no expensive machines, no expensive memberships. get off the floor with aerotrainer. go to aerotrainer.com to get yours now. ♪ >> the biggest stimulus for all of us is if we can get out of covid. >> people are going to be looking forward to spending their money, especially now that they have a stimulus check. >> it seems like the market is finding its footing, so if things don't get worse, there's no reason for the fed to do anything. >> it's not clear whether rising rates are good or bad for the market. >> we still have a labor market that is relatively weak. we still have millions of people who are sitting out right now. 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. -- we still have a labor market

that is relatively weak. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. this is "bloomberg surveillance ," live on tv and radio. your 10 year yield in and around 1.62%. nasdaq futures off their lows, -0.25%. lisa: there's a question about yields going higher, especially after the ecb tried to ease policy yesterday. really interesting to hear kit juckes talking about 2% is the goal, and until we get there, it is going to be rocky. jonathan: the meeting march 17 -- the federal reserve meeting march 17. 5.2% is the median view in our survey right now for growth and -- for growth in america for the year. lisa: how much does that hinge

on the infrastructure plan getting past? does this just account for the 1.9 trillion dollars stimulus that just made its way through congress, an addition to the reopening? the better that growth gets, how much more emphasis will there be on getting other material changes to policy that could prolong the growth? jonathan: that has been a big debate over the last couple of weeks, and that really got going with the former treasury secretary larry summers writing that piece in "the washington post" what feels like a lifetime ago. we are shaping up as follows on the equity market. the s&p 500 down by nine, a marginal move lower by about 0.25%. the nasdaq still down by about 1.2% on the nasdaq 100. all of this coming off the back of the move in the bond market. now, 1.59 -- on the 10 year,

now 1.59%. lisa: i keep coming back to this really strong consensus. the dollar will weaken, global reflation, risk on. we are not seeing that, and frankly we are not seeing a lot of conviction that that will return in the near term. are there more shorts to get squeezed out? how much does that disrupt the borrowing, particularly for emerging markets? these are things a lot of people are trying to parse through. jonathan: it is the global part of this story that has broken down. within the global part of this story, it is europe. that is what we are really talking about. we are talking about the vaccination rollout, and the very fact that the fiscal effort looks nothing like we have seen in the united states. when you look at the forecast, i think that is where this all manifests itself at the moment. the ecb looking for 4% gdp growth in 2021.

here in the united states, we are talking about a 6% handle, a 7%, and maybe even north of that. we are talking about a difference of 2% or 3% this year alone. lisa: there's also been a true transformation, the death of fiscal hawks. the idea that bigger deficit doesn't necessarily mean weaker currency. we are basically doing helicopter money, and the dollar is strengthening. but that in perspective of what people thought months ago. jonathan: i think it is fair the hawks are starting to make noise again. lisa: they are making noise, but they are not doing anything. jonathan: they can't do anything right now because they are not in power. michael holland is joining us now, holland and co. founder. you have seen it all in your decades on wall street, and i think it would really be helpful for us if you could frame just how unique, original this moment is as we threw everything at this recovery. michael: jonathan, thank you.

we've been around for about the same amount of time, since forever. the reality is it is always different. that is what keeps it interesting and keeps us humble. i think this time around, what she and i could observe is that we are in the early stages of a major recovery around the world. the earnings increases could easily surprise to the upside over the next 12 months. we talked about a 5.5 percent median figure for the u.s.. that is probably way understated for gdp growth. finally, most importantly is the vaccine news in the u.s. that you were pointing out a few minutes ago, that continues to surprise to the upside relative to the world, particularly europe. rising rates, what will they do

to stock valuations? for listeners and viewers, if they didn't hear earlier in the week, sebastien page on this show, he pointed out that they didn't embers over the last 20 years, when rates are rising, you're just as likely to get a stockmarket decrease relative to pe. so that is the unknown. jonathan: especially in the early part of the cycle. think we've got to talk about the additional unique part of this recovery, just how quickly things moved. we got a snapshot of that last year. i wonder what the message was for you. we can snap back really quickly from this pandemic. we had a bit of that last year before things had to slow down again. the speed of the cycle, can you talk to that? the speed of their coverin -- of the recovery you are expecting? rick: that is the wonderful thing. we are experiencing new things every time.

i think the recovery by the fourth of july, president biden's goal line, is very likely to occur, maybe even sooner. we are just getting such good news on the vaccine front in the u.s., and i think that is just one of, if not the major keys to what you just answered because it is coming in spades. lisa: there's a really interesting conundrum for investors that the incredible boom you are talking about is pretty well accepted, and being accepted more and more every day. yet, how to translate that to investment thesis becomes more complicated. the resume is basically a tutorial of fund management. i am wondering, from your perspective, how the best way to play this now is. is this a time of active management, or do you still see a role of passive coming to the

floor? frankly, there still is that huge alpha and beta play together. rick: i don't think it is a -- michael: i don't think it is a binary thing. i think there are perfectly appropriate places to use passive. i am on the board done at vanguard. there's some stuff they do that i am a huge fan of that. but there are times when you can appropriately say something is really cheap, and i would like to buy it, or to the contrary, it is way overvalued now, and i am going to sell it. i think your comment about the asset management business is perfectly appropriate. we will not see any reversal of c reduction -- of fee reduction.

it just doesn't make sense to be paying to start. so i think the logic is in place. lisa: there's a concept here also for the likes of pension funds or, for example, college endowments. i know you have experience with the harvard college fund. looking at returns in the future, there need to be higher returns than benchmark yields would imply, as well as a growing number of other institutions going to private markets, which charge higher fees. what would your recommendation be for a situation like that i did time some 2%? -- situation like that at a time of sub 2%? michael: i am being asked day after day in the dow meant world -- in the endowment world if you

can see yourself to a 4%, 5% payout, what do you do? i think at the very least, do a reality check if you are managing one of these things. it is possible we will have a couple of time where we will underperform what we would like to do. having said that, that doesn't mean you stop trying, but you continue to work really hard to find the smartest people in the world, and unfortunately, warp speed with technology and information, i think that is sound pretty quickly. but the best people in the world , i think at the end of the day, the expectations have to be ratcheted down. jonathan: michael, you know i really respect and appreciate your experience. it is fantastic to listen to everything you've got to say. michael holland, holland and company chairman. one to push forward to next week for you a little bit.

tuesday we get retail sales in america. then on to wednesday, where we get an fomc rate decision and a little bit more supply in the week as well. on tuesday, i think you get about $24 billion. next week, it's got to be about the forecast. what is the overlook on gd plea -- on gdp come on inflation, and on rates? lisa: when you talk about the options, the idea that there is a regulatory burden that has been basically exempted for a lot of the big banks, they can hold more treasuries without it adding to their leverage ratio. this is sort of technical, but a huge issue. that exemption gets lifted on march 31, and there has been selling by the dealers. there's a question of how much this is going to roil some of the markets. jonathan: an exemption introduced in the heart of the crisis. i know that is a conversation happening in fixed income, so you know what i will do a little bit later?

live on "bloomberg real yield" this afternoon. coming up, the effort to vaccinate the public and the reopening in texas and elsewhere. your equity market lower on the s&p 500. on the nasdaq, that's where the pain is. your s&p off by 0.3%. this is bloomberg. ritika: with the first word news, i'm ritika gupta. president biden marked the one-year anniversary of the start of the pandemic by giving americans excellence of hope. in a primetime speech, the president declared a goal of allowing full celebrations on the fourth of july, and directed states to make all u.s. adults eligible for vaccinations by may 1. treasury secretary janet yellen says americans will start receiving $1400 stimulus payments in their bank accounts

this weekend. that is after president biden signed the 1.9 trillion dollar stimulus package into law. the u.s. economy has started showing signs of recovery, but yellen says she doesn't think the size of the relief bill is too big. a change at the top of ant group. bloomberg has learned the ceo has resigned for personal reasons. they have been overhauling the business after the chinese government blocked a scheduled ipo just days before it was supposed to take. it's been a blowout year for deutsche bank, and traders are cashing in. germany's largest lenders jacked up bonuses across all units. that compares with smaller gains or even cuts at other major european banks. homeowners in the u.s. are 1.5 trillion dollars which are then

he year ago. it comes out to about $26,000 a household. the reporters -- the report comes from mortgage investors. 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. ♪ than 120 countries. this is bloomberg. ♪

>> i think there is a 1/3 chance

that the fed will stay behind the curve, the inflation expectations will wrap it upwards -- will ratchet upwards, and we become an inflationary country. a second risk is that the fed will respond, and as has been the case in the past when the fed has had to step in to stop an incipient inflation or bubble, it will be a chaotic froth with very substantial instability and possible recession. jonathan: i've got to say, i like the laid-back look from the treasury secretary. lisa: are you trying to do it? scarlet: for our listening -- lisa: for our listeners on radio, i don't think it quite works. [laughter] jonathan: that was larry summers on "wall street week." look out for that, people interview on bloomberg -- the full interview on bloomberg. inflation conversations are very

mugs in the mix -- are very much in the mix. lisa mentioned something very interesting that is important for people in fixed income, and not talked about outside of fixed income. that is the supplemental leverage ratio that allows people to hold more treasuries. that expires. that exams and expires at the end of this month. -- that exemption expires at the end of this month. lisa: some estimates say banks could sell up to $200 billion of treasuries or more with rapid speed based on this not getting an extension, which raises a real political risk for markets at a time when it is hard to know what the appetite is to maintain easy policies for banks. jonathan: let's have that conversation with a real policy analyst down in washington, ed mills of raymond james. that regulatory exemption expires on march 31.

do you think it does expire? ed: i think you have to prepare for it to expire, and you might have to -- and i think what powell is doing is he might have to think about making a decision. there are folks on the hill who do not want it extended, the chair of the banking committee and of the house financial services committee. one of their first decisions of the biden adminstration was on the opposite side of the committees that have oversight on them, and in particular, sherrod brown used the slr of one of his victories, of making too big to fail maybe not going a -- maybe not go away, but less. lisa: there's a question of

whether this seemingly arcane regulatory aspect will have a substantial effect on markets. the clients that you speak to, wall street executives, how concerned are they about the expiration of this exemption, the idea that this could really roil treasuries regardless of any fundamental backdrop. ed: i am getting a lot of questions about it. i think the biggest concern is about a mistake to occur in the bond market. i think most are trying to just see the forest from the trees. i do take the markets taking a leg up last friday after the fed said they would look at trading and monitoring it closely, it has been regular and orderly. what the market participants i care to -- i talk to most care about is not whether a bank is going to have to raise some capital or sell some treasuries. they want to be assured that the

regular bond market is functioning appropriately. this week, we highlighted the appointment of the undersecretary at the treasury department. one thing she is already working on behind-the-scenes is how the market works should we move to central clearing of treasuries. are too much importance of some of these dealers, the primary dealers in the markets? it is driving some of the market sentiment now. lisa: we focus on the democratic control of washington being positive in terms of infrastructure spending potentially, in terms of the 1.9 trillion dollars stimulus just past, but what about tighter regulatory control over washington? what about higher taxes? how much is that starting to dominate conversations on the hill? ed: i would say it is starting

to creep into the conversation, but in no way has the market priced it in. earlier this week, we did a survey of clients. we do a monthly macro call. only 20% said they felt as if the market is pricing in higher taxes next year. so we are still pricing in an unbelievable amount of fiscal stimulus coming out of this 1.9 trillion dollar package. in most of my conversations, it is about don't focus on the $1400 checks which has gotten all of the attention. focus on the $14,000 the average family of four is going to get in federal support this year because of the passage of this bill. it is a fiscal experiment we have never done before. we first have to digest that before we talk about the theoretical's, which are very important, but there's no theoretical at the end of this year. jonathan: walk us through the

implication of that amount of money being offered to families. you are right, a lot of people have just focused on the checks. why should there be focus elsewhere? ed: i think the biggest change, the sheer size of the stimulus check is going to be significantly higher than it was at any other point. it had been a point of optimism, so that will be spent more this time than previous rounds, and secondly, when we look at the child tax credit, that is going to come in monthly payments starting in july, so a family of four is going to get $500 or $600 a month deposited into their checking account for every month for the rest of the year, starting in july. that is going to specifically target the bottom end of the k, so those who have the most need for additional support are going to get that, and the estimate is that it is going to cut childhood poverty in this country in half. we look at a lot of these spending bills, and a lot tends

to go to the upper percentages of the income bracket, so the impact on the economy is sometimes somewhat muted. the real debate is now it is going to the lower part of the k, are we going to see any differences in health care spending, consumer discretionary and staples spending? is that going to see some level of inflation? jonathan: money in the hands of people with a higher marginal propensity to spend. we will see what happens. ed mills on a really important policy issue. from new york city this morning, we've got ppi data and coming up -- we've got ppi data coming up. alongside lisa abramowicz, i'm jonathan ferro. yields higher, stocks lower. down 0.3% on the s&p. futures off by 179, down by 1.3

7%. there's the tens just north of 1.61%. heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪

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jonathan: live on tv and radio, this is "bloomberg surveillance." alongside lisa abramowicz, i'm jonathan ferro. yields are higher, stocks are lower. down 11 on the s&p. on the nasdaq, lower by 1.70, down 1.3%. we have data talk about. here is michael mckee. michael: ppi comes in almost bang on expectations. we see a .5 percent rise, exactly as forecast. this is down from 1.3% last month, which is the biggest in the history of the series. the poor rate goes up .2%, which

is as forecast, which puts us annual rate at 2.8% for final demand and for the core, 2.5%. those are both pretty much in line, maybe .1 higher than thought. everyone will be watching to see what kind of numbers we get in ppi, whether that will translate to higher overall prices. this month we see a one point 4% rise in the index for good while services only increased .1. with service industries coming back online there was worry we would start to see inflation, but not this month. still a lot of pandemic influence but also influence from the weather. nobody wanted to sit outside and have dinner in february with the weather as bad as it was. one thing i wanted to note, important for everybody working from home.

in chile, prices 8% up. these are cable great prices. i am told wine grape prices are stable. lisa: that is great to know. i will exercise the stable pricing this weekend online. not seeing -- on wine. not seeing supply chain disruptions when it comes to some of the kinks in infrastructure for goods based on the increased demand as people stay home. how do we parse that out for something more long-lasting, something companies have to decide whether to pass along to their consumers? michael: what you have to do is look at the commodity area. if commodities are up in price, it will cost more in terms of input. will they raise prices or will they absorb this? that will be the question over the next few months. we do not see a lot of pressure in the cpi.

the ppi and cpi do not track each other because a lot gets absorbed by middlemen. last month we saw the core ppi drop, where this month that goes up. we cannot confidently say companies will be facing higher prices because of supply chain problems they will pass along to the public. jonathan: the fed next week. what is the big focus for you? michael: everyone be looking at the dot plot to see if the fed makes any adjustment in terms of how soon they will raise rates because the economy may be growing faster than they thought. the market putting pressure on them to bring forward rate cuts. it is probably going to be a hard sell to the fed. they want to wait and see the data rather than react to market fears. jonathan: good to see you. thank you very much. ppi in line. let's bring in an important guest, dana peterson from the

conference board, the chief economist. i am looking at your forecast for gdp growth, 5.5%, it is consensus but it is conservative given what i have heard. what takes us north of that? what would you need to see to get us to 6% or 7%? i've seen the seven handle at morgan stanley. what you think we would need to see to get to those kind of levels? dana: we would have to see upside risk, into play. vaccine rollout happening sooner than expected in terms of wide availability. we are expecting by the middle of the year, but what if this happens in the spring? president biden is stating he wants every adult able to obtain a vaccine by may 1. that could accelerate the vaccine rollout. also restrictions being lifted by government. we are seeing some states determining that the pandemic is over for them and they can lift

restrictions. if that happens in more states, there is the potential to see faster growth there than expected. lisa: how presley is glow -- how closely is growth correlated with inflation? dana: they are certainly correlated but the relationship is weaker. we have little relationship of last 20 years. we have been wondering where is the inflation? there are a lot of pressures dampening inflation. our forecast suggests may the core pce deflator will rise 2.2% by the end of the year and that will probably not be sustained, we'll probably get back to 2% by the end of next year. where is the inflation? lisa: what about the wage component. what are you expecting in terms of wage increases throughout the year as employment starts to pick up? dana: we are already seeing wage

increases. some of the larger companies had a great year last year, certainly as consumers purchased goods. they are passing on those profits in the form of wages to their employees. we are seeing that happen, we are also seeing states raise minimum wages. in terms of growth, more people being hired. that could make sure you do not have labor force pressures in terms of shortages in the labor force. certainly next year we are thinking maybe we will see those pressures return. that could see upside for wages. it will probably be quite limited. jonathan: i need to break this news for a canadian friend of ours luke kawa. a blowout jobs report, 250 nine versus the 279 expected. the reason i expect this data is because i expect you to anchor expectations. we will not talk about canada,

we will focus on america. the kind of numbers you experience in the labor market, should we be preparing for 600,000, 700,000? dana: that could happen in any month, but our expectation is you could probably add five point 4 million payroll jobs this year, which is quite spectacular. you could have very lumpy months where you get a 200 print, or something 500 or 600. over the average we are still expecting to see decent job gains by the end of this year and the employment rate falls closer to 4%, maybe 4.2%. lisa: one of the difficult parts of wall street strategy has been the policy unknowns. the concern about an infrastructure bill, whether we would get the $1.9 trillion stimulus. how are you gaming out a follow on infrastructure, some other initiative, in your growth outlooks?

dana: that is upside risk. if you have an infrastructure bill, usually takes the first year, you do not see much because you're still in the planning stages. it takes a couple of years for this to impact the economy. it is not something, let's say it was passed tomorrow, that you would see a big influence on growth, but eventually three to 10 years out. we include that in an upside risk. lisa: you think people are overestimating the $1.9 trillion stimulus and the effect it will have based on the fact the money will be dribbled out to the economy slowly? dana: you have to look at the content of the bill. certainly when you look at -- many of those checks will be going toward people with a high propensity to consume. they will spend that money quickly and most of it. there are also other elements, including the ppp, state and

local governments which might take longer to rollout. there is certainly a wideband around how the bill is going to affect things over the course of the next year. the cbo scoring suggests at least $1.1 trillion of that money will be spent this year. jonathan: right now the president of the united states and vice president are meeting virtually with leaders of india, australia, and japan. one of the headlines is president joe biden saying the global economy will benefit from u.s. growth. can you walk me through the degree to which that line is true? to what extent will the global economy benefit from u.s. growth? dana: just looking at the raw numbers, when we upped our forecast for the u.s. economy to 5.5%, we had to raise our global forecast. we raised it by .6% to 5%. that is probably around

consensus and certainly less than the ecb is projecting. we do have these positive spillover effects through trade, certainly is the u.s. consumers are still buying goods, but there are some limitations as people switch over to in-person services, and those services are consumed domestically. looking at broad numbers, the u.s. is a big part of the global economy, it does bump up the global great rate. jonathan: always good to see you. dana peterson on the outlook for the economy worldwide. the conference board chief economist. i do not usually pay much attention to the oecd economic forecast the same way tom does, but this week to see an upgrade of almost 1% off the back of a fiscal stimulus plan in america, with the fiscal effort in america lifting global forecast

expectations by 1%. goes to show how big the plan is in washington. lisa: you look at the import cap in the u.s.. the u.s. imports more goods from the rest of the world. we are being supplied by china, by taiwan, south korea, vietnam, and these are the things the u.s. is paying for with some of the stimulus. jonathan: where are we in this cycle? we will answer that with the vito supper mommy -- with so vito supper mommy and. -- with so vito supper mommy and -- we will see a snapback in this economy. the asterix next to every single forecast is what happens with the virus. so far the best case for everybody is a rapid recovery. we have seen a rapid recovery in this market. the early cycle playbook in the

small caps. we surgeon energy, we surge in. is it time to pivot -- we search in financials. is it time to pivot? we recover on the nasdaq. yields around 1.60. it is the interplay between bonds and stocks that dominates the session again. for audience this morning, this is "bloomberg surveillance." ritika: with the first word news, i am ritika gupta. president biden offered americans of limbs of hope life would begin to return to moral in his first primetime speech since the inauguration. the president directed states to make all u.s. adults eligible for vaccination by may 1 he also said his administration would meet the goal of 100 million shots in his first 100 days in office. the european union drugs regulator is still backing the astrazeneca coronavirus vaccine denmark, italy, and norway

joined other countries in temporarily suspending some or all of their astrazeneca shots while investigating possible blood clots. european medicine agencies said there is no indication the astrazeneca vaccine caused those clots. russia is determined to vaccinate almost one in 10 people on the planet. it is ramping up overseas production of the sputnik vaccine. russia says the biggest producers of the shop be india, china, and south korea. analysts saying apple could hit a market cap of $3 trillion. analysts cite the development of the apple card and expectations for the next iphone. apple shares would have to rise almost 50% from yesterday's close. the company already has the world's highest market cap. china has put tencent holdings on notice. asia's largest conglomerate -- the government is expanding a

crackdown that began with jack ma's ad group. tencent will probably be required to establish a financial holding company. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

lisa: welcome back to bloomberg

surveillance. tom keene, jonathan ferro, and lisa abramowicz. tom keene will be back monday. jonathan ferro ran away, leaving me here to talk about one of the most interesting stories, and financial, jack ma's company. the latest, the chief executive officer just resigned. what this means. what is the significance of this departure? lulu: it deals another bow to the tencent giant that has been embroiled by regulatory crackdowns. we are still trying to find out the back story for why the ceo reside -- why the ceo resigned. the most obvious is he was tasked to take the company public and out the uncertainty surrounding the ipo timeline that the company has seen, the amount of work assignment can

continue to do at the company is limited. lisa: can you talk about the politics behind the scenes, the idea of ant having a huge source of information about the population of china and the chinese government getting concerned about their power. what is the dominant narrative driving this forward? lulu: right now the key element is the data that all of the companies hold, and having data over one billion people as a source of concern for the government, not only because it has so much knowledge about what is happening to the country and the people, but also the fact that tech companies are not spending into so many areas that can have specific risks for the company. finance, live services, cloud, you name it. these are all areas of sensitivity for the government. lisa: lulu chen, thank you so

much for this and for all of the reporting. we will bring you the latest and you can find it on the bloomberg terminal. from china to new york and took florida. the smack down continues over where people will live after the outmigration of cities starts to ease. jonathan miller is following this closely. i want to start with a story that caught my attention about how wall street or's who moved to florida are starting to rethink that and coming back to new york city. jason mantra -- jason mud -- jonathan: the narrative has been extremely one sided. it is as if it a couple of months there'll be five or six people left on wall street and everyone will be in florida. it is less than that. the way to think of this is florida has seen a tremendous

amount of inbound, not just from new york, but from other areas given the low tax status, especially as you skew to the wealthy. many of these scenarios are people buying second homes in florida that have large properties in the new york metro area, and it is a concept i call co-primary. they are not looking at the home in florida as a vacation home. they are looking at it as a full-time property. hence co-primary, where they have the option of living at anyplace whenever they want. it is not a simplistic scenario. the one thing we are seeing in the new york metro area on the new york side of manhattan has been the laggards, it has been late to the party. in the last three or four months , we are starting to see an escalation inactivity. right now purchase contracts in

manhattan are up 73% from this time last year prior to the covid lockdown. we are also seeing rental or leasing activity for the fifth consecutive month at a record level, albee it at much lower rents, which is what is driving this activity. lisa: that is where i wanted to go. this idea of have we seen the bottom or are sellers capitulating to the reality of the current price? jonathan: if you look at the rental markets with the sales market side-by-side, the rental market has been hit harder, and sometimes that narrative blends together unfairly to the purchase market. the rental market, we are looking at rents down 15% to 30% depending on the market on a year-over-year basis.

that is triggering renewed activity. on the purchase market, the discounting has been far less. i would say somewhere in the range of 5% to 7%. it looks like the accelerated distribution, which is the primary reason we do not have as much inbound to new york. schools have been closed or remote work. we are sort of on pause. it is changing on a gradual basis. we cannot expect new york to rebound until people feel safe. lisa: to that point, when you think we will get back to the highs we saw in 2018 and 2019? jonathan: i think we are talking

about two to three years, assuming rapid adoption of vaccine continues. the thing you have to remember is even after the pandemic is brought under control or eliminated, you still have zoom or remote technology as a residual. we are going to see an increase in remote work, but not at the scale. right now we are in peak zoom where everybody is zooming constantly. that is not the norm. companies will start calling back people. originally the thinking was they will call them back in the fall, but now we are starting to hear chadha from especially fortune 500 companies that it is more like may, june, before the fourth of july, which ramps things up. that does two things. it boosts the rental market and

it gives oxygen to street-level retail. if you look at the optics of new york city or manhattan right now , you look at the times square and that visual, and then you look at a residential neighborhood like the upper eastside, they are miles apart physically in terms of their appearance, which -- with much more vacancy in the global optics of manhattan, which is not accurate. lisa: thank you so much for being here. jonathan miller of miller samuel. president and chief executive officer. in midtown you can see all of these storefronts completely empty. 10% of manhattan's one million office workers had returned to the workplace as of march according to a survey in the financial times. in the markets we are seeing a selloff, the nasdaq near its lows of the day, especially on those higher yields as john was

talking about all morning. the 10 year yield near a session high, bumping up against the 1.6% role. coming up, former house eric cantor coming up on -- coming up at noon in new york. this is bloomberg. ♪

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higher. from new york city for our audience worldwide, "the countdown to the open" starts right now. acne futures on the s&p down .4%. -- s&p futures down .4%. president biden hoping for a return to normal. president biden: all adult americans will be eligible for a vaccine no later than may 1. that is much earlier than expected. we will go from the one million shots a day i promised in december, before i was sworn in to maintaining, beating your current pace of 2 million shots a day. jonathan: we are north of 2 million right now. the president targeting the summer as long as americans do their part. president biden: if we do this together, by july 4 there is a good chance, you, your family and friends will be able to get together in your