economic data. >> you seem deeply scarred by people emphasizing this story. i don't think i have heard anyone say what if the ship never becomes un-stuck. i do have to say that this store is really phenomenal at just a technical level, the idea of people unloading the oil from this tanker, people taking some of the water from the ballast of the ship. they need to lighten the load on this quarter-mile long ship to get it off. the supply chain disruptions for a variety of reasons have lengthened and become some of the more difficult aspects for u.s. business leaders, possibly the most they have seen for more than a decade. which begs the question how much damper this gives to growth in the short-term.

jonathan: have you seen how big the ship is? have you seen it? let's get to the price action this morning. we look live on the s&p 500. s&p 500 futures up about 0.25%. the s&p, 3890. it has been troublesome for small caps. 1.1810 the euro weaker, just about holding onto that 1.18 hander over the past week. wti back to a $60 handle on crude. your yield on 10's up a basis point to about 1.6191. >> calm, and i think that is the message right now for the bond market. i want to run you through some things we are watching today. 12:00 p.m. noon, we will be hearing from the big tech ceo's in washington, d.c.

facebook's mark zuckerberg, google's sundar pichai, and twitter's jack dorsey are testifying on their role in distributing misinformation. this comes on the heels of the riots in january and the disabling of president trump's account. they're interesting to see how they try to get ahead of regulation that is almost inevitable for these big tech jets. 1:00 p.m., this is what we are all watching, even tom keene from the beach. $62 billion of seven-year notes. yesterday's 5-year note sale, very calm and orderly, even as people expect the fed to start tapering bond purchases that they are making every month. what are the dynamics going to look like? how much is this due to the floor and demand coming back?

how much are we going to see a weakening in demand if we get further out the maturity curve? this will be president biden's very first news conference at 1:15. a lot of people have been saying, what took you so long, given the migrant crisis, the china relationship which is increasingly strained, given some of the confusion around the vaccine rollout and school guidance? people are going to have a lot of hard questions. i am curious to see how he pushes forward to next week's release of his budget priorities, how much he is going to allay into the infrastructure plan. >> i just want to see if he keeps his cool as he faces some questions. did you see secretary alan and the last one he four hours -- secretary yellen in the last 24 hours? secretary yellen losing her patients with washington. it was a little bit of a crack from the usually very calm, levelheaded secretary yellen in the last day. >> how far are we from president

trump's er that we are talkinga about that as potentially losing her cool? i mean, come on. this is the drama that we are trying to drum up in washington these days. jonathan: i think the secretary of the treasury has set the bar so high for herself by not reacting to anything that just to see her crack a little bit got our attention. something that got our attention in the last day is the move in the russell, the move in emerging-market equities. shout outs of the team at morgan stanley. mike wilson saying we are downgrading small caps. since then, we are down about 9%. it is not just the small caps in america. e.m. on the brink of wiping out the gains year to date. in the context of the huge gains in the last several months, maybe not a big deal but it's got a lot of people's attention.

a lot of people felt uncomfortable with the moves in the last day. >> how much does this have to do with china coming out and perhaps backing away a little bit from their stimulus? how much does it have to do with the fact that global growth is really centered on the united states, the fact that the dollar is actually emergent, ascendent? >> the year has been far more nuanced that i think a lot of people would have given a credit for. joining us now is daragh maher, hsbc's head of research at affect strategy. can you give me a better understanding of what you mean by that? daragh: everything we are seeing now makes sense if you believe u.s. exceptionalism, strong u.s. growth, if you believe that is meant to translate into a shift in federal rhetoric and policy. that's the market reaction function at the moment. everything we are hearing from

the fed, literally everything, is, we are not moving yet. i don't know how many times they said the word patience, even just this week. they are comfortable with the line of logic, just not comfortable with the timing, as you said. they want to see if this ship gets un-stuck or not. i think we've got another 3, 6, 9 months where this dollar is going to be a little bit of pressure. moving forward, it will be modest, 3%-5%, as the market is forced to snowplow further into the future when they think that shift in fed policy. . is likely to happen i think it's much more towards the end of this year than what the market wants to see. lisa: i love that that's our discussion right now. everybody wants to know whether the shift is going to become un-stuck or not. everybody watching those cranes.

president biden will be releasing a 2022 spending plan next week. a lot of people are looking toward where he will put those infrastructure dollars. will anything in what he says next week affect your view of a weakening dollar for the rest of this year? daragh: it has a bearing. it's one of the reasons we don't look for a march decline in the u.s. dollar. the u.s. economy, which is surprising to the upside, has been supercharged by fiscal stimulus, rescue plan, and now we are talking about potentially another 3 trillion on top of that in the coming years. jonathan talked about treasury secretary yellen, on the day where she is speaking, monday, bloomberg and other sources saying the market looking at a $3 trillion package. they obviously want to keep the narrative going that fiscal policy will be supportive. structural bears say that's a terrible thing for the dollar.

frankly, you look over the years i have been here, the link between that and the daughter is pretty weak. the link between the dollar and rates is superstrong. really getting the u.s. economy going in a big way. the problem is, for the dollar to rally on a sustainable basis, you need the narrative from the fed to change. i think for a central bank that's only just kind of taken the average inflation target policy, it has to be credible that that's how it's going to deploy policy. it has to be stubbornly dovish. >> great to get your views. let's get you back soon. daragh maher, hsbc securities had of fx strategy for the united states. subtle pushback from the team at hsbc on why may the deficits don't matter to the fx markets, the u.s. dollar specifically and

why rate differentials are that much more important. i think the back half of this year gets more interesting for the u.s. dollar. i think it gets more interesting because that's when you start to think about europe may be reopening. europe really struggling right now, which is keeping a foot on top of euro-dollar. you start to think about a rebound, we are just not there yet. lisa: this is the reason why perhaps the answer to your question of, why hasn't the euro weekend more versus the dollar? this is the answer. people are looking forward to a time when the euro doesn't see the light at the end of the tunnel with respect to the pandemic. i just wonder if it takes longer to get there. the longer it takes for the vaccination rollout is a compounding factor. i think those are some of the questions that we will be asking more in the next couple of months. jonathan: really good point. alongside lisa abramowicz, i am jonathan ferro. joining us later, chris.

looking forward to that check a little bit later. equities are high. we bounced back 10 points on the s&p. yields higher. a little bit later today, some supply from the treasury and president biden, his first proper news conference as the president of the united states. we will talk to kevin cirilli a little bit later on the program about just that. this is bloomberg. ♪ >> it is the first real test on north korea for president biden. kim jong-un's regime fired two ballistic missiles, a violation of un rules. it was the first north korean missile launch in roughly a year. an elite crew will try to free that massive container ship blocking this was canal -- the

suez canal. the stakes cannot be higher at what is considered the world's most important waterway. about 180 ships are gridlocked along the canal. they're caring roughly $10 billion of oil and consumer goods. the securities and exchange commission reportedly has started an inquiry into the frenzy over spac's, special purpose acquisition company's. the sec has sent letters to wall street banks about dealing with spac's. astrazeneca has reported a slightly lower effectiveness rate for its coronavirus vaccine after the results of an american clinical trial were criticized as outdated. astrazeneca says the vaccine was 76% effective in its u.s. trial, down three percentage points. it could delay the shot's approval in the u.s. 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. this is bloomberg. ♪

♪ >> financial institutions look at -- now and i believe they

should have some ability to return returns to shareholders. >> the big banks have a ready seen the green light. janet yellen, the u.s. treasury secretary, from new york city this morning, good morning. here's your price action this thursday morning. in a couple of hours, we will bring you initial jobless claims in america. the fx market, not much price action. into the equity market we go with equity futures higher by 10 points, call it nine. s&p 500 up 0.2%, nasdaq up by 0.4%. the russell, it has been a struggle for small caps in america and em as well. a struggle this morning for two retailers, nike and h&m. in the words of my colleagues at bloomberg, they face a really important decision right now, embrace cotton from the

contentious china region or reject it and risk a boycott in the world's second-largest economy. i think these multinationals will find it increasingly difficult to simultaneously maintain a presence in both markets because of a progressive consumer base in the united states and an authoritarian state abroad. i have to wonder what happens when the u.s. consumer base picks up on important human rights issues. what i did not estimate was how consumers in china would respond to this and the amount of patriotism that would come as well. what we saw over the last day or so, the communist youth league went to say the following, if you want to make money in china by spreading false rumors and boycotting cotton, wishful thinking. this is starting to go around chinese social media about boycotting certain brands that are choosing to boycott con

from that region in china. >> such a sensitive issue and it highlights a conundrum for, multinationals and frankly, for the big banks. they have been expanding in china recently while trying to ease tensions in the arctic states. i am very curious as to the -- in the united states. i am very curious as to the messaging and how much pressure the population in china continues to exert. >> this is a question that will no doubt come up later in a news conference with the president of the night states. let's catch up with -- the united states. let's catch up with jack fitzpatrick. we get a news conference a little bit later. why has it taken so long? where do you think the emphasis will lie a little bit later in washington? >> it hasn't been that good of an answer to the question of why it has taken so long. he has done some interviews. it seems that biden has tried to keep the focus very much on the covid response and go with a sort of controlled message by the white house on laying out

the next steps there. i do think this press conference is going to be a challenge for them because this is where all the other questions,. you can ask about china, about what is happening at the border, you can ask about gun control and how they plan to actually get something done there. this is probably going to take the focus for the first time off of the things that the white house wants to talk about, about laying the schedule out about their legislation and response to the pandemic. >> i want to pick up on what john was talking about, this idea of the corporate impulse in china from the united states and how biden will push back on the. there was a story saying that the u.s. stimulus is going to basically fuel chinese growth. about $360 billion of the $1.9 trillion stimulus will go toward exports to international companies with about $60 billion going to china. how will biden push forward and show how he plans to attract

investment and keep investment in the united states at a time when this is a global world and he needs the companies in his nation to do well? >> he's got another shot at it because he is planning another big bill. he has framed this so-called infrastructure bill almost as a broader economic competition to catch up to china on infrastructure and more, in terms of boosting the u.s. economy really in ways that are much more broad than just transportation infrastructure. when it comes to the specifics of what you are talking about, whether companies are going to turn away from changing province -- from the chinese province, that's a very tough one. we have not gotten an answer from the white house on how they will address some of the more private sector related issues. clearly, just in terms of economic development in the u.s. and how that plays into an eventual tax bill, that's a

significant focus. may be raising the corporate tax rate might be counterintuitive to keeping everything at home but that is a major focus for tax and economic development legislation. jonathan: that's got to be the big question right now. i sort of talked about walt disney company in the last 12 months when they put out the movie "mulan" and at the end of the credits, thanked some of the policymakers of the chinese province. these companies, the poster child for corporate america, want to be in china. to your point as well, how does this administration argue that they should come home and invest at home and at the same time, put the corporate tax rate backup towards 30%? what have you heard from corporate america? are they lobbing the government on that front? i imagine they are, of course, but how aggressively? if they are making any headway,

how much? >> the biden administration is in a tough position there. he campaigned consistently on raising the corporate tax rate to 28%. we are now hearing this may be a little bit late but we are hearing from bernie sanders, why not take it up to 35%? there's going to be a lot of back-and-forth. i think you are going to have to get well into the details beyond just what the corporate tax rate is for keeping investments in the u.s. i would say the overall discussion and rigidity of democrats stands and absolutely increasing the corporate tax rate kind of cuts against this conversation we are having. it's probably going to have to be other issues, in terms of irs tax enforcement, that kind of thing. it is not seem like democrats are going to get knocked off a solid corporate tax rate increase as long as they can manage to get it

through. >> jack fitzpatrick in d.c. that's the issue right now. i see a stick, another stick, i don't see a caret at the moment -- carrot at the moment to get these companies doing what they want them to do. lisa: incentives to build plants in the united states or if it was a go it alone approach. i am curious to see joe biden's temperament in this news conference. a lot of people saying he was one of the most untested candidates in history based on the way that the election campaign rolled out because of the pandemic and every thing else. is that really the case? he's pretty much a veteran. i think there are a lot of questions about what this will be like. jonathan: he's a veteran. he's still uncomfortable facing questions, gets frustrated, you can see it. the best of us do. you and i just ask the questions. we would never want to face them. equity futures on the s&p 500 up 0.2%. we advance a little more than 10

points in the bond market. yields up by a basis point. in the equity markets, small caps, emerging-market stocks, some problems, some turmoil. we will talk about that in a moment. from new york, this is bloomberg. ♪ new york, this is bloomberg. ♪

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♪ jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance," live on tv and radio. similar to the move we saw yesterday, we snap back in the equity market. something about the afternoon where we really start to fade aggressively. we can touch on the little later. equity futures up by about 0.25% . the russell bouncing back by 0.3%. the small caps, that is where the pain has been over the last couple of weeks. it is the cyclical trade, not just the nasdaq, starting to roll over a bit. that's not the whole story, but let's talk about the bond market. last week, 1.75%.

in -- then the yield came back in. over the last week or so, a bit of stability. seeing that reflected in various parts of the curve when we get supplies this week. we have seen damage done on the cyclical trade, not just domestic in america. also abroad. e.m. facing the really difficult issue of upside risk to inflation, risk to growth because of vaccine rollout, and year-to-date through 2020 one, just about positive a little more than 0.1%. that has rolled over over the last month or so by more than 10 percentage point. we are well of the highs now. a massive rally. i know, huge rally. but we are talking about a correction now and whether that's cut legs, or whether we need to see -- that's got legs,

or whether we need to see something of develop. lisa: there's a question of how much this is driven by dollar strength and how much this is driven by china. china's shares have declined by 15% over the past few months on the heels of expectations of slower stimulus lisa: lisa: concerns about growth as they transition to -- expectations of slower stimulus. concerns about growth as they transition to a more mature economy. in the current -- enda curran is joining us now. is that really what is behind this rout in chinese shares? enda: good morning. there's no doubt china is in a position to taper some of it support. we are seeing a robust recovery. bloomberg economics upgraded the forecast to over 9%.

the retail and services are lagging. investment is lagging in the broader recovery, but nonetheless, the central bank is signaling it can take its foot off the gas. the physical pullback isn't as tight as you might imagine, but they are trying to rein in some of the deficits. regardless of the doubts on how china is doing, it is definitely on a different path to where the rest of the world's. we see what is going on in the u.s., as you well know. they are going full out on fiscal stimulus there. the euro is pushing up stimulus, as are other major economies, but china, while it does continue to support the economy, it is also signaling that we are continuing a fairly different approach. so there is a debt virgins happening between china there is a divergence happening between china -- there is a divergence happening between china and the rest of the world. jonathan: can we talk about the

tension between the u.s. and china right now? from where you sit in hong kong, looking to the mainland right now, how is that playing out? enda: this is an ongoing feature. on the pure economy side of things, we spoke a lot about decoupling over recent years, but china's sales are going gangbusters to the u.s. china can't ship enough of its goods to the u.s. market. on the financial services side, china continues to open up, especially to u.s. banks, so we are seeing wall street make progress in terms of the joint venture operations. but there's no doubt in terms of the bigger picture, these tensions only seem to be getting worse. we saw that move with sanctions this week both on the u.s. side and including the european union and other countries, squeezing in on china over xinjiang and other human rights abuses. we know there's ongoing pension over the technology space, for example. china is doubling down on a big push to develop more of its own

technology driven economy so it doesn't have to rely on the u.s. as much. the message that came out of alaska last week was if anything, it shows you where things are right now, which is pretty much a rough patch between both economies that is not likely to improve anywhere in the near term. lisa: just to wrap up ahead of a conversation about the u.s. perception among the public toward china, what is the chinese public's perception towards the u.s. right now? how much support is there for the communist party versus for the u.s. government in some of their counteraction's to the pboc? enda: it is always difficult to be scientific about gauging opinion in mainland china. we do know through the state media in china, through the social media, certainly there is a bombastic nationalist tone in terms of the rhetoric in the press ended in terms of commentary on social media.

there does seem to be a broad groundswell of support behind the chinese because and against the u.s. side. there's definitely a streak of nationalism going on there. you only have to see what the chinese diplomats them selves are saying globally. so no doubt, and pinions -- no doubt, opinions are inflamed on both sides right now. jonathan: one rear area which of the few areas where we have agreement down in washington, d.c., how to confront a rival superpower. let's bring in mohamed younis now, gallup editor-in-chief. what have you learned in the bowling you have done recently? mohamed: our survey we conducted in the second half of february, we asked americans about the favorability or perception of a series of nations. we found a record low favorability of china, and this goes back to 1979.

20% of americans say they have a favorable view of china. in this poll, we also ask about perceptions of who the greatest enemy is of the united states. in the past, north korea got a lot of attention back in 2018, when there were a lot of missile launches and rhetoric going back and forth. this year was the highest record ever, and this goes back to 2021, where 45% of americans think that china is the greatest threat. they also perceive china to be the leading economy of the world. when we ask americans about the critical threats to the vital interests of the united states, china is one of the many areas where there is agreement on both the right and the left in terms of viewing its economic rise as a threat to the united states. 78% of republicans, 52% of

democrats, and about six in 10 of americans overall. jonathan: whenever we talk about this topic, i try to use the words chinese communist party and talk about the government, not the chinese. i know a lot of people do that innocently, without malice, they referred to china as the chinese and not the chinese communist party. i think this is important because i do wonder, at a really tense moments for the asian american community and the deeply upsetting issues that have been increasingly highlighted over the last several months, whether there is a risk of conflating the issues around the chinese communist party and they bleed over and spill into and exacerbate maybe a much nastier cultural issue here at home. mohamed: absolutely. it is more important than ever to make that distinction. i am happy to have the opportunity to do that. first of all, in terms of favorability, americans on the whole really do distinguish between china and just asian

people in general. the data panned that out. japan has one of the highest favorability ratings of any country among americans. taiwan's favorability rating is on par with israel. so the notion that the favorability of china or chinese policies, and specific with trade, that is where the concern is with a vast majority of americans, certainly shouldn't be read to mean that everybody in america or 45% of people in america have negative feelings towards chinese people were citizens. of course, we have seen a series of very horrific -- smaller ones across the united states. it is not really new for the united states. but what we know from the past is, take trade, for example. americans are very positive on trade. they tend to be very positive on trade with most countries that have a major trade relationship

with the united states. mexico, canada, the eu. but they have consistently had a less positive relationship with china in particular. we definitely don't want to complete these two issues, first and foremost because human beings should always be treated as such, and not as a reverberation of policy. i can comfortably say that i strongly believe in that. but in addition to the fact that these issues are real, they are long-standing, and a lot of the rhetoric we saw, even around the covid virus, had likely egged on some of that concern. but americans still know the origins of this pandemic was in china. there's a huge issue with the world health organization and information about the origins of it. so the issues are real, but it is absolutely essential that we separate policies from persons. lisa: we only have about 45

seconds. what is the implication of public feeling right now in the united states, increasingly that china is the biggest economic threat. is it military action, or more support for actions in washington, d.c.? mohamed: overwhelmingly, americans view this as an economic challenge. from the perspective of public opinion, there's a huge security element to this. but the more we ask about trade issues come away for more of them actually focused on. when we ask about the situation between china and taiwan, only 30% of americans viewed that as a credible threat to the vital interests of the united states, versus the economic crisis. jonathan: come back soon. i would love to push this one further. from new york city this morning, good morning to you all. alongside lisa abramowicz, i'm jonathan ferro. on the s&p 500, we bounce back a mere 0.25%.

in the bond market, yields are unchanged. seven year coming a little bit later. euro-dollar, $1.1811. unchanged going into an interesting summit later, and a news conference with the president of the united states, his first one as president. it has taken a while. from new york, equities up. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. a legendary dutch salvage firm has taken up the task of trying to free that giant container ship that is blocking the suez canal. about 180 ships are waiting to transit the canal. new york governor andrew cuomo reportedly arranged for his family to have special access to government run coronavirus testing last year. according to "the new york times," the testing mostly

happened last march, when testing was not widely available. samsung is preparing to release the next generation of memory chips to keep up with the growth of data centers and artificial intelligence demand. the world's biggest memory chipmaker promises to double speeds and offer the biggest capacity yet. the chips will come out later this year. fidelity has applied to list a bitcoin exchange traded fund that would track the cryptocurrency using pricing from u.s. based exchanges. several other bitcoin etf proposals in the u.s. have failed to win approval from the sec. president biden will hold his first formal news conference at the white house today. he is certain to face questions about two recent mass killings, the coronavirus, and a surge in migrant children at the border. critics have accused the president for waiting two months to hold his first news conference. 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'm ritika gupta. this is bloomberg. ♪

>> it's important to have a good sense of what you can and can't

do because that's what allows people to say, here's what i can do, here's what i can't do, i am going to continue to follow the rules. when you ask people to make rules for themselves, they will always veer on what feels more comfortable for themselves. jonathan: if you've had a vaccine, what can you do? we have a government worldwide that tells you what you can't do for the past year. people want to get back to normal. people want to feel like if they get vaccinated, they can get back to normal, and still, the guidance from the cdc is pretty light. lisa: the push/pull of trying to get people vaccinated, there's a reason to do it even though we feel that -- we hear that some people feel tired or their arms hurt afterwards. again, we are living in the fastest moving science experiment in recent memory. jonathan: and the fastest moving

economic experiment as well, that we will discussing -- this we will be discussing it out for a long time. the nasdaq up by 0.4%. your yield unchanged on the 10 year maturity. euro-dollar unchanged at $1.1812. touch briefly on this tension between china and the united states and the region of xinjiang. a statement coming from the -- association, urging western countries to stop wrongful actions by putting restrictions on changing textile products -- on xinjiang textile products. the statement came from the china cotton association. the conversation around h&m and nike this morning, and maybe talk of a boycott in the mainland in china because they

have been boycotting cotton from that contested region in the mainland. lisa: and it raises questions for the u.s. government, and frankly the european union, if they are going to but sanctions on the chinese government. what are they going to do to support their companies that have revocations with respect to boycotts? looking forward to the conversation with kevin cirilli later. not whether i am breaking overtime and about to have a nexus crisis slowly -- and existential crisis slowly. [laughter] jason farley is with us, johns hopkins school of nursing professor. let's talk about antibodies and what we all need to know this morning. jason: good morning. it is still certainly early to me. we know that we can

differentiate vaccine related antibodies from disease, and that is a very good piece of information because it has told us that when we are doing these large studies which will ultimately help us determine what the total impact of this virus has been on populations, we will be able to say this is a vaccine related antibody or disease-related antibody. basically, the way we do that is we look at spike proteins and the differences in where anybody production is occurring so that the vaccine does not produce a nuclear caps on related antibody , whereas the disease produces pretty much everything else. we know if we see an individual with the positive antibodies, that is from infection, and if they don't have that, that is from vaccines. an easy way of differentiating, and we now have the testing modalities to be able to do that. that is important because we are looking at things like the first cases of maternal to child

antibody transmission which is really great, so we will be able to know if that child received the antibody from the mom as a result of vaccine or from prior infection. that is good news for the newborn, rip -- newborn, by receiving those antibodies, at least for the first several months of life. jonathan: that is really interesting. when you put it all together, i do wonder what it means for the kind of levels we need to hit for vaccinations to say that we can all get back to normal. do you think if there's enough of that in the community, does change that number? how would you ever now? -- how would you ever know? jason: in the studies, those numbers are forthcoming. we are doing those studies right now through the coronavirus prevention network, which has multiple sites across the united states.

these are the types of studies where a single blood draw or saliva sample will be able to tell whether the person has antibodies from vaccine or from prior infection. that helps us build the picture of what the total proportion of antibodies is in the population, and give us that mythical potential for herd immunity. the question does remain, we have seen populations with large months of circulating antibodies. we have repeatedly talked about the course in brazil, for example. so the race against time is though the antibodies cannot help in certain variants, people still get infected, people still transmit depending on the variance, so brazil has stayed a case where cities had herd immunity established, and still we begin to see rises in cases, continued hospitalization, as well as deaths in this

populations. so the race is to get ahead of those variants to ensure that even when we get to herd immunity, it is going to be safe enough to reduce restrictions. lisa: do we have any sense of how long the immunization from vaccines, from having a prior infection lasts? this matters at a time when we are talking about global vaccine passports. jason: durability is on the mind of most facts and allergists. we have certain -- host vax and allergists -- most vexing -- most vaccinologists. those who have higher infection levels that ultimately lead to hospitalization, but not death, we see those individuals develop high levels of antibodies, but they wane over time, and six or more months, we generally see antibodies below the level of

protection. however, there is a glimmer of hope in that patients who have had prior infection who received a single dose of vaccine have now been followed to determine whether or not that single dose produces antibodies similar to or equal or more than the both doses of the vaccine. what we have found is that after you have been infected, a single dose of vaccine may lead to antibodies as high as the second dose of the vaccine. that is good news as well, suggesting you get a boosting effect from that first shot of those antibodies, which then helps us to realize that we will likely need booster injections regardless of whether or not we get ahead of this virus. jonathan:jonathan: always great to catch up with you. jason farley, johns hopkins university professor of nursing. the latest number in america, 2.4 9 million doses per day, your average daily vaccination

rate over the last seven days. coming, chris verrone, strategas partners. a bit of a rout yesterday at the close. from new york, heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪

♪ >> we are reemerging from a recessionary environment, and this recession is different from some of the others. >> the dollar was very expensive and is expensive because the u.s. had exceptional monetary policy. >> while much of the markets could look frothy, there might be room for the fed to normalize rates. >> it once a steep curve, and we are getting that, and i think we all better get used to that. >> they always keep on emphasizing it has to be persistent. it has to really be a situation where the whole economy is boiling over, and we are nowhere near that point at this stage. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: it is all about politics and policy. from new york, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene back on monday. on the