>> 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

to 126 on the u.s. 10 year yield. tom: we had a bid on everything as well. maybe it's not a melt up, but it is a melt up going back to the election of joe biden. that november 6 date for me is important. jonathan: eight year lows. money being put to work. tom: you mentioned the italian piece. in america now we say so what to the italian piece. huge demand for that 10 year. jonathan: record demand. here's the price action this morning. your equity market is climbing. we advance .5% on the s&p and there it is. yields up to five basis points with crude not doing a whole lot. lisa: you've mentioned how this

is interesting that it's not affecting stock valuations. stocks are continuing to climb despite higher yields. it raises the question, what is the tipping point and does higher yields do that. doesn't new regime of higher interest rates lead to a new regime for stock valuation. jonathan: does not drive you further into risk assets. lisa: you were talking about this earlier with inflation. what's driving those expectations right now. is it simply oil or a longer-term phenomenon. jonathan: bloomberg energy reporter rachel joins us now. can you deliver the latest on the crisis that is really developing over the last week or so? >> waking up this morning it is striking to look out the window and see so much houston in darkness. we are up to almost 5 million people across the u.s. without power. this is clearly not just a texas

problem anymore. the whole grid just wasn't prepared for this type of winter storm event and we are feeling it now. the sicko when it comes to energy demand what is the bigger driver of prices from here. the drop in supplies as you have oil rigs that are going off-line where you have disruption in the supply of some of these energy production sources or is it on the demand side where you see an increase as people try to heat their homes? >> we have never really hit -- cnet hit both sides of the market in the winter before. we are ceiling -- seeing all of the supply get shut in because they are not prepared to deal with this kind of cold. but then obviously across the state and beyond texas at this point, someday people are trying to keep warm. these rolling outages over the weekend didn't work.

the power went out for 30 minutes and we expected it to come on 15 minutes later, but it remained off for 9, 10, 11 hours. they are telling people that if you don't have power now, you might not have it for a pretty long time. tom: extraordinary images of the alamo. rachel, i want to talk about what you and brian k sullivan have written about witches the pipelines, the infrastructure of our energy freezes over. is it permanent damage or is it something to get through until we get 20 degrees of warm-up? >> it is getting so cold to the point where there could be some permanent damage but most of this is going to come back online pretty easily. the problem is this isn't the oil fields in north dakota. the infrastructure isn't to withstand these kinds of temperatures.

the pressure is dropping. they're having to shut in -- the pipelines are declaring force majeure and that's where we are seeing a lot of these barrels come off-line. jonathan: great to catch up. rachel adams-heard. what we have seen play out will happen with more frequency. whether the infrastructure investments that made no sense 10 or 20 years ago, that calculation has shifted. tom: the way we have developed our grid is like one part of the country and then there is entrepreneurial spirit of these growth economies like arizona and texas where they have sort of gone it themselves. lisa: you can compete for better pricing. it's like having a phone line. you can switch your energy

provider very quickly. jonathan: electricity was very cheap. i think that's the story in texas. from credit suisse, the chief equity derivative strategist. we've got 126 on the u.s. 10 year. walk me through your thinking right now. what happens with the broader equity market. >> we've got a lot of questions around inflation from investors. the point i make here is it's important to differentiate what we are talking about when it comes to inflation. are we talking about a temporary overshoot of inflation this year due to reopening, due to demand that everyone's talking about or are we talking about a sustained runaway inflation. i think the fed really cares about the latter. it doesn't really care about the former. and i have not heard anyone make a real credible case for the

latter. it comes to inflation, it actually helps powell is not a trained economist or doesn't have a formal economics training like yellen or bernanke because he is less wedded to economic theory that says as unemployment comes down, inflation must rise. he's looking at empirical data which shows him that inflation is nowhere to be found in the developed world of the last 20 years. the fed can be much more focused on an unemployment mandate without worrying about on -- inflation. i think markets are going to be very patient this year. even if we get a big overshoot at some point, the fed is able to stay very patient and that's positive for equities and positive for a lot of rotation trades that we have already started to see. jonathan: help mere mortals with the greeks. the idea that you are moving up,

you are in play but there are signposts enough is enough. what are the signals where you say in the derivative market enough is enough? >> people are rightly worried about the speed of the rally, how sustainable it is, whether investors are too complacent. i can say at least from the derivatives market positioning at the index level is still very cautious and i say this with vicks still relatively elevated and i say particularly if you look at the demand for protection as index levels, that is still very robust. measures of skew, tail risk is still near the highs we've seen over the past year. at least in the index market we are still seeing a lot of demand for protection.

i don't see that kind of euphoria. at the index level, positioning is still fairly cautious. lisa: let's talk gamestop. what's your sense in terms of whether there is something improper that occurred with the derivatives trading that you think they will hone in on and perhaps target? >> i think the takeaway is this is much eager in one particular stock. there's a bigger impact from the retail trading that we've seen. across rod swaths of the market we are seeing a complete repricing of upside risk. the game stops and amcs, those are tiny. within the large-cap stocks, over 30% are now trading with inverted call skew which is a technical term saying that the upset calls are now trading at a

premium to the at the money calls. that is very unusual to put that perspective over the last 10 years. that percentage historically has averaged about 6%. now we are seeing trade with inverted skew. that's the legacy, that's the impact from the retail option trading where the retail consumer piece is typically buyers of upside call options. we are seeing it repriced with the large-cap tech names, with the financials, with energy across broad industries in the sector. jonathan: we've got 30 seconds. put it in very simple terms for our audience this morning. yields are up. the equity market is up and the vix is up this morning. why is volatility of with the

move we are seeing higher? >> the vix is not just a measure of motility. it also puts demands for puts and calls. that is one way in which the vix can go hi as the market is going higher. it's driven by demand for those upside calls. jonathan: it's a really important theme to touch on because people over time get used to this inverse correlation between the direction of the vix and brought risk assets to the market. yields up, equities up, volatility of. jonathan: a lot of thinking about this -- tom: a lot of thinking about this over the weekend. it comes down to speculation versus market moves that are more economic founded in investment. there is some point, there is a

win where the vix breaks to 19 or 20. and frankly, there is a big that that's going to happen. jonathan: up .5% in the bond market. 126 on the u.s. 10 year. we will turn to the energy crisis. we will speak to jim right later this hour. from new york, this is bloomberg. ♪ >> i'm karina mitchell. an energy crisis has crippled the texas power system, leaving 5 million people across the u.s. in the dark. homes and businesses from the dakotas to the southwest have lost power in the midst of an unprecedented deep-freeze. the cold blast is just the latest in the chain of extreme weather that has brought down power grids and upended energy markets globally.

house speaker nancy pelosi wants to keep up the pressure on the attack on the capital. she wants to form a commission to investigate the assault. a number of republican lawmakers say they support an investigation. chancellor angela merkel wants to make a deal with the u.s. over that controversial russian pipeline that will bring natural gas to germany. it's been a particular source of transatlantic friction. merkel's coalition is working on a plan that would attempt to soften russia's influence over europe's energy market. and get another record for bitcoin. the world's largest cryptocurrency rose today, closing in on the 50,000 level. bitcoin has risen fivefold over the last year. there are warnings that investors could be left with big losses since cryptocurrencies remain highly speculative. 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. ♪

>> the trump movement is alive and well.

people believe he brought change to washington. policy wise it was long overdue. all i can say is that the most potent force in the republican party is president trump. we need trump plus. >> there is no question that president trump is practically and morally responsible for provoking the events of the day. >> our constitution and our country is more important than any one person. i voted to convict president trump because he is guilty. jonathan: a party divided. different messages coming from republicans after the impeachment proceedings. senator lindsey graham, sandra mitch mcconnell and senator bill cassidy of louisiana. from liaison -- good morning. i'm jonathan ferro. yields up, stocks up. in the bond market, your yield on the 10 year 126. yields high by five basis

points. tom: stronger pound sterling. why is that? jonathan: the vaccine rollout has been really quite positive. year of sterling. and starling and has ripped back into form after the bottom of the last couple of months. tom: john will cover those on the open. look for that on bloomberg television when paul sweeney and i hold court on bloomberg radio. pacific rim showing sustained courtesy -- currency strength going back to the first of the year. kevin cirilli joins us. how does the former president affect trump plus working out of mar-a-lago? kevin cash i think we -- >> i think we in the media over

complicate this. tom: what's he going to do? >> it's fascinating to watch the media do this. you've got 10 republicans who voted for impeachment. the former president will likely primary those folks with some type of outside money movement pack. you've got other potential raises. some states have been in the news recently where you could foresee some former trop -- top trump agency officials running. the former president could be a kingmaker. i've spoken with sources directly close to the former president over the weekend and if you look at the issue of election integrity, he's not going to back down on that. republicans can criticize the notion of what went down for how he wrongfully accused there of being election invalidity without evidence. but the issue of election integrity at the state legislator level. we saw stacey abrams rise on the

left. one could make the argument as people close to the former president are that there could be a counter effort on the right at the state legislator effort. tom: -- he's going to wander over to fox. does he go quieter over the next year? >> that's not who he is. this obsession over what the moves are, he is going to continuously be who he has been. so absolutely not he is going to shy away and he doesn't have the data yet to make the decision for whether or not he should run for reelection. the data points are going -- going to come from all of those things i just outlined. jonathan: republicans can't quit trump. what makes the difference -- the

influence he will have? >> massive influence. mitch mcconnell is as an astute statement -- statesmen as they come, if you subscribe to the notion that the republican party needs to be a big tent party, that includes suburban america. it also includes those rural communities that the trump coalition was able to go for. what you just struck on was the difference between what donald trump does and where trumpism populist politics goes and those are different things. lisa: let's tie that into the idea of stimulus. what do these voters that are adhering to the populist feeling believe in terms of what ought to be spent in order to get this economy back on track? >> this is where it gets interesting and where suzanne clark has an opportunity to

really offer a seat at the table and a negotiating tactic from the chamber perspective to really get the chamber of commerce back on track here because quite frankly, there are a lot of republicans in rural communities who are not going to want to spend anymore money especially after a 1.9 trillion dollar stimulus deal. when i look at this objectively as a reporter, that's where the movement is going to come for the republican party infrastructure because when you have four centrists democrats down in texas writing president biden and saying please stop with this green new deal stuff because we are getting pummeled with power outages and the coronavirus, that really is the exacerbated effort right now on the energy front that could take a lot of the political oxygen out of the room for democrats when post three to six weeks from now they want to stock -- talk infrastructure.

tom: have the republicans lost the suburban vote or can they get back? kevin, i talked to strategist to argue that every time a party loses, it's the end of the party. the obituary for the party. wrong. we were talking about this when donald trump eat hillary clinton. if you subscribe to the notion of a big ten party, that means the republicans are going to have to try to win back republicans that backed and still believed in trump but then also try to make those inroads for the gig economy. we talked about it every morning here on bloomberg surveillance. the post-pandemic economy for a new generation of americans is very different for how people are earning incomes and i don't think there are enough policymakers in touch with that on either side.

jonathan: what will he do next? lisa: was that a tom keene impression? jonathan: that's what it sounded like. kevin cirilli down in washington, d.c.. i'm disappointed i thought i might get an invite to the kudlow show. i haven't heard yet. don't fancy it? tom: let's get to the market. jonathan: sterling tom approaching 140. struggled to break 120 last week. struggled to break 120 over the last several months but we've got a clean break of that now. equity markets are hanging in.

tom: thayer more than hanging in. they are more than hanging in a after day. jonathan: 3952 on the s&p 500. alongside tom keene and lisa abramowicz, i'm jonath (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.

jonathan: from new york city, this is bloomberg surveillance. here is the price action. this is what capitulation smells like. sentiment on global growth, record high. v-shape recovery, consensus. on the s&p 500, some weight to the rally, up another half percent. this is all happening as this happens. bond yields breaking out to post pandemic eyes. on the 10-year, 1.26. this is what we were looking for. can the rally continue as treasuries continue to selloff? wti, year-to-date, up 20% plus.

inflation expectations higher. financial conditions stay loose. into the bond market, yields, spreads. high-yield spreads tighter. that is the story so far for the federal reserve. financial conditions have stayed loose even as treasuries breakout. that will be the story. will that continue, will the fed step in? i would argue that they do not step in the until you get financial conditions to go along with that move, and so far you don't. tom: i know romaine has to do his ballet here, but bitcoin above 50,000, who would have thought? jonathan: romaine is on stocks this morning.

romaine: going to that energy crisis still unfolding, 34 gigawatts off-line in the central u.s. that is affecting some of the energy names. demand momentum pushing these stocks higher out of last week. that continues into this week because of supply issues. i just got off of a chat with a traitor on the idea that there will be some structural changes here. this goes beyond barrels of oil and natural gas that is out there. they are infrastructure issues that could be resolved at the benefit of a lot of these companies. a lot of states pointing the finger at other states. countries like mexico pointing the finger at the u.s. the reverberations will not only be in the energy market, but this could play out in the next few weeks.

let's go to my next board. we didn't get a lot of traditional names moving this morning. palantir crossing the wire, pretty high expectations. they did deliver on that 45% revenue growth. the company is trading at 39 times sales. they gave a forecast for revenue at 30 times. at the same time, a surprise loss on operating profits. the lockup expiration is three days from now, so that is not changing things. you have three companies right now bidding for this company, microelectronics maker. mks had the original deal. coherent says that they will look at all the offers and see which one is best. imax reporting some decent data

out of china, one of its best weekends in china since the pandemic started. some optimism that once the lockdowns are used, people will be back in the theaters. tom: looking forward to your work this afternoon. right now, thierry wiseman joins us. with decades of work, ages ago at bear stearns, now director of global currencies at macquarie. i want to talk about the idea of accelerated forces within markets. i see a little bit of convexity in the markets. i see it in the markets, acceleration to get you to the language of melt up. why are we getting convexity in the markets? thierry: traders are getting

optimistic about the recovery coming with the vaccine coming out, data with regard to open cases in the u.s.. we have also see some topishness in europe. this is good news with respect to an earlier than expected recovery. the problem is what may happen on the inflation front and whether rising bond yields would dampen any enthusiasm we get that might be coming from a better cyclical outcome. i don't think that is right now. you can tell from survey data, from falling traders and investors, the focus right now is still the cyclical recovery and not yet inflation. inflation may be a problem for the markets down the road. jonathan: let's look at the bond market.

the 10 year yield .26. what is the relationship you expect to develop between yields and the u.s. dollar this year? thierry: neutral. it is not just he was healed that will be rising. european yields, gilt yields, this will be a global recovery that happens. it was a global recession that took place a year ago. if you believe the recovery is predicated on the end of the pandemic, and that the animal will happen everywhere ultimately, then deals will go up everywhere. we may not see a strong dollar as a result arising yield. we may see a weaker dollar toward the middle of the year as other countries catch up with what the u.s. has done with regard to mitigation of the pandemic. jonathan: that is what we see this morning on the gilt curve. same story. lisa: this idea that everyone is

moving up in tandem. here is what i'm struggling with as we talk about inflation. when is it good inflation, when is it bad inflation that threatens the cyclical recovery? i'm looking at a story about food inflation, which has reached seven-year highs in many cases. how does that factor into the story with supply chain disruptions in weather patterns, in addition to increased demand? thierry: a great question, what is good or bad inflation. that kind of inflation that is good is those associated with wider operating margins. if prices rise faster than cost -- and they typically do at the beginning of a recovery -- operations margin rise. however, there comes a point when costs start to rise, too, because companies are competing for space resources.

that is when we can worry about the implications of inflation payment lisa: here is what i'm struggling with. talking about the rising inflation outlook, cyclical recovery, the trade, and the capitulation to this bullish narrative. is anyone tracing in an exit strategy for the federal reserve? thierry: i don't think so. we were not surprised by this but jay powell sounded extremely dovish last week, suggesting that even a compression in unemployment rates would not cause the fed to take their foot off the accelerator. i think there are other things the fed is watching other than inflation and the unemployment rate. social equity is one of those things. seems to be one of those things that is biasing policy to be more dovish. the market can move even if the

fed doesn't. bond yields can rise even in the context of a dovish fed. the market may be longer term orientation there in is. jonathan: always great to catch up with you, thierry wizman. chairman powell in social justice mode. i think it is so important the change that has taken place in the federal reserve, and the commitment they have to allow this labor market to run hot. ironically, in that will exacerbate wealth inequality in the minds of many people. what is happening in the market right now? tom: forget about all of the rage and all of that, but we are 9 million bodies unemployed. that may rapidly come back, i don't know, but there is no debate about the labor economy right now. we are not going to get tangible inflation until we get wage and

benefit inflation. jonathan: we talked about the speech last week. 10 million people fewer people employed now than before. you can make the argument that the fed policy has been successful. inflation expectations are higher, the yield curve is up because of that. tom: donald trump would say it's been successful because the markets are up. you can take it anyway you want. i would suggest this morning but we are seeing is not a deflation of the spiral. we have aggressively shifted here with these yields at 1.25, away from worries of a deflation spiral. jonathan: you bring up the former president. if you were the former president watching this new chairman powell, wouldn't you be thinking, where was he a few years ago when this labor market could have gone further? tom: we have a natural disaster

in the vicinity of the third week of view very. tom: but you have to see, this jonathan: but you have to see, this chairman is a different man, allowing unemployment to go even lower. tom: they are certainly allowing willing to allow the knock on effects. jonathan: the market picks up on it. isn't it what is happening in the markets? lisa: for decades, inflation hasn't been an issue, and people got it wrong. good this time be different and inflation pickup far more than expected? jonathan: 3950 on the s&p 500. getting through some interesting levels. tom: it is a reflation spiral.

we can flip over what we did last week. at 1.25, nobody thought, the idea that now at 1.25, what is next? jonathan: cross asset, worldwide, from new york, good morning. this is bloomberg surveillance. karina: the energy crisis crippling the texas power system keeps spreading. 5 million people across the u.s. have been plunged into darkness. meanwhile, authorities are fighting to prevent the total collapse of the grid. folks are moot -- losing power in the middle of a deep-freeze. meanwhile on capitol hill, democrats are turning their attention back to president biden's priorities. they want to push through his stimulus package and get the rest of his cabinet confirmed.

the president is unlikely to get everything he wants in the stimulus bill. two democratic senators opposed the $15 minimum-wage revision. and a surprise for governor cuomo of new york. he says his government mishandled nursing home data. he did not answer questions about total deaths at nursing homes. goldman sachs is getting ready to offer its investing knowledge to the masses. they will unveil a low-cost digital platform called markets invest. it will allocate and rebalance individuals across stocks and bonds. the minimum investment, $1000. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts more than 120 countries. i'm karina mitchell. this is bloomberg.

♪

>> it is not that so many people have been vaccinated to drive

the numbers, it is more an expectation that it will be possible in the coming months, and therefore they'll be able to go places in the spring, summer, fall. jonathan: we hope so. that was the expedia group ceo. here is the price action this tuesday morning. yields higher, equity markets higher. up 20 on the s&p. a brief break at 1.26 in the bond market. on the 30-year yield, 2%. higher by four basis points. 10's up by three. tom: these are substantial moves. we pause finally within our three-hour simulcast, but up 20. 4000 on s&p 500. mercedes carnethon is at northwestern university, in

preventative medicine, in the trenches of getting this pandemic done and finished. we are thrilled that dr. carnethon can join us with all of that snow in chicago. mercedes, i guess the cold will hold down the vaccines from the dakotas to texas. how are we doing? dr. carnethon: thankfully, the pace of vaccinations has picked up markedly around the country. we are vaccinating 1.6 million people per day, which does exceed the targets that president biden set. but the downside is these vaccines are really hard to access. i imagine you have heard a great deal about the shortages and long lines, and those are very concerning. tom: the lines are there but we have to get it fixed. jonathan mentioned that u.k. model, single shot -- we are going more of the booster

science which we know. what is your timeline of the first signal of vaccination success? is it within this february or does it wait into the early spring? dr. carnethon: i was really pleased to hear dr. fauci's prediction that april may be open season for vaccination. by then, the production, the two-dose vaccines will be able to ramp up. hopefully, soon, we will have introduction of the one-shot johnson and johnson vaccine. the model the u.k. has offered by offering as many people as possible the first dose to get protection, it has its trade-offs, but at some point, it is not a bad strategy to try and get ahead to lower the risks somewhat. i think we may be able to do that by the spring. lisa: in the meantime, given the way things have been rolled out,

a number of doses are being discarded at the end of the day. once they are defrosted, they cannot be refrozen and must be thrown away. is there a better way, giving doctors more discretion, may be calling people in, to use that vaccine rather than throwing it in the garbage? dr. carnethon: most certainly. i have heard exciting stories such as the team caught in the snowstorm with vaccines, and they went through and vaccinated people in cars. it was an exciting opportunity to see extra vaccine news. in certain areas, facebook or social media groups are forming, producing lists of extra vaccines at the end of the day. but the downside is all of these mechanisms for identifying where there are extra doses and rushing to get them advantage of those individuals who are comfortable with social media, digital platforms, can move on a dime.

that will not do much to promote vaccine equity, which is a significant concern right now. lisa: another concern is getting kids back in the classrooms with their peers, giving their parents a chance to go back to work without that distraction. how close are we to a vaccination program for younger children, given the fact that we don't have data on that yet? dr. carnethon: there is no data, so right now the presently approved vaccines are for older children and adults, 16 and older. there are trials going on with the pfizer vaccine in younger children going down to age 12. right now, the best way we can protect our children when they return to school is for the adults in the situation to agree to vaccination. i know there is a lot of work being put into reduce vaccine

hesitancy, especially among our essential workers. jonathan: thank you for your time this morning. we appreciate it. this comparison keeps coming up. it is really interesting that the u.s. has gotten to 11.9 of the population given the first dose, and the two-dose population is about 4%. in the u.k., north of 20% have had one dose, fewer than 1% is fully vaccinated. tom: it is a huge contrast. we are living a science experiment right now. jonathan: and the developing world has to pick up on how this goes. they have hardly got started. lisa: this talks to the idea of international travel, the re- globalization of the world. how do we get back to an economy that is going full throttle if we have such uneven vaccination schedules, particularly in the developing world?

jonathan: could not agree more. right now, people looking at this economy confident that we can reengage in the back half. tom: you worry about the worry. new, extended duration from a six-year level out to an eight-year level. that is a huge deal. cass, being fairly gloomy, unlike lisa abramowicz. this is really serious. if you get yield up, price down, you get a bond loss. lisa: this goes to a point we were talking about earlier, the extra yield on corporate debt. at what point will that be insufficient to cover for losses? do we get to a tipping point where treasury leads to tighter financial conditions? we are not there yet, but there is a tipping point.

we saw that in 2013. jonathan: tom raises an important point about the increased rate sensitivity. high yield has been a great example of that. huge names dropping from ig, and typically longer in duration. high-yield issuing longer dated debt as well. that increased rate sensitivity is what you are talking about. tom: you have to go out and get a yield. we are all yield hogs. that needs to show that we need to extend real yield on friday maybe out to a two-hour show. jonathan: have you heard a rumor that it will be out to two hours? maybe we will go to 25 minutes first. i will do that over the next few days. coming up, james bevin, ccla

chief investment officer. up 20 on the s&p. in the bond market, yields higher, up four basis points. 1.25 on 10's.

>> cyclical elements will almost certainly show uptick. >> between now and 2022, we could see the strongest gdp growth in over 50 years. >> flooding the economy with monetary and fiscal stimulus. >> the hope is that we see this unleashed pent-up demand to us even higher. >> the april timeframe is when we will finally get that pullback people are looking for. >> this is bloomberg surveillance. with tom keene, and lisa

abramo