>> the number of people losing their jobs is still historically high. >> we are still living through the demand shock of covid. >> the bottom has really fallen out of low income spending. >> there is risk that we are somewhat priced to perfection in terms of the vaccine. >> in the last several weeks, the mood has changed dramatically. >> last year was all about hoarding cash. this year is more about investment. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan ferro, tom keene,

lisa abramowicz. good morning. "his is "bloomberg surveillance on bloomberg radio and bloomberg television. jon ferro off today. we've got eight days left, eight days of drama filled action in washington, d.c. we have been talking about how nothing matters. it matters. people are just looking at money more than washington. the secretary of state, a massive controversy yesterday over yemen. real outrage, i'm told, across both parties on the hill today -- on the hill. today, esther pump ao commenting commentingr. pompeo on the "good work" the trump administration did. some of the beginning headlines of a historic tuesday. we will get to steve whiting in a minute. to me, the major message, if you can bring it up right now, the four day 10 year chart just

simply shows yield up and price down. lisa: the idea that people are expressing the reflation trade in that yield curve that is steepening and that in your yield that is the highest since march 2020, but really interesting what michael collins said. how much more room does this have to go? at what point do people start seeing bonds as cheap relative to growth expectation? comment ond note, oil up. jeff currie at goldman sachs looks smart. citigrouporking at talking $60 a barrel. we may get there by romaine bostick's show this afternoon. lisa: which you are going to plug because he's doing nothing solid. i find it interesting what mark mccormick of td securities had to say, which is that the mobility data is tracking the vaccination schedules. as vaccines get this trip he did more quickly, we see people move around more, and this is -- get

distributed more quickly, we see more people move around, and that is positive for oil. tom: welcome to all of you. i will give you the statistic i saw yesterday. good morning to san francisco, on bloomberg radio in their early-morning. it was the difference between mask wearing in san francisco versus mass wearing -- versus mass wearing in los angeles. a huge difference. why? what is the cultural imperative that gets you to that? lisa: we have seen that all over. why is there a cultural difference in something that seems more medical than a matter of opinion? tom: again, looking for political headlines as well. steven wieting is with citigroup private bank, and he joins us this morning. do you readjust your 2021 view from the first 12 days of this year? don't, not because of

political shocks like this. when we look back at history, we can find 20 events, including world war ii, that really qualify as political or geopolitical shocks. only two of them really turned the direction of the world economy. this is one that i would doubt is going to turn the direction of the world economy. the effects in financial markets were and felt for more than 90 days. commentant you to on oil as well. how do you filter in the work of edward morse? because itarkably, is across asset classes. it is powerful. we understand what is going on in the oil market. certainly in commodities like copper or iron, these might have directly relatively small shares of economic activity, but the

sensitivities to credit, the movement in currencies, the readthrough to broader asset allocation is really powerful. it has been a contributor to our broader asset allocation, even beyond commodities. tom: so what you are saying -- lisa: so what you are saying is that you buy the reflation trade? steven: i do, because of the vaccine. we have seen already that 5 billion doses will be distributed over 2021, and that is not the end of the distribution pipeline. if you don't want to believe me, thatard it from the cdc they were really charming the course of the future -- to really determine the course of the future economy. this has been an external exhaustion us shock -- external exhaustion us -- external exo genous shock.

it has changed every asset price in the world, and when it leaves, it will change every asset price in the world. there's a lot of the economy int can still be restored 2021 and 2022. lisa: how are you looking at the vaccinations in order to determine your investment thesis? we talked to mark mccormick who is best track vaccines into arms. steven: throughout asia, the pervasiveness of the virus has been lower. maybe it is the experience with sars, for example. a very high compliance with mask wearing, just having different economic impacts. i just think that we are very early on in terms of vaccinations. it is fairly miraculous that we have effective vaccines at the levels we are seeing. expected 60% to

areefficacy, and here we well above 90%. the rollout may be slow, but this is a little like sand in a sea. it will move fast -- in a sieve. it will move faster as we go forward. hudsonn laidler of tower says there's not a certitude, but a likelihood of double-digit return. you and i have lived in the servitude -- the certitude of single-digit returns. is that where we finally are? steven: we are not expecting returns as robust as 2020 on headline, especially for u.s. equities, where we had a lot of defensive equities in the technology sector. they provided solutions to the covid economy. their valuations were driven up by falling interest rates. so it was more than the durability of their earnings.

we are not expecting it to be as small as last year's 19% return for u.s. equities, but there's a lot around the world right now. 85% of our equity weight is outside of the united states, where we have seen some parts of the world lag badly behind. , thate think back to 2009 was a 35% gain for global equities. less for the united states, more for the rest of the world. people thought the expansion was over and then we priced in recovery. for 10 years in which we had 180% gain in global equities, and what was the return in cash? 6% annualized. lisa: what is the distinction of the citigroup view, given what we have laid out is different from most people on the show?

steven: it is discriminating between which assets were really move. there are thorner term -- there are shorter-term dislocations. latin america, southeast asia, these markets have not come back as much. the fact that there is a strong correlation between what you , that are sorter of priced as if their businesses reflect the worst current conditions of the most impacted industries, these are areas that would be bullish. when we get through with these distortions, we will focus on a different set of opportunities. some of these are long-term opportunities, like the fact that we only had a minimal amount of shift into oil -- shift in oil into greener

technologies, and here are dramatic opportunities in just the way we saw 10 years ago. tom: fascinating. thank you so much. we will have to leave it there for now. steven wieting of citigroup, thank you so much. this has been widely expected. sheldon adelson has been very sick, mr. trump's largest donor. las vegas sands announces the death of mr. adel some -- mr. adelson this morning. lisa: he died of non-hodgkin's lymphoma. he was a legend in the gambling industry, and the las vegas world, and yes officially died, according to people close to him. interesting is this is truly a throwback to another entrepreneurial time. this is not a guy of fancy schools, where you go to the right school or have the right technology. this is a guy that started out

on the street corner in boston, and i think he was just as proud of his business failures as the huge success he didn't really enjoy until his 30's. he went up and down within entrepreneurship until he got the right formula. who: everyone have ever met is successful always talks about their failures as their biggest learning's experiences and their biggest pride in terms of what they overcome, but it comes at a time with flux for the gambling .to macau, and a trip . again, the largest donor tom: to tom: president trump and the again,n of 2016 -- tom: the largest donor to president trump and the campaign of 2016. banks are stepping away their

withionships from trump their accounts. futures up nine, dow futures up 62. on our political moment, julie normand of ucl london. stay with us on radio and television. -- this isomberg ♪ bloomberg. ♪ ritika: the house is set to issue a largely futile ultimatum to vice president mike pence today. democrats will demand he invoke the 25th amendment to remove president trump from office. if he doesn't do so, there will be a vote to impeach the president's the second time in a little more than a year. pence and the president met last night for the first time since the president's supporters , and isthe capital rejecting plans he would oust the president. next week's

inauguration, 15,000 national guard troops will be sent to the city. there could be armed protests in all 50 state capitals, and the abrupt resignation of acting homeland security secretary chad wolf added to the crisis. he called on the president to condemn the violence. corporations are publishing congressional republicans who try to overturn joe biden's election victory. companies range from goldman sachs to dow chemical to at&t. , demanding that -- there is stepping up enforcement and wakes of the riots. 70,000banned more than accounts associated with conspiracy theory content.

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. ♪

mr. biden: my number one

priority is getting vaccines into people's arms as rapidly as we can. we are working on that program now. it is just beyond the pale. it's tough. it's wrong. tom: president-elect biden making comments on the vaccine, a great challenge nationwide. i must admit, i am having trouble visualizing what the nr duration will look like. -- what the inauguration will look like. with normand with us now, the university college london. we have done a number of things here. i want to look forward with you to the new gridlock. democratic president, democratic senate, democratic house. why are we even talking about gridlock? julie: well, i think there is always going to be a bit of gridlock in washington, but

provide an especially, yes, he does have a majority now in the senate after the georgia runoffs, but that is an extremely slim majority, with the senate being 50-50, and just having the vice president as a tiebreaker, and only a four-seat majority in the house, the slimmest in recent memory. it will be tough to get legislation through, especially in the senate, when meaningful legislation requires 60 votes. there is some surmising that having a close house and a close senate increases opportunity for comfort my and bipartisanship, it is actually sometimes the opposite. often, the minority party is even less likely to compromise in those situations because they don't want to give the majority a win. tom: if we somehow get beyond our national catastrophe, how does a minority react to not

owning either of the houses? what do republicans do, based on history's take? julie: what we have seen historically is that whatever party is the minority, republicans in this case, would try to stymie some of that legislation that the majority party wants to put through. for joe biden and for democrats right now, the emphasis will most likely be on further stimulus bills for corunna relief. relief.ct -- for corona we can expect some opposition to that in the senate. so we will see some digging in, and just trying to create some barriers to having that legislation goes through smoothly. lisa: meantime, we are talking about impeachment yet again in congress, even though we have eight more days of president trump's tenure. if this more of a damaging effect on joe biden's entry into

the presidency than it is help to the democrats? bige: i think that is a question for democrats right now. certainly, joe biden has not thrown his weight behind the impeachment proceedings. he has pretty much just said i will let congress do what they decide. however, biden definitely wants to be able to hit the ground running. he wants to have his cabinet members and especially national security team confirmed right away. he wants to get to work on the vaccination program, and also on some of this relief and stimulus bills. he really doesn't want the whole senate ground to a halt over impeachment proceedings, especially one that is unlikely to even get all of the votes necessary for conviction to bar trump from future office. it can also deepen grievances and undermine biden's messaging around unity and healing, so i am sure that will be on his mind

, even though his team is trying to spin this more as an opportunity then a deepening problem, but is going to be an uphill battle regardless, and impeachment is going to make it even trickier for him to navigate these waters. lisa: i have been wondering, what is the point if you are not actually going to get trump out of office? he only has eight days left. why go through this exercise? some argue it has international ramifications, edifying the view that the united states is a democracy that is united. julie: there is certainly the sense of what this looks like to the rest of the world. obviously, the images from last week many saw as hurting the global image of the u.s. as a symbol of the mustard seed -- as a symbol or bastion of democracy. of the it is more internal messaging and optics for democrats, for their own voters and the country more

broadly, that this kind of behavior, this kind of incitement can't be a president -- can't be a precedent, saying that the body would be without integrity if they did not pursue proceedings because of this. however, the practicalities around this do make it difficult because they know they can't remove trump from office, and might be making things hard for biden at the same time. tom: one final question, and we ,an do this with julie norman wonderful on the tensions of politics. this has been under our radar because of the new slow, the of then-policy exit trump administration on cuba, and on yemen. exchangea heated reported between legislative inff members and mr. pompeo his state department. explain to our audience why these discussions on yemen are

so heated in washington. julie: the discussions around yemen, a country in the middle east that has been suffering from quite a severe civil war for years now, pompeo is trying to declare one of the groups a terrorist group. labeling any group a terrorist group has very significant ramifications in terms of what kind of aid can go to the country, in terms of what kind of political conversations can happen with that group for peace process's and negotiation, and just puts the u.s. on a very different political sphere than they have been on. tom: just because of time, do you assume that president biden and his team can reverse that decision if they choose? julie: i do think they will try. the team is pretty pragmatic. they are going to want to leave

all options open for diplomacy, and the terrorism label inhibits that. tom: that's where we leave it with julie norman. there she is, with expert views. julie norman with ucl. it is amazing, the ability to keep up with the news. lisa: it is difficult to know what the important bits are. markets are looking past the noise in washington to the prospect of more fiscal stimulus, and the idea of some sort of unity, but it is unclear what that will look like and what exact label get pasted and the next couple of -- will get passed in the next couple of months. tom: in my youth, it was the benchmark. 1.89 04% in the 30 year bond. 1.891% in the 30 year bond. the high yield of the united states, tom. tom: yes, "the real yield" with

jonathan ferro, the early years. we look over to seeing that. coming up, michael gapen of barclays on the future economy. on radio, on tv, this is bloomberg. bloomb- [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music)

,om: bloomberg surveillance good morning on radio and television. mormon -- an historic morning for the nation. hours,ng in the last 12 the president and vice president speaking. on we go to a presumed folk today. kevin cirilli suggesting tomorrow is when we could see the house act on impeachment. very much undecided what the senate will do as well. in the markets, yields higher is the major story. they have been persistently higher. a 1.17 ago, a print of on the 10 year yield, that is of note. lisa: this idea that people expect growth to accelerate despite the fact we got a weaker

than expected jobs report, despite the fact we are getting political uncertainty in washington, d.c., despite the fact the vaccination schedule has been slower than some people expected. michael gapen covering it all at barclays, chief u.s. economist. you think people have shrugged off too quickly the jobs report we got last week as well as these other hangover effects on the economy? michael: thanks for the question. i do not think so. i think there was a silver lining to the december jobs report. almost all of the job losses came in leisure and hospitality at the consumer facing services sector. if you extrapolate outside of that, the remainder of the labor market showed broad-based resilience. there was strong hiring in the good sector, strong hiring in professional and business services. that is similar to what we are seeing in the overall economic data.

trimming momentum and personal spending, but the manufacturing data still looked strong. durable sales, autos still look strong. it is still a covid divided economy. on balance we think the economy has shown good resilience to the third covid wave. i think it is being watched, i do not think it is being ignored. have thiswhile you idea there is a greater likelihood of fiscal stimulus based on the democratic when in wingia as -- the democratic in georgia as well as the weakness in the labor market. what kind of bill do you think is required to keep the economy going at levels currently priced into the market? ishael: what we are hearing they are considering relief package that could range between $1 trillion and $2 trillion in size. there is a question of how many votes in the senate, and henny -- and can you get 60 votes to

pass that without budget reconciliation? we think it could be as large as a $1.4 trillion bill if it includes aid to state and local governments. for unemployment benefits, the rebate checks up to $2000, eight to state and local government, and a large covid related package that has health insurance as well as payment for vaccines and distributions. we think it could be a large bill, we think there is a honeymoon window where you might get 60 votes for that bill. me, michael gapen, lisa abramowicz took five years of latin in chicago. she is way out in front. i will suggest stimulus in the plural is stimuli. his barclays view they need to

frontload the stimulus or to the need to look for multiple go?uluses as we michael: given the time constraints you probably need to look for two bills. one would be the covid relief package. the second would be your infrastructure and tax reform package. the second would need budget reconciliation. together, io both think that would be messy. i think you need two bites of the apple is probably the most you can ask of congress this calendar year. i would do it in two rather than continue it piecemeal. tom: this is important. i just looked at my latin manual i've been using for years. as far as i can get is capre deum. pe scotchem.

going forward about the stimulative effect of the stimul i. up over the next five to 10 years. there is a question of whether this is a head fake, whether people have gotten too enthused of the stimulus versus a productivity gap. do you buy inflation will accelerate past the 2% goal at the federal reserve? michael: i do, but i think it will take time. markets are pricing in inflation outcomes that on average were still below 2%. there was still room for the forward breakeven rates of inflation to move higher. that breakeven measure needs to be more like 2.5% to say the markets are pricing 2% outcomes consistently over time. i think there was room for yields to move given the developments that we have seen. i would not suggest the markets

are pricing in and overshoot. i which he just there is room -- i would suggest there is room for those to move higher. there is a difference between aid packages and what it bill would do. the aid packages are one offs. they are not recurrent tax cuts. they have a more one-off short-term impulse and fewer longer-term impacts. that infrastructure bill should have come later this year and gameast, that would be a changer in terms of expectations since it would be a multiyear spending package and would be hitting the economy at the time most of us say we would be at full employment. tom: you are listening to michael gapen, barclays chief u.s. economist. we welcome all of you on bloomberg radio and television. sheldon adelson has died at 87. on thecker would join us

life of sheldon adelson. as i look at this american economy, i will ask the traditional question in this untraditional time. the elasticity of business investment, what has barclays observed? is it malleable, is it something that can support the economy? michael: we think it can. we think it still has room to run in that regard, at least on the factory output side of the equation. output still has room to expand and meet where demand is. we have to climb -- we have declining inventories for consecutive quarters. sayconomist would generally business spending and investment will follow demand. if you keep plugging in stimulus aid bills and you follow with an infrastructure bill, that lays a good groundwork for business investment spending. we are encouraged for the outlook for business spending

and are looking for solid rates of growth going forward. lisa: do you buy that the labor market can come back much more quickly than a previous recession because this was an exogenous shock and not the same sort of traditional recession? michael: yes i do. we agree with the sentiment the economy had few imbalances when it headed into the pandemic, the pandemic being a discrete shock on one particular set of the labor markets. i think the economy has generally followed most people's upside case, the base case scenario in terms of how quickly vaccines have, and how quickly monetary and fiscal policy has been. if we are on the path to population unity, we would expect scarring in labor markets to be limited. we think you can get a lot of employment growth over the next few years which can be soaked up by a rise in parsippany tatian -- in participation, therefore

not as much near-term inflationary pressure. lisa: going forward, a lot of people point to the shift in the labor market that were accelerated during the pandemic. sonali basak put out a piece in the magazine we have talking about the biggest risk big wall street bankers are concerned about. one of them is the increasing irrelevance of lower skilled workers and the idea that will become an increasing issue. is that something you have your eye on that you think this pandemic has accelerated with the gap between the wealthier and the less wealthy, the people who have skill and the people who do not. michael: it has been an accelerant. it has revealed that. it is another data point that tells people the gap is there and is something we need to look at. i also think it is an accelerant to that process. i think tax reform later this year may have more elements than we think. what has to be --

policymakers would say in people who look at the question would say, we need better effort at redistribution policies, better efforts towards comprehensive health care education, retraining. there has to be not just taxes but also public policy across the board. i do not look at it as much given my role as a cyclical analyst on the u.s. economy, where are we now versus our longer-term potential, but it does not prop up as much on my day-to-day. i know there's a segment of people who are very much interested in it. i would not be surprised if that would be part of the discussion of that bill. tom: michael gapen, thank you so much. barclays chief u.s. economist. spirited discussion trying to figure out the run rates back to normality. ofa: it is interesting a lot people are looking at a much faster recovery than previously

expected because this was an outside shock and the idea of the labor market could recover quickly once we get vaccines up and running, i do not know. we have talked about this. you walk down the street and see empty storefronts and you wonder how long it will take for them to hire people. an extremely to successful business on park avenue, their business is down 65%. there are moments where you give pause. william webster, a federal judge from st. louis who went to , in a scathing note on senator holly of missouri at the moment for his republican party, i quote from the st. louis post dispatch, "congress must consider censure, impeachment, and removal." that is from the giant william

webster a bit ago. hardsenator danforth, yes, out against -- he has really come out hard against hawley. we are not going off air until we see a 2% 30 year bond. this is bloomberg. good morning. ritika: with the first word news, i am ritika gupta. mike pence will get an ultimatum from house democrats and he is expected to reject it. lawmakers will demand pence invoke the 25th amendment to remove president trump from office. when the vice president says no the house will then vote to impeach the president for the second time in more than a year. met pence and the president last night for the first time since the president supporters storm the capital. president trump makes his first public appearance since the right at the capital. he will head to texas to claim progress on that unfinished wall along the border with mexico.

the trip is seen as an attempt to deflect criticism of his behavior and a highlight of what the president has seen as one of his signature accomplishments. pro football coach bill belichick has turned down an offer from president trump to receive the presidential medal of freedom. the six-time super bowl winner from the new england patriots had agreed to receive the honor before last week's riots at the capital. softbank groups vision fund has stocks billion in uber into signaling it may cash and more gains in the future. softbank that heavily on the ridesharing startup. uber shares have more than tripled since hitting their lows . casino mogul sheldon adelson has died. he was a majority shareholder of las vegas sands, the world's largest casino operator. he was a prominent donator to republican politics and a supporter of president trump.

it was announced he was taking a leave of absence to resume treatment for cancer. he was 87. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

>> when you look at what is happening with cases, hospitalizations, and our

fatality rate, we need to increase our diligence over these next four to six weeks. jonathan: that was dr. -- lisa: that was dr. deborah birx. we will be discussing the vaccination rollout, the effect on the economy coming up on "the open." we have a great conversation everyonehim fels as doubles down on the reflation trade. tom: yields moving higher. a little bit of lift in equities. 87.don adelson is dead at he was very sick with cancer and all of this coming with the tumult for president trump. we have seen the president confront impeachment today. may be an impeachment vote tomorrow. there is also the sheldon adelson growing up dirt or in boston starting out, succeeding succeeding,ling, and not doing a lot until well

into his 30's when he became a successful entrepreneur and finished in las vegas with huge wealth and huge success. bloomberg intelligence senior gambling analyst joins us as we look at the las vegas of mr. sheldon adelson. there is a venice in las vegas. it is dry, it is parched, and there is a rialto bridge and you can look at the rialto bridge at what sheldon adelson created. what does the distinction of sheldon sheldon adelson casino and business versus the other entrepreneurs of las vegas? brian: you are right. not only is sheldon adelson credited with those developments in vegas, but also identifying the area of macau as an opportunity for mass gaming development. with a lot leaves us of contributions that are notable. tom: they were international in nature. he seemed to be fearless about

that. what is the path forward. if i can gamble on sports in america how does that change what he brought and what he leaves? brian: with most of the opportunities coming in asia the company has already suggested the possibility of monetizing some assets in las vegas. the likelihood in our view is robert goldstein, the acting ceo and chairman and recent coo and president would be a likely successor. .e is well respected bm: what is the political ent, if you are looking to the pacific, of the gaming business? what does las vegas sands have to do to do better in china after the trump years sheldon adelson so supported? brian: the key thing for macau

will be recovering from covid-19. that is true for las vegas in nevada. as a side note in nevada and the u.s., one possible development that has not occurred under sheldon adelson's previous watch was a move into online sports betting, something he had not been in favor of. tom: is there a joe biden view on that? brian: i do not know if there is because of theut popularity of online betting and sports betting and the extent to which other gaming companies have pursued it, the las vegas sands was notably absent. it is possible that direction might change under new leadership. tom: whether it is warren beatty dashing across the screen of hollywood cinema, their take on las vegas, or the giants blake shelton abelson, there is the future of gaming worldwide. to me it has become corporatist. is that correct? brian: it is fair to say.

in macau and las vegas there are several large corporations involved in the majority of capacity and that has been true for a while and will remain true. but they remain true, are coming out of a major national disaster with casino shut down. when they pick this up, what does your industry look like? brian: i think it will take a while for the mainstay of las vegas, which is conventions, to return. that will take it while. what we are seeing across the industry's people are coming back slowly with all of the social distancing in place. what will be a struggle is to bring people back together for conventions and group functions. tom: conventions and group functions, is that true in asia? vegas, butut in las is the same angle happening in asia? brian: in asia the problematic

factor has been the travel restrictions related to covid-19 that have kept people from coming into macau. it is beginning to ease, but the gaming revenue numbers have been week. -- have been weak. covid restrictions are a big part of that. tom: give us one anecdote of sheldon adelson. brian: he will be remembered as a visionary, particular the one who saw the possibility of developing macau into a mass gaming resort. the hope going forward is there will be other successful people capable of running the ship. tom: thank you so much on short notice. brian egger, the death of sheldon adelson at 87 years old. upures up five, dow futures 49. i would like to frame on radio and television this historic tuesday. what are we looking at a

bloomberg news? we are looking at the pandemic and the lockdowns. i have a headline from this morning from angela merkel, i misspoke, i assumed 10 weeks and i was corrected by francine lacqua. it is a stunning number of months out for germany to consider a lockdown. we see and extending of timelines on the lockdown in europe, and then we come over to america and the frustrations of vaccinations. we will have much more on that from the johns hopkins university. then we moved to the politics of washington. kevin cirilli has been wonderful on that. he has spoken of a real lockdown we see pre-inauguration in washington, and certainly as we wake up in washington, good morning to our washington radio audience, the idea of on a tuesday, what do you do? is perhapst we do wait for speaker pelosi. the house will act, and then

kevin suggests we move on to wednesday and devote by the house. then what is a huge mystery. i take note of all the important stories. the story from bloomberg news, sophie alexander and sonali basak, was thunderous. i was stunned when i read the story. deutsche bank pulling away from the trump's. no surprise there. what was stunning is the new york bank will pull away from their personal relationship with return $5.3mily and million. if you want one signal reporting today to me, that is it. absolutely extraordinary what the trump family is going through right now and the anger we witness on capitol hill. coming up, the republican from south carolina nancy mays will join us on "balance of power."

david westin with the timely conversation and perhaps news on impeachment. dow futures up 32. on bloomberg radio and bloomberg television, good morning. ♪

♪ lisa: for our viewers worldwide,

i am lisa abramowicz in for jonathan ferro. "the countdown to the open" starts right now. democrats pushing ahead with impeachment. vice president mike pence preparing to push back, rejecting demands to oust president trump under the 25th amendment putting the house on track for an impeachment vote as early as wednesday. the house putting forth resolution accusing the present of high crimes and misdemeanors for "inciting an insurrection." joining us now from washington is bloomberg's very own kevin cirilli. what is the latest? kevin: impeachment vote likely happening tomorrow in the democrat-controlled house of representatives. it comes as republicans have been vocal that they believe this is not the proper channel or the path forward they would like to see with just eight days until joe biden is s