>> 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

christmassy letter. -- oddest christmas eve ever. lisa: you even made your own baby yoda to put on the tree out of legos. tom: it took at least three martinis to put that puppy up. there are headlines out moments ago. we are waiting for a press conference from boris johnson and may be in brussels -- may be in brussels. brexit deal being -- maybe ursula von der leyen in brussels. brexit deal being finalized. lisa, help me. lisa: basically, have we not been with this story again and again and again? there might be a deal. fisheries is a problem. there's a deal on fisheries. just kidding, we have a deadline of the 31st, so jon ferro has to deal with this despite the fact he tried to foisted on us. tom: i just walked out of my hermetically sealed studio, and

one of our staff tackled me with the brave the -- with the brexit iverage going on and really don't know. pound futures are up a little bit. 2:00 p.m.osing 1:00, as well. i thought dr. fauci was just brilliant yesterday with david westin, but the most piercing question this morning was from abramowicz. can we go bowling? [laughter] that was really an important estimate of where we are in this pandemic. lisa: i was wondering when you were going to start ragging on me for that one. everyone is looking for activities. you start wondering, what is the sliding scale of safety? is it ok to go to the park? is it ok to go to the grocery store?

what are the parameters, especially if you are looking for activities? just theoretically. tom: we know across this nation, one million vaccines already been taken. we have done a lot on that. got good guests to speak to on the pandemic this morning. very quickly through the data, there's not much going on. sterling, $1.3589. maybe those headlines giving pause to what was a $1.36 sterling. bonds not doing much. i do want to point out turkish lira giving us some news flows. this is a new mr. erdogan making very clear he will defend libra, -- defend lira. what is your snapshot of what is going on in washington? it is chaos. lisa: what i think is the most important take away is the ure between president and republican leadership. is mitch mcconnell going to

override two vetoes of president trump's? what does that do for the georgia elections? it raises the question of whether the republican party is breaking away from the president. tom: an active christmas eve in washington. we will have coverage up through david westin's "balance of power." he has been a wonderful advantage to us this year. patrick armstrong is with plurimi wealth, and is exceptionally thoughtful of dovetailing the big picture into what to do with capital. let me start narrow, patrick. what is the what to do with capital into 2021? patrick: i think you've got to stick to taking risk. you can't be too conservative because central bank policy is punishing you. you've got inflation swaps showing an upward trajectory. orchids trying to place in --

trying to price in inflation over 2%, and treasury yields well below 1%. so you lose purchasing power by sitting on the sidelines, and i think as long as that stays in place and jerome powell is going to ensure that stays in place, taking risk, getting carrie where you can get it, looking for growth where it is available, those are what you should be focusing on in 2021. lisa: underlying some of those comments is a negative real .ield of -0.15% you are losing money based on inflation. what would have to change with respect to growth, with respect to the economic and in the economic recovery for you to alter your view that this pushes people into risk and rather should be sending a message that the economy will struggle to take off after this pandemic hit? >> it is a consensus view, that the vaccine will enable economic

recovery. i think we will have sharp growth in the second half of the year, offset by january and february with the lockdown measures in place. it is going to be the central banks that determine the path of asset prices, just like they have every year since qe was put place. it re-inflates asset prices and i think there is no change in tone from any central bank about what they are putting in place now, that it is working, and i think that interest rates get capped, even if we see higher growth in the second half. tom: patrick armstrong, if we get reflation, whopper albertson was just on with us looking at $11 trillion and a $12 trillion in monetary and fiscal reflation, so given the pandemic, does the reflation filter into the tangible economy? or is it financial

effervescence? >> i think that if joe biden gets his policies through, that changes the dynamic from asset price reflation towards good reflation. designedlicies are to engineer cash going into the hands of consumers, like higher wages, the stimulus being negotiated now, those policies will create a real reflation. and the central bank policies, they were good for getting us out of the rut, but right now their efficacy is limited in terms of economic thrust and i think that it is driving asset prices rather than the economy. tom: this is important. this is why we have to love patrick armstrong on. these our balance sheet enumerations, this is balance sheet dynamics. so what does it have to do with any part of gdp, other than

maybe a consumption pop? difficult tos pinpoint what is happening on gdp growth. it is stopping risk aversion where everybody is hiding and going into cash. central banks are forcing you to put capital at work, that bleeds through into the economy and form of the wealth effect. and it creates or i think it prevents the collapse of the economy rather than promoting growth. we need policies now that promote growth because i think that the collapse isn't necessarily behind us, but the risks have been mitigated. lisa: i love how he described as financial effervescence and you say it is just preventing people from carrying about risk or being concerned about risk. what is the logical outcome of this given the fact that when people stop caring about risk, bubbles have been, financial engineering leading to other things happen, it creates instability risk, right?

patrick: everybody is in the same trades. credit prices, equity prices, they are all driven by the same thing. while that thing is there, negative real yields, it works. if we get into a scenario where the central banks can control the yield curve because there is way too much debt and people price credit risk on the u.s. government, or there is way too much growth, where yields are for stop, that is when things may change. but i do not think that is a 2021 story. tom: but the basic assumption here, patrick, is everybody is a smoothly calibrated to come out of the negative real yields. says who? patrick: i do not think it will end smooth. central banks do not want to take their foot off the gas. and we are entering an economy now that is recovering. some are thinking about raising -- they i think about raising

rates. they do not know how they are going to end it, and what they are going to keep doing is what they are doing for now. whilel not end well, but the music is playing that is the direction for next year. tom: patrick armstrong with us, thank you so much. we are looking at brexit headlines at the top of the hour. they are challenging to say the least. .36,d sterling confirms 1 stronger through the morning, giving way in the last 20 minutes, now at 1.3590. they are little moves, but they go with the speculation that we will get out of those leaders. fishing is front and center. lisa: it really ties into this question of political gain mentioned and how this has been -- game and ship and how it has been buffeting -- buffering the markets. people are becoming numb to the

deadline type story, which you are seeing in washington and in the u.k. that seems to be what we are experiencing, deja vu. tom: i would focus on the experts, kevin cirilli -- i believe we are 48 hours away from the deadline, plus or minus santa claus. i would suggest that december 26 is really serious date for the american labor economy. we do not get that. what will the summer 27 look like? lisa: markets are shrugging it off because democrats say they will introduce a new bill for a bigger check for americans. if this is vetoed by the president. so, the theory is people will get more money if this bill is delayed. again, the delay matters. there is scarring. people will continue to reduce their spending if they do not get those checks. wiseman,ng up, carrie director of global currencies.

this is bloomberg. >> president trump has pardoned his 2016 campaign manager, paul manafort, who had been convicted of financial fines. he also pardoned roger stone. he had already commuted his sentence for lying to congress. also pardoned, the father of his son-in-law. he was convicted of crimes including witness retaliation. nancy pelosi is hoping to seek unanimous consent to increase the individual payments in the stimulus bill as the president demanded, the house republicans are likely to block the attempt. that is according to a person who was on a call with gop lawmakers. if the attempt is estopped, democrats want a new bill that would raise the payment two $200 -- to $2000.

greatropean union and britain will release an agreement. they worked overnight to polish the compromise. it will complete their separation from the e.u. years after the referendum. and the new coronavirus train has been spreading in the u.k. they say it 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. empire isalibaba under investigation for being a monopoly. him toors have summoned a high level meeting. the pressure is on jack ma in part of a broader effort to rein in the powerful internet sector. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. to -- thisequipped is bloomberg.

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>> how have you changed as a leader since 1993? ityou develop over time and is a series of experiences, which hopefully makes you a better leader. ♪ ♪ >> the american people need relief. states and cities need relief.

passed earlieras in the week is incredibly important for the fda and it is critical for the economic recovery of new york city. from sea to shining sea, they are the essential workers. patrick floyd representing all ye representing all of the mta. without it, it is a mess. kevin cirilli is joining us. it is our correspondent. i have all kinds of philosophical things to talk about. what gets done on christmas eve in your washington? kevin: the resetting of the clock. in terms of the legislation that the president has vetoed candidly, the republicans were preparing for this for the passover weeks. there are the votes -- past several weeks. there are votes to override the

veto. coupled with the potential of the veto, leader mitch mcconnell, speaker pelosi will have to be scrambling. i was dusting off the schoolhouse rock bissau to where you learn about a pocket veto, in which the president could do 59 and 59 115: seconds. i bring this up because i expect within the next 24-40 eight hours, leader mitch mcconnell will be fo foreshadowing clarity about the timetable. mondayr the weekend, and and tuesday of next week will be important regarding the timetable for economic stimulus, as well as the defense authorization. tom: to be honest, we could have kavanaugh for three hours and not run out of things to talk about. kevin, for weeks lisa and i have asn looking at december 26

easily brewed to be in this nation. is that wrong? kevin: it is not wrong at all. i think the parameters of this debate, to be frank, is $900 , and it ismore overtime for the discussions. the president is not saying he does not want economic stemless, he is saying he wants more. tom: what will happen to super 27 at 10:00 a.m.? kevin: i think that from a washington perspective, it's all about the timetable and win the vote is going to occur. quite frankly, it likely could occur on the 27th or the 28th. i do not want to get into the weeds, but these are pro forma sessions. the senate is set to reconvene. but management of the clock, time management, it is so important. the chess moverd

apparatuses at that exist in the institution of the halls of congress. lisa: let's talk about mitch mcconnell's christmas dinner. will he be reaching? -- raging? what will he do? kevin: it is all about time management. i think that from his perspective, he still comes out of this with a win in the sense of the negotiations. i think much more focus is being drawn into georgia, the runoffs, the $1.5 billion -- lisa: i am trying to reconcile as this comes off as a win. the compromise was a win to get to the georgia election because supposedly i give the republicans a boost. now donald trump is putting his weight behind another effort that actually moves closer to the democrats, so how is this a win for mitch mcconnell? kevin: when you look at how speaker pelosi had upwards of $3 trillion at first, i think the calls in the democratic party

about a reevaluation of the leadership have grown more loud from the likes of alexandria ocasio-cortez and other progressives who have started to openly question, and they teams around them, the political ecosystems around those figures, who are openly questioning about the longevity of what speaker pelosi was able to continue to do and what she was not able to get out of the negotiations, i contrast that with virtually no conversations about people questioning where leader mcconnell goes from here. the trumpestions that political team is garnering. and i think that from those three teams', from their perspectives, four if you include the incoming biting administration, -- biden administration, they came out with more political capital, mitch mcconnell and his team. lisa: i remember you saying that

passing the physical support package would help the republicans in the georgia election. president trump weighing in on the idea that this is a disgrace, a national disgrace, whatever language you want to use, does not necessarily help the republicans. it actually could take away that bump in the election that this bill would have given them otherwise. andn: i will gently correct say that mitch mcconnell argued to his caucus at that the republicans felt that this would help them with their caucus. the president has forecasted , based on my reporting he has said that increasing the checks would be something americans would be able to get on board with. i go back to the start of the week, on monday, when i was interviewing one of the most ultraconservative members of congress, bobby high, the republican from georgia's 10th

who wentional district, inside the white house with the vice president and president. so if the president is able to sell to thousand dollar checks to people like that congressman, than they can get the vote. but it is interesting to see the political tap dance that some of crowds of republicans who are trying to get one step ahead of things and to figure out where the base is. where the base is is still with president trump. that's been interesting, going from an old political playbook, and the president is saying that the populist streak that he has injected into the economic conversation about what has been going on is still going to exist. lisa: i just got a gentle correction. that was perfect. i loved it. feelnk that this is -- i

like that was a correction wrapped with a bowtie. tom: there was drug and that was out-of-control from kevin cirilli. when we get together, none of us are on speaking terms. it is a surveillance pro forma session. that is what we call it. kevin: i am sensitive to what i report being interpreted as negative, because there's too much of that in the industry. tom: we would never have that. seriously, what is the lasting effect of the pardons, clement sees, expungements? does this go away on january 20 or will have a lasting effect? i was trying to thick about this when the news dropped last evening, just about the significance from a historical context of the -- just take the issue of the 2016 election and the impeachment and everything. without question, this will be

studied. there are books being written right now on this very topic. tom: thank you. you have been generous with your time. maybe you will get an eagle's victory under the tree. futures are up. thi the usual gifts are just not going to cut it. we have to find something else. good luck! what does that mean? we are doomed. [laughter] that's it. i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [laughing] that works.

tom: good morning. "bloomberg surveillance." lisa abramowicz and tom keene on a christmas eve. it is supposed to be quiet, a nice, casual lunch. it is not so. we welcome all of you to a continued news flow. n.e futures are up seve the focus is on great britain and the european union, the north sea, and hopefully a solution for brexit. we have been waiting for a press conference. we have been waiting hours. they are still squabbling over fishing rights, we are reporting. maybe we will hear from the prime minister at some point. joshua hardy joins us. he's with the confederation of

british industry in london, their deputy director general. but he is uniquely qualified to talk about what we are witnessing at dover. for eight years before, working with the cid, he was with tesco, a small grocery store with headaches every day and getting produce out there. josh, you are uniquely qualified to speak about the position of business in england right now. a tier four lockdown. tesco just trying to get things done. what do you see as business for the end of the year and into january? josh: we are on tenterhooks. we have been waiting for 4.5 years for clarity, and now we have been hours away for about 24 hours. so the first thing is we are desperately hoping that by the end of the day we get an

announcement on the deal, because that matters so much for businesses. it is certainty about the treaty relationship with our biggest trading partner. what will that look like? whether you are in food, pharma, services -- it's absolutely critical. let's get the deal over the line. closing,united kingdom sterling is what everybody is watching. -sterling is so important to everyone in the debate. 1.36 earlier. it has ebbed away. josh, we are fighting for stimulus in america. some would say it is income substitution. is business receiving aid from the government in the united kingdom quite different from what we see in the united states? josh: i think that the principles are often the same, in that there is a principle that we set up early with the

government around covid and the pandemic, much more than around brexit, which is we will have to recover from this. to recover you need businesses ready to grow when the lockdown leaves. and they will need your help. substitutions, broad package measures, but of course we have now gone into tier four, and the majority of the country is under a pretty full lockdown. so we have seen business resilience stripped away everywhere, not just here. this situation as this is rolled out, and we need to protect as many businesses as possible because they are what will the recovery on the other side. lisa: is there frustration that fishing, even though it accounts for such a small portion of the economy and the overall trade with the european union, has dominated talks that has made

life so difficult for the businesses that you speak with? josh: if you just put an economic lens on it, fishing is not a substantial part of the economy. and the rest of the economy can feel like it is being held hostage by something that is economically relatively small, but we know, we have been in the game for a long time and this is not just about economics. this is about sovereignty. that's something the governments have to respect and work with. so having that control over fishing rights, being able to show that you have sovereignty -- this is important. but it feels like we are in the final last yards. those are always the hardest. it feels like a deal can be done where sovereignty is maintained and the rest of the economy can get benefits and grow. i cannot say much about it now because there will be 2000 pages of legal text we will get in our

christmas stocking to go through. lisa: we cannot wait. tom: josh, thank you so much. we have alex morales reporting, summarizing the morning chaos in london and brussels. "the brexit deal held up by last-minute haggling overfished fish" is the headline. they go on over the back and forth as well. we will see if we get more news on that. eroding at 1.3577, further. terry is with us. the money call right now is weak dollar. what is your conviction on weak dollar? >> going into 2021, it is a

strong conviction. the european union, the u.k. and the rest of the world effectively is doing a better job at presenting itself to investors, a place where unity prevails. even the news last night in the u.s., world cannot even get the fiscal relief package done, just conveys a sense that there is a lot more disagreement in the u.s. than in the rest of the world. that has been a theme hurting the dollar, and it will continue to hurt the dollar in the next few weeks, until the u.s. shows the rest of the world it can get things done. lisa: this is a contrarian take. people were saying that the weaker dollar stems from a risk on feel, a global reflation trade. you are saying it is the incompetence of the u.s. government? >> no, i think as part of the story there have been some themes that have been relevant. risk on has been one of them, but keep in mind that the dollar started weakening back in june.

while people were hesitant to jump back into the market, they were very concerned about covid. but it went down around the time the european union got its act together with regard to fiscal policy, at least with regard to what they are going to do in 2021 with the issue around the fiscal program, the rescue and relief facility in the european union. that is when you saw the dollar start to get weaker. i think that is still part of the story. since then, other things have been affecting the dollar and one has been the general risk on tone. right now, you have a recession where the stocks are barely up. yet people still talk about a weaker dollar. and i think part of that is the differences we are seeing in governance. lisa: your point is well taken and it should give some people a degree of pause when you have political dysfunction and people

have described it as such in washington. there's a question of what this will do for foreign demand as the u.s. tries to borrow money thehey tried to pluck deficit in terms of productivity. what about next year and how it will affect the negative real yields we see now? >> when you speak of foreign demand for u.s. assets, you have to break it down into bonds and equities. equities are still a growth play. bonds are a yield play, just trying to capture or get out some nickels and dimes on these very low yields. yields in the u.s. are not attractive. we are talking about foreign inflows and i cannot really see how foreign investors, or domestic investors for that matter, will be enamored with the bond market in the u.s. at a time when the yields could rise because of strong growth. notrisk on outlook does

make for a positive picture for foreigners buying u.s. bonds. however, ok, if you believe in think that you growth will resume with the news emanating from the vaccines and their distribution, you have to imagine that to some extent, foreigners and domestic investors will continue to invest in u.s. stocks. it's a balanced view. some asset classes will do poorly in this environment, and there'll be some that continued to do well. tom: thierry is with us. we are watching sterling. the optimism from hours ago right now giving way. 1.3566. aese are little moves, but thermometer of the expectations of london and brussels. i'm fascinated, given the always sarcastic nature of the weaker dollar where the countries react, they start jawboning for a reversal of the trend.

normal, is there currency in normal dynamic? does it move like a normal, strong currency against the dollar or is it a different beast? >> a different beast because it is still managed on a day-to-day basis by the policy officials in china. it's not subject to the normal market of influences that other currencies would be. but to some extent is still is. it's not 100% either way. it never is with either of these -- any of these currencies. we can continue to see inflows into china pushing lower, marginally with the dollar-won. i do not think this will be the big story in 2021. the reason why it has done well in the last few months is twofold. the china has emerged from recession earlier than other countries and they have drawn

investor flows into their financial markets. second is the so-called biden effect, something we discussed before on this program. once we saw that the trump administration would not be holding power post january 20, people got more confident on the china story. china would not be the victim or the subject of more import tariffs from the u.s. china,lps the story for certainly in the eyes of foreign investors. but these stories are behind us. we all understand that china has emerged from the recession earlier and we all understand the joe biden effect. so you have to look for a story in other places. tom: ok, thank you so much. a remarkable path for chinese strength this year. coming up, it was a question in every home last night, about vaccines and mutations.

we need a briefing on the vaccination program in america. we will do that with a doctor from the l school of medicine -- yale school of medicine. sterling at 1.3575. stay with us on the radio and on television. this is bloomberg. ritika: republicans are likely forlock nancy pelosi's bid $2000 checks, according to someone who took part in a phone call for republican house members. she took up the president's demand for larger payments to individuals and the relief act that congress passed. she was a unanimous consent to increase the payment, but politics is one lawmaker to block that. president trump has vetoed the u.s. defense policy bill, that set off a battle with congress that could result in its first override by lawmakers.

he called the measure a gifted china and russia. he wanted to attach to the bill an unrelated provision to eliminate the law that protects tech companies from liability for most content published. and a global merger and acquisitions, coming roaring back in the second half of the year after being at a near decay low. they were down 6% for the year, trillion, but two thirds of those deals have been cited since july. square is holding talks about buying the streaming service, tidal. it would be part of their push to diversify. jack dorsey talked about the potential deal with daisy, the music my -- jay-z, the music mogul. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. gupta.ika this is bloomberg. ♪

>> we don't know if it is here. doing looking,

surveillance and sequencing to see if it is here. but i said, and i still feel that way, that i would not be surprised, given the prevalence of this in the u.k., that we already have the cases here at a low level we have not detected yet. tom: dr. fauci with an incredibly important moment with david westin yesterday, really cannot convey the importance about a two minute stretch in that conversation when dr. fauci says, get out there and get vaccinated. we have taken pride in our coverage of the pandemic, starting in february with the leadership of the united kingdom medical community, over to johns hopkins. part of that discussion has been albert co. of yale university, an expert in the diseases across this world that involve bacteria and virology. he's an expert in understanding the need for a vaccine. he will have the courage to be

vaccinated on monday. ago,now that yale, ages invented the syringe with the beckett and dickinson company. we take it for granted today. telus the medical evolution of getting that shot -- tell us that medical evolution of getting that shot and why we should not be afraid today? >> thank you for having me back. it's a pleasure. with respect to the medical evolution, we have 100 years of more of experience with vaccines. if we think of one medical success story that really changed our lives, it's been vaccinations in terms of prolonging life expectancy. now we have come to covid. with the amazing work that has been done, the progress in less than a year, we have a vaccine where the current clinical

trials and exhaustive studies have shown it is safe and effective. i think that is the message we really need to get out to everyone. it's on everyone's minds. this has been developed quickly, is it safe? all the evidence we have points to really and other major medical success story in the making. tom: what is the best way to lineup the ducks to get this done? how do we get millions of people efficiently to get the vaccine? the first step was to do all the research involved in getting a vaccine. the hard work is now coming. hs ofve to get swat populations vaccinated. i think there are a couple issues that are important to emphasize. the first is we need to protect her health care workers and essential workers, those that

most risk. we have to take care of the population here in the u.s. vaccinatel have to up to 80% of the publishing to get back to some semblance of normality. but we will have to protect the whole world because it is not just an american problem, it is a problem affecting the livelihoods of people in the world, 7.8 billion people. we will have to think about the long run and how to protect those populations across the world. lisa: as we roll out the vaccine,, people keep getting the viru. we have a total death count in of 300,000, and in k's case count climbing every single day. and there is a question of how to deal the remedies with the virus once people get it and get very sick from it?

dr. ko: i think that really the important issue is we will have to use what we know is tried and true and works for public health prevention. in order to get to a place where we can decrease transmission. we have learned a lot over the last year, how to treat patients. we have therapies, modalities, like steroids. these reduce the risk of mortality. on we do not have home runs the forefront of therapeutics. so we will have to rely on public health prevention to get over this period. it will be a difficult next s havel months as surge been not only in the united states, but in many parts of the world. lisa: can we get to herd immunity if we cannot get the kids vaccinated?

it's my understanding they will not be vaccinated until late next year, based on the studies? dr. ko: there has been a debate about herd immunity and whether we can get enough people, you know, infected that they become immune. and that would protect the rest of the population. i worked in brazil for 25 years. one of the cities there, a city that was hit the hardest, had an epidemic that affected 75% of the population. so, if we are thinking about herd immunity, those are the levels of people who will need to be infected to reach herd immunity. that's a disaster that we just cannot accept. that also provides us a benchmark of how many people we need to vaccinate. we are going to have to vaccinate over 35%, that'ss my

own judgment -- that's my own judgment. we are learning more each time, but we need to vaccinate large parts of the population to get to that threshold. ko, thank you so much for being with us. best of luck as you get your vaccine. are you excited? dr. ko: i am excited. i'm not worried. we are really entering a new phase of how we will be able to deal with this. and i am proud to be part of that. tom: thank you so much. we appreciate it. lisa, people have been asking when i am getting vaccinated and my answer is simple, the old old people need to be taken care of. and then the essential workers are absolutely critical. i was outside of mount sinai yesterday, and there were not five or six ambulances lined up, but there were four.

that is too many. lisa: what is the death rate, how can we mitigate the side effects? note was saying, we are getting that big of a reduction in the death rate, as we would hope. 20% or 30% does not get it done. tom: we are just onto the first million in the united states and we need many more. i think about bill gates, what he has done with the eradication of polio across the world, and it becomes a worldwide issue as well. lisa: he said to get to herd immunity we would have to vaccinate in excess of 75% of the population, higher than other estimates. that's a stark number given where we are. tom: i agree with you on that. difference,ginal 60% for the zeitgeist, dr. ko telling of 75%, a hugely. can you show up for work not

vaccinated? get on an airplane? and all the rest. to synthesize the markets, to piece it together, santa has .elivered jeffrey good morning. this is bloomberg.

>> i do not think checks are the most efficient way to provide for the economy. >> we have momentum but we are losing it at a critical time. >> we are looking for a restart, and that is the theme for next year. >> the biggest stimulus that will come is the vaccine. >> once the vaccine arrives, i think this economy could really break. bloombergs " surveillance." lisa: this isbe