♪ >> it could be a little patchy, but i think by the time we get to june, we are going to be in a much better state. >> absolutely i think inflation -- ining back in 2020 2021. >> you could have an economic recovery are not necessarily a stockmarket recovery. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. jonathan ferro, lisa abramowicz, and tom keene. "bloomberg surveillance" on radio, on television. the news flow just doesn't stop. sometimes out of nowhere, there can be an extraordinary news flow. that occurred last evening as the new york stock exchange was simply whipsawed by president trump and an executive order,

and also by the department of treasury. we'll get to that in a moment. let's look at the markets right now. where is ferro, by the way? it is tuesday. lisa: he is still in capri, i heard. he's going on a tour about short pants. tom: maybe he is in lockdown. things could be worse. on the markets, i want to go right to your wheelhouse, and that is the new real yield going down to a real big negative number. lisa: basically, this idea that people are increasing expectations for inflation, but the actual yields are not rising. i will say yesterday's price action, fascinating. we saw the biggest dip in the s&p to start the year going back decade. more than a it was down 1.5%. about thewant to talk

new york stock exchange. lisa, your first view of treasury simply saying to the president, no. lisa: the idea of the uncertainty of policy, other executive orders, of how this ticket is transformed under a biden adminstration and how this could help chinese assets because people expect there to be an easier relationship with china under a biden presidency. tom: this is so important, folks. in the 8:00 hour, our sonali basak in conversation with mr. solomon of goldman sachs. an extremely important interview, made more important by china listings and delisting's in the new york stock exchange. there's nothing going on in georgia, right? lisa: those georgia runoff elections do take place. we will be keeping track very closely. people say this could be more consequential than even the presidential election. just to give you some perspective, joe biden would be the first person to start his presidency under a divided

government if republicans keep the senate since 1989. tom: ancient history. lisa: also today, opec+ is kicking off a second day of talks. this to me is really interesting because yesterday, it was a surprise they did not come to some sort of agreement about increasing their output next month. the disagreement led to a decline in oil prices yesterday. you could see things indicated little bit higher today. also today, u.s. december total vehicle sales. last year is expected to have been the lowest total for u.s. auto sales in a decade. but here's the catch. the price of those vehicles rose dramatically over the entire year as people bought bigger and more expensive cars as they moved out of cities. athey is here as an important voice of what we need to know in 2021.

the residual is that real yield, and eight is an enormous negative number. in, 29 down to a 27 level. futures up fractionally. dow futures up 19. the currency markets, not like yesterday, but still that adjustment to a weaker dollar. ibrahim or bari -- abraham rabari of citigroup suggests we could see a double-digit move moving dollar weakness. that is a very important comment from the citigroup desk. oil, $52 a barrel. gold has my attention. good morning for those looking for higher gold prices. james athey is with aberdeen standard. he has given us wonderful perspective across assets as well. how have you already rewritten your 2021 outlook? james: good morning, tom. thankfully, i haven't had to just yet. there's obviously a very strong

market consensus coming into this year that we would see a happy market environment, with everything risk facing and cyclical performing extremely well, and possibly a steady but low volatility and in no way rising treasury yields in steepening of the curve. you mentioned citi. i think they are up there with one of the bigger moves they are forecasting, but it is all part of the same market environment of risk on. yesterday happened, and already i can imagine that some people might be sweating a little about their 2021 calls. we have been cautious and defensive and circumspect about the economic outlook, certainly for the first half of the year, so nothing that happened yesterday would change that the. -- tom:ackrock has blackrock has taken a victory , withter a 2020

everyone's returns mixed in. they mentioned a barbell strategy, and i would compare that to a diversified strategy. discuss how you are approaching that. are we diversified in 2021, or do we make bets within an equity barbell strategy? james: sometimes diversification seems to be a dirty word. people make comparisons against the best-performing asset class and say if you didn't achieve that return, then what you have achieved is not acceptable. the reality is that long-term performance is achieved not by being top percentile one year and bottom percentile next, but by sticking around the middle of the pack and chipping away at those returns over a long period. in the current market environment, diversification is difficult because we have a very slim number of themes driving markets and a high degree of

correlation across assets in relation to those macro themes. but that doesn't mean there aren't diversification benefits and ways of diversifying, so i still highly recommend that the vast majority of investors should be diversifying across assets, and that includes things like precious metals, and if you are inclined, even things like cryptocurrency, though i have to say i am skeptical on that front. lisa: we are not going to let you go mentioning bitcoin on the side, this but into our genitive. are you seriously considering this going forward if there is more stability in bitcoin? james: not really because i still don't see the use cases being convincing in the slightest. one of the big advantages apparently of bitcoin is that it has limited supply, which is group, but cryptocurrencies do not have limited supply. what is to prevent an alternative to bitcoin having another 20 million coins available?

given that you can't pay your taxes in bitcoin and its volatility relative to the kind of fear currency you do pay your taxes in is incredible, it value, and store of i think the case for bitcoin today that seems to be driving the price in dramatic fashion is merely that the currency is being played with by central banks to extreme that we really haven't seen in the western world. therefore, the chances of fear currency losing its value, all of them, is meaningful. people are saying, what can they invest in that doesn't involve me being dominated in fear currency? bitcoin does satisfy that requirement, but without a use case, i still struggle to believe that is a long-term investment that i believe truly has value. ofa: i've not heard a lot people talk about how you cannot pay taxes in bitcoin.

i will say that yesterday's selloff was heralded by some as bringing risk back to the market. what did you make of it? james: it was a funny one, wasn't it? there are number of rationalizations as to why. i guess on a daily basis, we have no idea what really drives markets, but i would just look at the preponderance of things which are going on, macro, political, technical and financial markets and in equity markets in particular, and say that we were really at some extremes in terms of what was being discounted, priced or expected by markets. they really were managing to see the best in everything, and that includes some well-known tech companies, and some not very well-known tech companies. the combination of these things, we had a market which was particularly fragile, and i thicket delays. i don't think it is going to take much in terms of fundamentally,--

all of the conditions have been there for a bear market for quite some time because in spite of what we have seen, equities have managed to maintain a complete disconnect from the real world. people justify that by saying the equity market has never been the real economy, but that is not really true. overlong periods of time, there is a link between economic activity and company revenues. there has to be. it is inevitable. it is not a question of the conditions being there today necessarily because that is looking at the triggers, and we have always said the triggers are difficult to identify unless you see them in the rearview mirror. it is about whether there are risks and fragility's, and i think there are so many of those that we don't have long enough to cover them all, really. jamesjames athey -- tom:

athey, thank you so much. lisa, i look at where we are, and i asked that question for you. lisa: i know you did. shade. up 22%t the gloom crew last year, ackman had a huge year. numbloom crew has to be right now. lisa: they've gotten slammed out of their positions. this has been the story of 2020. aw long can you remain short market that doesn't make sense, but keeps going up? it does make sense if you look at the liquidity. adding potentially to the gloom crew is howard marks of oaktree. tom: what did he say? lisa: he was talking about how the amount of debt companies have borrowed is going to become a problem at some point for some, even as they become profitable. tom: robert schiffman following up of bloomberg intelligence in a report this morning.

david solomon, our financial interview of the day. i will not mince words. hotez ofour, peter the baylor college of medicine without question our pandemic interview of the day. dr. hotez coming up shortly. this is bloomberg, on radio, on television. ♪ ritika: with the first word news, i'm ritika gupta. joe biden and donald trump campaigned in georgia the day before a crucial election will determine who controls the senate. all republicans have to do is when one of the two seats, and they will maintain their majority. biden told voters in georgia "the power is literally in your hands." president trump revisited his claims that voter fraud cost him the election. president trump's no holds barred attempts to overturn their election results is fracturing the river looking party. they are sparring with

conservatives in congress who say the constitution does not give them the power to overturn the vote. biden's victory will be affirmed of house but dozens members and senators will object to the president's claims of fraud. allies unexpectedly suspended their talks due to a disagreement whether to raise output in february. the majority of members oppose russia's proposal for another supply hike. discussions will be seen today. hasnew york stock exchange made a bizarre u-turn create its is ourwill no longer -- u-turn. it says it will no longer de-lis tohree chinese companies comply with a u.s. order barring investments in businesses owned or controlled by the chinese military. 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. ♪ wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises.

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♪ pres. trump: if the liberal democrats take the senate and the white house -- and they are not taking this white house.

we are going to fight like hell, i tell you that right now. [cheers] tom: right now, there's been so many topics. we know you watch "surveillance" all morning. we've talked to kevin cirilli it.t forget about it. history time with our chief washington correspondent. kevin, i am thrilled to do this with you because i think it is important. the method of 1800, the massive 1876, -- the mess of 1800, the of 1876, and now the mess of 2020. ritika: you have to go up -- kevin: you have to go all the way back to rutherford b hayes, in which he was able to win the really last contested election which set of the political playbook that lawmakers tomorrow

in both chambers of congress, in which vice president mike pence will be overseeing, these are the rules of the road, so to of thatrom 1887 because 1886 election. there's a lot of speculation about what vice president mike pence has to do. amendment is very clear he has to count the electoral votes. he doesn't have to decide. he doesn't have to interpret. he simply has to count the votes. if there are five votes before him, his only constitutional obligation is to say that his five votes. that is incredibly important given the political pressures of the moment. tom: what is so interesting here, and i don't want to go all founding brothers on you, but more than any other position in our government, the vice president has been variable since the advent of the nation, whether it is president and vice president from a different party , or the vice president of 1876.

how is vice president pence's position different from what we have seen in other election battles? kevin: the difference now is the as -- is that he is doing so not just with every microphone and camera on him, but with social media feeds. the dynamics of this moment tomorrow, about 1:00 p.m. when congress will be convened, you will have to have a house member as well as a senator jointly bring about an issue with a swing state in order to set up for the two hours of debate on this particular state, and then you have to have both chambers advanced that, so virtually there is zero possibility of the results being overturned as a result simply of democrats operating in one house and republicans controlling the other. ,ut for vice president pence there's 2024 rumblings. his greatest political asset in

the 2020 primary is his allegiance with president trump from a base perspective. as a result of that, you got senators right now who are pushing this photo finish for the vice president in which he is the one that is certifying the election results, when quite honestly, the constitution is very specific about what precisely his role is. lisa: given the fact we are talking about this in historical terms, what has been the impact and what will be the impact on the republican party going forward if some of the incumbents are using this and using their support of trump as part as their reelection bid, as part of their argument to voters ? kevin: i think meghan mccain alluded to this on "the view." she said you had 70 million americans who voted for president trump, so the idea that this was a blowout election

is not rooted in fact. republicans are aware of that. i would go one step further and note that senate majority leader mitch mcconnell in his proposal last week did include a commission to be looked into for the electoral process. that is part of a republican policy proposal coming from the majority leader. the president might not like the mechanism in which the majority leader proposed that, but it is still on the table. i bring that up because it will be openly debated every which way in the next two to four years, from secretary pompeo, should he choose to run for president, the vice president, senator cruz, josh hawley, and the list goes on. and on. tom: a delicate question -- goes on and on. tom: a delicate question, will the vote tomorrow be affected by the pandemic? are there going to be different

mathematics to what is trying to be accomplished by mr. trump and his republicans and the certification, because people are sick and can vote in chamber? kevin: it is a very important question. we saw on the senate banking , as well as with regards to the supreme court of the united states pick, how that played out, which amy coney barrett and how members of the digital -- of the judicial committee contracted covid-19, so it is a totally real question. in the house, they have been voting by proxy and being able to vote electronically, so that to some extent might be able to mitigate some of the risk on that front. but in terms of the senate, it is a very fair question, and i would quickly add that they have actually set up an onset testing campus -- onapital the capitol campus to help go

forward with this. they have been doing this to help mitigate some of the health risks, just like companies all over the world are having to grapple with how to bring back employees and whatnot in a safe and healthy way. lisa: let's say the democrats do take control of the senate. just how much of joe biden's agenda will actually get past? kevin: it is very important to note that if democrats pull off the win tomorrow -- and again, you might not get the results of today -- if they do that, they have the power to set their agenda with control of the gavel at the committees. i said this before, but i can't stress this enough. the difference between a democratic chairman of the energy committee and a republican chair of the energy committee are night and day, and that gives them subpoena power, it gives them setting the structure, which ceos to bring on to testify.

all of that is at stake in georgia. tom: kevin cirilli, a terrific report. the history with kevin cirilli, and the historic moment of 1876. i've got to digress to the markets right now, and negative real yield under -1.12%. we are not there yet, but we have rolled over again this morning. lisa: you saw that the excavation for average inflation over the next decade in the united states rose above 2% for the first time since 2018. this is actually something to watch as we get some of the results from georgia. how much of this will be determined or accelerated based on whether democrats or republicans win the senate? how much has already been priced in is the big question. citeshe statistic lisa was nudged over by the orthodontist, the orthodontist nudged inflation higher. lisa: how is it going at home, tom? everything ok?

how many retainers have been lost? tom: they rate is. the georgia vote, we will have it tonight with david westin. look for that at 7:00 p.m. coming up, greg peters of pgim. good morning. ♪ (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. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels.

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♪ tom: good morning, everyone. "bloomberg surveillance," a simulcast. bloomberg radio, bloomberg television. jon ferro on sabbatical. so lockdown for jon ferro. italy lockdown, britain lockdown. lockdown ferro. they were a great band. of a 29 we saw yesterday. we have been getting lots of different views here, including the equity success of double-digit returns. citigroup talking about a weak dollar double-digit kind of move. then there's the quiet sense of the bond market. cence of -- the quies the bond market. our next guest is good at finding the double-digit-ness of

bonds. lisa: how much of a game changer is georgia for debt markets? some people seeing it as a potential turning point. gregory peters has been turning over his hourglass from 1833, trying to think and come up with a contrarian view. , how much off pgim a game changer is this election? greg: i don't think it is a major game changer. it matters on the margin. if we do have what i am calling a blue sneak, you will have more stimulus upfront, and then maybe there's more concern around taxes increasing, so on and so forth, down the road. but i think net-net, it doesn't really matter all that much for my bond market perspective area it just changes the composition of growth, whether it is more frontloaded, more stimulus driven, versus fighting tooth and nail to get additional stimulus with a split congress.

lisa: this is kind of a contrarian take because if you look at some of the projections, people are saying perhaps yields will rise on the prospect of more stimulus. you are saying it may be a wash considering some of the tax policies. do you think the consensus is generally wrong around how much tenure yield can rise? greg: i do. i think that has been the consensus since yields were at 5%. so i do believe that there's always this hope for yields to rise. i don't think hope is a tried-and-true strategy by any measure. if you look at the dynamics in the marketplace, you're still looking at this environment where you have aging demographics, slowing growth, all of this debt that we put onto the balance sheet that we pinned upon growth and inflation itself, so to me, this worry around massive inflation and growth just seems really unfounded, so will there be some

pressure around rates? potentially over the near term, but it doesn't change the long-term fundament allow you, particularly in the u.s.. when you look at the u.s. rate market, it stands out in terms of its attractiveness. tom:tom: folks, scheduled later is david goldman, formerly with bank of america, expert on asia. we will talk to him about the new york stock exchange and such. lifetime ago, a was absolutely brilliant on the --een risks in the trenching risks and the trenching of fixed income. tell me about the surprises we have across a different -- the different tranches of derivative instruments. greg: i think that was a worry i definitely had pre-financial crisis, when i saw this inverted pyramid which was driven by the equity tranches of the derivative market.

that is not the case today. it is a very different fixed income marketplace. you don't have that same kind of embedded risk, hidden risk, as you called it. that is not a worry that i have in 2021 relative to 2006 and 2007. it is a cleaner market, a much more regulated market. to me, the bigger risk and fixed income is just the trading liquidity and the gaps in liquidity we have seen in tough periods, whether it be in u.s. treasuries or corporate bonds. i think that is the bigger risk, not this derivative risk. in fact, derivatives have proven to be a more liquid and better instrument from a portfolio management standpoint. tom: that is an incredible insight, to flip over to what mr. peters says now, that the tranche nature is not the risk out there. it is the liquidity you talk erro. everyday with f

i don't care. [laughter] lisa: that doesn't mean you don't have no risk. there is a question of when the fundamentals will catch up with the incredible optimism that you say is not a strategy, but certainly is baked into certain valuations. i was struck by what howard marks had to say of oaktree, where he said capital markets have ranged far ahead of economic fundamentals, and at some point, even when companies returned to profitability, they may struggle to make their debt servicing costs just because they have so much debt, and frankly that is going to slow growth in the future. how concerned are you that that is not accurately priced into certain credit valuations? greg: i think that is a concern, but when you are looking at this environment with extremely low yields, negative real yields, you are putting a lot of money into the system whether you like it or not. so surely, money is chasing bad companies and bad credit.

that always happens. , what isnk en masse not completely overstretched, to me that is always a worry, but when you have so much debt on the balance sheet at this low cost of interest, but would you also build in is a tremendous amount of operating leverage. if and when revenues do kick up, that provides a real kicker to cash flows potentially, which i am not sure is necessarily embedded in the marketplace either. so there's two sides to that story, but there is lingering risk when you added so much debt. i think the debt addition concern is not so much on the corporate side, where the issuance has really allowed these corporations to prepare their balance sheets by turning out debt at a lower cost. it is more around the sovereigns. we are talking about all of the

stimulus, not only u.s., but globally. that has clear implications for growth. that has clear applications for inflation. lisa: this is a really important point because typically when you have crises, they happen in instruments perceived as safe. can you walk us through what you're looking at in terms of sovereign risk, how that plays out and where in the world is most acute? greg: one of the lurking risks is that we actually don't know. ultimately a confidence game, of course, with central banks and sovereign governments. but the concern for me, even close to my not base case, is this taper tantrum thisome over you get increase in inflation that is not expected. yes, there will be base effects to a higher level over the near-term, but it is temporary. if you have this, that does

reintroduce a risk premia to the sovereign market, which is something we haven't seen in quite some time. so make no mistake, this is ultimately a confidence game between central banks in the sovereign governments themselves. we fully embrace this modern monetary theory, which is basically untested. so that is the risk portion. lisa: tom, did you say raphael bostic of the atlanta fed coming out yesterday and saying if conditions continue as expected, the fed could start to reduce some of its bond purchases? people basically look at that and said, when pigs fly. not going to happen. tom: i don't know about that. when pigs fly is a phrase from cfa level for. but greg peters, what is so important here is the glide paths that are assumed. officials like mr. bostic have to maintain control, maintain calm, and assume smoothness. you are in the trenches.

paths as smooth glide we unwind from what we have tapered? case, buts a base that does bring up the real issue in the marketplace. will the fed actually hold its nerve when you see inflation readings above 2%? all of the rhetoric that has been laid out around this more flexible inflation policy stands true. so i do think that is a risk in the marketplace. that could occur. just because i am constructive on the market doesn't mean i am completely unaware of the risks around me, but you ultimately calibrate those risks relative to your base case, and try to figure out if you're getting paid for it. i still think you are. but the risks are definitely ultimately, central banks have been dominant players .ere

they have to be the center of risk because it all goes back to what central bank policy is, and confidence in that central bank policy. tom: greg peters, thank you so income.th pgim fixed the litmuset over to paper of the american financial system, which is the bond market, this comes down to the great point of do we study full faith and credit, do we study investment grade and high yield, or are we forced to study both in 2021? lisa: are we forced to study what central banks are going to do and how they are going to the system and ignore everything else? how can they go down given the amount of cash being pumped into the system? tom: that's right, but i am also going to go back to the economics of the moment, a jobs report for december, january 8.

i believe that is friday, if lisa and us a -- if lisa and i are still around. 5000 is the bloomberg. pre-pandemic, that would be a huge number. that vector moving decisively. i don't know what the unemployment rate does. all of a sudden trump, you are talking about another round of stimulus, and then we have the one we just voted on. lisa: but people start to bid up the market. that means people are losing their jobs and they are out of work, yet people will view that as a potential positive because of additional stimulus, which goes to be in constructive even if you see all the risks. tom: i just wanted to get that gloom moment in there with lisa abramowicz. a dose of gloom. coming up on this horrific pandemic, dr. hotez of the

baylor college of medicine. when would you get the vaccination? this is bloomberg. good morning. ♪ ritika: with the first word news, i'm ready. it is election day in georgia. donald trump and joe biden have last minute campaign rallies on the people they vote that will determine which party controls the senate. republicans need to win just one of the two seats up for grabs to maintain their majority. the democrats need to win both seats. in new york, governor andrew cuomo is rushing hospitals to speed up the vaccination process. bemo says hospitals could fined up to 100,000 dollars and risk not getting more vaccines if they don't administer shots within a week of getting them. boris johnson in the u.k. is counting on 2 million coronavirus vaccinations a week to help the u.k. recover. the country went back into the prime minister

warned of hard weeks ahead, but toes to give shots almost 40 million people at the highest risk by february. iran started production yesterday in a pushback against u.s. sanctions. iran says it will be used for people -- used for peaceful purposes, but sources say iran wants to build a weapon. pershing square capital management recorded a record investment. it beat the previous record of 58% in 2019. there was a lucrative credit hedge pin place in the lead up -- hedge put in place in the

lead up. 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 is bloomberg. ♪ this is bloomberg. ♪

>> the major concern is that our way out of this pandemic really is the vaccine.

so the question is, is there any evidence yet that this variant won't be prevented by the vaccine in the same way that the other variants out there have been so far? the answer is we are just doing that science right now. beyrerristopher there of johns hopkins university. ofht now, peter hotez baylor college. he has received the vaccine. no shock there. to go to the directness of it, what was it like, the jab in the arm? dr. hotez: it was fine, thanks for asking. that evening i had some arm soreness and some body aches, maybe even a little bit of low-grade fever. the next morning, a little achy by midmorning. the next day, totally fine. so no worse in any other adult

vaccination. tom: like in the cable tv business, you have been itrywhere informing america is about the cable of the last mile. we are at the last mile now on vaccines. we are trying to get vaccines worldwide to people, and we are not doing very well at it. are you surprised? dr. hotez: i am profoundly disappointed. we are now starting to realize the reality that there is no national strategy in the united states to vaccinate the u.s. population. everything we have heard about was operation warp speed around the logistics, but they were really talking about was the logistics of getting boxes onto the ups and fedex trucks and fedex planes, and ensuring that there was no violation of the freezer chain, but then there was no plan after that to vaccinate the american people. meltzeremember alan with the freezer in the corner in the 1950's.

we've got to get out to your low-cost vaccine. why could we do this with other things, and we can't do it with covid-19? dr. hotez: this has been the story of 20. we have come up small every time in terms of our public health response. in the absence of a national did have we never virus sequencing at the neville we needed to, like they have in the u.k. or australia. the insistence that the states have to be in the lead when we know they don't have the epidemiology and scientific horsepower to know how to lead this, we need the intervention of the federal government. 240we've got to vaccinate 3/4 of thericans, population to affect transmission september 1. so far we have vaccinate about 4 million, so we need to step up. this is our last chance really

because the u.s. government has backed us into a corner without any national containment strategy. they have said we have to vaccinate our way out of this, and that is what we have to do. we have to find a way to stop coming up small and get this done. lisa: can we quantify some of what you are talking about in terms of when the pandemic will, for all intents and purposes, be over based on the vaccination schedule you see, versus when it could have been over in the united states had there been a plan that you think would have been more adequate? dr. hotez: i think right now what we need to focus on his getting the u.s. population vaccinated by the summer. that is the only way we are going to interrupt virus transmission, and that is a really high bar. of the u.s. population, that is our estimate. that is 200 40 million americans. new york city, the metro area is 18 million people. that is roughly 12 million new yorkers that we have to vaccinate by the summer.

that's 2 million vaccinations every month. that's 500,000 per week. we are not going to get there with people calling up duane reade and rite aid in sam's club and saying, do you have a vaccine for my mom or dad? we are going to have to open up stadiums with a mechanism for making this happen. it is shocking that there seems to be this lack of situational awareness across the country that this is what we need to do. ezm: do you see how hot does the math there? he's pounding the mast down to per hour vaccinations. lisa: let's talk about the dosing of some of these vaccines. there has been some discussion not only about the distribution method, but also about the supplies, whether we have enough to get tw rounds the vaccinationso two that critical mass of population -- to get to vaccinations to that

critical mass. tom: the phase 3 -- dr. hotez: the phase 3 trials were done with a varied over it dose and schedule. this is what the ceos have said, what dr. fauci has said. you are introducing an enormous amount of risk to give a vaccine that won't work as well, so all you will do by that is take a crummy vaccination infrastructure, and instead of delivering a good vaccine or reliable vaccine, you will introduce one that is less than optimal. it makes no sense. we knew that mrna technology is still immature, not really robust enough to do the whole job. that is why the whole plan was vaccines,n the other and that is what we need to focus on, not turning a good vaccine into a mediocre one. lisa: just to put a bow on everything you said, how much of

the slowdown and distribution of vaccines is due to a lack of a federal plan, and how much is due to a supply issue of the vaccines and how quickly we can get them online? dr. hotez: clearly there is no federal plan, and you are never going to get there unless you have that roadmap, unless you have an overarching infrastructure. there are going to be supply chain issues. there are going to be lots of bumps in this road. we also have to have a communication strategy. but right now, to me it is less about the dosing on the supply chain then it is not having the infrastructure to vaccinate lots of people. tom: i've got to ask about the shock of lining them up at achy stadium. he wanted us -- at yankee stadium. you want us to get in line at yankee stadium. is that at the state level, the local level, or the federal level? doable, but its is complicated. right now, i don't know where the leadership comes in.

clearly we are going to need federal support. thereare not the dollars at the local and state level to make that happen, so this got to be an appropriation to deal with that, and a lot of the logistics will probably have to come in from the state navy, the national guard would be helpful, but we are going to have to provide some reinforcement and security, make people feel comfortable knowing they are taking care of. people are calling pharmacies and doctors and saying, how do i get my mom and dad vaccinated, and the line is busy. . it is beyond frustrating. tom: thank you for showing us your vaccination. we greatly appreciate it. we have an extraordinary hour coming up. i believe david goldman scheduled to be with us on the new york stock exchange. howard board will join -- howard will join of good

abeilliunds -- of g funds. an important hour. stay with us on radio and tv. this is bloomberg. ♪

>> it could be allete apache -- could be a little patchy, but i think once we get to june we will be in better shape. >> we are in the middle of the worst crisis of our lives. >> we've only recovered 50% of the way, and we are kind of hitting a plateau. >> there is no reasonable amount of uncertainty out there. >> there's a lot of pent-up demand from consumers, and that money is going to find its way back into the market. >> absolutely i think inflation is coming back in 2021. >> we all knew winter was coming, but you have all the bears and hibernation right now. >> this is "bloomberg surveillance" with