heaven and earth to vaccinate 100 million americans in the next 100 days but warns that 100,000 may die in the next month from covid. a last resort. angela merkel warns that germany could close its borders as e.u. leaders say stricter lockdowns could be necessary. and bitcoin steadies after a slump that raises fresh questions about the sustainability of the crypto boom. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london, tom keene in new york. tom, there are a number of signing of new executive orders, but also a big story for bloomberg surveillance. you are vaccinated yesterday, and i cannot wait to know a little bit more about that. maybe we should start with the biden team. tom: the biden team is here day after day, starting at 5:00 a.m. there are different signals including a different communication strategy, and i'm

sure that is part of it as well. today on the labor state of america -- this for into everything that we do, francine, which is either the perception or the real reality of where labor is in america. as we heard from gallup yesterday, hamed eunice -- mohamed younis, america is really upset about his place in society right now. further executive action this morning. francine: i'm looking at what we know to boost food assistance for impoverished americans, which joe biden should sign today, it also federal contracts and a step toward his opposed minimum wage hikes, which would be an immediate help for the economy struggling to cope with covid-19. to talk about these executive orders, we are joined by leslie vidya murray, -- by leslie vinjamuri, from chatham house. the tone could not be more different from the previous administration. every day for three days we have news at 5:00 a.m. washington

time about executive orders and the plan for the biden administration going forward. what more do you think we will see in the next month or so? leslie: well, we should see hopefully in the next few days, a number of confirmations on the foreign policy side. on the defense side. and really on the global side, we are already seeing that reaching out, getting back into paris, getting back into the world health organization, and importantly, whether america is going to participate in kovacs, vaccinating globally. as we know, so much of the story is going to be a domestic one, making sure that the stimulus can work its way through congress. that it's a big question, will it get through the senate. as you said, we are seeing a clearly focused, fast-moving strategy on the homefront, and

also on foreign policy. there are a number of big foreign policy challenges that the new administration will want to tackle immediately, from climate to russia and arms treaties, to china, and of course there -- francine: we look at the executive actions for today, and we also understand there is a restoration of rights of federal workers that were stripped by predecessor donald trump. how much will these executive orders go in the way of actually helping with inequality, and would it be seen as much or will it be seen as divisive because it is too left-leaning? leslie: i think ordinary americans will definitely respond with their pocketbooks. if that stimulus check arrives in the mail and it is much larger than it is going to be if the other employment benefits go up, if sick pay is received, if

the child credit is delivered, then it is hard to understand how that would be seen as too socialist. so -- and importantly enough, we saw the most important thing, getting access to that vaccine and believing that they will be able to restart their lives. this is the most important thing on the agenda. tom: leslie, good morning. ezra klein in "the new york times" has a spectacular essay, on how short the distance is to 2022. i think we get the domestic urgency of the biden administration on what they need to do to improve prospects in 2022. what do they need to do on the foreign front to help democrats in the senate, the house, the state legislatures, in 2022? leslie: you asked a really great question. the big point for ezra klein is

that it is not just those measures in the senate making it work. it is sort of one thing to have a plan. it is another to get it through. on the foreign policy side, americans vote on foreign policy, but it certainly matters. tackling the big question of how america is going to sort out its relationship with china, on questions of technology, but also pushing forward to cooperate with china and show some big wins or at least the beginning of a strategy for cooperating on global health and especially preventing the next pandemic, and then on climate. i think demonstrating a workable relationship that is not stuck and that is making some form of progress with china will be really the most important headline that we can see. and talk about a tremendous team that biden has put in place to try and move that forward. for example, giving a lot of

thinking to -- there is at least -- i'm hoping it looks like china is waiting. tom: so much of this is 10 years ago -- maybe 11 years ago -- leslie vinjamuri, president obama at the time called it a shellacking. how did that occur? what did the democrats screw up last time around? leslie: on foreign policy, one of the -- what did the democrats mess up on foreign? tom: i will take it anyway you want, but i can never forget is to obama very clearly saying, "we pounded -- we got pounded." he called it a shellacking. how does president biden avoid the shellacking? is it to give into republicans or to be more stridently democrat? leslie: getting right out the block on deliberating and restoring the health of

americans and their ordinary daily lives -- that is the number one thing he needs to do. if he can do that, it is hard to imagine how you are going to have a shellacking. the other really important point, tom, as you well know, is that the republican party is not at its best at the moment. it is clearly trying to reunite. people are splintering off. it is not clear where they are going to stand or how they are going to come together. there might be an impeachment trial that will have impact internally. it is not just what biden does that is absolutely essential, it is also what the republicans do to restore their credibility and to come together as a party over the next several months and over the next year or so. francine: leslie, is donald trump still in charge of the republican party? leslie: i don't think so. the way i see it is that january 6 just was the finish. we can cite all sorts of polls.

i'm sure you do the same. i spent a lot of time talking to so-called ordinary republicans across the country, and i am continuing to hear that people just don't think there is much left for trump in terms of being a very serious contender. there are so many more interesting and pressing questions right now in the immediate weeks ahead. i think that his visibility is going to fade very quickly. the one caveat is that if a trial goes forward in the senate, that changes the game with his visibility and it might shift how people feel. francine: leslie vinjamuri, chatham house head of the u.s. and america's program. let's get to first word news with karina mitchell. karina: the biden administration is trying to get republicans on board with a plan. the measure is 1.9 trillion

dollar price tag has led to growing opposition from republicans. president biden's pickford treasury secretary is leaving the door open to a tax increase. -- pick for treasury secretary is leaving the door open to a tax increase. the money would be used on infrastructure and expanding social safety nets. infectious disease expert anthony fauci says it feels "liberating" to work with president biden, that after donald trump tried to sideline him often in the fight against the virus. dr. fauci: says he had to -- dr. fauci says he had to contradict the previous president at times. and a bleak picture of the virus warning that new strains may lead to longer, more restrictive lockdowns, and there is no indication of when the lockdowns will be lifted.

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: thanks so much. equities, bonds, currencies, commodities. i have one screen with the vix at 23.04. dow futures down 2.29. there is no question about that, what we have seen here is finally an inaugural pause. francine? francine: stocks in europe. they're are looking at restrictions to curb, and that is stemming some of the optimism that we had over earnings. yesterday the ecb earning of -- i actually want to talk about your vaccine. you had the first dose yesterday, and was it a long time? did you wait long? tom: no, like a switch -- like a swiss watch, it was remarkable.

it was amazing, the diligence over at nyu, to the people. i had no idea. what i got wrong, francine, was how assembly-line it is, and because of that, there is a focus among the nurses and their staff handling a lot of old people. i was the youngest guy in the room. francine: you always are, tom. and it is just like a flu shot, right? just like a normal shot? tom: i -- it was just like a normal shot. pharaoh -- jonathan ferro demanded tears, but i could not do that. you know how friday's can be on surveillance. francine: looked at my broad smile. it is always good to know that our associates are safer. coming up, daniel morris. this is bloomberg. ♪

so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

tom: bloomberg surveillance, good morning, everyone. it is friday, right? it's friday, yeah. with martin luther king day and all, i am out of whack. joining us now, daniel morris, bnp paribas, about how to recalibrate in the equity markets into 2021. daniel morris, you have a brilliant short note, and i love the single sentence -- fund flows are actually negative. describe how fund flows are negative. daniel: i have been seeing at least a lot of reports from research highlighting how

euphoric the markets are, and they have indicators illustrating that. one in particular i saw showed a subsequent 12.1 four negative returns for the s&p. we looked at some of the indices, and some of it is from fund flows. the parallel is 1999-2000 when you had the tech bubble and you were selling whatever you had so you could pile into equities, and their huge fund flows into equities and it detect during that bubble. you don't see that now. you have not seen equities into inflows all of that last year. even from the vaccine news, you maybe would have anticipated retail investors, who we know had a lot of cash on the sidelines, had a whole lot of bonds, would say this is a good time to move into equities. that's not happening. that is pushing the markets up. it is not just pressure from cash having to be put to use.

tom: here is the thought for the weekend for global wall street. the partial differential of the put call ratio. daniel morris come you talk about the speculative enthusiasm of a lot of buying of calls, optimism versus the dynamics on the put side as well. is that speculation separate from institutional, long-term money, or do you combine them together? daniel: you certainly want to look at both, but i think there is certainly a difference between having an option on market upside, which i think makes complete sense in this environment. there is a potential for positive surprises right now, and separately, if you look at asset allocation among institutional investors, you will not find a huge overweight to equities. it is an important distinction to make between options on the financial upside and investors, generally speaking, being exposed to equities, which we don't seem to be the case.

francine: good morning from london. what is the market looking at right now? we saw christine lagarde talk about a double-dip recession being possible. do they worry about cases researching and the economy scarring, or do they look at earnings going forward? daniel: for now it does seem to be an obsessive six on the medium-term outlook and ignoring what is slow accumulation of bad news in the near term. we all knew that the vaccine rollout would be bumpy. there was always potential for pandemic news to get worse. both of those things have happened. in europe, the rollouts have been quite slow, surprisingly so, and now you are getting the news of needing longer and deeper lockdowns to combat the latest variations on the virus. but again, in the medium-term, everything will be fine. but it is getting pushed out, and at some point that needs to be reflected. there are expectations not only in terms of when are we going to

get back to higher levels of profitability. as you point out, either government's have to step up and continue to support households, continue to support businesses so you don't get long-term scarring, having to be shut down four-year, -- having to be shut down for a year. and the challenges for countries that don't have the physical capacity, like the u.s., for that matter, or germany, to add another stimulus package to tie them through another couple months. some countries can do that, but not all can. francine: when should we start worrying about debt? : it is going to come down to -- daniel: it is going to come down to one central bank signal that their policies are going to change. talking about the fed tightening or taper tantrum's with fed sheet rollouts -- if you look at the huge increasing that you have had through the pandemic, percentage increases are bigger than through the global financial crisis, if central

banks are buying the bulk of it, so to speak, it really doesn't matter. but at some point it will come and we need to know what is going to happen to that debt. that will have dramatic implications for markets. it is not something the central banks will broach in the near medium-term. tom: then what is the to do list? what is the tweak for your outlook for february of 2021? daniel: a lot of it will depend on negotiations for stimulus in the u.s. at an e.u. level, the ecb is signaling we don't know what else to do, so it is the u.s.. if we are starting with a figure of $1.9 trillion, and if that is an i get everything i want for christmas type figure and he goes down from there, $1.9 trillion is a huge amount of wiggle room. that is what the markets are going to focus on -- what do we

get, where does it go, how does it happen, do we end up with reconciliation, and what does that tell us about the future path of future relationships between biden and the -- between congress and the biden administration? tom: love having daniel morris on, really smart direct notes. dell futures -2.42. it is a pause. coming up in the next hour, someone who has a terrific impact when attending bloomberg surveillance. steven eisman will join us, of eiseman group. thrilled to have him on. getting update on how he views the market, how he views our financial system. stay with us. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot.

how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

karina: i'm karina mitchell with the bloomberg business flash. may spend more than $10 billion to build an advanced chipmaking plant in austin, texas. it could also help samsung catch up with industry leaders, taiwan semiconductor. shares of intel are lower today, and the ceo promised to regain the company lead in chip manufacturing, contrary to what some investors are saying, the intel should give up that part

of the business. dell singer says two years from now most of the company's chips will be made in intel factories. bitcoin has regained ground after slumping earlier today. there are new questions about the sustainability of the cryptocurrency boom. just after the new year began, bitcoin reached a high of almost 32,000. it is now on track for one of its worst weeks since march. j.p. morgan kept the ceo, jamie dimon's total compensation at over $31.5 billion. -- $31.5 million. the annual profit fell 20% in 2020. j.p. morgan made more money in the fourth quarter than it ever has in three months. that is the bloomberg business flash. francine? francine: thank you so much, karina. there you go, $31.5 million,

tom. who talked about inflation? in the last couple of days we had a bit of a lift to the markets because of the optimism that we had, good earnings and optimism on additional stimulus. now there is restrictions that may be here for longer. that is being priced in a little bit. crude oil declining for a second day. tom: off of the comments from madame lagarde, this is just breaking -- german gdp. growth moves a substantial amount from 4.4% to 3%. that is not a minor headline. the vix back up, 22.80 one. on the pandemic, kathy hochul of buffalo. ♪

>> the governing council decided to keep the key ecb interest

rates unchanged. until at least the end of march 2022, an ambitious and coordinated fiscal stance remains critical. the risk surrounding the euro area growth outlook remained tilted to the downside but less pronounced. headline inflation is likely to increase in the coming months. we are monitoring very carefully exchange rates. we are very attentive -- and as i said earlier on, all instruments can be adjusted, and nothing is off the table. until the governing council judges that the coronavirus crisis phase is over. it is a balancing act. francine: that was european central bank president christine lagarde speaking yesterday, mentioning the double-dip recension could now happen in the e.u. daniel morris, chief market

strategist at emp barra baugh asset management is still with us. when you listen to christine lagarde, -- at bnp paribas asset management is still with us full top when you listen to christine lagarde, how will tough will it be for interest rates to normalize? daniel: i guess it depends on what your benchmark is going to be, and if it is anywhere near the target level for inflation, it could be quite a while. even before the pandemic, the ecb was struggling mightily, getting anywhere close to its inflation target, we will see whether we will get a reevaluation of that similar to what the fed did last year. but i think we would anticipate the continued low rate, some form of quantitative easing really for another couple years because it is hard to imagine a scenario where you see is significant enough rebound in economic activity in the euro zone to start to push inflation up to a level that the ecb would

need to change its mandate -- or excuse me, change its policies. francine: what do you think the biggest prescription is for europe? we have the recovery fund. how can we make sure that countries don't squander that money, and is that what you are looking at to decide where you want to be invested in? daniel: i think for europe, you could argue that the one advantage has been the delay in the distribution of the next generation e.u. funds. that $750 billion was approved last year and is now being dispersed, but that money will be coming into the economy now. the key distention to keep in mind, when you compare the u.s. to europe, europe already has much bigger automatic stabilizers for the economy. in terms of either the furlough programs or unappointed benefits, in a way that the u.s. traditionally has not. that is compensated to some degree by the big fiscal stimulus package that you have already had in the u.s., for some reason europe did not need it as much. so all this money coming in now

should be, with the potential for improvement not only to demand, but as you point out, hopefully to structural changes that increase the long-term growth rate. these are issues we have been aware of for a long time, and we have a long list of what needs to be done. we will have to watch very closely, particularly for those countries that have had relatively low growth rates and have now even higher debt burdens, whether or not they take advantage of this opportunity to retool the economy so they can meet those burdens. tom: bnp paribas has a heritage of mathematics and derivative analysis. where are the excesses in the market right now? what is the excess that mathematically concerns you? daniel: i think one thing you have got to think about is, you know, in the past when you look at regional allocations, generally europe it looks cheap compared to the u.s. nonetheless, u.s. equities just

outperform pretty much year after year, so we all appreciate that valuations are not sufficient to make an asset allocation. one thing that is different now is that you can argue that europe really is not so cheap anymore. that is the challenge for us. if we look at comparative valuations, it is certainly less, that you don't have that absolute discount along averages that you historically have had in europe for years. that is the issue, what is happening with earnings. if you look at eps for msci europe, it is still below the level that you had before the global financial crisis. it has not recovered with earnings over the last 12 years, whereas with the u.s. it is probably double. those are some of the fundamental issues we have to address -- what is the earnings potential or european companies, and particularly now, what is the multiple we are paying for that growth? tom: daniel morris, from bloomberg intelligence, reaffirm for us, european equities with

terrific growth in this last quarter for 2020 -- can bnp paribas say the same for u.s. dynamics are constructive? daniel: certainly. there is no question that the momentum and the trajectory is all very positive. if you look at earnings revisions over the last month, it is running three to one positive over negative earnings revisions in the u.s. that is all fantastic, but then there is the point where you say, what have you done for me lately? it is not going to stay there indefinitely. and a lot of it is the turnaround we have had over the last month or so, in terms of the election and so on. that momentum is there. what is going to be the growth rate and earnings expectations six months from now? and are the valuations today too lofty compared to what the growth rate is likely to be? tom: francine says to me every single morning, what have you done for me lately? every single morning. francine: actually, i always ask

you what you can do for the team, tom. thank you so much, daniel morris , from bnp paribas. let's get to the bloomberg first word news in new york city with karina mitchell. karina: hospitals are not getting a break in much of the u.s. coronavirus cases are declining in 46 states. in 42 of those, the seven-day case average had fallen 10% from a week earlier. still, the u.s. has not seen the full fallout from earlier infections, and debts are unlikely to keep rising at around this pace. meanwhile, senate republican leader mcconnell wants to put off donald trump's impeachment trial until next month. mcconnell says that will give the former president time to work on his defense. the start of the trial is in limbo until auntie pelosi formally transmits the single article of impeachment to the -- until nancy pelosi formally transmits the single article of impeachment to the senate. millions of barrels of

venezuelan heavy crude has been surreptitiously going to china. that violates a u.s. embargo. bloomberg has looked at invoices and emails and they show the lengths to which traders are disguising the oil. ship to ship transfers, adding chemicals to it to disguise its origin. 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. francine? francine: thank you so much. coming up next, the president of the african div element bank, akinwumi ayo adesina. this is bloomberg. ♪

francine: this is "bloomberg surveillance." the u.k. hosted the africa investment conference this week, putting together u.k. and african businesses to explore opportunities for partnerships and investment post-brexit. joining us is akinwumi ayo adesina. thank you for joining us. there is a lot to talk about, including the deals that have been signed and that have not been signed. dr. adesina, if you look at africa with its countries and different ways of dealing with covid and trade with the u.k. -- how much of the covid will actually impact the necessity to do more trade more quickly with other parts of the world? akinwumi: actually, tobit has

had quite a lot of impact -- covid has had quite a lot of impact. growth will go back to 3.4% this year. fortunately, investment went down from $45 billion in 2019 to last year. making sure that trade and investment -- the fact is, africa retains -- those are still there in terms of macroeconomics, the size of the economies, that you go out with the size of people come and one out of five people in terms of demand will be in africa. those actions are still there.

it opens up africa gdp collective to $3.3 trillion. so you cannot ignore africa. so opportunities for trade and investment are there. you are aware of -- we tend to do what we have been doing, and i think africa presents itself as a market. francine: emma wade-smith, when you look at the countries that are first in line to have some kind of trade agreement with the u.k., who are you targeting first? emma: we have spent the last few years working really hard across the continent to make sure that we have got continued that continuity of trading arrangements, and we did a tremendous job, in my view, to achieve so much of that agenda by january when we officially no longer remember the european

union and the customs union. we are working really hard to make sure that we now have those bilateral arrangements. we are utilizing those, and we are implementing them. with a view really to engaging across the continent with like-minded governments to see, how do we build from here? if the u.k. is absolutely an open free-trade champion around the world, and we want to see that manifest itself even more across the african continent. we heard that from dr. adesina and how vital that will be to unlock some of the inter-african trade. we also want to be encouraging more african businesses to be trading with the rest of the world, and of course from my perspective, or with the u.k. tom: good morning, tom keene in new york. dr. adesina, you hold a phd from purdue university. i believe it is in the state of indiana.

dr. adesina, i want to talk to you in length. trade in the efforts you are doing with a simple need for a comprehensive water plan across africa. linked together the age-old problem of water management with jumpstarting trade in africa. akinwumi: africa, when it comes to components, the size of the markets in africa, roughly $1 trillion by 2030, so that is the key. and there is a rapidly growing population. what africa does and how it does it is going to be part of the future as well. we also have to look at the information so africa is not exporting raw materials all the time.

today in africa, on the global supply of cocoa beans, wheat -- more in terms of climate change. africa is badly affected by climate change and you see droughts in many places. the key is that we can grow africa -- so the issue of water management, is very important. and water efficiency, allowing that. it allows farmers to grow plants , and we also have some thing called technologies for african transformation. you know very well that wheat is grown in a temperate

environment. and now in the sudan, it has allowed them to get to half of self-sufficiency, in new production. so the point is, there is a unique infrastructure, and you also need to have regulation. tom: what is the new tray dynamic for the developed world? i think of the american debate -- the new trade dynamic for the devil up world. i think of the american debate about the deployment of our assets to jumpstart african growth. what is the new theory that works right now? emma: well, i'm not sure if it is a new theory, but what i see is at the heart of all this is people. on the one hand we are talking about jobs, and if we don't increase the flow of investment into africa and through africa, if we don't increase the trade flows to and from the african continent, then we are not going

to realize the potential we have to create more jobs for the people coming into the workforce, and that is absolutely critical and has become even more central as a result of the pandemic and what we are seeing in terms of the economic damage there. but also we are talking about partnerships. one of the issues that came out so clearly for me at our conference earlier this week, and indeed at the summit we had last year, was the point about going together, and bringing together the innovation that we see in africa, or the innovation that we see in the u.k., and bringing people together to really make the most of different perspectives, different capitalizations, and different solutions for problems that we face. francine: thank you both for joining us today, a queen knew me ioannis sina -- akinwumi ayo adesina. and emma wade-smith. coming up, and interview at

both: 30 p.m. in london, 5:30 p.m. in -- this is bloomberg. ♪

tom: bloomberg surveillance on a friday. we are all getting used to the new method. i read through the effort today of the biden administration toward a fair new normalcy, a traditional -- day and agenda, and part of it is the 5:00 a.m. announcements and the leadoff there with a pandemic. a sharp critic of mr. trump and the plans of the last nine months -- let us listen to joe stiglitz. joe: unfortunately, the united states did not have leadership at the top, and we did not get the kind of program that some of the other countries like denmark, and the result of that

is we had this enormous spike in unemployment. as the numbers today point out, another 900,000 people on unemployment and another almost 500,000 under the special program, self-employed whose income plummeted. those are drastic numbers. so you are right, what we are going to have to -- we will be -- we should be worried about, will there be this long-term scarring? i am hopeful that as the economy picks up again, many of these people will naturally get rehired. but i think what will have to happen -- i think we will have to have some programs to help retrain workers. one of the things that is going to be happening is there may be some restructuring of our economy. we know that, we need that.

but whenever there is restructuring, you have to have some assistance to enable a move from sectors of the past like the fossil fuel, into the new sectors like renewable energy, and the caring sectors. >> professor stiglitz, obviously a major priority is going to get back to precrisis levels of activity, but then the bigger question is, what is the longer-term trajectory? how does the economy reimbursed some of the deepening trends of inequality that we were seeing long before the coronavirus, long before kay shipped recoveries and so on. we know it is something on the administration's mind. the legislative standpoint, what would be in keeping with your view that the white house should ensure that the provost -- the postcrisis economy doesn't look precrisis, the strains we were seeing precrisis? joe: you're are absolutely

right. we don't backed -- we do not want to go back to january 2020, we want to go back better. going back better is to build back with less inequality. in a speech last thursday, outlying two measures that are important. increasing the minimum wage -- it is really quite remarkable. most americans don't realize that at adjusted for inflation, the minimum wage in the united states is at the same level that it was roughly six he five years ago. can you imagine, no pay raise in 65 years? the evidence is that we could -- it would be good for our economy to have that kind of increase in the minimum wage, that it will not cause a loss of jobs, but that it will actually stimulate the economy. francine: that was nobel laureate joseph stiglitz,

speaking about the long-term damage from the coronavirus pandemic, in conversation with joe weisenthal. in the meantime, this is what the market is looking at. there seems to be an uneasiness, resurgence of the virus making stocks go down a touch. it has been denting some of the optimism that we saw over earnings come also denting some of the optimism that we saw with additional stimulus. looking at dollar strengthening for the first time this week, i am also looking at some of the german ones and the british pound weakening come after prime minister -- german bund and the british pound weakening after the bridgepoint minister said the lockdown could last until the summer. tom, locked down into the summer. don: the day to day movement here, -- tom: the day to day movement here, i would suggest that there appeared to be a victory, spx up 18%, francine. so we have come awfully far, awfully fast. we will discuss that theme with steven eisman, really one of

our most popular guests, gets a huge response when he is on. we have him on for a good amount of time. talk with steven eisman about banking and finance, and we will talk to him about the big and the little shorts as well. futures deteriorate, -27, dow futures negative 254. 23.19 after the two-three-day biden celebration. yields coming, one .09 on the 10 year yield. please stay with us. a friday to recalibrate forward in 2021. this is bloomberg. ♪

tom: this morning, finally a

post inaugural pause. call it a reassessment of the scope and scale of this 2020, and now 2021 pandemic. president change -- but dr. fauci is the same. he insists let sign speak. let transparency and honesty speak. president biden extrapolates out to 500,000 deaths. it is a great debate, about the great moderation, the age of disinflation, and your portfolio. steven eisman in this hour. good morning, everyone, bloomberg surveillance, from new york, from london. mr. biden out with announcement at 5:00 a.m. as well. and a reassessment of where we are in this pandemic. we have been distracted the last number of weeks or so, and i really get the feeling, francine, today is sort of the day of reassessment