then the last 50 years. >> we are flooding the economy with monetary and fiscal stimulus. >> the point is to unleash consumption. >> the hope is we see this unleash demand with this even higher. >> the april timeframe is really where we will get what a lot of people is looking for. >> the fact money is going to get expensive is a good thing. >> this is bloomberg surveillance with tom keene, and lisa abramowicz. jon: from new york city and our audience worldwide, this is "bloomberg surveillance" alongside tom keene and lisa abramowicz. i am jonathan ferro. john -- tom keene, a deepening energy crisis in america. this equity market continues to break out as treasury yields grind higher. jon: we will talk about the -- tom: we will talk about the markets to reset for the back half of the first quarter but lisa abramowicz has lived this

and this is about the distances, the loneliness out there. it is not like an east coast storm is it? lisa: no. since you have never experienced -30 degree weather, it is your different -- it is a different kind of cold. you have to use pencils instead of pens. tom: i'm used to -- jon: i'm used to the u.k.. equity markets at all-time highs closing on friday. that continues. tenure eat treasury real -- the 10-year treasury yield approaching a great number in yields. jon: this is the shift and we have -- tom: this is the shift and we have a great set of guests. for me, you have higher yields, but the real yield comes in with a vengeance. we have a much lower negative yield on the real yield, and that shows that inflation dynamic versus what nominal yields are doing. jon: 3950 on the s&p 500, and

lisa, there it is, yields up three basis point on a 10 year. lisa: my question is, how long can we continue this dynamic? at what point are we dealing with a controlled rise in yields. and are we pricing in an exit strategy as the economy does recover? we will get data today, not a lot, but 8:30 a.m., we get the first read of manufacturing in february. this is not going to -- not necessarily what we were expecting, but we are looking to a big increase in manufacturing. still suppressed, a read on the economy. also today, hedge funds have to report in their fourth-quarter investments. the reason why i find the so interesting is that it raises the question, how do you generate alpha and a -- how will they differentiate themselves? are they going to end up in another gamestop type situation and they do?

we had to get a ton of fed speak. we get shell bowman, george esther george, robert kaplan, and mary daly all speaking. key questions again, exit strategy. when does inflation become a concern? when would they consider tapering purchases they are doing every month of bonds. jon: chairman powell does not want to have that conversation. did you see the headline from bank of america? let me redo the top line, the only reason to be bearish is , there is no reason to be bearish. that is the take away of the top line of the bank of america survey about 30 minutes ago. tom: the most talked about news article is in the new york times talking about overheating fears going away. john, you are giving me grief 10 days ago and you scarred me on twitter as i was talking about s&p 500 4000. we are there. jon: we talked about some of the strategists that had the year and forecasts that 3000-3850 --

3800-3850. that was bullish three to four months ago, and now three months later, if feels relatively bearish considering where the market is going. tom: i want to get this in, and i think it helps with our first guest. i look at the swiss 20 year yield as a keel of the boat of europe. it is about ready to move to a positive statistic once more and has been a -20 year yield in switzerland and has come up like a moonshot. i know alan knows this well. jon: let's bring in alan ruskin, and let's start right there. the bottom line, the only reason to be bearish is that there is no reason to be bearish. what is your take away? >> i think the main cautionary note to the bullish equity view is there is good reason to be bearish in terms of bonds. the fixed income story revolves

around the reflation going on but also risks are tilted toward excess reflation. i'm not necessarily's saying -- not necessarily saying reflation because that is a leggy indicator by about 18 months, but in terms of growth and the potential for overheating from fiscal policy which is flat on if we get anything close to the 1.9 trillion from biden, money supply growth, the highest ever, financial conditions are the easiest we have ever had. there is something for everybody in terms of reflation. tom: i look at this move we have had and the idea have given up worried about inflation moving up. we have been wrong, wrong, wrong. you have been doing this for four to five-six decades. we have been wrong on inflation moving higher and why will we not to be wrong again? alan: we might be wrong again.

it is a tough call. i think we know where all of the risks currently live. as i mentioned earlier, the lag -- that lags along, so we won't know whether we are right or long -- right or wrong for a long period of time. when you think about this inflationary, a lot of it relates to the calculation. cyclical elements will be reflation but a lot of things are not cyclical like medical care, education, lots of services don't necessarily respond to higher growth. we might not see it in the statistics, but the cyclical elements will most certainly show up take. lisa: is the reflationary tray dependent on central banks remaining this accommodative forever? alan: i don't think so. look, i think the fed clearly does not want to take away the punch bowl in terms of their flexible average inflation targeting regime. if they are true to that, they will not be hiking rates for this year or next year.

probably only hike in 2023. in that sense, there's not a huge amount of risk. i think the bigger issue is what the bond market does. the market will tighten for the fed to some extent, and i think that will constrain some of the risky assets. jon: let's talk about the energy story because crude has been flying, even before this deepening energy crisis in the united states. i've heard a lot of people in the last cupping my -- couple months talking about the start of another commodity super cycle. alan: i don't know about a super cycle, but i like oil. our oil got is clearly behind that goal saying favorable oil trading. unlike other markets, which are preemptive and can price things forward aggressively, at least the storage costs in oil mean you don't price quite far ahead. i think that helps one in terms of thinking if oil can go higher

in the future. what's interesting, if you look at the curve today cub -- today, what we see in the backwards curb is quite extraordinary. i think tech, wti, around 55, that seems like a decent bat. tom: you do such good work on the history at all times. what is this like? is there a compare and contrast to a previous moment or time you can grab on here? alan: honestly, you mentioned four to five decades, not quite five to six decades. closer to four decades of work, and i have never seen anything like this at all in terms of the ease of policy. i mentioned earlier, the fiscal stimulus outside of wartime, extraordinary. money supply growth like we have never seen before. every indicator within financial , equities, credit spreads, the

exchange rate, all our extraordinarily easy. we have come off a particular stock, in terms of the virus, but equally, when we -- shock, in terms of the virus, but equally, when we get the rebound -- we have not seen anything like this before and are probably going to see gdp growth rates, a baseline without the 1.9 cholla dollars biden fiscal stimulus -- 1.9 trillion dollar biden fiscal stimulus is 6% gdp growth. a percent number if we get the full fiscal package biden is promising. lisa: this is exactly why what you are talking about the ties altogether, this is why people are saying the old models of what a bubble is, what overheated is do not count because this is a new era of central bank stimulus, a new era

of reflation with respect to fiscal stimulus. do you agree? do the old models not work anymore and we cannot count on them to ring the alarm bells, saying there is too much frost in the system? alan: i think we struggle to come up with accurate pricing. and appropriate frameworks when interest rates are zero. as interest rates normalize, and if they normalize at the back end of the curve, i think we will start to reevaluate in terms of what the appropriate ratios are for a given bond yield. i think that will lead to some rethinking in terms of fair valuations. if policy is this easy, we don't really know how to appropriately value things. we are making a bet and making considerations that relate to whether we will see inflation 18 months hence or not.

that, to me, is the macro question of the day. jon: alan ruskin, thank you. tom, we are having these conversations before the economy has reopened. this is what we are talking about, stretch valuations moving too quickly. have you seen what happened to small caps, i think we are about of 15% year-to-date. tom: i would take it back to november 6, not just year-to-date, and people could take it back to the day, maybe when biden was going to be election. the postelection boom in 35% to 40% in some of the depressed sectors as well. i think lisa mentioned this earlier, the idea we are doing this with yields higher, that happens, it is rare, and where do the to point -- where's the to point? jon: apparently it is not 120 or 125. lisa: a lot of people will say is the pace. at a certain point, the fed will

step in or there will be natural demand. jon: we need to get to the deepening energy crisis. the texas railroad commission or be joining us. from new york city alongside tom keene and lisa abramowicz, i am jon ferro. a long weekend in the united states. tom: you killed that. jon: thanks, tom. lisa: it feels like a monday. jon: it's great to be back. it's awesome. [laughter] i could do an extra hour of this. there's two more after this one. ok. this is bloomberg. ♪ >> with the first word news, i'm karina mitchell. an energy crisis crippled the texas power system leaving 5 million people in the dark. this is from the dakotas to the southwest losing power in the midst of an unprecedented deep-freeze. risk managers cannot say exactly when the blackouts will end. this is related to a chain of

extreme weather that has brought on power grids and upended energy markets globally. nancy pelosi wants to keep up the pressure over the attack on the capital now that donald trump's impeachment trial is over. she says congress must create a september 11 time commission to investigate the assault. a number of republican lawmakers will support an investigation. angela merkel wants to make a deal with the u.s. over the controversial russia pipeline that will bring natural gas to germany. it has been a particular source of transatlantic friction. construction was halted for a year after the u.s. sanctions. merkel's coalition is working to soften europe's energy market. bitcoin rose today, closing in on $50,000 level. bitcoin has risen fivefold over the last year. there are warnings investors could be last -- left with big losses.

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 am karina mitchell. 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. - [announcer] imagine having fuller, thicker, bounce forward, with comcast business. more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands

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>> what we saw in the senate today was a cowardly group of

republicans who apparently have no options, because they were afraid to defend their job, respect the institutions in which they serve. jon: nancy pelosi talking over the weekend as the president's impeachment trial goes the way many way people thought, his second impeachment trial would go. from new york city this morning, good morning to you all. i'm jonathan ferro. the price action this tuesday, your equity markets, adding weight to the s&p 500. 3950, there about. treasury yields are breaking out , and got higher open for basis points on a 10 year. 124.51, approaching 1.25%. tom: rounded up in the yield, and the curve steepening there. the real yield has come in as a lesser negative yield, a big shift then what we saw before presidents' day.

we do it on a friday, monday kind of thing. jon: that's why i came then -- came in this tuesday to get the education. tom: right now, kevin cirilli is joining us, our chief correspondent in washington. listen for him on sound on. a good conversation. this evening in washington will be about the when of it. when do we get one point -- 1.x trillion in stimulus? kevin: i think they will continue forward with getting that stimulus sometime within the next three weeks i'm told from bullish estimates from democrats on capitol hill. the committee and house of representatives has begun moving through the process of allocating the procedure for the

stimulus. the senate wants to skip that because they want to expedient the process. but look, it is three to four weeks away. tom: why three to four weeks? i do not understand why democratic president, democratic house, democratic senate cannot help small business, states and locals beleaguered both state and democrats. why not now? kevin: candidly, if this were not -- if they were going through the standard procedure, it would take five to six months in the standard procedure. -- months. so this is still remarkably efficient because of the procedural bypasses and u-turns they made. and president biden choosing not to negotiate with republicans in the senate and house. he has been able to really jump through a lot of times. i have to be candid, no matter which way you look at this, the fact they are not going a bipartisan route in congress, the administration say they met with republicans at the governor

and city level, that they have been able to go it a faster pace. jon: what is the response to the administration on what is developing on the energy front? kevin: you look at texas, for example, where they declared a state of emergency, but it comes on the heels wherefore democrats, for house democrats urged president biden and the energy department to resend the order, for their to be no more leases with regards to energy on federal land. they said given the coronavirus, given all of the developments in texas, that they cannot simply go through that type of process. texas is hurting, and now, centrist democrats are saying the green new deal, this is not the time for it. lisa: and you touched on the respect to the outages as results of extreme weather -- a result of extreme weather. this is not the first time we

have experienced it and will not be the last. how will this give emphasis to infrastructure plan biden was talking about or how much does this distract and create another crisis to deal with right now and take away from the longer-term outlook? kevin: for democrats, i think it gives a lot of ujmph -- umph. i think it candidly illustrates the divide in energy policy amongst democrats. for four congressional democrats to come out and say please stop with this new energy policy stuff, in your first 100 days, we are getting pummeled in texas, is really where i think the senator joe mansions of the world will pick up on. i go back to when i spoke to a senior a last weekend the senior aide told me that the senator said writing the letter, stop with the energy policies at the

tail end of the pandemic. now is not the time. that is more of a divide that i think we'll get traction, because it is in democratic already, in the short-term, then it is for trying to spend more money after a $1.9 trillion stimulus deal. jon: great to catch up. kevin cirilli, chief correspondent -- chief washington correspondent. lisa, let's turn to the question of infrastructure investment. maybe 10 to 20 years ago the idea to the investment of dealing with the cold snap -- cold snap might have sounded insane. you deal with tail risk and it is a tail risk. now, some people asked the question, is it the echo will these things occur with more frequency and therefore need to make the kinds of investments in infrastructure to deal with this better? lisa: is it now the exact time to do it given the fact we have an unemployed that rate as highs it is? you want to generate some sort of job creation.

how much energy are democrats going to take away from that trying to push through a bigger than some want kind of stimulus plan to fill the productivity gap ahead of the infrastructure plan? jon: this is exactly the question that former secretary summers raised two fridays ago, have you sucked all of the oxygen out of the room with the spending plan that does not address infrastructure spending? when you come around to doing it, will there be the appetite to do it, to spend more money? tom: there is a romance, and the summers article has resonated over the last couple weeks. i suggest there is a romance to i-29 down to i-35. lisa used a road trip in kansas city like it was nothing for a weekend. that is all fine and well, but this is about boring, unsexy grades of electricity, much of it state regulated, which is not something washington can really do. jon, what do you think?

the bloom -- the center folks is like the bloomberg terminal worldwide. jon: i think they made a great decision separating us both. putting a glass wall between us. lisa: who's in the zoo, guys? which one of us? jon: i think it is pretty clear. [laughter] i think there's only one animal around here, and it is not me. lisa: i will say i-29 is an interesting discussion, not to completely go off of the rails, but it does raise a question on what we are seeing across the nation, the idea of -30 degree weather. tom: and this goes back to the blizzard of 1880, and i think it was 1949, where there is a real fear not only for the cattle and all of that come about it is about the distances that somebody people on the is coast and international audience do not understand. you come out of des moines, and

there is the signed to denver, which is like one million miles away. lisa: and as we talk about infrastructure spending, there's a question as we talk about taking the energy out of the room with the $1.9 trillion plan. perhaps both are needed. jon: coming up, more on this. the foreign 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. (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design

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jonathan: from new york, this is bloomberg surveillance. from the fund manager survey, there is no reason to be bearish and maybe that is the only reason to be bearish. at your head around that. -- get your head around that. unreal. this rally just keeps on going. for the russell, 15% higher on the russell in small caps. all of this is happening while this is happening. switch up the board. your 10 year yield approaching 125. up another four basis points on the session. so we can do it. yields can go higher and the equity rally can continue.

let's finish on it wti. the crude rally continues, approaching the 60 handle on wti. shocks here to supply and demand and they are both going in a way that makes it a bullish move for crude. another .7% crude shifting hi once again. tom: west texas intermediate up to almost $60 a barrel. brent crude reaching $63.24. this hellacious storm in the midwest of the united states. yesterday when i heard of the seriousness of the storm i said get rob carroll in. he has a wonderful history -- sense of the history of the scope and scale of these storms that affect us. accu for joining us on short notice with all your radio work worldwide. the agriculture of the midwest and the winds. this is not an east coast

nor'easter, is it? >> no. this is a piece of the polar vortex that dropped down over the dakotas, minnesota and montana last week and produced temperatures as cold as 35 below. over the weekend it dropped to the central united states and it is now residing there. it is prevented from moving east producing temperatures in the 80's. so the cold air has nowhere to go. temperatures this morning are in the single digits in the texas panhandle. near 20 in houston and towards brownsville it is 20 to 25. yesterday the entire state of texas was under a winter storm warning. in 30 years of doing this i have never seen that in my career. tom: are we modernized and removed from 1949 or is that the same old same old, our agriculture is exposed?

>> agriculture is exposed but not as much in the past. we had a cold outbreak through the central united states almost as bad as this in december so that did teach them lessons but unfortunately you can only prepare so much to. temperatures were 33 degrees below zero. folks are waking up across oklahoma and kansas to temperatures generally between 15 and 25 below and once again we are dealing with temperatures as cold as 25 to 30 below across nebraska so there's only so much you can do when it's not cold. lisa:'s has been thought of previously as a tail risk. how common are these extreme events getting? >> we knew there was going to be issues this winter because of two things that were going on in the atmosphere. first of all we had a la niña in the pacific so that exposes the central united states to a

colder than normal weather pattern. so we knew the central and northern planes were susceptible. the second thing was we had a major disruption of the polar vortex started in december and continue through the month of january. we were fortunate here in the united states through january because the disruption put the cold air in siberia. a piece of the polar vortex was able to break free and drop our way and we have seen these exceptional cold temperatures this week. tom: rob carolan, thank you so much for the perspective on this ongoing storm. that italian headline speaks volumes. jonathan: italy with a 10 year bond option. draws a record demand of more than hundred 10 billion euros. 53 basis points on a 10 year.

tom: just streams -- screams 2006. you mentioned germany earlier. i got a zero at a positive statistic on swiss 20 as well. jonathan: fund yields are going one way and italian yields are going the other and i think the ecb will be comfortable with that. the spread is getting tighter and not wider. i also think it's important for 10 year treasuries as well. many people will be asking the question can we go it alone in the treasury market. i don't think we can. right now the bunds are playing ball. tom: right now we are going to switch back to what is a monthly visit and a required visit. eddie and rose is with the council on foreign relations. distinguished fellow and guide to foreign affairs.

the immediacy is the decline and fall, can america ever lead again. you nail it with a chapter of fragmented power how fragmented are we? >> we are humpty dumpty and we are just beginning to put this slightly back together with crazy glue and hoping that it doesn't fall down again before the glue sets. lisa: can you give us a sense of the import of having a global leader right now as we still have a pandemic very much in the forefront with mutating strains and the idea that this is here to stay. >> the pandemic emphasized that there was a real world out there that bites back and that government is not just a game that americans play with each other and that politics isn't just a rhetorical bloodsport. there are consequences. there are policies. most people used to think the

government is supposed to do something to protect the people from external dangers, internal dangers and advance their interests. when the government didn't do anything about the pandemic in the short-term, it seems to fundamentally challenge that entire notion and the world looked on and said you are supposed to be deaf act of running the world as well. when the world just basically was left to run to its own devices like lord of the flies under pressure, everybody went to their own national interests and essentially the world started to fragment and the order and the team the united states had been leading for several decades ever since the end of world war ii in different ways started to break up or stagnate. and the question now is ok, there's a captain who is back in, dennis rodman has come back from las vegas and the bulls are ready to play. what's going to happen?

the world is watching to see if the united states can regain its consciousness as a mature responsible government both mystically and internationally. and so far they don't necessarily have -- people are breathing a sigh of release that -- relief that some of the craziness seems to be over. jonathan: do you think the vaccine rollout of the last three months or so is bringing countries further together or pushing them further apart? >> i would say right now it's pushing them further apart because everyone is vying to get the vaccine, crawling over each other to try to get the vaccine on the line. but over time as the vaccines actually kick in, as we start getting something heard immunity down the road, as the circumstances in which cooperation can take hold after

everybody is a little bit less scared, then you have a government in charge in the united states that maybe in a role to play the sort of team leader bringing people back together after the crisis. we are still in the depths of the crisis and everybody is still completely freaked and racing to try to get the media advantage. as things get better over the course of 2021, the opportunities to focus on the upside rather than getting out of the immediate crisis and escaping the immediate downside might be more apparent. tom: the president is going to do a road trip i assume to europe to greet the allies, meet the queen and then there has to be some kind of asia swing. his beijing on the itinerary?

>> the details of that -- the biden administration understands it needs to rebuild its alliances first because the united states does not play international politics as an individual. it plays as a team leader. the trump administration failed to recognize that and the rest of the team is going, what's going on. since 1945 you have been the leader of a global alliance that has essentially run the entire world. what are you talking about this only america thing? the biden administration has made mending its relations with its core allies the first agenda item. but dealing with china and the u.s. china relationship will clearly be the single greatest challenge not just of the biden administration for american foreign policy for at least the next decade and maybe the next generation of american foreign policy the question is can the united states and china manage

their relationship just clearly somewhat conflictual. can they manage that and keep it on rails. jonathan: gideon rose of cfr. there's another question and its whether europe comes along with the united states. it's been a failure of europe to be on the same side when it comes to issues like china, like russia and to get the germans to come along and the german government to come along with some of these issues has been really difficult. tom: and then the issue is the gop primaries of november of 2022. you are going to begin to hear the republican isolationist rhetoric and that's going to really diminish the trust that's needed forward. it's not a smooth process.

jonathan: i completely agree. it's all well and good the europeans saying we need protection from russia. but then you have to look at the energy relationship between europe and russia. the europeans when it comes to china and the commercial relations between germany. these are complex issues. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we advance .5%. would you believe it? north of 39.5 already. this is bloomberg. >> the energy crisis crippling the texas power system keeps spreading. almost 5 million people across the u.s. have been plunged into darkness. authorities are fighting to avoid a total collapse of the grade. homes and businesses are losing power in the middle of an unprecedented deep-freeze. blackouts are likely to continue

throughout the day. democrats are now turning their attention back to president biden's priority. they want to push through his 1.9 trillion dollar stimulus package and get the rest of his cabinet confirmed. the president is unlikely to get everything he wants in the stimulus will. at least two democratic senators oppose the $15 federal minimum wage provision. -- cuomo admitted he did not answer questions about the total death toll from lawmakers. he told lawmakers the state withheld data because it was afraid the trump administration would use it to start a federal investigation. glencore has reinstated its dividend after posting record trading processes -- profits. billionaire ceo ivan glasenberg is preparing to hand over control.

global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. ♪

>> we want this lockdown to be

the last and we want progress to be cautious but also irreversible. next week i will be sending out a roadmap saying as much as we possibly can about the route to normality and even though some things are very uncertain. jonathan: we want this lockdown to be the last one. we all feel the same way. boris johnson in the u.k.. from new york city, good morning. i'm jonathan ferro counting you down to the opening bell and here it is, a break of 125 on the u.s. 10 year. a move of four or five basis points. in the equity market, we keep rallying. up 22 points on the s&p 500 that has got to be the theme of this morning. yields are higher, but it's not stopping this equity market. tom: i would note the vix goes the other way. the vix is supposed to come in

and go down with a better list of the markets. that is not occurring. this is of acute focus for global wall street. the bet being made on volatility. we will talk about that all through this week. right now on the desk, the hospitalizations. the improvement in cases. with johns hopkins center for health security and their senior scholar joins us now. which numbers should we look at right now? which ones have the most transparency, the most view of how things are getting better? >> the hospitalizations. that is something that is binary. either you are in the hospital or you are not. it is well tracked, it doesn't depend on testing levels or any sort of adjudication. i do think we are in the better place. the question is is this sustainable. i worked yesterday in the

hospital, i can tell there is something going on and i think it's a good thing and hopefully it continues this way and we don't get derailed and vaccination keeps up with the pace and we stay ahead of the variance. it does look ok in the hospitals. jonathan: relatively speaking, good news. you mentioned the new variations. how well are we tracking them in america right now? >> not very well. we just get a certain percentage of our tests are getting sequenced so we really don't know what level of prevalence we have of any of these variants so whatever numbers you look at on the cdc -- stored, we know those are an underestimate. we have likely more u.k. variant here than we actually counted. that's going to be the big if is how much these spread and if they translate into more cases

and hospitalizations and deaths. the goal is to stay ahead with the vaccination rollout. we are doing well in that standpoint, not well enough because it is basically a race to the end with this variant. lisa: how big is the risk that we lose this race. the vaccinations are not really sufficient to protect these and there's a new variation that builds on itself. how close are we to that cycle? >> the u.k. variant is going to become dominant by simple darwinian law. this is going to be the strain that most people contend with. the key is getting the vulnerable populations vaccinated. those people who get hospitalized, get severe illness and die. we are not getting to covid zero. this is an efficiently spreading respiratory virus. it's about taming it so that we

never see it kill again. if we can get our nursing home patients vaccinated, then i think the new variant is here and it's causing cases but it doesn't cause the same damage with people dying from this in the thousands per day. that's the goal is to get this virus looking like the other coronavirus, 25% of our codes through vaccination. lisa: people are saying this could have been so much worse had the coronavirus and more verlander. -- maryland virulent. -- new variations of coronavirus that emerge from zooming not a transmission or elsewhere? >> they used platform vaccine technologies. all of the companies. that makes them very easy to plug and play so you can update those vaccines against other coronavirus is. it is something we are already

starting to do. it's unclear when they are going to need to deploy them because the vaccines, even though they may have problems against certain variance like the 135 and south africa, -- in south africa we've got to make a policy decision, is that good enough to be able to start -- stop the severe consequences or are we trying to really decrease spread. if it's just the severe consequences than i think we are in good shape with all of the vaccines. jonathan: before we go, i would like to compare and contrast what's happening in the u.s. and u.k. right now. 11.9% of the population has had at least one shot. 4.5% fully vaccinated. you compare that to the u.k. and it is really interesting. 22.9% have had one shot and fewer than 1% of the population has been fully vaccinated.

do you have a view on the best way to use the doses available to you? >> i think we need to get first doses into as many people as possible. if the goal is to have our second doses on time if they come a little bit late that's ok because they know they are going to get protection. u.k. has a little bit of the difference because they are using vaccines where there may be data about increasing the time span and doing mixing and matching. all of that needs to be data driven. the goal should be to not wait for second doses, to get as many first doses into people and make sure people get the second dose. not having things stuck on a shelf but putting those into arms. that should be the primary goal and let the manufacturing catch up. jonathan: thank yusor. i know this is something you've been following as well. it's a really interesting case study that's been developing.

tom: going to go back to whooping cough, pertussis of the 1950's and they had to figure out the booster regime to the 1990's, 30 and even 40 years after they figured out the vaccine to that horrific child illness. what is so important is everybody's learning as we go. there is certain rules. jonathan: the daily average, 1.6 4 million. lisa: the question is when do we start to get mass vaccinations when anyone can get it. the idea of what the doctor was saying, the idea of just getting shots in people's arms, forget about exactly when they can get that second dose. jonathan: 10-year treasury yield breaks out. tom: i'm feeling comfortable.

i'm not seeing christ down right now. i think i need 60,000 before i put that first order in. jonathan: the second hour of bloomberg surveillance. this is bloomberg. tom: i can't go home now? ♪

>> between now and the end of 2022, we could see the strongest gdp growth in over 50 years. >> the economy could bounce back much faster than people anticipate. >> we are flooding the economy with both monetary and fiscal stimulus. >> the hope is that we see this pent-up demand list even higher. >> the fact that money is going to get more expensive is a good thing. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: good morning. this is bloomberg surveillance live. i'm jonathan ferro. we have got to get right straight to this market. equities all-time highs. your bond market goes from 124