>> there is excess credit, liquidity, band with enthusiasm. there will be many bubbles forming in markets. >> it's not the overall market. >> from a financial stability perspective, the system is robust. >> we have it in signals. >> the fed is very much keen on keeping rates. >> "bloomberg surveillance "bloomberg surveillance this is," -- this is "bloomberg surveillance." jonathan: good morning, good morning, this is "bloomberg surveillance" live. alongside tom and lisa abramowicz, i'm jonathan ferro. tom keene, a change of leadership on either side of the atlantic to talk about this morning. tom: a lot of news flow, almost

back to normal with gamestop. back to that in a moment. real news, let's go first with mr. bezos. it's been the talk of the moment since it was released last night. life will go on. i have seen reports on amazon this morning and they are enthusiastic. jonathan: it's the continuity candidate. that's the story with amazon. a freight train. then we have got to talk about italy. prime minister draghi on the cards. what's it worth in the bond market? yields are down eight or nine basis points. tom: what does it mean in domestic politics? is he going to be kissing babies in venice? jonathan: i don't know about that, i don't think anybody kisses babies anytime soon given

the environment we are in, but stability, that's what we are playing off of this morning. let's be clear, as francine pointed out earlier, it's not a done deal yet. but the bond market likes it. tom: they like it, on the jobs report we have got adp claims with a jobs report. it's going to be an active end of the week into the super bowl. jonathan: guess who's back, guess who's back. you will like this. lisa: let's get the elephant out of the room, yes. on radio i do have the full cast. tom keene is dying here. let's just put this out there. this is what i do to keep you to a part. -- you two apart. i heard that there were arguments about tom brady, groundhog's day. i took one for the team. tom: the power that jonathan ferro has here in the internal

bloomberg machinations. you have to get information on abramowitz. jonathan ferro on the bloomberg. jonathan: did you change the photo? did you change the photo? lisa: you aren't sure? it's 7:03. [laughter] jonathan: we've got some time. we've got some time. we've got two hours, lisa. what's the rush? on the bloomberg terminal, we have the picture of a man that looks quite similar to meet, tom brady. did you do this, tom? tom: well, he's the three point underdog and we know lisa's affection for mr. brady. we hope to have him call in and we will get a vision here. lisa: are we ready to do the day ahead? jonathan: you can if you want. lisa: ok.

regarding the stimulus proposal and washington, d.c., the president obama economic advisor is going to be joining this television program and it will be interesting to see what he says about stimulus checks versus individual families, state aid and local aid. the question is, what are people going to do with more money? it will just go to savings accounts, that's the fear. bill dudley joining us, especially looking at financial stability. then we have the january adp employment change looking at mild stabilization with the trend lower, emphasizing the need for more stimulus. i know that you were just paying attention to my mitt the whole time there. jonathan: what's going on? what happened? lisa: public service announcement, if you break your finger or pinky while ice-skating, don't wait a month and have to go to pinky physical therapy. tom: are you ok?

jonathan: can you get through the show? lisa: let's see how things go, guys. [laughter] jonathan: tom brady is concerned about you. tom: yeah, it's like serious. she can't throw the ball that way. jonathan: the director is killing us, sitting on the shot. [laughter] lisa: we can move now. we can move on. thank you very much. jonathan: ok. price action, equity features -- futures doing nicely. we can talk about the earnings from amazon. i know that jeff bezos takes the headlines and he should, but the numbers are decent. euro-dollar down .25%. as you lift again on treasury yields, up on 1.115%. tom: i know you are going to bring in our qualified guest, this is distraction.

look at the curve steepening right now. jonathan: and the supply we had with the likes of apple to. greg peters joins us now. i think i'm cooler than tom brady, but your office banks this morning are something else and for radio listeners, this is so cool, it's great to catch up with you, sir. what does an investor do when apple borrows money below the rate of inflation? >> just go along for the ride. it was astounding, really. they were getting ready to pay off short-term debt and they used it to buy back shares, even though they are close to the all-time high. it really just speaks to the broader environment when interest rates are so low. the hurtle rate for these companies to issue is literally on the floor. there have been all of these forecasts for less supply in the

corporate community for the last two years. i really don't see it subsiding and earnest anytime soon. i think the rates are too attractive for corporations to pass up. tom: on an institutional basis, how do you respond when a company states they are going to use the debt issuance for share buyback? how does it change the thinking of prudential as an institution?