>> we are in the middle of the worst crisis of our lives. >> equities have maintained their complete disconnect from the real world. >> we are hitting a plateau. >> we have seen a lot of demand. pent-up --a lot of for consumers and that money will find its way back to the market. >> money is chasing bad companies and bad credit. that has always happened. >> this is bloomberg surveillance with tom keene,

jonathan ferro, and lisa abramowicz. lisa: good morning. this is bloomberg surveillance, tom keene, jonathan ferro, and lisa abramowicz. jon ferro was off today. the blue wave that was indoor perhaps now, was. it seems like everybody's trying to shift expectation for a more certain fiscal support package. and the question is how fundamentally this challenges some of the market positioning as we go into 2021. tom: the yield coming in, it's really fragile right now in terms of those with certitude, jon ossoff has one versus has wonvitter to -- versus senator perdue. the vote count does not indicate that. , the gentleman from georgia, mr. o soft, slightly ahead of senator perdue.

>> having difficulty making ends meet. let's unite to beat this virus and rush economic relief to the people of our state and to american people. i will work in the u.s. senate to support a robust public health response so that we can defeat this virus. putting george's own center for disease control and trusting medical expertise, doctors and scientist to bring the tools to bear and the technology to bear, and the resources to bear necessary to stop the spread of this virus, to defeat it and get our lives back. enter rush direct economic relief to people who need help right now. this campaign has been about health and jobs and justice for the people of this state. all the people of this state. they will be my guiding principles as i serve the state in the u.s. senate. ensuring that every georgian has great health care, no matter our

wealth. ensuring that we invest in an economic recovery that includes all communities, that rebuilds our states infrastructure, that lays the foundations for prosperity. in rural georgia, suburban communities, and urban communities alike. and securing equal justice for all. following in the footsteps of leaders who have departed us this last year like congress in john lewis and ct vivian. i want to thank the people of georgia for participating in this election. everyone who cast your ballot and put your confidence in our democracy's capacity to deliver the representation we deserve, whether your form you are against me, i will be for you in the u.s. senate. i will serve all the people of the state. i will give everything i've got to ensuring that george's interests are represented in the u.s. senate. i want to thank the volunteers who poured their hearts and souls into this campaign. i want to thank my family for their support.

i want to thank my wonderful wife, alicia, who as we speak is at the hospital helping georgia mothers deliver healthy babies, helping save lives. let's emulate the spirit of courage and heroism of those who have given so much to the health response to this crisis. lisa: john out -- tom: john no, i want to make clear for those just waking up across america, no one has called this race yet, even -- mr. all soft off stacey abrams -- mr. oss is confident along with stacey abrams. , and he doest allude to john lewis. of georgetown,

interning for john lewis. right now emily wilkins joins us. surprised at the assertiveness of an elective no -- ossoff. >> obviously we are not calling anything at this time, but a key part of why everyone is confident is because they are coming from fairly democratic areas. point istation at this that 16,000 vote lead is going to continue to grow as those numbers come in. lisa: what are people saying about the turnout of the election, why the day of was disappointing and lead to fewer republicans turning at than expected. emily: a couple of different

reasons. more than 3 million people did vote early, that means fewer people are there. if you vote in person madea. ,nother thing we are hearing there's a lot of talk about president trump, with his talk --ut fraud staying home leading voters to stay home and really read areas of the state. what do you see with your daily coverage, what do you see occurring for their of coupling -- for the republican party now. not on this historic day for senator mcconnell, but what does the republican party on capitol hill look like in march or april? emily: both are publicans and democrats have reckonings within their own parties that we will be seeing them deal with within this next congress. for republicans is a question about where do they go after trump leaves the white house? you see a number of lawmakers supporting trump. you will see today a number of

them supporting the president's unsubstantiated claims of fraud in the capital. for democrats who are going to see a push and pull between moderates and progressives progressives say if no -- it wins, we have a progressive. we also have moderates like mansion and the senators from arizona who are not going to allow an incredibly progressive agenda to go through. talking about the keys to even though we are seeing a shift in the markets, very much on the heels of the expectation of a blue wave. we know there is disagreement or perhaps confirmation of a blue sweep in georgia which seems pressed into markets, raising a question, have the markets gotten ahead of themselves in terms of what they are pricing in? out ands grisanti came

said i do think we may be setting up for the biggest by the rumor sell the news -- purchase the rumor market sell the news market. he joins us now. chris, what did you mean? momentum of the markets whether john ossoff prevails continues. i think people are looking forward to a recovery economy and getting back to work and getting back to normal. but once that happens, i don't think it's going to be rainbows and unicorns. i think people will look around and see slightly higher rates. i think there to see an economy that is still struggling to get on the play. that's why i say i see we might -- we see momentum continuing until we get to what we think is the promised land and it may not be as great as we hoped. dovetailally want to off of what gina said, which is that corporations will adapt. --you see mel ability of

malleability of c class officers? absolutely. it's been a great darwinian process of those who have been able to adapt who had done pretty good to really good. we have accelerated trends. i don't think we can go back to the precode world. i think those who were malleable and did well in the digital world are surviving and will continue to thrive after the pandemic. tom: you did so well with big tech for so long, can you still be there? chris: i think you can. there are different trends in tech, we like to see the evolving plexi of semiconductors. of thet -- the cash flow market leaders are high, but they are not astronomically high. we are not talking about the tesla's and the new ideas where you do see a bubble. i'm talking about -- the faang

stocks are 22% of the market cap of the u.s.. that's huge. but also about 20% of the cash flow of the s&p. that's not really out of whack. lisa: meanwhile people are putting their faith in financials this morning and yield curves steep into the most since 2017, looking at the gap between 10-year and two year treasury yields. steam is there -- how much steam is there in the rally, given this enthusiasm? your previous guess have been right in that the change in the senate does matter all that much, it remains moderate. i think we are more likely with democrats to spend more money. i think you'll see that effect on the higher rates, especially as the economy gets going. so i think there is steam. and i think financials can make up for poor performance. lisa: this is a key point. you see more spending. the matter is, it does matter

where the spending is. if it's just direct checks to consumers, that goes to discretionary spending. if it's to state and local governments it might not be as direct into those names. how much are you adjusting your thesis based on the nature and composition of these stimulus plans? that's an important point, but it's even simpler. there's just a be more spending under a fully democratic congress. it will be easier to get programs through. it will be easier to get state and local support through. so we suspect that the stimulus that we saw last year will continue for much longer than it otherwise would have. i'm afraid more towards the end of the year when that runs out and there's a lack of enthusiasm to renew it if the economy is coming back. you will have high rates and a lack of stimulus and that's when i get worried. lisa: -- tom: investment 101, is this the

time for stock selection or to purchase an index? chris: [laughter] you're asking for proof as to if there's a god. didink your we are, stocks awfully well last year. i continue to think that last year was an aberration into this year will be an aberration. we are expecting the highest gdp growth since the 1950's in the nasdaq. in that exceptional environment, stockpicking is by far the better choice. tom: does that include apple? mr. cook got a raise in stocks today. do you want to benefit from the juggernaut? chris: i will tell you tom, i'm cooling on apple. it's a wonderful company with terrific management. that at the end of the dates iphones and that's an economically sensitive thing that has competition.

i would prefer other members of the faang group. chris, think you very much really an interesting stock selection. lisa, an open question, what do you see on the bloomberg terminal. ever,that's the best line you're asking a priest whether he believes in god. that's fantastic. i love that. i'm watching the yield curve, that determines so much of the financial performance, that you get this steepening. vanilla,away from the what do you see, which one matters? lisa: you're making me not exciting. tom: you brought our conversation to a dead halt. lisa: we are seeing steepening across the board. but it's much more in the two tens. i'm looking at the 30's and the tens. what we are seeing over the next

10 to 30 years, this inflationary trend is not going away or being priced at a bargain being based on the expectation of fiscal support. you are getting a bit of a lift, not to the same extreme, the yield curve again coming down to putting more fiscal stimulus into the market right now. is it really a game changer when it comes to long-term growth? when it comes to how much debt we have? can you imagine on radio and tv what you just heard, lisa at the carlisle hotel on spread market. , if they stuffed plain piano the whole place would go to a complete silence listening to you. lisa: because i'm that riveting? a party animal on the yield curve. idea what he said other than the yield curve steeper. maybe michael mckee will give us some insight as well when we look at that economic data.

at -12, there is a spread, talk about spreads. lisa: you want to know what else? , we willave the yuan talk about that. tom: and the rest of that here in a moment. we had the first labor report of the week with michael mckee. michael: we are watching at this point for the adp numbers to come in. everything comes in now on the internet. tom: puts fault is this? says that we lost 123,000 jobs in december. this is the kind of risk we have been talking about in terms of the yield curve steepening. do you hold that 1% number or do you go below it? there's a lot of political and economic risk right now.

lost, 13000 jobs in small businesses, 147,000 large businesses. tom: translate that. , large businesses workers, withing producing natural resources, construction and manufacturing losing 18,000 jobs and the service industry, this is what you expect, down 105,000 jobs as governors and mayors shutdown restaurants and retail stores and gyms because of covid. this will set the stage for real groupthink in terms of what happens on friday with the payrolls report. adp has run below, you look at the chart, running below private sector hiring since we got out of the big crash of the jobs in april. we are not looking at 100,000 lost.

when you look at the payrolls for friday, they have been coming down, every month since that big game -- big again in may. and if we get a negative print the whipsawe have of this. on 10e might go below 1% year yield, but we are not there yet. lisa: that's actual i wanted to go, the idea that the bond market is not as responding as much as people would think. based on the fact that this is suggesting the reality of the negative print on friday. are these numbers were liable any level? they are reliable in terms of the trend. adp has been dropping since may, so has the payrolls. so the trend is something that you could maybe say is somewhat correlated but the actual numbers are not a million higher

. you cantal 123,000 -- ask this influences the overall trend direction. tom: we have not heard much from you because we are all wrapped up in markets and politics. i do want you to comment on the governor from atlanta, mr. bostic's comments, do you buy it? michael: i don't the question is not whether they raise interest rates, it's what they do with the qe purchases and if we could sustain the 1%, becomes a question of how fast does it keep rising? how far does it go? if it stays over 1% by january 27 when they had their next meeting, you might see them say something about changing the average maturity of their 80 billion a month in qe purchases. they might buy more on the long and but it does not look like this will be happening anytime soon. a huge 200,000 cap from --

claims tomorrow and michael mckee on friday with the jobs report. right now i guess joins us with pangea policy. he's wonderful -- our guest joins us with pangaea policy. he's wonderful on the middle ground in washington we've been talking about the new middle ground, is it a bunch of baloney or is there actually going to be a middle in washington? jerry: i think there is a middle , but the middle i think is going to be, with the exception of spending and covid related stimulus, the middle is largely to be modeled and dysfunctional. there are four coalitions, not two political parties, democratic progressives, democratic centrist, republican scented -- centrist and republican conservators to read they find a way to work with each other but only on fiscal stability and it's very

difficult, particularly in the senate everybody likes to talk about 50-50, but senators themselves said before the georgia election that senate like that empowers everyone which makes it much harder to come up with anything. so i don't think you see a lot of consensus of the next two years. after the initial shock here, i think markets generally start to understand that and understand that you need to parse through individual investments in place. trying to figure out if what's going on in washington is real. lisa: and as tom mentioned earlier, the 10 year yield has been flirting with dipping below 1%, moving below 1% after that disappointing adp figure. so you are getting a bit of a rethink with this knee-jerk reaction. we were talking earlier with isaac, he said the democratic taking of the senate ensures or makes it much more likely that

it is 750 to $1 trillion fiscal stimulus gets past. do you agree with that? terry: isaac is very smart. my number is near 500. i think it's larger, but i think it's very difficult. massu are likely to see vaccinations on the threat of the virus lifting and all the rest i think my scenario is more accurate. if you see continued in the first two months of the biden presidency, continue dysfunction really choppy and uncertain i'm more inclined to go with a slightly larger number. tom: in the senate, the southern senators are notorious for seersucker thursday which had to do with the lack of air-conditioning and the deadly heat of washington, this was years ago. as the trumpian republican party, do you just perceive it

as a southern party? terry: i don't it all. they clearly have their work cut out in the suburbs but i don't see that at all. i see it somewhat resurgent in the north. a truly national political party. i never thought of trump and the republicans is the same thing. when it was in the republicans interest to work with trump, as on tax, they did it. but a bunch of other things they didn't. you still have a lot of things here that are very bipartisan in washington like trade, which i think people understand and forget about. this wasrats will see already discussed. let'sdays are here again, go spend political capital. for republicans, this is about doing a lot better than we thought we were going to and we can crash on and recapture

majorities. .nd set ourselves up this is i we get much done in fiscal washington. lisa: you're talking about raising taxes and potentially increasing regulation, is that less likely to be a headwind than people think based on a lack of overwhelming consensus? or overwhelming majority in washington? terry: i do. i think the vast majority of that is political risk and the threat of regulation is real because that can be done without congress. and because there will be less congressional oversight. but the vast majority of that is significantly overblown. tom: terry, thank you. very sharp on the mill ground of this discussion -- on the middleground of this discussion. lisa, we see the tape. i'm not sure with the news flow, why we are digesting this

potential democratic senate with all of the changes in history today on the certification vote. but the yield is the yield. 1.03 and 2100. >> it's a better tape -- lisa: it is a better tape across the board. there are a lot of people like you are looking for an entry point. have you found one? tom: i haven't, i'm looking at that dog as well. rounded up to 35,000 on bitcoin. ,att miller is over in berlin going to austria for something. lisa: maybe an entire seersucker outfit. scarlet fu had the question tothe year the other day, scott minerd with where bitcoin is going, and he said the four hundred thousand quote. lisa: he said if you look at fundamentals and it was this idea of how do you look at fundamentals for something which

is a mercurial concept which you cannot purchase a seersucker suit with bitcoin. reset, let'sto reset on economics with michael mckee, that's been the news. really quite a surprise when that negative statistics on adp. lisa: this is the first u.s. private jobs decline since april. it comes on the heels of a worsening pandemic trade a lot of people shrug off adp numbers as noisy and not adhering to state figures. but it does not bode well for the labor market at this time. are you going out to eat? are you sitting in the cold? are you going out and doing activities? tom: no. to our listeners and viewers, all i can tell you is that new york is not as bad as march and april but we are creeping thei re. seven, --at negative

at negative seven. a better nasdaq 100, down 153. pandemic on the global and the world bank response. there president -- stay with ♪ you can go your own way it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get nationwide 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you. get nationwide 5g included and save up to $300 a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile.

it's time for aerotrainer, with your weight and health? a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. do the aerotrainer super crunch. the pre-stretch works your abs even harder, engaging the entire core. then it's the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. planks are the ultimate total body exercise. build your upper body with pushups. work your lower body with the aerosquat. the aerotrainer is tested to support over 500 pounds. it inflates and deflates in less than 30 seconds using the electric pump. head to aerotrainer.com now. now it's your turn to lose weight, look great, and be healthy. get off the floor and get on the aerotrainer. go to aerotrainer.com, that's a-e-r-o-trainer.com.

going to be in order to begin a more equalized economy. ♪ tom: good morning. we have a historic wednesday, kevin cirilli is in washington, emily wilkins in in land to -- in atlanta. --just heard from mr. self mr. ossoff and mr. warnick last night. mr. warnock clearly winning. the markets are reacting to all of this and whipsawed by the adp report. lisa: yields came back down, started going below the 1% bubble. we interesting thing is that saw a direct correlation with an increase in the values of tech stocks, basically a retracement idea we and perhaps the

are not entering a new yield regime just yet. tom: an important conversation with david, more than a decade of service to what we have done a bloomberg: surveillance and now holding court in the world bank. i know we would never thought we would see the challenges of this pandemic. partitionthe pandemic and american inequalities. what does it look like? david: it's the same for developing countries and poor countries. there is they global shut down and they feel the brunt of that. and the second part is that advanced economies have been doing stimulus programs which

concentrate on people who --, thatave central-bank purchases but also the fiscal stimulus from the treasury department. the focus has been what could be called the third world economy. havef the great issues we is the accountability of cases, deaths, and hospitalizations across africa. explain the pandemic for africa right now and the veracity of your data at the world bank. michael: the statistic david: the statistics are not current and it's hard to tell how it's hitting africa. there was the sense that it was not hitting as hard, it's

different country by country. for example, south africa has been hard-hit. other countries seeming to be less so. but our sense is that it is hitting all countries. this is including especially the poor. this is one of the challenges to deliver enough vaccines. lisa: that's where i wanted to how do we see the timeframe in the developing world? in october ased $12 million package through the board and it's available. our first step is to assess countries to see what they need -- and identifying

people who need the vaccine the most. one of the challenges to have a common contract where people can thewhere people can see same terms and people can operate on them. we are working on that. another immediate problem is indemnification. pfizer has been hesitant to go into some of the countries because of the liability .roblems you don't have a liability shield so you work with the countries to try to do that. i think some of the other vaccine manufacturers may be able to go into countries because they are operating through subsidiaries. and our goal, michael, is to have vaccines available for people throughout the developing world based on what their countries decide. we have financing available.

but countries need to choose systems and then need to buy or receive the vaccine. lisa: we are speaking to david, president of the world bank. we are talking about how this reallylvage and has benefited the wealthiest individuals but not so much people at the bottom and it has to do with the economies as well. how worried are you about the overhang of debt in the emerging get this you do ongoing economic pain without a vaccine distribution model that seems to be taking course quickly enough for many people's taste? david: it's challenging to keep private sectors what we have keep dust through the ifc is to provide working capital and trade finance so that the private sectors that do operate in poor company -- poor countries can continue to operate. but there's a challenge in the world given that interest rates are low for a long period of

time. that's been accomplished in part by borrowing short-term and having the government invest long-term. think about that, the central banks borrow overnight money and put it into long-term bonds. that disadvantages the small businesses because they need that money, the overnight money is what they live on in terms of working capital. so it's not just in the developing world, but in the advanced economies, the dichotomy and the inequality that comes out of that is a big challenge because you are losing the small business sector of the world. i have to digress u.s. politics. you provided public service working for president trump and i believe there will be a new andtion with world bank president biden and the international monetary fund kitty corner to the west of the white house. how do you adapt, adjust, or are

oblivious to a new u.s. administration? david: not oblivious, the u.s. is the biggest shareholder. we are very aware of what their interests and goals are as we are of other countries in the developing countries included. one of the big voices within the world bank is the voice of the developing countries through our board of directors. so we listen to all parties and we have been successful in working across the aisle and with all of the major shareholders. i expect that to continue. one area where i think the u.s. will be supportive of the climate policies of the world this is the international financier of climate change activities, for example in the poor nations, they need to adapt they put a lotge

of funding into that. we see that kind of agenda as well. we are looking forward to working with the new administration. but we are nonpolitical. i want to see people in developing countries do better. that's the goal. lisa: when you talk about being a political, it put you into a sensitive place, i'm thinking about comments about china and how they have not been aggressive enough in your view, given their primary role. and extending debt to these countries, do feel like they have gotten better. this is the group of 20 major there should be a

moratorium on the payments of thepoorest countries, official bilateral creditors of i thinkina's largest the big countries want to find a .ay to work on this debt tom: david has one of the most famous charts in the history of everything i've done, he's the president of the world bank and i am going to link this to your knowledge of the world bank about commodity nations.

can you call a turn for the beleaguered commodity nations? are they finally get to see a bit on their various commodities? have our new global economic prospects report that just came out yesterday, where we just addressed this. but one of the unknowns i think is as central banks have created stimulus, with the mechanism for that? it's not money printing that they are doing, but they are buying durations. they borrow short-term and by long-term assets. the forecast we still don't show that there would be inflation. i'm concerned that commodity producers, if they do better in a red-hot world.

we still have enough gdp growth to get nominal supply on the production side of the global .conomy up and running tom: we are going to end this interview. we have the improved tape off of three hours ago. we have to cut to the chase, we are looking at election results. wingsically the democratic of the georgia party coming out saying we are victorious. we are not getting the vote count yet. -- in one mr. ossoff.s

up.ave more coming on radio and television, stick with us, this is bloomberg. with us, this is bloomberg. ritika: democrats need to pick up both seats in the georgia runoff election today to take control of the senate, they are now halfway there according to the associated press. rafael warnock defeated senator kelly loeffler -- kelly loeffler. he's a civil rights activist and this will be the first black senator from georgia. the race between jon ossoff and andd perdue is a dead heat president trump will address thousands of protesters in washington today. gathering for the call to

overturn his election loss. just as congress is said to certify the results. arember of republicans protesting the result in some states because of alleged voting fraud. this is seen as largely symbolic with little chance of success in the democratic-controlled house pre-president trump signed an executive order banning u.s. softwareons on chinese apps. but there is a catch, the order does not take effect until after the president leaves office so we have to joe biden to decide whether he will enforce it. there warning that development plans have fallen far short of the goal in north korea as they explore what they call a big leap forward. tim cook gets a payday, they 179% of the targeted bonuses because they had such a good year. for cook that means a cash bonus

. in addition to the pay, he had $282 million -- 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. i'm ritika gupta, this is bloomberg. ♪

the new and ministrations

marking forward, there will be a lot of discussion about what will -- but the main focus is we have to get people vaccinated down on the others of the virus. isgetting to the other side the key. that was david solomon speaking up. , theg up on the open economic policy director of -- joins us to talk about the book asians of the georgia election us talk aboutns the implications of georgia election results, it is looking like a democratic sweep. which was a less expected outcome, it's potentially a game changer when it comes to the prospect of how much fiscal support will be pumped into the u.s. economy. tom: we are looking at the results tick by tick, we have not seen the results for a good three to four hours. mr. ossoff at 50.19%.

well within the recount statistics. she's in atlanta and yes she is but mostlyco storm, she's focused on the -- he is in atlanta and focused on the political storm. focusing not only on the fancy word epidemic knology, but your teaching awards also speak volumes about how to get this fixed now. thank you for joining us. was so upset yesterday about the slowness of the vaccine. what do we need to do to make -- you and hotels him happier about getting the vaccine out here. >> it is so important to get the vaccine out, first we need to make sure that the american population and everyone around , that's one issue.

the other is a role that the vaccine. we are trying to vaccinate the entire globe at the same time. it's a massive challenge. tom: i have mentioned bill and melinda gates and what they had done for virology and public officials with the rollout of a .edical solution dr. guest: the timeframe to plan .his was not long

adult, is there an arch medical timidity now? that we are so worried about are we all afraid to put the needle in our arms? dr. guest: the communications about the vaccines have not always been positive or andightforward as we needed this is where i think we see the timidity coming from. we do need to work on that. tom: you have seen this all, is

there a chain -- a tangible shift from a trump administration to the biden administration? or is that was full thinking by the medical community? dr. guest: i think so far what we have seen is some incredible public health policies put in place and people who we know and trust that we know our wonderful public health leaders but also some really incredible science communicators. that's what we need out in front of everyone. a really straightforward one consistent method about what we are talking about and how important it is for all of us to have trust in that and to make the right decision for us, personally, but can it take a large percentage of us to take the vaccine and then get it and then to normal life. tom: you are in atlanta, i want atlanta 30341.

a million years ago it was my fondest hope to possibly get a job some day at the cdc. they have had a tough couple of years. defend the institution you know so well? dr. guest: incredible minds are there. not been as vocal as we would like about this pandemic. but that's not because they're not doing good work. that's because public health is bipartisan in the cdc has been caught in the middle of that. there are incredible people who have consistently done wonderful work during the pandemic and we are hearing from them again. we have incredible leaders and we are really excited to have them meeting us again through the pandemic, as they should be. tom: thank you. my advice today is to steer clear of politics today. dr. jody guest, thank you.

i want to do a cross david check but i want to do it backwards, i'm gonna go from commodities and saudi is making a demand cut at 54 -- 54.05 and crude is up. west texas about $50 a barrel. if you go to commodities, you malpass talk about commodities and the need for global gdp, the dollar was weaker over the last hour. the euro-dollar signals 122 -- ..22, and a weaker japanese yen we will leave it at that. and the equity markets, the dow is up 53, spx goes the other way, -11, but it is the yield space that everybody is watching with the politics of the moment. 1.02%, a little higher with

a two year yield as well, steepening the real yield pretty well. it's the politics of the moment. we will wander through the day with kevin cirilli, david westin with balance of power in a little over an hour. and kevin cirilli on bloomberg radio. with a special report. a single senate race in georgia and that's nothing of the history to be made today in washington. we will cover that as well. we will continue the dialogue forward on the american corporation, and one of the people who can do that is david's efflandt -- is david, the president and chief executive officer. we've been talking about american corporations and the challenge and changes they are seeing in use of technology in this pandemic.

and that is of course his wheelhouse. thanks to emily wilkins in atlanta. stay with us through this day on this political moment on radio and television. this is bloomberg. ♪

lisa: i'm lisa abramowicz, in for jonathan ferro. markets are grappling with the issue of a blue suite. to this georgia runoff -- >> this is what markets and equity markets in particular are looking at. >> a georgia vic rate for the democrats, because without georgia, you will want to be heading back to value, to cyclical. >> these regulations against technology. more in the way of antitrust legislation. >> it is going to put more pressure on the backend end of the curve. >> you will probably have a lot of repricing. >> an immediate reaction to what is unfolding in georgia. lisa: let's bring in the bloomberg team for more,