gift that keeps on giving. president trump overrides courts, juries, prosecutors, and grants clemency to loyalists. sasse of nebraska says "this is rotten to the core." for the first time in 53 years, a president vetoes defense spending bill. congress must override the veto. and it is christmas eve amid the pendant partition. there's no relief -- the pandemic partition. there's no relief on stimulus come up there is news on brexit. we await the prime minister of the united kingdom and ms. von der leyen in brussels. good morning. i'm tom keene, alongside lisa abramowicz. it has been a story since jon ferro was on the podium three or

four years ago in june of the brexit shock. maybe here we are to actually a real announcement. left, he saidjon to speak about brexit all week. this is been a potential breakthrough after almost five years of very contentious talk. tom: i cannot believe that. five years, extraordinary. dow futures up 72. we will do some data here any moment. sterling, of course, all watching advances. we've got in your stocking right now robert albertson will join us in a bit. with our news in new york city, here's what gupta -- here's ritika gupta. lisa: president trump has pardoned -- ritika: president trump has pardoned his 2016 campaign manager paul manafort. he also pardoned political advisor roger stone. stone'slready commuted

sentence for lying to congress. he also pardoned the father of his son-in-law jared kushner. house speaker ninja plus he is hoping to seek unanimous -- house speaker nancy pelosi is hoping to seek unanimous consent in the stimulus bill to meet president trump's demands. stopped,tempt is democrats will introduce a new bill next week that would raise payments from $600 to $2000. the u.k. and the european union have resolved differences over fishing rights, now set to unveil a historic post-brexit trade agreement. negotiators worked through the night to polish the copper mines. the deal will formally complete separation from the eu for and a half years after the 2016 referendum. china is targeting billionaire ack ma's alibaba empire in

investigation. the pressure is on ma and part of a broader effort to rein in the increasingly powerful internet sector. 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. tom: let's rip up the script right now on the data check, with futures up nine. turkey raises the right to defend the lira, breaking down to new strengths on turkish lira , 7.5 eight. remarkably distant from that eight panic level. not true where we were a couple of weeks ago, but nevertheless, a new turkey, a new strategy into 2021. lisa: capitulation to what many in the market were saying was inevitable. what we are seeing elsewhere is

basically the day before a that does close -- a holiday that does close early. we are seeing the bloomberg dollar spot index fall two about the lows of the session. tom: there are 14 ways to go with emily wilkins because it is not a holiday for her capitol hill. it is decidedly exhausting, historic, and changeable by the moment. emily wilkins joins us. is overwriting a veto of the defense bill a routine affair? most presidents do not veto the defense bill. that in itself is not a routine affair. this could be the first time they override one of trump's vetoes. we don't have any firm plans yet from the senate, but i think most lawmakers realize the importance of having this bill passed. tom: without exception, every

single person i know is numbed by your world. what does this chaos mean for the georgia elections? emily: focusing here on the $2000 checks that trump called for, he calls for them, and immediately the two democrats seized on them and said, absolutely. american people should get 2000 dollars in checks. the republicans should back this. we have not seen anything concrete from either of them yet. as of the more concerned about having -- both of them were concerned about having the stimulus check be too big. approving these larger checks would go against that. lisa: can you paint a narrative as to president trump's goal, what he is going for with the veto, as well as going against republican leadership when it comes to the $900 billion fiscal support package? is in thehink trump

last couple of weeks of his presidency, and trying to be trump, anyway. the pardons were not really a surprise with a number of people who he has pardoned. there was discussion about pardoning them weeks ago. these are his loyalists, allies and supporters. the $900illion -- with billion, trump has talked about giving more money to people before, something he thinks puts him in a positive light. the timing for that negotiation would have been before the bill got passed, but it seems like he is trying to put extra pressure on both republicans and democrats to move at this point. lisa: do we have a sense of the voters, whether they are with president trump in believing this is the right move? or is there a bush pack -- a pushback? emily: i think most americans would for to get $2000 rather than $600. a number of republicans in the

senate are really concerned about spending more money. they are concerned about a bigger deficit, a larger amount of debt. we have seen some republican support for the $2000 checks come from lawmakers such as lindsey graham. we don't know yet whether or not this measure will be able to pass the senate, but we will see what happens after the house votes on the measure on monday. tom: emily, thank you so much. greatly appreciate it this morning. "bloomberg surveillance," we welcome all of you. we will get right to it was robert albertson, including my .hart of the year thrilled the (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form.

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,"m: "bloomberg surveillance good morning everyone on christmas eve. we are spilled you are with us. we are going to rip up the script right now with robert albertson. i love his research notes over the years with piper sandler. robert albertson truly legendary on clarity and acuity of notes. 101 back at econ carnegie and mellon, which is that if you get runaway inflation, you have to defend the currency, and that is finally what turkey is doing. robert: correct, and hopefully that is not what we have to be doing, but we are getting close to a tipping point. that is my belief. tom: what is your measurement of the magnitude of dollar weakness? what is the albertson magnitude of presumed dollar weakness? robert: it is still hard to

tell. it is also hard to decide what is new fed chair woman is going to do. sorry, in treasury secretary is going to do, vis-a-vis the dollar. tom: i need to go to the heart of your research note, which is your estimation and calculation that the all in stimulus we are doing with monetary and fiscal stimulus is not the childishness , $2 trillion, or whatever, but some calculation of $11 trillion to $12 trillion. how do you get there? robert: virtually everything the federal reserve put up for support as well, close to $6 billion, and then i am assuming that we do at least another $6 billion after this. so it is somewhere in the vicinity of nearly half the gdp, which is exceptional.

credit to lisa. she always keeps correcting people to say it is not stimulus. it is support. i think that is critical. tom: lisa, under the stocking, under the tree, lisa gets the love. i don't get the love. lisa: thank you for that nice little package of a couple and. i will definitely hold it over tom's head, although he gets plenty of love, i assure you. when it comes to the united states, as the u.s. continues to print money to try to close this gap, when do we reach a tipping point where it is unsustainable to preserve such low interest rates with a weakening dollar and an improving economy? robert: i simply don't know. i've tried to guess this all along. unless the foreign buyers come roaring back at the treasury auctions, americans are going to have to buy roughly three times whatever they bought in the past in terms of monthly options. there has to be some rate relief

to attract the investors. it is off to -- it is also hard to tell when inflation appears. but i think in the end, we can get there next year. lisa: this is the big debate, i would argue, heading into 2021. a lot of consensus calls right now, but it is hard to know inflation. you said it is hard to gain out -- to game out. what are you looking for on the precipice of challenging the fed to start talking about raising rates due to increasing inflation? robert: despite the fact they pooh-pooh it, if you look at wages in terms of percentage growth, it has been rising steadily for years. it is not a big percentage aowth, but it is clearly rise. at some point we will spike up, and then we probably come back , but there has to be

some impact from inflation going forward, and remember, inflation often becomes a psychological thing as much as it is fundamental. tom: your notes of legend are fancy logarithmic charts telling a story. tell us a story of the instability to come. which vector do you worry about being destabilized? robert: my biggest concern is with business investment, business spending capex. recovery, but that is entirely in the consumer sector. if you want to generate ongoing jobs, you're going to have to do much better with business investment, and we just haven't seen it. it is up may be halfway to where it was, whereas the consumer is already above where it was before. that is my principal concern. then there's structural things.

we've got a participation rate all the way back to the 1970's. tom: this is wonderful. we will continue with mr. albertson. we are thrilled to have robert albertson with us of piper sandler. it is the time of year where some of us walking back, and then we start strong. i am thrilled by this. with my book of the year, daniel map," with ianew bremmer, the new show on january 4. ♪ (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,

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♪ tom: good morning, everyone. lisa abramowicz and tom keene on this historic day for europe. they await at 10 downing street for comments by the prime minister on brexit negotiations and a trade deal. we need perspective on this. there's no one better within the bloomberg world to give us perspective this morning then anna edwards. i have to rip up the script because you are an expert on 22 april, 2011, where larry the cat took out the first mouse at downing street. viral now on twitter is larry the cat taking out a pigeon in front of the press core moments ago. what is the symbolism that the pigeon escaped from the grasp of larry the cat?

anna: such excitement in our anticipation of the brexit announcement that we are looking at symbolism between the cat and the pigeon. i'm sure you could see it either way you like. tom: u.n. jon ferro, more than anyone i know, have done this tick by tick. why is this time different, anna edwards? deal thisight get a time. we certainly have the expectation of a deal. we had a red headline across the bloomberg yesterday saying the outlines of the deal were in view, and that seemed to be code for it is really coming now. and the foreign minister of ireland talking about how he expected to see a deal today. there have been plenty of expectations, and deadlines have come and gone. let's be clear, the deadline is not 24 december, however much we wanted to be, because many

people would like to see this done and dusted today so that people can think about something else over christmas. let's not forget we are in the middle of a global pandemic. but this deadline might come and go like others, but we had been a dissipating that we would get a deal, and they work through the night, fueled by pizza, to work on the deal, particularly around fish. lisa: aside from the imagery of pigeon, what is the narrative here in terms of how the deal got done? you are just looking at fish and where we end up on that, everyone is looking for how much of a reduction in eu fishing in u.k. waters are going to see as a result of this deal. that is what the community and the u.k. wanted to see. they've been standing up for the fishing industry against brussels. that has been the story. so we will certainly be looking for any details there.

we don't have the deal yet. there is already a narrative coming out of the u.k., the u.k. government leaking their arguments as to what they've won and lost, and you would expect that to be deeply led by pr rather than entirely fact-based, perhaps. what got an assessment of has been leaked already, and it does look like as this heating as if the team will be spinning it this way. lisa: fishing accounts per 0.1 high percent of all trade between the u.k. and the european union. this is not that significant when it comes to all of the volume going across the channel. how strong is the political pressure from fisheries? can you give us a sense of why this has been a singular issue that has decided whether we get a hard brexit or not?

anna: it is even smaller than that because if using about the pieces of the pie they are eu fishingut, it is in u.k. waters, and it is only that appliest that to. services are not featured in this agreement very much, we don't think. in terms of fishing and why it is such a big deal, and has been held up as this really totemic subject by the brexiteers, by those who wanted this clean break, restoring sovereignty and owning our waters. it does play politically into scotland and trying to hold the union together. if they can please scottish fishermen, does that go some way towards holding the union together? that is going to be one of the stories will we -- the stories we are watching in the new year. tom: i've seen almost every episode of "the crown." what does this say about the

union right now? it is certainly not in the u.s. newspapers and a zeitgeist, and i really don't even see it in britain as well. what is your estimate with all of your interviews of the state of disunion? and i: you can look at the polling and see that pretty recently, we have had a majority in favor of scotland going independent. this is not playing on the front pages here either because we had brexit, because we have the pandemic. the pandemic has dominated everything in the u.k.. it is partly the handling of the referendum that is credited with driving some of that push for independence, but this is going to be a talking point next year. we have scottish parliament reelections -- scottish parliamentary elections in may, and a lot will hinge on that. will london really stand in the indy refem holding an

two? i do want to highlight the dry cat food you got for lawrence the cat under history. anna edwards with her leadership in early morning broadcast of our messaging. lisa, i did a check. lisa: before we get to the data check, how long did it take you to research -- who is the cat again? tom: lawrence? there's no need to research. it's a member of "surveillance" tradition. for an officehite cat. it is a serious thing because mention rats. there's no rats anywhere near 10 downing street lisa:. -- near 10 downing street. but you mention mouses. it is a serious issue there. they are down there with 17th century, and they are on the river, so cats are serious. lisa: let's check the data. that is serious, too.

[laughter] it is seriously not moving, which is the reason why we are talking about larry the cat. markets are basically range bound on s&p futures. yield is doing nothing, dollars still weak. crude, a little bit of a reversal today as we head into a choppy session. tom: david emailing from brooklyn, saying to stop weighing in on cats. i have three of them. what does that mean? [laughter] we have much more to speak of, and for those in america on this christmas eve, legitimate breakthrough of the brexit negotiations. we await comments from the prime minister and from brussels as well. christopher paynter with david westin later. this is bloomberg. ♪

♪ tom: good morning, everyone. "bloomberg surveillance." , a holidayistmas eve

shortened trading day. reallya yesterday showing a growth slowdown. i am unamended is -- i am unimaginative, lisa. i had to reach back for chart of the year. it is the single best chart, without question the latest i have ever done it. i was going to do inflation expectations in the u.s. rising, but i have to recapitulate from two or three years ago our twin deficits. take the fiscal deficit percentage gdp, the trade deficit percent of gdp, add them together, and you are out a stunning, truly unimaginable four standard deviations. robert albertson is of piper sandler. as you know, this is the great fear of so many, frankly including senator mcconnell, of deficits out of control. can we get ourselves out of this debt and this deficit?

robert: no, i don't think so. i think we would have to dive in even deeper. look at the covid situation. we need an infrastructure package beyond badly. we absolutely have to have it to keep roads going in this country. we are going to have to pay for all right after paying for of the support for covid. it is just pushing the envelope i think. it is a double hit here. tom: but within that is the recovery through growth. do you assume that aliens and trillions of an infrastructure program, somewhat like the apollo program of years ago, would lead to growth within the domestic economy? or is it just tangential? robert: i think it is fundamental. i think it is strong. it is a powerful lever, and i think it can keep us back up into the 2% trendline growth, or even a little better.

without it, we are going to drop to 1%. lisa: do you not by the reflationary hopes people are pricing in your -- pricing in next year? robert: not yet. i think we will get some partway through the year, and that it will go away. i don't think that is going to change anyone's attitude. i think it is going to take another year of imbalance to trigger the psychology of inflation. once it takes hold, it will take care of everything else. lisa: giving your experience, your years of studying the financials, do you think that the exuberance has been priced in the past couple of days on the hope of more share buybacks, the hope of a steeper yield curve has been overdone? robert: i think it is a second-rate reward. i think it is important investors definitely want to see it, but it speaks of an industry which is having a lot of trouble

showing the new mental growth -- showing fundamental growth. the only thing coming out the door is buybacks. i think next year is going to be the launch of a very big consolidation wave. i think everyone is going to be surprised by the end of the year just how more gets stitched together. that is typically what happens when you have brutal headwinds on bank earnings. on: robert albertson bitcoin. he, has it been a debate on this show. it is a generational debate, perhaps. where are you on but going, you young guy, you? [laughter] robert: i think it's time is coming. i still don't think it is that coin, per se, but the big change will be with the central banks a blockchainh currency. i think that is going to be the big news. i think that is going to happen

and overshadow bitcoin itself. tom: robert albertson, thank you for joining us on this program. with pie percent like, their chief financial strategist. re as weto digest the look to 2021. i don't know if it is the major mystery, but the certitude of international equity advance, that has all of my radar up. lisa: and yet they are still getting on the train saying that just because it is the strongest consensus they have seen in their careers doesn't make it wrong. it going. are you moving your triple levered cash fund to bitcoin? robert: i get a lot of -- tom: i get a lot of mail on this. is still you, lisa, it a raging debate. when you look at the chart, it goes up, and then it collapses. can they get beyond that? lisa: but i got to record highs recently, and is taking market

share from gold, which is interesting. tom: that feels a little bit larger. he's buying christmas dinner. the ham, right? tom: you've got that right. the vix, 22.55 at with our first word news, here's ritika big -- here's ritika gupta. according to a person who took part in a call for republican house members, pelosi took up president trump's demands for larger payments to individuals in the really fact that congress passed. she wants unanimous consent to increase payments, but all it takes is one lawmaker to stop that. president trump has vetoed the $740 billion u.s. defense policy bill. that set up a battle with congress that could result in his first override by lawmakers. the president called the measure a gift to china and russia. he wanted to attach an unrelated

provision to eliminate the law that protects tech companies from liability for most content published by users. the u.s. leads the world when it comes to the number of people receiving the karen arise faxing -- the coronavirus vaccine. three states have vaccinated more than 1% of their population, north dakota, west virginia, and alaska. there's a new study about the mutated coronavirus strain spreading in the u.k.. the virus appears to be more contagious and will likely lead to more hospitalizations and deaths next year. it is said to be 56% more transmissible than other strains. 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. lisa: thank you so much. coming up next, jones day global chair of m&a. from new york, this is

bloomberg. ♪

ritika: this is "bloomberg surveillance." coming up next, senior scholar at the johns hopkins center for health. this is bloomberg. ♪ lisa: this is "bloomberg surveillance," live from new york. tom keene, lisa abramowicz holding down the fort ahead of the christmas holiday that leads to a long weekend and almost the end of 2020. probably there are few working as hard into the end of this year as all the m&a lawyers and bankers out there who are rushing to get deals done as activity heats up at a record pace. robert profusek of jones day, global chair of m&a, has been overseeing at all and riding this incredible wave.

can you give us a sense of the main driver of this incredible m&a we are seeing? is it simply that companies have too much cash, and they need something to do with it? robert: i think it may be optimism tempered by a little bit of uncertainty just because of what we have been through. but i think it is really a sense that the light is at the end of the tunnel. companies have to basically -- the m&a market shut down just like the rest of the economy in the second quarter, but it has been a complete ramp up ever are reallythings moving quickly. but when you go through something like this, just like the financial crisis, just like the 1987 crash, you can't put the past completely behind you. so the idea of getting something good liking and what are value is today, not so bad. because of the low borrowing

costs and high equity prices, the m&a math is pretty simple right now. ,om: but there's always a theme there's always an angle. a it m&a frenzy due to defensive strategy of we got to effect a transaction so our competitors don't? what is the theme you see in the 2021 core strategy of mergers and acquisitions? robert: it is a strategic market. there are plenty of financial things going on. i don't think of this is part of the m&a market, but the spac market has been unbelievable. there were more deals this year than ever before combined. but it is strategic. companies that have been talked down for the last 10 years or deciding maybe this is the right time to do it. sent a bit -- some of it is synergies.

in fact, a lot of it is synergies. that is always a hallmark of strategic markets. but it is where we are going on the assumption that the worst is behind us. even if there is a u-turn on virus or something like that, you are better to reposition for somebody else does. in that sense, you are right. it is taking advantage of an opportunity before someone else does. line fromere a direct jerome powell and federal reserve accommodation to the busyness of mergers and acquisitions? robert: yes. it was mentioned in the last segment, the idea of the low interest rates locking things and at this cost. obviously it is very powerful in some sense. for higherl borrowers is almost free. it has a big influence on the math of m&a. whenlisa: windows -- lisa:

does regulatory pressure start these?h on robert: that is a factor. when you really stand back from out of this, and i think about what are the likely risk factors of this market, one of them is exactly that. is that going to exacerbate things? is it going to change policy? are we going to have protests and riots? there's no question that is a risk factor to the economy in general. general,sically, in usually a harbinger of an economy to come. if those things really start weighing on the economy, m&a will turn around quite significantly. there's no question it is a factor. m&a is there a linkage of

enthusiasm away from the big headline deals, which you are acclaimed for, is there a linkage between m&a enthusiasm and the small-cap surge we are seeing? thatt: yes, in the sense the multiples have a big effect. how could this be when all of the target prices are up so high ? the buyers prices are high. , where do yougain factor in synergies? multiples are very strong. is that real? is it sustainable? i don't know. but the idea of building something strategic when you have an opportunity like this is too hard to pass up. does that mean people are worried about debt costs going up right away? not really. that seems to be far off.

but it is a time to strike when the iron is hot, and part of it i think is not just a relief from the circumstances we are in. it is a sense that there is going to be a very positive market environment. this surprisingly a number of times in boardrooms, that maybe the next several years will be like the 1920's. the point being not so much that the 1920's were a consequence of world war ii ending, but really the spanish flu ending, which was a comparable set of circumstances. the enthusiasm and all of that stuff that people feel when they feel liberated from this environment. lisa: i hope there is some sort of celebrating of the end of the pandemic next year. when you do see the mergers, which industries will be the most active? robert: there's going to be quite a lot of activity it's been held back in spaces that are under pressure from

technology, and particular retail. mall developers, we are seeing big deals in the mall space. there's going to be a lot of that. there's going to be a lot in the in theace, not so much big-name tech companies, which even under the new administration are going to have to be a little bit careful about what they do, but whether it is payments processing, stuff like that, tech is always good, even in q2, with the m&a market was probably at the lowest level in a decade. so i think those are probably the two most significant spaces, and we will see. there is always element of packaging and all of that stuff. but they will have to combine and synergize to become more .fficient

lisa: robert profusek, thank you so much for joining us, and have a wonderful holiday. let's get to the bloomberg business flash with ritika gupta. ritika: boeing is transferring final assemblies of the 7372 south carolina, but will still use the facility in washington to detect and prepare for the new 78 sevens. the new 787s. it is not clear how long the work will last. for what isd ideas being described as a next-generation plane. general electric has submitted a thatminary proposal resulted in a court of opinion -- a court opinion which has since been sealed. that is your bloomberg business flash. this is bloomberg. ♪

dr. fauci: i would think if we start getting the general april,ion vaccinated mid between now and then, we are

going through the various priorities. then if we can really get may,nes going in april, june, july and august, by the time we get to the end of the summer, i think i can -- i think we can get to that goal of getting the overwhelming majority of the population vaccinated. >> 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 70% to 80% of the population vaccinated or have had the disease. lisa: commissioner stephen hahn speaking on bloomberg on the hopes of herd immunity, the amount of americans that need to be vaccinated for us to achieve that. we are hearing about some delays to shipments of the vaccine that were behind schedule in terms of getting at here in the united states. has been covering all of this, senior scholar at

the johns hopkins center for health security. also, vast experience in health departments in new york and elsewhere, understanding exactly how to respond to pandemics and i but next -- and epidemics that do approach these populations. what do you think so far of how the u.s. has managed the rollout of the vaccine? are you concerned about some of the delays we keep reading about? jennifer: i'm concerned insomuch as the factor -- the faster we get the vaccines, the better. everyone is excited to get to that point where we can even talk about herd immunity. but the idea that we may not have the widespread rollout until late in the summer and fall, that was always my mental picture with how it was going to go. i know it is much later than what they had been promising, but i anticipated there were going to be delays and it wasn't going to go as quickly as initially communicated. i think by that measure, we are on track with what i was expecting, but of course, the

sooner the better. lisa: are you concerned about the fact that people are starting to act in a less oftious manner as a result the hope of the vaccine? jennifer: i am concerned. we are in a situation where we are adding close to 200,000 cases a day. we increased our total case number by one million in four days. this is possibly people thinking that a vaccine is coming and the pandemic might soon be over, but people are tired. they are tired of doing the things that we need to do, not gathering with their families, using the safety protocols. i am particularly worried for the upcoming holidays because we thatthat these are times people may choose to get together with people outside of their household, which is obviously a worrisome situation because it could lead to further acceleration of cases then what we are seeing right now. lisa: do we have a sense based

on what we have experienced so far about the main transmission mechanisms? is it indoor dining? is it being outside with a mask -- is it being indoors with a mask? is it being outside without a mask? what are the ways that you get mass transmission events? jennifer: in terms of what the riskiest are, if you showed up to a family gathering and were infected and didn't know it, you would probably infect a lot of people. . but in terms of where you may have gotten the infection that you brought to your family gathering, we think there are some venues that are particularly risky. you go out to a restaurant or bar, you might be seated closer to people then you would otherwise be if you work out in the grocery store. those sort of indoor environments are quite tricky. certainly any time you are not wearing a mask is a worrisome

situation, and anytime you are in an indoor environment, especially when the ventilation is poor, that is a riskier place to be than if you are outdoors. but i think the priority should be to keep physical distance between people, absolutely wear a mask, and try to avoid indoor gatherings as much as possible. lisa: just real quick as we look for activities into the holiday, can we go bowling? what is safe to do if you wear a mask the whole time? jennifer: certainly the outdoor activities are the best. i know it is tough in the winter. snowshoeing,o go now would be the time to take that up. [laughter] i would be unsure about places like bowling alleys or movie theaters because you don't know what the ventilation is like, and we have seen big outbreaks from indoor environments. lisa: jennifer nuzzo recommending snowshoeing on this pandemic holiday. thank you so much for being with

us. of johns hopkins, covering all things epidemiology. news on thel of the bloomberg for the latest information, and tune in every day for exclusive conversations with johns hopkins experts for an inside look at battling this pandemic, on where we are. where we are in markets is really sleepy. everyone is home, but they are not doing much ahead of the holiday. weaker dollar, basically flat futures, flat yields. ,oming up, dr. albert koh professor of epidemiology and medicine, at 7:30 a.m. this is bloomberg. ♪

>> i don't think checks are the most efficient way to provide support for the economy right now. >> we are losing momentum medical time. -- momentum adequate occult time. >> we are look -- moment to him at a critical time. >> the biggest stimulus that is going to come is the vaccine. >> once the vaccine arrives, put on your seatbelt. i think this economy could really rip. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. good morning, everyone. "bloomberg surveillance." we welcome all of you on bloomberg radio, bloomberg television. a christmas eve simulcast. all of the bloomberg world getting ready for santa to make a visit. no one more than lisa abramowicz , who joins me here on christmas eve. just to start with the basic truth, this is the oddest