francine: italian senate showdown. giuseppe conte wins the first vote of confidence, but the real test comes today in the upper house. yellen on the hill. biden's treasury secretary pick is set to tell the senate that it's time to act big on stimulus. and trump's last day. the president is expected to issue pardons, but not to himself or family members. he leaves his term with a 34% approval rating. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene in new york. tom, i have been reading extensively of janet yellen, her testimony, what markets are looking for. they want to ask janet yellen through the senate committee, and of course it is about a very different inauguration this 2021. tom: we can go short-term chair yellen, secretary yellen, and look at the history of the moment that we will see tomorrow, i'll coverage

beginning tomorrow bright and early. to chair yellen, i would go over the long weekend in the united states, stimulus was at hand. whether it was prichard in the telegraph talking about 25% of gdp, all in, or even the debate, francine, in the united kingdom, over the length of stimulus before austerity. it is a raging debate, as chair yellen speaks today. francine: it certainly is. if you look at the finance ministers of the g7, the finance ministers -- talking about raising taxes as soon as easter. tom: that will work. francine: let's get to the bloomberg first word news in new york city with karina mitchell. karina: treasury secretary nominee janet yellen is expected to tell a senate committee that low interest rates mean it is time to act big on a coronavirus stimulus package. the former fed chair begins her confirmation hearings today. it will be the first time lawmakers can question someone

about the biden administration's 1.9 trillion dollar relief plan. meanwhile, white house officials don't expect president trump to pardon himself, his family, or close aides. he is still expected to announce a list today that may include a famous rapper. lil wayne had pleaded guilty to a gun charge. u.k. will start to lift its coronavirus lockdown in the first half of march. elf the fishers are ramping up a mask vaccination program this week. there is a mid february target to vaccinate them as vulnerable groups, and restrictions will start to be lifted two to three weeks after that. the international energy agency has lowered forecasts for global oil demand full-time it has cut first quarter estimates by 6000 barrels -- by 600,000 barrels a day. the iea says there are fundamentals on a global -- forecasters say it will take more time for oil to recover

because of new lockdowns. 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 am karina mitchell. this is bloomberg. tom? tom: as we have seen over the last number of days, really a churn to the markets. we are at the 31,000 level on the dow, 30,886. and the vix is telling, so i'm going to suggest middle of the range that the equity market has been an. yields at 1.1% on the 10-year, brent crude 55.43. i'm struggling here. i haven't looked at bitcoin. oh, francine -- i will let you quote bitcoin. francine: there is always something going on with bitcoin. i immensely enjoyed joe rise and thaw on twitter with his remarks. global markets are climbing

ahead of the speech by treasury secretary nominee janet yellen. she is expected to call for spans of government action to bolster the u.s. economy. we will see how that plays out in treasuries. for the moment they are climbing back to 1.1%. i have also spent time looking at the russell 2000 index of small-cap companies because he could come to a head in the first 100 days of joe biden. and across the world there seems to be a bit of a reflationary trade, and that is pushing through. i also want to show the vix. not as elevated as it could be. president in his last full day in office is not expected to issue protective pardons for himself or his family. he is ending his term in office with historically low approval ratings. according to the gallup poll come approval numbers have dropped to 34%. joining us now is wendy schiller, nonuniversity chair of political science. thank you for joining us. first of all, is the republican party, given the latest gallup poll about his popularity, still trump's party or not?

>> good morning, francine and tom. i think they are thinking about deciding that as we move along in the next couple of weeks. the pardons are really interesting. you can imagine a scenario where impeachment had not happened and the prospect of conviction, if it was not a real prospect, we might see a very different set of pardons today, concluding -- including a self pardoned by the president. clearly the republicans have sent the signal that if you go too far in the last days of your presidency, it will have to convict you. i think some people in the republican party are running for senate in 2022, they have to grapple with shutting him down completely or running with his energy at least into 2022 to prevent a primary challenge. it is undecided because they cannot really read the tea leaves yet. francine: i know that the

president has many calls and many meetings, just like our tom keene. what exactly are we expecting in the next 24 hours? who will he pardon? wendy: i think pardoning people that might be not innocuous, but people who have committed crimes that most americans say that was not that bad or they served too much time or from can be a hero to particular communities -- that will be the safe way to go, and every president does these commutations and pardons before they leave. this is not unusual. it is any pardon of particular rioters that we have seen be invested, steve -- at that we have seen been arrested, steve bannon, lightning rods in the republican party party. any of those pardons will put more pressure on republicans in the senate to convict donald trump. that would bring about a pretty strong fissure in the republican party amongst the base who remained loyal to him, and the people who are trying to get that party organization back on his feet going into 2022.

tom: i am so happy that you are on here the day before the inauguration. jonathan in the washington post, with msnbc, has a fabulous essay today, where he speaks to our great historian ron chernow about u.s. grant, some of the parallels to that inauguration, the first inauguration of u.s. grant, is very telling. professor schiller, link the overlay of the weekend's news on white supremacy into the future of any given party. is your study of history that the republicans can push that aside, or is that embed it into their process over the next few years? wendy: i think what a lot of americans who want to see the country move forward, particularly on race relations, policing, and frankly every other piece of the fabric that makes us together, including the economy, and wages and rising wages and falling wages, i think

you have to think about what happened after grant. he held the line amid a decade later, you had construction completely fail and you had white supremacy take over the south for essentially 100 years, about 95 years. this is the big fear, that in fact it runs deep and strong, and the question is, will the institutions of the political parties be enough to withstand it, or do you have to rely on government policy or government enforcement? we have seen the capitol is basically on lockdown, which is very much similar to what the southerners fell about occupation under the reconstruction situation. these visuals matter a great deal, exactly what you're suggesting. i'll bite handles that, i'll biden handles the rhetoric of the democrat party. the left wants all sorts of things. will it go for populism, get everybody back to work, get everybody back to doing better economically, or will they want punishment? will they want people to be shut down and run out of town, so to

speak? if that is the mentality, and that is the rhetoric of the democratic party, that becomes really problematic for overcoming or at least dealing with the strain of white supremacy that runs so deep in american politics. tom: ulysses s grant had the hallway of the willard hotel, which is why we get the phrase lobbyist, i believe. biden is less visible. how do you frame the task at the president hasn't had or government hasn't had, given our new social communication? wendy: well, obviously, communication -- the bully pulpit, so to speak, with teddy roosevelt using the bully pulpit, franklin delano roosevelt using the radio, donald trump using twitter -- joe biden as a good communicator, i think people trust him. he will have to win the trust of

the people who voted for donald trump, of course, but that is more of an antigovernment, anti-election trust rather than a demonization of joe biden. he starts with a stronger advantage than a lot of other presidents, that basically he is a good guy kind of thing. we'll see how that develops over time. he is not the best or rater, so that she is not the best or rater. it does not lie on speech for the public, twitter, but he has got to get coronavirus under control and he's got to restore faith in the government. the vexing problem has not rolled out the weight -- the vaccine problem has not rolled out the way it should. how do the democrats and joe biden restore that? that is a huge challenge. that pervades everything else they are going to do. if people do not believe in government, you are not going to get vaccines done the way they need. you will not get coronavirus under control and you will not get an economic recovery. the fact that he stands in a position of almost neutrality, i

think he is going to maintain that with every single tweet that he sends out. francine: professor wendy schiller, brown university chair of political science. joining us tomorrow for special coverage of the inauguration of joe biden at 11:00 a.m. in new york, 4:00 p.m. in london come you can watch that right here on bloomberg. coming up, we talk about the top risks to 2021. ♪

francine: this is bloomberg surveillance. tom and francine from london and new york. we talk about politics, less 24

hours of donald trump in the white house. with that, we also have a hearing of janet yellen, nominee for treasury secretary. joining us is the saxo bank executive officer. i jumped the gun a little bit there. if we look at the markets, they are clearly positioned for some kind of reflationary trade, maybe looking forward to the explanation of janet yellen in terms of what the stimulus will actually do. what could change that trajectory? >> christmas. it is a little bit like christmas in that the expectations are high. i think what people are saying right now, she is the most dovish chairman in history as the federal reserve, and as the federal reserve chairman she was very much reminding everybody constantly that we need a fiscal handle. now she sits with the money printing machine, and she and the market are expecting her to be going full out. of course, there is a very tall

senator from west virginia that can create some noise there, but overall, -- it is pretty sad come of this narrative that the worst gets in the economy, the slower the vaccine rollout is, the better it is for the market because it extends the period in which there will be support, increases the size and the scope of the support, and the federal reserve will -- it is kind of ironic that the worse it gets, the better it gets with market conditions. francine: for the record, the christmas lacqua never disappoints, but that is a whole other date. where do you see inflation? >> i think it is already there. one of the issues that we have is in particular with u.s. cpi's, you have rent equivalents, and that is falling. san francisco rent is found when he percent to 25 per -- is down 20% to 25%.

their overall point being that if you use the market to find price discovery, you are looking in the right -- in the wrong place. in the case of the marketplace itself, it is controlled by the federal reserve. what we do see is the following. it is that the supply set of the economy is totally constrained. the trade weighed around the world, shipping cost is up 600%. we can be online and digital, but we need to be producers, we need to deliver to a port, we need to deliver from the coast to the u.s., the last mile. all of that is up between 50% and 200%. the supply side, the investment is giving us a huge signal, and the biggest one is the fact that the commodity itself, what are you getting paid to belong --

tom: i have about eight ways to go here, but i'm going to go to a single sentence, add note that the partitions, the up-and-down of interest rates and the price of money -- what is the price of money? what will be, within the process that you just described, the tip point where all of a sudden we will say we have gone too far fiscally? steen: that will be a price jump. i don't think the whole market is looking for 1.25% in 10 years, 2.25 and 30 years. when all of a sudden the market realizes from a base effect inflation will hit 3% over the course of the summer -- on top of that base effect come you have these supply constraints, and all of a sudden you have a discontinued pricing effect where prices jump from 2%, 2.5%, to 3%.

anyone studying knows that there was an oil crisis that -- i expect the inflation expectation to continue onwards. the input of all of us about 3% of inflation, ending at 12%, i'm a little bit nervous. i'm not saying it is a big risk, but i'm a little nervous that we have this discontinued price jump because of the bottlenecks that we have seen. the physical world is too small for the success of digital and online, and the underinvestment into the infrastructure environment. tom: you have mentioned infrastructure twice, let's go there. do you partition fiscal support for income replacement, income substitution -- do you partition that from massive infrastructure spending, or is it all the same? steen: it is not the same because one, it is a replacement, and specifically it is a replacement of demand. the other one, everything being equal -- ports, internet, access

airports -- all of that has a productivity component to it. as long as services are used to drive up productivity, it is very good to have a bigger deficit. but if it is all about replacing inequality and the like, there is a certain component that is political but generally speaking does not have a productivity component. francine: we also have plans today for the european union to try and give euro a bit more of an international role. what does that mean for dollar? steen: it means that the process that we have seen in terms of the reserve data for the u.s. dollar -- the reserve status of the u.s. dollar is -- attack is too big of a word, but it is being dug at in a sense. overall, europe clearly, like a

lot of under countries we have seen over the last 10 years -- russia and china to mention two -- doesn't want to be dependent on the capital market, the u.s., as we go forward. the velocity of those deficits -- don't forget, janet yellen may be christmas coming for the market, but she's also starting from a point of having used the credit card all the way to $23 trillion worth of debt. tom: we see that overlay here, and we will see what we see from the biden administration in the coming days. steen jakobsen, saxo bank cio. dell futures up 1.61. this is perfect on a day -- dow futures up 1.61. and alan blinder, the former vice chair on his good friend janet yellen. stay with us. a day before the inauguration, this is bloomberg. ♪

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karina: this is surveillance. in europe, car sales fell to a new record last year. new vehicle registrations plunged 24%. relatively resilient demand and the second half of 2020 only did enough to reverse the collapse in the 2020 outbreak. birkenstocks is in talks to be taken over by cbc capital partners.

it could be valued at more than $4.8 billion. the company launched its sandals in the 1960's but its roots go back to 1774. the social media network parler has reappeared. the platform was briefly the new home for president trump supporters. parler became unavailable after amazon determined it had violated terms of service. now it has found a new company to host it. according to rs technique a. that is the bloomberg business flash. francine? francine: we want to look at the data and speak more about birkenstock. i am fascinated. tom on instagram, on twitter sometimes, has a wonderful collection of shoes. i actually don't know whether you own a pair of birkenstocks or not. birkenstock -- it is amazing that they are selling and that they could grow into new

categories. tom: birkenstocks. do i look like a work in stocks kind of person? i mean -- francine: let's do a data check. maybe, tom. you are full of surprises. that is what i have learned. tom: the 10 year, 1.14% -- francine: looking at data -- tom: where are we? i do note some dollar weakness all of a sudden. pretty much a midrange. you know, francine, one thing we know for certain is matthew, who runs the show here -- he has four pairs of birkenstocks. francine: multiple pairs. tom: this is bloomberg. good morning. ♪

♪ >> "bloomberg surveillance" from

london. tom and francine. thank you for keeping the ship going yesterday, francine. we have been talking about demand out there and supply, which goes to the makeup of our global recovery. are we still a consumer-like global recovery, steve? >> absolutely. the government plays a huge role in this. during the pandemic, we saw something we had never seen before, 13 million americans lost their job. in the same time period, they had increase in disposable income. that disposable income flowed over into economic activity in china and we come back to the supply constraints because now you can get it into new york and other places. it is very much driven by government support. francine: where do you see the best value for 2021? i know equities -- we talk about

equities running hot, bubbles, is there any part of the market you think is unloved and warrants a little more attention? >> and relative value terms, commodities and commodity linked stocks, that is something we have a big focus on. in terms of the technology space, we are far more leaning toward logistic companies they had -- companies than amazon and a of the comply -- because of the supply constraints. we like to deliver the goods at the end of the day. overall, i used in the last segment the christmas analogy. i feel like a 12-year-old expecting a great year with all of the expectations 10% to 15% rise in 2021. i do not think the bottleneck of the economy will give us an additional excuse.

and we have a vaccine that rolls out more quickly than to some extent that we have to retire some of the support we see on the demand side. i don't think the economy can take it right now. we have a very insecure and little transparency in terms of what's going on. francine: tom wants me to ask about the bitcoin seen because we try to talk about day in and day out to see what is behind it. do you have anything on bitcoin? steen: we have it in the portfolio, overall 7%. i will tell you i we have it. it's an optionality. -100 basis points expected for fixed income and fixed income generated products. i'm willing to put 7% of my portfolio into something that at worse is worse zero, and at best, 15 to 20% -- 50% to 20%, and at the best case, 100%.

i am not a doom and gloom guy, but i would rather be long and stored in technology than in fiat money under severe attack with an incoming government in the u.s. that wants to increase physical support for the economy , push money into small parts of the economy that cannot take it. francine: thank you so much, steen jacobson joining us from there. here's karina mitchell. >> janet yellen will have a different task when she goes before a senate committee today for a confirmation hearing. joe biden staker treasury will defend the president-elect's stimulus package. she is expected to tell them that's a low bearing karst -- costs means it's time to ask big. meanwhile, the bided administration rejected a move by president trump to rescind travel bans on non-american

citizens arriving from the eu, u.k., brazil. the bands are preventing the spread of the coronavirus. president trump said the bands could be -- bans could be removed safely but -- president trump's approval rating dropped to just 34% in a new poll, the low point of a presidency that already has the weakest average rating of any of his predecessors since the survey began in the 1940's. the president's approval rating fell 12 percentage points before the election. in lit -- in italy, just happy faces a vote in the senate one day after he won a similar vote in parliament. it could allow him to stay in office even if the support fall short of an outlaw -- our majority. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in more than 120 countries.

i am karina mitchell. this is bloomberg. tom: thanks so much. coming up, any number of things, one of the major ones is how we synthesize risk to presume vaccinated recovery. our next guest joins us from the world economic forum. futures of 25, the day before inauguration. this is bloomberg.

francine: this is "bloomberg surveillance." i'm francine lacqua in london. in 2020, the world experienced a pandemic, a risk the world economic forum says was ignored

until now. today's annual risk report lays out the other dangerous -- changers ahead. -- dangers ahead. saudi, thank you for joining us. when you look at risks, there are four to five top risks, climate change, not having access to the internet, things like that. what is the challenge of a black swan event like the pandemic? i'm sure people talked about it, but it was also unpredictable that it would come with such force and so quickly. >> that's what's interesting about the report. i think that is why we see this has to be a wake-up call. the pandemic or rather the risk of infectious diseases was something the -- something called out for 14 years in the global risk report with a varying degree of what the impact may be or likelihood may be, but there has been this focus that this is the possibility of a low likelihood but high impact event that we

need to watch out for. with this year's support, we are trying to call out one of those other areas. we tried to do that with different typing. if you look at the next two years, there are clear and present dangers. one of which is this pandemic has not yet gone away. the second is the loss of jobs that has occurred around the world. this is not really want economy or another, regardless of how economies have dealt with it. the third element is digital inequality. half the world still does not have access to the internet where most economies are only really able to function efficiently. three to five years out, you have some of the effect where there is a possibility of debt crisis with the excessive amount of spending governments are doing now. when might that bill come in? there might be commodity shock, technology governance related crisis. five to 10 years out, there are

the dangers that we know our existential threats to the planet, and that is related to climate change but also concerns about collapse of the multilateral system and weapons of mass destruction. that is the sequencing of how we see these risks play out. francine: when you look at the barriers to inclusivity you talk about, what does that lead to if we do not address this in the next 12 to 18 months? saadia: we talk about ak-shaped recovery within certain economies. -- a case shaped recovery within certain economies. we are looking at it globally. part of the world has access to english 70 and that is where some parts of the workforce, not all, are able to adapt. there's this other part of the world where we don't have basic internet access, things like electricity, basic water access, and that is where recovery and a return to growth would look different. in fact, we are starting to see

there is a possibility, for the first time in a long time, more people falling back into poverty than before. globally, there has been bifurcation in terms of growth and development. tom: go back to 2012, and i will not mince words, it was a brutal davos. occupy wall street was in full force and the final day have davos was not good. there is a protest out there, and you brilliantly identified with your day in the inequality -- and the inequalities are there. what are the urgencies so we don't have a global protest over these new inequalities? saadia: i think you are starting to see that already, what covid has done is accelerate those trends. the extreme disillusionment of youth, particularly when you look at the millennials first in the work or's, they were facing the global financial crisis area and 10 to 12 years

later, they are basically facing this crisis. this entire generation is scarred by two crises, and there is a risk of a breakdown of society and cohesion. where do we go from here? i think that is what this report is coming out. it is -- it's focus on inequality is critical. people cannot just talk about return to sustainable growth if that growth does not give people equal opportunity, whether it is an advanced economy or emerging markets. there will be a rise of social movements, social fractures, and more discontent across economies. tom: what can corporate leaders do? i had this debate well over 10 years on the sidewalks of davos, which is ceo's they don't want to be part of the bank. they are hardwired to be like that and you, rachel edelman with his trust study says ceos

have to become more active. what is the description for shy ceos? saadia: the latest results of that survey show that business leaders and corporations are generating more trust from society than at present politicians or civil society organizations. i think that's in part because of the shift toward stakeholder capitalism. you talk about the last 10 years but in the last year, in the midst of this pandemic is the same moment where businesses have to take metrics much more seriously, even in the midst of layoffs. they are having to think hard about how they continue to contribute to society and with their overall contribution is in managing this crisis. i think you are seeing a big shift happening, and there is no other way out. governments have already given massive amounts of stimulus, $12

trillion, and there is more to come. at some point, this cannot simply be about stopgap measures and managing the emergency but it will have to be about investing in a new kind of economy. that is where the private sector becomes critical and where government incentivizing a private sector becomes critical. francine: in some of the long-term risks, you talk about backlash against science. is this the year of reckoning where we see whether people still believe in science, and are there any steps that businessmen and businesswomen can try to do to ensure we still say on the path of trusting science? saadia: if you look at one major example, how quickly the private sector, public sector has been able to collaborate. and work to where the vaccine. this is the kind of process that may have taken years in the past, so i think there is, for some part of the global population, a restoration of state and science, but that also

means we have to take more seriously climate-related signs and much more seriously the social sciences telling us the numbers, when it comes to unemployment or disillusionment or disenfranchisement is equally important to look at. equal -- so looking at data and making decisions on the basis of that becomes critical. that is hope -- that is what we hope to drive people toward. francine: thank you so much, saadia zahidi, the world economic form managing director. next week starts the davos conversations virtually. metal exchanges will propose closing the trading ring for good. tom, it brings back memories. i remember when i was a junior importer in london going to that in the fact they are now trying to close it goes -- as part of the exercise that has been slowly coming to the london metro and the last 15 years to modernize. tom: this is a huge deal.

the advent of the modern system, 1571, and i think 1877. this is the last bastion of what used to be. i've never seen this, but once, i was with rachel, and rachel and i ended up at the dorchester hotel bar, which is where everybody goes when they're done with the ring business. francine: one to the other. tom: they do a circle of the bar dorchester hotel and stand around it. francine: just to put into context, and i verified the figures, but the rings underpins roughly $50 billion in metal trade every day. it has been operational since the 1800s i believe, surviving two world wars in the process. it was regarded as one of the historic moments, the ringing of the bell. i'm sure a lot of people see it as a sign of the times and

modernization, but also a little bit of -- as well. tom: it's a big nice meant -- big announcement for everyone. this is an important interview, he is our expert on executive orders and executive and legislative dynamics in the united states of america, andrew is with bowden with important books, thinking about what is the purpose of a president in modern presidency. we are thrilled to bring him to you next. this is bloomberg. ♪

tom: "bloomberg surveillance." good morning, everyone. this is what we like to do and what we think we do best, find people who are legit authorities on the moment at hand. the moment in america is the inauguration of joseph biden. andrew deleverage is a bracket read professor and his books are especially important and consistent on the changing presidency and how the presidency affects the legislative branch.

we are thrilled the professor could join us this morning. professor, you grew up in the crucible of hand-to-hand combat in politics. watertown, massachusetts. [laughter] is washington becoming like the politics of watertown, massachusetts? >> the one thing about watertown is massachusetts in the 1980's and 1990's was effectively a one-party state except perhaps at a -- level. joe biden will not have that luxury. watertown was a different character than d.c. is. tom: i read a few of the executive orders of president trump. will president biden's executive orders have the same tone, the same energy, the same legal structure? >> you raise an interesting point where professor trumps -- president trump's orders were flowery in their rhetoric compared to the past universe of

executive orders, which are really legal documents demanding the executive branch act in a certain way. president trump used them as a cross between a press release and directive. they were full of these policy statements about the problem that the order was trying to solve. sometimes at great length. as recently as yesterday, the president is issuing an executive order about american heroes and went on sometime about the problems in american civic life and how we solve it by erecting a newgarden of statues. that kind of language i don't expect to see in the bided administration. i think we will see a return to the old boring executive orders that are bureaucratic directives to officials within the

executive branch itself as opposed to men for the consumption of the interested public. francine: professor, given approval rating currently of donald trump, is he still the republican party? are they interconnected, or are we going to see a clear divide? francine: that's a very interesting question. it will be one of those things where the proof is in the pudding. the president, the outgoing president, would very much like to be the dominant force in the republican forward -- party going forward. he was to be able to, with the snap of a finger, control primary elections and the ton of republicans on capitol hill and will be on. the events of the last couple weeks, it made it clear to republicans, especially elected to office, the dangers that might pose. on the other hand, the president's command of the grassroots party still seems strong, so there will be a struggle.

that will start with the impeachment trial as soon as that begins in the senate. we will have some indication then of how sweeping the president's control of the party moving forward will be. francine: how many legal troubles is donald trump in tomorrow in the meantime? prof. rudalevige: there seem to be problems at the state level. in new york, where they have been examined -- there have been examinations of his company's finances, his own taxes, the set up of his father's estate that came to the family, you'll have issues with the flow out of -- issues that flows out of the riot that these issues helped inside -- insight. there star issues out of the obstruction of justice questions raised as far ago as the mueller report. there are definite issues he's facing. as we know more, at people feel

freer to talk about the events within the white house, you may have some of the president's closest allies and confidants also may face their own legal challenges. we've had reports of the possibilities of pardons for sale among the presidents legal team. we won't have an idea quite yet about the scope of what the president does with the last 24 hours in office, but there are problems there eventually. tom: this has been wonderful and we would like to continue this discussion. i have about 10 more questions, including how the hockey team will do this year in the crisis. andrew is with us from beckett read. francine, there are so many questions i would like to ask the professor and so many others as we talk to professionals -- professor shirl are -- professor schiller earlier.

tomorrow will be absolutely original. francine: also, because it starts today, right? donald trump is expected to vacate the white house today. he will not show up at the inauguration. does vice president pence take on the duty at the inauguration that donald trump would have otherwise fulfilled? francine: a smart question, and the answer is that we need to go back to andrew johnson after lincoln and into u.s. grants. the president for this, i don't think it is so many of those issues people really know other than pence will stand up and be there. coming out, david pearl, epic investments. this is bloomberg. good morning. ♪

tom: this morning, it is time to

quote act biggest chair yellen will become secretary yellen. he says he needed is immediate action. chairman powell says we were in a place last february. andrew johnson, while he snubbed the u.s. grant to snob -- trump, in a closed public inauguration, look for biden to channel his inner kennedy, and china grows. markets adapt and adjust to the presidents slowdown. maybe they adjust to a post-covid buma. good morning, everyone on a tuesday. this is "bloomberg surveillance." francine lacqua on a five-day workweek work week watch in london. the inauguration here is front and center. as our special coverage begins at 11:00 tomorrow, and it will be an original moment. francine: it will be completely different, because usually you have at least 200,000