>> we are seeing the employment numbers already lagged. jobless claims should be doing substantially better than they are now. >> this recovery is not normal to the upside. we do not have a playbook for this environment. >> it is not surprising given the issuance coming that we are going to see the curve steeper. >> bond investors should love it generally. >> investors are finally beginning to wake up to the fact that 2021 is going to be a year where the global economy booms. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone.

thanks for being with us, a simulcast on bloomberg radio, bloomberg television. there's no question about it, it is undue tightening, according to philip lane, a wonderful irish economist at the european central bank. where i see it is the euro that just doesn't want to weaken. jonathan: euro-dollar, $1.22. it is not what the ecb wants to see. they pushed back this morning. still haven't got what they want. tom: the french 10 year yield, when did i last look at that? i believe i was in paris having a $40 martini at the hemingway bar. but jon, it goes to a positive yield on the french 10 year, another indicator of this seachange. jonathan: we've been dragged higher by what is happening in the treasury market. chairman powell calls this a statement of competence. for the you were -- for the rest

of the world, undue tightening. tom: philip lane nailed it. we will see this more and more. what is so great about this, pushing against it is the global labor economy, as we will see in claims and 30 minutes. lisa: it is also the united states, supposedly the resurgent economy. jon said something earlier that i want to that cop on, higher growth expectations, not inflation expect patients. how sustainable is the pound -- in place and expectations. how sustainable -- inflation expectations. how sustainable is the bounce back we are seeing? will there be a bleed through effect into 2022 as markets price that in? tom: we are so pleased to have erik nielsen with us earlier, darrell cronk. i look at where we are in the cross asset nature, and to me, the huge deal is that the pacific rim is not

participating. they are waiting for that growth confirmation. jonathan: the story in the united states is about better growth. . under there's been a huge debate about whether this stimulus program -- i know there's been a huge debate about whether this stimulus program will cause inflation. it has been about the outlook for growth which is why the federal reserve chairman did not dismiss it, and called it a statement of competence. tom: you just heard it on our simulcast. gina martin adams as bullish as i've ever heard her. help me with the data here. read on the screen, but it is very -- red on the screen, but it is very fragile. stay with us through the day as perhaps we see once again those equities left. jonathan: down 0.4% on the s&p. nominal up eight basis points on the 10 year to 1.46%. 30's just short of 2.31%.

tom: for those of you across america, it is wicked obscure, but euro-swissie, 110. . a week swiss franc says so much. jonathan: they dream about life north of 1.20%. tom: and you and i dream of getting to zurich. jonathan: we do. tom: we do dream about that. right now, geoffrey yu with us, of bny mellon. thrilled he could join us with a true cross asset perspective. renminbi not stronger. adxy really not breaking out to new strength. why is the pacific rim in those indicators paused here? geoffrey: in one word, it is the delta. markets are now expecting a much stronger recovery outside the pacific rim. that is ok. but bear in mind, china, some other economies, they didn't really have a bad year last year. the delta was always into's

abated do not be a strong, so you didn't need to price in that reflation. the difference is it is not business as usual in the u.s., so that is where you are seeing the underperformance, but let that not deter it. tom: as philip lane underscores, undue tightening, stronger currency dynamics changing the dovishness or the need for dovishness of central banks. where is your point on euro where it is true tightening? geoffrey: with the right vaccination strategy, when supply comes through, and with reflation from the investment plan, that works. i think if we really surge towards 1.25% by the march meeting, the ecb will absolutely push back. the austrian 100 year yield, 90 basis points right now. you would have lost 30% on that. tom: jon, he's killing me.

does he know we quoted this twice? jonathan: he did. tom: i am getting hammered on that bond i bought for vet bill. jonathan: duration risk has not been one many want to take over the last few months. that is your reason why. when does it start to come back? when do people start to say it is time to add a bit back? geoffrey: i think you really need to be as selective as possible. right now, there's mispricing and some of the central bank asset purchases. i am looking at sweden. australia has moved already. these are areas where yields could actually pop out a bit and really actually tighten, and then central banks say that is where you dip your toes back in. but otherwise, right now it is all about calibrating the mispricing for central banks. jonathan: it is such a fascinating moment in the bond market because this is being led

by treasuries. we have seen back in 2018, the 10 year yield could get wide. why is that not happening this time? wyrick -- why are we seeing the whole bond market come with the u.s. instead of what we have seen before? geoffrey: where are you comfortable holding down the ration? but also, where do you think there is going to be lack of reflation? for now, they just think the ecb is probably going to be the one that goes the longest, so why should they bother? lisa: the rally we saw in markets that started last year, really repricing this year's growth, we are continuing to see that accelerate, which brings me back to the moment in idea. how much momentum is there in the economy to sustain yields pushing ever higher? you have an increasing number of economists and strategists coming out and saying this is a short-term blip and we are going to return to a slower growth kind of pace we were on before. when did you expecting market to

start considering 2022, 2023, and what is the right price at that point in terms of the implied yields? geoffrey: let's compare u.k. versus australia. the difference between the two is that labor market. every central banker has been talking about labor market over the past two weeks. they will allow tightening when the markets are strong. australia's unemployment rate is falling. u.k., 700,000 people added to the furlough program since january. unemployment is still going to go up. so you think it is credible to challenge the narrative right now, but it is not credible to challenge the boe asset purchases. that is where the central banks will allow curves to steepen more. lisa: let's go to the united states. we are expecting jobless claims in about 20 minutes. we are expecting a pretty negative print. do you think the labor market and the progress we are seeing applied into the reopening justifies the move we have seen in treasuries?

geoffrey: short-term, and perhaps some adjustment medium to longer term, i am not in a position to challenge what chairman powell is saying right now. let's not worry about market scarring. if there is no scarring, you don't have to worry about a lower starting point. you just go back to square one come we get full employment, and then we can talk about inflation at target or above target. tom: we go to the bloomberg to close the loop on that austrian piece. i've lost 26% on that from the top. tom: it has been absolutely brutal for the long end of the austrian bond market. just to finish on this, you don't want to challenge what is happening with the treasury market. sounds like you do want to challenge what is happening in the gilt market. we got a 60 basis point move on the u.s. 10 year -- on the u.k. tenure. would you be added -- on the u.k. 10 year.

would you be adding duration? geoffrey: it looks like these moment them trades may be topping out, running out of steam. the reason you may want to own gilts is it is twice the maturity profile compared to the rest of the g7. on that note, you probably want to be overweight yields. tom: i am going to reach out and talk to you about it with bny mellon. where are you on the equity markets? are you comfortable owning equities now? geoffrey: we are still comfortable with that. it is not a case of aggressively adding more of anything when you talk about valuations and earnings growth, but when you talk about risk, as long as you believe in the credibility of the fed holding down real yields, that still implies a low discount rate and favorable equity markets performance. if there is reopening, we will have the earnings to back it up as well. jonathan: the speed at which you travel at. geoffrey yu, bny mellon senior

strategist. we are up 60 basis points, largely off the vaccine trade. tom: i thought governor bailey was worried about negative yields. jonathan: right now he's not. we had a serious move at the long end. tom: this is important. euro impinges at $1.23. stronger pound sterling, where does it click in? we are in a pinch on the mystic recovery in the unit kingdom -- on the domestic recovery in the united kingdom. jonathan: it is the vaccine rollout giving people confidence. you have that confidence in the u.k.. you don't have that in europe. i think the bank of england has a little bit more space to worry less about what is happening in markets, relatively speaking, to what is happening in europe. tom: to reset here, i think we really need to reset on radio and tv the tumult of the last couple of days. 1.45 27% on the 10 year. i am still not used to that.

i can't see it. this is a massive readjustment, jon. excuse me, lisa. lisa: i keep coming back to this, that 1.35% to 1.50% is where they would start buying. there's a question of the longer-term growth outlook. everyone keeps shifting their expectations. i do wonder at what point we say we are in a new regime where we do see faster growth and inflation. jonathan: let's send greg peters an ib and see if his empire here -- see if he has a buyer here? he logged on. coming up, david malpass, world bank president. this is bloomberg. ♪

ritika: -- karina: the white house is targeting key states in regards to president biden's $1.9 trillion stimulus plan. the administration is focusing on 13 states, including ohio, pennsylvania, west virginia, arizona, and georgia. the effort is a dry run for an even tougher sales job on the next day millis package. china -- next stimulus package. china is shifting supply chains -- china says we plan to shift supply chains to other sources is unrealistic. mr. biden directed his staff to address shortfalls in semiconductor production. the shortage has idled production at some auto plants. meanwhile, questions are being raised about the infra structure americans rely on to process payments. for about four hours yesterday, federal reserve systems that execute millions of financial transactions a day were disrupted. it appears to have been some

sort of internal pledge. the system processes everything from payroll to tax refunds to interbank transfers. public health experts say a new study finds immunizations could end the coronavirus pandemic. the study published in the new england journal of medicine reveals the fire/biontech -- reveals the pfizer/biontech vaccine was effective against the virus. shares of best buy are lower. the electronics retailer reported weaker than expected holiday sales, and says shifts in consumer spending heard performance this year. luxury carmaker aston martin will almost double production this year. it also reported quarterly revenue and earnings that beat estimates. the carmaker cited strong demand for its dbx suv. 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. ♪ ♪ >> there's a very great desire to reform the system with the appellate body. and of course, i know the biden adminstration still has issues with it, as previous administrations. there is some valid criticism of the way the body functions. jonathan: that was the wto director general speaking to bloomberg a little earlier on, catching up with francine in the last 24 hours. from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity markets shaping up as follows. we count you down to jobless claims in america, 15 minutes

away. yields are higher, up seven basis points on the u.s. 10 year. we add a little more weight to the crude price, $63.43. in the fx market, euro-dollar up about 0.5%. we heard the verbal intervention. the ecb pushing back. in the equity market, down 17, off by about 0.4%. the bigger movies in the nasdaq, and big tech. tom: $67.07 on brent crude. we are yet to frame out $70 a barrel, let alone $80. again, the tech story a little bit behind, but i really want to emphasize, s&p 500 in correction mode, down 0.25% from record highs. devastating as well. right now, this is timely on the

global impact of the vaccine. can america prosper out of pandemic if the rest of the world is not? david now passed joins us, the world bank president. wonderful to have you with us. your world bank wants a shared prosperity. i want you to explain why we need the impoverished world to get beyond the vaccine, to get beyond the pandemic so we can prosper as well. david: great question. hi, everybody. to your well manicured audience, the challenge is both the moral issues, meaning we really want people everywhere in the world to do well, but there is a very hard economic reason as well, that people will create markets of the future, and they will also be the innovators and practitioners of growth. that's got to come from all over

the world. i think there's both the responsibility to be engaged in countries worldwide, and also the profit motive for everyone in the world. it is a positive sum game if everyone can be in the global economy in a positive way that is constructive, and keeping track of issues like climate. tom: full disclosure, mr. malpass was in my book ian's it -- my book eons ago. you have always looked at the calculus of the global economy, and no you do it through the prism of the world bank. are we recovering fast? david: some of the countries are. china didn't even really have a recession in 2020. the u.s. now looks to be in the best recovery, which is welcome. as we look at the rest, at many

parts of the world, the inequality is the more striking condition. i heard the announcer prior talking about commodity prices, and you were talking about oil, 70 or $80. that has a differential impact on different countries. commodity exporters are feeling the rise right now from commodity prices, so that is good. but the countries that use commodities, that aren't commodity producers -- for example, if your primary export is tourism, the tourist destinations in the developing world, they are still feeling it very hard, and i thing it is going to be a hard 2021. lisa: there's been a lot of money that has flowed into the developing world, into emerging market assets. do you think the chance of a debt crisis in the developing world has basically gotten diminished to near nothing? or do you think that is still a really prominent risk? david: i think it is a prominent

risk for a lot of the countries at the bottom, and that has to do with the difficulty of getting new investment. it is not enough to just get new debt. you need to have that debt applied in the countries to projects that are really going to create growth. we are trying to provide the vaccine support that we can. that helps the people of the country begin to put it back together again. food insecurity is a big problem because of both the things going on on a global scale in terms of climate change, but also because supply chains were disrupted. that means the people at the bottom are still not feeling a lift, and i think they really need some new system that will give them that kind of lift. lisa: one would be wiping out some of their debt to give them a leg up as they try to enter a new growth trajectory. there's been some nascent talk about linking debt reduction to

addressing climate change issues. how far along are you in those talks? david: we are working closely with the imf on ways we can envision. it is not just climate. it is development in general. if there could be debt reduction , that would temporarily disadvantage the creditors, but provide resources in the country for them to invest into health care, into covid response, and into climate. so the rest of the world should see that there is a beneficial linkage for countries where their debt is unsustainable because maybe past governments took on too much debt, or the projects that were being financed didn't work out. some of the countries have giant white elephants, projects that someone thought five years ago or 10 years ago it was a good

project, and it doesn't work out, and still the people of the country have to pay the debt year after year. so there's got to be some way out of that for the poorest countries. tom: i have to ask for our washington team, a delicate question. always asked we see a change in administrations. you were appointed by president trump to a five-year term at the world bank, i believe through 2024. now you have a different president. explain the dynamic of the president of the world bank with a new biden adminstration, and how you see that unfolding in the coming months. david: i was proposed by president trump, but selected by the board of the world bank. i work for the world bank and the shareholders of the world bank, and the governors, which are countries around the world. so as the biden adminstration comes in, they guide the relationship as the biggest shareholder in the world bank, but i work for the bank, and we

are doing things that the biden adminstration is supportive of. i am sure that they are very supportive of global growth, of developing countries doing better, of recognizing the importance of climate change in the formation of economic policies in countries. all of those work synergistically and work well, and they also i think -- i'm sure are very interested in the poverty reduction goals of the world bank. that is one of the cores. so i am looking forward to that new relationship. tom: david malpass, thank you so much. the world bank president with the good news we have seen over the last few weeks of butters -- of better pandemic statistics. i think we have to turn to where we are in six and a half minutes. lisa's plate is up nicely, to the shock of 9000 claims. jonathan: 825,000 is the

estimate. going back to governor brainard's speech, she really put it in a way for people to understand. previously, the federal reserve saw on a lemon going lower and tried to get ahead of it before it started stoking inflation. the changes that they won't. it is very simple. they are not looking to get ahead of inflation off the back of a tighter labor market when claims are still at 825,000 and employment isn't where they wanted to be. the emphasis now is employment, and they are talking about 10 million fewer employed now than 12 months ago. they want to fix it. tom: if you extrapolate out, which i think is fair, the numbers, 12 million, not 10 million. tom: the unemployment -- lisa: the unemployment picture is fast, and the underemployment -- is vast, and the on -- the

underemployment picture is even bigger. those who employed the greatest amount of junk bonds this year, that are still struggling, that are still laying off some of these workers, are they able to really be helped by these policies? that is where fiscal policy steps in. but to me, this is the tension we are looking at right now. can the economy asked the hope? jonathan: the nature of cycles we have seen over the last several decades, whenever you get a downturn, the hardest hit are always the weakest in society. they are often the first hit as well. unfortunately, they are the final people to come back into the labor market as well, and i think if the fed made a mistake in the last part of the cycle, i think they didn't allow more people to come back in at the very end. that is what they are willing to do now. they are not willing to come in to early. lisa: at what risk to financiallisa: stability?

that is a big concern. jonathan: it might even be a trade-off for them at this point. good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. just around the corner, jobless claims in america. your equity market near session lows, down 0.4%. joining us shortly, david kelly

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jonathan: this is "bloomberg surveillance." alongside lisa abramowicz and tom keene, i am jonathan ferro. 825,000. we expect the data to drop. here is mike mckee. mike: the numbers coming in from last week. jobless claims that 730,000, a decrease of 111,000 from the previous week. however, the big caveat are the storms that roll to the south last week. who is going out to file jobless claims in texas or mississippi? i would not make too much of this drop in the number. i'm sure most economists will tell you the same thing. this is not necessarily real. 711,000 is the number.

continuing claims. 4,419,000. a little better news in terms of the overall numbers and the continuing claims on the week they do the jobs survey. that will add a little to peoples' optimism and the possibility of improvement. durable goods coming in way higher. tom: way higher. mike: 3.4% up on the month. this is for january. the transportation number of 1.4%, double what was forecast. some good news and business spending. that has not changed. capital goods orders, nondefense, x aircraft. this tells us something about business spending. that is up half a percent, which is lower than the forecast. lower than the 1.5% revised

number for the month of december. the initial number was .7%. big changes in durable goods orders driven in large part by aircraft at this point. tom: you will take moving averages on all this stuff. michael mckee, looking at the bundle of economic data, can you signal a better american economy? mike: slightly. you cannot say it is hugely better. the numbers in terms of the headline numbers seems to be very much based on transportation equipment. cars-vehicle manufacturing and orders down by .8%. we have seen a shortage of chips. do we see a change in the outlook? part to say if we will see shutdowns of factories because we can't get the parts. nondefense aircraft and parts,

new orders up 389.9%. that is boeing. any time they get a shift in the number of orders and it does not line up exactly what the durable goods numbers it has a huge outsize effect on the durable goods orders. lisa: if you look at the trajectory there is really encouraging numbers here. this is a huge surprise. i understand about the potential disturbance with respect to the storms. claims dropped from eight revised 4.5 million to a lower than expected four one million. people still on the -- 4.4 one million. people still on the unemployment rolls. are people getting jobs or is it too early to make any conclusion? mike: these are numbers of people no longer losing jobs. initial jobless claims. the continuing claims numbers is

good news. we have seen a decline. it is not so rapid you will say we are going to be out of the woods immediately here. it still an issue. -- it is still an issue. this number we will fold into that and really push down the continuing claims numbers. it is hard to get a true reading on where we are. jay powell is not wrong. a lot of people are out of work without jobs. 730,000, we will take it. it is not the biggest in the world. one quick thing. the second read of gdp for the fourth quarter. 4.1%. that is pretty much as expected. tom: thank you so much. watching the 30-year bond. it is near a record high.

it is buttressed up against the optimism. jonathan: 231. up about eight basis points. we are exactly where we were. we have to repeat what we said. it is about growth and hopes. growth hopes. disinflation where he stuffed. -- this inflation worry stuff. tom: 231 basis point. the indication there of the sum of michael mckee's parts. jonathan: joining us now is david kelly. let's start with the bond market. yields on 10's and 30's. when does it start to bite into broader risk assets? are we there yet? david: probably not. the long history is when interest rates rise from very low levels the job market actually goes up. when they rise from higher

levels, the market goes down. is this about real growth or inflation? if you look at the 10-year nominal bond, really yields up about 34 basis points this year. it is more about real growth. we will get higher inflation because the u.s. economy will come roaring back as it proceeds. the bond markets are sniffing this out. lisa: as we look at 2021 we see potential for a roaring early 20's. how long-lasting can this be given the fact the same structural -- the same structure is there of low growth, and aging population, a lot of debt and productivity is back dropped the way we have seen it? david: we will slow down again because of demographics. we have virtually no immigration right now. the aging population is not

growing. yes, we will get slower growth. between now and then we will have a very fast recovery. it will take us less than three years ago from full employment -- 40.8% under claimant down to about 3.5%. this one is going to be a rather frenetic hare. it will be slow growth thereafter. it's a matter of like government policy is trying to improve growth. tom: nicely said. what is the stability risk if we slow down? we moved quickly to better gdp. what is the sum of jp morgan say about the effect on markets when we look at some form of slowdown? david: there is definitely a risk here. in your previous discussion about how the federal reserve wants to get that rate low to help the poorest and most

vulnerable in society, that's a very blunt instrument of easy money and causes asset prices to skyrocket. when you get a slowdown, those assets are vulnerable. there is a problem there. you got so much fiscal stimulus going here. are you sure you're going to be able to move the fiscal stimulus at the right pace to allow the economy to slow down on a dime or a person to recession in the middle of the decade? there are worries. for the moment the story of the next year is a lot better than the story right now. the bond market will be telling us that. jonathan: what market are you comfortable in? i huge move today. financials of about 21%. are you still comfortable in that part of the market to stick with it through the year? david: yes. negative real yield. should we be at negative real

yield as we head towards full employment and a booming global economy and the government borrowing? if we end the year at zero real yield, that's an increase in long-term interest rates. short rates are not rising. that's a steeper yield curve. that still sounds good to me as far as energy and financials. jonathan: are you comfortable at the index level of the s&p 500? if real yields got back to zero, can you imagine growth equities that make up the bulk of the index in that environment? david: i am more worried about that. overall valuations are high. there is a huge amount of dispersal. really active management -- i'm nervous about the negative cap growth valuations. they are very high for a rising rate environment. jonathan: good to see you, david kelly. isn't that the story? how many years are we talking about passive versus active?

this year finally the mechanics of the benchmark. the conversation gets more fuel. tom: my radar is up. i get what you are saying and what dr. kelly is saying. how many times have we seen finally active and it has not quite worked out? jonathan: a few times. lisa: this time -- i will get my words out. this time is different. we had the incredible growth in tech stocks that is heavily affected by the pandemic. we have people traveling again and using gas and gas prices going up. there are technical reasons behind the active argument that there were not before. jonathan: on the edge of hope there, lisa. lisa: if you give me some seltzer. that is all it takes for me. especially at 8:40 a.m. tom: 11:25 this morning, the bitcoin world is going to stop.

a conversation with joseph wiesenthal with michael saylor on bitcoin. this is a huge deal. i cannot say enough about the crypto summit here. there are some great guests. i get all the uproar. this conversation with michael saylor is a huge deal in that world. jonathan: much more interested to see what kathy has to say. tom: it will be a big deal. lisa: michael saylor has some good points about investing, infrastructure of crypto assets. really he has the background. tom: please, why not? the real yield over the next hour. jonathan: we do real yield tomorrow. bank of america head of u.s. equities -- i have not finished yet. why she likes thanks so much still after the run of this year. tom: do you want to tease white

kevin cirilli while we are at it? jonathan: 5:00 p.m. eastern time on bloomberg radio, bloomberg politics. tom: it is a tease fest. jonathan: if you want to stick with tv, you will see me. four just go home with lisa. -- or just go home with lisa. i'm gone. this is bloomberg. ♪ karina: a new study says pfizer biontech vaccine could help in the coronavirus pandemic. the findings revealed two doses of the vaccine were overwhelmingly effective in almost 1.2 billion people in israel. the study was published at the latest edition of the new england journal of medicine. on capitol hill, the fate of the democrats' proposed $15 minimum wages up to the senate

parliamentarian. the parliamentarian needs to sign if it will be allowable under the rules said to govern debate. the president has revoked a series of executive orders and then was issued by donald trump. butter versus a measure rolling back the dodd frank regulations. another ends of the van on new green cards -- ban on new green cards. going is moving to replace engine covers on the 777 after last weekend's failure near denver. the chipmaker decided to redesign it after two other engine failures in 2018. an engine fan blade broke off and ripped away the engine cover. luxury carmaker aston martin will double production this year. they plan to make 6000 vehicles in 2021. aston martin reported quarterly revenue earnings that beat on estimates.

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

>> it will give our people certainty and start planning for the start of the operation at

the end of october is feasible. only talking about getting back 40% of our international capacity outside of new zealand for the financial year 2022. it is not everything back on day one. maybe even some ways a conservative assumption. tom: important comments from alan joyce of qantas group, the australian airline. this is really important not life of the pacific rim and all of australia beleaguered by the pandemic, but also for global aviation. it has been brutal. a huge disappointment over the last number of months. we get an update from the influential qantas air. without question our interview of the month, the quarter, even the year of your optimism of this pandemic ending. julie edelstein has a wonderful history.

he is the minister of health. his symbolism. one of the last to leave russia. we are thrilled that the minister of health can join us today. minister, thank you for joining. thank you for telling us about the success of israel. how did you do it? how did you succeed at this vaccination program? min. edelstein thank you for having me. i'm really proud to say as we speak we are crossing the line of 50% of the general israeli population getting at least the first jab. i think the main reason was to start negotiating early and understanding we are a very small market. the companies will have the vaccine. we started early. the prime minister was actively involved in crucial stages in trying to negotiate the best

possible. medical teams, our hmos came into action in an incredible way. the results are in the two months we reached about 60% of the general population. we have to keep in mind right now we don't have the permission from pfizer to vaccinate kids under 16. it is a very impressive result. lisa: when his life back to normal in israel? when are flights open to international audiences? min. edelstein: i think i'm asked that 200 times a day by fellow israelis. it is so successful, why don't we go back to normal? we all have to understand we still have a long way to go. we are cautiously opening the israeli economy and social life, cultural life after the

suffering and serious attack on the coronavirus during the last month. what enables us to open certain areas we cannot even dream about opening like theaters or fitness centers is the green pass, a certain document certificate confirming the person has either been vaccinated or suffered from the disease and recovered from the disease. all these people in israel can use these facilities safely. we are continuing the vaccinations. we are hoping to reach a situation where we will be close to normal life we used to know. lisa: one of the hottest topics among friends and families if people go back to the same behaviors when the pandemic does lift or if it's ingrained, distancing and habits we have established. have you had any surprises?

you have vaccinated 50% of your population. min. edelstein: first of all there is the psychological aspect we just started talking about. kind of a sigh of relief that comes a little prematurely. people don't understand why if they have already been vaccinated they have to wear a mask. they still have to keep social distancing, which in a country like israel is very difficult. we want to embrace, we want to get close to each other. the psychological aspect is not easy. there is also in terms of a surprise there is something we have to keep in mind. the vaccine is very effective. the research shows the effectiveness of the vaccine. if we are talking about 100 people, all vaccinated at a certain event, five or six are

surely not reacting to the vaccine. the danger is always there. that is what we are trying to explain to people. let's go back to normal but very cautiously. tom: your stature in israeli politics and history with israeli politics forces the diplomatic question. there is a transition in washington from trump to biden. what does israel need or expect from president biden? min. edelstein: i think we have all the reasons to believe president biden will keep the tradition of different american ministrations, republican and democratic, that we are good friends of israel. we sometimes had our nuances and different opinions on subjects but i had the pleasure of posting president biden in my previous capacity as speaker of the knesset and he has vice

president. he is a good friend. he is knowledgeable about israel. i don't have any reason to be worried. i think we will have to continue working with the american administration on different issues. it is our best interest and daresay it's also america's. tom: congratulations on israel's leadership in this. yuli edelstein, minister of health. lisa, your thoughts on our comments from the minister? lisa: the question is how quickly we can get back to normal. i thought the study that came out about the pfizer results in israel pointed to truly the end of the pandemic. super encouraging. the idea we would have to vaccinate 60% to 70% of the population to get to get the herd immunity. israel is close to that now. how do you get back to normal? they will be paving the path in

terms of getting a sense of what that may look like. tom: let's turn to the markets. our cryptocurrency panel coming up. a lot of important -- isn't kathy woods looking at tesla? lisa: she is always looking at tesla. you pointed to michael sailor. one of his theories is you need to invest in the concept of crisco assets. he thinks -- crypto assets. he thinks there will be a decentralized lock chain payment system -- blockchain payment system. this is idea a lot of people are buying into. very curious to hear what he has to say. tom: we look forward to your comments with michael mcclung. tesla's $740. don't tell ms. woods. lisa: i think it is near 10% of her flagship fund. tom: our crypto conference.

how could it not be better timed with a $51,000 handle on bitcoin? on bloomberg radio and bloomberg television, stay with us. ♪

jonathan: from new york city to

our audience worldwide, good morning. the countdown to "the open" starts now. equity futures are down 11. bond yields are pushing higher. the treasury route is accelerating. >> speed is what we need to watch. >> it is faster in the u.s. >> i am not used to having higher yields. >> there are disconnects right now. >> real yields this negative with the economic outlook we have are unsustainable. >> this is what gives me because for caution. >> we are a long way from anything that looks rational. >> maintaining the threshold has not been reached. >> governments have accepted that their role is to borrow and spend. >> central banks used to print money