>> we got a lot of buying power out there with demand that continues to build. >> we've seen people take the money they get from the government and their income and spend it like mad. >> inflation is an eventuality and the only thing that will probably not the market off course. >> the real question, is -- question is what is growth going to look like in 2022? >> this is "bloomberg surveillance." jon: from new york city, good morning, this is "bloomberg surveillance," live on bloomberg television alongside tom keene, lisa abramowicz, and i am jonathan ferro. the s&p up by .7% the comment -- the payment concentrated in the nasdaq. tom: the specular market, tesla hammered again, bitcoin down $11,000. what i'm looking at is the commodity thing. jeffrey curry coming up,

interview of the morning, with goldman sachs on commodities. you look at the, that he index, another high this morning. jon: copper has been flying the last couple days. i really interesting testimony from chairman powell this morning. to the chairman edit the script a little bit given what we have seen in the last couple weeks? tom: i will leave that to michael mckee. he will parse every word of it. all stuff we do on the bloomberg terminal from our complex where we are looking across all the asset. the ozzie n -- auzzie-yen, it has moved 18 big figures off the low. that is a huge pro commodity move. jon: 11, 12, 13 percentage points. and just watch, three to four months? lisa, take something defensive. the growth side of the story has outperformed. lisa: which twists the idea of risk. risk is in duration.

that is what people are saying. traditionally, u.s. government debt. now, people are saying the least risky places are areas where you take the most credit risk, having to do with companies in the economy. jon: should we get you some price action? this is what we look like. good morning, equity futures are down. negative 32 points on the s&p 500. the bond market a big return, yield comes in at 135.51. tom talking about what is happening in the commodity market, 62 on wti by about .9 of 1% -- .9%. lisa: let's talk about the chair powell testimony at 10:00 a.m.. he will be testifying in front of the senate. interesting to see how much he pushes back against the yields rise that has led 10 year and 30 year treasuries to have the highest yield since the pandemic. yield curves are widening. as you pointed out yesterday, it

is not coming with increased expectations of long-term inflation. how will jay powell parse this out, encourage the rally in risk assets while signifying they will allow some yield curve steepening? at 10:00 a.m., we get economic data, a host of it, the u.s. february conference board confidence information. the idea of increased vaccination schedules will be getting the richmond manufacturing index. this will be interesting to see in terms of whether or not you see an ongoing heating up of the manufacturing industry or whether you see a pause there. 2:30 pm, the ceo robinhood speaks. he will be speaking i'm sure about his testimony in front of congress last week as well as some of the controversy going forward, allowing individuals to go out there and take risk in equities while protecting them perhaps against themselves, is that what we are talking about

now? jon: someone might be. not me. i'm sure you can find people that want to protect a lot of people. tesla, do we need to protect anyone invested in tesla? tom, look at it. in the last couple weeks, down 19% on tesla stock. a huge move lower. tom: you see it in the nasdaq 100 where we are down 1.9%, but it is a speculative pullback we see. this is the banks doing extremely well, so it is not about a blended market statement. we have to go through the nuance over the next few hours. jon: there's a difference between correlation and causation. tom: look at you. that's very good. jon: on the bitcoin story along with tesla for a moment. i think the ball faces really came into play in the last couple days -- bull faces really came into play the last couple days. what we've seen the last couple

weeks, a huge move lower. if you look at that chart in the last couple weeks, do you think you are encouraged to diverse away from the u.s. dollar to bitcoin? jon: john will get the love notes and i will take the hate mail on this. yellen comments that andrew with "new york times" yesterday, she said there is real question about the efficiency of bitcoin. that is an exceptionally important statement from the secretary of the treasury. you will see it from other government officials. the price of bitcoin is at the whim of government official's lisa: lisa: statements. lisa: there's also this big element in the room -- elephant in the room, maybe some of the big stocks lose value. jon: i think when growth is scarce, growth is expensive. you seen that with tesla and the likes of the "high flyers." people think growth is not scarce anymore so you see that in the bond market.

bitcoin is getting hammered. let's bring in blackrock global allocation or fully a manager. good morning to you. where's the focus for you on chair powell? >> we seen this backup and yields, markets looking with wayne rates likely to rise. we don't expect much in the way of new information. i think the markets have gotten nervous the fed will start to withdraw liquidity. that is not our base case, but if the market is adjusting to the fact that while yields are still low, the curve is back up fairly fast and a fairly short period of time. tom: home depot out with a 10% dividend increase, their ticket prices have gone up 10% as well. their average ticket price -- i know that is one little tea leaf out there. what is blackrock -- does blackrock observe about earnings visibilities could stanch

this route? russ: i think what we see is it is supporting the rally. you see blowout urgencies. at the end of the day, what will drive earnings? nominal gdp. you will put another 1.5 trillion dollars into stimulus in the near-term. there is an infrastructure package be on that. you are still getting alike benefits of easy monetary policy from last year and this year. if anything, i would say the risk is on the right side of the distribution. if you think about what is the outlier, we can see in 2021 it is a blowout year for the economy, which should generally lead to the earnings. lisa: yesterday, blackrock put out a note where they would -- they say they were going underweight, particular in u.s. treasuries. they say certain parts of the credit markets, the higher and stuff is not so hot, but the riskier high-yield is better. equity over credit, the more

risk the better, potentially even safer in terms of returns over the next couple of years. can you talk about what is driving the increase in yield? will it be inflation, growth, or is the expectation for the fed to step off the pedal a little bit and there to be a normalization? russ: first of all, i characterize it different. i don't think the more risk the better. i think the notion is you have a very strong economy likely to get stronger. investors want to leverage cyclicals. at the same time, there is a notion of bringing down your allocations treasuries to the safer part of credit, that really comes down to a couple things. parts of i.t. spreads have gotten tight. it is not that you're at any major risk of default but you're not really getting much in the way of risk-adjusted return. treasuries have two problems, the first of which, even with the backup in yields, real yields are negative, treasuries have no longer acted as much as

a catch in your portfolio. parts of the market, whether it is credit, cyclical companies, that we get the largest tailwind from this improvement in the economy. that will be twofold, one, better growth and probably somewhat firmer inflation, which means nominal gdp is going at a faster rate than we have seen for some time. tom: i'm looking at futures, down 2%. i understand that as a bear market. we for -- have we forgotten what a pullback is? russ: a little bit, yeah. tom: you think? russ: we have seen this play before. the market is adjusting to the fact that yields have come up. you are also getting a rotation. the rotation is not that dissimilar from what happened at the end of 2016 early 2017. investors that were long pure growth or long defensive's are moving out of that and looking for cyclical expressions.

what has been crushing it? banks. why? they are a direct beneficiary to a steep yield curve. lisa: always great -- jon: always great to see you. tom, let's just sit on it right there, on the banks yesterday. yesterday i up by 1.4 per stash yesterday, by 1.4%. -- yesterday, up by 1.4%. this year, the kbw versus the nasdaq. it's february. tom: i think that's well said. what i would point out is woods represented people's united and i transaction yesterday with m and t bank in buffalo, and pushing against all of this gloom and worry, i don't know where the gloom is coming from but it is there. there are transactions being done by corporations, and also a little bit of guidance from home

depot not giving us guidance forward because of the pandemic. nevertheless in banking, mergers are going to support all of this. jon: deals are getting done. tom: deals are getting done. jon: yields have been moving in banks favor and they have been tumbling -- doing well. we talked to morgan stanley yesterday, given the big way to the s&p 500, if you're going to see the rotation, you are likely to see the underperformers level. lisa: but there is a tension here, which is how much this is catching up for some of these sectors more beaten up that did lag behind big tech and how much is this pricing in and factoring in some sort of boom in the economy. can we get the economic boom priced into some markets? jon: we are looking for $75 crude and the third quarter. tom: i'm trying to figure out

crude and a bentley. it's just much. jon: 66, given where things are going, we might be there in next few weeks. chairman powell a little later in washington dc. this is bloomberg. ♪ >> in new york with first word news, i'm karina mitchell. it was a little more than a year ago that the coronavirus made its way to the u.s.. since then, half a million americans died from the disease. the u.s. recorded more deaths than any other country. still, deaths and hospitalizations in the u.s. have fallen since seeing a peak in january and more people are being vaccinated. boris johnson says the end of the pandemic is insight. johnson laid out a four-month-long timetable for easing lockdown rules. schools reopen march 8, i out sort -- outside hospitality, and

by june 21, all remaining businesses will resume operation. the investigation into the right at the u.s. capitol takes a new turn today. law enforcement officials will be questions about the -- questioned about the deadly violence. donald trump's allies downplayed his role in the riots, blaming mistakes by congressional leaders and capital security officials. it is the biggest deal yet in the series of transactions involving electric vehicle startups. lucid motors is merging with a blank check company run by michael klein. it values the company at $24 billion. lucid will start production of his debut vehicle, a luxury sedan, the second half of the year. 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.

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>> we look at this, we look at the estimates out there of not only output gas but the amount

of pain we see in the labor market. 10 million people out of work in this economy. we think this is appropriately sized and the right kind of economic prescription to what is a unique and really precarious moment in our economy. it's the debate of the moment, a really important conversation there. we will bring you more than interview in the next couple hours on "bloomberg surveillance." an exclusive sit down with him. the debate at the moment, is this package to big down in d.c.? the policy tom: of the moment is there, but the transition from one administration to another, going from the fox television start over to the political science major from middlebury college to his a guy who just got it done for a series of democratic leaders. he is a textbook example of entering government leaning over the desk, going to work, and

advancing to the next job and next assignment. jon: and larry kudlow was pr for economic policy. a very different role for mr. kudlow. in this conversation, there is a problem with the administration right now around this package, and they seem to be losing the argument. they seem to be losing the argument in economic circles and financial circles as well. when you have the likes of summers and glenn chart who are not republican cheerleaders asking the biggest questions of this package, i think you have a problem and they have a problem right now selling this package. secretary ellen, the council of economic -- tom: i would parse the distinction of blend chart who carries immense crochet. the idea of the amount of stimulus versus the makeup of the stimulus, i don't hear enough yet about the makeup of it. jon: the opposition to this

package is coming from someone who would be otherwise considered a dove. otherwise, you have a former democratic secretary raising important questions as well. i think wes secretary yellen is good -- where secretary yellen is good as the resume. when it comes to charisma and the ability to sell this package, i think they are falling short. tom: lisa, i see jonathan ferro in the next administration. they need charisma down in washington. lisa: are you spreading rumors? "bloomberg surveillance" exclusive. no, honestly, this is important. it does indicate how much momentum we have into the next round of potential stimulus. that is also the question. tom: to translate all of this, our bloomberg government reporter. jackie, when do we talk about the make of the of the proposed legislation? jack: it's hard to separate it from the top line number.

democrats still feel good about the political popularity of some of the biggest pieces, including the $1400 stimulus checks. they are -- there is pushback from the democratic base even on attempts to limit who that goes to, so we have not heard democrats doubt themselves yet. you can certainly make the point that they would have to really get out and run because of a lot of republicans along with economists are talking about inflation risks. democrats on capitol hill are looking at the polling they have seen, showing political population -- political popularity for the big portions of this. there's not a lot of talk about shaving it down or tweaking things that would significantly change the makeup of it. jon: it's no surprise that if someone is going to send me a check, i will approve it. i think that is the view of most people. from your perspective, i wonder if you are losing the

argument, and public and economic circles, do you think that matters over time? jack: it can matter over time, but i think that is watered down significantly. when you talk to democrats, by their concerns about repeating 2009. when i talked to democrats on the hill, this issue does not carry as much weight is the fact they remember the slow recovery after 2008 10 think we under did it then, so what is the harm in potentially slightly over doing it now? those arguments just are not carrying as much weight with democrats as they might, because they came into this determined not to under do it. lisa: just to give color in the popular response, just to give a sense of how much popular support there is, there was a poll that came out yesterday that showed 67% of americans approved of president biden's handling of the covid crisis.

there seems to be momentum when it comes to polling if you trust the polls. there is more controversial provisions, including the $15 minimum wage. how much of that you expect to stay in the bill as it is approved through the house and heads into the senate? jack: this could get pushed into the weekend because they are kind of struggling with details, but that will be in it when the houseboats, everybody expects. -- house votes, everybody expects. that's an issue that could get taken off of the democratic plates if they can't do this to the democratic process they are doing. there is a political put back, where he could get difficult. people like joe mansion are saying why $15, why not something like $11 that would make more sense first set -- sense.

there's political pushback any procedural barrier there. by the time they hold a senate vote, they are -- there deftly could be changes. jon: we will bring you more this conversation a little later throughout the program. what we saw a revealing that conversation, it is not clear whether chairman powell spoken -- has spoken to president joe biden still a month into this administration. i find that absolutely fascinating. i have asked the question several times and the response was we do not have a readout of a conversation between jeff and chairman powell. there is an acknowledgment their ability to do more down the road will be constrained by where interest rates are and we have not had a conversation at the top of the white house and the top of the u.s. central bank. tom: i will cut him some slack because he has a virus to worry about and other things and he has a unique and original

secretary of treasury. i want to point out that bill dudley, the new york fed president, says to lisa abramowicz, stop worrying about inflation. dudley on then upward spiral, it's not going to happen he says. jon: the numbers 10 million, the number chairman powell used in his speech. 10 million fewer people are employed now in february. tom: staggering at the end of february and the jobs report in march. it is about wage disinflation and our right wage deflation as well. we don't see inflation again, do we? lisa: this is an increasing tension between the fed and markets pricing in perhaps not a greater divvy -- greater degree of inflation. listen what someone had to say from the fed yesterday. that is a message from the fed. jon: more to come on the commodity rally.

from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i am jonathan ferro counting down until 10:00 a.m. for jerome powell. this is bloomberg. ♪

jon: from new york city, this is "bloomberg surveillance" for our audience worldwide. five-day losing streak, downed .5% on the s&p and the nasdaq is getting hammered. on another three points today. high real yields over the last couple weeks starting to pick up into the valuation story. the growth story is clear. when you start to price in more growth, what happens to growth equities? valuation goes down. this is where things get interesting. who blinks first? president lagarde at the ecb, she blinks first. what have we seen them the last couple weeks? not just u.s. treasury yields

glowing -- growing higher but yields with it. there's a fiscal plan on the table but not in germany or europe, in the united states. they don't want high yields, they will not see there from the fiscal stimulus, so what happened yesterday, some verbal intervention. yields up in germany by four basis points, and this rate is really important with what happens to foreign from here. euro-dollar, in the early part of the year, 143 -- the tug-of-war between what is happening on either side of the atlantic. tom: it will be interesting to see. what we see right now, i don't have much to add other than dollar fractionally weaker than yesterday. this is the interview of the day on what we are all would -- all witnessing. chutney -- jeff mcgrath emailed me and said look at the

soft's. i looked at we corn and the grasses up there as well. jeff curry, i want to go to your microeconomics in chicago. i want you to explain to our audience the constraints of supply build that so many commodities have. these are tangible things and they are constrained on the supply side where there are serious elasticities. jeff: on the supply side, we have the revenge of the old economy. we have not vested in old economy production capacity, in some cases five to 10 years. returns in the new economy were so much better that capital got redirected toward tech. then you overlay eft on this and sectors are severely drawn to capital. oil was down 40% to 70% in the

first half of last year. tom: tell us about metals. i understand copper and jon and i are arguing. jeff curry, to quote london copper were chicago copper? jeff: london copper. tom: there ago. so copper we get, copper is moving out. tell us about the other metals where if price goes up, supply doesn't come on, does it? jeff: takes anywhere from five to 10 years to bring on a new copper mine. it is the last of the old-school commodity you can dig out of the ground. that is we really have the man push, because we have the screen capex starting to begin -- that will be behind this energy transition story. we now have a blue plant -- print for transition, something we didn't have weeks ago. somewhere around this green

capex will be somewhere over $16 trillion over the next decade. part -- put that on par with china in 2000, they spent $10 billion. -- $10 trillion. jon: we have to talk about what happened in the last 10 years. it started with the rio tinto, shifting away from volume to value. the lack of investment we've seen the last decade off the back of the last super cycle, how profound is that when you think about dynamics from here on out? jeff: all of the stories have the same story. you have very low prices over the last decade, very core returns in the sector, underinvestment, no demand. now, we are adding demand on top of no supply and creating really tight markets, whether you are talking metals, energy, agriculture. at the core of the demand story is where the stimulus is going. stimulus over the previous decade offered to the wealth channel and benefited higher

income households. today, it is benefiting lower-income households who spend more commodities. so we see a much richer and more cyclical commodity index demand growth environment. jon: you've always drawn the distinction in commodities and the ones that do well in each environment. where are we now? jeff: both are doing well. the reason why i say that is, at this point right now, we have capex going whether it is old economy in china to take -- from 60% to 80%. we have new demands to buy 5g networks and rate economy demand in terms of thinking about energy transition. you overlay that on top of underinvestment and you end up with relatively tight markets. like we have seen today. lisa: there is a distinction back to the early to thousands when we had the last commodities super cycle, when it was driven by the boom out of china and it was all-encompassing. this feels different, especially

given the energy transition you guys have been talking about, this idea of a transition to green energy. where does oil fit in to this equation? if the prices go up too high, don't oil producers just produce more? >> let's first talk about what happens to oil demand. some are around 2024 and 2025, you slow the demand growth. it is not until after 2030 at the demand growth tips over and starts to go negative. what that means over the next five years, the stimulus effective all of this ending amplifies oil demand. let me ask you this, if we know we have the blueprint for energy transition for u.s., europe, and china, are you going to invest in live oil production? the answer is no. the only thing invested his short cycle production in the u.s., middle east, and russia. everything else is too risky to make investments. the hurdle to get investment in the sectors substantially higher

than what it was historically. lisa: this is fascinating, this idea that because you will have so much infrastructure, you will need that much oil to finance it. where do the other commodities, soft commodities, we were talking about fit into this, given the fact they have more elasticity? jeff: i think he goes back to the point, who is benefiting from the current stimulus? it is lower income households. if you look at consumption in the u.s. and we divided up by low income versus high income, you have turbocharged demand growth from low income households during january and most of february. you are seeing that go right through. that group is more commodities than the high income households, including money stock which has a big fold on grains and soft. jon: i want you to go outside your agreement. your colleague over the decade

has been absolutely brilliant about pushing back against the high inflation crude, the so-called inflationistas. do you see your world folding over into that world, or is it discrete? jeff: when we think about the evidence for cost push inflation, it has not is -- it does not exist. it is always demand full inflation. the factors driving commodity prices and up potentially creating inflation risk. -- end up potentially creating inflation risk. getting into that 2.5% rage, into april and may when the costs start to get relatively positive. i think the key issue is that you look at pond yields, they are below 2%. even if you get to 2%-2.5 percent inflation, these portfolio managers that hold these positions have a problem. to hedge that inflation risk through commodities is quite high. i think that is probably -- part

of what you see pushing these markets higher, hedging demand. jon: we've got to finish up with numbers, 75 in q3 on wti. what are the big numbers you are looking for? jeff: in terms of looking at demand, demand levels are much higher in fourth-quarter and current bracket than what we thought. the key issue is will the inventory draw begin to slow down in the third quarter and will we see a supply response? i emphasize that if you are saudi arabia right now, you have already committed keeping prediction off the market tell april and supply is extremely on elastic in the near-term. jon: always great to catch up. jeff currie, appreciated. equities down by 1.5% on the nasdaq. you know the story. this comes from the race market

in the last couple weeks. pretty important conversation about cost/push inflation and demand inflation and one we should have more. tom: there's a lot of good work going on right now. a basic feeling is it is not there. you need the big elephant move if you are going to worry about inflation. i use the eci which is wages and benefits, some use wage dynamics as their measurement. it is not there yet, and if you look back the last 10 years, the inflation east -- inflationista is wrong, wrong, wrong. jon: the administration lead on this particular point, making that point. the risk they see around the labor market is far greater than the risk around short-term burst of inflation knocking things off course. jon: the research is coming in thick -- tom: the research is coming in

thick. he sees this as a cyclical catch up, not a tech rotation. he still has enthusiasm for the techs. lisa: can i inject gloom? jon: please. tom: it 6:40 in your 20 minutes late. lisa: the concern is if wages do not keep pace with commodities, with basic things everyone goes out and buys, especially on the lower end as jeff currie was talking about, how does that lead to sustained growth? it leads to a bad inflation. i think that is also intention i'm watching. jon: you've got to go beyond six months and the basic facts. that's a hard argument to make, percent from -- make, for central banks to respond to, decade after decade, they just look through it. lisa: i wonder at what point asset price inflation will count as inflation. jon: good to have you with us. coming up next. [laughter] tom: copper is 91.13.

lisa: senior scholar. jon:jon: -- jon:jon: senior scholar. lisa: hi. [laughter] jon: equity futures down 18 points. this is bloomberg. ♪ karina: with the first word news, i'm karina mitchell. a grim milestone in the u.s., half million americans have died from the coronavirus that hit the nation a little more than a year ago. the u.s. accounts for almost 20% of global fatalities. it has more than twice the number of deaths in the next closest country, brazil. hospitalizations and deaths have fallen in early january right after the holidays. federal investigators are now blaming metal fatigue for the engine failure on a united airlines boeing triple seven. the head of the national transportation safety board says

it comes after a preliminary examination on the engine. the incident led to the grounding of dozens of 777. facebook will end its news blackout in australia. the government disagree to amend its landmark legislation, forcing facebook and google to pay local publishers for content. one of the compromises, commercial deals that two companies reached with news companies before deciding they are subject to the law. bill gates is out with a new book about how to avoid a climate disaster. he also discussed elon musk and the roller coaster ride bitcoin has been on. >> elon has tons of money and is sophisticated. i don't worry that his bitcoin will randomly go up or down. i do think people get bought into these manias who may not have as much money to spare. i am not bullish on bitcoin. my general thought would be that

if you have less money than elon, you should probably watch out. global news, 24 hours a day, on air and on "bloomberg quicktake," -- out. karina: 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. ♪

>> to me, if we can get back to pre-pandemic levels of

unemployment and see their reemployment of those who have lost jobs in the service sector particularly, i would also consider that a measure of success. jon: an important answer to an important question. janet yellen on how to measure success for the path forward. good morning alongside and lisa abramowicz, i'm jonathan ferro. waking up tuesday morning, good morning. we are lower, up 5.4% on the s&p, up by 1.5% on the nasdaq 100. in the bond market, stability for german collator. -- stability for chairman powell later. there it is in the commodity market, 6220 on wti. up another .8%. tom: when i walked in the door just before showtime, $66 on brent crude. right now, 6570 -- $65.74.

joining us now is a representative from john hopkins. doctor, the atlantic has written up that john hopkins -- has written up john hopkins' work and they talk about the path to normal. numbers are getting better. how do you perceive the how, when, the way of it we get back to normal? >> i think the first thing is really making sure we never get in a position where hospitals go into crisis again. to do that, we have to get vaccine into the arms of all the nursing home residents, all the vulnerable adults in the community. that will really change the perception because then you tame the virus and it is unable to kill at the rate it is doing. that's going to allow a lot more freedom to do things without worrying about passing this on somebody that could get ill or you yourself getting ill. the next step i think is getting cases to a lower level by vaccinating the population,

really making this more like one of our respiratory viruses we deal with every year. it won't go away but will become much more manageable. tom: if the horror was 4000 deaths per day, we are celebrating that we are under 2000 deaths per day, maybe we get under 1000 deaths per day nationally. that is a wonderful outcome. is the virus still out there? even if we get vaccinated, we get better, the numbers improve, is the thing still out there? dr. adalja: definitely. you have to remember this is the seventh coronavirus discovered. four of those have caused 25% of our common cold. this will become something like that, this will be like our fifth seasonal coronavirus. we will still see cases, outbreaks, deaths, but they will be nowhere near levels during the height of the pandemic or even now once we get our vulnerable populations vaccinated, once it is defanged like other respiratory viruses. but it is not going away.

it is endemic and there is an animal host we don't know, any intermediate between that's and humans. this is not-- bats and humans. this is not an illimitable disease. lisa: i want to be optimistic about the potential, especially as they come out with new advances for the vaccines. the fda indicating they would allow a fast-track process to adapt the vaccines available to any new strains of coronavirus as they come out. are we getting close to securing the common cold or being able to vaccinate for a whole host of other coronavirus is out there? dr. adalja: i definitely think the technology used to make the covid-19 vaccine has really made it a much easier process to make vaccines for targets that people had not pursued. i think we are going to probably see someone go after the coronavirus is that because 25% of our common cold. so it won't be all of the common

cold but a substantial portion could be reachable with this new technology and the fact we have human coronavirus vaccines. a common cold is not just coronavirus's. there are rhinovirus's, influenza viruses, a whole group of viruses that will still be around. you will still likely get the cold, but less likely to get it from coronavirus's once we get more coronavirus vaccine. lisa: as you talk, it doesn't make me want to touch people again and hugged people and go face-to-face. we go to the question of how confident people will be once we get a herd immunity of some sort. it is a question of services and how much they can research. can we go back to the life we lived once or will life be absolutely changed with people having a new awareness of health and spreading and inability to control these viruses? dr. adalja: i definitely think after any pandemic or infectious disease emergency the population is going to change their perception of risk and disease. we've lived in luxury and the united states and the develop toward woe -- world where we

don't worry about infectious diseases interacting with other and visuals. there will be people read this into get back into it that may still ask -- may still wear masks, even after the rules may change. i think you're going to see people much more attuned to the risk of respiratory viral infections after this, and that may take some time to dissipate by many people will get back to what they were doing. they are already sort of getting back to it but it will be a different population because we have 500,000 americans die and the world turned upside down by a virus. jon: this is lisa's version of sunshine and rainbows. lisa: [laughter] that is rainbows. jon: things get better, but that might not mean good things for the market because real yields will push higher and bite into tact. tech is such a big weight on the s&p 500. lisa: i am optimistic about the idea we could get biotech

advances. there's a lot of potential positive news out there. i'm just raising the potential issue that we could get cool scientific advances. jon: tom, you mentioned hope depot. let's go there -- home depot. tom: bitcoin down 9000 points, down $13,000 from the peak of a few days ago. this is really important, and they will not give guidance into the summer. you heard from the doctor there. the uncertainties that we all face. what i notice is not the comparable sales traditional retail, it was the ticket price. when you go in there, and i know you do to buy your two by fours, you are spending 10% more than you are a bit ago. jon: you still have never been to a home depot. compare and contrast what we see from home depot this morning to easyjet. tom: i missed that.

tell me about e.g. jet -- easyjet. jon: flying, excuse the pun. people may be able to go on vacations in europe. tom: you have been way out front on this. do you think they will open up the transatlantic? jon: not my view, i'm just looking at how things are lining up in terms of reopening. i think international travel will be difficult. i think that hurdle has gotten higher in the last month. over the last 24 hours, given boris johnson's announcement, giving a road path, ticket sales on the easyjet quadrupled in the last 24 hours alone. easyjet's stock car because we get to reengage in economy that we have not in the last few months. home depot is higher because what have we been able to do over the last 12 months? improve our homes. lisa: how quickly will people go back into those experiences? tom: i said soho.

jon: soho? ok. lisa: thank you. [laughter] have you got into brooklyn, yet, tom? tom: not yet. we are waiting on that. jon: that is a different hemisphere. coming up, a market asset management. ♪

♪ >> right now where we are, the data is not there. markets are pricing and stimulus that hasn't yet been approved. >> you've got a lot of buying power with pent-up demand that continues to build. >> we have seen people take the money they get from the government and their income and spend it like mad. >> inflation is an eventuality, and that is the only thing that will probably knock the market off course. >> what will the market look like in 2022? >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for