>> the number of people losing their jobs is still notoriously high. >> now the bottom has really fallen out of low income families. >> managed to maintain their complete disconnect from the real world. there is a real risk. >> the market has started to tell you, hey, spending is going to come. >> in the last several weeks, the mood has changed dramatically. lisa: good morning.

this is bloomberg surveillance on bloomberg radio and television. have tom keene. jonathan ferro is off today. everyone wanted 2020 to be over, 2021 comes around and says hold my beer. the first trading week incredibly wild, the second trading week setting up not to be that much calmer. tom: we are following both major stories today. for those of you on radio and tv, we welcome you on this simulcast, and it is a simulcast but, will do the markets, lisa, i am thunderstruck by the movement we have seen. you knew it was coming, but nevertheless the movement from the pelosi interview on "60 news of" to some in the arrests and such in washington, from what we could be seeing from president trump tomorrow, and the david kendall op-ed in "the washington post," not impeachment, not 25th amendment,

but censure as a path for washington. lisa: there is a question how to express rebuke in a serious way while continuing to move forward and function as a nation, and that is the conundrum. as much as we were saying earlier that markets seem to be somewhat disconnected to what is going on in washington, d.c., that is not exactly the case if you peel back the hood and look at social media stocks and look at what the expectations are around inflation based on stimulus. there has been some real market moves based on what we are seeing in washington, it is just that it has glossed over -- it is glossed over by a sheen. from 2, 3erioration hours ago, the vix up two big 23.68 on the vix. with dollar stronger, the weak dollar crew -- boy, did they have a run of it there for a while. dxy back over 90 solid. yen one indicator, 104.20.

, 10 3,104 is a weaker japanese yen. lisa abramowicz been kind enough -- these are corporate bonds, which supposedly pay more than e and credit. you wonder where they are if we get yield up, price down. matt brill from invesco. what is the elasticity of price of your world to the movement of price of full faith and credit? matt: good morning. a lot of people are already asking for the refund for their 10 day trial of 2021. our market has started off shaky as well. as we see prices have gone down to start, we are seeing more demand.

the elasticity of demand is pretty interesting there. historically, retail investors are inclined to sell as prices go down, but interest to show investors are buying more bonds in the corporate test but institutional investors are buying more bonds in the corporate space. they predetermine what the yield targets are going to be, what their budgets are, and as the yields go up, they want to take advantage of what their budgets are immediately. lisa: the price up, yelled down, talk about what companies are doing with this incredible low record rate that they're facing right now. are you seeing companies get lish and borrow a ton of money to invest in more speculative projects and other types of businesses? matt: we are seeing that a little bit, but our station for 2021 -- our expectation for 2021 is that it will fall off to $1.1 trillion in 2021 from $1.8 trillion in 2020.

this year it is more about investment. we are seeing capital expenditures looking to be increased. we are curious if companies will use it for stock buybacks. we hope they will use it to stimulate the economy. at this point it is to be determined. lisa: another way of asking this corporate- having low debt rates boosted the economy and encouraged companies to borrow more and invest in some of these projects that will spur growth. matt: we think that is starting to happen, but again, you had to survive first. now that you have survived, you're still not out of this but we are getting close to the light at the end of the tunnel. we are seeing companies project what they should use the cash for, and it is not just for survival at this point. one of the things that we are seeing companies looking to do is investing in green projects, social government project as well, green bonds, social bonds.

we saw a little of that in 2020, they will be huge and 22 anyone. esg flows are real, and companies are taking advantage of it. tom: what i found fascinating here, sort of the malleability of the corporate space, based on cfo's, away from the investment side -- matt, what is the energy ceo's, as and they are buttressed by the economy in light of the pandemic? matt: they are pretty optimistic. they are calling for huge growth this year. around expectations are 6%. as you get the vaccine pulled out there, you will start to see people feel better from a consumer standpoint. i mentioned how much cash that companies have. if you look at individual balance sheets, individuals are in really good shape. as a collective, there is so much cash sitting on people's personal balance sheet that use this to pay down debt in 2020.

they may want to go spend their money and did not have a chance to do it. ceos are trying to figure out a way to get them to spend their money in 2021, and we feel like there will be a lot of growth from a u.s. centric standpoint. tom: when you say growth, let's go back to the nitty-gritty of it. are you looking back to total returns this year? do you have this scissors out to clip coupons? matt: we think about things in excess returns as well as total returns. total returns is a simple, are you going to make money or not? that is the way most people in the world think about it. that is the appropriate way to do it. we think this is a coupon-plus type of year, still. mainly through active management but also using different levers. not every sector in ig is equal right now. the energy space, which is setting up for a strong 2021, you can get an edge-ish and all coupon plus attraction of credit spread. you look at travel and leisure,

there are opportunities there. if you buy the index, coupon plus, that is not the double digits you saw in 2020 or in 2019, but we do still think you're positive total return in 2021. tom: we are speaking -- lisa: we are speaking with matt briley of the esco. the backed up is political turmoil in washington, d.c., as well as questions about the pandemic. from a self-preservation mode to an investment mode -- as accredited investor, what types of borrowing makes you feel good? is it mergers and acquisitions, capital investors are, paying down existing debt? you already said stock buybacks are kind of a no go for you. matt: we don't get anything out of stock buybacks. that is the least on our list. m&a, using a little bit of equity, is ok in our opinion. you have started to see some m&a picked up. companies are nervous about what to expect in 2021, but we are

starting to see some of that. there is a lot of discussion within the wireless space around spectrum, spectrum options will be a huge deal in 2021. there will be a lot of funding needed to purchase that. that is ok. anything that is an investment that will result in cash flow we are going to be ok with. you don't love anything that is going to be flying out the window like a stock buyback. if we do see more m&a, you will see larger than the $1.1 trillion we are expecting. but so far it has been contained, and we think that where equity markets are, corporations will be prudent and use a nice mix of cash as well as stocks to go with it. lisa: we have heard consistently from investors that some cases, stocks have become the new bonds because of the income you can get, the coupon, the dividend payment. i don't want to say coupon, but dividends offer a much bigger reward than bonds. from your world, how long do you expect that to be the case, for stocks to offer a viable alternative to income to your bond world? matt: i think that is probably a

two to three-year type thing. you will not see interest rates rise materially in the u.s. to offset that. i always put out the people, i love stocks and dividends, but dividends can be cut. discretionary, coupons are obligatory full-time in 2021 as the economy is -- i'm not worried about dividends being cut anytime soon. you need to be aware that bonds are really there for you that have to be paid versus dividends to be cut at any time. 2021 should be good for both. lisa: my take -- tom: my take away from this is that matt brill is saying the amazon take away looks good. a really difficult space right now in investment grade. i learned a lot there. it is great to get a guy like matt brill come out and say here is the energy come what's happening. lisa: it is an interesting conundrum as you have companies borrowing more. i love the idea, as the price

goes up, so too does demand. tom: what do they do with all that money? you know, they are bringing it all the and, billions and billions. so what? what do they do with it, lisa? the issue.was it preserved to bottom line, existing in a world that was halted by the pandemic. one of the key questions, less so for investment grade but lower grade companies, do they have too much debt on their books echo will they have to make interest payments that will hamper their growth? what is that? [whispering] i'm going to whisper into the mic. with equity shares, maybe they will buy them back. voice] i want to say tenneco wrote the book on this years ago. let's do that. let's bring in the money,

buyback shares, the dow 31,000. coming up on her washington on ,olicy, if it will ever be had partners really looking into this conversation on her capital. staying with us -- on radio and television, this is bloomberg. ritika: i'm ritika gupta. house speaker nancy pelosi is moving forward with plans to an impeachment vote this week, saying lawmakers will take up a resolution to impeach president trump unless vice president pence and the cabinet use the 25th amendment to remove him from office. bloomberg has learned that privately mike pence has decided that is not feasible. defiant lastplan a week in office for president trump. he's expected to travel to texas tomorrow to highlight one of his biggest the compliments, the wall his administration built on the border with mexico. the president is planning one

more round of pardons. president-elect biden has named one-time diplomat william behrens to be cia director. secretary under president obama and was ambassador to russia in the george w. bush administration. the u.k. is ramping up its rollout of the coronavirus vaccine. seven regional centers will open up this week at conference centers as secretary matt hancock says the u.k. is on course to meet its vaccine target. people tos 40 200,000 receive doses every day. shares of twitter fell sharply coming down with an 8% before -- twitter permanently banned president trump's personal account for repeated rules violations. the president has more than 88 million followers. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm ritikauntries, gupta. this is bloomberg. ♪

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>> i think they are all going to have to vote their conscience and look at what happened. incitemente was an

to riot at the united states capitol. we had people killed. to me there is not a whole lot of question here. >> you think it was an impeachable offense? >> oh, sure. mr. christie of new jersey, "abc this week" with george stephanopoulos. back from a serious covid infection a number of weeks ago. let us discuss washington and try to get out through the week where maybe policy will be committed in washington. there is no one better to talk to than the gentlelady from new orleans. henrietta, you and the rest of the world have to get to the wonderful breeze rating distraction next weekend. there is a small football game in your newborn ends. seriously, is the nation still -- in your new orleans. seriously, is the nation still

going to be standing next friday to get to that important match? >> we will get her way through this and get to the end, no matter what happens with d.c. we will see that game. tom: we will see the game, but we have to get through this game of the political crisis as well. policymakers in washington, your expertised with the constitutional crisis we face. >> as you were reminding me earlier, there will be everything from resignations, the 25th amendment, going back to the confederacy, things that can be done to eject lawmakers who are potentially fostering rebellion, to impeachment. that will be going on through the 20th, and what we have heard from the democratic leadership the last couple of days is that we actually might pull over this idea that holdover this idea of impeachment into 2021, that democrats and some republicans can ensure that president trump will never run for office again. i don't think this story runs

anytime soon. this week will be filled with a lot of drama back and forth, but the nation will move onto a biden administration and we will get there soon enough. lisa: help us purse out the substance from the drama. there is a lot of drama and a lot of reality, but what aspects of what we have seen unfold in washington, d.c., with the insurrection, with the fallout from how quick law enforcement law-enforcement respondent has long-lasting implications for policy? henrietta: the amazing thing is that weeek had the georgia elections at the same time. republicans were eager to move onto to a policy discussion, get away from the cult of personality associations that to aepublican -- move discussion about policy. a number of republicans in the house and senate and their passists say they want to

resolution in 2021. i think we get 90 days here to get 10 to 15 republican votes in the senate. not sure exactly how many at the house, but those are members who want to have policy -- want to be able to move on from a discussion of donald trump. i think in the immediate term, which is the best way to approach the situation right now, his day by day. we are going to see even more optimism for a 60-vote threshold stimulus package right out of the gate in a biden administration full up that the republicans are expecting to work on, expecting to pass. that is the biggest impact, at least from our point of view. that so well.se the turmoil that we saw in washington is pushing republicans and democrats toward a consensus to work on policy, to move forward from what they would like to be, simply a distraction.

big could the stimulus be? henrietta: great question. to start with, i think the democrats will start with a trillion, ask -- $2 $3 trillion, $4 trillion. opening salvos from republican leadership that i have spoken to have suggested a $500 billion package. my base case assumption is that at the low-end we get something billion50 down -- $750 to $850 range. it will depend on the size of direct payments that they want to get out. the payments to individuals or any individual for stimulus is expensive because of the policy individuals that there are. don't mean to interrupt, but i am because lisa and i remember there was a jobs report friday, and i understand within the original washington, you and

everybody else is dealing right now, i'm not even sure politicians are aware of how ugly that jobs report was. do they care, and does it create a new urgency around the real crises, plural, that we have? henrietta: that's exactly the conversation that is important. urgency and crises are going to propel this package forward. it is that official on every level, both in need and urgency. the shutdowns that we are seeing nationwide, the worst hospitalization rates we have seen thus far. the crisis of unemployment, brought to the fore of -- by the recent jobs number, and the benefit of the crisis, the urgency, is that you don't have to pay for this. that is the path of least resistance to getting 60 votes. all that helps. tom: one final question. does it matter to you, as we were talking with a number of

our guests this morning, to see s,publicans become independent such as senator murkowski from alaska? henrietta: that is tremendous. the difference could be split between a 50/50 republican -democratic majority split in the senate and give democrats a functioning majority. that is what we saw in 2001 when this happened. it took until may for a republican to defect. smoothppens, that will our path to another reconciliation bill. treyz, thank you so much. thesecommunicate through good conversations, lisa, $1.8 trillion. that is almost a claudia sahm number, the great liberal economist. lisa: she would probably talk a little higher than that. you do wonder what that would do in terms of people's

expectations for growth, etc., going forward. her point there, that the turmoil has pushed her closer to a consensus, the desire to move to policy, is a crucial point. the idea making it more likely that biden will get through part of his agenda in his first three months in office. lisa is like channeling me from the weekend. wass lengthening -- i lecturing this weekend about the assassination of lbj and the great society. people don't understand how fast all that occurred within the national trauma of the death of the president. i'm not equating to that equating that to what we have right now, but you wonder what that timeline is for the president-elect. lisa: there is also this idea that when you have a national crisis and you have a feeling of existential angst that pushes people together to move toward a goal that is more common. tom: existential angst.

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tom: "bloomberg surveillance." let's do a market check right now. futures -29, the stronger dollar this morning. s i'm going to say stunts and rockets up there ipo price. they move from a 33 level to a 41 level, a huge move. this really speaks in banking to the future, literally going back to what was there in my youth, or even before that. lisa: this raises the question about 18% interest rates, that you could put a credit card balance on and get charged through the moon for it, it is a loan financing come to that

provides lower-cost funding for your purchases, your daily purchases. it speaks to the change in the entire payment industry that does sort of threatened the model of old. tom: a major shout out to elon musk. this really goes to the power of the technology that we are arguing about with the uproar in washington, and that you go with a firm to no interest, to four weeks to pay or four months, whatever the payment is, or two, as you say, a lower interest rate folded in, is a massive threat to the traditional visa mastercard and charge card thing we have lived with for years. lisa: can also sort of payday lending, on these other aspects that have been attacked by a number of entities as predatory and other types of lending. but it does raise a question on the flipside, we talk about the more controversial aspects of big tech, how tech is democratizing a lot of the lending industry. tom: that is a big announcement

in the ipo space. why don't we bring in our esteemed guest here. he knows that i will bet on dollar weakness and am crushed here. lisa: we were just talking about ice-skating and the lines to get income and mark mccormick knows the canadian version of the sowls in the united states, thanks for being with us. global head of fx strategy. today everyone is talking about the dollar and how it seems to be a little bit stronger raising questions going forward about whether this marks the bottom to this consensus trait of an ever weaker dollar. is it? mark: yeah, i definitely think it is part of a t squeeze. you have a lot of gyrations. if it is a broader dollar downtrend, it is absolutely not going to be a linear move. there is too much fluidity and

economic outcomes. most important how the vaccine and the mutations of covid actually reinforce existing trend or it helps to reverse them. so i think what people need to take away is that there are huge drawdown potentials in what is definitely a huge consensus trade, which i would argue is driven a lot more by central bank liquidity story rather than underlying macro fundamentals, which still in the short run favor dollar upside. down intos break this currency pairs into what you are expecting over the next few weeks. looking at euro-dollar at 1.21 coming off the high recently of 1.23, how much weaker can the dollar get versus the euro, based simply on positioning and people basically doing a gut check of how things have gone -- of how far things have gone? mark: if we thought positioning short-term value and a realignment with the macro story, it is definitely a push for the 1.20. we initiated a short euro at the

end of last year to basically try to reinforce it to you, which, one, positioning is very extreme. i think what people are missing here is on the growth side, u.s. vaccine campaign is coming through much faster than we are seeing in europe, so when you take that and you take what we have now, which is further fiscal stimulus coming out of the u.s. side, outgrowth signals are already favoring the u.s., at least particularly in the eurozone and other parts of europe. the other's art of the story relates back to -- relates back to equity flows. you could say that asia has benefited largely from the expansion of the u.s. trade deficit, but if we think about european equities versus the u.s., that is another figure telling us euro should below that should be below 120 -- 1.20 in the short run. we're looking at 1.18, 1.19 in the next couple of weeks. the ecb is outpacing the fed.

tom: these are important comments as well. could you frame out at the end of the year the great missed or a weakertitude is dollar. are you willing to say that? mark: i think the big game changer, it will focus on this. the central bank expansion story continue with further fiscal stimulus, the mmt trade? gettingt time we are fiscal stimulus and larger months of growth, the thing i would argue is the number one factor that drives currencies through all cycles's relative economic growth. the fact is that the u.s. growth story with the democrats, with another 800 billion dollars of potential fiscal stimulus, and a faster vaccine rollout in europe , a cautionary tone on how much euro can lead the dollar leadership. tom: for those of you not in the

game here, what mark mccormick is saying is really important. those of you on radio can see my hand as well. we are at 1.20, we go to 1.23, strong euro, and then we are modeling we go down to 1.19, 1.18, weak euro, which is decidedly against the consensus call. is that going to be driven by a slowing of the mass which no one perceives? mark: if you can explain on central bank diversification -- you have had this accumulation of the u.s. trade deficit, it means you have had this accumulation of capital flows in current account surplus countries. they are recycling probably those dollars out of dollars ended to currencies like euro. that is not a fundamental alignment of the macro story. if we start thinking real money and hedge funds and we start thinking more thematic investor

types, they could start to see some fundamentals on the equities side come on the backside come on the growth side, and they will focus much more on the realignment of positioning and where some of these macro driven factors are. those are the ones that could to 1.20.ow the move tom: time in the triple leverage weak dollar trade as well. i could get run over on this. lisa: you brought up several times, mark, and i thought it was important, this connection between the vaccinations of people in different countries come how quickly different nations are getting their population inoculated, and the strength of their economy, thus the strength of their currency. are you tracking the vaccination schedules around the world to determine which currencies have potential upside? mark: absolutely. i would say that is the most critical factor in terms of thinking of relative economic growth.

we look at economic growth on year ahead expectations and where we think the market is on growth modeling, and also indicators in equities. what we are also modeling his mobility, so we are looking at google mobility, apple mobility, city map. we give the high indicators on where we think mobility is coming throughout the economy. mobility is leading the economic growth indicators. so what you have is the faster we get close to herd immunity, which most of the world could require 70%, 90% of inoculations, the countries that get there faster in developed markets are likely to see the mobility mobilized to pre-covid levels more quickly. the thing that is moving in the u.s.' advantage when we think about u.s. growth, yields are rising, our rates team has a short call, a move to 1.30. if you have good economic growth

and good recovery prospects, and the vaccination coming out in europe is -- the regulations in europe has made it harder for them to get the inoculations out faster. so there is going to be a premium that comes for currencies across the g10 at the very least that can get to herd immunity faster and create the mobilization we all lived through pre-covid. that is going to be a huge defining factor for second and third quarter currency movements. lisa: this makes so much sense in simple, lean english and -- simple, plain english and plan logic. yet sense has not ruled. have you actually seen the correlation here with currencies outperforming in tandem with our vaccination schedules? mark: know, there is just not enough data yet. we get those daily updates come and if you look at israel and bahrain, the global leaders in vaccinations, there is really not a correlation established.

the sample sizes too small. of the correlations that we do know, if we shift back and forth to economic growth, and it affects the dollar. the other correlation has been the most logical. it has gotten a lot of these metro -- macro trades wrong. that is pushing the dollar down, and that has been the simplest line of trying to understand markets. but i think things will get more complicated as we have to make relative decisions. tom: mark, just summarize this. this has been really wonderful. atd like 1.20, 1.30, higher capri10 year, johnson, emails in and says what does it mean for stocks? if you get away from consensus calls, mark mccormick, what does it mean for the equity market? mark: i think what you would get in the next couple of weeks, if u.s. rates are selling off largely because who expected

stimulus and people are questioning whether or not the fed will continue their balance sheet expansion and we start to see a pickup in nominal u.s. rates, which may have real rates rising, it would present a drawdown opportunity, and global equities. most of our short-term valuation models that we used to analyze currencies, we can overlay into equities as well. if you do look at u.s. equities, they are running at 5% to 10% over value on a mobile macro perspective. you would see a stronger dollar, higher u.s. yield, a pullback in global equities. a reversal of everything that we saw moving into year end on the positioning side, just because everything is realigned on the prospect of the weaker dollar, each has been beneficial for global equities. lisa: mark mccormick, thank you for being with us. fascinating to think that actually the virus data might actually matter to markets in a very real time. the idea that the vaccinations will lead to their preeminence

when it comes to their currency as well. tom: i cannot say enough about talking to people with an outlier call. there you hear it, a framing from mark mccormick. i'm going to call it american optimism. stay with us. futures new lows in the -32. this is bloomberg. ritika: with first word news, i am ritika gupta. an ultimatum from nancy pelosi, saying lawmakers will vote to impeach -- whether or not to impeach president trump for the second time in two years, unless mike pence invokes the 25th amendment to remove him from office. following the riots at the capitol building, pensacola see said -- nancy pelosi said he is an imminent threat. mike pence has dismissed the idea of using the 25th the memo. the outgoing capitol police chief says house and security officials have strong efforts to

ring in the national guard this week. as his forces were overrun. biggest names on wall street are pausing all political donations in the wake of the rights at the capitol. morgan stanley, citigroup, and jpmorgan chase join a growing list of countries reviewing their donation policies. goldman doubled he will cut out future giving to elected leaders before the 2020 election results. in china, state run media corporate retaliation, one of the biggest moves yet to reshape the u.s. link with taiwan. the u.s. imposed elements after inicially recognizing china 1999. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i ritika gupta.

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>> as we move to immunizing the population, we are going to have to scale up at a tremendous rate. hundreds of thousands, it would

not be surprising for me to hear millions of people getting vaccinated on a weekly basis if not faster. pekosz weighing in on the massive effort come and redo here about the l.a. dodgers stadium this week will be transformed from a testing site to a vaccinating site as a lot of places around the country try to ramp up vaccination schedules. tom, coming up, savita subramanian, joining us to talk about the little bit of weakening perhaps with some of the incredible record rally we have seen and whether this indicates the beginning perhaps of some frosting being taken off the top. at this point, maybe we will get back to your point. tom: there are financials and investments as well. there is also the constitutional crisis in washington. or than anything, we are living

the pandemic, living the reality of what we are going to do. not soasser rating -- much in the trenches of what we are doing, but in the we have got to get this done of what we are doing, getting vaccinations, what is your best practice right now to ramp up our vaccination programs? were allu certainly just talking about transitioning arenas,sites, larger into vaccination sites. i do think the more people we can get vaccinated as soon as possible, making sure that we are prioritizing those at higher risk so that we get the most kind of impact from the people who have a prior likelihood of -- tom:'s money and funding a constraint? by the people limited budgeting of the last mile of

vaccination? katie: the conversations i have been a part of, budgeting is not as much of an issue. certainly these things are all very expensive. it is how are we functionally getting it done? and dealing with the consequences later. tremendous work needed, resources needed to make it happen. tom: is there a skill to giving a vaccine? my skill is holding somebody's hand because i know it is going to hurt so much. is there a skill to giving a shot? katie: the actual functionality of giving a shot could be done at medical professionals -- given by medical professionals at different levels. you need to have people able to respond quickly if someone has a reaction. so you do need medical professionals there. remember the leap from tetracycline to seat a minute and. there were all these modern

fancy antibiotics. what about our confidence in having these vaccines, both shots? had ancertainly we have increase in people's confident -- confidence is more people get the vaccine. we have a huge way to go to get the protection our community needs. tom: we have a huge way to go, but do we do that with increasing confidence and we have to get it done? do you suggest there will be societal constraints that will force vaccination? katie: as far as mandatory vaccination, is that what you're saying? tom: yeah, the airline says you are not getting on board unless you have a vaccine. katie: i think it is possible. at the government level, i think less likely, at least for a very long time that will happen.

tom: the timeline of the sophisticated mrna vaccines, for anybody who has studied like this, a pro like you or a hack like me, it is really something. what ackly are we college of medicine talks about, which is a low-cost traditional vaccine to get this done? where are we in that? mark: certainly getting -- story ise mrna amazing, but it doesn't mean that other vaccine candidates, traditional vaccine candidates like you mentioned were not being worked on at the same time, so more and more research studies are going on to get the level of data to make sure that type of vaccine is protected. the handling of the current mrna vaccines, they are hugely blocking getting them out. as we get more of these candidates that are more easily itble and distributive out,

is hugely important. there is a ton of work going on to make that happen. tom: do you envision the charlotte convention center being used as a vaccine site? is that where we are heading? katie: health department is already using -- i do think we are going to need larger venues to get the volume of people vaccinated that we need. that will mean private health care, public health the permits, all groups working together to make that happen. tom: so many people are concerned about the shock, and there is this report and that report, one out of a million, one out of every 100,000. are those numbers contained as appropriate? katie: certainly the numbers have continued to be loath for people who have anaphylactic shock or shock like reactions following the vaccine, which is reassuring as we go to larger

groups of people. certainly we need to continue to monitor, but i would just reinforce that those numbers do stay low and happen in a very small number of people, and the vast majority of people do just fine after the first dose. tom: what does the second dose do? i have not seen a good article on this. in the old days, we had booster shots. is that what this is, just a booster shot? katie: it is essentially acting like a booster shot. the initial one is priming your immune system, your protective system, and then the second dose kicks it up further to hopefully get a longer duration of protection, a higher level of protection. with that, we do see some more side effect as far as arm pain, fever, feeling kind of crummy, especially in 25 to 55 after that second shot. we greatly appreciate it. we have pew research on this at

a college in london. ucl has been great as well, johns hopkins, of course, and then to go out and talk to the implied medicine of getting this done is really important. dr. katie passaretti in charlotte, north carolina. last week was an extra ordinary week. take you for an extraordinary effort last week. guess what. extraordinary is not the right word for this week. it is historic. we will give you coverage out of our washington news bureau and out of all of these efforts in the executive, the legislative, perhaps in the judicial branch, who knows? the president is scheduled to travel to texas tomorrow, i believe. not the alamo of san antonio, but alamo, texas, named for the alamo san antonio a good 80 years ago or so. we will look at the markets as well. one of them is oil. citigroup modeling

out $60 a barrel by the end of the year. the b roll of the iba coming up. futures at -34. stay with us on bloomberg radio and bloomberg television. good morning. ♪

lisa: from new york, i am lisa promise -- lisa abramowicz in for jonathan ferro. nancy pelosi ready for a second impeachment just days before asking the office, vice president to invoke the 25th amendment. the speaker telling congress that the president is dangerous. close eco-there is strong support in the congress -- speaker pelosi: this president is guilty of inciting insurrection. he has to pay a price for that. nothing is off the table. lisa: the calls are coming from both sides of the aloe -- i'll. pat toomey says the present should the white house on his