saw yields. i do believe this fed is extremely committed to not hiking. >> u.s. front-end real yields to remain low. >> i think we will see inflation satellite and faster pace than what we saw. >> the overall market is higher than it was at this time last year. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and leeson abramowitz print -- lisa abramowicz. >> alongside tom keene and lisa, i'm jonathan ferro. up 20 for the s&p 500. the president of the united states advances the vaccination timeline. tom: i think this folds into what texas has done with a full reopening by march 10. but also to get onto that 300 million number the president is suggesting is really important.

what's become a trading range i go back to february 8, we are getting back a good three or four weeks of going nowhere. jonathan: the gains we've seen in financials and energy has been the story of the last month. tom: that the active passive debate so many viewers and listeners are talking about. we are used to 1.4 port -- 1.44%. this will be different of the real yield of three weeks ago. we are getting a little bit of comfort. jonathan: some massive moves in the treasury market. putting together the fact we are advancing the vaccine timeline and you throw in the governor of texas reopening. you add in $1.9 trillion fiscal plan, just enough reason, many

reasons together to lift the gdp forecast. we've seen that again and again. lisa: the optimism front and center building as we get new news. want to add this idea of the treasury yields 1.44% yields and the idea we are getting used to it. there's a cap to the volatility we saw when they repeated -- when she repeated two consecutive day she was worried about volatility. there is this sense she is the first of the fed to come out and say they are watching this. they are the ultimate and will remain so and they do not see necessarily their goals being that. jonathan: just before payrolls friday. this wednesday morning, good morning. we look like this on the s&p 500. equity futures up 21. we advanced by rada half of 1%. your euro just a little bit softer. in the bond market, yields up five basis points up 10 to 144.

lisa: the key is that it is controlled. it's the same kind of rapid movement people don't understand air pockets of liquidity. which definitely have people come down. we talked with the jobs report on friday. the drumroll is getting louder. we will be getting that adp employment figure for february. we are expecting about 165,000 new jobs to be added. bloomberg economics has it higher at about 250. it's unclear what this means. we are expecting to see progress as we see a reopening in economies. also today that drumroll to fed chair powell and tomorrow continues to get louder with more fed speak. patrick harker and charlie evans all coming out. interesting to see how concerned they are to reiterate what brainard was saying about the bond market volatility. also with their key metrics will

be to determine whether they are getting closer to their goals. evening out in the employment figure, it is -- is it an evening out in the wealth gap. i cannot wait for this. i know you guys are so excited. i wait for this every month. this month it will be interesting to see on the ground data showing how much the economy is recovering and whether we have data behind this optimism we are seeing. jonathan: you wait for every month. tom: i have never looked at the beige book. in honor of the great richard who left us way too early, he was an expert at this with this proclaimed orange book. on payrolls quickly you and i are watching this. we migrate from 188,000 on survey to a new statistic this morning of 195,000. >> i will be looking at services later today.

58.7. we will break down that number 10:00 eastern time. the outlook is getting better and better. here's a line for you. certainty isn't the tailwind of the performance, uncertainty is. the head of technical macro strategy, run me through that. uncertainty is. >> i know how counterintuitive that sounds. when you look at forward performance, a forward market performance is always best from the most uncertain of moments. it is actually quite average from the most certain of moments . that's why i think this is an interesting moment. we look at the policy uncertainty index and trying to measure how much is actually out there. it has spent the last 11 months in this extreme territory. over the last week or two it has started to recede back to more normal zones.

the returns from there are more normal going forward, not exceptional. i want to think about this in the context of year one of a market versus year to. in year one, the returns are exceptional but it intellectually is mystifying. year two is the exact opposite. the story in the narrative becomes clearer and more certain, but the forward returns are actually harder to find. we are making this transition. tom: chris has really good leadership on trend base analysis. the trend you see is always broken up into a wonderful sector analysis. you took above the main trips. help us here with the sector matrix that tells you it's not march of 2000.

>> was been so interesting about this move over the last several weeks the market has paused here is that the declines, the down days have actually been very narrow. there have not been broad selling pressure. i think about that. you look at 2016, 2017, 2018, of were broad advances. to transition into this where the declines now do not look like what you typically have seen. when i go back to 99, it was so narrow. the time you got to 2000 market top, only 35% of talks -- stocks were above their 35 day moving average. we spent the last six months with something like 85 or 90% of the s&p above the 200. that's not where the assets tend to happen.

i think most of the market cap of the s&p is still pretty broad here. when that starts to narrow is when you've got to start thinking about problems. lisa: so we might not be seeing problems, hearing you right to say you are seeing lower returns going forward and if so, how much lower? christopher: thinking about this in historic terms, year two tends to be decent but not a straight line. 2010, s&p finishes the year 13% in 2010 but you happy draw out along the way. mid 84 through mid 85, year one, a year one and a half of the new market, it's not a straight line higher. the year finishes pretty good but there is a good correction along the way. that is what i think 2021 will look like. i think the full year returns will be fine. what i am less optimistic about

is how we get there. >> one of the great things about trend base analysis is the quiet times. jonathan ferro was talking about the range bound. i go back to the wonderful point and figure charting where she talked about distribution of the back-and-forth of the quiet time. what do you do in a quiet time to position yourself with your belief. >> you don't short the markets. if you think about these last four or five weeks since early february, i think you are right talking about february 8 as an intermediate-term high on this market. if you look at the last month, leadership has still been very pro-risk. this is not a rotation into defensive groups or risk off groups. the breath is still pretty broad. this looks more like a pause here than it does the start of some big distribution phase.

my gut says we will get a direction this year. my gut says it's more of a summer story. i think importantly as we look at rates here in this zone, i will get more uncomfortable when the bond yields are going up and utilities are going up. that is the market discounting trouble down the road or in the future. that has not been the case yet. in the last two or three weeks, utilities are still about the worst performing group. i think you see more defensive leadership before big problem start to emerge. jonathan: you got away without talking of a japanese banks. next time. thank you sir. chris brings up a good point about what's happening beneath the surface. to the biggest on the s&p 500. apple and amazon. in the last month apples down 6.7%, amazon is down 7.4%.

let's walk you through how technically challenged that benchmark is. you can have this huge run up elsewhere but you can have these range bound headline benchmarks. tom: i thought john was heated yesterday with credit suisse about how you look at those big tax not in the short term back-and-forth but a long-term play. everyone's got to think about what their timeline is as they play in the market. jonathan: short-term the challenge comes from one place, the bond market. lisa: and how quickly those will move up and whether it's a bad riser good rise. when you're talking about divergences, the russell 2000, just amazing. it's up 13%. just talking about this. >> not bad. coming up on the program, a big commodity run up.

bank of america's head on -- research looking forward to that conversation. equity markets up on the s&p. we are up 20 points. from new york city, good morning. this is bloomberg. ♪ >> president biden says by the end of may there will be enough vaccine doses for every american adult. he wants teachers and childcare workers to have priority. the president urged the states to give all of them at least one dose of the vaccine by the end this month. it's part of a new drive to reopen schools. it's president biden's first major setback in filling his cabinet. neera tanden withdraws to leave the office -- the office of management and budget. the senate objected to her partisanship.

in the u.k., the chancellor the exchequer will extend furlough payments to workers through september. that will protect millions of people whose jobs have been suspended during the pandemic. the british government will keep paying 80% of wages for those in the program through june. that allows a decline over the following three months. the tokyo summer olympics reportedly will bar overseas spectators. the decision takes into account the spread of the coronavirus. organizers are setting -- still deciding on the number of japanese spectators. outline plans for a semiconductor factory in the u.s.. samsung also is considering sites in arizona in new york. the company is trying to win more american clients and narrow the gap with the industry leader taiwan semiconductor braden 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.

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>> a lot of what we've got to do is dealing with a maintenance backlog.

it doesn't always have the same as added something new but the truth is we have to do both because you look at the conditions of so many of our roads and bridges as a country and it is just clear we cannot allow that backlog to continue. jonathan: pete buttigieg, the secretary of transportation on the need for infrastructure investment. from new york city, good morning. alongside tom keene and lisa abramowicz we are counting down. chairman powell tomorrow. adp report this morning. a better america, that the outlook anyway paid futures up 20 with about a half of 1%. the euro just a little bit weaker. a brief break. tom: talk about the euro. jonathan: i will talk about the euro. i'm talking about the euro. the bond market in europe as well. it's hard to reconcile the governor speeches we've seen publicly, of the comments publicly from ecb officials and

what seems to be happening behind the scenes. and frank for reporting this morning maybe the ecb does not see the urgency to step in. looking at the data last week it did not look like they would list their bond purchases either when things have started to rollover. it's hard to reconcile public comments with what's happening. tom: i'm looking at the swiss 20 year piece and it won't go up in yield. the markets helping the ecb get beyond this. >> since thursday things have really settled down. i imagine chairman powell is quite relieved about that. >> we will see the different fed speeches in the ecb discussion coming through the week. right now the discussion in washington, emily wilkins joins us. i want to go to the coronavirus relief bill or whatever it will be called. and juxtapose that against president biden's new statistic which is 300 million vaccines.

how linked together is the stimulus discussion you are witnessing personally with the good vaccine news that we see. emily: that $1.9 trillion stimulus bill has funding and therefore vaccines and for vaccine distribution. but the dialogue on capitol hill right now a lot of it is focused on other things in the bill. the vaccine is a bipartisan part. seeing a lot of distain from other lawmakers about other things. who those $1400 checks should go to. tom: john and lisa have a drinking game for whenever i asked about the middle. give us an update on the middle right now. what's the power of the middle? emily: incredibly strong. a lot of people are looking to joe manchin as far as what he

wants and doesn't want. he didn't approve that minimum-wage and when the senate parliamentarian overturned it you haven't seen the white house try to challenge that. at this point you are seeing a lot of strength there. lisa: if we are playing a drinking game and that is the parameter you are buying. i am curious about some of the details in this bill. the $200 billion going to state governments. in their story on the bloomberg highlighting which states are actually going to see revenues this year with that stimulus that exceed their previous projections pre-covid. those are all the states in the middle and actually some of the reddest states are included in that wears blue states or not. they are still seeing declines paid how much is this type of allocation crucial to get this bill across? emily: it's been interesting to see the debate around state and local funding. lawmakers are representing states and localities and yet there has been a lot of resistance to getting this additional funding for states

and localities in there. a big part can be traced back to the fact republicans have stated they are concerned about passing a particularly large spending bill, worried about inflation, raising the national debt and the national deficit. i think these are all sort of a larger discussion happening about portion of funding in the stimulus bill that's going to go to states and localities. lisa: everyone's been trading and operating on the assumption this is a done deal. chuck schumer of the senate saying he has the votes necessary. are there any potential roadblocks or is this a formality at this point? emily: there are still negotiations going on about supplemental unemployment insurance, we will see more amendments be brought up. you are seeing progressives push to raise the minimum wage. leaders point out yesterday a lot of individuals in the democratic caucus, it's going to

be difficult for them to vote against this bill and voting getting more aid out there to the american people. so you are seeing that confidence from majority leader schumer and from house majority leader that they are going to be able to get this bill passed and get it passed by that march 14 deadline. jonathan: give me a minute to be naive. we want to hike minimum wages, what would you like to see? tax cuts, small businesses might have to pass on that minimum-wage height, a are we having that conversation? >> it ties back to the march 14 deadline. lawmakers want to make sure those supplemental unemployment insurance benefits are not running out. this is a deadline they set for themselves months ago at the target here. so i think it became a balance between what do we have time to do and what will we be able to do. there is that other infrastructure bill coming down the pipeline the democrats are expecting and that's an

opportunity to add things like a tax related to the minimal wage. >> something this administration has done and has been welcomed is put this on footing. how did the president. this is tom's question yesterday get merck and j&j to work together in the way they will work together in the for siebel future? -- foreseeable future. emily: the pressures to get the economy restarted. you are seeing huge amount of pressure among this particular issue and you are seeing people like texas that are ready for things to get back to normal at this point. there is a wider pressure out there on companies to work together and to get this vaccine done. jonathan: good to catch up. we will catch up with the medical community later this morning and their thoughts on governor abbott reopening texas. controversial i think at this stage of the year. tom: the post with an editorial immediately on it. my only question is when is the

next texas. there's huge pressure out there and you look at the statistics coming in. everybody has their own statistics. i would constructively say saturday, sunday, monday and tuesday those are in a constructive direction to support governor abbott. tom: pollock -- jonathan: politicians have to weigh whole host of pressures. let's talk about the path forward. the president has set a vaccine will be available for every adult in america by may paid that the accelerated timeline. that's really good news for this country. tom: it is 300 million. so if you screw up 50 million that still leaves a lot of vaccines and you wonder when we will see may, june, july where the united states says we have succeeded, let's help other nations. that's where it dovetails into an impoverished world or frankly developed world that can get their act together. >> the global community need some help. much more on that.

good morning. coming up on the program, of the conversation you do not want to miss on the commodity market with francisco bank of america. crude 60.89. from new york city, this is bloomberg surveillance. it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

jonathan: from new york city, this is "bloomberg surveillance." here's the price action. a bounce back after another rough day yesterday. nasdaq positive 7/10 of 1%. the russell is where your outperformance is paid on the s&p -- outperformance is. the relationship between what's happening in the bond market and in stocks in the commodity market and the difference between an inflation shock and a positive growth shock. yields unchanged on the two-year. on the 10 up five basis points. a slightly steeper curve. what's been the move, the driver behind this? it's been real yields.

real yields picking up aggressively in the last couple of weeks. the difference between a positive growth shock and inflation shock. with the bond market reacted to an the past couple of weeks. how does this play out in the commodity market? this is what it looks like. people always talk about inflation. this is crude on the year. up 25%. look at gold. this is about real rates and growth short and the changing opportunity costs. gold right now, tom if this was just about inflation and not a positive growth shock, we would not be seen gold where it is trading at the moment. tom: what i would do is walk through the calculus of the real yield and i don't mean the massive ratings, you see at 1:00 p.m. friday afternoon, but i would look at is the nominal yield lest -- and less the

inflation expectation. the -- what is interesting is across countries the different inflationary pictures and there has been some disinflation and deflation. this is a topic we will drive forward with the jobs report on friday as well. commodities, every major house is looking at the idea of a super cycle, of the nuances of commodities and metals and of course oil lifting. francisco head of global commodities and derivatives research at bank of america. cut to the chase and paragraph one, are we seeing a new commodities super cycle? >> i do think we are seeing outside pressures across the commodity complex, we could see super cycle like behavior. it will be more concentrated on

the metals. unfortunately i do not see that cycle happening in oil. as the outside pressure. but as you know oil is a main commodity. it's the largest portion of the value. it will be hard for oil to see that super cycle in the 2000's. tom: how do you apply capital on a bet of the pacific rim? is there something more nuanced if you believe in a metals play? francisco: i think you can buy industrial metals. we like copper and we also like nickel. we think aluminum will grow well. there's also the precious metals used in technologies like silver or platinum, palladium. so we like those metals and i

think those have -- over the course of the next few years. that is kind of the most direct way to do it. there's also the equities in that space which i think are also interesting ways to lever into the metals story. >> i need to bring in the china conversation as well. which are read on what's happening with china now and can you be constructive on metals, when the recovery in china is maturing at this stage. francisco: i think you can because it's true that half of the world's metals comes from china but what we will see in the next few years is a huge transformation in the works in the electrification of transportation, industry and also the -- of electricity

networks. those are very metals intensive. in my mind, metals still have quite a run ahead. energy will probably run too. as vaccines get more distributed, we may have vaccines for the entire population by may in the u.s., johnson & johnson will accelerate. that will lead to a pickup in -- around the world. but the thing is we have 10 million barrels a day for capacity of supply in the case of trent rotation fuels. that will i think lead to opec tomorrow opening and tempering the price conversation. you will see the mortgage cycle moving higher with monetary and fiscal stimulus we've seen so far. jonathan: brent, 53.93.

what are the limits of this rally? francisco: we think for this year the limit is about 70 a barrel. we don't see a lot of upside. opec will try not to breach that 74 level on brent because obviously that could trigger a fair amount of response in the u.s. shale patch. producers are trying to be disciplined, but obviously there is something going if the price can change. lisa: can you elaborate on this idea of this price point? francisco: the curve -- the spot price is very high, if you look at prices for five years out on wti they are under $50 a barrel. this is devon only key objective.

they want to collect a high price and give shale players the lowest price on four bases. and again, this means they will try to keep things. but i do see eventually over the next three years there is a risk. if demand accelerates beyond expectations. the next three years will be the fastest three years of oil demand because we are coming from a low base. that's where i think the upside risk over the next three years could be up to $100 per barrel. we could see up to 100 if demand conditions really sped up to this levels. lisa: can you talk about the dynamics of what that would look like in terms of both gdp growth, in terms of the recovery and international travel. what would we have to see to get

to $100 per barrel? francisco: from an oil demand standpoint we would have to see above 2019 levels from a demand standpoint by the second half of next year. so again, a relatively quick acceleration. and we will -- that's from an oil consumption standpoint. from a gdp standpoint, our u.s. economic stimulus is calling for u.s. gdp of 6.5% this year. this spills into next year with growth in the 3% range. if that's the case for the u.s., we see relatively weak dollar on the back of that. because all of this u.s. growth feeds into international demand for goods. together with monetary policy,

all of that can trigger that higher level. there's three things. improving micro fundamentals, it's of course continued improvements in china, those are three key elements for continued rally. >> to wrap things up on the metals market. how a supply response there because they been disciplined over the past few years because they got burned out of 2011 in and 2012. they maintain that discipline. you see them doing that? francisco: i think they do. in fact one of the metals, one thing that's different in metals versus energy is metals do not have something like u.s. shale. i can respond within six to 12 months. these are very long investment cycles. so even if they responded, they

will probably respond by the end of the decade. by then we will have maybe 20% or 30% of vehicles being sold into the market will be electric and that is going to create some serious bottlenecks in the metals space. jonathan: we saw that from volvo. right to catch up with you. bank of america securities head of global commodities and derivatives research. the difference between the potential supply response on the energy side and on the metals side of thing. tom: we talked of the micro economist over goldman sachs who was more bullish. i would do what we do, we do this every day were we dovetail. i would look at australia, the aussie dollar with enthusiasm for australia gives back to the trend and i blend that in with the index. it really shows the stasis through all of 2021 so far.

a leveling there waiting for which way to cut. jonathan: that reopening trade. i think people are focusing on the dollar side in that short condit buip. the conviction around the u.s. dollar. we chipped away that consensus view a little bit. jonathan: the relative cheap -- tom: the relative gdp. this huge gdp in america on a relative basis to china seems to be narrowed. lisa: any idea hear the u.s. is driving a lot of growth in china. if you look at the supply demand dynamics, a u.s. exporting terminus amount from china. i do wonder how this $100 a barrel for oil really affects the short-term inflation play. we have to keep that in mind as we talk about the near-term inflations. tom: looking for $100 barrel and oil.

-- $100 barrel oil. strong dollar weaker yen. jonathan: coming up, a johns hopkins associate professor on emergency medicine. futures up 21. this is bloomberg surveillance. ♪ >> with the first word news. president biden wants to speed up the timetable for most americans to be vaccinated for coronavirus. he says there will be enough doses for all american adults by the end of may and he wants states to give teachers and childcare workers priority. the president wants them to get at least one dose of the vaccine by the end of the month. u.s. infrastructure has received a mediocre grade from the american society of civil engineers. that should help president biden when he asks congress for a major structure spending package.

the engineers groups as roads, bridges, sewers and the energy grid remain underfunded. more problems for andrew cuomo. legislative leaders have agreed to curb his emergency related powers on top of calls for him to resign. he is facing an investigation into claims he acted inappropriately towards three women. plus there are questions whether administration covered update on coronavirus deaths in nursing homes. opec and its allies are set to call off a rally -- committee rally in prices. the usual differences, the president of saudi arabia is cautious while russia wants to open the tech -- open the tap. forecasting a loss that isn't as bad as expected. lyft said the week of february 28 was its best in terms of the number of rides since the start

of the pandemic. 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. this is bloomberg. ♪

>> we came into office, the prior administration had

contracted for not nearly enough vaccine to cover adults in america. we rectified that. i'm pleased to announce today as a consequence of the stepped-up process that i have ordered and just outlined, this country will have enough vaccine supply saving it for every adult in america. by the end of may. jonathan: the news of the end we get this a little bit quicker and the change of the administration has put it on different footing. alongside tom keene and lisa abramowicz, i'm jonathan ferro. price action looks like this. we advanced 6/10 of 1% and take losses from yesterday's session. concentrated in big tech. big tech getting smacked around by a bond market with yields higher this morning by five basis points. euro-dollar, 1.2065, dollar-yen

with a 107 handle. tom: i looked at that and i've been waiting for a weaker yen. 108 is frankly unimaginable. it's something worth watching paid equity futures lift in the last number of minutes. an update from johns hopkins university. i know john and lisa want to talk about texas. i want to talk about the mass of hotspots. in the blended statistics you don't see the hot spots could be the story or that story. are we homogenously getting better or are we getting way better except for grim hot spots? >> i think it is probably somewhere in between and it can fluctuate depending upon the timeline you are looking at the data. so i would say we are a nation of hotspots in general during this pandemic. the outbreaks are moving based on where public health measures are implemented, where new

infections are spreading, where rules are changing and that is at least partially due to our disparate medical center -- system and health care access. in general things are looking better in the united states but we have concerning hot spots. jonathan: vaccine supply secured, maintain vigilance is the message. i hear that. what was your reaction to governor abbott reopening texas? lauren: it was really hard to see. texas is a place where we have had these hot spots where the numbers are dropping but they are dropping from an exceptionally high space. we want people to maintain that vigilance. i would imagine after seeing that from texas that other states will do the same. in fact, mississippi was not far behind. a little over a week, texas had this massive natural disaster from the ice storms in the power

outages and so vaccines in many cases are delayed. some had to be wasted. there is a delay in accessibility. so turning off all the things we know work right now is really unfortunate. jonathan: the numbers out of texas, 7.1% fully vaccinated. 13.4% have had at least one shot. we know that's targeted toward the most at risk in society. you think that's enough to prevent severe cases from started to build again in the current weeks and months in texas? >> i think it will be a wait and see. i don't think it's enough. i agree with the president, we have to maintain our vigilance and maintain these things that work. the governor mentioned we had all these treatments available for caring for patients in hospitals, but our hospitalization toolkit is not as big as we would like it to be. a new surgeon patients would put

the hospitals right back where they -- a new surge in patients would put hospitals right back where they were. lisa: we have some individuals reluctant to get vaccine. what is the solution? will we see vaccine passports? will they get a mark to show i been vaccinated versus those who have not? lauren: i think the first question is to get as many people vaccinated as possible. messaging has to be focused on helping people understand the importance of vaccine and how to access vaccine and getting the vaccine to the people that are hard to reach. you can to show to a vaccine clinic -- who cannot just show up. that is step one, making sure once we have a ramp-up incapacity that we don't drop off a cliff where we have an entirely unvaccinated portion of the population. there is some talk of immunity

passports and it's a really challenging space when we don't have universal coverage of the vaccine. so those can create in equity issues and can further exacerbate divides between people who can access health care people who cannot. lisa: and the concern about privacy as well. in the meantime talking about the hot spots and how it's important not to get a fourth wave which some are fearing from the texas reopening. there are a number of strains that have emerged as potentially concerning based on the resistance to some vaccines. which strain are you watching from that perspective? lauren: the strain first identified in south africa is one we are watching because we have some evidence it could potentially reduce the efficacy of the vaccine. we see these variants quite often in many different viruses.

when you have sort of all eyes on what's happening with the variants and what's happening with the impact of the ability of the vaccine to work, all of a sudden everyone becomes a variants concern. it is an important place in where we are now about talking about this virus. not every variant is going to cause a change to our activities or transmission or are case load. but the one from south africa is one i'm concerned about because of the possible impact on the vaccine. jonathan: it will make it really difficult to reopen international travel. just to bring you some numbers now for the united states. 15.6% of the population has had at least one shot. 7.9% fully vaccinated. your daily average over the last seven days, a .1 -- 1.9 4 million.

-- 1.94 million. tom: all the study i did as an amateur on this years ago, it is incredible how this battle is day after day. 1.9 million statistic is as important as the 300 million. jonathan: we are close to 2 million. looks like we secured the supply. this really is about logistics and the rollout now. lisa: and people accepting the vaccine. that's been an issue over in europe as you've been highlighting. joe biden saying he expect to get back to normal within a year. although nuance and this message. jonathan: can we stop the 12 month conversation. lisa: that's what -- that is

what governor abbott is doing. jonathan: i just don't want to wait 12 months. i'm not advocating for anything. coming up, is he buying treasuries? this is bloomberg. ♪

>> we really need to rethink about a new dashboard for this fed. >> it was concerning to me where we saw yields, but this fed is committed to not hiking. >> we need real yields to be low. >> we will see inflation settle at a notably faster pace than what we saw. >> the overall market is higher than it was this time last year. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: the build up payrolls friday starts now. good morning. this is bloomberg: surveillance live on tv and radio. i'm jonathan ferro. the adp report tomorrow, payrolls friday. tom: it will be cr