>> when things are -- you cannot do things on the risk. >> the reopening is not in the market yet. the value trade is still relatively new. >> it looks like we are going to get the stimulus. announcer: this is "bloomberg surveillance." jonathan: following a month or day of gains from new york city, good morning. i am jonathan ferro, tom keene, the chinese regulators stepping in and they are looking to tighten things up. we have sound problem with tom keene. the united states, it is stimulus and stimulus. lisa: this is raising a question about how much they will tighten the raise questions in the chinese bubble, the story is front and center with respect to

their property sector. their concerns about a bubble elsewhere in the world. i am trying to figure out how they are hoping to jawbone the europe -- the u.s. and europe to act right now. jonathan: here at the price action as we try to connect with tom keene in the other room. shaping up as follows on the s&p 500. futures down around 15 points. -0.4%. on the bond market, are you with us? m: gmorning. i told him, i have to have my camera guides here. it is good -- camera guys here. an extraordinary day yesterday. as you saw the opening, modeling 6% of saying everything can push higher. that to me is the overarching backstory with all of the

wonderful conversations we have had today. jonathan: think over the last 24 hours, the equity market flying. jay nj with a vaccine. 50 million vaccinations in the u.s. tom: i do not want to take words out of purcell he melt, but he alluded that five corporate -- his mouth, but he said that it can -- i got it from the surveillance map yesterday and there was a resiliency in that equity market we have not seen in ages. jonathan: futures down about .4%. a pullback after a big day yesterday. lisa: lisa -- people -- there is a question if the u.s. will crackdown. 10:00 a.m. today. the senate banking committee will have a hearing on a hearing.

i have to i find it interesting about what he thinks about gamestop gamestop and the retail trading. there is a tale of two sides, you have on one hand, retail traders getting involved with something that has been a hot area. on the other hand, how many people lost their shirts when it came to trading some of these rocket trades. the fed is set to speak. they key question in my mind and high have been trying to get my head around this is what does short-term inflation costs mean for longer-term inflation trends? so far, it has been that yes, we are going to get a resurgence. the longer trend is the same. what can shut that? at 1:00 p.m. today, joe biden is participating in a virtual lodge with senate democrats. interesting to see how chuck schumer plans to wrangle the democrats to get the 50 vote majority that he needs to push this through by march 15. they already killed the minimum wage aspect. there is pushback at the

democrats, the left wing wants to give it some -- carl: -- jonathan: absolutely flying in the premarket. last year, we had a growth north of 300%. they are promising another 40 plus. tom: i am so glad you brought this up. there is no one you know who uses zoom less than me. i am privileged that i do not have to do this garbage. you really take -- say to yourself, what is the future of this after the pandemic. the market is voting. there are a lot of other resumes out there. -- a lot of other zooms out there. lisa: the key is how much of a transformation of the economy is an issue versus actual growth. the tech preeminence that we are seeing some of the disdains, -- of these names --

jonathan: let us get to ebrahim rahbari. who leads the global cycle here? is it the u.s. will all of it stimulus or china? ebrahim: we think there is a handover going on where china -- right now, the weight is shifting toward the u.s. the growth numbers we are expecting alongside many others in the u.s. should give us hope that even some slowing of momentum in china will allow the global recovery to power vigorously. tom: a reaffirming of -- he is a below the $80 hysteria we are seeing right now. i get the same temperament from you and even killed in the foreign exchange market. does your world correlate with

the rest of the markets or is it separate and distinct? ebrahim: there are important leakages between broader markets and foreign exchange markets. that effect has been playing -- we have seen the dollar trend correlate with the global. when u.s. interest rates grow quickly, the dollar was effectively range bound. interest rates rolled out elsewhere in the world as much as they did in the u.s.. and because we have seen the behavior of investors focus more on equity markets and commodity markets at the primary expression of the reflation trade in foreign exchange. lisa: if the weight is shifting for the united states and this trend in the u.s. has led people to go further into the dollar more than expected at the end of

2020, can we see the dollar materially we can from here with the u.s. also leading the global economic recovery? ebrahim: that is a good question and one we have dealt with. it can. we need to -- two conditions for that to play out. condition number one and most importantly, we need a vigorous global recovery. even if they u.s. outperforms, but the global economy does not pay, -- the second is, we need u.s. real yield to stay low. for that, it is important that we see a fairly forceful dollar message from the fed on an ongoing basis. jonathan: do you expect that from chairman powell? ebrahim: we expect a nuanced message. he will reinforce his policy intentions, no expectation for

tapering, and he will continue to endorse the good news and that the good news expresses in bond yields as well. it will be nuanced, not a major pushback. jonathan: that's sketch of their commodity currency in the fx market at the moment, given what is happening in china, how comfortable are you with a conversation around another commodity cycle? ebrahim: we think that the -- the australian dollar, the norwegian krone, the kiwi dollar, we would not talk over the super cycle per se, but we think there will be a bigger demand for all kinds of commodities for oil on the reopening story, industrials on the restocking and infrastructure, even with some slowing in these demands. we will not have a super cycle

like in that you thousands, but all bodes well for a pickup after the crisis. tom: when the euro come down and come down, we have a bit of a 119, what is your 12 month call on euro? is it tradable or is it a mystery? ebrahim: we have upside in our euro-dollar forecast. we think it will peak out near to 130. in the short-term, we think that the euro will last and that is for two reasons. european rates have lagged and two, it has pushed back against the rising rates more forcefully, then the fed has. it is an opportune moment for the ecb because it can do something, it can buy more bonds. it is a good moment for us to show us to the market that we

are not out of ammunition. jonathan: great to see you. a brief break of 120 in today's session. the low of today's session, 119 92. christine lagarde of the ecb talks, -- tom: great scope and scale. when i look at the equity, beside -- the way it went up, the persistency and went back. i do not want to give my opinion here, but a massive what if when

we get out to april. lisa: it was by the depths. very much and forth, the idea that any sellout whatsoever is coming with this idea that we are going to get the fiscal stimulus, getting better than expected data, earnings coming in that have come in higher than expectations, not just the base earnings, but the forecast going forward. jonathan: it is hard to be bearish. can you? give me a reason. lisa: the big conundrum is, how can that how hard can the economy run in the short term before exchanging the long-term. because the fed will be forced to hike, forced to act more aggressively without changing the underlying structure of the labor market. this to me is the conundrum that has gotten an inverted. we can talk about that more later.

jonathan: never change. he had to cash it in whenever it happens. in the meantime, you have to take keep it going. lisa: i am saying, looking around the corner, there are corners to look around. jonathan: i have no idea what that was. head of microstrategy joining us, looking forward to that. this is bloomberg. ♪ ritika: the number of global coronavirus cases arose in the past week for the first time in almost two months. the world health organization says countries are using restrictions people are letting their guard down and variants of the virus are spreading. a variant detected in new york is being watched carefully. the biden administration is set to oppose sanctions on russia over its treatment of opposition

politician aussie navalny. -- alexei navalny. after he was returned from journey -- from germany, he was put in jail. he says that dublin is the favored location for finance firms in the european union after brexit according to the -- financial services firms are considering moving operations to the irish capital. all have already done so. the video meeting service projected annual revenue that beats estimates. zoom expects to be a ubiquitous presence in daily life, even as the pandemic receipts. the company's stocks jumped fivefold last year. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. i ritika gupta, this is bloomberg.

♪

>> the president and i are pushing the united states congress to finish passing our

american rescue plan. the cities have the resources they need to innovate and replicate the best ideas. this plan includes critical support for those communities that have been hardest hit, keeping small businesses open and first responders on the job. jonathan: this is everett continues in d.c. that was kamala harris speaking at the citylab summit. from new york city, good morning. i am jonathan ferro. tuesday morning. here is our price action on s&p 500 shaping up as follows on the snb. future is down 14, -0.4%. yields higher by three basis points. the yield, 1.445%. tom: thap three basis points. maybe 1.45. i will call it a constructive backup after the festivities of yesterday and we are waiting to see how the markets take it. will there be a bit on equities? tom: -- jonathan: what we saw

yesterday, was by everything. tom: the one thing that sticks out is the -59 on west texas intermediate. that is interesting. $60.58. we heard from the vice president, she spoke to bloomberg. nelson, rockefeller, 1975, he was the last vice president to tell the rule maker what to do in the senate. we are going to see that with that lady from california? >> it does not appear so. the progressives are citing examples like rockefeller and i believe hubert humphrey did the same at one point, but the moderates have decided they are going to stick with the parliamentarian's rolling on what counts as a budgetary and build that you can pass and get around the filibuster. the key person is joe manchin who has been not overruling her.

tom: i read an article from a year ago showing the sides of the liberals and democrats. what is the power of progressives right now? is it there or is it a fiction? jack: they are the key pivotal people that joe manchin and -- we are hearing them try to affect what is going to be in this next package when you hear about elizabeth warren's will tax that may not become law, but sets a marker for what democrats can talk about with the next big bill when they get into tax discussions. they can pull the party left. lisa: what is chuck schumer's biggest challenge this week? jacqueline not -- >> not to make a big mistake.

it got easier for him when they pulled out the minimum wage provision that was turning up manchin and others. it is not an uphill battle, but he has to have a 100% success rate with the votes and keep everybody in line. lisa: raised on the fact that the bill is informed, given the fact that that one provision was taken out, are we still talking about $1.9 trillion, are we talking about the same $350 billion for state and local governments? jack: the top lines are the same as what biden proposed. the minimum wage thing is the only major change. we may see minor tweaks over the next couple of days, so the senate will vote in the house will have to vote on an amended version. it is the same thing that biden proposed. jonathan: do any republican senators want this? jack: not that we have heard. the conversation has fallen off the wayside.

when we heard what the president would focus on, it sounded like you would focus more on democrats to circle the wagons and make sure it is 50 out of 50 democrats. jonathan: let us recount the process, where there any negotiations across the aisle? any attempt to compromise? jack: democrats view that as a potential bonus. this is something that they knew that they could largely pass through reconciliation with their own simple majority. they talked to majora -- republicans, the president met with them, does it mean that israel negotiation, -- that that is a real negotiation? there are almost no changes. this is not a bipartisan process. lisa: i want to shift gears a bit. andrew cuomo coming under a lot of heat after allegations of sexual harassment. we have come out and accused him. there are calls for him to resign.

how significant is that? have you heard that that seems like a realistic possibility in the next month? jack: it works and the washington discourse. so much focus has been on this bill and at least among democrats who you look to see if any allies pushback, there have been so many other things that washington has been focused on. right now, that is more of a line that republicans are hammering, on -- hammering andrew cuomo on. i do not think there have been any developments in washington that necessarily changed the state of play in alvin he just yet. jonathan: i appreciate your time this morning. the equity market in that u.s. absolutely flying this morning. a bit of a pullback back on the s&p 500, down 0.4%.

the euro a brief big of 120, 12027. the yields are higher about three basis points. the news come to china, a bit of pushback from the chinese regulators around financial stability and i think that is important. tom: the renminbi weaker. i do want to point out something quietly. the 28 flavors of the bond market. it is the vanilla spread mother to tense spread continues to advance -- that to tense -- that you tense hotel. -- the two tenths spread word lisa: i was talking about long-term inflation expectations coming down. short-term expectations are skyrocketing since 2011. how does this match with the

yield curve that is widening, steepening? how does this match with expectations that we will have an orderly transition. a boom in the short-term, but a study inflation environment in the long term. i am trying to pair these things and get a sense. there are a lot of questions. jonathan: -- lisa: it is a supply issue and a growth issue. the question is, how sustainable is that? i do not know. these are all questions that are baked into the market. jonathan: they are on the fed's forecast. inflation shoots higher. lisa you you have people like larry summers coming out and saying that they expect long-term inflation to pick up than previously expected. it seems like this is a conundrum. at this point, everyone is accepting the idea of a inflation environment for the long-term with questioning that. tom: i would suggest what the former secretary of treasury

looking around corners. that is what you have to do here. you have it within the joy out there and at 6% gdp. you need to look around corners. jonathan: there are corners, apparently.

jonathan: this is "bloomberg surveillance." here is the price action, the pullback after a month of gain, the s&p 500 up. this morning, we pullback about a third of 1% on the nasdaq, down by 830. rustle up by 0.7%. the financials, i.t., energy, up 29% today. through two months of 2021 and up 29% on s&p 500. such of the board on the bond market, who leads the global cycle? the united states or china? of three basis points, the spread between two on the long and, getting wider.

why? people expect better growth in that u.s. why? the vaccine rollout has been fantastic. why? we are about to thorough $1.9 trillion added. that is why. let us switch out the board. the outlook of the u.s. here is the outlook of china. china credit watchers, they are familiar with this. the china credit impulse. it gives you an idea of how things are going in china, how tight things are, how these things are. look at the end there. dings are tightening up over the last couple of months. an important question, how is it possible the commodity market is still rallying? that is something to keep an eye on. come: go back to the chart if you would. but you need to understand is that beijing is really comfortable with greater austerity and they are massively constrained. they are massively constrained in doing that by that domestic

politics. they have to keep this going. jonathan: it comes out and said that we are not happening with the financial stability risks out there. you see what is happening in credit with china over the last couple of months and look at copper this morning. it is doing ok. crude is doing ok. it raises an important question. if that is going to be the story in china and emphasis on stability, as that united states rockets there 2021. who is leading the global cycle and what does that mean for the global trade? tom: let's get stability on the american economy. their house with us from wells fargo. -- sarah house with us from wells fargo. statistics come at 21%. you say we are flush with crash.

-- with cash. you are going to migrate from 6.2% higher. how much up are you going to lift? are you framing 6% to 7% gdp or are we going to ship him 6% to china like gdp? sarah: we are looking for 6% gdp this year and a massive pick second or third quarter led by the consumers, all of this fiscal stimulus flowing through. and the excess savings beginning to get spent. when we look ahead in terms of where that risk of the forecast lie, they can be to the upside, given how much access savings there is. that has the potential to get spent further into 2021 and propel the growth strongly in 2022. this is more than a summer reopening story. tom: what is important is the idea of 6% and beyond. you are going through these calculations as is every other house right now.

are those calculations out tenths of a percent or are they up big figures? sarah: we are looking at in terms of the overall spending picture. i think you can see some ready big figures when you look at what is driving this. they figures in terms of case count declines recently, and in some ways, the release -- relief package working its way through congress, it is bigger than democrats expected. you are still looking at substantial numbers when we look at the outlook for not just the middle of this year, but on into the latter. lisa: when you speak about spending, it goes to john's point. if we do not have china leading the dynamism in global growth, and infrastructure spending plan in the u.s., and more spending to make energy more green throughout the world end up

supercharging a cycling commodities and global growth that is not driven from china? sarah: it can certainly help. i do not know if you can get another commodity super cycle. in many ways, the balance we have seen is driven by this pickup in demand. when we look at what happens with real fiscal income in the household sector and when you layer on top of that a possible infrastructure yield, these are at one time boosts. whether we are going to continue to see that pickup in spending, it is a harder question. that could impede the durability of that commodity. it is filtering through in the inflation numbers. lisa: a one time boosts. to say that that infrastructure spending or the fiscal stimulus gets passed on march 15 at the democrats expected.

that it is a one time affair. does that lead to longer-term inflation that is higher than what people are currently pricing in? sarah: i think we will see inflation settle at a faster pace than what we thought of the last cycle. we'll get a pop in this second quarter, but when we look out further, we are looking at inflation to run over 2%, may be two and a quarter over the next year and a half or so. i think that is a meaningful left, particularly when you think about how much the fed has struggled with inflation over the past decade, but it remains to be seen if it state -- stays persistently high. you need to focus on inflation expectations. does this become self reinforcing, have you actually broken that mentality of low inflation that has been so pervasive over the past decade where businesses feel like they can actually price higher, past higher cost to consumers.

jonathan: i'm talking about the i semi in the last 24 hours and it was phenomenal. that is what we want to see. you get into prices paid and this has been a trend for a while. we got 86. can you frame that for us somehow imported that is and what explains it. sarah: it is usually important, especially when you consider that the last time, the high was he in 2008 when you did have a big uptick in commodities, but at the same time, the yen was tanking. here, it has been a different scenario. you have demand wrapping up markedly. it does suggest that we are shifting into a higher inflation environment. of course, most of that comes on the good side, we will get inflation in its entirety. goods only account for roughly a third of consumer spending, so we need to keep a close eye on what is happening in services. we have taken away a major source of disinflationary pressure over the last decade

and that was evident in yesterday's ism component. jonathan: for you, this is a demand story. sarah: it is both. immediately, we are seeing some supply constraints. you mentioned the prices paid index, but look at what happened with the supply and delivery. that remains elevated, not quite as high as we saw in the midst of the lockdown, but substantially elevated as we have issues with manufacturers getting their staff in with covid and getting those assembly lines running to its full extent. it is a bit of both. we expect the supply disruptions to ease when it comes to labor challenges over the years, but i think you are still going to have bottlenecks given how strong -- in recent months. it will take time for those backlogs to get built.

tom: as we move from 6.2 percent to 7%, or 90 days of 8% gdp, how does that change the i part of the equation? do you guys have any understanding coast-to-coast of how corporations will and best in this boom or do they do what they have always done, which is buy back shares? sarah: it is supported the investment environment when you talk about some of these supply constraints, not just from the staffing issues -- tom: is there evidence that they will invest? sarah: we have seen very strong investment. instead of hitting an air pocket as information pulled forward, it is incredibly strong. we saw with the durable goods report last week, shipments up three and a half percent. you are getting continuing momentum where businesses are arising to meet that challenge and demand and that is

supporting investment. it will not be a -- jonathan: it has been fantastic in the last 24 hours. thank you very much, sarah house. tomorrow, we will get the ism services read. look for something in the high 50's. tom: you do the ism and the ppi and the pmi better than i do, but a 60 statistic is a wild statistic. it shows what jack fitzpatrick in washington from sarah house to wells fargo are talking about. can we say that this is a boom economy? jonathan: we are getting there. he was there $1.9 trillion on top of it and we are reengaged with the economy, you have a boom economy pretty quickly. lisa: the ism numbers, if you look at them with the granular comments, they indicate supply

line disruption in this to me, they just our records. prices are rising so rapidly that many are wondering if the situation is sustainable. the increase in prices for some of these goods have caused concerns for these companies and it raises a question of how sustainable this is and what this means in terms of trying to bolster our supply chains and get things back up and running. darrell: you mentioned the restraints. -- jonathan: you mentioned the constraints. clearly, we can address a lot of these issues in the next several months. these are: shipping costs have gone up and though should get remedy -- lisa: shipping costs have gone up. it is notable how unique this moment as when it comes to these price increases. jonathan: totally agree. i am jonathan ferro, your equity market, pulling back a bit, down 11 on the s&p 500.

of .2%. -- up .3%. amesh adalja, joining us shortly. this is bloomberg. ♪ ritika: the u.s. vaccination campaign has regained momentum that it lost to severely let weather last month. it posted three consecutive days with 2 million shots or more since friday. authorities are expecting another immunization surge in the coming weeks. a recently authorized johnson and is added to the mix. president biden's mix two had to exchange commission is set for a committee hearing. some may say that timing is perfect. people are calling formal regulation on wall street.

-- for more regulation on wall street. andrew cuomo is facing more calls from fellow democrats to resign. a third woman has come forward to accuse him of inappropriate behavior. the governor is facing investigations into whether his administration covers up a number of coronavirus debts -- death. in china, president xi jinping wants to mobilize the company to reduce its dependence on the west at the annual meeting of china's legislature. communist party leaders will propose a blueprint cutting china's reliance on countries that other countries. beijing will make big bets on technologies. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. i am ritika gupta, this is bloomberg. ♪

>> it is hard to make it mandatory. i think what we would like to do

is have characteristics. we want people to take it, you can make it mandatory before it is fully accessible. that question can be answered, but i think you may see some people doing it. airline companies may do it. there will be pressure and i would say it is not mandatory. jonathan: in an exclusive conversation with bloomberg tv and radio in the last 24 hours. good morning alongside tom keene and lisa abramowicz. i'm jonathan ferro. here the price action. on s&p, the biggest one-day of gains since june of last year, equity futures down a third of 1%. yields are higher. i know you're focused on the commodity market. wti, $60. tom: we are watching others and

as you mentioned, you are watching for a 119 handle. we are not there yet. he needs a cup of coffee because what we do as we talk to pros in this horrific pandemic poured doing, not talking. amesh adalja has spent the evening in icu in the hospital and he joins us after a long shift. i was icu different now versus 10 months ago? a matt: -- >> it is the lowest i have seen with covid in several months. 10 months ago, we were looking at, it was the middle of the summer surge where we were seeing the spring surge a lot more patients, getting infected, a lot of them showing up in the ice use. -- in the icu. the height of it here, i worked in pittsburgh, although i have a

hopkins affiliation, was around the wintertime when it was inundated during that winter surge. that seems to have dissipated. that is evident that our vaccines are going to the vulnerable populations and they are getting protected. forcing the national data when you look at nursing home deaths and cases, that will give our hospitals a lot of respite. tom: the nursing home success is the 80-year-old cohort. what is your timeline to get down to the 60-year-old, to benefit the 49 years and older. amesh: it will differ depending on the state. there are some states moving to hybrid individuals or less than the age of 65. in pennsylvania, they have not done yet yet. they are sticking to the 65 and up cohorts. it is going to take some time and it depends on vaccine supply. the johnson & johnson operable will help, but in the short

term, we are only getting 4 million doses. we are getting better, we are moving faster. i do think that as we get into spring, mid spring, we will have most of our people that are high risk vaccinated and have access to the vaccine. even before we crossed that herd immunity threshold, we will be in a different place because we will not worry about hospital capacity or personal protective equipment or ventilators. that is what drove a lot of the public health intervention because we were always worried about keeping the curve below hospital capacity. lisa: how concerned are you about the new york variant? amesh: it is hard to know how to be concerned about all of these various tangoe. many are floating around -- variants. the new york variant is something in the intermediate range, that we worry it being more contagious. the vaccines are likely to prevent what matters when it comes to these variants are the original version of the virus.

the existence of these variants underscores the need to accelerate vaccination to the fastest pace possible. lisa: are we winning the race? amesh: if we look at the overall number of cases, in the last 10 days or so, there has been an increase of a couple of percents. we do not know if that is an aberration. as long as our cases are going down, we are trending -- nothing serious is going to undercut that. if we see that u.k. variant continue to increase, then i think we need to step on the gas when it comes to vaccinations. we are getting that over 2 million getting better. there should be no speed limit when we talk about vaccines. tom: is the trend in better data in hospitalizations and deaths linked to quarantine or are you having to wait way down the road to abbey quarantine to country? amesh: you will have to do a lot

to disentangle what happened. we know that social interaction spreads the virus. what does each added step do? that takes a well to control for because people will start to quarantine, people where basically rings at the same time, people start to wash their hands a lot, mass gatherings get canceled. all of that has a role. you have to piece apart things. it is a hard job to know exactly what works. lisa: how much of a stumbling block is it that children cannot get vaccinated and probably won't get vaccinated until potentially early next year? amesh: it is not based on the block if you like it to epidemiology. we know that children are usually spared from the severe consequent as of the disease. there are some exceptions. in general, they are not at high risk and they are not accelerators of the virus in the

community. with influenza, they drove community transmission of influenza. they did not do this with coronavirus. what we were trying to do with a vaccine is reduce the harm of the virus and that meant going after the vulnerable populations first. it is not an obstacle. there's a different risk-benefit calculation when you talk about vaccinating a 19-year-old versus a nine-year-old. you have to think about whether the vaccine is the best vaccine for the child or will it be a second-generation vaccine down the road that will have less side effects. we need to do the studies and i think children will get vaccinated. it is not an obstacle. jonathan: thank you for your hard work. thank you. amesh adalja of johns hopkins. to bring you the latest numbers in the u.s., your daily average in the past week, 1.8 2 million doses per day. tom: the numbers, i am looking at them. the numbers are spectacular. i think you are right, the difference at 1.6 million doses

to 1.8 is join or miss. it is not a linear function. i am looking at the bar charts and that 74 million vaccinations they have done in the u.s., you sum up everybody else and they combine to be less than america. jonathan: unreal. the degree to which the vaccinations prevent cases as tremendous. a lot of people have come on this program, including the relationship with johns hopkins, and we are starting to see that in the data. tom: we have the see it in europe. europe -- jonathan: it is not about supply anymore. governments across europe have damaged the reputation of the astrazeneca vaccine with a commentary over the last several months and they had to work on acceptance. it is not just apply, it is acceptance as well. -- it is not just supply, it is acceptance as well.

tom: it is unfolding in europe and in a good way. jonathan: the head of micro strategy, from new york city, good morning. i am jonathan ferro. futures lower from new york. this is bloomberg. ♪

>> weenie rate -- we need rates to keep rising. >> when things are really ripping from a growth or inflation perspective, you can take it for granted. >> this value trade is still relatively new. >> there is still plenty of scope for fiscal stimulus, and it looks like we are going to get it. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: seemingly everybody getting moved up. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures down 11 on the s&p, -0.3%. increasingly i feel like we are going to have this conversation around u.s. exceptionalism for a while now. tom: it is very