>> we really need to rethink and think about a new dashboard for this fed. >> i think we will see inflation settle at a faster pace than what we saw over the last cycle. >> there are real effects coming through that give the optics of inflation being higher than it is. >> the overall market is higher than it was this time last year. >> it is not a straight line higher. there is a good correction along the way. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. tom: good morning, everyone,

jonathan ferro, tom keene, lisa abramowicz. it is bloomberg surveillance. i want to go right to the bottom line, the fundamental of this year. simon kennedy kills it with a must read from bloomberg on two $.9 trillion of some global creating in pandemic cash. unreal. jonathan: ddp reports around the corner. -- the adp report round the corner. tom: feeling that two .9 trillion is the movement we have seen in the jobs report, moving toward 400,000. the estimates are moving in the right direction. jonathan: it is two hundred k. we will need higher. we will talk about jp morgan. governor abbott reopening texas.

that will be the direction of travel. most people think more to come. tom: i guess will join. lisa abramowicz, texas. we have had people in texas saying they do not agree. think of the pressure on other states of the same political mind. lisa: everybody wants it to be over. that is not enough. someone highlighted this idea of variants that could be resistant to inoculations. will that fuel the public pressure to keep things closed? tom: the simon kennedy tour de force shows charts with the abrupt shift out there. do we all agree that the mystery is the timeline of the use of cash? one quarter, one year, five years? jonathan: not just the timeline.

i wonder where the money goes. lisa has been on this point. we have a lot of savings and a lot of cash in money market funds, but where is it coming from? direct aid, savings, or is it because there is debt that has not been paid? lisa: all of the debt moratoria. people deferred rent. that will get paid back with these. saving there is a question whether. they will be secure enough in their job prospects to spend. then what will they spend on? will they go have dinner? get haircuts? tom: they will do what they do. we will grow our way out of this is the optimist belief. the optimist is buttressed with record data. dow futures up 160 points.

the vix 22 handle earlier, 23 now. i have some movement. six basis points in the 10 year yields. jonathan: we left at 145. as equities and bond yields are up, it is the right kind of lift. tom: a three-hour simulcast. we want you to tune into all three hours because john covered this very much so in our first hour this morning. we saw that 107 weak yen. jonathan: let's get alicia levine. let's start with the s&p 500 struggling at 30 nine hundred. what is going on? >> what is going on is the rotation trade, higher yields and a steeper curve, because the sectors of the market that are outperforming and are quite strong are not the ones that are at the top of the index, so all

those large cap tech stocks have peaked out on a relative basis in the summer of 2020, so as they struggle, the index itself will struggle, but there are plenty of sectors and companies doing great year to date that are having clear bull markets. as yields move higher, the tech and the growth sectors, the large-cap names that led, are going to struggle. that is affecting the index. tom: you do the macro micro with such acuity. i want to detail --you to detail the easy call on the macro with the reality of adjustment. too good to be true? >> good question. we will see this year a bifurcation between main street and wall street. last year was an amazing year for wall street and asset

classes because we sat on yields. this year will be a difficult dance for the fed and for the bond market, because if we actually print 10% quarters of gdp in a row, which could happen giving the spending and consumption we are seeing, i think it will be hard for yields to just said there and for the markets to believe the fed will not go sooner. that is the dance the markets will have to absorb. you can feel it everywhere, even in the middle of new york, where i am. spring is coming. people are getting inoculated. it is happening sooner than i think we had hoped for six weeks ago. tom: robert shipman bloomberg intelligence has a piece on how tight the bond credits are. they are surprising. amazon on the edge of apple and tightness as well. they are up to their eyeballs in cash. what do they do with the cash?

across the market, what did they do with the new cash? >> great question. overall, in the aggregate, you will see a lot of mergers and acquisitions, which will help support markets here, but ultimately, the cash is going to be used for buybacks and things like that and investment because this is a great investment year for those companies that have large cash surpluses, change the business, grow the business, add businesses. we were concerned about those favorite names that supported all of us last year during this experience. it is clear that the growth year-over-year is going to be slower this year. those names are going to struggle. we love energy, we love financials. invest in the yield curve. think big. big economy, boom in the economy, yields moving higher, and pick those stocks that everybody gave up for years. value has not outperformed

since 2007. there are many investors who do not remember a time when those stocks gave the economy performance. here we are and it is working. not to mention the under allocation to energy across the investors base because of esg and investor concerns. this is a sector that is outperforming. outperforming and under owned? this is your trade. lisa: i do not want to be a debbie downer. let's say the consensus is wrong and let's say yields instead of rising fall to 80 basis points, as greg peters was saying could very well happen earlier. you had scott minerd of guggenheim saying yields could go close to zero. let's say the structural story of an aging demographic, of slow growth, reasserts itself. what happens then?

how violent could the move be given this credit consensus we see today? >> that is a risk. it would be a violent move down. you would see a rotation quickly into consensus favorites, large-cap growers and tech. that is the risk. whoever invented that word scary variant, that is the risk. the bottom 20% that has been affected by unemployment in the labor market does not quite come back. maybe you get 50 percent of those jobs back, 55%. what do you do with the west? it is clear that retraining is not something this country does well on a short-term basis, so then you do have permanently unemployed. that is the risk. there is so much forward momentum, and i think a desire to engage with this service economy is palpable and real.

jonathan: alicia levine, bank of new york, chief strategist. we talked about high yields in an equity market. if yields are up and stocks are up it is the right kind of move. up .2%. you can see this in the chart. it is the move in bond yields. up seven basis points. jonathan: -- tom: in the two year space -- i do not have the chart up -- but you are right. there is a lift and i do not buy the microanalysis. i would look at this much more as range bound, waiting to see the mood of the economy going back to the first, second week of february. lisa: i am looking at the move and wondering what spurred it. i am looking at the economic data because it is a leg higher. there is a concern about

valuations. how many bubble conversations do you have with people and everyone is trying to explain why we are not in the bible? it is natural for people to get jumpy. jonathan: nasdaq still positive come up 33, but rolling over as well. a headline for you, tom, coming out of the u.k. the planned attacks on alcohol add fuel will be canceled. -- and fuel will be canceled. tom: that is important. lisa: fuel for me. jonathan: your driver. tom: i was looking for the bentley. the two year yield with that move on thursday was up to 0.17. we are nowhere near that. but i am sorry, at zero point 13, you are getting to october, november levels. interesting to hear them talking yesterday about not yield curve control but --a little bit later

i lost count. we will get more jobs data out of the united states coming up next. payrolls on friday. adp coming. heard on bloomberg radio, seen on bloomberg tv, mike of jp morgan up shortly. this is bloomberg. ♪ >> with the first word news, i am ritika gupta. the senate may informally begin debate on the pandemic really fell as soon as this afternoon. the house has passed the measure. a number of moderate democratic senators want changes. the biden administration is not counting on any support. they will need 50 democrats on board. officials will be questioned about why it took so long for the national guard to be deployed at the capitol.

last week, the former capitol police chief said the guards not arrive for more than four hours after he asked for them. the chancellor of the exchequer and the u.k. has extended payments to workers through september. that will protect millions of people whose jobs have been suspended during the pandemic. the british government will keep the business rates holiday until june and the reduced value-added tax rate will stay in place until september 30. the tokyo olympics organizers say a decision will be made by march 20 five on whether to allow overseas spectators. they will decide whether the will be limits on fans in april. the las vegas sands is leaving vegas. the world's largest casino operator is selling two resorts for $2.5 billion. las vegas sands will refocus on

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jonathan: here with your adp report is mike mckee. >> this comes in weaker than we are expecting. fewer jobs created in the private sector in the u.s. economy. the forecast was for 205,000, so the rebound not as strong as people expected from last month. the revisions generally follow the payrolls numbers, so you cannot put a lot of stock in that. the breakdown of jobs created is interesting because we lost jobs in the goods producing sector, 14,000 less. 3000 and construction. -- in construction. is that because companies are automating more or is it because they have supply chain issues?

it is hard to tell but that was not the expectation since manufacturing had been strong. service providing jobs up 131,000, but that is lower than what we saw last month in january. the jobs and services are mostly in trade, transportation and utilities. the leisure and hospitality sector, 26,000 jobs created, but last month, in january, there were 35,000, so it is hard to get a clear read on what this means, except it does indicate weakness, perhaps. tom: the charm of this is the parsing of small, medium and large businesses. what do you glean there if anything about the small business conundrum republicans and democrats are debating? >> small businesses are gaining jobs but not as many as the month before, 32,000 jobs

last month compared to 50 1000 in january. most of the restaurant jobs are the small business category. most of the big chains have been able to get loans. the question is how fast can they come back or are they gone? tom: let's jump to friday. we are seeing this buildup. you saw 188 up to to whatever. --up to two whatever. wednesday three to friday, we see that survey statistic go up. tom: it may go down -- >> it may go down based on the adp. we get a number at 8:00. we will look at the subcategories there and see if the purchasing managers in the service industry see better times ahead. lisa: it is an important number. i will support the cause, embracing the issue that a gauge

on services is important. mike, i want to get your sense on the growth we are seeing in small versus medium versus large businesses. typically, large businesses see the biggest growth and that is what drives the recovery. is this time different given some of the financial programs extended to the larger companies, perhaps not as much to the smaller ones? mike: it is different because of the nature of the recession we are in. they have not decided if we are still in. because so many small businesses were closed down immediately and what we are seeing is recovery and many of those, normally when you have a recession and it lasts a little while, you start to see people borrow money and start new businesses. that is not what we are seeing here. we are seeing businesses that had been closed reopen. the companies that did get loans would still be employing their

people, so it is probably a different kind of recovery, so we will see different kinds of numbers. interesting, you look at the numbers in terms of the size of businesses this month versus last month, across-the-board lower, but the proportions are the same. lisa: tom asked this earlier when he said will we care more about the retail numbers than the jobs report. at what point do these job figures matter? what are you looking for to get a sense of the direction of travel here versus the headline numbers? mike: you have to decide who you are and why you want to know. if you are in our business, you will be looking at participation rates to see if people are coming back into the labor force. that is what jay powell and others on the fed have been talking about lately with that 10% unemployment rate. you had people who were not looking for jobs. when they start coming back into the labor force, we could see

the unemployment rate rise, but that might be for a better reason because jobs are coming back, people think, so we have to watch that above all else. jonathan: a downside surprise on the adp report at 117, the estimate two 05. the bond market move sticks. yields higher by seven basis points on the 10 year to 146. nasdaq futures still positive but off session highs, up 25, .2%. the dollar index with a 91 handle about. the story of the week has been the federal reserve pushback. governor brainard just a bit. >> that will be an interesting question for jay powell. does he want to pushback? does he keep going? we have been and -- in a range. do we keep going? if we do, they might bring in

some options like operation twist, always yield curve control. it is probably too early for that. it will depend on the speed of the move as well. the fed likes the fact that the yield curve is steepening because it means people think the economy is getting better, but how far does it go? to the point where you start to see impact on economic activity is what they will have to decide. powell is the last word before the fed blackout period. there will be a lot of people paying attention to what he has to say tomorrow. jonathan: president daly talking up operation test as may be the first thing to reach for. mike, good to see you. payrolls just around the corner. tom keene what did they call this? yields up? tom: a disappointing report that michael mentioned. you could steepening and with a vengeance. that was a two year coming in

immediately. john has beautifully partitioned this week of yield dynamics in the short-term space versus yield dynamics in the long-term space. it is a lot of sophisticated mumbo-jumbo, but it means you get a steeper yield curve. lisa: lisa: in terms of economic reasoning, the fed is edified, the idea they need to continue to hold rates where they are, they will not raise rates in the near future because the market still has a long way to go. that is the message. therefore, the fact that rates went up and people expecting that the fed would raise rates earlier would give it cold water. jonathan: --tom: do we need to get ready for 200 basis points? jonathan: one 44, so not yet, but who knows? if they are willing to set on the front end and let the long and go, we can move. tom: we are seeing that now. all this information thursday

and friday as well. jonathan: i really important conversation coming up shortly right here on bloomberg surveillance for our audience worldwide. alongside tom keene, lisa abramowicz, i am jonathan ferro. heard on bloomberg radio, seen on bloomberg (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels.

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tom: from new york city this is "bloomberg surveillance." market looking through it for now. up about 10 on the s&p 500. that is the price action in equities. in the bond market, this is what happened. yields started to push higher, up by six and seven basis points. steeper curve here, up six basis points. that spread between two and 10 gets a little bit wider. the difference between the inflation shock, potentially happening, and a potential growth shock. what is developing right now before our eyes.

this is how it is captured in a commodity market. what has happened year to date, gold is lower, crude is higher. gold on the year down by almost 10%. there is a big difference between the potential for an inflation shock and the reality of a positive growth shock running through this market. tom: in permeating all of this is a differential on the covid vaccines and what we are seeing by president biden in the lost when he four hours is shocking. the seminar in new york, pandemic and all of that, michael, kim, catherine and steve wrote a definitive paper on the tools that we have forward on monetary policy. we come forward 54 weeks and it is a whole new world after all. michael feroli joins us this morning.

the paper you wrote 54 weeks ago, is that paper true today? are you and bruce working off a new playbook? michael: i think the results from that paper were actually put into use a few weeks later. the paper focused on the tools and what we have and with the fed has in a low interest rate environment. forward guidance and quantitative easing. they used both of those tools very aggressively. one of the tools we recommended and most economists recommended was outcome-based guidance which is basically saying when the first hike will come will be based on certain economic conditions, which the fed put into place last september. tom: what is so important and i believe jon farro mentioned, you own the study of potential gdp. do you look at six or seven or 8% gdp now as one quarter or two

quarters fadeout or in a real abrupt drop down to where you see potential gdp? michael: i should say we see gdp growth this year around 6.5%. we also see above trend gdp growth persisting next year. a lot of the stimulus we are expecting should be somewhat delayed. a lot of the aid to state and local governments will not necessarily get spent quickly. that should support growth on into next year. i think when we get to perhaps 2023 or 2024, it is reasonable to expect a return, which is still the potential gdp growth rate. lisa: tom kicked off this hour talking about the simon kennedy article, the glut of cash sitting in savings account. in the u.s., he pegs it at $1.5

trillion. if everyone were to spend that money, gdp would be at 9%. if none of it were spent, it would be 2.2%. what gives you confidence that people are going to go out and spend it and on what? michael: a lot of that savings is accumulated stimulus that was not spent last year. we should keep in mind it is very likely we are going to see further stimulus this year. we have potentially $1400 checks coming perhaps within a couple of weeks. we saw last year, a lot of those $1200 checks were spent pretty quickly. this year, we would expect the same, perhaps more so because unlike last year, those checks may be coming out a time when the economy is reopening and you can actually spend on a lot of things you could not spend on last year. it is not simply the fact that we have a lot of accumulative savings, but some income.

jonathan: the nasdaq does rollover. nasdaq futures now down by 36. tom: just one observation. we go back to where we were friday. we have given up essentially monday, tuesday, wednesday of dynamics. jonathan: let's put numbers on the better outgrowth. 685,000 monthly average for payrolls growth for the rest of this year. that just gets down to absolutely fantastic. are they the kind of numbers you are looking at? michael: they are. one thing i would say is there is a link between gdp growth and job growth or lease the unemployment rate that economists use. in addition, i would say that relative to that sort of rule of thumb, you might see more than one might expect in terms of job

growth because we are going to see a lot of sectors come back that are things like restaurants and movie theaters, that might be services tend to be lower than average productivity, but that means you're going to have higher than average jobs per amount of gdp growth. i think we are set for a very good year in terms of job growth . in addition, the participation rate we anticipate will mostly recover some of the losses suffered over the past 12 months in part because those who are concerned about face-to-face jobseeking can actually get back in the labor market as well as hopefully, the normalization of school schedules should allow parents to get back in the labor market. it should be good from both the perspective of the number of jobs created as well as the amount of the population that is actually back in the workforce. lisa: perhaps markets have already priced this in. the question is, what happened in 2023, what happens in 2024,

even 2022, and whether there is an ongoing cycle that gets created by the job creation and growth can go a little bit faster than people currently are expecting. what is your view on that given the sort of consensus that we will see us flowing out of growth, a slowing out of inflation and return to the environment we were in pre-covid? michael: we have been somewhat cautious on potential gdp growth. there have been developments that have been favorable when thinking about the longer-term outlook. one of those is the capital spending has really recovered quite robustly. particularly, spending on tech, r&d, things that tend to be high productivity categories of spending. i think if we do given infrastructure package later this year, which seems likely, there's a lot of evidence that suggests the infrastructure is

good for the economy is long-run growth rate. there are still a lot of negatives out there in terms of slowing growth in the labor force that will keep trend gdp growth below 3% and probably below 2%. there have been favorable developments. jonathan: i want to finish up on the bond market. chairman powell tomorrow, do expect him to stay on script? michael: i do. i think he is going to remain quite dovish. i don't know if he is necessarily going to have to fight the market per se, but he will have to reiterate that they are going to hike only when they are confident that inflation is going to be above 2%. right now, it does not look like the inflation markets are pricing persistent above 2% pce inflation. i think he will have to address that perhaps misperception in the market that they are going to have to be tightening even when there is no inflation pressure. tom: i want to steal or phrase

and that is the idea of diffuse. what is the diffuse mode of stimulus? do you and your combine over there under bruce, do you have a confidence in knowing how stimulus will diffuse through the american system? michael: i don't think the economic profession really has a lot of confidence in understanding stimulus to the decimal point. we do think it will boost spending, particularly, the stimulus checks. that should help the overall economy. once we kind of get out of this path we are and where we still have a lot of excess labor resources, that should help a broad set of sectors in the economy. i think we do have to be humble in kind of putting too much decision on our understanding of how fiscal stimulus affects the economy.

for friday, we are looking for 200,000. jonathan: good to see you, as always. for 200,000 on friday. the range anywhere from 430 positive to negative. tom: do you do pools on that? i have done one once and mailed the report. jonathan: haven't done it for a long time. tom: i don't do it. lisa: what are you betting? tom: i am betting that i will survive the week. lisa: drinks on the person who loses. we will put out our views. jonathan: you want to put out a number? tom: you guys can do it, i refuse to do it. jonathan: why are we talking about it? tom: i think it is so ridiculous. i get him saying 200,000, but do we all agree? that is a massive guesstimate. jonathan: we survey the guesstimates. michael feroli is looking for much bigger numbers in a month to come. tom: say that again. jonathan: 685 average. tom: average.

that is 6 million, 7 million people employed over 10 months. lisa: the point he made is that if it is a services lad recovery, the productivity in each job is less. you need more people to go work in those restaurants. tom: that is old-school. jonathan: the reopening has started. governor abbott got things started. bottom line. tom: i don't know where we are on the clock. you just see the euro tagline? europe sales of new bonds exceed a good jillian -- gajillion dollars in record time. lisa: hold on one second. al in new jersey says he will let you charge the company amex if you bet on payrolls. jonathan: charge what? drinks? tom: we have to find someplace open. lisa: i'm going to take liberty. how about all of the above? jonathan: it was that your

impression of? that is a mike mckee and impression. tom: going up 242,000. lisa: here we go. tom: what i know is red sox pitching is horrific. jonathan: this was the value part of the program. coming up, on the open in about 20 minutes, credit suisse equity strategist patrick on bloomberg tv. as we count you down to that futures, do roll over a little bit on the nasdaq negative in the last 10 minutes or so. s&p 500, five. five.

>> it seems like you are getting continued momentum where businesses are rising to meet

that challenge and meet that demand. this is not don't necessarily going to be the consumer propelling growth in the year ahead. tom: there we are on what is going on in the american economy. sarah house at wells fargo. they have 6.2 percent plus with may be the tendency to move higher. this is getting interesting. tomorrow, the jobs report in the 8:00 hour. radio and television on friday, we go beneath the headline data. lisa and i really anticipated this through the morning. sridhar natarajan is with us with bloomberg news and he is definitive on any global wall street conversation on goldman sachs. he joins us on the bodies moving out the door. michelle davis has a story of goldman sachs and mma waltzing over to fortress diamond. our people exiting because it is

the end of bonus season and they are going to new frontiers? or new opportunities? or is there something else going on here? sridhar: there is no denying the fact that this time of year, this is the annual march you see across all the different shops on wall street. what is striking and surprising about what we have seen a goldman sachs is it is not just the number of people who are leaving and the kind of people leaving in the last two or three days, we have seen three different division had to leave. everyone of them will have a different reason, but two of them, to parts of the business that have geared to david solomon's strategy and reshape of goldman sachs. when you see moves like that out of the bank, it certainly does bring the question as to why this is happening. tom: i know you are going to report on this as well, but i'm going to go back to i believe it was a business review article three or four years ago that

said the world has changed and job joy is based on your direct report. can you report to us that people that have solomon as a direct report are the ones leaving? sridhar: we have certainly seen some of that, no doubt about that, but we also have to remember that a key back talk to all of this is david solomon is focused on the read shaping of goldman and bringing corporate sensibility and not focused so much on the goldman halo. one of the driving moves and one thing i do think about is look at what they can look to do at some point with an acquisition or something like that. the first thing that is brought up is the culture clash. when you work to homogenize the culture, the goldman halo is not a big factor anymore. lisa: this raises the question

of what the reshape goldman looks like. i'm thinking consumer banking. that was one of the hallmarks of their new strategy and yet, the heads of that departed. what have we learned with respect to some of these departures with respect to what goldman sacks, the new, will look like? sridhar: that is the thing. that is why it starts at level 1. you can understand moves from some of the parts that the bosses may not be that keen on, but to see those departures come from places like consumer bank markets, that is surprising, but it also tells you when goldman thought they could take on the banking by becoming a digital bank, what they should have also realized is that the moat is not that deep and just as they realize there was an opportunity, there is a bigger opportunity for some of the corporate giants out there like the walmarts of the world who

have hundreds of millions of customers and can make a bigger move possibly than a goldman sachs. that is the new reality. lisa: if you take a look at their share performance, it has outperformed jp morgan even though there are concerns about its direction. what are the analysts saying about the turnover you keep reporting on? sridhar: that is the amazing thing here. you're talking about a time when goldman did really well. they had a phenomenal 2020 largely because of their wto strength. q1 has gotten off to a great start and the stock price is at an all-time high. you really should be seeing a sea out there, but you are not. what happens when that goes away, a lot of focus will go on the personalities and the culture. tom: i want to go on to the heritage and personalities you mentioned of the trading platform of years ago. the great phrase was that golden

-- goldman sachs was always long-term greedy. they were going to stay with the long-term perspective. it is a dangerous question, i say with respect, would you suggest that goldman sachs has had a cultural shift from long-term greedy over to something that is new for mr. solomon? sridhar: i think there is no doubt about that. again, go back 10, 15 years and imagine going up to them and saying, i know you gave me a big promotion, but i am leaving for a startup that is backed by walmart. that is inconceivable. that is the new reality in dealing with risk. it is something that is in the mind of shareholders. shareholders one study speed revenue, they don't want to deal with the massive upsides and trading that can come with downsides.

same with banking. that is what everyone has to deal with right now. tom: thank you so much. we look for your journalism on this. this story will not go away. that was extraordinary. he talked about the unimaginable of 10 or even 15 years ago. in any given shop, and here, goldman sachs. lisa: the idea also of who the competitors are. it is big commerce, big retail. it is not another financial institution. i do wonder how much the work from home and the dissemination of some of the jobs really has about where people choose to go. tom: i don't have any personal insight other than what i live from him, but the idea that they are going to startups in the silicon valley. they are not just going over to jp morgan like they used to. lisa: also, where is the upside? that is the whole other idea of banks as a utility. shareholders are excited about goldman sachs and then jp morgan, all of the banks which

are still up premarket. tom: well said, because we are not going to do the chart, but if you look at the performance of all of these houses back to august of 2007, even with the new leg up goldman sachs has enjoyed, particularly compared to jp morgan, what do you see in the markets? lisa: we did see the rollover and it was pretty significant and it did come pretty much in tandem with a spike higher in 10-year treasury yield. there seems to be this mood in the market that yields higher is not necessarily completely positive, but it is the turn beneath the surface. you still see the banking stocks up. you still see some of the cyclicals doing all right and positive ahead of the open. tom: we get a 1600 handle on gold. let's frame it up for the day. it is going to be an interesting day off the enthusiasm of three years ago to red and green on the screen and a report on the american labor economy.

onto the jobs report. balance of power, dr. pozen of the peterson institute. stay with us on radio and television. this is bloomberg. ♪

>> what kind of leader are you? >> i am a leader that works on figuring out destinations that we should aim for and then chooses the direction. ♪

jonathan: yields up, stocks down. good morning. the countdown to the open starts right now. 30 minutes away with equity futures down. president biden accelerating the vaccine timetable. >> we are now on track to have enough jonathan: vaccine supply for every adult jonathan: in america by the end of may. there is a light at the end of the tunnel. jonathan: texas governor greg abbott reopening texas for business. >> effective next wednesday, all businesses of any type are allowed to open 100%. that includes any type of entity in texas. also, i am ending the statewide mask mandate. jonathan: the country reopening, the pandemic improving and another stimulus package could be on the way. >>