u.s. needs big stimulus to get the economy back on track quickly. larry summers publicly disagrees. a new astrazeneca vaccine is being developed, this after early data suggests the product has limited efficacy against the south african covid variant. and ecb president christine lagarde hints at a soft exit from stimulus once a recovery takes hold. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london, tom keene in new york. come -- tom, are you ok? are you thinking about the reflation trade and how you can trade it in the second week in february? there is a lot going on? we look at covid-19, vaccines, astrazeneca, and what janet yellen said about the labor market. tom: i am trying to figure out who choreographed the weekend at the super bowl. i thought the choreography was just stunning, a triumph. we are getting over the super

bowl. tom won, and you move on. francine: there you go, at 43 years old. let's get to first word news with ritika gupta. ritika: charter secretary janet yellen predict the u.s. can return to full employment next year, only if it enacts a strong enough coronavirus stimulus package. like the one proposed by president biden. he told cbs the job market is in a deep hole. republicans have complained that the president's plan is too expensive. president biden promised a different kind of relationship with china's xi jinping then donald trump had. the president told cbs news there will be competition but not conflict between the two nations. he said there is no particular reason why he has not spoken with xi yet. vaccine developers are working on a new shot to fight the south african strain of coronavirus. early data suggested the current vaccine from astrazeneca and oxford university has limited impact on the mild disease caused by the variant.

and that a new shot should be ready by autumn. a former u.s. secretary of state, george schultz, has died. he served under ronald reagan from more than six years and frequently clash with more ideological members of the administration. the ivy league educated economist was labor secretary before that, treasury secretary under richard nixon. he was 100 years old. 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'm ritika gupta. this is bloomberg. tom? tom: correlated, equities, bonds, currencies, commodities, accuray's -- equities continuing to lift. futures up 11, the vix does not give me much information right now. what does get me information is the rate market, and there you have two year lower, which is very interesting as the 10 year goes higher come out to a mighty

1.19%. we are on a 2% watch with a 30 year bond. brent crude, $60 a barrel. francine: you have done my data check, tom. i also have the 30-year, treasury yields rising to the highest in a year. inflation implied by the bond market accelerating to the fastest since 2014, and that dovetails nicely between the -- with the debate between janet yellen and larry summers overheating the economy. stocks hitting a record as brent oil tops $60. treasury secretary janet yellen says the u.s. can return to full employment with a robust enough stimulus package. she spoke yesterday to cbs. ms. yellen: this package is going to speed recovery and analysis by moody's and economists at the brookings institution show that very clearly we will get people back to work much sooner with this

package, and that is really critically important. there is absolutely no reason why we should suffer through a long, slow recovery. francine: former treasures herrick -- former treasury secretary larry summers questioned yellen, questioning the size of the package. there is a chance that my current economic stimulus close to world war ii levels and normal recession levels will set off reflationary pressures of a kind we may not have seen in a generation. he can used by saying that she continues by saying i worried that containing an inflationary outbreak without triggering a recession may be even more difficult now than in the cast. kit juckes, let's start off with the basics. will the fed rather have an inflation problem or a deflation problem? kit: i think an inflation problem is probably still easier to fight from where we are now.

the danger with a deflation problem is that the minute you start feeding -- start defeating deflation, you start slowing your economy too far. if they can get growth up enough , what we have been in is a cycle of no highs, lower lows for interest rates for almost all of my career. going the other way is the lesser evil. francine: do you worry about the size of the stimulus package, or that it is not targeted? if you are a european and you look at what the u.s. is doing, it is a different premise. you put cash out there to not only people that need it, but everyone, really. kit: the first piece if you are european is that u.s. came in with more fiscal accommodation after the financial crisis than europe did, and the u.s. won in

economic terms. i wish that europe could do the same thing to some degree. you can quibble about the details of the package. the bigger concern is structural. the milton friedman won, that governments are really good at spending money, really good at finding things to spend money on. they find it typically hard to stop spending money on those things, and the government gets bigger and bigger. in that sense, with cash handouts, at least they have a mechanism for stopping doing those you don't need them anymore quite quickly. and if you have really easy fiscal policy to get the economy moving, that sufficiently agile fiscal policy to put the fiscal handbrake on when you are allowed to, when it is safe -- that is better than starting all sorts of programs that you eventually never get out of. i think from this side of the pond, criticizing u.s. fiscal policy is quite dangerous because we have been doing it

wrong for a long time. tom: i really want to make clear, professor summers has put a wonderful rebuttal into "the washington post." i really take issue with the idea that he and secretary yellen are that far apart. kit juckes, i want you to look at the sum of the markets right now, the apparent risk that is out there that we are in a great bull run. we see it with correlated rates higher, with $60 a barrel brent crude. is there a risk here of market overheating when you look at the correlations? kit: yes, that is the bond market's job. that's why i think with a bit more inflation and bond market reaction, it may ultimately be -- the markets are here because, sure, we have easing fiscal policy, good economic recovery, and we have hope on the horizon. but we know that in an economy

where real growth is 2%-ish, have a real interest rates deeply negative is dangerous, and it does go to levels that are unsustainable. however we do it is fine because if i can have money then a lot of companies can do well. a lot of them are doing particularly well in this environment. but i do think we are in danger of those markets overheating, and i would think it would be a healthier place if we could get back to a normal level of interest rate. tom: we are getting into an area of yield curve steepening as well. we only do this when tom brady wins the super bowl, and i want you to look at a single-point 10-year yield, where you think the trip point is toward indicative higher inflation or higher inflation risk, or look at the point to -- at the .2%

spread. where is it? kit: it is a level -- it is the 10 year. if we shoot through 2% to 1.5% quickly, there has to be something going on that is alarming people. but it goes above and beyond what we have seen so far. it is going to be hard, though, to give a slightly longer answer, to split the difference between a market that is reacting every time we get a big refunding option, we have $126 billion bond to bid for this week, and something that is more of a trend. at the moment what we are trying to do is to get to grips with an environment where all people are buying equities but getting sold bonds. we have to find the right price. francine: what is the right price? you talked about something that could get them off course. is that a vaccine that doesn't work against a variant, or is

that something else? kit: vaccines not working would be deeply disturbing at a human level. that would derail everything. i am still voting that science is winning against the pandemic every day, doing incredible things. i almost refused to think about that. yes, that would mean a much longer period of much more locked down around the world, and perhaps particularly in emerging markets. but what derail the whole thing right now for markets is the bond market moves too far, not just level but the speed of movement in the bond market that triggers a big dollar rally, and triggers risk aversion around the world, than that just sets us back a step. so i would like to see jay powell in particular, speaking in new york on wednesday, i would like him to pull a lot of soothing water on this market because i would like this -- i would like the look of this.

the market will have a bit of indigestion from getting all of the supply -- in the end it is going to be comforted by the fed's promise that we will let the economy run hot, not let the bond market run out of control. and if we get what i think we will get, a slight drop in court cpi inflation wednesday as well as the u.s., i full feel -- i will feel much less wear than i am on on monday morning. tom: a snowy morning, for mr. kit juckes, with societe generale, and we will continue. futures up 1.11, dell futures up 1.111. in our next hour, ian bremmer will join us. this is bloomberg.

>> the that we are seeing is stagnating. >> i would call it puzzling. >> it is a bit softer than expected. >> there is a lot more optimism. >> what kind of stimulus we need depends on how it is deployed and depends very much on the pace of vaccination. >> the market is looking through to herd immunity. >> vaccines coming in and creating herd immunity. >> we can get the shots in the arms, then everything else is going to fall into place. >> the faster we get herd immunity, the faster we go back to pre-pandemic life, and a lot of the economy is able to heal. tom: voices on a jobs day, linked up with a burgeoning vaccination program. good to see 7500 vaccinated

essential workers at the super bowl yesterday. a weaker jobs report. kit juckes is with us with socgen. we have seen some substantial moves in em currency. i notice south african rand, philippines peso, and others. where is the opportunity to get big figure moves in emerging market currencies? kit: the dangerous opportunity right now is that if the bond market fills up too fast, all the ones that have done well will start moving backwards. the positive opportunity is that if we spread the global it cannot come -- economic recovery more widely, that's where we have been for the last few months really is the place where there is yield done well, more recently, and that is because people want yields and feel better about the world. but i think the challenge in

emerging markets in fx is they don't have the domestic growth. they don't really have the domestic yield. to justify a big rally from here come on anything other than the feel-good of easy fed in global recovery. so when we get spikes higher and bond yields, they all look terribly vulnerable. tom: and that is where i wanted to go. that is the clinic on the reality of foreign exchange. how do you know the when of going against a stronger e.m. currency? what tools do you use to figure out when they reversed from the joyride, if you will he? kit: if there was a neat magic formula, we would all make lots of money. it is a speed thing. i look at the bond market. when it moves too fast, it sends alarm signals in my head so loud that i cannot ignore them.

that is what most worries me, because the bond market is what allows money to flow out, looking for better opportunities around the world. francine: where do you see euro-sterling by year end? kit: i have a forecast of it at .85, i think. it has done most of its move now. i think that sterling is supposed to be stronger within the most referendum range, but i cannot see anything good enough happening in the u.k. economy to get us out of the post referendum range? after today, the front end of the u.k. market, pricing out the idea of negative rates can -- pretty much completely, so all the good news from they are not going to cut rates come in negative territory, is all used up in the price of sterling right now. so that does not give you a lot more room to go. what sterling really needs is positive news on the economy.

i really have no idea where, that is really the challenge. francine: is there anything to support euro going forward? does mario draghi's trend of performing -- a form a government a government in italy support euro? kit: if we were not going into this with rising treasury yields and with a big speculative long euro-dollar position in the market that needs to be gotten rid of, then i think we would have reacted more positively in the fx market then it might react, because it is going to be able, assuming he forms a government, to enter the debate, along with christine lagarde, and push forward on both the fiscal policy in europe and the need to work out how to do this in practice, kind of change the behavior in europe. it could be very positive

potentially, but he has got to get to be prime minister first. he has got to be able to corral italian politics his way, and then -- and i think behind it, we have got to get the regular to long europe position down from here. as high as it was in 2018, when the euro went down a long way so far this time, we still probably have to chew around in the fx market, have a difficult market, even offering positioning. for it to have an effect. tom: an obvious question that i think francine has probably asked 14 times of people -- it is real simple. does mario draghi carry a certain cachet where he can speak to core europe different than any other italian citizen? kit: different than a lot of others in general.

i think when he walks into one of these big meetings in europe, nobody else is convinced that he is the smartest person in the room anymore. it is difficult to state how effective market -- mario draghi was throughout europe. it is good to have a big loud french voice, a big loud italian voice coming into play as well. it helps the debate between france, germany, italy, which has a different feel from what we have had the left few years. so potentially it is great. but he has to get his domestic powerbase to the right place. francine: thank you so much, kit juckes from societe generale, where he is chief fx strategist. coming up in the next hour, we speak with howard ward. we will not talk about the super bowl -- maybe just a little bit -- but we will focus on the reflation trade.

that interview at 6:30 am in new york, 11:30 a.m. in london, and 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.

ritika: this is bloomberg stop the price of the $5.9 billion, a 20% premium to two dialup's closing on friday. it is the latest british chipmaker being sold to asian investors. the years at renee soft

technologies is among the most exalted names in finance. not anymore. there has been 30 $5 million of redemption since november 3. they had their worst performance ever, falling by double digits. their computer models could not handle the rapid stockmarket crash and the rebound. that is the bloomberg business flash. tom: futures up 11, it was most interesting last night, the football game, of course, and always of interest as well, the ads. then there was the halftime as well. the weekend. i was stunned at the response here. this is a kid out of toronto who literally started, francine, with the proverbial youtube uploads. i cannot say enough about out of toronto and ethiopian parents, of this kid starting from scratch and has turned it into a michael jackson level performance. francine, what did you think?

francine: i just loved the music, tom. the performance was great, and it was just uplifting. if you look at a lot of the commercials, it was interesting how some of them decided to talk about the pandemic, others one for nostalgia. i have never seen bruce springsteen in an ad. has that ever been done before, tom? tom: hugely rare. you are dead on on that. given the slowdown of the economy and the challenges, it is really something to see the different artists rate rules. francine: tom, my husband wanted to watch it for the first time. my french husband, for the first time, asking for buffalo wings. tom: your french husband asking for buffalo wings. that is extraordinary. that is great. this is bloomberg. good morning. ♪

tom: good morning, everyone. bloomberg surveillance, from london, from new york. we are not doing much on the

markets today. dow up 100 points. the vix is not giving me much information. it will be really interesting to see if we see a permanent 20 level. yields higher by three basis points. francine mentioning 2% in the 30 year bond. dollars stronger. francine: what is the euro, tom? tom: 1.202 seven on the euro. there is your data check for the monday morning. right now, our other large executive managing editor, martin schenker joins us now. i tried all last week to avoid impeachment. my set it is next week's story, but it is here. explain for our international audience, why impeachment 2 is different than impeachment 1. marty: among other things, there

are a certain number of republicans -- excuse me -- you really do think that the president committed impeachable offenses as opposed to the first one, which was a purely partisan effort. this one will have a little bit of drama, but it is likely -- it is likely donald trump will not be convicted. tom: clear your throat, i know you are emotionally distraught. i want you to go through the reason why if everyone knows he is not going to be convicted. marty: i think the democrats are making the case to the american people more than they are to the senate. they want to make sure that donald trump does not remain a force in the republican party. tom: sodas liz cheney. marty: yeah, and she is -- she

supports impeachment even though she is in the house. as i mentioned, there are a certain number of senators, but the democrats will present a very emotional case, more to the american public than to congress. francine: does the american public care? first of all, there is zero chance almost that he gets convicted, and he is also not testifying. marty: i would not say it is zero, i would say it is very close to zero because there is always a chance that new evidence could come forward that might change some minds. but you're right, i do think the american people probably are dug in on their views on donald trump's presidency. his base, while there is some slippage, it is still strong as it was when he was president. it may not change any minds. but it may undermine his political standing at least for a while.

francine: will there be witnesses, and how long will it last? marty: no one knows what the rules are. they're still working them out. are some democrats who want witnesses. it is interesting that every member of the senate is not just a juror but a witness as well. they were on the capitol when this january 6 insurrection took place. there are a number of people who think that the country does not need to hear from witnesses, since everybody watching it -- with everybody watching it in real time. tom: what do you think about coverage of politics? we are in the midst of a massive bull market come and have infantry's of market coverage spread around the world. what is the consensus observation? marty: that there is really very little to keep this market from going up because yields elsewhere are so small.

and what else is there to do? and the prospect that there will be ultimately a stimulus package passed by congress that will give a substantial boost to the economies come as janet yellen suggests. tom: i don't think it is as big a flap as everyone is making it fulsome i thought rich miller's piece was very --. -- i thought rich miller's piece was -- you try to noodle a little bit into the tunnel you want of the hudson river. marty: there are people who say everyone concedes there does need to be some aid to counter the effects of coronavirus on the economy. then there are people who say this package goes beyond aid. it is a stimulus package. some people suggest that the economy is doing quite well, even though you have close to 10 million people who have lost

their jobs during the pandemic. francine: marty, why has president biden not spoken to president xi of china on the phone? marty: i guess he is still trying to get his ducks in a row on exactly what stance he wants to take with china. there was lots of pre-election conversation that he was likely to maintain, the stance on trade against china, but that he might try to reopen the discussions some way. i think there is some disagreement within the administration itself on how to approach china, and until he is ready, he is going to hold off. tom: with the passing of george schultz, dying at 100 years old, and of course that famous george schultz quote on trust, what is the marty schenker trust statement right now on beijing? marty: there is not much trust, and i think they are waiting and

seeing where biden winds up. secretary of state blinken has been pretty strong in his language on china so far, but we will see what happens. if it turns out to be the advantage of the american people come as joe biden suggests, he will do what it takes to have a conversation with china. tom: marty schenker. without first word news in new york city, here is ritika gupta. ritika: janet yellen is making her case for commerce to pass the biden coronavirus tim loh's plan. she says the u.s. can return to full employment that year if the package is enacted. without the stimulus, she says it may take until 2025. republicans argue that the plan is too expensive. donald trump's second impeachment trial is almost certain to end -- delivering a public reckoning for his presidency, and it will inference with his popular supporters continue to dominate

the republican party. the impeachment trial begins tomorrow in the senate. u.k. export to the european union have fallen as much as two thirds since brexit. that is according to a group that says trade is being held up by new red tape. it also says that up to 75% of what has a right from the -- of the trucks arriving from the e.u. are returning empty because there are no goods to transport. tom brady -- he guided his new team, the tampa bay buccaneers, to a 39-1 -- two a 31-9 win in the super bowl. it was brady's seventh super bowl win, the other six with the new england patriots. he was named the most valuable player. 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 or. this is bloomberg. tom? tom: thanks so much. a very nice list this morning.

coming up, lew lukens, our former ambassador to senegal, with signum global advisors. en america's new foreign policy. this is bloomberg. stay with us. ♪

pres. biden: we haven't had occasion to talk to one another yet. there is no reason not to call him. he's very bright, he's very tough. he doesn't have a democratic, small d, bone in his body. my question is that i have said to him all along, we need not have a conflict, but there will

be competition. i am not going to do it the way that he knows, and he has been sending signals as well. i am not going to do it the way that trumped it. we will focus on international rules. pres. trump: joining us to talk about the u.s., about foreign policy, is lewis lukens, signum global advisors sig. year -- senior partner. he was posted in many places for the united states of america in a past life. thank you so much for joining us. why has joe biden not picked up the phone to presidency -- to president xi of china yet? >> my guess is that he is waiting for a chance to coordinate amongst the allies, to have a more coordinated approach to handle the challenges of dealing with china. francine: that means what,

ambassador, that he is going to play hardball in china, or he needs to understand the best strategy but still get what the u.s. wants? lew: i think he's going to play hardball. you have to play hardball with china, what he wants to do it in a more coordinated fashion. president trump play hardball with china, and it did not necessarily produce positive results. joe biden once an approach of playing hardball but alongside our allies. over the last couple of weeks, he has been talking with his counterpart in europe. antony blinken has been talking with his owner parts on friday. i think they are coming up with a coordinated, comprehensive strategy for how to deal with china. once they are pretty sure they are on the same page -- and i think this will happen probably this week -- joe biden will have that conversation with president of china. tom: for most americans china is

out there somewhere, we have never been there, it is inscrutable, etc., etc. for some americans it is hong kong, shanghai, around fancy hotels. what did you learn in south china years ago that conveys the chinese distinction? what was the thing that struck you as a state department newbie? lew: china was fascinating. southern china was very entrepreneurial, economically driven, small businesses, mom and pop shops come and very active. you could go out at 2:00 in the morning and there were lights on and people were doing business. at the same time, when i went to beijing for business, it was dark, very few cars on the road, very few hotels, no restaurants. the change that started in southern china then moved across the country, and the development of china over the last 30, 40 years has been unbelievable.

he has been an incredible shift. tom: bring it to the now. this is orval schell, the giant, talking about the death of engagement with one george schultz, and schultz made clear that the fact is that we opened up china, and some of this, these are the outcomes, that we have a china with more leverage, a china with more business relationships. how do we get to a new place with china after they have opened up? lew: there are a couple of aspects of that. one of them is showing china the respect that they think they deserve. so that will start this week with a phone call between biden and president xi, but it is also a question of engaging with china on all levels, not just government but culturally, educationally, and business. it is difficult with china because they play by different rules come as you pointed out. but you have to be willing to engage, play along with their rules, while trying to veer them

over to play in a more international arena where they comply with global standards. francine: what does the u.s. actually want from asia right now? is there something they need to understand? there is also a w.h.o. investigation into how exactly covid-19 started. is this going to be two superpowers trying to go through the arms race for space in the next 10 to 15 years, no matter what happens? lew: i think that is probably likely to happen. the biden approach coming back to the alliance, is it is not just the europeans that i mentioned earlier, that the u.s. administration is reaching out and will be reaching out to support allies in australia, south korea, japan, in the region to help work together to confront china's not just commercial practices but there military aggression in the region. tom: ambassador lucan's, you were a piñata in the

administration. serving in london as well. have you had discussions with the secretary of state about serving in the biden administration? lew: i have not. there are a lot of really excellent people in the state department and it is bloomberg do for seeing my former colleagues moved up into positions, and i'm very happy at the moment watching from the outside. francine: thank you so much for joining us, lewis lukens, signum partners. we will continue tracking the pandemic with joshua sharfstein. that is coming up shortly, and this is bloomberg. ♪

ritika: this is bloomberg surveillance. softbank group's vision fund posted a record $8 billion profit -- $8 million profit in the final three month of the year. the fund's investments value was

lifted. and helped companies like doordash go public. kia is not in talks with apple to develop a self-driving car. bloomberg learned that weeks ago. apple halted discussions with the korean automaker. private equity firm el capitan is pulling ahead in the bidding for iconic german sandal maker birkenstocks. bloomberg has learned that birkenstocks owner prefers el capitan's track record of family backed to consumer brand. that is the bloomberg business flash. tom: thank you so much. joshua sharfstein is johns hopkins university bloomberg school of public health. we think michael bloomberg, filling for three -- philanthropy, and the -- he

joins us right now out of the ivory tower and into the trenches this morning, where he will be the giver of vaccinations. professor sharfstein, i want to talk about the nitty-gritty. there is a lot of fear out there about the vaccines, the first shot, the second shot, and that. pfizer says there are 35 syringe needle combinations. what is it like, in the repetitive giving of the vaccine? joshua: i will tell you, i am going to be a volunteer with the health department. it has an incredible operation in baltimore. everybody knows their roles, and everybody is taken from one patient to the next, given information, vaccination, and then they go into an area and have a snack and wait for 15 to 30 minutes afterwards.

it is a real move process, and i am excited to be a volunteer. tom: i have set, professor sharfstein, with many people, 15 to 30 minutes after that as well. tell us with the observational processes of people waiting to see if they have vaccine shock. joshua: well, it is pretty much what it sounds l the chairs are spaced. there is a number of staff to ask how everybody is doing, attuned to what could be symptoms of an allergic reaction come which are very, very rare. every place that vaccinate is prepared for them, and i think people feel that, you know, they have been watched. that the process is pretty well thought through, and they are in and out pretty quick.

like in a lot of places, the vaccinations are less of an ordeal than people think it is. you go income you stand in line, you get the shot coming you wait a bit, and off you go. francine: dr. sharfstein, there were deals for some doctors come and certainly this is the narrative from certain interviews in the u.k., that a lot of people do not show up when they are meant to come which means that you are left with vials that are left out of the fridge for maybe 15, 20 minutes. is there a right way of how you distribute unused vaccines? joshua: i think initially that was noted in many different settings as a concern, and i think that if every day you have 20 extra, you have to plan a little bit differently. one of the tactics that they might invite a few more people, knowing full well they will have a few extra. another approach is to have a

bit of a backup plan so that people might be there stanley -- standing room only, waiting, or could easily be called in. people need to meet the criteria rather than running around and just seeing if you can grab someone in the hall. francine: how worried are you that astrazeneca is worried on an updated vaccine because they worried that the currents vaccine that is being administered is not effective enough towards the south african variant? is this going to be the new norm? the market does not really seem to take notice of this, but how worried are the scientific's? >> i would say there is definitely cause for concern because this particular variant, multiple vaccines seem to be a little bit, somewhat less effective against it, for at least mild-to-moderate disease. i think that what is going to be necessary is pulling together all of the data, the data from

the lab studies, from different kinds of vaccines, and really get a good sense of, you know, how the situation -- the vaccine -- we will just have to see. it is possible to change the vaccine to focus on that variant, and ultimately this might be a vaccine that has a couple of different's strains in it, -- a couple of different strains in it. we have responses to this if it turns out to be a serious problem. i think the big unknown is really how well it protects against severe disease. if it attacks against severe disease reasonably well, it could be quite helpful, even in an interim period with a vaccine may be getting updated. tom: how far out do you frame this pandemic? this came up this weekend a number of times. a lot of people in america looking at school calendars into the fall. what does your calendar -- what is your calendar measurement of

how far out this pandemic goes? joshua co. well, i think covid-19 is probably going to be with us for a long time. the question is how much destruction, for how long. i think that if -- barring a major surprise like with the variant, i think in the united states where we have ample vaccines well into the summer, with a reasonably high vaccination rate, it will be very different looking in the fall than it does right now. there may be situations, though, where precautions will still be in place. tom: an essential worker today, joshua sharfstein in baltimore. markets advance. stay with us. this is bloomberg. good morning. ♪

tom: this morning, it continues.

risk-on. equity markets lift, brent crude at $60 a barrel. yields are higher, curves steeper. the emotion of a second impeachment against citizen trump. look for curveballs from lawyers and politicians. brady -- hold your wide receiver, the chiefs made themselves. meanwhile, those 44 and older, they survive the weekend. good morning, everyone. this is bloomberg surveillance. not from tampa, from new york. francine, did you watch the super bowl? francine: i did not in live real-time because i would not be -- i would be too tired this money. but i watch the ads and i watched clips. tom brady is kind of also an

oldie compared