of abraham lincoln. four score and forever ago, scott -- stocks declined in price. a wall of liquidity. the dollar this morning resilient. the euro weaker. two year yield neil all-time lows. the percentage change is huge. -- the two year yield near all-time lows. and republicans and democrats desire a vote on guilt or innocence for president as early as tomorrow. i am tom keene in new york celebrating the chinese new year in london is francine lacqua. i have my 19th-century paris tie on for old abe and you go with the red to celebrate the lunar year. i thought what we learn from jinny was extraordinary about the resilience of the chinese economy.

francine: they have a very digital based economy for the urbanites. we will see many the money spent -- whether the money spent that happens during the lunar new year, the year of the ox, whether that spending goes online. it'll be interesting to see the dynamics and how this economy adapts. we talk a lot about the chinese economy not being equal for everyone. tom: in february 12, we have lincoln, and we migrate to february 22, george washington's birthday, having something to do with the colonies. boris johnson has his eye on figure 22nd. is it possible the lockdown -- on february 22. is it possible the lockdown could end. francine: boris johnson in the past saying we will reopen, and then his scientific advisors

saying it might be too soon, let's wait and see. what you do not want to do is open too quickly. the other story, mario draghi finally in charge. he managed to get everyone on the same page and there is optimism on the markets he can get it done. tom: with bloomberg news in new york, your is ritika gupta. ritika: how's prosecutors have concluded the case in president trump's impeachment trial. they say they have proven the president incited insurrection caret trump's lawyers will present their own case today. they will include video presentations, perhaps an attempt to counter the prepping video how's prosecutors showed. i house committee has approved $1400 payment to millions of americans. those checks will be part of president biden's $1.9 trillion coronavirus relief package. the plan also okayed tax credits

to children. that will be mailed out on a monthly basis. the u.s. has wrapped up deals for 200 million additional vaccine doses from pfizer and moderna. president biden says that would give the government enough vaccine supplied to inoculate all americans. the delivery date has been moved up to the end of july. the pay and the eu are still locked in this -- the u.k. and the eu are still locked in a standoff over northern ireland. the brexit deal cap northern ireland in the customs union and the single market. some in boris johnson's conservative party are deeply opposed to that. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. tom: thanks so much. equities, bonds, dow futures -56. the vix 21.71.

bitcoin, let me mention it. 48,000 rounded up, can we touch 50? the yield space is sort of a pullback off the cpi nondata we saw in the u.s.. i am struggling, crude, $61 a barrel. francine: we are not seeing volatility but we are seeing volumes. it is the new year for a lot of asian economies and countries are closed for the economy. happy year of the ox. slightly lower volume today. a global stock rally is stalling. we are having a little but of a pause in terms of trading. oil futures falling for a second day. my data check will not set the world on fire. tom: we are struggling with that but maybe we will see fireworks on monday.

we will watch and get you the data through the day, particular young disney with great earnings. in washington on the impeachment watch, emily wilkins joins us. the defense does not rest. the defense will speak today. what should we be looking for? emily: the defense should be making a couple of different arguments. they will argue trump did not provoke the violence on january 6, that his words and actions had been misinterpreted, that he said demonstrators should have got to the capital peacefully. they will also play videos of democrats using fiery language to argue there is a double standard being applied to trump. tom: civics 101. they call witnesses? emily: we do not know. we have been asking and they have not said whether or not they will. it will depend on house democrats. if they call witnesses, the trump team is prepared to call witnesses. if they don't come of this trial

could wrap up by tomorrow. -- if they don't, this trial could wrap up tomorrow. francine: we started the week saying there's no chance donald trump gets convicted. has anything changed? emily: not really. a number of republican senators praise the job democrats did in present in their case but a number of them said they do not feel this trial is constitutional because donald trump is no longer in the white house. they have also said sometimes they see a disconnect, they do not see how the mob that attacked the capital was directly inspired by trump. we are expecting a few more republicans than last time to vote for trump as guilty, but it will be difficult to reach that 17 republican threshold needed for conviction. francine: when you look at some of the underlying things we are watching out for, there is a big hack story between the u.s. and china. we know president biden has

spoken to the president of china . does the impeachment -- what is the feeling on the democrat side? to they want impeachment to be settled either way? emily: it is no secret that conviction of trump was going to be a high bar. democrats have the house, they have the senate, they have the white house, and they have a giant list of things to get done. while i feel like democrats want to make sure they did due diligence, they've already spent this last week working on stimulus checks, they're going to bring an immigration bill to the floor, they have a lot of other things to focus on. tom: let's say we get this thing done saturday. 7:00 saturday night. there is no football this weekend. they get done with the impeachment. does everybody kiss and makeup? what you expect your capital to

look like monday morning? emily: we have seen so many partisan tensions continue after the election of joe biden. it seems like there is not yet a sign of how those tensions ease. even with the stimulus bill they are working on. although the republican senators came forward and said we would like to go forward in a bipartisan manner, but now it is almost certain the democrats we use a method that they need only democratic votes to pass. it does seem to be more of the same around capitol hill. tom: very good. millie wilkins, thank you so much -- emily wilkins. on this story, it will be interesting how david westin approaches this. on abraham lincoln's birthday, you cannot do better than richard durbin of illinois. from the congressional district of springfield to the senate,

dick durbin, 12:00 noon. this is bloomberg. good morning. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now.

your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com.

tom: good morning. tom keene in new york. francine lacqua in london. abraham lincoln's birthday, the chinese new year. the year of the ox? francine: it is. i think it is good luck. i was born in the year of the horse. tom: i was born in the year of the bowtie. a lot of different stories. i love speaking with the gentleman from south africa about the challenges of the virus. right now we need to get back to the meat and potatoes and get to

the core view forward for investment. no one better to get that with than the gentleman from lazard, ronald temple. have you changed your outlook since we have seen this jump condition in equities off november 6? ronald: i am the most optimistic i've been in a long time. i think between now and the end of 2022 we could see the strongest gdp growth in 50 years. tom: let's pick up on that. that goes into nominal gdp with an inflation left. it goes into the revenue line. down the income statement, where is the persistency that will lift equities? ronald: if you look at the underlying conditions that will give rise to strong economic growth, you have massive pent-up demand for consumers. consumers are sitting on 1.5 trillion dollars of accumulated savings is the pandemic began and that is before the next wave of biden stimulus payments.

you finally have the u.s. using fiscal stimulus. we failed in this in the financial crisis. we are doing it properly this time. number three, something none of us have seen in decades is the fed has tolls clearly they will sit on their hands and maintain an extremely accommodative monetary policy. for the first time we can have an economy that heats up and the fed does not hit the brakes. that will flow through a broad range of companies in the u.s.. francine: what kind of inflation will we see in the u.s.? the speech from jay powell yesterday -- there comes a point when if it is too high inflation it becomes uncomfortable. ronald: i thought it was important he read rated the fed's new average inflation target and said clearly we will wait and to we get the maximum employment and inflation at 2% and appears to be above 2%. that was clear. i do not think inflation is

going to be off to the races. i think inflation expectations are going to grind higher over the next couple of years as people recognize the fed will do what it said it will do, which is basically nothing. i think we could see inflation expectations creeping up above 2%. i would worry if we got to 4%, but i do not think that is likely. francine: is there inflation coming from china, and if there is does it hit some of the industries differently to others? ronald: it is interesting. i think china has been a force for global deflation for several decades. one could argue this erosion of globalization or the stalling out or reversal should be inflationary. in terms of looking at the basket of goods for consumers, tradable goods are not a large portion of that basket. 80% of what consumers by is more

in services. i do not think china will be the driver. what we need to watch is do workers start to get wage increases and accompanies pass that on? tom: we talked to heidi share holes of epi -- we talked to heidi sharholtz. if that is the case, what will be the cash that underpins equity relief. is it a share buyback model that we cannot perceive how large it will be? ronald: for the first time in a long time we see companies wanting to invest in their growth. it is an amazing thought. there is one other piece of the story that would make this even better. biden did campaign on pledges around a major infrastructure program. let's remember infrastructure has always been bipartisan because it is clear when you invest in productive capacity, when you make the economy more

productive you get long-term increases in growth. if we see the infrastructure on top of what i just talked about, we could see companies investing more in to satisfy rising demand. tom: my theme this week is off of howard ward who talks about how the technology stocks and how they purvey all of the other sectors of the market -- how they pervade all of the other sectors of the market, greater technology lived we are having trouble engaging in. you agree there is a mystery with the technology lived in society we underestimate? ronald: we had this conversation this weekend. are we even thinking about technology the right way. every company is using technology extensively in their operations and if they are not they will get left behind. it is easier to see technology pervade every other sector. hard to tell what the answer is. i think it is lifting

productivity, lifting efficiency for companies, and you can see that coming through in earnings. what we are seeing is s&p earnings above the level of a year ago despite the pandemic. you will see companies continue to invest in that technology across all sectors. francine: there is a global shortage of chips and i'm not sure what to do with that story. could it be one of the stories of the year if it infects other parts of the economy? ronald: obviously having a big effect on the automotive industry. now we're hearing from other sectors complaining about this being an impairment. it is interesting to see politicians coming out, even against president biden yesterday, on the chip shortage. unclear how much elected officials can do on that front. i think it will be yet another signal of how important it is to have more regionalized or localized supply chains in every areas that are critical goods.

francine: in the last 20 days, an average of 15.8 billion shares have traded each day on the ux -- on the u.s. exchanges and that is just shy of what happened in march. if we look at volatility, it is not actually increased. what does that tell us about u.s. equities? ronald: i worry we are seeing some degree of speculative fraud. people of gotten very excited about bitcoin. we have seen the retail trading around gamestop and other names that have obviously gotten a lot of news coverage. my advice would be for anyone to recognize you can lose money in trading these kind of instruments and i worry we are seeing retail investors get caught up in excitement. i think the key point is to understand the fundamentals and take a longer term view and make sure you can afford to lose the money because there is no such

thing as reward without rest. tom: ronald temple with us to frame out this friday. this is wonderful. we will continue with mr. temple . on the equity markets, a different view. we like that at surveillance. the conversation is about differing opinions. lori calvasina thinks ronald temple is not. -- is nuts. i am kidding. i'm just trying to get you to watch. lori calvasina at the 8:00 hour. we will continue with mr. temple. 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 surveillance." a surprise fourth quarter profit for disney, the world's largest entertainment company posted a surge and disney plus streaming customers and losses were lower at the parks that had been crippled by the coronavirus. the disney ceo pointed to the 21 million new disney plus customers as a sign the shift from traditional media is paying off. expedia reported another steep drop in revenue in the fourth quarter, a sign of how the pandemic is hammering the travel industry. revenue plunged 67% in the final three months of the year. expedia ceo told analysts expect things to be bumpy for a while. a company catering to women and

led by women has made its 31-year-old female founder a billionaire. shares of the dating app bumble sword in their debut and now ceo whitney will is valued at 1 -- whitney wolf is valued. sheet spoke about what makes bumble stand out. >> i am so proud of our team. for the first people that believed in us and subscribed to this radical idea of a woman making the first move, they have been -- drove this home. ritika: that is your bloomberg business flash. tom? tom: on bumble, women make the first move. we are leveling the playing field and changing the dynamics of dating. francine, you said you have acquaintances in london that went ka ching?

francine: acquaintances in new york. it has made some people millionaires. it is not the only data -- the media is always like financial analysts falling in love with bumble. you can argue there are not many companies they are not falling in love with. i also have friends that met on bumble. i am too old to have dated on apps, but it is how people meet in a pandemic. tom: i am out there daily. francine: [laughter] that is not true. tom: let's switch gears. i am interested in your thoughts on fashion. you are wired into london fashion. they will make it through the pandemic, right? francine: i spoke to a chairman who cannot talk yet, but if you look at the way fashion is going, most people are working

from home in their slacks or jogging bottoms so i think it will be difficult for a lot of these retail giants to sell. china is going well as people start shopping again. for western europe and the u.s., i do not know where it goes. tom: email, text messages coming in. francine is not wearing red for chinese new year, wearing red for valentine's day. francine: both. tom: thank you for emailing in. francine: staying with the fashion theme, we will talk about makeup. look for that interview later today. this is bloomberg. ♪

francine: this is "bloomberg surveillance." tom and francine from london and new york.

still with us is ronald temple. thank you so much for staying with us. we were talking about the reflation trade and the implication of some of the frothiness of the markets. what i want to talk to about now is spac's. 95% of our guests think there are too many around and are not intrinsically sure about what value or how they will change. you are quite optimistic that spac's are here to stay. why? ronald: there is a bit of a misunderstanding on spac's. i think there critical features that make them an interesting way for companies to go public. the big trade-off is if you go public through a traditional ipo you paid underwriting fee to a broker. through a spac, the cost is primarily through dilution. what is happening is the divide has been narrowing. i think spac's are becoming more sustainable.

the other part that rarely gets mentioned in the media is when you buy a spac you have a unique feature. the other feature that is interesting is there is a redemption feature. just before the acquisition closes, whenever the deal is about to close come the investors have the right to redeem their shares and get their money back. if they bought on the ipo at $10, they can get $10 back. that is something that is often skipped. i want to be careful. i think there a lot of spac's out there that make no sense, where people claiming that expertise might not come an investor should be careful about paying up for a spac. until they are getting closer to that kind of acquisition, paying above $10 can be dangerous, but if you can buy it on the ipo at $10 and redeem it at $10, it is not as bad as people might think. francine: does it depend on the

management or does it also depend on the industry? the banking industry seems to be propping up a lot of spac's. ronald: the hard part is for any investor used to doing traditional bottom-up analysis. the company is not determined what they are going to buy. buying is an option knowing you can get your money back. there is an element of wanting to assess who is the sponsor, do they have credibility in the space they say they will make an acquisition and try to assess their skills, but it is also important understanding what price you want to pay to get into it. people should be careful. there might be a little bit of a froth mentality among investors they should by any spac they can because there is unlimited upside. they have to buy a company and make a good acquisition. what is important is that after they announced the acquisition, doing your homework, and then

making a decision whether they want to continue. francine: when you look at some of the rotation we have talked about in equities, what does it mean for emerging markets? ronald: we have seen that if you buy growth you crush the returns. what we have seen change from september 1, we started to seek emerging markets outperform the u.s., we have seen a 1700 basis point difference between the msci emerging market index and the s&p 500. we've also seen a change when value stocks have been outperforming growth. if you tie this back to our earlier conversation about increased growth rates over the next couple of years, i do not think this is as simple as saying sell your growth stocks, buy value. there is a misconception growth needs to tank for value to work.

there is a strong case for reevaluating what you are paying for current cash flows and future cash flows. in many cases value stocks are looking very attractive. those tend to do well in these cyclical upturns. it is definitely still worth doing the work to figure out if you might want to allocate on a towards em and value. francine: e.m. is on asia because the reopening happened much quicker after covid-19, or could you find value elsewhere? ronald: i think you can find value across the global emerging markets. as with everything, it comes to the bottom stock selection. you can find companies in emerging markets that are expensive because they are riding on the same tail winds we've seen in the mega cap tech stocks. i do not think the stocks are overvalued. you can also find good companies that are trading very expensively.

i think asia is easier to explain why people should be excited, but it is not just asia that is attractive. there are good opportunities around the world. francine: thank you so much. ronald temple of lazard asset management. let's get straight to the bloomberg first word news in new york city. ritika: house democrats spent three days trying to show why donald trump should be convicted over the storming of the u.s. capitol. now it is time for trump's lawyers to make his case. they say they will need only four hours. one of the lawyers dismissed the democrats video presentation, accusing them of using it for entertainment value. u.s. hospitalizations for the coronavirus have plunged 16% so far this month. they are now the lowest level since mid-november. arizona, utah, new mexico, california and ohio that the declines, but hospitalizations in new york rose 6%. donald trump reportedly was

sicker with the coronavirus than anyone publicly knowledged at the time. according to the new york times, it was so bad officials believed the former president would need to be put on a ventilator. he was said to have a low blood oxygen level and a lung problem associated with pneumonia. president biden's victory is already leading to consequences for wall street. regulators are scrapping a trump era policy critics say helps insulate firms from topper penalties. at issue are waivers financial institutions must attain to protect themselves from sanctions when they settle a case with the sec. the agency will make it tougher for firms to get the waivers. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. tom? francine? francine: thank you so much. coming up next week continue tracking covid-19 with the johns hopkins bloomberg school of

public health professor and virologist. that is coming up. this is bloomberg. ♪

francine: this is "bloomberg surveillance." later today, new york state restaurant association president and ceo. this is bloomberg. president biden: when i took office three weeks ago, this country do not have a plan or enough vaccines or people to vaccinate americans. within three weeks, around-the-clock work with so many people, people standing behind me and in front of me, we have now purchased enough vaccines apply to vaccinate all americans. francine: u.s. president joe biden announcing the u.s. has finished a deal for 100 million additional vaccine doses each

from iser and moderna. joining us is andrew pay cost, johnson -- when you look at exactly where we are in terms of vaccination rollout, how critical is the next two months to make sure we are not vaccinating and increasing the probability of more mutations or variants. andrew: this will be an important transition time as we move from vaccinating people at highest risk of being exposed to the virus as we move to vaccinating the general population we will have to increase our effectiveness and efficiency at which we are vaccinating because now's the time we can utilize things like mass vaccination centers to get the vaccine out to as many people as possible. with the new variants emerging,

with covid cases decreasing still at levels way too high for us to handle in terms of our medical infrastructure, it is important to get as many people vaccinated as quickly as possible to turn this corner. francine: france does not have enough doses but they have a bigger problem with people not wanting to get vaccinated. what is the u.s. like in terms of anti-backs -- anti- vaxxers? andrew: it seems over the last few weeks some polls have shown there has been an increase in the willingness of americans to get the vaccine. we would like those numbers to be even higher. i think what we can take from the rollout of the vaccine is these vaccines are safe. we have not seen any signatures different from what was seen in the clinical trials in terms of safety. certainly as studies are coming out looking at the efficacy of these vaccines, they induce

strong immune responses that appear to be very good at limiting the virus replication. everything looks good with the vaccine rollout so far and i think that is stoking confidence in the u.s. population. tom: i feel it certainly. i will have my second shot at 11:00 this morning. looking forward to that. thanks to nyu for great service. the former u.s. ambassador to israel notes the times of israel , with the statistics on what israel has learned. zero deaths and only four severe cases among 523,000 fully vaccinated israelis. what is the best practice israel is doing that we need to do. dr. pekosz: they were highly efficient at rolling out their vaccines not only to the high-risk troops, but into the general population. that is the lesson to be learned.

the rapid down take in terms of severe cases and hospitalizations is probably the most important thing vaccines give us, that protection. the more efficiently you can roll this out, the sooner you will see those effects. tom: i know we are a network of delicacies, but let me cut to the chase. why can't america do that? we put somebody on the moon. why can't we replicate the best practices of israel? dr. pekosz: partially this is a leadership issue. we need to have more centralized leadership, more clear plans in terms of how people get vaccines and how to sign up for them and how to distribute them. right now certain states are doing a better job. other states are so decentralized people will have to pull 10 or 12 places to get on a list, and that is not efficient. centralized leadership, centralized guidance in terms of how to roll this out with a long way to make these rollouts more efficient.

francine: company variants -- how many variants are out there, and if we do genome sequences could we find more variance not taken care of by the vaccines? dr. pekosz: as we do more sequencing we see lots of variants. this is not unexpected. i and others are trying to lump these into variants versus variants of concern. those of concern are those that have mutations in those we know effect the function of the virus. we have three major classes, the south african and the u.k. and the brazil, and other minor ones are emerging that are of concern. these mutations can increase transmission or they can make the virus less sensitive to antibodies induced by the vaccine or infection. that is why we consider them

variants of concern. they are still sensitive to the vaccine. this does not mean we should stop our vaccination progress, but it means we have to think more long-term about tweaking our vaccine formulations to make them better against the strain that may be circulating in the next two to three months. francine: thank you for all of the insight. andrew pekosz of johns hopkins. be sure to go onto the bloomberg for the latest information. you can also tuning every day for our exclusive conversations with johns hopkins experts for an inside look at battling covid-19. coming up later today, peter kern, expedia group chief executive. i know a lot of people have holidays on their mind. an interesting conversation coming up. this is bloomberg. ♪

ritika: this is "bloomberg surveillance." london has little to celebrate after the first six weeks of freedom on the european union. the financial district lost its

crown to amsterdam as europe's best place to buy and sell stocks. relocations of bankers are said to continue in 2021. still backers will insist london will flourish as a financial hub. the dutch bank iag posted a better-than-expected first-quarter profit. the lender satan like there'll be more payouts to shareholders. ing is waiting -- the lender pointing out there will be more payouts to shareholders. miami is also exploring investing funds in the world's largest cryptocurrency. according silicon valley investors and technology investors and he thinks adopting bitcoin is a critical part of that plan. that is your latest bloomberg business flash. tom: thanks so much. maybe the leadership in miami ought to join francine lacqua in the british museum and look at

some of the challenges of medieval england in currency stability as they try to make the economy go. francine: we could go to roman times as well. tom: you could even go to game of thrones. francine: this is a different chart. edward vander walt knows that if i go to logs, this shows the percent change of bitcoin. all i can tell you is this is a hugely contained and elegant chart. it respects one of the key moving averages. there is a very nice ballet to the mathematics of bitcoin in this latest search. edward vander walt covers this for bloomberg news. it was on the bid on bitcoin. we know who is buying it on the bid? at work: both groups are on the bid and both for the same reason. we have the retail bid that is very strong.

we also have the institutional bid. the reason why i say they are on board for the same reason is the accessibility of bitcoin has improved. you no longer have to go to an offshore exchange to trade this. you can accept it with paypal or the futures market. tom: of course jonathan ferro got 8000 shares in bumble, i did not. i look at the ipo of bumble and i look at bitcoin. the common feature of bumble and bitcoin is the scarcity. how scarce is bitcoin? eddie: bitcoin -- please do not tell my wife you saw my bumble account. this is what it is all about. it is well engineered, not just the fact that it is scarce, but that it becomes more scarce. some bitcoin lost -- the rate of

production of bitcoin slows over time. that has been absolutely instrumental. every time we've seen the rally fate, there was another supply and it came back to us. that is what has kept it going. francine: don't worry. he cannot have seen your profile because tom still thinks you are called edward, which you are not, even on your christening. when does it going get regulated and by who? eddie: that is the big risk. regulators are looking at it. nobody wants to do anything because people want to speculate in the current environment, why shouldn't they be allowed to speculate? the moment this shows any hint of becoming systemic, the moment -- there are hints retail speculation is becoming systemic. the gme squeeze was a sign

retail has an influence on the wider market. if we see a crypto crash and that triggers a crash and other assets, i think at that point the regulators take a dim view of this. francine: is this old wall street against the young people that understand crypto? if you take a look at twitter after an interview like this, people love it and people hate it. eddie: absolutely. it definitely splits the community. i do not think it is all retail investors versus the hedge funds in this case. the hedge funds are seeing the retailers are buying it. the hedge funds are sappy and they know where to look. if they see something is picking up on reddit they know to get behind the trade. tom: how does the chancellor of the exchequer look at this? i bust his chops but eddie is truly excellent at this.

what is the difference between the washington view of bitcoin and what the chancellor of the exchequer is looking at in london? eddie: it is interesting. the regulators in different places, we hear one of you from canada, one view from the u.k., and something more friendly in the u.s. because this is such a global phenomenon, banning it in one region is not going to work. it would be a unified view. i think the regulators in the u.k. are a bit more protectionist towards retail customers anyway. we have other access points so markets are slightly more developed. that informs their decision. tom: a paper really emphasizes the change agent is bitcoin used at retail to provide for

settlement of transactions. how close are we to that? forget about the drama of tesla. how close are we to that? eddie: we are not there. i have heard incidents of people buying boats and houses and land and some of their shopping and bitcoin, and it is possible, but the transaction speed of working on the blockchain network, on the bitcoin blockchain is too slow to do that on a real basis. there are solutions around it. people are using it as a means to speculate on future wealth. tom: that was a clinic. eddie went of all -- eddie van der walt on bloomberg. immense respect. i also want to give a shout out to bloomberg intelligence mike mcglone who has provided tremendous leadership on this great debate of bitcoin.

francine: and joe weisenthal. tom: he owns so much of it, joe loaded the boat on bitcoin years ago. i think his cost basis -- francine: and remembers his password, unlike other people. tom: joe weisenthal him a star of the afternoon. i am he cannot join us. francine, what are you looking at into the weekend? francine: i think it is the reflation trade. i'm interesting in the idea of if you look at volatility, it has not done much, but volumes in u.s. securities are so high, and what that means for the market. tom: i'm watching big tech. they have not done anything. they are quiet. stay with us. i think there is a simulcast next. this is bloomberg. ♪

>> the pandemic is still not over. >> the risk of doing too little is far worse. >> the economy could bounce back much faster than people anticipate. >> the fed wants inflation to pick up and give the economy a chance to run hot. >> we are flooding the economy with monetary stimulus. >> where'd you put your money? >> this is bloomberg surveillance with tom, jonathan ferro, and lisa abramowicz. jonathan: this is bloomberg surveillance live on bloomberg tv and radio. i am jonathan ferro. equity futures are down on the s&p. we are -0.2%. as we went into the pandemic, record inflows