what we are talking about is the rapid fire of the disease and the kind of races with vaccines. but then you've got $460 billion in cash that was raised this ofr in debt, so we think all that cheap cash and cheap debt, and the expensive equity will be used in m&a. that is what you're going to see over the next couple of years. lisa: you did mention the jewel risk that yields could rise. could you talk about how realistic that is? alicia: that's it. that the feded in is going to sit on the long end with some sort of yield curve control, but if we really see the cyclical recovery happening, and i suspect we are going to see it fairly soon, i.e. in the second quarter, i think it is

going to be hard to keep yields down, and pretty much everyone on the street has a high of 1.5 percent on the 10 year for the end of 2021. where is your risk? tom: lisa, nobody cares. here's what they want to know. on radio and television, i am getting emails galore. people want to know the discipline it takes for you to get your kids to put together 4790 four parts or whatever it is of your destroyer, your imperial star wars ship behind you. how do you get your kids to do that big project? alicia: the secret is that i have no fine motor skills. it is all them. they ask for it. they wanted to do it, and i gave them all the space in the living room to complete it. lisa: so you lucked out. tom: that is extraordinary. i've got kids that have the little star wars many figures.

that's what we've got going. lisa: might have got the star wars video game. congratulations. you have done something right. tom: alicia, we are absolutely humbled by the construction skills of the levine kids. they will be over next week to put together a 200 piece. alicia: they won't have heard what you said today, but thank you. [laughter] alicia levine, thank you so much, with bny mellon. some real optimism on the markets. lisa: i will say, that is fewer lego pieces than the pages in the potential support bill, but still amazing. tom: to be honest, lisa, i end up throwing the parts out because i step on them. lisa: that's the worst. that's the problem is they have to clean them up well. tom: and they don't, and then you worry about vet bill choking on them. lisa: everyone is crying into

their coffee right now, really feeling sorry for us. i will say the activities -- tom: 4784 lego parts. that is stunning. lisa: that is stunning. what did you do when you were a kid? setsnot lego, but director -- but erector sets. you had actual screws and metal. you fail, but then your dollar would come into do it for you. [laughter] you would come back the next morning and it was the golden gate bridge being built. lisa: seriously? this is what you should be doing. tom: there was a thing called the pinewood derby a million years ago. i had a pinewood derby with laminar flow. [laughter] it was totally unfair. they made me lose on purpose because my father messed it up. oh, the horror stories here at the holiday season. alicia levine, that was fabulous

on the star wars. we've got much more coming up. on dependent, julie norman will join us. serious news on the dynamic of the pandemic, and of course, all of that economic data coming up here in about 90 minutes -- in about 19 minutes. the first word news, i'm ritika gupta. now president trump is signaling he might not sign that massive stimulus bill passed by congress. he called the bill a disgrace and said it is filled with wasteful and unnecessary items. he said that congress should increase the checks going to most americans from $600 to $2000. president trump handed out a number of pardons, including one to a former campaign aide george papadopoulos, who was convicted of lying to the fbi in robert mueller's russia investigation. the president also pardoned

former california commerce been done and hunter, who pleaded guilty to misusing -- congressman duncan hunter, who pleaded guilty to misusing campaign funds, and another who in another case. providend biontech will the u.s. another 100 million doses. authorities are trying to contain a fast spreading variant of the coronavirus in the u.k., imposing a wider lockdown would be a setback for johnson. he's just had to make a u-turn on his plan to significantly relax social distancing rules over christmas. israel and prime minister benjamin netanyahu are headed for their fourth election in just two years. the governing coalition collapsed after just seven months over a budget crisis. the vote is set for march 23.

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. ♪ ritika gupta. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now.

>> this will be very interesting to watch because of course, he's weighing in essentially on the

side of the democrats, calling for a lot more money at very short notice after many months of just being the most difficult agreement to strike with a december 28 deadline. all of theock and president -- shock and awe of the president's speech that we are monitoring. it will be an eventful wednesday. you can read up on it and us ono -- and listen to us bloomberg television as this unfolds. the vix, 23 point 29. other than that, a quiet wednesday before the holidays feel. lisa: one thing i am struck by is that the unprecedented has

become mundane. i think markets have been shrugging off an increasing number of unprecedented development's. president trump's relief on twitter perhaps among them. julie norman has been covering the president and history, and really studying at from the university college, where she is a political science professor in london. i am wondering if you could paint the picture from a historical perspective of how unusual it is for a president of the united states to come in at the last minute and threaten to put a kibosh on the deal that was struck so perilous close to the deadline with bipartisan support. julie: some of the words we are hearing from washington is that trump weighing in is like a sonic boom, a cannonball into calm waters, pretty much whatever explosive image you can come up with, and that is because it is so uncommon for a president to do this and something that is so last-minute, but also something

that is so high-stakes. this is not only a bill that will bring coronavirus relief, but also the appropriations bill as well. not having this go forward could result in a government shutdown within a week. so a very high-stakes bill. the president surprising his own aides with his comment yesterday. lisa: tom keene has been talking all morning about this person who we occasionally see on the television about the presidential power. how much power does trump have to come in and single-handedly stymie this deal? what is your sense of that? what is the significance of this move? that: it is significant in it was such an achievement to have this bipartisan effort finally go forward after months of back-and-forth between both parties, and what is notable about this bill was that it passed quite strongly in both the house and the senate. the senate passing at 92-6. even if trump were to veto it,

the bill itself is vetoproof, but that would take weeks longer, and again, most of the country doesn't have weeks to wait for that relief, and we have this government shutdown pending as well. so it is very significant, and we haven't heard from trump exactly that he will veto it, but there is but that -- but there is that potential. tom: professor norman, what is so important here is the idea of the president makes comments, and they are domestic, but i huge amount of it was directed at foreign aid. he led, i believe, with comments on cambodia. what is the level of an isolationist america that you gauge, and particularly the isolationism of president-elect biden? julie: well, to me this is going to be a really interesting thing to watch with how bidens team puts together their foreign policy. of the teama lot

came from the obama era, they won't be able to go back to the same globalization agenda that was typical 10 or 15 years ago. i think we will see a bit more of a pit to more inward thinking -- a pivot to inward thinking policies, still taking a multilateral approach, but one that is not stretching the u.s. too much overseas. tom: what are we going to pivot to in 2021? julie: i think that biden will be trying to find some kind of third way in between trump's more populist messaging and more of the globalization agenda from before. stillk that would mean engaging in terms of diplomat efforts, in terms of working with allies and international institutions, but in terms of free trade agreements and some of the enthusiasm behind that we have seen in the past, a bit more attention to what that would mean for american workers, american industries, and trying

to keep them focused rhetorically for sure, but hopefully in policy as well. lisa: how difficult will it be for biden to reestablish some of the ties with allies that has perhaps been frayed over the past four years? julie: a little bit of a challenge, but honestly, many of our allies, especially european allies, are quite keen to see a biden presidency. they were very quick to congratulate and welcome sosident-elect biden, countries know it is in their best interest to keep this positive relationship going with this administration. tom: julie norman, thank you so much for the briefing this morning. just an export in their wednesday. good to speak to you. we frame up here with a persistent bid to equities, and the vix speaks volumes here, from 31 to 23 in today's. -- in two days. lisa: there's no volatility

here. we are in a new regime of lower yields, lower returns, and yet still pretty good for people piling in. tom: new-home home sales at 10:00 a.m., continuing claims and michigan numbers. the only reason diane swonk is going to be on is michigan. we will do michigan numbers today. wednesday,e got thursday, and friday data all-in-one. lisa: i said when does it matter, the data? it might matter for the economists, but it won't matter for people in the market because they are looking longer term, and longer-term, things look good. we are all very interested in knowing the data and how much pain there is out there. we will talk about people losing their jobs and markets might still go up. lisa: if mike mckee was here, i know he would center in on claims. we see it on wednesday, the shock of 885,000 last week, and may be the survey is in a little

bit, but i guess to me, everything is said and done, that is the key number this morning. lisa: so you are going to build that like a set? tom: i don't do legos. i was being nice, but i don't get it. you step on them, and defer them out. i know the ceo of lego will be with us tomorrow. been has mr. ferro reaching out to you to taunt you about the tots? tom: no, it's been radio silence. he's on tier seven lockdown. when does ferro return? do we have a reentry date? [laughter] lisa: i will say, looking at markets, he is not missing that much today. you are looking at pretty quiet turn ahead of the vacation -- quiet churn ahead of the vacation. tom: we welcome you all on

bloomberg radio and bloomberg television to our simulcast. off of the political news in washington, we turn to economics. data, someconomic important analysis from diane swonk of grant thorton. stay with us. this when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

tom: bloomberg surveillance. good morning. thrilled you are with us. tom keene and lisa abramowicz for the data dump of the week. thursday less data, friday no data. the data will roll out. it is a snapshot of the american economy to get to diane swonk, which we will do in a moment. i will tell you, plans that personal income and personal spending come and then you interpret the savings rate out of that. those are not good numbers. we are waiting for the hugely anticipated claims numbers as well. on the deflator, a little bit of a -- the month every month 0.0. the pce deflator year-over-year ticks down to 1.1%.

durable goods are ok. maybe they show a little bit of hf.ufacturing omp we do get a better claims number. 803,000, which is certainly a better statistic. lisa: that is the better news. fewer jobless claims. still an astronomical number. it is up from what we saw just a few weeks ago. to meet the outstanding number, not in a good way, his personal income dropping 1.1% versus the expectation or 0.3%. does this but the concept of lower income ahead for the january jobs print and what does this say about the american labor force in a deflationary world? tom: that has been a hugely

important issue, the resilience of one part of the economy. i have called at the pandemic petition and that is what we are seeing in so many of these statistics. i want to reframe for bloomberg radio, the chart of claims. tap to your brain. 200,000, 210,000, we explode up to the millions and we are 800,000, four times the normal claims, maybe 3.5 times the normal claims of another time in place -- another time and place. i look forward to this. with all of the distraction in washington we are observing to see if mr. trump tweets out after the bombshell announcement of his reticence of stimulus. all that is going on in europe with brexit and france and england. nothing matters across radio and tv in this american economy. diane swonk has been following this for decades.

now at grant thorton as their chief economist. thrilled to have you on today. in the economic data, what matters to you? diane: what matters is we are seeing consumer spending slowing down at a time when we should be ramping up. that is because of the surge in covid cases. ofh less declines because the surge in covid cases has been less than in the past, there are three key reasons we need to keep framed in the economy today. one is mitigation measures by states have not been as severe. california is an outlier where their cases have overwhelmed hospitals. two is we are coming off of a lower base. if you look these unemployment claims, they are still disastrous, but off of that idea we already had such huge losses, that is important to remember. it mitigates the declines from here on out.

we have seen shifting consumer behaviors. when we had lockdowns, they have been somewhat jubilant in response to the vaccines. we are seeing behavioral economic study that shows people are more risk-taking because the vaccine is out there, even though that is making contagion worse. what we worry about now is what will happen in the christmas holidays and how much travel we see and what that does to cases through the worst of the winter, which are supposed to crest in january. that is an important thing. we still have momentum but we are losing momentum at a critical time and we have to step back before we get forward again and unleash the pent-up demand. lisa: we are not out of the woods, that is for sure. to bring you more numbers, getting revised initial jobless claims for last week. revised upward, that is not

good. up is bad. 885,000from the initially reported. taint the better-than-expected additional jobless claims of 803,000 this week. do your point about personal income and personal spending, the bigger than expected decline we saw in this week's data stands out more than the jobless claims. it is being driven by support programs running often people not getting as much unemployment aid, or is this because people with higher wage jobs are getting laid off in greater numbers? it is interesting because we saw a major slowdown in employment gains in november. it slowed to a crawl. what little we did get tended to be lower employment gains. we have seen a slowdown in higher wage jobs which had done much better until we got into october and november.

that is important as well. we also know from the high-frequency data that we saw sharp deceleration in the second half of november, which included the week of thanksgiving. the biggest deceleration, although it was still positive, was by high wage households, and we know from earlier in the crisis that the behavior of high wage households matters. not only did it, and adding of the job slow down in november, but we also saw their behavior change. that has ripple effects for middle and low wage jobs. we know in new york the highest wage areas, as consumers pullback on their spending it meant layoffs in many service sector jobs in those areas. what we are watching is the domino effect you tend to get and that is what we are worried about going forward. tom: it is the heritage of your michigan economics, which is a

good study of the history of economics. so much of that is wage flatness and outright wage deflation, whether nominal or real. how close are we to this great fear of some form of wage deflation? diane: i think we are not to wage deflation, although it is notable and i would not be surprised to see as we look into the data that in the height of the crisis many firms in the spring saw this as a temporary event, and as a temporary event did temporary wage cuts, something we never saw before, even in high income households. i would not be surprised, we saw many economies abroad shut down and going to lock much more aggressively on their contagion measures than in the u.s.. there are some of that behavior as well. we are still not in a wage deflation scenario but it underscores the pce numbers taking down as well.

the fear people had of this being an inflationary supply chain search which is not showing up is important. this is more of a disinflationary event, not deflationary but disinflationary. like eight ways to go, this is so important. i will partition right over to the gross question. there has to be an overt policy to reflate. do we have an overt policy to reflate? diane: not yet. not and let we -- not unless we get a lot more fiscal stimulus. this stimulus now, we have to see some relief. there are some things -- mass transit that keeps people going to low-wage jobs and schools, which i think is important. not in the relief bill which has yet to be signed, it is very important to point out there is not the state and local spending

we need, the transfers to the states. that means as we unleash pent-up demand we will not be able to recoup all of the employment losses we lost because state and local governments will still be cutting. also important is after we get through the initial search in economic tech -- the initial surge in economic activity is because we have not only recoup what we lost and get back to the previous peak, which is the fourth quarter of 2019, we do not have to hit that until the second half. that is two years lost in economic activity. we also lost what would have were absent covid, and we generating 200,000 jobs a month. by february that would be 2.4 million in the hole in job gains and it did not happen because of this crisis. lisa: we get these numbers, they are dire, markets do nothing.

they up tremendously. does that worry you? diane: it does worry me but i think there is a fundamental break between what is happening on wall street and main street. wall street is long technology in the sectors of the economy that have benefited from this perverse environment. the s&p 500 only counts for 20% of employment. it is hardly reflective of the u.s. economy and less reflective than it ever has been. at one point in time the dow jones accounted for 50% of employment in the u.s. economy. that is not the case anymore. wayne -- main is long discretionary services. what we are seeing is the persistence of the losses of low-wage jobs, slow down in hiring coming that is leaving main street at a different place than wall street. tom: thank you so much. diane swonk, thank you so much. the data did not move the markets. futures up, dow futures up 68.

as diane swonk said, it is simple. the idea of inflation evident is not there. lisa: personal income is the number of the moment, going down 1.1% versus the expected decline of .3%. people getting less money in the door and this is leading to less spending. observation, and i would go further. we have tables coming out. i'm trying to scroll down. michael mckee does this better than me. i am going down in flames. lisa: he is watching this and enjoying it. tom: he is at home going oh my word, he is so lame. the savings rate is 16%. last time it was 26%. we are not back to normal. to me a real gauge of spending dynamics with all of this government distortion, when the savings rate gets back to where it is supposed to be which is

4%, 5%, 7%. we are still highly not normal. lisa: it is getting there, and at what point is there no more gas in the tank? tom: i would admit that as well. i'm trying to find disposable income to make us all smarter. tom keene, you are no michael mckee. fda,g up, the head of the conversation this morning. on radio and television, this is bloomberg. ritika: now president trump is signaling he might not sign that massive coronavirus spending bill passed by congress. president called the bill a disgrace and said it is filled with wasteful and unnecessary items. he demanded congress increase stimulus checks going to most americans from $600 to 2000. president trump trade czar is leaving next month.

robert lighthizer rejects the consensus from economists that the duties on imports from china and around the world have been a failure. he says five of the six quarters before the pandemic there was a decrease in the u.s. trade deficit. tariffs leadys the to higher household income. a post-brexit deal hangs in the balance with fishing rights still the key issue. boris johnson and the european commission president ursula von der leyen have intermediate and are making a last-ditch bid to region agreement before the u.k. leaves the single market at the end of the year volkswagen ceo giants wornich tech -- pose a danger to the giant -- responding to the danger apple -- desk --ng a self

self-driving car. 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. ♪ tom: good morning. bloomberg surveillance. we are thrilled to have you with us. upures up 10, dow futures 66. the vix 23.36. joining us for a conversation of hahn of the fda. when you are radiologist and oncologist, when you walk in the room, if you should be silent and listen.

we are honored to have you with us. is washington listening to you and your fda? good morning. particularly around the vaccine, we have been getting the message that our terrific career scientists have been looking critically at the data and made a decision based on the science and data. we are confident about the safety and efficacy of the vaccines. it comes down to confidence and trust. have you had the vaccine yet? dr. hahn: i have not. i am waiting on my turn based on risk factors. i have one child who has received it. that should tell you about my confidence in it. michael: where do we need to get to with the -- tom: where do we need to get to with the vaccines ?

are you focused on the millions required to get to the hurdle rate that is magical? dr. hahn: we are focused on both. we need to get to the point where we have heard immunity in the united states, frankly around the world to stop the spread of this virus. experts think that is 70% to 80% of the population vaccinated or have had the disease. there is a multipronged approach. one is working with the developers of the vaccine still in development to help get them through the development process, through the clinical trials come and then application. at which point we will review the few -- the full data package. workinging sure we are with the manufacturers of the authorized vaccines to make sure there is as much ramp-up as possible. that includes providing information about the supply chain and making sure there is a high quality of any factoring. how do you combat accusations of interference in

the medical deliberation of the fda? dr. hahn: our response is to be transparent. in june and october we issued guidance around the vaccine. we have issued more guidance this year than that period of time i think we ever have. the reason for that is we wanted everyone out there developing medical products to know what our thinking was. what would we need to see in order to do an issue for any medical product. particular for vaccines, we put the guidance out so the manufacturers would know what information to send to us. we stuck to the guidance, we follow the guidance, and we had unprecedented transparency in the review process, with an open public discussion of the data. no other regulatory agency in the world has done that. that provided great confidence. tom: we look at silver spring, maryland, and the set of buildings you have and how america not do thalidomide like

so many others and dovetail it over your career, dr. fauci's career, the good people at cdc as well. are you confident we can get our science back in the system? dr. hahn: i am 100% confident. it has been such a privilege to work with our scientists. i have come to depend upon the fda and i know my colleagues in medicine do as well. what i can tell you is every decision we make has been based upon existing scientists. we have had to be pragmatic, we have had to make decisions based upon limited data sets, but we have always updated them as more data came in and we will continue to do that. our decisions are made by career scientists. michael: i want you to address for those listening -- tom: i want you to address for those listening the shop of anaphylactic shock and something

of that variance -- walk me through what we have seen in the modern media where someone is shocked by the giving of the vaccine. put that in science perspective. dr. hahn: such a great question. i will put my doctor had on because when you talk to someone about a side effect, if it is uncommon or not, you put it in plain language. the way i would describe this is the clinical trial data from the vaccines did not show a serious risk of anaphylactic, that most serious side effect. if there is a side effect, that is one in one million, or one in 500,000, you are less likely to have anaphylaxis then you are to get into trouble walking across the street on a crowded road. it is a low-frequency event if it does occur. we are monitoring these closely. as you scale of vaccination and vaccinate millions of people,

you might see a very uncommon event. it is why people have to be observed and why we have to have the protection should event occur. we believe it is an uncommon event. we are still looking into some of these events that have been reported. we take them very seriously and we will continue to provide that information to the american people. and we learned in february march the dynamics of the horrific virus, it is a three form equation. you need to know is there is a lot of moving parts. i want you to go back to rice university and the matthew did years ago on when we can say all clear based on the complex moving parts of multiple vaccines, booster shots, and the thirst to get the vaccine. when can you say within a window we will be all clear? dr. hahn: i learned a long time ago as a cancer doctor i do not have a crystal ball. 2021 werest hope is in will achieve heard immunity and

we can put this pandemic behind us. tom: that was too short of a question. i think dr. hahn did not want to talk about that. you got out nicely to 2021. johnson & johnson has a distinction of some form of vaccine without a booster shot. partition vaccines with a booster shot, those without. one shot efficacy? dr. hahn: this is based upon the development process. in the development process you move from developing the vaccine to animals to humans. it is during the active element process that a developer would figure out you need one shot for two shots to get the immunity you think would protect people. as is publicly known, johnson & johnson has a vaccine that is one shot. if that passes through the development process and we see great efficacy and safety, that would be a terrific event for us. we have to see what the clinical trial data shows to determine whether it is safe and

effective. tom: i believe the countable statistic is four offspring, that is what you have generated in a wonderful marriage. handle thee hahns christmas social life of a johnsons prime minister and president trump are focused on. how do the hahns do the holiday season? dr. hahn: we normally have a big gathering. we are not doing that this year. immediate family. if we do have non-immediate family in the area we will socially distance and wear masks. we will keep it very limited this year. there will be other christmases. what is really important is to protect the most vulnerable and prevent community spread. we all have a responsibility. tom: one final question. news at pfizer in the form of many billions -- many millions of new vaccines. when we say fully vaccinated or

mostly vaccinated for the elderly and essential workers in our hospitals? dr. hahn: the cdc and the hd ip 1-a,ittee have labeled this a- 1-c.and i believe the schedule as we can get all of those people vaccinated by the first quarter, maybe sooner. we are working hand-in-hand with cdc to try to get as many vaccines as possible and work with the manufacturers to ramp up manufacturing. tom: thank you so much. stephen hahn of the fda and the commissioner. they have had a hugely successful week only out the vaccine. we will do what we have done at bloomberg. this is the decision made, a command order to do science at bloomberg. david westin will try for the conversation with dr. fauci, someone you are more than familiar with.

you have dr. hahn and dr. fauci with us back to back in a number of hours is a joy for all of bloomberg. further joy in the markets off wall of -- off the economic data is futures up, a lift from where we were a few hours ago, putting us at 30,000 on the dow and just below 3700 s&p 500. i want to draw your attention to what we will accomplish over the next number of days. what we are waiting on is less the data and finance, but three stories which i think are quite important. certainly to hear from the president after the bombshell given last night. our kevin cirilli is on top of this story along with all of our washington news bureau. i have not seen the president -- i do not think we have seen presidential tweets in the last 10 minutes but we are monitoring them closely. to hear from secretary mnuchin

would be important as well. i cannot emphasize enough how closely cap this video seems to have -- how closely kept this video seems to have been within the trump administration. off of stimulus and the way forward, the united kingdom, we have barely covered this. a major change. france will allow movement of goods between dover and calais and dunkirk. we got video of the anticipation we would see, the symbolism of a fair amount of those agricultural goods moving forward. the one thing we have not talked from the united kingdom emails in and says you have to talk about brexit. i need to leave you with a discussion on bloomberg radio and bloomberg television on brexit. the brexit conversation is exactly the same as it was a week ago, a month ago, a year ago.

they are moving forward and i think having more beatings. -- having more meetings. a lot of do with fish. we will continue forward. important conversations, particularly on stimulus. stay with us. this is bloomberg. ♪

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lisa: for our viewers worldwide, i am lisa abramowicz in for jonathan ferro. to begin with the bait issue. a 900 billion dollars relief package stuck in limbo. president trump: i am asking congress to amend this bill and increase the ridiculously low $600 to $2000 or $4000 for a couple. askingw -- i am also congress to get rid of the wasteful and unnecessary items. lisa: the president singling he will not sign the relief bill with president elect biden already calling on congress to resume talks in the new year. present elect biden: unemployment extended for two weeks. it will take longer. congress did its job. i can and i must ask them to do it again next year. lisa: this as mixed economic data and disappointing