than the chinese economy. >> as you see the further reopening in the shift back towards services spending and a normalization in activity. >> we are creating tight markets whether talking about energy or agriculture. >> a critical shortage of durable goods in the u.s. and elsewhere. >> was the outlier we could see in 2021. a blowout year for the economy. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: good morning. this is bloomberg surveillance alongside tom keene and lisa abramowicz. equity futures bouncing back. the s&p 500 up. it is day two for chairman powell and you get a sprinkle of vice chair clara and a little bit of governor braden as well. tom: brainerd really the salvation of the central banks.

what i would notice is a big chance for may 27 and right now down four big figures. i'm dennis a all of that came from the reassurance of the chairman. jonathan: as everything around you changes, as this recovery starts to take hold, of this message will sound a lot more damage. tom: i know we will beat on this for the next three hours. dollar weakness right at the cusp of that range. we had an 89 handle going on at 90.1 right now. i'm watching weak dollar's. lisa: the key question is you raised, if he is me tenting the same message when every thing else is changing, at one point does he have to change the message. the idea of coming out and either accelerating bond purchases on the long end or

doing something to adjust yields lower. jonathan: this new reaction function gets more powerful as this takes off. the fed has told you what they won't do when inflation starts to pick up and they are staying on message. the recovery takes hold later this year. we are staying on hold. >> that also is crucial, saying who knows what a bubble really is. >> you two are good at this. why is the difference in yield between the 10 year and 30 year steepening out where we have a greater 30 year yield versus the 10 year. lisa: probably because people expect more debt sales. what you are not seeing his longer-term expectations picking up materially. it's a supply issue. jonathan: statement of confidence and two year yield

totally penned. that's how he sees the bond market. i guess it's more important how i see it -- then how i see it. here is your bounce back, six points of the s&p. in the bond market, a couple of basis points. yields up a couple of basis points. lisa: she got a huge outflow. jonathan: give me a break. tom: is she going to buy the turks or the cake goes, but one of them. jonathan: europe is up. slightly stronger euro. lisa: we are seeing dollar weakness. we are going to see day two of jay powell testimony on capitol hill.

the vice chair speaking at 1:00 p.m. and 4:00 p.m. possibly offering more guidance into what their monetary policy stance is. 10:00 a.m. we will be getting new home sales in the united states. the question is how much momentum is there behind this as prices for the homes climbed to record highs in a number of places due to the low interest rates and the move away from urban areas to more suburban areas. i am particularly interested in this. president biden is signing an executive order of supply chain. he wants to take a look at the shortage of semiconductors with focus on the supply chains out of china. a lot of people wanted to see what he puts behind this. jonathan: some industrial policy brewing. lisa: i'm noted -- tom: stronger chinese yuan. new strength as well, but the

washington beijing next is being redefined. jonathan: let's get to the bond market and bring in our guest. fantastic to start the show with you today. let's start with that one little line from chairman powell. the run up to bond yields is -- of confidence. do you agree with that? >> for now, yes. huge fiscal stimulus, huge monetary stimulus. it is not surprising giving the issuance coming in. tom: your colleague has talked about the challenges of working in zero bound. i think we are creeping away from zero bound. however is it for the investment community to get back to normal where we can actually calculate a sharp ratio. can we sustain this artificiality we are in or do

you have to get back to some grin different. rebecca: we like to think we can find opportunities regardless of the economic environment we are in. but certainly a lot of investors are thrilled. that could get some income in return in the way decades ago. i don't think we will get to that place anytime soon. as you talked about, chairman powell has made very clear he is not unhappy with rising bond yields for now, he is very happy to see inflation coming back. we want to be watching this this year, do we get an inflation surprise on the upside. recovering economy, of the fiscal and monetary stimulus, the new fed framework. what we are seeing with global supply chains, it's definitely an inflationary factor.

lisa: i do want to ask you about ray dalio. speaking earlier in a linkedin post thing 5% of the top 1000 s&p stocks -- stocks in the united states are in bubble territory. do these continue to climb upward or can they be deflated without broader corrections? rebecca: we tried to look. we see many as much as 10 or 15% and what we define as bubble territory. often have not had sustained profits yet. a lot of leveraged money going into these. funnels can keep going up in the short term. when you see these indicators aligning it tells you their days are numbered. will it take down the broader market? it does not need to. it is something we are keeping

an eye on. the total s&p does not appear to be in a bubble. tom: ray can pontificate. i'm going to suggest he probably got a brief from the adult in the room on currency equivalency. how can bitcoin be a currency? what is it? rebecca: i would not call it an alternative currency. it is an alternative to gold or a digital gold. that would be a better comparison. you have the similar supply constraints and it is something that investors have been looking too as they worry about fiat currencies being devalued by the central bank trading buried if you are speculating on this, a lot of people have made a lot of money on it. as an institutional investor i think we don't know yet if it

will be digital gold. i do not think we can say that with confidence yet. lisa: going forward, what will be the trigger that will signify this is digital gold and give a green light to start investing money in it? rebecca: i don't think there is one green light that will have bridgewater invest in it. first, we wanted to see more -- lower volatility. bitcoin moves 10% on a tweet. the volatility of bitcoin is about 10 times that of euro-dollar. that gives you an idea. you want to see lower volatility, a more stable asset. i think secondly you want to see greater liquidity. that takes me to the third thing which is regulatory certainty. the more you get a more regulatory ecosystem.

the more other types of investors will be comfortable coming in, that will bring some liquidity that will reduce volatility. it would be more regulatory certainty. jonathan: important comments. always great to catch up with you. bridgewater director of investment research. it is the volatility stopping institutional buying. to rebecca's point if the regulatory environment. and then ultimately lead to volatility and therefore more institutional buying. the chicken and egg scenario. tom: i think that is really apt. not only volatility in the idea of bitcoin, but what is so important here is what secretary yellen said about efficiency. there is no proof of concept yet

that bitcoin can be an efficient transaction. they have trent -- tangential trying to make that work but there's no proof of concept yet. john, you cannot buy a fiat with a bitcoin. jonathan: the storage of wealth i think seems to be leaning more. lisa: square yesterday said it bought about $170 million of bitcoin which raises their bitcoin assets about 5% of their cash. they are allowing people to pay with this. at what point is that lead to greater confidence on perhaps a regulatory side. i was thinking it will be a proxy. jonathan: coming up, we count you down today two chairman powell on capitol hill.

good morning. tom: if i was in the triple leverage bitcoin fund without workout. jonathan: thanks for the contribution. [laughter] this is bloomberg. ♪ ♪ fed chairman jay powell is signaling the central bank is nowhere close to pulling back on its support for the economy. at a senate hearing yesterday, powell downplayed concerns about inflation and rising yields because the economy is a long way from rising prices. meanwhile, senator mitt romney says if donald trump decides to go after the republican presidential nomination in 2024, he would win it. romney was the only republican voted to convict trump in his first beacon trial.

-- first impeachment trial. over to hong kong where -- that led to a broad market selloff. shares of the hong kong stock exchange fella must 9%. it was their biggest declines in 2015. mainland based funds sold $2.6 billion worth of hong kong stock. golfing legend tiger woods is described as awake and recovering after a car accident outside los angeles. one doctor said he had significant injuries when he told his suv in steep terrain and had to be executed when the vehicle. police say there indicate -- indications he was driving a relatively higher speed than normal. more fallout on the engine failure from that united airlines 777. a fan blade in the jet engine snapped and tore off another blade. global news 24 hours a day on

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>> we should not underestimate the talent it the challenges we face.

in particular, ongoing progress and vaccinations returned to normal activities. jonathan: jay powell on the outlook for the u.s. economy. from new york city this morning, alongside tom keene and lisa abramowicz, around about three hours away, the opening bell. we bounce back by about three. no big moves here. did we just get the green light to send yields higher? up two basis points on 30's, 2.22 percent, up for basis points. >> most of the interest rates go farther in the yield curve. to me i dovetail that into the pandemic news were of got a new death count.

we've come down to 2315, a huge increase -- a huge drop. jonathan: that double tailwind of high interest rates by the banks and better outlook accelerating growth. tom: right now to emily wilkins to give an update. as i peruse the washington post, i see a jumble of politics trying to get to 2022. to do that they have to effect policy and policy stimulus. is the politics in washington what is senator purdue can ado of georgia, is that permeating into the stimulus discussion? >> you seen the discussion become partisan. you are seeing republicans in the house and senate come up very strongly against the bill democrats are currently getting through the process. you heard yesterday, susan

collins saying she didn't think any republicans would wind up voting for this. democrats think they are delivering on their campaign promises and think if this recovery works out it will work well for them. jonathan: what is the power -- tom: what is the power of the gentleman from west virginia and what is the distinction senator manchin can bring to it? >> it will be determined by the power of the senate parliament -- senate parliamentarians. it's all about the $15 minimum wage. there is some concern from joe mansion, there is some concern from the senator of arizona, but that doesn't matter if the senate parliamentarians holds today the democrats can use this process to move the $15 mineral wage. they need to figure out what that ruling is in then we will see what democrats decide to do as a result of that. >> deliberations on the fiscal stimulus bill there is a question about infrastructure spending. joe biden plan to sign executive

order today having to do with supply chains and looking at this disruption with semiconductors and other areas that are important to the united states. what are we expecting to come out of this in terms of policy? emily: chuck schumer spoke on this yesterday. he called it a national security concern and indicated there might be bipartisan support for getting funding through that program to make sure these supply chains are secure and make sure america is able to produce its own items such as chips and semi conductors, things that are needed for daily use as well as for national security. jonathan: national security concerns, the veil of which is used to do policy to bring things back home. is this different from what we saw before? emily: national security is something you can usually find some bipartisanship on. not always but it seems to be an area with a little bit more.

democrats and republicans already created these programs to short the supply lines. it's making sure. >> this style is very different from the previous four years and try to figure where the substance shifted on this particular topic. >> you did see from the trump administration senators going through numerous policy try to come through this discussion a lot. you saw senators move legislation but got passed into law the trump signed. you will see president biden continue that aggressive stance china and making sure during this pandemic and other times that america is able to meet its . lisa: who gets this money to potential he strengthened the supply chain? jonathan: the hope emily: the hope is for it -- emily: the hope is for to go to american

companies. that america is going to be able to make some of these products on their own, that's a long-term goal. in the short-term america has been working with its allies to make sure they will not fall behind on this so conductors shortage. tom: it is a moment in february i guess we are staggering the margin. in my right, to a speech of the united states congress? is that scheduled? emily: it is going to come, it is taking longer. just because of what happened on january 6, the ride on the capital, is looking at this point like it might be in march. jonathan: thanks for your time this morning. day two on capitol hill. chairman powell in front of the house financial services committee. on that point i will raise the following braid the chairman was asked repeatedly about the

fiscal stimulus plan. he has evaded that like the plague. tom: he should be. it's one thing to say we need a stimulus on a macro economic basis, but it is completely inappropriate for him to weigh in on that and they know that in their questioning. i cannot tell you enough the gotcha feeling i got. jonathan: we will have this really interesting dynamic of the fed raises its forecast and leaves them largely unchanged. that's where this new reaction function comes into its own and really starts to show how they can raise the forecast and if they do do that. that's almost passive easing at this point. jonathan: that is important -- tom: that is important. the idea of the market helps the fed with their task at hand. what's important is march 17 and then onto april 28.

the meeting i was focused on is the midyear recalibration of june 16. you will have a real sense of q2 earnings then in the sustainability of 6%. lisa: here is what i'm struggling with. you after earlier in the show what do i get from the steepening yield curve. you are right that is a pending. the treasury yields are the highest in the most real yields you are getting positive yields on 30 year treasury now. the most since the start of the pandemic which raises the question of whether the fed will not swoop in by more the long end or if people believe we are normalizing. this does factor into risk. jonathan: on the one hand people are worried about high yields, on the other hand they are worried about the fed to go away. lisa: people are trying to figure out which is the most important factor here.

is there going to be a frost in markets stabilizing more broadly. jonathan: coming up the amherst chief economist. good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures with a little bou 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 city, this is bloomberg surveillance. here's the price action. six-day losing streak on the nasdaq. a bounce back here. up 1/10 of 1%. futures up six. the russell doing nicely. we look like this this morning. yields up, curves steeper. your 210 spread gets up to 135. i'm didn't take some days off soon. -- i'm going to take some days off soon. lisa: we all are. jonathan: yields high. if it's a statement of confidence is chairman powell talks about that it's good.

it's good for u.s. growth specifically. high bank stocks. we are talking about big tech week -- all week. banks have done nicely. this is what we look like on the index up by about 3.85%. higher rates, a better outlook. the way we engage with this economy has got to change. was performing well over the last week or so, travel and leisure over in europe up. that's been the story. what benefits from a better outlook. what benefits from a change in how we engage with the economy? those two sectors. tom: right now this is really important. we will dovetail all the emotions and movements of the market into one salient point always captured by stephen stanley. he is award-winning and all of that in economics.

but far more he cuts to the chase. you go back to william phillips of the london school of economics with his crazy contraption, looking at where we are on inflation and where we are on wages. do we have to fear wage inflation when we say where in the world is the phillips curve? >> it's interesting how the fed is approaching this. i thought we had killed the phillips curve and buried it. as it turns out the fed things it still exists but only in one direction. they will ignore tight labor markets and they've severed the link between tight labor markets and higher inflation are telling us it won't pick up in the near term because the labor market is soft. they believe it works in one direction. tom: we will get a lower unemployment rate, your optimistic, we all believe that. but do you see evidence that wages and benefits could get

back to somewhat normal? i don't see the evidence out there? stephen: i think it's hard to say. clearly be seen increases in wages but people are getting what amounts to combat pay. they are getting paid extra to work because they are taking on more risk. once the pandemic ends, the labor market is going to hopefully get back to something closer to what was normal before . it remains to be seen what that means for wages. whether they will continue to rise or go back to something closer to where we were before all of this started. >>'s statement of confidence, that's what jay powell said about yields rising. we are seeing yields continue to rise. although it isn't necessarily on higher long-term expectations. really just rising from an absolute level. what do you make of this? stephen: people are getting more optimistic about the economy. coming into the year people were starting to get more optimistic

but it was still speculative. maybe things will be better in three to six months. now you can see it. you can see a path to a much more reopened and normal economy within a few months. the reality is starting to set in that we might actually get something, some really strong growth and get back to something close to normal. in a time i could actually foresee. >> the de-risk assets can continue to rally even as we have normalization of rates the way we are seeing. stephen: i think it will be interesting. in some ways it's more complex today than it was a month or two months ago. coming into the year it felt like it was binary. you would come in and the markets were risk on or risk off. are we going to get more stimulus or less. now what you are seeing is people are actually starting to think through the more nuanced

implications of if we open up, what happens. interest rates go higher, is that a problem for the economy? my get less stimulus at some point. there are a lot of questions that are starting i think to be breached. you are seeing more, gated reactions in the markets. you don't get that binary risk on a risk off. he might see everything selling off at the same time or every thing rallying at the same time. jonathan: i think the basic lack of belief in the fed's reaction statement. we had that shift last summer. i look at the way things are going. they are saying the same thing repeatedly, we are not going to cut in and spoil the party. as things get better they will keep repeating that message and it seems to me people still haven't capitulated on that. tom: i would just observe that the great mystery before the pandemic in the pandemic and after the pandemic is the

technological implications of this society and one of those implications is the lack of wage growth. jonathan: let's talk about this. why the lack of belief in the fed's wage function. will people be surprised by the very fact they stick to what they said they would do? stephen: i think the fed is committed to basically airing on the side of ease. they want to stay at zero longer than maybe the economic conditions would dictate and continue to buy assets for longer than the conditions would dictate. i think the fed is maybe in for a big surprise in 2021 based on at least their latest economic projections. it seems to me the fed is working from the game plan of the last cycle. they think this is 2011 and that the economy will just rebound modestly and we will have a lot of time. they talked about being very patient about when they will taper and when they start to taper it will be slow.

there will be a period with they stop buying assets and when they raise rates it will be very slow. you don't get back to normal monetary policy for years and years which is consistent with what there'd dots are showing. i do not think this is 2011. there is obviously not an exact analogy but the closest one i could come up with is the end of world war ii. you are reopening the economy at once bringing a lot of people back into the job market all at once and that was also a period where the fed stayed easy because they were helping support a huge physical problem. we got a lot of growth and a lot of inflation. that was a long time ago and there are a lot of differences today. just think the fed may be underestimating the degree and speed to which we will get back to normal. tom: this is really important. are you suggesting this stimulus

is our modern marshall plan? stephen: it is funny. it's more like in my mind like the guy jumping in front of the band right in front of the get of the stand and acting like their -- it's the leader of the band. there are a few things in that package that we do need. we need to do unemployment benefits beyond march and any money we spend on vaccines and treatment obviously is money well spent. but i think the idea of having to stimulus the economy right now. by the time those huge rebate checks go out we will be starting to reopen things. so you are adding a lot more deficits and debt to an issue. maybe it works out ok because it kind of provides additional tailwind.

i think it's just going to add fuel to the fire. you look at the level of savings within households and businesses , reopening the economy you will get a massive flood of spending that comes through. that's just going to add more on top of it. >> let's look at where the fed is. let's talk over the street is right now. 4.2% in the forecast for real gdp this year. next year 3.2. his were morgan stanley is at. 6.5 and five versus 4.2 and 3.2, that's a big gap. >> which is what is the risk of overheating. what is the chance the fed is using old models to look at a new paradigm and it's missing the sign of a racket heat -- rapidly heating up market. >> absolutely. i think they are vastly underestimating. to be fair, those economic

forecasts from the fed are coming back in december. if they were to do it again today they would be higher. they've underestimated that from the beginning. they were pessimistic about 2020. back in the spring and summer than we actually saw. i think they are way too conservative. in terms of overheating, absolutely a possibility. it's not to happen right away. the unappointed rate is 6.3 and could get down to 4% by the end of the year. we will not overheat on june 1. the fed will have a little bit of time to adjust. the structure i mentioned before where they are -- where they have all the steps. i'm not sure that's appropriate for a situation where things are moving fast, much faster than you would see. jonathan: always great to have you on the program. stephen stanley, here's which want to think about. what's the biggest risk.

we get this big upgraded forecast to the federal reserve. or the downside risk we get that upgraded forecast and they start to gravitate higher. >> a minute of microanalysis looking at hospitalizations, looking at better numbers. a match on 65th and they are micro-analyzing their ability to put tables inside in their restaurants and the owner said we are adding two tables this week and the city is allowing them to go to 35% occupancy. those of the micro decisions and up folding into our world. jonathan: did you get a free drink to shout them out? tom: i got free drinks. lisa: with his combat pay. jonathan: there's got to be a story there somewhere. tom did not watch the testimony

from chairman powell. tom: you've got that right. each of where we live, every restaurant is important. jonathan: from new york city this morning, good morning. s&p 500 futures unchanged. this is bloomberg. ♪ >> in new york with the first word news, i'm karina mitchell. the house will vote on president biden's stimulus plan. the president expect the package to pass by a narrow margin. the big question is the fate of the $15 an hour minimum wage. two democratic senators firmly oppose it. joe biden and justin trudeau in their first meeting. they conducted a virtual summit lasting two hours. they said their nations would adopt a unified approach towards

the pandemic, climate change in china. more fallout from that engine failure on united airlines boeing 777x. the faa has ordered inspections of the engines used on 777. the front structure of the engine was torn off. the british government has unveiled a $988 million plan to help young people catch up on lost learning doing -- due to the pandemic. it will expand tutoring programs of help -- and help schools during the summer. bitcoin briefly had 51,000 again today. the rebound follows a tough week for the world's largest cryptocurrency. syncing 45,000 yesterday. it did find support from kathy would -- kathy wood. global news 24 hours a day on

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>> we will still see cases, we will still see outbreaks, we will still see deaths but it won't be near the height of this

pandemic or even now. it's established itself in the human population. jonathan: johns hopkins university senior scholar on the reality and outlooks for covid-19. getting you set up for the markets this wednesday morning. equity futures stay unchanged. not much happening in the equity market. six-day losing streak on the nasdaq. a mild move higher. futures are up by about 18 points. elsewhere outside of their take a look at the bond market. yields are higher. we keep coming back to this. 2.224%. tom: the idea the yield farther up the yield curve really advancing to a new steepening. i'm watching that correlation, of blended big currency. we did see an 89 handle earlier.

johns hopkins university joins us, associate professor of emergency medicine. i was taken by your colleague yesterday, really talking about the ability to extrapolate out this good news. can we extrapolate out responsibly the declining death rate? >> absolutely. everyone is thrilled to see these numbers take a turn. there were concerns we would stay high. in his comments he did say part of the good news is because we were so high to begin with. so it is a great trend and we wanted to continue that we don't want people to get complacent in looking towards that going back to normal. the numbers were so high to begin with and so bad here. it's like keep up the good work sort of message where we need to do the hard work and move forward. tom: you're an expert on the

path from the emergency room to the rest of the hospital. lauren: the emergency department is the great -- the gateway to the hospital. we have to keep them moving through. it is looking a lot better. we are seeing them being discharged to home or mid level care spaces which is better because those high level high acuity hospital beds can take those sickest patients. the hospitals are definitely looking better and the key will be to maintain that into the summer. lisa: people are looking at the vaccine effectiveness. treasuries took on a rise after there was a report to vaccine were available was not necessarily that effective on the south african strain of covid. what are we learning in terms of the effectiveness in combating some newer variations of the coronavirus? >> i think we are continuing to see is those variants increase in numbers, the potential

efficacy of the vaccines. we know that may have had any affect on the johnson & johnson vaccine, that single-dose vaccine on its way out now. but the good news is that they can be adapted and we can create booster shots that build protectiveness even when a variant looks not well protected against. we have the technology to improve those vaccines i don't want to say on-the-fly but in a much more rapid time. we heard from the regulatory agencies we won't require large-scale finical trials which is great news. that means he can get boosters and changed vaccines. >> we've heard from a number of different health professionals something we could see in april, a herd immunity of some sort with many more individuals being vaccinated in the united states. others say people won't be able to get vaccinated en masse until june or july. lauren: i think herd immunity in

a number of months is unrealistic and probably not the message people need to hear. we have to set expectations honestly and be transparent about the path we are on and make sure people don't change their behavior abruptly to make those numbers take a turn for the worse. it is great to see the numbers trending down, i think we are on the way certainly, but herd immunity is a challenging concept to assess arid we have to continue to watch the vaccination. right now everyone who wants vaccinations are lining up to get it and it's taking a while but they are lining up. once you get to the point it's prevalent across the globe we don't know if people will continue to lineup. we have to wait and see to see if they will show up to get that vaccine as supply increases. it's not realistic we would have herd immunity in the next few months here. it is realistic to say we are on the right trend and we have to

keep working to get vaccine into people. jonathan: the vaccination rate, a little more than 1.2 million average over the previous seven days. is that the cold snap or something else? lauren: the weather is playing a big part in it. i think the weather makes it harder to get vaccine sites. and it makes it harder to encourage people to show up. weather hopefully continues to improve. with the hope that we didn't lose too many vaccines to some of these big storms and also the people who missed appointments can easily and effectively reschedule them. people who are on the fence about getting the vaccine making sure they are able to reschedule their appointments. jonathan: thank you. the vaccine rate a little more than 1.2 million.

though numbers right now look like this. 20 doses given per 100 people in the united states. 13.4% of the population has had at least one shot. 6%, including yusor, fully vaccinated. tom: -- you, sir. fully vaccinated. tom: with the booster shots, you just have to grind it out every day. i'm getting go back to the cover of two or three days ago. jonathan: i'm to go to the travel and leisure stock story. largely off the back of what's happened in the united states and europe, particularly the u.k. where 20 6.8% of the population has had at least one shot in the government has come up with a plan step-by-step hopefully this will -- this is what reopening looks like. >> in the idea getting data that

you are all clear if you get vaccinated, it was the point. i think the increased guidance from the united states cdc saying something similar giving people confidence like you talking about vacation. jonathan: or tom coming into the same room as us. lisa: when is that going to happen? jonathan: i'm coming to you. tom: i've got the surveillance tape measure here and maybe i can go out there and you too can come in here. lisa: are you going to do the boards? tom: i don't know. we are to bring the podium in here. jonathan: i think we can arrange that. we should be maintaining this distance with or without a pandemic. tom: can i do a shout out. cleveland just north of brisbane , good morning, thrilled you are catching up on the new york markets from australia.

jonathan: coming up -- isn't it called the valley in brisbane? from new york city this morning. this is bloomberg. ♪

♪ >> situation where -- we could see a situation where the year with the economy grows faster than the chinese economy in 2021. >> as we see a shift back towards services spending and elevation activity -- and normalization in activity, we could see a lot of jobs come back. >> what is the outlier event we could see in 2021? it is a blowout year for the economy. >> 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 markets, there is always something to worry about. there's always a shark close to the boat, a tidal wave on the horizon. 12 months ago, what were we worrying about?