numbers. >> we are going to get this powerful cocktail of a healthy economy that is fiscally stimulated. >> we are going to transition from fiscal support ted -- >> for the most part we have price stability and we have gotten what central banks wanted, which is the low-end stable inflation expectations. >> this will ultimately keep the fed on the sidelines. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jon: you can smell the capitulation. from new york city, good morning, this is bloomberg surveillance alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up but it's the theme of the last several weeks, higher forecast for growth and yields. tom: readjustment as global wall street tunes and on radio and tv. reset the bar, 2% to 2.25%.

the key point is this summer, that is like tomorrow. jon: 2.25% at -- what interests me at this point are the strategists that are starting to lean the other way. morgan stanley mike wilson on small caps went long in april last year and is telling investors to reduce that position. i think that's where things get different. -- get interesting. is that the peak or is it peeking? tom: that's the game of wall street. i looked up transitory on merriam-webster, and the big bed of transitory inflation, merriam-webster quotes john cochran of the university of chicago and their use of transitory. i would say that a more recent word. jon: i would imagine we are going to hear more of that tomorrow. lisa: i would argue that we are

going to be hearing a lot of that, how is the fed going to parse through the economic boom and maintain easy money policies, i think it's important to point you bring up, where are we in the cycle? the discussion about morgan stanley and fading the small-cap trade speaks to that. if you follow the monetary stimulus or fiscal stimulus, have we already got in the bulk of that and is that behind in the u.s.? jon: how quickly this cycle moves will be a theme of this program. from new york here is the price action. shaping up as follows. we pull back from all-time highs on the s&p 500, down one single point. the u.s. 10 year 1.5986. mutual price action in foreign exchange. lisa: kind of a stasis as people try to figure out where we are in the cycle and where the european union comes in

with vaccines and monetary response. tom you explained this, this is more important than the jobs report. retail sales for the month of february. we are expecting things to decline, on the heels of whether that was disruptive and it comes after an upward surprise in january of more than 5%. the key question is when do we start to see shamil -- stimulus checks bear into the economy? this payers supply chain issues we have seen throughout the world with this goal to bring manufacturing back to the united states, the senate finance committee having a hearing on the effect of the tax code i manufacturing. we could add in political posturing when it comes to how to pay for additional stimulus plans for later in the year. bond options, 20 year treasury -- tom: another one? it never ends. lisa: it will be key to watch the foreign involvement, the

other independent parties. we had tech data that showed that china increased their holdings of treasury to the highest since 2019. foreigners are buying despite concerns about higher inflation. tom: in the derby, john and i closed down a bar. the first thing john said to me over the weekend was the buzz of soho. we heard that yesterday from tom kelly keogh, the wonderful restaurant tour, after you went off to one of your other properties, and he was heated about the buzz and restaurants. that's as good as any indication we will get from retail sales. tom: -- jon: people are not waiting for the president to tell them when they can see their friends. not a great buzz across europe. europe has real problems and we will talk about them through the program. problems around the astrazeneca vaccine, now all the big

european nations pausing the use of that. we have seen supply issues and now we will have real issues around acceptance. tom: a single headline for our american viewers, sweden saying no to astrazeneca. that was the final shoe to drop. jon: germany, italy, france in the last 24 hours. that's a problem for astrazeneca and the vaccine rollout. let's bring in a man who knows europe, jens norvig. so many of these stories are well known. europe struggling, the u.s. flying, and a question we have asked, how well priced are they in foreign exchange? jens: in the introduction you talked about all of these cycles of optimism in the u.s. that have been around for a while and it's no surprise that we have a big stimulus package coming out.

in europe we are waiting for the all clear, the vaccine rollout has been disappointing to say the least so far and we have spikes in cases in the middle of march in many countries. we don't have the all clear and we have not had the reopening yet. in terms of us pricing aggressively a global reopening, that is still something that will happen in the next one to two months. in terms of the catalyst for verbal lift to global risk assets comes in confidence the vaccine is working in the u.k. and in the eu, and the spikes we have in latin america and india are going to get under control as we get vaccinated and take other measures. that's going to be the final catalyst the big global reopening is here, not just in israel and the united states, but in most countries.

jon: a complication has been introduced at the start of the year and europe has struggled in the issue around the dollar has become more complex. was that the complicating factor, europe vaccine struggles, euro-dollar 12319, or still more to go? jens: you are right to say that the dollar outlook is complex. we had a period where it was about global growth looking better and about the u.s. deficit drive -- widening dramatically in the u.s. as opposed to other countries. we had a period where it u.s. interest rates were locked at zero. now we have had tremendous volatility in the yield curve. we have some offset to those dollar negatives, and we are digesting it. we have an important meeting at the fed tomorrow and we will get into that more. we are in a period of indigestion.

i would say systematic traders in the fx market got very short dollars going into this year and they are in the process of reducing that short exposure, and i think we are done with that correction from 120 down to 119. there could be more trimming in the position to be seen and we could have a further breakdown in the euro, and we could even have a situation where it sits with the news cycle where we have an adjustment and the news is still negative and then getting into april the news will start to look better. april is really important for europe because we have a huge biontech plant that is going to produce a massive amount of vaccine in early april. from that perspective that could be important. lisa: you said we have a very important fed meeting today and we get the press conference tomorrow. how could this shift the narrative going already?

jens: this meeting is important. in august they have the full announcement of the average inflation time, the framework, and how they have defined lift as communicated thereafter. the market has been guessing what that means in terms of what the fed once in terms of inflation, we don't know for sure -- is it 2.1 or 2.5? we have to figure out how much we are comfortable with and that is what -- if we get on a pressure that is more than price that will be the catalyst for the market. tom: my book of the summer eight years ago was your book "the fall of the euro." the best description of the modern euro. how is lagarde doing? how is she doing to take one of your chapter titles, the theory

and practice of the ecb. give her your report card? jens: when i wrote that book and when you read it they keep missing bit in the euro construct was that there was no common fiscal capacity. we have created some common fiscal capacity over the last years. the big surprise after the second quarter was we had the eu recovery fund. don't forget, lagarde used to be a fiscal policy maker and she has transitioned to be a monetary policy maker. she has been talking about that in order to really generate a spike in inflation expectations similar to what the fed is trying to do in the u.s. they really need -- as opposed to the temporary way

-- it's a fiscal issue, she can have consistent bond buying -- jon: always great to catch up. jens norvig. that book was published when? look at it now. in 2013 would you have seen a single rate hike through the cycle? is that what we got? tom: the book was shockingly prescient as a historical construct. nobody saw these events coming, particularly this natural disaster we are living right now. i don't see the united states and europe. >> not a single rate hike and in the months christine lagarde has had at the ecb then will we saw with president mario draghi's unreal. lisa: they are accelerating purchases to frontload the potential stimulus in advance of the vaccine delays we have seen

in the euro region. i don't see an exit strategy. jon: there are problems in europe, you can click that and keep playing it. tom: like a pendulum. jon: coming up, jen suzuki, richard bernstein advisors. muted price action this morning, futures unchanged, bond market unchanged. euro-dollar 11932 and this is bloomberg. ritika: president biden's plan to reform taxes will hit people making over $400,000 the hardest. the president said to be planning the first tax increase since 1993. the first tax increase includes repealing trump admin tax cuts that catered to corporations and wealthy individuals. a sign of the crackdown on the

internet sector in china is just beginning. the president warned beijing that it will go after what it calls companies that have amassed data and market power. they have set their sights on tencent holdings after ordering an overhaul of that group. a health scare creating another delay for the european union coronavirus vaccination program. europe's largest country including germany and france have suspended the use of the astrazeneca shot following reports of serious blood clotting. the european maker backs the vaccine in says benefits outweigh the risks. billionaire investor ray dalio says it's time to buy what he calls stop and set of bonds or u.s. denial -- u.s. dollar denominated assets. he wrote the economics of investing in bonds and most financial assets have become stupid, rather than getting paid less than inflation why not buy stuff that will equal inflation or better?

he complained about tax hikes and said the u.s. could be perceived as a place that is inhospitable to capitalism. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta, this is bloomberg. ♪

>> the next step is looking at the real challenges we have uncovered and identifying the

ways we can address them, and certainly infrastructure broadly defined as a piece of that. we know we have these important investments we need to make across our society and our economy. there is a long list of needs in terms of infrastructure that we have been seeing over the past decade. jon: that was the council member. from new york city, alongside tom keene and lisa abramowicz, i'm jonathan ferro. the price action looks like this. equity futures doing nothing. on the nasdaq, 4/10 of 1%. yields up by almost a basis point to 159 to 69 and foreign-exchange euro not doing much against the dollar, euro-dollar 119. if you wanted some price action look to the airlines. united airlines absolutely flying. the near term outlook for these airlines especially into the summer getting better and

better. tom: we alternate the gulf stream on the weekends i know you have it coming up and i'm flying, it's amazing to be on google flights and figure out the demand for the seats. it's amazing how it has moved into or three weeks. jon: i think you might be projecting for a bit. was part of the 2.7 -- i was part of the millions of passengers that passed through the tsa over the weekend. that's all we have to anticipate through the summer, busy airport at jfk and new york and laguardia. tom: every trip taxed, that's not going that's not going to do it. jack fitzpatrick joins us on the theme of the moment, taxes. back in the day it was the house ways and means, richard meal from -- richard neal from the conservative wing in massachusetts, does ways and means matter here or is there a new tax process? >> ways and means definitely

will matter. what matters more than the committees and the congress is what comes out from the white house at first and how closely it is tied to an infrastructure proposal. is it a case for trillions in infrastructure spend going, how do you tie this together, people are waiting on the official biden proposal rather than what he campaigned on during the presidential campaign. tom: the president will propose, the house will may dispose and the senate as well. what happened from the movement by president biden to act over the first blush that we see from speaker pelosi echo -- pelosi? jack: the senate is critical and biden will put out his proposal again, whether it is tied to infrastructure and how much revenue they need or want is a

critical issue, but it may actually be the senate more than the house that determines the politics here, because they have to answer the question, does this need to be bipartisan, can we do this through reconciliation in a partisan way, can we get 60 votes, which means we can get 10 republicans, if we lose democrats do we need more than 10 republicans? the bar is higher in the senate. you may see legislative activity out of the house but all of this will be with and i closely on the politics and the process of the senate. >> we will be tracking this for the next few months as they try to expedite the sign -- democrats seem to have one from the stimulus they passed, the focus turns international. tony blinken heading to his first overseas meeting to talk with constituents in japan, how are we going to understand the biden international push better after the series of asian

meetings? jack: the focus on asia talking to people in seoul, south korea, the focus on japan answers that question at least partly, leaving the trump administration moving to the biden administration, we are seeing an increased focus on trying to do right by asian allies who have stood with the u.s. or who the u.s. has stood with before. some of these are countries that trump might have looked at as freeloaders and pressure to them to spend more on their own defense. this is a move to reassure countries like south korea and japan during a time, north korea continuing to be a threat that the u.s. is taking a soft approach on these allies and probably not pushing them for more of their own expenditures. jon: it sounds great, what does

it mean in practical terms, what are they looking to achieve? jack: i'm not sure you can come out of these meetings with a hard, concrete accomplishment. combing down your allies can be a good thing. after four years of nerves being on and, this seems to be more of a process than something that is likely to lead to some accomplishment that the biden administration is going to tout as a major victory. jon: with south korea and japan is it and ask -- jack: the ask is u.s. support and defense and questions about u.s. defense spending, international spending on international aid. i'm not sure there is a dollar figure they are going for now, but i promise that the u.s. is

not going to pull out and to pull its focus away from east asia, the big picture seems to be the focus of these meetings rather than here's what we need from you today. jon: great to catch up as always. jack fitzpatrick of bloomberg government. that's the story of foreign policy. widening the pool of eligible people for this vaccine will be a huge race over the next couple of weeks. we have heard some utterance from connecticut about widening the eligibility pool over the next coming weeks. if connecticut comes first where does that leave new york or new jersey? there is a race to do it quicker and quicker. tom: you see alaska move and mississippi move. when i got my second shot i was absolutely blown away by the volunteer and the organization of where i was in fort washington.

why can't we do this? as organized as i observed, why can't we do this? >> the question is organization versus supply of vaccine, does each state have the vaccine necessary to distributed in mass without the gridlock that would cause people to be reticent to try again. that has been the argument. if they say it's a free-for-all and anyone can get a vaccine and you try and fail that the argument. it does seem like the infrastructure is built-in. we know that yankee stadium, citi field, they are all open. tom: never getting a vaccine that yankee stadium. lisa: are you a mets fan? jon: you've already been vaccinated. that's the problem right now. other people, including myself getting very frustrated -- just ahead in the line, going ahead to get the vaccine, not an

underlying condition. tom: could you give me one with no salary? -- celery. jon: coming up, patricia mosser from columbia university. this is bloomberg. ♪ is bloomberg. ♪

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jonathan: this is "bloomberg surveillance." equity futures unchanged on the s&p, record highs. the nasdaq up by about 4/10 of 1%. story of the last half of the month, we talked about a great vaccine rollout in the united states and struggling to take place in europe. let's look at the relative bank performance. you will see something similar here. the s&p 500 banks index up by about -- the stoxx 600 up by about 7%. yields are higher. here's the difference, the federal reserve has made the statement of confidence. europe because this tightening

inconsistent with the outlook. the banks are up in both regions. your think of ways to say forget about it. why is the travel story the same? s&p 500 airlines index up about 22%. stoxx 600 at all-time highs up by about 11.6%. we had about two point five 7 million passengers through tsa over the weekend. what did we have in europe? the u.k. has been shut down, europe still struggling. the question i come back to is the story is so well-known because we have been talking about at the last several months. it is about price. are we willing to look through the mess to a better year, better future ahead of us? tom: no question. 20.20 is a bull market point for the volatility index of the s&p 500 in recent days. this is a joy, this is what it is all about.

jonathan ferro, lisa abramowicz and i agree on, stop and talk to start people. patricia mosser is one of the smartest we have. her heritage from wellesley onto m.i.t. and now to a first-rate economic sensor up is truly a perspective on jerome powell. thank you so much for joining us today. i want to go to m.i.t. economics , the x-axis and the time continuum. what does the transitory mean to someone who studied under fisher and blanche are? patricia: i was a central banker for longer than i studied with sam fisher and olivia blanchard. it depends on the circumstances. financial markets if you are lucky is a couple of minutes.

they be a day or two tops. i ticket depends on the -- i think it depends on the circumstances. from a monetary policy standpoint anything that is transitory is something they are looking at from a macro perspective, usually. that means a quarter or two. the comments he played a couple of minutes ago about looking through this. this is basically a central banker interpretation of what has happened the last few months. nearly everybody i know thinks this is good news. the whole point is to get the economy growing faster, real interest rates up. inflation expectations. both of those things have happened. otherwise it is very encouraging

news. tom: sam fisher stop the economic club of new york with a discussion of the percentage move from the low yield. are you taken aback by the abruptness of the move to low yield from a higher point or up to focus land outs, 2.25%? patricia: it was speedier than things we have seen the last 10-12 years or so. this is not ridiculously abrupt. it is kind of stereotypical behavior towards the second half of the respect and -- recession. inflation expectations rise, real rates rise. by the way, risk premium at the same time has actually gone down.

high-yield at 40 basis points. this is not a sign of tight credit and things going wrong. lisa: there is a concern about whether we could see a tantrum. really it will hinge this week on whether the fed gives guidance on how far they are willing to overshoot with inflation before they start to get nervous. it is a big difference in the 2.1% inflation. do you expect the fed to give guidance and what do you think the reaction could be? patricia: i doubt they will give that explicit guidance. i think it is possible they will have to. the way they will give that guidance potentially is with speeches rather than a formal agreement.

about exactly how far above they will go. transitory, if it is truly transitory for a few quarters -- the word of the morning. i think we could almost all agree that having transitory inflation at 2.5% for a while and there are excellent economic reasons to believe that won't last. i don't think you will have a problem. they will say that is fine, particularly if it gets from under 1.5% or close to 2%. that is what they are after. more volatility, a little bit more volatility in inflation is exactly what they are aiming for. the question about whether there will be another tantrum is slightly different. it is not that the treasury market is completely immune from

the supply, there will be a lot of supply from the treasury. there was going to be anyway. with that fiscal stimulus package, there will be a lot. rarely, you could get real supplies next to the treasury's market. of course, dealers are a lot healthier financial institutions than they were. i think -- given that, after having a few bumps along the way, i think it is high. there has been no volatility for 12 years. how fixed income market should behave, sorry to be a little bit old-school, having more supply

than investors want is a rare thing to have in treasury markets. it hasn't happened since the 1980's. i don't think it is very likely. secretary yellen said the other day about eventually doing something about the fiscal deficit in question. lisa: it is all really important points into it brings me to the feds balance sheet. as an absorption tool basically for all of this supply. buying the debt at the united states. you think it will give guidance about how much? despite being incredibly easy monetary conditions that we see. patricia: i don't think they are in a rush to get out of it. it is very interesting. everybody fix this is good news

about inflation. the uncertainty is very high right now. covid is a completely different kind of shock. understanding what the implications are going to be is incredibly difficult to do. that is one reason i think they will be hesitant. they don't want to give the impression they will pull back. they will give guidance. they did a decent job of it, not the temper tantrum in 2013, they did a decent job. they will do this way ahead of time. i don't think they are there yet. i don't think the economy -- the one thing about the fed balance sheet is that from a

dealer capacity standpoint the fed buying treasuries increasing doesn't really help. it is based on a different kind of safe asset. it does not solve the capacity problem, the flexibility problem, per se. i think what the bank regulators decide to do may more important. jonathan: something we will focus on more the days ahead. thanks for your time this morning. really interesting note just out from bank of america. here's the short version, it is over. the longer version, covid-19 no longer the number one tail risk. number -- the worries now tail risk, including a jump in right expectation, complete you -- capitulation into cyclicals. tom: this is the most

interesting one, the dynamics are so important. it is abrupt. i will go to the bottom of the note, they have four or five features. one of the contrarian traits, long tech, short banks. jonathan: q and a session, what causes a 10% equity correction? what yield makes 2% bonds attractive? lisa: not that big of a gap. we have analyst saying we will get to those points. the question i have and goes back to something you were talking about, this idea, aren't we already entering midcycle? some of the contrarian plays seem to think the going has already gotten pretty darn good. the pandemic according to investors is over. what is next? jonathan: we talked about capitulation.

that note shows the capitulation we have seen. tom: the pendulum of doom. jonathan: maybe things are too good. [laughter] good morning. alongside lisa abramowicz, i'm jonathan ferro. equity markets not doing much. around all-time highs for s&p 500. this is bloomberg. ♪ ritika: president biden push the relief bill through congress without a single republican vote. gop lawmakers will have to decide whether to take part in the dedicated spending projects. they said this could be the key to dealmaking in congress. a bipartisan group of senators

-- section 232 of the trade expansion act impose duties without a vote by congress. so far this has been challenged in the u.s. and the wto. the proposal will give congress more of a role. it caused members of the billionaire family to pay $4.2 billion to help with lawsuits that drove the painkiller makers into bankruptcy. the price of bitcoin fell again today after it rallies that sent it past $61,000 for the first time. it fell below 55,000 dollars, still it has gained about 1000% over the last year. global news 24 hours a day on

air and on bloomberg quicktake powered by 2700 journalists and analysts in 120 countries, i'm ritika gupta, this is bloomberg. ♪

>> we are working hard to make sure we get vaccine for our

younger ages as soon we can. we are working hard for that to be the case. as soon as we could run through the trial, we are testing. jonathan: the modernity cofounder there. from new york city, along tom keene and lisa abramowicz, i'm jonathan ferro. equities not doing much on the s&p 500, all-time highs. the nasdaq up 62. in the bond market, yields within basis points. a huge conversation about capitulation, it is over. it is over. have we seen the capitulation now and you start to lean the other way? or do you stay with the trend of the last six months? tom: it is a combination of research reports combined. deutsche bank up 2.25%.

it is a set of reports wrapped around 7% developed gdp. that is an original circumstance. jonathan: a really short amount of time as well. morgan stanley updating revisions. morgan stanley doing the same. jp morgan, deutsche bank doing the same thing. what does that all mean for equities after we've already had a massive six months from the end of october, early november? tom: commodities pull back a little. e.m. having a little more difficult time. can't get out of its way. we get a briefing now which has been extremely anticipated for all of our viewers and listeners. amesh, all of the media love the charts of cases, they are dramatic, emotional, easily

countable. the pros look at deaths and hospitalizations. when you assume the public will finally shift onto your territory of deaths and hospitalization dynamics? dr. adalja i think: they are already starting to -- dr. adalja: i think they are already starting to. they're starting to understand that the concept is not to get to covid zero but contain the virus and be thankful it doesn't have the ability to cause hospitalization and death. i think they are going to get there. eventually that is all everybody will be looking at. this is what fighting the curve has already been about -- always been about. we are dealing with a very different buyers than we were a year ago. it will take some time. the media will have to report more on that then they are on cases. i think it is going to occur and it is starting to occur. jonathan: people ask whether we could aggressively widen, bright

in the eligibility -- broaden the eligibility. you think we are at that now? dr. adalja: states are getting broader. alaska broadening. other states broadening eligibility. it is the question of the supply constraints right now. the supply is going to get better. each day gets a little better as we get closer and closer to delivery dates for bigger amounts of this vaccine. i do think it is going to be a point where we are vaccinating. anybody who wants to be vaccinated could make an appointment. i think we are looking at the summer, late spring where that could be the case. then we will get things completely back on track. jonathan: already sensing frustration amongst some people. the idea that smokers in certain states seem to jump the line. the choice to smoke has given you the opportunity to get a vaccine before people who have chosen not to smoke. what is the best way of dealing with these issues?

dr. adalja: the vaccine is about decreasing the pressure on hospitals by vaccinating high-risk individuals. we look at this is a public health problem. they were trying to say how can we stretch this supplies are hospitals don't get in trouble. if your smoker you are more likely to be hospitalized. it is not a personal approval of your behavior. your behavior puts you at risk for severe disease. we are worried about hospital capacities, icu beds. that is how i put that. lisa: in the meantime, over in europe you have a number of countries suspending the use of the astrazeneca vaccine. what is your view on the efficacy of this particular inoculation and whether or not it will continue to be distributed? dr. adalja: i think it should continue. we have seen tremendous success in the united kingdom. this is a vaccine using innovative technology. they have some difficulties with the eu, dosing, and there have been some reports of blood

clots. they are not above the background rate you would expect in a population that has been vaccinated. i think this is one of those associations. just because something happened after a vaccination doesn't mean it has been caused by the vaccination. tom: this is really important. are you telling us the uproar in europe nation to nation about the astrazeneca vaccine is overdone or the uproar is off the mark or incorrect? dr. adalja: all of the above. i don't think this is justified. the u.k. have not suspended this. everyone has looked at the data so far and said this doesn't look like a biological mechanism. it is not above the background rate of what you would expect. this is something we see with vaccines. certain things happen. it doesn't mean it is caused by the vaccine.

i don't think in the midst of a pandemic where people are dying and many european countries are going into lockdown that a vaccine has proven to be highly effective. i think it is the wrong decision. jonathan: we appreciate your time, insight. what is interesting about this moment in the last 24 hours, i heard more about what they just said with the medical community that i have elsewhere. it is the politicians in europe right now that are holding this up seemingly more than the medical community. we will have a couple of things. i will hear from the european medicines agency which made its final recommendations from what we have heard over the last 24-48 hours. we might hear from the who again on this issue. pushback after put back on what we have heard from france, italy, france, portugal. jonathan: --

tom: no question about it. that is huge news. someone of his esteem just said sweden and germany are just flat out wrong. what to they do in the coming days and weeks when pros like him are seeing -- saying you're just flat out wrong. lisa: what i'm struggling to understand is how much this comes back on the united states. how much could the u.s. reach fulltilt on gravel growth -- global growth when the eu is not participating. you will find the competition around the astrazeneca vaccine, how do we get there? jonathan: that has become a consensus for you as well. coming up, dances are key and richard bernstein ceo. good morning for our audience worldwide.

record highs for the s&p 500. not even on a basis point to around about 160. this is bloomberg. ♪

♪ >> the focus right now is this unfolding surprise which i don't think we have fully baked into numbers. >> we will have the healthier economy and an economy that is fiscally stimulated. >> we will transition very quickly. >> we've gotten price stability. we have gotten exactly what central banks wanted, slow and stable inflation expectations. >> double ultimately keep the fed on the sidelines. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: it is over. good morning morning, good morning, this is "bloomberg surveillance." alongside tom keene and lisa abramowicz, i am jonathan ferro. s&p 500 all-time highs in america.