consumption. >> this will be a global recovery if it happens, for the simple reason it was a global recession. >> the hope is we will see this unleashed demand lift higher. >> inflation will ultimately drive the monetary and fiscal policy. >> we are still in the depths of the crisis. >> this is "bloomberg surveillance" with tom mckean -- tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. this is "bloomberg surveillance," live on bloomberg television. with equity futures slightly negative on the s&p 500, we spent last week wondering we could break 120 on a 10 year, one 33 overnight. tom: we are at 129 right now. all sorts of movements in the market and the conversation we will have today really addresses these markets. i'm thrilled our guests join us.

the one number for global wall street is the vix at 21.61. that is not normal. jonathan: looking forward to that conversation later. lisa abramowicz, with a yield north of 0%, how do you see about where we have been over the last 12 months? lisa: and we talked about the selloff overnight. we have seen yields higher around the world as people start to price in the unleashing of the consumption. jonathan: you know what that was 12 months ago? -50 plus basis. what a turnaround. tom: it has been a turnaround and really underreported. it's a great assumption of europe and the vaccination story. but this is really a note to see switzer -- switzerland long-duration and germany long duration, i think that has been the shot of this year. tom: is it wednesday morning? jonathan: it is wednesday morning -- jonathan: is it

wednesday morning? tom: it's wednesday morning. jonathan: in your bond market, tenure, one honey 854 -- market, 128.54. foreign-exchange euro-dollar, back to 120, 1 2069 -- 120.69. we are off by .1% energy financials, absolutely flying. lisa: talking about drivers for the s&p, what are they? i can find them. is it fundamentals? we will get data coming up in 2.5 hours. we get u.s. january retail sales, which are not expected to rebound. usually, you see a lull in january, last month, it is wednesday, last month we saw a huge disappointment, even though it is typically the holiday. we will also get ppi data,

producer prices, and to they are expected to increase but the fear of a surge of inflation is not vindicated in this data. at 1:00 p.m., we see what there is for duration. the u.s. is planning to sell 20 or bonds. i'm curious to see the takedown. it was buying the stuff? is international investors? the federal reserve? had 2:00 p.m., we will get the fed meeting minutes. expect them to be mostly a snoozer for everyone. we will look inside and try to understand their inflation understanding, what their threshold is to start to think about pairing that. jonathan: there it is. tom: does anyone care about the fed minutes? jonathan: i think people do today, they are working to figure out how yields are moving higher. jonathan: we interrupted -- tom: we interrupt the data check and there's only one data check that matters, it is for below and fargo. lisa: fargo tidbits, when it

gets below zero, your car dies if you do not plug it in. and get this, if you're out taking notes, if there is a fire and you happen to be a reporter, use a pencil and not a pen. tom: this sounds like experience -- jonathan: this sounds like experience. [laughter] more on energy crisis, tom, just a touch on high-yield spreads. interesting to see credit hold. the titus 315, that is a number of people in the market will remember because that is early last year going into the pandemic. we are back to pre-pandemic of early 2020. tom: i can't say this enough how odd the bloomberg terminal screen is right now. but the non-correlations out there are fascinating that we can dive into over the next three hours. jonathan: let's kick things off with longshore funds a senior portfolio manager.

let's start on treasuries. yields are pushing higher and i think everyone in the equity market is asking the same question, when does it start to bite? how do you frame that? what is your view? >> good morning jonathan and tom. how yields are predicting growth , and the low pricing power is generally good for equity. i think the speed of the move matters as much as where race ultimately settled out. -- rates ultimately settle out. two and half -- 2.5 or 2.75 feels problematic but it seems a ways away. tom: i look where we are and i see a great adjustment in watch corporations will do. you're an expert in the dynamics

of corporations. what are they doing right now to shape up their income statements, to shape of the need for revenue? are they activist corporations or are they gliding into the rest of 2021? >> i think corporations are feeling fantastic. having been worried about the survivability of their businesses, health of their employees, and their supply chain, i think they have survived this roadway that almost wiped them out, and now it feels emboldened and confident to invest both in businesses in terms of people and technology and new products and services, and more strategically about advantages of this dramatic rise in the stock prices. on top of that, they have short of their venom it balance sheets

by taking advantage of incredibly low yields. as jonathan mentioned earlier, the high yields for example doesn't start [indiscernible] so there has been shoring up of balance sheets, lots of confidence, and many are thinking throughout what pace they bring folks back to the office. lisa: and this definitely has been behind some of the moves we've seen in equity prices and certainly it has been helped by a very accommodative federal reserve. it is shortselling dead in this environment? charles: i don't think shortselling is dead at all. i think we are finally in an environment where security selection starts with risk management's again, and that played out in 2020 and continues in 2021. there was a moment in january where there companies went down -- where bear companies went up as everyone try to bring down growth exposures by covering every shorted stock and funding

those purchases by sending down really good companies. that seems to have worked its way through the system. shortselling is a massive opportunity to create value, and understanding where company -- where a company is positioned within the sector, balance sheet, customers, global supply chain. it's never mattered more, and the shorting opportunity's largest then i have ever seen at my career. jonathan: how nervous you feel about being short? do you feel a little more nervous putting the trade on after the last three months? charles: it's all about how you position the shorts a -- and understanding where others are in regard to betting against a company. we manage our short positions cautiously. we are fully aware of levels of short interest, but we are not

betting that a company goes away and we are not betting our business that company goes away. when you combine those two things, i think you have pretty well insight. jonathan: we've gotta put some numbers on that, where? in energy, we have seen a gain of 20% year to date and similar on russell caps as well. where do you see these massive opportunities? charles: the market continues to be bifurcated between the growth in other sectors and how companies are positioned. those companies that are still behind in terms of digitizing a business, taking their business into the cloud, engaging customers in a different way are going to find it difficult. there are companies out there whose stories are so -- toast of the companies i prefer not to mention but those the

companies where with a little time truth will get revealed. if you can manage the positions within, cautiously and small, i think it some point you get paid. tom: charles kantor, give a lesson to all of global wall street listening. how much is too much short interest? you have to be nuts to go against gamestop. do you have a limit in your head where you say if it is 30% short interest then 30% of the shares out, i'm betting against that they will go down, is that too much? do you have a number? charles: i think you have to think about short interest and position sizing together. i think once you get north of 20%, short beware. that doesn't mean you don't short that company. once you north of 20%, i think there is a rule of thumb that

you want to start thinking critically about how short you are but also the position within the context of the entire short interest. how much of the short interest as you versus someone else? part of the challenges, so many folks are on the same side of the trade at the same time, and they all do the same thing had exactly the same time. [indiscernible] the institutional short seller was also part of the move because they were all in at the same time and doing the same thing to manage down growth exposure at the same time, which creates this enormous opportunity to make money. jonathan: i can't believe you have earned on the clock without telling us where to find the shorts. lisa: he said he didn't want to comment. he said the companies were so [ over talk] lisa: does it rhyme with wesla?

charles: it's where the businesses are pursuing a market that seems massive, valuations are plentiful, revenue doesn't seem to be great today but even or miss -- but enormous five years from now. it feels very 1999. jonathan: we need a private conversation, charles. lisa: private. [laughter] jonathan: you will catch me tomorrow on bloomberg tv talking about a source of mine talking about a company very short right now. [laughter] tom: that was an absolute clinic into frame that, american airlines was 22% short interest. jonathan: coming up on the program, at 7:00 eastern, macro risk advisor ceo. good morning.

this is bloomberg. ♪ karina: with the first word news, i'm karina mitchell. utility operators struggling in texas and a warning the rolling blackouts could keep its of the state in darkness for days. power customers were lamented first second day in the road to prevent the collapse of electric networks. outages spread to more states like arkansas, louisiana, and mississippi. total u.s. oil production plunged by the most ever because of the unprecedented cold last. it traders and industry executives say cruise down by about .33 in permian basin in texas and production has plummeted by as much as 65%. another day, another record high for bitcoin. it rose almost 6% to break the 51,000 level. bitcoin has risen fivefold in the last year. activity in bitcoin futures suggest traders do not see a

sudden end to the crypto rally. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. ♪

>> i do here, up to this point, that about 400,000 households'

power will be restored sometime today. due to the fact that there are 1.3 million customers without power in the houston region, the centerpoint of the territory, that means we still have a way to go. jonathan: that was sylvester turner, the mayor of houston weighing in on the energy crisis across the country gripping the state of texas. good morning to you all alongside tom keene and lisa abramowicz i'm jonathan ferro. counting you down to the open and here is the price action. equity futures off i .1 first -- .01%. -- .1%. yesterday session, energy and financial flying. cruz got a 64 handle on brent. yields were pushing higher over the last couple weeks. we broke 130, and then some, and the last 24 hours. we pulled back by two basis

points to 128.88. tom, that is the price action. if that did not get your attention, maybe this well. a letter from the former president, donald trump, and he went on to say to the following to the senator, mitch mcconnell, describes him as an unsmiling hack. tom: and it's gone from a tweet to 600 words, which is a form of conversation. kevin cirilli is our hack in washington. heaven, this is fascinating. you have followed president trump from the earliest of early days. if he's not on twitter, how would you suggest he will communicate to his base? kevin: it's a long form, anti-validate -- anti-valentine's day message from the former president. it bears repeating. i think when you are staring down the beginning of a potential california recall on

the west coast in a couple weeks , and this california recall really does provide an opportunity for a trial balloon of sort to see how far the trump political movement could go. that data that the trump political movement needs to reassess ahead of the midterms and the cycle. tom: i'm going to assume our global wall street audiences not familiar with the trials of governor newsom. kevin: there are couple weeks left in mid-march that the folks have in order to gather enough signatures for there to be recall against the democratic governor of america's largest state. from a bloomberg policy audience, look no further than u.s./china relations on the technological front, i.e. san francisco. no further than as it relates to alan -- to energy policy. we all remember the former

administration battling california as it relates to energy policy and in the auto sector and various emissions standards. there are republicans in california, in orange county, and you type of republican but there are republicans. you go further inland, and that is where some of the folks like the former acting director of national intelligence are floating trial balloons to see if they might be able to win. remember when arnold schwarzenegger was governor in california? he was a republican. lisa: let's move away to the politics and what is getting done in washington, d.c. we have been talking about a fiscal stimulus bill, is it stimulus, relief? we will find out. at 3:30 today, president biden vice president biden -- vice president harris will be talking to various leaders about infrastructure spending. what is getting done and what can we see in the next couple weeks? kevin: yesterday i spoke with

dan brouillette and i asked him, as a republican, whether or not he will be able to get on board with infrastructure as a result of the crisis in texas and he said infrastructure was definitely needed. where he backed off was not putting a price tag on that package but there is an appetite in the wake of texas for there to be an open conversation about faltering infrastructure. you're still a couple weeks away from stimulus, and i do talk to republicans who are wary of spending additional money right now. jonathan: where is climate change stood in that conversation now? kevin: i remember back a couple years ago where certain republicans tried to push back against how climate change has been framed in this political climate in washington, d.c. there are some republicans who would argue climate change israel, but the private sector ought to be the ones that innovate out of this. in terms of where the texas

debacle fits into the climate change conversation is, and i said it yesterday but i spoke with some of the staff after "bloomberg surveillance" yesterday, of the four centrist emma kratz urging the biden administration to back off some of their rescinding trump-era policies. the energy committee chairman, the new energy committee chairman, joe mansion of west virginia, is definitely going to have a fascinating political referee to officiate over that committee. jonathan: the reason i asked is because it is interesting to see how policy -- politicians respond to an energy crisis in california and what is playing out in texas. is it divided on party lines or is there some strategy coming together here? kevin: i think america in the last 24 hours and over the next couple days is really going to start understand how influential

texas is in providing energy not just to the mainland but also to mexico. as a result of that, there are massive crises that we are all watching unfortunately unfold. but texas in the energy world -- texas's influence in the energy world is in full view. jonathan: kevin cirilli, thank you. you will notice the energy difference at 624 and seven hunt -- 6:24 and seven tony for time. once the caffeine kicks -- 7:24. once the caffeine kicks in, he is a different man. tom: we are all excited to tell you the real yield is expanded out to 30 minutes. [laughter] look for "bloomberg real yield" with jon ferro, expanded

edition, this friday. jonathan: you can tell i'm not happy with you with something, and why you've done this. it is very impressive. tom: there's a rally for an hour show. jonathan: this is basically acknowledging you have been misbehaving the last couple days. lisa: do you guys want to work something out? jonathan: we do. right here, right now. 1:00 p.m. eastern time, looking forward to you doing the war impact again, tom. are you going to do that with a nice little lead in? tom: will do something like that. real yield has come in nicely. [laughter] -.9 six, seriously, it has come in nicely. jonathan: and a couple basis points. there were some suggestion that maybe we sought to the other way. still, 96 basis points. tom: doesn't get it done. jonathan: the bond yield, up by what 10 to 11 basis, just on

yield. -- unreal. euro-dollar back to 12064 ash 120.64. the equity -- 120.64. the equity market is 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.

jonathan: from new york, this is "bloomberg surveillance" live on bloomberg television. here's the price action. just a quick one. s&p 500 futures coming in about .1%. energy financials doing nicely. the index, not doing a lot at all. the bond market is getting all of the attention in the last couple weeks and 24 hours specifically. your 10 yo yield overnight has a nice break at 130, down to paces points. 2.0561%. you hear from chairman pound we can we keep coming back to the same thing, if yields go higher and financial condition stay loose, finished on this one. a bloomberg financial conditions index. that number right there, this is

important, this is about the cost availability of credit. this is where the pandemic was. you can see financial conditions tightening, the fed steps in, they stay loose. look at the far side, even with yields push tire, -- pushed higher. jonathan: that is an adult -- tom: that's an adult index and a good sign of where we are. heatwave in fargo, they are up to three below zero. right now in oil, definitive is paul sankey. at deutsche bank far will -- fargo, they used to be -- you read on the global supply of demand of oil. we are glad he can join us this morning. paul, with the gyrations we see in the midwest of the united states and texas permian basin,

could we get out of the assumption of range-bound oil? >> these are not gyrations. the situation to me is reminiscent to katrina where, if you recall, on the monday of the katrina, there was an attitude this has not been that big of a deal. over the course of the following week, it suddenly emerged as a horrendous disaster. so people don't realize how bad the situation is. you cap basically full-scale blackouts in mexico but also had the biggest outage in the history of u.s. oil and gas. we have never seen a loss of the scale at a time when [indiscernible] we think you've lost about 3 million bales per day of oil, and we are down at least 3 million barrels refining.

all of these in the refining basin about 16 million barrels per day. so gyrations, you have seen brent, the obvious price reaction would be if you lose u.s. texas oil, you would expect brent to go up. jonathan: what is your price target -- tom: what is your price target? >> we have been talking a lot about the dollar, so we think -- if the dollar strengthens, that causes it, but oil should be around 65.70. if we break down to 80 and below, you can see oil at 80. therefore, there is quite a bit of upside at this point. we will see how this thing plays out, but i think it will take a long time to sort this problem out.

lisa: can you talk about the way forward, how much federal interference has to be waged here given the fact that, to upgrade, texas -- to upgrade texas's infrastructure to be more weatherproof would be costing trillions of dollars and we look at a state that does not enter potential outages like places in the northeast do. how do you see the federal government -- federal government getting involved? lisa: so far, the only comment has been from aoc. that's following a post from, no twitter approach, but it is a major problem for texans. they will have to completely rethink. this is a cyst and shall in terms of how much wind you can have in a system, given that you are called very badly short. to be honest, people have not thought [indiscernible] the answer is probably where is your coal fire. lisa: this is really important

because yesterday we had a texas regulator come on and say the fault willie was prioritizing -- really was prioritizing green energy, that the wind turbine and other natural offline for the -- where the big culprits for this outage. data reported by bloomberg, that is not the case. it is very much across-the-board accounting for a much smaller proportion of the total energy output. can you give us perspective on how much the shift to green energy really is behind this verse is something much broader and more existential, as you say? paul: that's exactly my point, it is broader, thank you for making that. you had a barrier for natural gas, nuclear power at 1200 megawatts, and obviously this is somewhat unprecedented weather. i think this is a 60-year event since we have seen this in texas. all of the above absolutely.

for one side, it is wind's fault, but on the other side you can [indiscernible] around the whole energy transition debate. what bugs me the most is people trying to get us off of natural gas. the idea that natural gas is the enemy with fossil fuel is flawed. we should be building nuclear, and we want to be admissions free because that is by far the best option. jonathan: you got this $80 price target or at least you are looking for oil prices to gravitate towards it and we are talking about a problem that could be fixed in a couple weeks as we get into spring. can you reconcile the two things for me? paul: the growth we expect to see will be about 3 million barrels per day. to sum up, you are 5 million barrels per day versus last year. , so that leaves you about --

year. so that leaves you about 3 million. basically, the market is pretty much tied by summer, and i'm sure you guys [indiscernible] i think all of us are desperate to fly on a plane and do whatever tom does in his summer vacation. [laughter] tom: yeah. paul: so you will see a significant upsurge in demand. energy wise, this is a strong point for winter fuel, natural gas, heating oil, propane is a person crisis level as well -- is approaching crisis level as well. my point is you are in an anticrisis and i don't to the headlines in media out books --

media outlets. bloomberg always does a great job. jonathan: thank you. lisa: [laughter] paul: one of the more populous outlets don't seem to understand that there is an energy crisis like katrina. jonathan: there's a difference between a rebounding crude prices and the start of a commodity super cycle. i think that has been the big conversation among many people in this industry in the last couple weeks. this is andy hall, a famed oil trader of the last super cycle. he said the following, the oil and gas industry is in terminal decline. perhaps this debt can compound a few more times but would that be a super cycle? what is your take on that? paul: i used to meet andy in a bar and he is a brilliant man. my concern is [indiscernible]

having said that, we are bullish on that's on the next five years. [indiscernible] it will take a little longer to have an impact. it really comes down to 6 million barrels per day oil demand. you can easily get 3 million to 4 million barrels per day. you are really questioning the supply-side. the key question, one of them will be is the u.s. industry going to generate returns this time. i think they will. yesterday, we had variable dividends and early in the announcement of the policy, energy is standard dividends and they are dividends on the oil price.

[indiscernible] that is good leadership role from what this industry should be doing, which is paying out heavily cash to shareholders. jonathan: i'm far more interested with drinks with andy on the far upper west side. paul: he's a mysterious figure. [indiscernible] [laughter] lisa: this has really taken a turn. jonathan: look at that, we are out of time. [laughter] paul, great to see you. what just happened there? wti -- tom: pictures look great on radio. jonathan: i bet they do. tom: i like how he had me for my

summer vacation on a gulfstream. we all know lisa will be in an 18 foot canoe. lisa: rights. tom, i know you're jealous. you will give me also took tips and boot suggestions as well. tom: i would. what i learned there, is we are all getting used to where oil will be. the answer is paul sankey, jeff curry, and others are saying range bound and higher. jonathan: jp morgan is not moving down a move toward on hundred. the conversation around a commodity super cycle is really taken off again. but we saw last time was not disciplined on the energy side and mining side as well. what we've seen the last five years has been a lot of discipline. does the discipline stick? lisa: can i ray can? tom: -- break in? tom: i don't think we have a

choice you're going to break in anyway. lisa: how much discipline can there be to maintain that when prices go up to $80 per barrel? jonathan: we will see. coming up next, johns hopkins associate professor of emergency medicine. we have two people on the show that just want to cut and all the time. s&p 500 down too. this is bloomberg. karina: with the first word news, i'm karina mitchell. the deep-freeze could key parts of texas in the dark for days. power supplies from texas and north dakota implemented rolling cuts for the second day in a row. the operator of the texas electric grid says a could be days before enough our plans are back up and running. tuesday night, outages spread to arkansas, louisiana, and mississippi. the u.s. and japan reportedly have agreed to extend their agreement on true funding for a year. according to the newspaper, the

deal will keep japan's share at 1.9 billion per year. former president trump had demanded an increase in financial support. there is no love lost between donald trump and senate republican leader mitch mcconnell. the former president blasted mcconnell in a statement, calling him a hack responsible for republicans losing the senate. trump said the party can never be respected again as long as it has leaders like mcconnell. after the senate acquitted trump in the impeachment trial, mcconnell said the former president was responsible for the right at the capital. ford plans to go almost entirely electric in europe by the end of the decade. that is a major overhaul for the automaker. the company is putting $1 billion into a germany factory that will start making an all electric model in two years. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than

2700 journalists and analysts in more than 120 countries. i'm karina mitchell, this is bloomberg. ♪

>> by the end of july, we will have over 600 million doses,

enough to vaccinate every single american area we had to move of the time because we used the national defense act to be able to help the manufacturing piece of it, to get more could vent. jonathan: making more progress, joe biden there, the president of the united states speaking to cnn. i am jonathan ferro. yield price action shaping up as follows, we fought back marginally on the s&p, down two points. foreign exchange, tom, dollar is stronger against per much all of g10 with the exception being japanese yen. euro-dollar back to 120, 62 -- 120.62. tom: i'm looking at remit be, and the chinese yuan is really contained and indicates stronger yuan. it's like $80 oil, i am not sure we are prepared for a new bout of you on strength. jonathan: are we prepared for $80 crude to get to 150 state? tom: the only one prepared is

lisa because she had two oil drums in -$22. lisa: i am in a gloomy barrel. there you go. tom: paul sankey there, thrilled he could join us. right now, the conversation of the day, john hopkins, and i know lisa and john got a bunch of questions. we welcome all of you across the station on radio and television. lauren sauer, estimate the amount of your public that does not want to get the vaccine. is it inconsequential, is it tangible? lauren: i think it is definitely tangible. we are rolling out to health care workers and elderly and vulnerable populations right now. i think around .1 of -- .1% of the population has been vaccinated so far, but we are already seeing hesitancy from these vulnerable, marginalized populations within our health care cohorts and more broadly as

we start hi vaccine education campaigns and access campaigns. -- start to roll out vaccine education campaigns and axing campaigns. there are so many people willing to get it right now because they one life to go back to normal and are not scared of the vaccine or are not hesitant to get it. as soon as we get to the point where there is a significant amount of supply increase and we have gone through our front line health care workers in through the elderly populations that have been able to get it through like -- through things like long-term care facilities. a lot of us will see this clip, a drop of a people willing to get it. and we will be sitting on supply. lisa: it strikes me this process has been really messy. we are dealing with the education campaigns in addition to trying to figure out the rollout campaigns. it is changing in real-time with the cdc recommending possibly delaying the second shot to get the first shot in as many people's arms just by following

the u.k. model. is this a mass? is there a plan? do you think we are moving ahead as expeditiously as possible? lauren: i think there is a plan being built, but it is being built as it is going. that is really problematic with something like this where you have potentially multiple vaccines with multiple different distribution strategies, multiple different processes, and multiple different dosing approaches. so that -- so how this has been rolled out has been left to local planners. those are the same people who have had to plan testing campaigns, had to plan ppe access projects, who had to do all of the case counting in their region, and there is not enough local resources to do that. the national strategy is being fixed, and by fixed i mean built i think, because we did not have

a strong national strategy for vaccine rollout. it has been incredibly impressive how fast we have gotten to vaccines, but that is one piece of the picture, the actual product. all of these other pieces i think have been neglected while all of the focus was on getting vaccines that actually work. so now, it is time to really focus on a strategy that takes all of the responsibility out of the local health departments and local health systems hands so they can go back to providing strong patient care and planning for all of the other day-to-day emergencies they have. lisa: in the meantime, president biden last night said he expected things to be back to normal by christmas next year. what is the earliest you see as possible? lauren: i think the first thing we have to do is readjust our sense of what back to normal looks like. this is a virus that will be with us for a long time.

we are not going to get rid of its. we are going to manage it. probably the same way we manage the flu, but they are distinct differences. as vaccine rolls out and more people get it and we do focus on these education campaigns, we are still going to have to maintain our masking strategies, social distancing strategies, probably well into the new year and possibly more if we do not spend a lot of time talking to these communities hesitant about vaccine are now. jonathan: we keep hearing from several sources, including yourself that the national strategy needed to be fixed. the average daily rate this good and better compared to where it was when joe biden took presidency and walked into the white house. what was wrong with the strategy then and how has he fixed it? what has he changed? lauren: i think there's a couple things happening. more vaccines are coming online, people are getting messaging

from their highest level public health leaders, which is critical. we ran a service, trusted messenger cap, and that is a problem when people want information. it's ok to say what we know has changed and we have more information than we did a week ago, but fundamentally, if you are not hearing from a consistent voice, you cannot build any of the strategies to sort of fix what is happening in this pandemic. jonathan: we appreciate your time, and thank you for joining us. lauren sauer from john harkins around the vaccine rollout. to repeat the number, 1.6 7 million doses in the last week. tom: it's building up. it is a day after day thing. i am into the day after day. it is about what was lost. i do not want to do a big look back, but we had a year or two

-- not a year, we had until march of last year, basically non-education on the efficacy's of vaccination. we had that 40 years ago, we had at 50 years ago, when they put the pink drops in my mouth for polio. tom: you mentioned the cold -- jonathan: you mentioned the cold snap, i wonder if that plays out the next few weeks. lisa:lisa: we have seen it disrupted. the storage of vaccines have been disrupted, causing there to be waste. that raises a question, how long will this go on and how much of the effort? jonathan: 4.7% are fully and vaccinated, including a certain tom keene. tom: i will make it real quick. it is great. it was a great experience, and i understand how fortunate i am, but we have to jumpstart this without fear in a belief in the

science of it. i feel great. how great you feel -- do you feel? [laughter] tom: great! jonathan: this is bloomberg. ♪

♪ >> the cyclical element almost certainly show some update. >> you had an incredible amount of churn in this economy. >> this is going to be a global recovery if it happens , for the same reason it was a global recession. >> is inflation that will ultimately drive the shift in monetary and fiscal policy. >> we are still in the depths of the crisis. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. in the last 24 hours, the big story is in the bond market. a clean break through 1.25%, and then overnight, through 1.30%. tom: the non-correlation here, just