♪ caroline: from bloomberg world headquarters in the r2 right here in london -- two right here in london, and carolyn hyde. romaine: weakness in stocks, the russell 2000 finishes the week higher. >> the question is, "what'd you miss?" caroline: reality bites hard.

deaths from covid worldwide have surpassed 2 million. the biggest vaccination campaign in history is proceeding unevenly, particularly in the united states. the pandemic remains the key risk global coc in 2021 according to the latest surf way of the conference board, closely followed by recession rest. we just heard from president biden his perspective on the vaccine rollout. he aims high and he needs to given the target misses we have seen. think of new york city running out of vaccine next week. but the u.s. is not the only one struggling. joe: i guess it is some comfort to frustrated americans that we are not the only country having a slow roll out if you look at the comparison to other countries per 100 people you can see israel and uae doing really well and the u.k. doing well and that it really trails off.

denmark, italy. u.s. is not that bad on a global scale. romaine: you have israel and uae there. the reason you see that rate higher is they have had more coordination by the federal government, military. we heard from joe biden, he did say he would use the defense production act here in the u.s. to increase the amount of vaccines and the supply and equipment needed to administer and distribute that. how that plays out we shall see. maybe, possibly, the u.s. had not necessarily utilize as much of those capabilities as it could have. joe: let's welcome bloomberg news and science medical and tech reporter. michelle come the idea of invoking the defense production act to ramp up vaccine manufacturing. is there the implication of that that there is a vaccine manufacturing capacity in the u.s. that is currently not being used to manufacture vaccines?

>> that is an incredibly important question. you would think, no. in fact, the industry is incredibly good at producing and developing the vaccines. we have seen that happen at a breakneck pace largely because the federal government did throw money and money and money at the problem and basically let the industry role. that is the same situation we would see on the backend with manufacturing. the problem is, or the opportunity is, with defense production act, that there are other elements of manufacturing that are not currently being used, specifically for vaccination efforts. i think it is a matter of pulling in those additional outside pieces to make this, even more organizations, supply chains, back end work available to companies to facilitate what they are doing already. it is that we do not have yet.

caroline: and the talk about supplies needed to get this vaccine into people's arms. it is big, what president-elect biden is promising. pres. elect biden: 100 million shots by the end of our first 100 days in office. some wonder if we are reaching too far for that goal. is it achievable? a legitimate question to ask. let me be clear. i am convinced we can get it done. and this is a time to set big goals, pursue them with courage and conviction. because the health of the nation is literally at stake. caroline: this is going to be a public-private effort. how much do we think pharmacies can be deployed here, michelle? >> well, it is absolutely a public-private partnership. and the pharmacies are going to be an incredibly important piece

of it. but more important than that we will have to think bigger. we are hearing out from a lot of different areas, where implementation is going to roll out. we know we will need to be doing things like getting sports stadiums online and running vaccination clinics 24/7. we are hearing about mobile vaccination centers, where they are literally going to load up these freezers that can get to some arctic temperatures and dry them to remote locations, and south dakota, in the middle of the country, up in the hills, to make sure people get access, when they might not be able to get themselves to these location centers. and a critically important part of it is we are hearing from cdc, the warning from today, about this new variant coming. they say we are going to be spreading even more quickly than we are seeing now. and that it is going to come over the entire country. so we really need to get these vaccines out there, to get that under control. romaine: with regard to the rollout, let's say they start to

ramp up production and distribution, and availability of sites to get vaccinations. is there a general sense here, that what is out there already can be used? there seems to be an argument there is enough stuff in storage or reserves, i am not sure what the proper terminology is, that would get us over the hump until we can ramp up manufacturing? >> i do not think that is the case. we certainly have seen pfizer and bojana -- moderna, how both dramatically increased the number of vaccination doses they say they will be able to deliver this year in 2021. we did hear from pfizer today they are having issues outside the united states that could impact some of those numbers. but that is based on the production they are doing now. we definitely do not have enough in reserve, to meet the demand we have in the united states now. there is some concern about the actual demand level, how many people are going to be willing to get vaccinated, and what about the vaccine hesitancy

rates? we have seen a lot of that in health care settings, higher resistance that we had expected. really, when we are talking about getting to herd immunity, needing 70%-80% of people vaccinated or infected. it is likely even taking into account people who are hesitant against the vaccine, if everybody is willing to get it as access to the vaccine, we should be able to get to those numbers by the end of the air. -- year. joe: so there are two issues we have been dealing with, the supply constraints, how many shots are manufactured or how fast they can be manufactured. then the organization has been unimpressive, with many states deemed to be overly complicated and too, much focus on who is in line and that seemed to slow things down. which is the bigger issue going forward? the technical aspects of prioritization, are those getting ironed out so it is mostly just about are there

enough shots? >> absolutely. the issue, ultimately, is going to be the supply of the vaccine. at this point we are dealing with the idea of, there is this golden. rise, the vaccine you see people posting on social media when they get it. people are jealous and excited, many times, because the idea is, unlike masking, the vaccine protects you. it is 95% effective making sure you are not going to get sick. a lot of people really want it. we see stories coming out, about the boards of directors of hospitals getting the vaccine and their family members getting it. people who have ancillary relationships to front-line workers because it is a hot commodity now. as we start getting more of the vaccine rollout and more people who get access to it, the issue is going to be that we just do not have 200 million doses, and

we have 200 million people in the u.s. you want access to it. so that is going to be the sticking point. romaine: bloomberg health reporter michelle cortez, have a great weekend. joe biden laying out big plans to increase vaccine rollout. yesterday he rolled up big plans for fiscal stimulus. we will talk about that one point $9 trillion economic relief proposal, coming up next. this is bloomberg. ♪ >> bloomberg television is brought to you by level -- glo bal x, beyond ordinary etf's.

romaine: today we are focused on corporate risk and policies. president-elect joe biden proposing a $1.9 trillion economic early package to combat follow-up from the covid-19 pandemic. a lot of money, this matches the last major cares act we had last spring. there is concern here about the

spending and the fact that biden said he was going to come back to the table for more. joe: it is a down payment, the first move, but even this is ambitious, including a $15 federal minimum wave, $2000 and direct aid -- in direct aid. and eviction moratorium. plus state and local aid. and transits and local stools -- schools. this may be the first round of it. caroline: meanwhile you have republican marco rubio saying this has to be split into pieces. the data seem to back up the need for stimulus fast. retail sales numbers today, economic conference -- confidence, paint a bleak picture. romaine: joining us with more bloomberg news, u.s. economy reporter. it is the first version.

biden expects to take another whack at it at some point. but is what we heard last night a starting point negotiation? joe: or is this what they hope to be the final version of the first stimulus? >> i think i starting point is a really good way of putting it. we already had a source familiar with the, in the biting camp -, just published- biden camp, published a story that this is an opening bid. especially with some components that will be longer-term. you notice there is a $15 federal minimum wage in their, and already republicans are up in arms about this, and they voted against this proposal in the past. there is some optimism about these kinds of programs, especially when states, for exam, florida which voted for trial, approved a $15 minimum wage. so there is negotiating room. definitely a lot of interesting

components to this. when you think about, it is already getting republicans'backs up. romaine: we know what happened the last time they try to have a vote on raising the minimum wage. i curious about other provisions that are not released, per se -- relief per se, but aimed at combating the covid-19 crisis. is there any sense there would be pushback to those elements of the legislation? >> it really depends. the covid-19 provisions are pretty direly needed and frankly, economic data we have had this week and last week underscores that. it is really hard to argue against throwing a lot of money out this, whether vaccinations or a higher minimum wage or payments to schools or states. i mean, we had jobless claims backup close to one million. we have not had that in several months. it was the biggest jump since march. you remember that was when the

pandemic first landed in the u.s., and states were closed. so this is, we are still not out of it yet. we were talking about an economic stall before, this is clearly showing a lot of those going out to consumers, ppp funds businesses were getting, it is that cold winter biden and a lot of economists predicted. that was the response from all the economists to this bill, this is a great starting point. this is a good way to fill that gap. and then the next step is to really spur the economy. caroline: goldman and other economists out there not thinking 1.i truly dollar is going to get through but they are upping their expectations for how much will eventually get done thinking about $1.1 trillion overall. what is going to be taken out most likely? if it is state of local support how they get support to the

states? is that easing pressure in terms of payment for covid vaccines? >> that is the key question now, and that is what they will be negotiating. i think the covid stuff will be incredibly important, and important to go through quickly. there is also talk of this reconciliation process in washington, sort of passed some of these things through. not all of them can go through that process. but some aspects of the plan can. and timing is another thing. you know, is it about speed, is about making sure a packages possible, especially with the knowledge the way a second one coming? so there is enough -- another package that will get done sometime this year. i was reading the note from moody analytics. mark sandy was saying it is likely they will pass something around the trillion dollars now and then the next package will make up for that for the other

$.9 trillion. sort of imagining it as an economic influx this packet -- this package may be broken up into parts, going through somehow. joe: coming up, the top challenge keeping global ceos up at night, covid-19. we discuss the conference board's later -- latest ceeo survey. -- latest ceo survey. coming up. this is bloomberg. ♪

caroline: today we are focused on corporate risk in the new year.

according to a new survey by edelman, ceos are becoming increasingly trusted. joe: ceo's? romaine: what do you make of that, while times? joe: wild times. during this crisis we have seen big business operate in an impressive and competent manner and many would say they do not feel the same way from government and elected officials. to talk more about businesses and what is on the minds of businesses, let's bring in dana peterson, chief economist at the conference board. thank you for joining us, we have been talking about the vaccine rollout, questions around fiscal stimulus. how big is this question of effective rollout of the vaccine, the key determinant in terms of ceo sentiment, business sentiment, and their willingness to open up and invest this year? >> well, our survey of ceos we

published, ceos and members, that we published yesterday shows the number three issue on the minds of executives, in terms of how quickly the vaccine can get into arms of employees, how quickly they can open back up doors to allow toys to come home, essentially in the u.s., not come home but come back to the job. especially in the u.s., there is a great desire to bring people back to work. consequently as we bring people back to work that should help open the economy and get things going again, hopefully in the second half of this year. romaine: u.s. policy, government policy, has been erratic over the last four years to put it diplomatically. did any of the ceos talk or respond in a way about the potential change in administration here, and whether that would stabilize some of the policy directives going forward? >> we do think there might have been a biden effect, certainly in expectation of policies of

the next administration. indeed many executives thought uncertainty around trade and global stability or instability would be lessened with the next administration. however, they were concerned about increasing regulations. both of those things are areas the next administration definitely is focused upon. caroline: i am interested in the difference in responses from say, chinese ceos versus u.s. ceos? it strikes me as amazing that u.s. ceos are seeing an ascetic game changer wears chinese ceos are not. is that because they have managed to get covid under control to a great extent? or are they seeing work from home as a longer-term viable option? >> our thoughts it is likely the first. in china they were able to aggressively address virus, get it under control and reopen the economy, reestablish exports. to that extent, in terms of being a big driver of economic

activity, the vaccine probably does not matter as much for china internally. but certainly, for the rest of the world still struggling in terms of increases in cases, the vaccine is going to be quite important, at least according to second is that we surveyed. joe: one of the things we have been talking about all week is the weirdness of what is going on with domestic u.s. politics, which has been in uncharted territory. and the seeming disconnect between what is happening in the stock market and economy where people remain optimistic. how does what is going on in washington specifically, the scenes that we saw at the capitol last week, the impeachment drama and everything else, how do ceos hear that? >> it is tough to know because our survey was taken over the november-december span, and we do not have yet our seo survey -- ceo survey we do on a

quarterly basis. but if we look at stock market reaction, stock markets are excited about any additional stimulus either from the fed or the government. so, certainly there is a disconnect between what is going on in stock markets and what is going on, in terms of the real economy. but i would imagine that in our upcoming quarterly survey of ceos, there may be concerns, certainly, about stability, when it comes to government. but again, in our survey we did take before all of this happened, there certainly was more -- or less angst about government policy, going forward. romaine: what about everyone working from home? i was told months ago this is going to be forever and then we heard from a bunch of ceos saying no, we are getting everyone back here. what is the general sentiment with regard to the work from home trend? >> it is interesting. there was a big dichotomy between the way u.s. ceos viewed work from home, and ceos from the rest of the world.

u.s. ceos do see that, or feel work from home is not a trend that is going to go away. but there is a larger push to get people back into the office. so we expect there is going to be a hybrid model in the u.s. but still more people working from home then before. certainly, globally, there is much more affinity for work from home. caroline: dana, real estate ceos on the back of that. people, even if longer-term they think they will let people back to the office i'm am sure it will be on a flexible basis. >> i think the answer is location, location, location, right? so if you are a realtor in a residential area this is probably a boon for you. people are leaving central cities and moving out to the suburbs and into rural areas, looking for larger houses where they have offices and can work from home.

if you are in commercial real estate, in suburban areas where people are expected to move that is beneficial. but it is a negative for many in the real estate sector in these big cities, where people are leaving, moving out or working from home so they do not need to come in day today. so it is really a mixed picture. there will be lots of questions in terms of what we do with the extra office space we are seeing in larger cities. romaine: great research here, dana, have a wonderful weekend. dana peterson conference port economist. you can -- conference board chief economist. you can subscribe to get our podcast every friday to listen to over the weekend available to wherever you listen to podcasts. i use a pocket cast are we allowed to say brand names? joe: spotify. caroline: spotify has not been

doing so well today, because of concerns about podcasts. i am more about google in that complete ecosystem. romaine: have a great weekend, everyone. this is bloomberg. ♪

♪ i am emily chang, in san francisco. this is "bloomberg technology." new york city say it may come out -- run out of vaccines next week. the fast spreading u.k. strain is taking off in the united states, and we will give you the latest mobile snapshot of