bonds. >> the whole point is you get the economy growing faster. >> the fed's job has been to deal with monetary policy. dealing with income inequality. >> this is "bloomberg surveillance." jonathan: fed decision day. good morning, this is "bloomberg surveillance. equity futures negative about 1/10 of 1% on the s&p 500. tom: you are not looking at equity futures you are just getting out there is the benchmark of the day. look at the 10 year yield which speaks to any announcement and adjustment, this is possibly a chairman that will drive the yield higher. jonathan: the long end taken out of the high of friday's session.

the front end it's about the forecast and that median. into 2023. that starts to signal that first rate hike. tom: the minutia of what can happen, it is the shock. we will explain that through the simulcast today. to me it's a little bit overwrought? they're going to do nothing but those forecast adjustments will be micro-analyzed. jonathan: those forecast for growth for unemployment we are set to see big revisions in line with what we are seeing on the street over the last several weeks. lisa: which raises the question what could make the market uncomfortable? everyone exciting the fed to raise their guidance. the key i'm looking for is what guides they will give around inflation rates that are in their range of comfort and those beyond it. 2.2%. what is running it hot and what

is ok? jonathan: i'm good to be fascinated. so many economic rejections. just to borrow lisa's word, uncomfortable. we have seen no sign of any discomfort whatsoever with 10 year yields approaching 165. tom: i think the ecb questions are more rigorous and difficult than what he hears at the fed special. guys like michael mckee have to grill him just in the background, what are the phd's thinking about this? what selected governors, the vice chairman. i'm can be watching that in the 2:00 hour. jonathan: the difference between the ecb last week in the federal reserve this afternoon it will be night and day. the forecast, language, the expression, the tone.

tom: what does everyone think gdp growth will be in that workable forward number? >> consensus is around 5.5%. for europe, may be something in and around half of that which is why the forecast not only will be different compared to the ecb, but the outlook for policy will be as well. tom: the conversation we had yesterday was world-class. his criticism of astrazeneca and that debate has already moved forward. lisa: his criticism of government in europe for delaying any rollout of the astrazeneca vaccine. i have to wonder how that slowdown affects global growth let alone that in the euro region. jonathan: can we sit on the number in america. 2.4 4 million doses a day is your daily average. lisa: when are you getting

yours? jonathan: hopefully soon. tom: let me editorialize. it is a disgrace you cannot get your first shot by friday. i don't know what they are waiting on. tom: other state -- jonathan: other states are starting to put -- starting to move. tom: i want to start with this custom chart. thanks to hilary in london for making this work. pre-pandemic and where we are now. what is so important is on the right side of that chart we end up at the same outcome. jonathan: let's talk about that. a little bit later this morning. here is the price action counting you down to the federal reserve. equity futures unchanged coming in a couple points on the s&p 500 in and around all-time

highs. the bond market, a little bit earlier on around 10 or 15 minutes ago we were on the intraday highs of friday's session. euro-dollar still with a 119 handle. lisa: big ramification for the euro and emerging markets currencies. we will be getting housing starts, building permits for the month of february. housing starts, less interested in, it will be noisy because the storms print building permits running 20% year-over-year higher. we are seeing them reach levels last seen during the mid to thousands. -- mid 2000s. $1400 stimulus checks or hitting people bank accounts. how much will directly go into meme stocks, we will be seeing that as well as potential ramifications of retail

spending. 2:00 p.m. we are talking about the fed rate decision. we will discuss the minutia of what to look for. another more technical aspect is will the fed extend the exemption for certain bank capital ratios. this would allow banks to hang on to billions of dollars of treasury they are holding onto and potentially easing some stress people are foreseeing in that market. jonathan: let's turn straight to our first guest, eric friedman joins us. let's start right here. the news conference with chairman powell. where is your focus? eric: our focus is on what happens with that. it seems that we are guessing to distant parts of the atmosphere. to your point, will that shift, in -- will that shift come in.

we have a lot of clients that are conservative investors so they traditionally own a lot of things we have been migrating those to the past couple of weeks and months to anticipate what we think will be a steepening but not an indefinite steepening. that dot plot and how much of a texas two-step chair powell has to engage in, of those are focal points for us. tom: the chairman has to get to after the press conference. he has to get to thursday. frankly he has to get to friday when arkansas takes on -- in the bracket. was the miracle we need to see today from chair powell? eric: the biggest miracle he is the 10 year range state of claim. if we see that reset to one and a half and 2% we don't think asset markets are prepared for that. what i think that means in terms

of guidance is the chair powell says not only do i recognize what's happening with the yield curve but there could be some action. with respect to price movement. that is something from an asset prices across asset price perspective training in the top end of the range through that texas two-step i think will be important for markets to understand. lisa: why would he engage with that? eric: the biggest thing would be the fed canal at the 10 year away from them. -- the fed cannot let the 10 year get away from them. the fed unfortunately left that 10-year drift above and it got away from them. i think if you look at the cacophony of information we have and siphon through, the biggest factor will be if the fed hints they may consider twists, they

may consider stemming the back end of the curve moving higher. that is a thing equity investors care about. some prelude to those comments if not explicit comments. >> we are working her way through the yield curve with you in real time. trying to work out where their flex ability ends. the front end you've got that pinned to the floor. what do you think the belly of the curve starts to look like? how does that play out in the next few courses? eric: it is something critical for most investors. you own a lot of duration in that -- when that time arrives. if you own a benchmark product, you own a lot of exposure that is exactly the part you're talking about. i think what the fed is saying is we will keep the front end in

and try to close the raining inbred the middle part of the curve they are ok to seymour steepening. so what that means is credit quality, not agency mortgages, of the investment corporate credit curve. those are areas we think a relatively safe relative to things like treasuries where there could be more of a bias for steepening. i think the fed wants a steeper curve but not a curve that just goes definitely higher on the back end. jonathan: appreciate your time this morning. the u.s. bank asset management chief investment officer. as we work through what we need to work through later on today, the statement comes out with a summary of economic projections. and then you get the news conference later. tom: a lot of people to talk about this. what's fascinating for those focused on the short-term is the

colossal bets being made. one of the joys is to enjoy losing money after making a bet before the fed meeting. i have a little bit of experience with that. jonathan: can you tell us more? tom: i'm as dumb as would. -- wood. i can from, the trade, it was the time of greenspan or whatever. it's march madness and it is always great to see some of the eastern schools slip into the final bracket. colgate will be represented. jonathan: did you do your bracket? tom: i have not done a bracket. i lose so bad, and this year with the pandemic i would have to go with colgate. lisa: i'm doing a vaccination bracket. tom: they have winter in the fourth of july.

jonathan: thank you. coming up at 7:00 a.m., a morgan stanley chief cross set -- cross asset strategist. we look at a bond market the takes out friday's intraday high. yields up two basis points. all-time highs on the s&p. ev's fed decision day. this is bloomberg surveillance. ♪ ♪ >> with the first word news. the fed is expected to stay the course at its second meeting of the year. policymakers are all but certain to keep interest rates near zero. the new quarterly forecast may give an indication of how many of chairman powell's colleagues are committed to aggressive support of the economy. president biden's tax plan will call for higher levees on corporations on wealthy

americans. it will include some middle-class households including those in the $110,000 a year range. the president also wants to encourage companies to increase domestic investment. shootings of three massage parlors in and around atlanta have left eight people dead. many were women of asian descent . a 21-year-old man has been arrested. a recent wave of attacks on asian americans that coincided with the spread of the virus. samsung has become the latest tech giant to express concerns about chip shortages spreading beyond the auto industry. the south korean company warns it is struggling from a serious imbalance of semiconductors globally. samsung expects the crunch to affect its business next quarter. 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. ♪

>> a teacher and a nurse who collectively made $110,000

deserve relief. and what we've seen in the data is those who fit that profile have suffered. according to the latest data, one in seven families were growing -- going hungry during the pandemic. >> the national economic council deputy right there, a really important conversation on how we define those in need at the moment in america. good morning to you all. here is the price action on fed decision day. equities near all-time highs. in and around 3950. down the most 1/10 of 1%. euro-dollar, 119 and in the bond market very briefly taking out the highs of friday's session on the 10 year yield just north of 1:64 -- 1.64. tom: i'm going to say a 1.6374

sets of the fed meeting with yields near recovery highs. jonathan: i think we have to ask the question chairman powell will be asked through this conference, do you see this intelligence. right now in washington, emily wilkins with us. i've got to go to the washington post article where attorney generals in some states are looking at the 600 pages they have read and are saying president biden you cannot lecture us on our desire to cut taxes. is this something that will end up in the courts and legal process or can this be argued out in the coming gla? emily: in reference to the coming tax moves president biden is looking to make his first changing the tax code, we will have to see what is put out there in regards to the $1.9

trillion legislation that's already come out offering funding to states and localities. a lot of those are parts, now the rubber is hitting the road. the bill has been signed. jonathan: -- tom: we will move the money to republican states, fine i get that. is president biden saying we will give you the money but you can cut taxes. as the argument. emily: at this point the funding out there, the way it was written was meant to help these states and help individuals within the states. as far as teachers, doctors, firefighters, of these public servant type groups. so the end goal of the bill was to make sure those individuals are not losing their jobs and are able to make sure they continue in their roles without having to face major cuts. lisa: looking ahead to this

potential infrastructure spending. mitch mcconnell is pretty vociferous when it came to working with democrats saying game off if they want to raise taxes. we are not going to participate. do the democrats have enough momentum to go it alone without any republicans and the republicans to be clear seem to be saying we are not in on this. emily: they are certainly going to try. yesterday was huge for minority leader mitch mcconnell to come out and say there was not going to be any sort of republican interest in doing a tax plan, although i think that was kind of assumed given what we just saw from republicans in 2017. but just because this part we might need to pass through budget reconciliation doesn't mean there won't be other parts of the instructor bill that could see bipartisan. not everything can use that budget reconciliation process. some of this infrastructure to get done they will need some republican votes, there are discussions about potentially

doing a democrat only budget reconciliation with the tax plan and other initiatives and then doing something that's more bipartisan where they can get those are republicans on board. jonathan: what we heard from senator manchin on this front? emily: he has really encourage president biden and his colleagues to look for ways to work in bipartisan ship here, to find ways to bring republicans on board. at the same point one of the main things senator manchin said from the beginning is he wants to be an ally for president biden, he wants to see the democratic initiatives pass. so i think he is going to be someone who will push for certain things and push for some bipartisanship. at the end of the day, he is a democrat. he is supportive of the democratic agenda. jonathan: you see this as a piecemeal approach where you can get the bipartisan support do it or just a massive approach? prepper emily: what we are hearing -- emily: what we are hearing is this dual approach, do what you can do in a bipartisan manner and then for

the rest of it put as much as you can in a democrat only budget reconciliation. so what that will look like remains to be seen. they are still early on in the process of negotiations here and so it is unclear what the bipartisanship might be. transportation is usually historically an issue that has been bipartisan and there have been republican and democratic support on. lisa: i want to tie this together. characterize the mood in washington. senator mitch mcconnell came out and said there would be a scorched earth senate if the democrats opted to reduce or potentially even cut the filibuster rule read how intense are things? how usual is this verse is something out of the norm? emily: we are coming to a huge turning point where we are having a very serious debate about the future of the filibuster and what that would mean. to reform the filibuster to make it easier would allow a number

of democratic priorities to go through now, but as he pointed out yesterday when republicans eventually take control of the senate chamber, that means they can push through all of their priorities. and it really sort of speaks to a potential future in which we will see congress become a lot more effective but a lot more partisan. i think the serious debate going on around this kind of speaks to how partisan things have become in washington, d.c. that we are seriously looking at getting rid of the filibuster, but it also could speak to a different era of governing if you don't sort of have the senate be the place where legislation really has to work hard and work long to pass. jonathan: the prospect of a 100 car pileup in the senate. we thank you. the focus of course today on monetary policy. the reason we are talking so much about monetary policy, the effort done in d.c., 1.9 trillion dollar plan that would not have happened if we did not have the events of georgia

earlier this year. >> georgia was the tipping point as well. greg talking about new gop unity, talking about gridlock. does anything get done, it is to november of 2022 and you wonder frankly in the bloomberg world does that debate started 2:00 p.m. this afternoon? >> i think for this federal reserve a face $1.9 trillion, 8% gdp growth this year and somehow have to convince people that rate hikes aren't coming anytime soon. lisa: they have to convince them this time is not different. we are not entering a new realm of inflation even though we are undergoing one of the biggest social experiments in recent history. the helicopter money. jonathan: that's what i find so interesting, explosive gdp growth. unemployment plunging. inflation dynamics don't change.

you do not want to miss that live on tv and radio. in your market as we count you down to a fed decision at a chairman powell news conference. this is bloomberg. ♪

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jonathan: from new york city and our audience worldwide, here is some of the price action for you. equity futures on the s&p 500, down around about two points. the other performance again is in the russell. down by half of 1% after getting smacked around by 1.7, up by 17.5% year today. have growth expectations starts to peak? have expectations of growth started to peak and what does that mean for the cyclical trade. morgan stanley first out of the gate started to push back against the small cash call he made last year. maybe time to reduce. that's the struggle yesterday. down by about a half of 1%.

tom: you had mr. wilson on. i guess you would have a lot of pontification. 7%, 8% growth is what it is. a risk to 10% year-over-year growth. jonathan: then what. what does it mean for the growth versus value trades. we get to the bond market. twos, attends and 30's. yields up on the 10 year. intraday post pandemic i taking up the haida friday. up two basis on the day. long end a lot of people think there's a lot of flexibility. he's called the statement of confidence, is that still the view from the federal reserve chairman at 1.64? at the front and this is where the rate hike ballet starts to play out more. what happens with the dot plot. goldman on the banks out there

looking for that dot plot starting to signal that first rate hike. finish on this. one chairman statement of confidence is in of the chairman's what? undo tidings. here's the story for you. year-to-date u.s. 10 year up 72 basis points. in germany your 10 year yield is still negative. on the year of 25 basis points, undo timing. in australia you're 10-year up. the key for central bankers, it won't just be the federal reserve central bank that gets focused on this decision today, it will be the ecb, the rba, a banks worldwide will be watching. tom: you saw the miracle headline across bloomberg. the growth disparity and expectation disparity between the u.s. and germany that has never been wider. jonathan: lisa and i have gone back and forth on that.

i think we can assume today we will underline and reemphasize the outlook for america is radically different compared to the outlook for europe and it's not just the vaccination rollout, if the fiscal impulse as well. tom: unicredit of italy talking about the importance of what we will see this afternoon. a number of days ago we decided our team would get the best voices we can. as we move forward to the fed show at 2:00 p.m. this afternoon. we start strongest with glenn hubbard of columbia university. former counsel economic advisor chairman doesn't do credit to what he did the columbia business school in his tenure there as well. he is the most articulate supply-side conservative out there. we start strong. i am thrilled to have you on the show to talk about the assumption that growth will save

us. your laureate colleague would say over time over the years we can grow our way out of a five standard deviation deficit. does that math work? >> it really does not for two reasons. we will grow rapidly this year. going forward with the fiscal impulse reversed we are back to more normal rates of growth. a lot of our problems in fiscal policy are programs that grow on autopilot. growth alone does not save you. we are going to have to have some type of fiscal consolidation in spending and taxes during dare i say it in inflation. tom: we all looked at for standard deviation t-bill. we are way out over that. we are onto a medical chart of movement on our fiscal policy.

does it signal crisis that we are out near six standard deviations on deficit to gdp? glenn: i don't think it signals a crisis but it signals a warning. the deficit is largely one-time borrowing break although even there it needs to be smart which i can't entirely say what we just saw. going forward we have to have a more sustainable fiscal policy and that requires taking a look at promises we are making for example many promises being made in america in the rescue plan act, we need to ask what are we going to do about that. lisa: the washington post article you wrote you said there good reasons for running large deficits now as long as spending is well targeted. i sense you have some criticisms about what we just had with the stimulus. what in there is targeted do you think is appropriate and what do you think is not? glenn: i think a smaller bill

probably would've done the trick. making sure we are shored up unemployment insurance, modest aid to states, businesses for continuity. writing checks to people to me who didn't lose their jobs or wages going down isn't targeting risks ruining firepower for later. part of it what's in the bill has little do the pandemic. they may be good or bad but they are not really part of the stimulus. lisa: limiting firepower for later. are you talking about possibly the fed's hand being forced with higher inflation than expected or talking about sucking the oxygen out of washington, d.c. for infrastructure spending and other initiatives. glenn: more of the latter. there will be a transitory burst in inflation, i don't expect a crisis is a result of this. i do think it puts at risk other

fiscal agendas president biden might have. whether it's infrastructure, training initiatives to help workers prepare for new the new economy. all of that can be put at risk. tom: pre--- jonathan: pre-pandemic we lived in a world that was shallow growth and extended cycles. low inflation. not the inflation to worry about. is there anything in this bill that disrupts the existing trend for the pandemic coming out of the pandemic? glenn: i do think we could be on the verge of much better productivity growth going forward which will see a better growth rate in this bill and what follows on is the combination of excessive spending in some areas and tax increases to pay for it to limit that. that's what we will hear about. jonathan: the last cycle is so long and so shallow and i'm trying to understand as we move through this one quickly in

financial markets and we see that snapback just as fast, will you be prepared for short cycles again and maybe look past the history of the past 10 years and look to what came before? glenn: after the global financial crisis we did have a fairly sluggish and eventually large policy response, but it didn't really reset business expectations. and so the question is will we do that again? i hope not and i don't necessarily think so. we will have to see. tom: can we close the inequality we have? can we close the pandemic induced inequality given modern technology? this is something you did the business school. you lead on this for years. we understand -- we cannot understand the technological impulse paid are we asking for

too much from our authorities to close the inequality gap? glenn: i don't think we are. i don't think we can close it but we can start by asking questions. given the changes you put in and the globalization that have disadvantaged some kinds of workers or the advantage most of the rest of us, what can we do about that. the thinking about infrastructure, i would think about preparing people, so that would be focusing on community colleges, focusing on distressed communities in a meaningful way. lisa: just to wrap this together, of the underlying fear in markets, the debate is on inflation. you touched on this earlier where you see this more as a transitory phase hurried what would you see or have to see to shift your opinion to say this time is different in terms of a new inflationary regime where prices start going up at a

faster clip for a prolonged period. glenn: you would need to see it working its way through the system, of the sustained price increases at all level and the wage pressures that follow it. i'm worried about the near term more than goods prices and service prices. jonathan: always great to catch up. glenn hubbard there. columbia university professor of economics. that final point i think is really important. mohammed, who often joins us on bloomberg tv and radio has made that same point. his biggest concern is not about runaway inflation, it's about financial stability overwhelming the recovery in the year to come. tom: the financial's debility question is easy. lisa i believe mentioned this at the top of the show. rounding up to 149 basis points,

that sort of normal to see. the financial stability issue is thicker than just a vanilla spread britain frankly it's the shock of the system, something we've never experienced before, we need to figure out if we can manage that. jonathan: explosive growth that may be accompanied by low inflation. the fed stays on hold. what happens to financial conditions and financial stability in that world? lisa: people are talking about inflation, consumer prices, not asset price inflation. at what point does that catch up with the economy. it leads into the real world when it talks to how is it -- housing. you do wonder how much this exacerbates inequality and frankly lower overall growth. to me, at what point does it pop? jonathan: to be fair, we took

her there. lisa: you can blame me. jonathan: the federal reserve in many ways and many people say exacerbated inequality and yet they are set to keep rates unchanged to try and close the gap or have the government close the gap. tom: it is the asset price pendulum of doom. that's what it's called. coming up, lauren sauer. we have a stellar vaccine rollout in the united states of america. 2.4 million on average. this is bloomberg. ♪ >> with the first word news, in germany, chancellor angela merkel have cut the growth forecast under warning about the recovery. they see europe's economy will expand by 3.1% down from november's 3.7% forecast. they say the recovery could be jeopardized by a jump in coronavirus infection.

jerome powell has promised to maintain aggressive support of the u.s. economy in the central bank forecast showing how many is sharing his -- showing how many are sharing his commitment. fed policymakers are all but certain to hold interest rates near zero. mitch mcconnell says there is no chance republicans will support tax hikes to pay for president biden's infrastructure plan. , per dix democrats we use the process known as reconciliation to get a tax hike through with a simple majority. that was the same process used to win passage of the president's stimulus package. the u.s. pricking a better-than-expected -- the german automaker is targeting a steep climb in electric vehicle scales. bmw wants but half of its total sales to be electric by then. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg.

♪

>> we are still firmly convinced of the benefits of the astrazeneca vaccine in preventing covid-19 with its

associated risk of hospitals asian and death outweighing the side effects. >> the number overall in vaccinated people seems not to be high in the general population. >> this vaccine is safe and we should listen to the regulators. jonathan: that was the ema executive director, of the eu house commissioner -- health commissioner and the u.k. health secretary. the europeans cannot get on the same page. this time it is deadly. from new york city this morning, alongside tom keene and lisa abramowicz, here is the price action. on the nasdaq we come in as well just a little bit. on the russell you see outperformance this morning -- underperformance. in the bond market there's a

number. 1.64. a new post pandemic high so to speak. euro-dollar 1.1912. later today we will talk repeatedly on the distinction between what is happening in europe on the euro side and what's happening in america. 2.4 4 million doses per day on average over the last seven days. tom: you see in airlines as well. i will call all quiet on the fomc front but make it clear that what we see here is not the headlines but how the forecast will move. i think that can be repeated enough. jonathan: huge revisions. how that shift according to those forecasts, that will be the kicker. jonathan: a historic -- tom: we

had a historic conversation yesterday. he was scathing on the vaccine response. today we have lauren sauer, associate professor of emergency medicine. i see a lot of percolation that is we open up society we may plateau in our statistics. is that fear valid? lauren: i think it is valid. i think the key is to open up safely. those are so important. we still want to use those tools we've been developing over the last year inviting this pandemic. so when we are reopening businesses can we do it safely with good practices about distancing between patrons. can we continue to use masks and reinforce face covering requirements even if we are reopening bars, restaurants, other businesses in society and in schools. lisa: mayor de blasio said it is unfortunate that cities are not receiving vaccines directly from the federal government and that it has to go through the state.

this has to do with a tiff between andrew cuomo and mayor de blasio and yet it also highlights a key question. should cities be getting the vaccine directly? should we be getting a better distribution mechanism from the federal government? lauren: it's a challenge not just with the vaccine distribution, we have seen it with a lot of other health care activities associated with this pandemic. and health care more broadly in the u.s.. we do not have a federal system for health where -- for health care. it makes national strategies for anything challenging. we are seeing that play out in real time. it will only be exacerbated in an emergency because you have to rapidly distribute but you still have to use these existing pipelines. so if you want to get vaccine into the hands of the community that has the greatest need and knows how to work with the community to access them, absolutely go through these processes. but the way our health care

system is set up, there are these chains and pipelines to slow things down paid jonathan: the president says may 1 to open up eligibility to all adults. ohio, the end of the month. living here in new york when i look to montana at the end of the month and ohio and stretches the eligibility wide open i'm good to be asking the governor here in new york the same thing everybody will be asking, why can't we do the same thing? what is stopping place like new york and others to do the same thing now? lauren: there's a couple challenges. part of it is the access. how do you make sure you are getting to those most vulnerable communities. do these states that are moving up that timeline, do they know how to access their vulnerable populations quicker or are they just moving on because they have sort of not been able to access communities and want to get vaccine more broadly? these decisions about how we

administer vaccine and interpret the guidelines are what is leading to these changing depending on where you are. you can also lead to vaccine shopping which i think we are seeing a little bit in places, especially in more well-to-do places where people have better access because they meet requirements in one area and not another and they can relocate to access those vaccines. that may 1 timeline is exciting and reasonable and i think we can get there, but we have to focus on making sure in communities where access is hard where we are not getting those multiple interval hard-to-reach communities and populations, that that is where we target to make sure we are protecting those who meet that safety net -- we need that safety net so much more. lisa: in europe they are struggling to get a relatively significant portion of the population vaccinated.

angela merkel's advisor said the biggest risk is a third wave of the virus. in the united states based on vaccination schedule and that may 1 pledge, is the threat of a third wave off the table? lauren: i would not say it is off the table. i think we are in a better place and some would say we are in a much better place than we thought we would be, especially as we started seeing the variant enter into the u.s.. we are still seeing an increase in cases in that variant and there are questions about what will happen and the numbers as these rapid reopening's change in places like texas for example. but right now the numbers are still looking good. i think the key is to hold onto those measures that we have worked so hard to implement that we know work as we expand vaccination coverage. we are doing a great job in getting the numbers of vaccines

-- vaccinia's up. -- vaccines up. jonathan: always appreciate your time. thanks for joining us this morning. associate professor of emergency medicine at johns hopkins bread right now -- johns hopkins. 2.44 million doses a day on average. when you see other states open up eligibility the way ohio and montana have announced, the big questions will be asked of governors across the country. why aren't you doing the same. tom: i'm frankly with you, i know lauren has to as an institutional officer be diplomatic, but i will be honest, i'm with you on this. i think it's far more about people simply don't want to take the vaccine. let younger people take it. jonathan: a lot is going change

in the next couple of weeks. good morning. i'm jonathan ferro. we are counting you down to a fed decision and chairman powell news conference with 1.64 on tens and close to all-time highs on the s&p 500. this is bloomberg. ♪

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♪ >> interest rates, gunner performance of value we have had for years is starting to unwind. >> we are in a bear market for bonds right now. >> we have to figure out what we are comfortable with. >> the fed's job has been to deal with monetary policy we are hearing more dealing with income inequality. >> this is bloomberg with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. on jonathan ferro. -- i'm jonathan ferro. post pandemic highs going into that term and powell news conference. tom: