>> we are in a wartime situation, and you do whatever it takes. >> you do not have to worry about inflation. >> doing what they need to do, revive an economy. >> the public still has money in reserves. >> there is going to be enormous spending in this country. >> this is "bloomberg surveillance." tom: good morning, everyone.

jonathan ferro, lisa abramowicz, and tom keene, simulcast on the beetle friday in new york city. we welcome all of you on radio -- simulcast on this beautiful friday in new york city. we want to talk about the seriousness of the pandemic with a great guest lineup. mike wilson of morgan stanley will be joining us in moments. jon, what i find fascinating about the pandemic is how local each story is here yet, it is all the same. we forget it is a natural disaster. jonathan: the outlook is changing though, tom, and i think we came into this you're thinking more about synchronized global growth, and that may still be the story for the back half of the year. but as january grows older, it is a much more fragmented outlook because the vaccination rollout is so different. the u.k. relative to the continent, the mainland, europe relative to the united states, and i think that builds to a conversation about where the opportunities are within asset classes, between different iago fees.

tom: germany resets gdp from 4.4% i believe down about 3% about two hours ago. that is a reset that gets april out to july and maybe out into q4 of this year. jonathan: just not getting it done. we are talking about countries that have vaccinated 1% of their population and doing it at a really, really low rate relative to what we are seeing in the united kingdom. in the united states had much more so in places like the middle east, including israel. we need to see that change. we know when you start the process, you stumble out of the gate and can ramp up quickly. for europe, which is one of the three main inches -- engines of the global economy, you want to see europe approve if you really want that global synchronized growth story in the back half of this year. tom: lisa abramowicz, we have been kidding about the bubble

and all that. i was in midtown manhattan yesterday. there is no bubble. it is shut down. we are seeing this in these cities, and even now with the biden administration, they can question state and local aid. lisa: the irony here, disturbing reality, is the longer things remain shut down, the more the growth remains slow, the more this bubble people talk about can build, because it is building in a future of more growth at a time when the inflation expectations are muted and you have low rates. so where else are you going to put your money? there has been so much money pumped into the economy but that continues to be through stimulus, that it is going into asset prices based on this idea that we are not necessarily going to get the inflation could come if we do end this sooner, tom. tom: it is going to be interesting. we have had trouble doing this over the last couple of days, not only the political transition in america but the transition of jonathan ferro from capri acton new york. we are trying to get back on

script with -- from capri back to new york. we're trying to get back on script. we can do that with guests like mike wilson, who has been nuanced for morgan stanley. jonathan: just fantastic seeing morgan stanley coming out of this crisis, coming out of march and spring. mike wilson joins us. you dusted off the recession playbook, and many people did not want to look at it. you pushed it hard to put on risk when it was uncomfortable, and it was the right trade to make through the end of 2020. this is 2021. everyone is looking for that historical parallel. do you think that is helpful, and what do you lean into? mike: thanks for having me on. look, i think the recession playbook, recovery playbook, is right on track. every recession crisis is different and unique in its own way, but markets, obviously, look forward. i think the markets are very clear right now in their view

about 2021. it is going to be a boom in terms of economic growth. yeah, we have to get through these hurdles of vaccination and the handwringing around politics and everything else, but ultimately the market is discounting a very powerful recovery. the move we have seen more recently in things like small caps and the cyclical parts of the market we have been preferring, that confirms that even more for us. here's where we think things are going next though. the next step in the recession playbook is a consolidation. for a long period of time. you always get multiple expansions as earnings are normalizing out of a recession. that is what we have gotten. then you have a period with multiple contraction as people have understood that earnings are going up, and that means earnings will continue to go up in terms of revisions, but multiples will come down, and the market goes that was for six or seven months. when i say the market, i mean the s&p 500. that does not mean there is nothing to do. there will be terrific rotation

still and things to do within the equity market, where the action is, underneath the surface. tom: mike wilson, good morning. there is an index we study in finance, and it applies across all of the social sciences. what this comes down to, mike wilson, is the measurement of the concentration in the market. i am not going to go into the math, but mike wilson, you observe, we are less concentrated. mike: absolutely, tom, and that is part of the story, as well. as you go into a recession, which we were talking about in 2018 and 2019, the market gets more concentrated, returns become more narrow as the market gravitates to big cities, larger cap companies that are somewhat defensive, and that was faang in the last cycle. then as you come out of recession, that money that has been concentrated decides, hey, there are other opportunities, and it broadens out. that is what happen this time. it is a very healthy

development, confirmation that it is not just a new bull market, it is a new economic cycle. lisa: even the fact that that is a positive, let's go to the negative, because that is what i do. the next step is consolidation, and talk about potential triggers, one of them being a potential pay -- taper tantrum should the fed start talking about reducing their monthly bond purchases. how at risk are equity valuations in that case? like probably say, i mean, look, -- mike: look, we have had a view that rates will ultimately adjust to economic developments the way equities have, even if the fed is on hold because markets are forward thinking. rates have been slow in that development. they have been moving up but not in a way that is disruptive to valuations yet. so as it becomes clear -- right now everyone is pessimistic on the vaccinations. my guess is only two month, people will be saying, wow, what a great job we did. we got the money, got the vaccinations out, got

vaccinated. there will be a light switch in the next two or three months where people realize, actually, we are going to make it, and that is when people start booking travel and start doing things they have not been doing. that is when the bond market will wake up here that is a potential risk. i do not think it is a near-term risk. i think near-term is more that pit -- that things have gotten a little bit speculative. today stocks, chat boards going crazy cryptocurrencies, you name it, things are going a little bit bonkers. as that starts to fade, that could be another risk where some of the new entrants to financial markets take a little dating. lisa: things going a little bit bonkers, that is cfa talk. love it. when you talk about a lightbulb going off in the bond market getting switched on, we see yields rise and what kind of increase could you see making a material didn't in equity valuations? mike: -- making a material dent in equity valuations? mike: if you start to break

through the levels we saw in march of last year when it was risk off, even for treasuries, technically that would open us up to much higher levels, meaning if you get through 1.15% on the 10-year, it opens you up to the old support, which is 1.50%, and then you can even move higher. my experience in doing this for a long time is that markets move in a nonlinear fashion. a kind of consolidate and elevate set wake up one day, and that is not what is priced. what is prized is this very beautiful, gradual rise in rates through earnings, and as possible, just not the way it usually happens jonathan: -- that is not what usually happens. jonathan: do you see 2013? mike: partly. but i do not expect the fed to come out tomorrow and say they have been tapering. they are committed to keeping front end rate slowing -- lower, doing quantitative easing purchases. once again, remember, markets will move ahead.

the old bond vigilante, remember, right out -- now it is the equity vigilante the equity markets are telling you in no uncertain terms that inflation and growth are going to be better over the next six or nine months. at some point, i do believe the bond market will move ahead of the fed. jonathan: looking forward to going on the journey with you through the year ahead. mike wilson from morgan stanley thank you. equity futures down 26 points. s&p 500 down .7%. our good friend lisa abramowicz love to see the bond vigilantes make a comeback, what it you? lisa: it would be exciting, sort of a great way to gauge risk in some sort of market-based way. there is a concern that a lot of people have, which is about what kind of market is that if you have some of the pushing the thumb on risk? how do you evaluate what that is? so i do think it would be an interesting exercise to see what that would look like if it came

back. i mean, i am not going to weigh in on bond vigilantes personally. jonathan: ok. where did tom go? lisa: he is buying a new computer, i hear. tom: it is a vaccination shake. the vaccination thing, i am scheduling my second shot. i love that phrase equity vigilantes. it is a really historic idea to have a shift toward the could be market to show that dynamics. i am not sure i am on board with it because the bond vigilantes have been so important, but nevertheless, the equity vigilantes, it is about psychology. jonathan: i think the point here and the point that is interesting is the equity market that pushes it -- the equity market pushes around the central banks a little bit more because of fixed income. the equity market can bully the central bank you little bit more and get them to stay on course and not lift off, not taper,

keep lisette depressed -- keep lisa depressed. from new york -- lisa: take a drink anyway. jonathan: alongside tom keene and lisa abramowicz, i am jonathan ferro. on bloomberg radio and bloomberg tv. a beautiful morning in new york city. futures down 27, off by .7%. this is bloomberg. karina: this is first word news. president biden will take executive action today to immediately help americans whose finances have been battered by the pandemic, expanding eligibility for programs and help veterans behind on their bills. an executive order also will create new tools to help pay those who have not received their stimulus checks yet. and his pick for treasury secretary is leaving the door open to a tax increase. janet yellen says she would work with lawmakers to fast-track a series of tax hikes on corporations and wealthy americans.

the money will be used on infrastructure and expanding social safety nets. and infectious disease expert anthony fauci says it feels somewhat liberating to work with the new president. that is after donald trump often tried to sidelight him in the fight against the virus. dr. fauci admitted he had to contradict the former president at times, such as when he advocated for the use of an unproven malaria drug to treat the virus. the european union leaders have a bleak picture of coronavirus, warning new strains will lead to longer and possibly stricter lockdowns. there is no sense of when the restrictions will be lifted. government's across the eu are struggling again with rising numbers of infections and fatalities. bloomberg has learned an electronics company bay spend more than 10 millions to build an advanced chip making plant in austin, texas, a major investment the firm hopes will win more american clients and could help them catch up with industry leader, taiwan semiconductor. global news 24 hours a day,

on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am karina mitchell. much more to come. 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.

>> they have had to wait for

senate to be in session, and they have informed us they are ready to receive. the question is, are there questions about how a trial would proceed? but we are ready. jonathan: house speaker nancy pelosi there, impeachment proceedings, a complicated effort in washington, d.c., at the moment. it always is it from new york city, good morning, alongside tom keene and lisa abramowicz, i am jonathan ferro. equities lower. s&p 500 negative about .7%. up on the wiki little more than 2% coming into friday -- up on the week a little. in the bond market, pretty much where we were last friday. yields, one point 086%. 30 year yield down, a little bit of a flatter yield curve to close out the week. tom: then there is the real yield, 10-year real-year-old. click for jon -- look for jon

ferro this afternoon adding value to the fixed income market. with this next, someone with a legit capitol hill experience, joining us this morning. ed, joe mansion is front and center. how many joe mansion's are there on capitol hill? >> probably a handful of them, and they do not get as much coverage as joe manchin does. but arizona is a lean republican state, but there are two democrats. john hickenlooper, conservative middle of the road from colorado, now i democrat representing that state. ultimately, i do think people do use joe manchin as a litmus test on the republican side, seeing if he can pick up someone. is it lisa murkowski from alaska, susan collins from

maine, or mitt romney from utah? whether we get anything out of this congress, it is probably from that middle group. tom: i am fascinated by this, folks. this is what is so different, this punditry and the cable news thing, and then there are people who have actually done it, like edward mills. ed mills, what do those people actually do? how do they insert themselves into the process? is it over lunch, is it in a brutal meeting over cocktails? how do they actually do joe manchin? >> over a lot of conversations. we have the senate vaccinated at this point. we're going to see the democrats and republicans starting to hold their luncheons again, especially on the republican side. it is through conversation, through seeing each other in the hallways and saying, are you ok with this? i usually talk about this as a

fragile flower of consensus. it comes together but a little bit of a push and pull, a little pushback, and that fragile flower can break apart real quick. the things they're also looking at is maybe bringing back earmarks for this congress, because when you have earmarks, not for a specific company but for specific states and districts, you get buy-in from these members. someone like a joe manchin is happy to go along if it is good for the state of west virginia, and i would say the same for a number of these other senators. lisa: i like that, fragile flower of consensus, and people to just -- and pete addressed congress members yesterday about the need to upgrade the nation infrastructure. we have talked about the infrastructure plan for the past decade that never has been.

is there a real chance for material spending on this front, this year? >> there is. it is a question of how big. i think when we started the year, the conversations were in the $1 trillion to truly -- to $2 trillion range per les regan, joe manchin was on a local political tv show in west virginia and said, why don't we do fortunately dollars? so i think the market will look at the numbers coming out of washington, d.c., and recognize that washington, d.c., is going to spend a ton of money getting this done with earmarks. there is a surface transportation bill that expires in september that will need to be extended. is that the basis? is this something we can do over 10 years? can we do things that are investing in universal broadband

to deal with the digital divide in this country, modernize a lot of our energy consumption? that is how you get some of these lien red state democrats on board, especially a number of them who come from energy states . lisa: that is where i wanted to go, the specifics of this infrastructure plan, because we are hearing about universal broadband but also solar energy and investment there, and that is one reason solar related stocks have been on fire. is there an area that is underappreciated where you expect to see a lot of money later this year? >> some of the key areas, and i would add electric vehicles. in talking to some folks in d.c. this week, one thing underappreciated, you have the former governor of michigan who is leading the department of energy. i think i would be pretty shocked after her tenure is up if she has not done a lot to provide kind of a new future to the state she used to represent

as governor. so i would be looking to additional investment in electric vehicle technology there, as well. jonathan: we always talk about this with a new administration, can we finally get infrastructure done, finally get infrastructure done? what is the one thing that has held it back? >> under the trump administration, there was not a coordinated plan. there was not a key person who really tried to put this together. you had a very professional head of the department of transportation, and that was elaine chao. her husband, the republican leader in the senate, mitch mcconnell, he has never been a big supporter of large infrastructure bills,. different from a chuck schumer and others in the congress. mayor pete has national aspirations. besides kamala harris, he is the only person who ran for

president who has found himself in the biden cabinet. so having him at the top of the department of transportation, you better believe he is going to want to have an accomplishment. jonathan: ed mills, raymond james. come back soon. thank you. same time, same position, same focus in d.c. at the start of another administration and a conversation about infrastructure spending and whether we can get it done. tom: a counter -- there is one calendar item, the first tuesday of november 2022. we knew we would be here. it is already upon us. it is really interesting. i go back to a magnificent essay in the "new york times" today, new you, how fragile the democratic majority is versus 2010 when mr. obama said they took a shellacking. jonathan: i think it is important, is this aid we're talking about now stimulus?

tom: really good question. i think that is a bar conversation for you and me this afternoon. jonathan: ok, into the weekend. i look forward to that. from new york city, with lisa abramowicz and tom keene, i am jonathan ferro. this is "bloomberg surveillance." ♪ wanna lose weight and be healthier? it's time for aerotrainer. a more effective total body fitness solution. (announcer) aerotrainer's ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. it allows for over 20 exercises. do the aerotrainer super crunch, push ups, aero squat. it inflates in 30 seconds. aerotrainer is tested to support over 500 pounds. lose weight, look great, and be healthy. go to aerotrainer.com. that's a-e-r-o trainer.com.

jonathan: from new york city and our audience worldwide, good morning to you. alongside tom keene and lisa abramowicz, i'm jonathan ferro on friday morning. we retreat a little bit from the all-time high on the s&p 500. the s&p down .7%. in your bond market, a bit on the long end and down about two or three basis points. 184 on a 10 year yield. just south of 1.1%. the dollar coming back stronger, the euro-dollar slightly negative and sterling down .6%. that is the cross asset story. reflect on the highs from early september 2020. amazon and microsoft are still below those levels.

they have not managed to get above them. apple just about getting its head above water. just about it seems that some of these big tech names have struggled since early september. they just ripped october onward. tom: from a security analysis, i thought it was brilliant this morning on the model revenue growth of those names going into the early season. the number that sticks in my head is 37%. what is so important here is that mark hermon is the most dominant reporter at bloomberg news right now. writing for years on technology. he has not done it once or twice, but a third story on apple computer and the products to come. and what is so important about this is the tech world is riveted with mr. germin's

anecdotes and reporting on the choices apple is making away from the iphone. jonathan: the macbook air laptop will be lighter and thinner. i imagine it will be quicker as well. out of the computers on my desk, my macbook is sitting there with the clock on. that's what i'm using it for. i haven't turned it on since july. i barely use the thing. i can't stand it. i can't run the bloomberg terminal properly. tom: we a minute, wait a minute. the reason he's not using his macbook as you can't get good wi-fi at capri. lisa: i will let you guys talk that out. but there is a good point that john was touching on that not all tech is the same even in this rotation moment. the idea that when we get to the other side of the pandemic, there will be the haves and the have-nots.

apple is minting money and if it is not a dividend stock, just throwing off cash, they will do something. the innovation to turbocharge that feeling. and is it a good clock? jonathan: a great clock. the timer and the digital clock. as soon as i got back, i was due for an upgrade so i got the iphone 12 pro. that is my contribution to apple. tom: and mark germin, congratulations on changing tech news in the last couple of days. right now we look at the changing american economy. we readjust on the american economy. good morning to you. what have you done to tweak your u.s. outlook?

>> our growth forecast state at 4.7 percent, but we are a bit more worried at the near term. we think q1 gdp could be negative. we expect -2%. it is due to weaker consumer spending. the fact that the virus is still there. and coming from a european perspective, there is the risk of news that could further curb consumer spending and affect employment. jonathan: the new strains are crucial because they are lifting the bar to open the economies. arguably, the bar now is higher because they are so worried about these new strains. and arguably what they will wait for, and i think it is logical and intuitive, they are waiting for enough people in society to be vaccinated.

put that together and the outlook is not looking pretty, is it? >> right. and you mentioned boris johnson is no longer mentioning the april deadline for reopening the economy. and i think there are worries that the second quarter -- we all expected a big rebound in the second quarter here in europe. it may not happen. that is the risk. despite all the money injected in the economy, the money is not circulating in the economy because people did not want to spend. despite all the money being thrown at the economy, we might have an issue in the second order. jonathan: the u.k. says the virus may no longer be spreading exponentially. a lockdown seems to be effective. that is logical.

if we don't have enough people vaccinated, we might be back to square one. from the perspective of market participants, anything you take away will ultimately be given back later on this year into 2022. growth has to come in q1 and q2. do you see that? did that giveback necessarily happen? >> i think investment is what matters. you see boldness and the government. and also the fact that central banks are really proactive. the ecb is actually buying much more than the fed right now. if you look at the balance sheet as an investment of gdp, it is going up massively, even more

than the fed. central banks are helping the economy and inundating the market with liquidity. and i think that matters as well. lisa: there is a time that might be a turning point or a pivot to a higher inflation reality that they will tolerate. how much can they tap down yields and how important will it be for them to continue to do so based on the expectation of their support and how high asset values have gotten on that liquidity? >> they cannot withdraw liquidity. they cannot raise rates that quickly. the fact is there is too much debt, government debt and private debt. it is very complicated to tighten policy in that context. inflation may not necessarily go

back that quickly. commodity inflation doesn't mean consumer inflation in the longer run. we have to distinguish the two. core inflation could stay low which would allow them to maintain the accumulative stance. it is like the bear in the honey pot. the careful on the road we are on. in the very near term, we have new inflation, but the more central banks lose their independence and the more for credit and bank accounts, for instance, we could be on a slippery slope. and i would start to be nervous about the financial system. lisa: in the meantime, we have

this idea that the fed and central banks will be backstopping. companies that may not exist should they not have their back. what is that grew to -- what does that do to economic dynamism? >> in a nutshell, it is bad. the zombies are not good for growth because you need new firms. i believe in the creative destruction. the new firms are the ones actually pushing up productivity. all the businesses that do not make money are not productive enough. the other issue i have with the economy globally in the u.s. as well, population growth as well. i am really shocked at how population growth is just slowing a lot. and i have not seen a new birth in this pandemic. i think that is something to

watch as well. tom: it is -- jonathan: it is great to catch up. the transformational power of capitalism, the idea that money flows away from bad companies to good companies. that is the dynamism you want in a capitalist economy. and arguably, that is the trade-off. building a bridge to the other side, losing dynamism companies elsewhere. lisa: the bridge to the other side was given to larger companies. the ones that were not are considered the more dynamic and more important in order to drive job growth and economic growth for both the u.s. and europe. those companies have been decimated. the longer-term impacts will be felt. it's just a question of to what

degree. jonathan: is tom still with us? tom: i'm just listening. i'm fascinated. when we invented surveillance, it was about conversation. sometimes the conversation is so smart, i just sit and listen. i was listening to the two of you. what is important at the end of the conversation when i was starting my taxes, i wanted to mention the demographics. thomas is one of two or three people this week that really noticed a demographic shift. it folds right into nominal gdp. what do i do online 32? jonathan: one of the side effects of the vaccine is to be quieter the next couple of days. that i can run with. it sounds fantastic. i'm sure miss is keen -- mrs. keene is enjoying that. i'm jonathan ferro. lisa abramowicz here.

we will catch up with cambridge a little bit later this morning on bloomberg tv. on bloomberg radio and on bloomberg tv, surveillance continues. this is bloomberg. ♪ >> coronavirus cases are declining and 46 states. the average has fallen 10% from a week earlier. still, the u.s. has not yet seen the full fallout from earlier infections. meanwhile, republicans in congress are showing little appetite for a coronavirus stimulus bill. biden's top economic advisor will meet with a bipartisan group of lawmakers to push for the measure. some say it is tough to justify the price tag since they just passed a $900 billion relief

package. senate republican leader mitch mcconnell wants to push off the impeachment until next month so the former president can have time to work on his defense. the start of the trial is in limbo until nancy pelosi files. it violates u.s. embargo. the links at which they added chemicals. think of america will pay special bonuses for working through the pandemic. we will get $750. they plunge and earned almost $18 billion.

global news powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. ♪

>> safety is the foundation of the department's mission and it takes on new meaning in this

pandemic. we have to ensure that all of the transportation systems like waterways and pipelines, all of it is managed safely in this critical time as we work to defeat the virus for good. tom: a new word and a new change from the biden administration. the courage of people that are essential workers. i'm not an essential worker, folks. what i do know is that they are out there in each city each and every day. the metropolitan transit authority over his brave essential workers joins us right now. i thought it was wonderful that the young lad on his way to regis mentioned the west and line, the subway of another time

for dr. fauci. what did he say to your employees yesterday? >> dr. fauci introduced himself to our employees as tony from brooklyn. in the most trusted person in america urged employees to get vaccinated. i thought it was a powerful message coming from him. and i invited him and when we talked and that call, he talked about the commute with the line that resonates. all new yorkers and americans. the issue is the supply of neck -- of vaccines. from a vaccination point of view, optimism from the transportation point of view as well. tom: the funds to get vaccinated

busy essential workers still doing their jobs through the day. >> the answer is yes. the only limiting factor is not money or time, it is availability of doses. the new administration is going to attack that aggressively. they talked about that yesterday. it is not a question of time, over time, or money. it is a question of doses. lisa: when you talk about the question of money, the mta did postpone a 4% fare hike that had been planned for at least four months in anticipation of getting more aid from washington, d.c. is this postpone door off the table if the mta does receive that money? patrick: lisa, it is postponed. we have pushed it off for several months. i will quote the president's favorite poet when he talked about this being a moment where hope and history rhyme.

i think the election of a transit-friendly and heavy-transit user president joe biden, and senate schumer -- senator schumer, the passage of the $4 billion for the mta in december, and the fund for public transit. lots of reasons to be optimistic. there are prior appearances and the mta still faces overwhelming challenges. we will need an additional $8 billion over the next three years. the funding we will receive will cover love the deficit in 2021. we don't need to reduce 40% to 50%. this is a moment where hope and history to rhyme -- do rhyme. lisa: a lot of people are concerned about the transmission of the virus unpacked trains and

buses. what do you find about the studies of covid and other diseases for public transmission? patrick: let me approach it from what our customers think. 75% of customers say they have never seen subway stations are subway cars or buses as clean as they are now. disinfected multiple times a day. from a scientific point of view, if mask compliance is high and on subways, buses, and the computer -- commuter rails is north of 95%, the single most appointed thing any customer can do to protect him or herself. transit has nowhere in the world benefactor of the virus -- in the world has been a factor of the virus. a lot of my colleagues are going to be handing out masks again.

the staff has that. i took it early and we ride the subway every day. people are riding the subway on platforms. tom: you gave a rave review to the monahan train home. patrick: under leadership, the big imaginative -- for patrick monahan and the work of my colleagues at the mta. this include michael evans and others at monahan station and empire state development. these projects can get done. the other thing, tom, is there is a new entrance to the long island railroad on 7th avenue and 31st street which is

breathtaking. as you go up the escalator, there are views of the empire state building and customers pausing. it is just a striking entrance directly from 31st street to the long island railroad area. lisa: i love that, tom. patrick was talking about the beauty of it and you want to take a picture, but don't take a picture on the escalator. tom: congratulations. and as he mentions with the mta, get vaccinated. i greatly appreciate your attendance today. issa, it is a relief to get off of politics for a bit or less and get back to how serious the pandemic is. lisa: and the need for vaccination. you got vaccinated. how did it go? tom: it is a normal needle and at 608i had a typhoid shot that was like a horse syringe.

this was not like that. a couple advil. lisa: did you where the bowtie? tom: i did. i had to be proper. walter the nurse killed it. he medicated me with a shot of chivas and it went well. no fear on the needle. it barely any pain, almost just a discomfort. i will be there in 20 days to get a second shot. lisa: giving a new name to shot, basically. [laughter] when you talk about shots, some people have the image of a needle and you have a different image. tom: ferro will be there tonight to get the third shot. it is a friday to reset, folks. mr. ferro will be with me and i will be with paul sweeney. i have no idea what lisa abramowicz is doing in the next 30 minutes. lisa: i'm going to go to the bar

and get my shot. tom: get a shot as well. ian bremmer with david westin with the balance of power at 12:00 noon. futures, negative 24. get vaccinated. ♪

jonathan: from new york city, good morning, good morning. the countdown to the opening bell starts now with futures down 26, off by 7/10 of 1%. market participants worldwide focusing on the pandemic policy response in washington, d.c. >> there is a huge amount of uncertainty. >> they don't have control of virus. >> uncertainty in terms of how quickly the recovery will happen. >> this passage -- package is a fiscal support package more than a stimulus. >> it remains to be seen what actually comes out. >> definitely an element of uncertainty. >> we are uncomfortably more -- on the course of policy. >> until then, the virus will continue to be a significant issue for