>> there will be the enthusiasm with many bubbles forming in markets. >> from the stability perspective it still is robust. >> the world doesn't shift just because you are buying shares online. >> markets are rewarding spaces with vaccinations. >> there are a lot of people who can't go back to work. >> the virus will dictate the shape of the recovery. >> this is "bloomberg surveillance." jonathan: this is "bloomberg surveillance." futures unchanged this thursday morning about 90 minutes time until jobless claims. tom keene, we have to start with

the milestone we have hit in the last 24 hours worldwide, more people vaccinated then confirmed cases. real progress. tom: i mentioned this a number of times, it is instrumental. even with a snowstorm in the east coast, you see it in the newspapers keeping that bar chart. the percent of the public one dose and two doses, we are way behind on two doses. the first dose is building up as you say, every day. jonathan: relative outperformance from the united states as opposed to europe. the euro-dollar a break of 1.20. there it is. 119.19. down for tense of 1%. tom: we have seen four standard deviations on the euro, a little misleading.

weak euro is a real path. t i can't wait to see tha -- jonathan: i can't wait to see that chart later on. lisa: the dollar weakening versus the rest of the currencies. the u.k. is doing all right with their vaccination schedule. we did just get that bank of england rate decision. 8:00 a.m. we will be hearing from governor andrew bailey. interested to hear what he has to say about the negative rate debate going on in the united kingdom. the idea that they are willing to deploy them. the market is pricing them in and yet the economy will pick up . a: 30 a.m. -- 8:30 a.m., jobless claims following a really underwhelming number yesterday. the idea that people actually coming into the labor market in greater numbers than people

previously expected. even in services amid a worsening pandemic. janet yellen, treasury secretary meeting with the fed and sec heads about recent market volatility. was there any law broken? was there anything violated? they were not represented themselves. it will be interesting to see what the messaging is if nothing else. tom: john, 3:00 p.m., tottenham against chelsea. jonathan: the number of the morning not related to football is 700,000. tom: i thought i saw a bigger number than that. jonathan: let's not brush it to one side.

the secretary yellen need to step aside and let somebody else lead this? tom: that's a different question. i could understand the idea she shouldn't -- she should recluse herself from this. jonathan: equity futures unchanged. briefly a negative territory now positive sliding up a point. euro-dollar, there is your break at 120. that is a stronger dollar. if you get to sterling, 8/10 of a move there. a lot of vaccine trades is starting to come through. the u.k. is ahead of europe, the united states is ahead of europe. that europe story is breaking down. people looking for that euro move to the moon, ecb not being able to do anything about it. tom: i know you are taking the real yield in 90 minutes tomorrow. i know you will mention that. on the data check you have to

mention the earnings persistency we are seeing. jonathan: yes but also a reality check as well from some of the cyclical parts of this economy. more job cuts could be coming. the return of demand they thought would happen in the summer is getting pushed back. we talk about mr. o'leary in europe, i don't arm -- arm of her hearing him three months ago. he was talking about the biggest impact of the summer in europe. he said he things the beaches will be packed in europe. a lot of this is getting pushed away. tom: i agree. jonathan: we have this vaccine progress. tremendous progress in the middle east, israel, the united states. far behind in europe. with reopening, has that shifted? has that changed? do we keep travel shutdown for the remainder of 2021? on that cyclical trade, what has changed in the last couple of months?

tom: it is crosscurrents as well. you see it in bank of england with the reduced forecast seconds ago. jonathan: down to 5% for 2021. that forecast coming out of the bank of england. joining us now is morgan stanley investment senior portfolio investor. what do you expect to see this year? andrew: the big surprise is the magnitude of earning speak by these big companies. when you have the three largest companies in the s&p and you are seeing the consensus for the year going up 7% or 8%, that means what everybody thought was so elevated is not elevated as expected. my experience is maybe the

stocks were hot going into earnings season. you don't want to sell stocks and have bad magnitude. that is a very bullish line. that is why the market really hasn't taken any pullbacks this month yet. you don't want to sell stocks when they're fundamentals are delivering at that magnitude. that falls into the ledger of one of the pluses for the market later in the year. tom: are we extrapolating later in the year or going to an exercise in 2022? andrew: that's a great point. my thesis is still you have to be careful and companies that really benefited from shut down because there year-over-year comp will get tougher next year. my thesis is the market will do well.

optimism about vaccine, covid, getting behind this bill will come at a time when year-over-year cost allow you to be tougher in 2022. the market will struggle at some point this year. it is too early right now. lisa: when you talk about the market are you talking about big tech? andrew: that is one of the areas. it is not just big tech. there's a lot of areas. what is interesting is john mentioned the economics coming in very strong. when you get the strength of the data and it starts to regress lower because the fed gets involved. the fed starts to taper. i don't think they are right now. the cyclical impulse is still there. usually it starts to wane. at this point i'm not sure it's -- it will.

jonathan: it is more powerful as this recovery starts to take hold. they told us they won't do anything, they won't step in. do things pick up? andrew: this is supremely important. the fed has done the anti-voelker pivot. they said they will let the economy run hot. a lot of these cyclical areas of marketing including the bank have a lot longer runway here them what is normal when the fed steps in and takes the punch bowl away. i think the cyclical trades will continue to work here? tom: i don't hear anybody saying all boats rising. the idea that forget about all these shifts and rotations. we just get all boats rising, is that feasible? andrew: there are certain areas of the market that are not

rising, the defensive stocks. utilities, all of those areas are not rising. that is a risk off. i'm not sure it is all about rising. i think generally it is a pretty good scenario. i agree with you, tom. i think later this year when we start to focus on year-over-year comp for next year, that is what it will get tougher for the market. jonathan: great to catch up. how does it feel to be too young? lisa: the burden is real, let me tell you. tom: oh my word. lisa: especially when you go ice-skating. [laughter] tom: you were so medicated yesterday, for those of you -- the cast is larger than it was yesterday. lisa: following up what you were talking about yesterday -- i

try, it is almost like i do this for a living. i was looking at the gap between 30 year and five year treasury yield. it has wide not the most since 2016. basically, there's a question in how much of it is an expectation of the u.s. selling that much more debt. how much is inflation? this is a huge issue if you look at the chart over a longer period of time. it raises a lot of questions. jonathan: i agree with you, it was because of the data. lisa: the burden of youth, tom. jonathan: lisa mentioned this a little bit earlier. the employment component and that, we have had that, the adp, we will get claims in about one hour 20 minutes. positive 100 k, i don't think that is good but it gets it done, nobody believes that.

the trajectory, change of direction. tom: 10 seconds and it is good lisa does this. the media does not spend enough time looking at two yield spread markets versus a single point. jonathan: we will do fives and 30's a little bit later. tom: michael wants us to do tens and 30's. jonathan: from new york city for our audience worldwide, from new york, boston, d.c., san francisco and on sirius xm channel 119, from new york, this is bloomberg. ♪ ritika: president biden is vowing that he will not retreat on sending out $1400 checks as part of a stimulus package. the president told house democrats he is willing to curve the eligibility for the payments. they suggested making the check smaller and sending them to fewer people. republicans have voted to keep a wyoming representative liz

cheney in her leadership role. they turned back an effort to remove her from voting to impeach donald trump. house democrats are prepared to oust georgia representative marjorie taylor greene from two committees for her incendiary statements. house leader -- republican leader kevin mccarthy said he would take no action to punish her. the latest sign the federal reserve is not going to scale back massive bonds. they played down the economic impact of recent stock market volatility. he said he doesn't see the markets linger to macroeconomic borrowing costs for businesses or households. officials say the u.k. has passed the peak of the latest wave of the coronavirus pandemic. the chief medical officer says a downward slope of cases, hospitalizations, and deaths. 10 million people in the u.k. have been vaccinated. that is about 15% of the

population. global news 24 hours a day on air and on bloomberg quicktake. powered by 2700 journalists and analysts in 120 countries. 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.

>> i think we are in a good spot right now with monetary policy. they are talking in the

government about more fiscal policy. we really probably need that support to get us through until we get the vaccines distributed. jonathan: right on script from the cleveland fed president. policy is in a good place. good morning alongside tom keene and lisa abramowicz, i'm jonathan ferro. we count down to an important initial jobless claims report. we add some weight to the s&p 500. we advance about four points in the bond market. lisa pointed out, fives 30's, the widest spread between those two going back to 2016 pdf fx market we have a break of 120. the euro-dollar coming in about 4/10 of 1%. tom: the bank of england

comments on negative rates, chief washington correspondent, what is the gap between the liberals and the moderates of the majority democratic party? kevin: yesterday i said i'm coming back to work to one of my sources, what is going on with the stimulus plan? the daylight amongst progressives and centrists is huge. it will likely pass with the house did the other day with regards to the one point $9 trillion stimulus. it is anyone's guess if this is going to be able to pass not just the republicans and democrats but because of that daylight you have between the far left the middle. tom: i would suggest so many of us are and use to where we are with democrat, democrat, democrat structure in washington. what is the process they go through. do they compromise? does somebody put the timeout

chair? is joe mansion the head of it all? what surprises do you expect to see? kevin: in terms of the $1400 stimulus checks, you are seeing a little bit of the democrats leverage. they have the households that qualify for there to be 14 holler stimulus checks. that is something the far-left does not like. i spoke with one liberal who said there are essentially already rumblings that they are deeply disappointed that some of the more centrist members have been willing to cave on that. that could set up a lot of tension in the democratic party the next few years. jonathan: could you have speed if you need to compromise? kevin: no. any working timetable for when this will likely be passed, especially if they want to go through the process they are trying to get it through is

likely if not the end of this month in early to mid march. lisa: not only is the distance between the far-left of the democratic party and the centrist members. within the republican party there is a showdown over marjorie taylor greene. we have kevin mccarthy coming out saying she is extreme. we also have mitch mcconnell saying the same, trying to paint her as an outlier. how much support does she have with the rank-and-file republicans? kevin: none. when i talked to members about her specifically if they are willing to engage on the conversation of it they are saying privately right now that they don't like what she has done for the republican party at all. she has really boxed herself in, in terms of where she could grow in terms of her support. many of the republicans i have spoken with would prefer that the constituents who elected her be the ones to decide if that is

the representative that is best for their district. tom: i know on your sabbatical you did a stake ancient at the trump hotel. other than that -- kevin: i read matthew mcconaughey is green lights. i finally finished the book. people in this town want to know if mcconnaughhay will run for office. is matthew mcconnaughhay going to run for office in texas? i wonder what ted cruz thinks. tom: what kind of politician is a gentleman actor? kevin: he made a really fascinating pitch for how to talk to the suburbs. i will give him that. jonathan: this segment has gone seriously too long. kevin: karl in the control room forgot my name, lisa is in a

cast, tom brady is back in the super bowl. what is going on here? jonathan: do you want a final word on the super bowl? kevin: i never thought i would say this, i'm rooting for andy reid again. he used to be our coach. jonathan: who's andy reid? chiefs, that is mahomes, right? the goldenvoice of radio walked by this morning and said mahomes or brady? i said mahomes. good to see you kevin, thank you. we didn't give him a hard time at all. tom: we didn't. jonathan: the hard time you gave me. weekdays at 5:00 p.m. eastern on bloomberg radio. you might be my warm-up act again this friday.

that went really well, i heard the ratings were a little bit better. will you come back on friday? tom: i thought yesterday you said never again? [laughter] jonathan: futures up a little bit. about five points on the s&p 500. i think the one-story talking to a lot of you out there this morning, financial markets cross asset worldwide, the fx market. what gets your attention is the euro-dollar. it is the clean break of 1.20. you mentioned a couple of days ago that already one of the big calls for 21 on february 4, it is breaking down early in the year. i'm not saying this will be the move for the rest of the year, the crack's of the consensus in 21. tom: the bloomberg dollar index which has a little bit more of an e.m. feel, these are standard deviation moves.

negative two all the way up through 7/10 of a positive. these are long moves for the weak dollar crew. tom: the bank of england doing what you all seem to love. still talking about negative rates. tom: why? jonathan: i don't know. they do not intend to send a signal negative rates are coming. i think sterling gets it. sterling has been stronger against the euro as well. i think sterling gets it because most people are looking at the rollout of vaccinations in the u.k. saying -- tom: explain the culture here. we would never get these headlines out of the american central bank? why are they so verbose about this? jonathan: they are talking it up because they find the idea to be stimulative. i don't know if anyone actually believes negative rates will work. tom: i just learned banter's of

williamsburg is closed today. jonathan: we could do it on my phone. lisa: what are you looking at during the show? jonathan: not the show. from new york coming up, neil daughter when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store.

♪ jonathan: from new york city, things are looking better in the united states of america over the past couple of months, that's for sure. a little bit of outperformance on the nasdaq, up by around 0.3%. steeper yield curve has been the story over the last couple of weeks. your bond market, lisa mentioned this earlier. your five year yield at around 46 basis points. your 30 year at 1.93%. this is the steepest curve going back to 2019. that's the reason jp morgan and elsewhere are talking up the financials. finish on the fx market.

what a story we've had over the last 12 months. dear remember -- do you remember people talking up europe? i was part of that conversation. it's what people expect it to happen in the summer of last year. it didn't. one thing that went with that story was the idea that the dollar would underperform, and it would be that classic trade, short the dollar. so many were positioned for it, but here we are. a break of $1.20 on the euro-dollar. we come in 0.4%. a consensus trade is breaking down, not just because of the vaccine rollout. the data in america is picking up fast. here's romaine bostick. romaine: alibaba back in the news, getting a report out of reuters that there's more consensus on what will happen with ant financial, perhaps setting the stage for ant group

to go public. a report yesterday saying chinese regulators had finally come to some consensus as well. paypal reporting earnings here. they really just knocked it out of the park. you're seeing a lot of the other fintech's rally this morning, including square. canada goose out with earnings. they are selling a lot of coats here. i am not sure what that comes out too. that's canadian. they are doing well. take a look at an interesting story in the chip space. we had qualcomm earnings come out. they gave an update and the idea of this chip shortage. we've heard from automakers that they haven't really been able to get their hands on enough chips to continue production at the levels they want to continue it. qualcomm's new ceo says this is a much broader issue.

this really applies to everything, and they say it will be a while before they can manage everything. and then captive, a software maker, said they will not be able to provide any guidance because they have no visibility on what the production schedule is going to be for the automotive sector. apple in the news as well. there was a report saying that they finally have some plans to partner with kia on that apple car that may come, or who knows? it may not come. tom: romaine bostick, thank you so much. i want to mention jp morgan, up 35% off of the election of president biden. just a remarkable move. jonathan: and in the last week, we had a nice pickup in the banks on wall street as well on the s&p 500. i think largely off the back of the move we have seen on the yield curve. some of the banks pushing the

story that we are not pricing this reopening enough in the united states yet. the data so far, it's early. it does show an improvement over the last of love weeks, and that it important. tom: it is almost a gloom cover trade. i know lisa is familiar with that. who they catch up to is neil dutta, one of the most optimistic, persistent believers in the american economic experiment. neil dutta with renaissance is with us. do we underestimate the recovery ability of the american economy? neil: that's what the consensus has been consistently since the second week of april. if you look at the bloomberg consensus of economists, the growth estimate for 2021 is around 5%. i think folks are thinking we

are going to have a good year, and that is welcome, but i don't think enough have appropriately priced in the right sales scenario. i think we are going to have a great year. that's what's important, and that's what the markets need to get their collective heads around. tom: the persistency of 5%, there's a great assumption that we knew down to a potential gdp of 2%, even under 2%. i get the sense you disagree with that. what is your run rate of a post pandemic american economy? neil: i think it is higher than 2%. we have a lot of productivity starting to pick up. i think in many respects, the structural growth outlook for the u.s. is in some ways cyclical. the idea of running an economy hot, utilizing as many resources as possible, making employers, essentially forcing employers to seek out additional efficiencies

through their existing workforce , i think that was showing some promise prepend mac. i think the ash promise pre-pandemic. i think the fed is going to try it again -- promise pre-pandemic. i think the fed is going to try it again. that is a bullish backdrop for equity markets, but i think more importantly, it is a bullish backdrop for the broader u.s. economy. things like r&d spending is picking up. are you really going to be worried about secular stagnation in the u.s. at a time when our banking system is much better capitalized? we are doing a lot of fiscal policy, and then ingenuity is obvious. did anyone think we would get a vaccine within a year? we did it. i think that speaks to a lot of the underlying growth dynamic and what is possible in the u.s. lisa: you have been absolutely right about this, and the gloom

crew has been wrong. yes, tom. and i often find myself empathizing with them not because i want to feel gloomy, but because a lot of people, including myself, went to see around corners. the question is what corner are we going to be looking at? what you are looking at right now is the potential for perhaps not overheating, but running hot. at what point does that force the market's hand? perhaps the fed doesn't move, but the market moves ahead of the fed. at what point does become too hot for rates to rally versus where they could be? neil: real rates are -1%, lisette. give me a call when they are at zero. we can talk maybe then. i still think the idea of interest rates breaking the back of the equity market is a long way away. remember, the biggest risk of the u.s. fixed income market is really when europe is able to reestablish its status, its

growth status. that hasn't happened for a while. so i think the risk to the u.s. treasury really builds when you have broad-based participation in the global economy and when europe reestablishes aaa status, and i don't think that is really happened yet. jonathan: i think neil needs to come on weekly to provide lisa some therapy. lisa: therapy? this comes as therapy? jonathan: some bare therapy. tom: i think we are just -- some bear therapy. tom: i think we are just on the edge of fair and balanced. jonathan: neil, just quickly, you mentioned a couple of times you don't think the market is quite picking up on this yet. when you sit down with the team at renaissance macro, where do you think the missed opportunity is, as you see this economy snapping back in the way that you expect? neil: where do i think the

opportunity is? for me, i think things that are tied to the reopening trade still have room to go. if you look at things like airlines, hotels. i think it is interesting, you mentioned one of the two sectors that has been doing well since election day, banks, energy. who would have thought that would go with a democratic government? tom: right. jonathan: so true. neil: you have these sell side equity baskets, and they are just a waste of time. i have the banks and the republican basket. obviously it doesn't work. what that is telling you is that growth is picking up. if you have stronger growth, you're going to need more energy, and oil prices go up. the fed is like a carpenter, hammering the front end of the

yield curve, and he growth dynamic is putting up the long end. that's deepens the yield curve. that is good for banks. let's focus on the growth dynamics. let's kind of turn away from some of these sort of political arguments, and i think that will lead you to much better investment outcomes. up, as always., great to catch a great example of that with the previous administration, tom, tesla. was the previous administration 18 energy admin attrition? -- administration a clean energy administration? tom: well said. great point. that's what we live for. we make jokes about it, but the dutta/abramowicz nexus there is so we can realize how gloomy

lisa really is. lisa: i need to break in here to talk about gloom, ok? there's a question about being overly effervescent about markets, embracing the bullish narrative and trying to be somewhat cognizant of the risks still out there, and frankly, of a two track economy and the longer consequent is. i don't think that is just gloom. what? jonathan: we are just listening. lisa: i think it is an important thing to see with the risks are out there. jonathan: are you finished? lisa: i've got last more to say, but i will let it go for now. tom: let's do the "surveillance" hmm. 3, 2, 1, hmm. [laughter] jonathan: coming up, dr. tammy lundstrom, trinity health chief medical officer. new york is looking beautiful. isn't it just? alongside tom keene and lisa abramowicz, i'm jonathan ferro.

tom, you are the only person i've met in new york who has never made it to brooklyn, still. tom: i haven't made it below 59th street. lisa: thigh-high boots. jonathan: i'll go with you. tom: i'm taking the l train. jonathan: not in the subway. we are going to walk this. tom: are we? jonathan: from new york, this is bloomberg. ritika: with the first word news, i'm ritika gupta. president biden is drawing a line in the sand on his coronavirus stimulus proposal. he told house democrats he will not back off his plan to send $1400 checks to millions of americans. the president says he's opening to tightening the eligibility for the payments. republicans have suggested that the checks be smaller and that fewer people get them. this will be janet yellen's first public effort to address the turmoil involving gamestop shares at broker-dealer robinhood.

the treasury secretary meets today with federal regulators. the sec has already said it is seeking to identify potential misconduct. it will also look at burke ridge decisions to halt buying -- look at brokerage decisions to halt buying. a proposal would make it easier to stop mergers and acquisitions in court, plus target conduct by dominant companies that thwart competition from rivals. amy klobuchar is the incoming chairwoman of the senate committee on antitrust law and competition. mckinsey and company has agreed to settle claims stemming from the opioid epidemic. the consulting firm will pay more than $550 million to end lawsuits by roughly four dozen -- roughly four dozen states. more than 30% of u.s. property owners are considered equity rich. that means property is worth twice as much is worth twice as much as the underlying mortgage.

the count of equity rich properties rose to 17.8 million of the 59 million mortgaged homes. 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'm ritika gupta. this is bloomberg.

♪ >> we need to stock the material

that is produced globally. and then if you are missing certain parts and you can't get it out of a certain country because there are restrictions or whatever, this is the bit where it is struggling. jonathan: the real worry for the health care community worldwide. from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here's the equity market, a quick snapshot for you. doing nicely through much of the week so far. the s&p 500 up around 0.1%, into positive territory by around six or seven points. in the bond market, yields just about higher. 1.13% on the u.s. 10 year. it is a steeper curve, supportive of the banks so far this week. we keep hitting on this one,

euro-dollar $1.1990, coming dow 0.4%. tom: all of this coming up to claims here, with we will have for you in about 35 minutes, and a jobs report shaping up nicely for tomorrow. as you know, we talked to a lot of fancy people on vaccines. people making vaccines, people at the cutting edge of scientific research. we also take rate pride at "bloomberg surveillance" for talking to people operationally in the trenches. one of those is tammy lundstrom with trinity health of michigan, with some 90 hospitals nationwide, and the operational reality of doing the vaccine. we are thrilled dr. lundstrom could join us. do you have the confidence that we can correctly execute right now a two-dose strategy? dr. lundstrom: i am definitely

confident we can do that, and within trinity health, we have been doing that. we have ramped up, and we are delivering over 90% of shots in arms every seven days, compared to the vaccine that we get delivered to us. so we have ramped up, and we are ready to go. tom: i can't emphasize enough, this is the cutting edge of what we are all talking about. with that said, when do we see the migration down to younger and younger people? dr. lundstrom: around the late april -- dr. lundstrom: probably somewhere around the late april to may timeframe. j&j is ready to submit their fda eua approval. we are excited to have more than the two vaccines we have, and we are anxious to get more supplies so that we can get people protected. lisa: the u.s. is doing a lot better than other nations, canada and the european continent in the forefront.

are they going quickly enough to get ahead of the new strain of covid that has emerged in the united kingdom, that has emerged in south africa? dr. lundstrom: i think we can always go faster, and i think we are all committed to trying to get shots in arms as quickly as possible. we can't forget that we still have to mask, we still have to physical distance, we still have to wash our hands, avoid crowds. it is really a bundle of activities we have to double down on. lisa: people talking and it totally about how the -- people talking anecdotally about how the vaccine has to be defrosted, and if people don't show up to their appointments, they discard the remaining vaccine. how much are you seeing that, and what can we do to avoid some of that waste? dr. lundstrom: we are actually not doing that. we are creating waiting lists so that we have people in places that we can get the vaccine

to quickly, within a few minutes after knowing that we have access doses -- we have excess doses. we are also using those to vaccinate patients in the hospitals so that we don't have waste. it is very difficult right now because it is a state-by-state decision of what the prioritization lists are, so we are following state-by-state, and our waiting lists keep in mind of who is in the priority list for states, and we are following those guidelines. we are keeping our waiting list ready to go, and as states open up to more populations, we expand the list. jonathan: would you find it helpful to have that extra discretion yourself? dr. lundstrom: i think that we have been able to manage through the difficulties of various

state regulations and requirements of who is going first, and then keep our list accordingly. we care for about 1% to 1.5% of patients in the u.s., so we have a lot of patients eager to get the vaccine. it is also heartbreaking because we can't get supply fast enough. tom: that is the point i want to bring up. we have washington legislation, and with 90 plus hospitals, multibillion-dollar revenue stream with all of those expenses as well, you get a check for $10 million from washington. what is your greatest need at trinity right now with money from the government? dr. lundstrom: i would say our greatest need right now is the vaccine supply, followed by staffing. we know that staffing is very precious, difficult. colleagues are tired, so really

getting some supplemental staffing to help us not only balance the 1200 or more patients with covid-19 we have in our hospitals today, people that are coming to us for emergency care, heart attacks and strokes, but also getting the vaccine clinic up and running, and partnering with public health and our communities to really try to get a collective mass vaccination site and move to getting shots in arms as quickly as possible. jonathan: doctor, thank you. please come back soon. dr. timmy lindstrom their of trinity health -- dr. tammy lundstrom there of trinity health. we need to try and keep up the pace, hopefully increase it, but that is going to come down to supply and whether we hit anymore obstacles down the road. tom: we've come a long way in a month and a half. that one million per day just

adds up, and as you heard, dr. lundstrom goes out to april when we really start to click in the american population. jonathan: when does the pressure start to build on policymakers across the country to pare back some of these restrictions once you get the most at risk in society vaccinated? lisa: you are already seeing a lot of people say we cannot go into another lockdown, and there's this tension as the new strains come up. people say they are going to spread in the u.s. like they have in the u.k. like wildfire. how quickly can we get travel back up and running with this dissonance, with the u.s. ahead of cash with the u.s. so far ahead of, say, canada? jonathan: i think this is really interesting. the sequencing to reopening these economies is shifting somewhat. it is interesting that the u.k. is making travel more restrictive, not less, and the coming months. tom: that's a good point. each country is different as well.

again, rolling it out, right now i would say the u.k. is really impressive. jonathan: good morning to you all. we advance 0.2%. coming up shortly, sebastien page, the t. rowe price head of global multi-asset. heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ lance." ♪

>> there is both excess credit the quiddity and endless enthusiasm and there will be many bubbles forming. >> the system is from a financial stability perspective, robust. >> the world does not shift just because you are buying shares online. >> markets are rewarding vaccination and strategies. >> there are a lot of people who cannot go back to work. >> it will take