>> the market is very much one-sided, optimistic about gdp growth. >> inflation, that has taken the steam out of markets. >> no doubt this biden stimulus will stimulate the economy. >> the case to consider tax increases, fiscal positions, is compelling. >> if we start to see inflation rising, that could be exported elsewhere. announcer: this is bloomberg surveillance.

jonathan: as my good colleague would say, rip up the script. good morning. this is bloomberg surveillance live on tv and radio. lisa, that bitcoin call from skybridge saying the fate of your portfolio will be dictated to how you are positioned around bitcoin, in the same way the performance in '07 was dictated around the price. lisa: of course his book, a significant portion is bitcoin. it is now more than 13%, total holdings. they are not adjusting that, not necessarily selling, which raises questions on volatility and risk. it is a better bet on the macro

scene then anything else right now even given incredible volatility. jonathan: he is not rebalancing. will others have the same situation and be willing to tolerate that volatility? massive move north of 80% this year already. trying to clarify that with troy. you are comfortable with 13%. 25%? how far do you want to take that? lisa: he said interesting things we have probably seen the peak amount of opinion. that has already happened. he built the position in december and saw the momentum building. now he is holding into the future. is the regulatory landscape -- institutional investors decide whether or not to follow in the

footprints depending on the guidance from the fcc. jonathan: the debate continues ahead of the opening bell. here is the price action on the s&p. we drift higher. bond market, yields with a lift. choppy last couple days. soft again. up 4 basis points. euro with a 1.17 handle. how amazing has it been to talk about euro-dollar? the story has been obvious for a while. the news out of europe, incrementally bad. the news out of u.s., incrementally good. it took a while to see a clean break in the euro. lisa: something happened. angela merkel's comments about shutting down the nation over easter was deeply sobering.

she reversed it in an unusual policy, it still stands out as highlighting the starkness of reality there. how far they have fallen behind. eu summit taking place yelling at each other over who is to blame for the bungling of the vaccine rollout, not giving confidence. jonathan: let's add to this. great to have you with us on the program. the stories are so obvious. three months. it takes a while to see it breakthrough markets cleanly. why? >> on vaccines and reopening? jonathan: on euro and u.s. specifically. euro-dollar held in until the last couple days. travel, ledger stocks have performed nicely. we keep asking, is it well

priced? >> i hear you on that. we have to be cautious of the fact that the vaccine alone and cobit alone is not the whole story. -- covid alone is not the whole story. how are those companies affected by their slow rollout of the vaccine? the domestic implications are negative. many companies are exporters. many are cyclical. when you see the u.s., what we would call a great reopening, their opportunity for export is high so you have to look at the big picture. then there is the valuation. the stock opportunity spreads have been enormous between valuation of u.s. and other countries. u.s., world versus u.s., value.

there is a huge opportunity building for selection, sector selection, security selection. it is bigger than the headlines. jonathan: it is in the data. business confidence in germany, despite what we have seen is picking up. why is the outlook brighter? because what is happening elsewhere is looking better. it is not just europe. it is the international story. beata: that is right. that is why we are remaining committed to being a global investor. it depends on your perspective. i heard the conversation on bitcoin and your follow-up. we look out for clients for decades, not days. we think it is a mistake to be a u.s. only investor. geography, you will have

trade-offs in the individual countries and their potential. no doubt about it, europe is really behind the u.s. in terms of covid today but you have to think long term. global businesses are headquartered there. the great reopening in the u.s. will drive outcomes there materially. lisa: what is the biggest bet you see right now as undervalued in a world that seems completely overvalued? beata: i will argue active investing may be the biggest bet we are making. the idea that you cannot just on the index. the s&p last year, incredibly concentrated, the top seven stocks representing the highest concentration we have seen in the index ever. we know what those companies are. they are intact. the work from home beneficiaries. with this reopening, work for work will matter more and cyclicals matter, industrials matter, small caps matter,

utilities. the sectors so underperformed last year and our theme with clients was balance. let's not pivot. let's maintain exposure all the time but let's be active. let's make sure security selection and focus on fundamentals is our guiding light and that remains the case today. lisa: perhaps this will be the year of active. people saying this along time. this time really is different based on index construction. active management and portfolios, let's go back to where we started. the interview with troy of skybridge where he said the key aspect of a portfolio, which will be the big win or not for '21 is bitcoin. are you investing? beata: we are not investing in bitcoin on behalf of our clients. we think about number one, what

is the fundamental case for the asset class? what is the return, risk and diversification story? can we research that story with an edge? we have a long way to go in crypto space in terms of determining the edge and what the valuation should be. the influence of the individual investors not going away. when you look at the influence on bitcoin today it is huge. it is hard to predict that behavior. we feel much more confident about asset classes where we can be aware of the fundamental story. for clients concerned about inflation because they are spending a lot and their portfolios don't have wages going up if we hit inflationary periods, we think about a balanced position like bonds and diversified real assets. those are asset classes we have decades of experience in driving the fundamental story. bitcoin, we are simply not there

yet. jonathan: great to catch up. transparent and honest. same position. still him. trying to understand the asset class more. i have spoken to people who are for it. others don't have the stomach for it. they don't understand the moves, what is behind them. i am in the same position. to find an edge on that is tremendously difficult. lisa: and how to define it. skybridge, troy didn't talk about this being gold he would use as a form of currency. he was saying this is a bet akin to the short position on subprime yet this is representative of the larger theme of monetary debasement, printing money to get us out of the hole. are people going into this as a trade or as true digital goals with long-lasting footprint on the system?

jonathan: we have to continue asking questions. it has become tribal. you have diehards on the one side and on the other.i have been humbled by the price action of the last 12 months. huge moves. lisa: everyone. jonathan: against the wall of doubt. the questions remain. you try and push back, try and counter, play devils advocate. we have been asking the same questions for the last several years. it just keeps going higher. lisa: exactly what she was talking about. the idea that institutions are still reluctant to go into the class because it has not gotten the blessing of an official body. it is not being used in a fundamental way to analyze. what tips the balance? that is what institutions are looking for. others are not waiting. jonathan: troy sharing more clarity on his position. 13% of the portfolio. would you let it go higher? has not mayday call yet.

not planning on trimming. going into april, troy with an interesting call on bitcoin. fx market, euro-dollar, bonds, yields higher. the equity market up 1/10 of 1%. this is bloomberg. ♪ reporter: it will take longer than feared to free that container ship blocking the suez canal. it will take at least until next wednesday and maybe longer. at first it was believe the operation would only take a few days. that disruptor global supply chains covering everything from oil to cars. the fed is signaling an end to the pandemic restrictions that drag on financial stocks. they will be allowed to resume dividend increases at the end of june.

limits on stock buybacks will be lifted. citigroup has hired the chief diversity officer of goldman sachs to lead efforts to diversify its own workforce. erica brown is joining as global head of talent and will oversee succession planning and leadership development. we work has agreed to a blank check, taking the provider public. $9 billion, including debt in 2019, valued at $47 billion, financing with softbank. shares of gamestop on a roll. the retailer is higher after gaining 53% yesterday. some of the others favored by investors on reddit, also

higher. global news, 24 hours a day, on air and on quicktake from bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta, this is bloomberg. ♪

>> in this case, it was clear to us there would be a big movement somewhere in the near term so we

needed to frontload that, so we started nibbling in mid-november. we think this year it will be between 8-12% because bitcoin has grown. it is a unique opportunity because you are getting paid for that risk. jonathan: good morning. tom keene back on monday. no doubt, we will carry on this conversation on monday with a big call from skybridge. lisa: the implications for the macro backdrop for this year, the idea of how much money can you print before people look for a new way of putting their money somewhere? jonathan: rest of the price action this friday looks like this. on the s&p 500, we advance a little. yields climbing, last couple hours. crude still at $60.

up to percentage points, two. you will have heard there is a big ship stuck in a canal. you don't need it from someone like me. we need someone smart. jeffrey, thanks for your time today. the media throws around the word "crisis" all the time. help me understand how close we are to what you might call a crisis and how you define one for the shipping industry? jeffrey: you never want to waste a good crisis, especially in the media. this is unprecedented. you have a vessel of this size, stuck to this degree, it is a crisis when it comes to global shipping. the suez canal is a major canal. you have to divert, reroute go

around south africa. the big question will be the degree of duration. does it take five days? 12 days? five weeks? we are hearing so many conflicting reports. the egyptian government is saying it will be fixed this weekend. that is optimistic. possibly there is an easter miracle. it could last a few weeks. the flow is massive. four football fields in length. the empire state building floating in the canal, basically. it will take extra equipment to dredge out the siding the vessel has run aground against. if it takes a few weeks, there will be a tough decision for current captains and shipowners to say -- do we wait this out and hope to make it soon? or do we cut our losses, leave

and go around south africa? that takes an extra 12 days right there. it is a tough decision. we have seen global shipping markets and tankers with rates jumping 20%. this is a short-term crisis at least. jonathan: the word the central bank is throwing around is transitory. do you see any permanent damage being done the longer this goes on? randy: i thought it would be 2-4 days because this being such an important waterway. the damage is there. permanent is a strong word. they will do some kind of new regulations around limits, size of ships that go through this canal. they recently expanded it. that is why this 20,000 teu vessel, which holds 20,000 of

those containers, massive ships going through this. they might change the speed limit. we could see regulations. there will be canal damage that has to be fixed. i don't think it will be a long-term permanent thing. the month of april could be impacted. lisa: this came at a terrible time. supply lines were already stressed in major ways. i sound like a broken record. i was struck by how much the digital era has highlighted some of the vulnerabilities in our fundamental, physical infrastructure world. how much do you expect that to have long-lasting effects? the idea that companies have to invest more in rearranging how they get goods, where they go, how they go, to meet this world we are becoming? randy: great question. we have seen shipping become, taken for granted as an

afterthought. when you see these crazy events, sanctions step up, vessels being attacked in the arabian gulf, piracy, all these one-off events, you realize it is a tight balance with supply and demand and flows of the supply chain and container shipping and tankers. there is going to always be a disconnect between regions, producing and consuming, thus the need for shipping. that said, we are already seeing sourcing on the container ship side. inventory levels are low now but the plan is, look, we cannot keep living by a thread. we need to increase inventories. this is for all commodities. the global supply chain is tight. container rates are very strong.

they are making record earnings. tankers have been bad. rates have been bad in recent weeks, especially with limiting production and all these demands. in the last few days, rates had been going up. lisa: i want to finish their. -- there. the cost to ship to europe has tripled. will prices come down? lisa: they certainly will. randy: you certainly won't see these levels forever. $2000 for one of those 40 foot units, $8,000. we don't expect it to go back to $2000. it might go to 5500 dollars. people are spending more and more money on furniture, containerized goods, clothes, appliances and less on travel,

sporting events, concerts. rates will go down from here but they are not going back to $2000. jonathan: great to catch up. takes a long time to build a ship. that is a big issue, to get supply to reach more demand. many of the shipping container companies have been conditioned by the previous cycle. when they got whacked, and we had oversupply for a long time in the shipping industry, those echoes might be elsewhere. ultimately, what have we seen in the last year? demand collapsed. we saw a monster inventory build off the back of this in a short amount of time. it will take a long time for those issues to fade. the conversations we are having all go back to the same thing. what is transitory, what is permanent, what will last a couple months, what will we work our way out of? lisa: all good questions which

we will find the answers to in the next few weeks. jonathan: coming up, the philly reserve president. looking forward to that. ♪

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jonathan: from new york city at, for audience worldwide, this is bloomberg surveillance. alongside lisa abramowicz, i'm jonathan ferro. up four on the s&p. bond market yields climbing higher. about 1.67 u.s. 10 year yield right now. economic data dropping. let's cross over to michael mckee. michael: we are looking at the advanced trades good balance that comes in a little bit worse than forecast at 86.7. the prior was 83.7 billion, and that will contribute to a wider first-quarter deficit. here comes the income and spending numbers. that is what we wanted to see.

personal income down 7.1%. last month it was up 10%. this is because the stimulus checks came out in january and not in february. spending down 1%. it had been up to .4%. the forecast was for a .8 decline, a much worse number than anticipated. pc deflator comes in softer than anticipated. on a year-over-year basis, we see the pce deflator go up .1 to 1.6% from 1.5% although it does not seem to matter a lot at this -- at these levels. this is also february. it is the march/april data that will matter because those are the months the price indexes dropped off the map. joining me to talk more about inflation and the outlook for the economy is patrick harker,

the president of the federal reserve bank of philadelphia. good morning to you. thanks for joining us. inflation came in february but that is not with the fed expects going forward. the philly fed index was the highest for prices paid in's 1980. you anticipate a rapid rise in prices? patrick: that is not what we are hearing across the board. we are hearing in pockets like manufacturing or supply, there is price pressures. what they are not doing is planning on passing much of that along to the consumer. inflation story is complicated. we will see march and april drop-off spirit they were low months because we were shutting down the economy. we will see a spike in inflation. our forecast is for inflation to creep up and our goal is to have

it above 2%. our forecast is 2.1%. we do not see it running out of control. michael: what about the idea that on the spending side people are reluctant to go out? what are you hearing in philadelphia. we are getting more jabs in arms and yet we see personal spending declined in february. patrick: it has been choppy because the virus has been variable. we have had good months and bad months. we are seeing numbers rise in this region. until we get through this period , we will see a lot of volatility in all of these measures and that makes them hard to read. for me as a policymaker, i want to hold steady and make sure we get through this, then we can start to normalize once we get through this. michael: when you say get through this, how long you think it lasts? patrick: when you talk to

epidemiologists, they will say sometime in the fall we should start to get herd immunity. i am concerned about some of the things we are hearing. vaccine hesitancy is real. we hear this from our health care contacts. health-care workers are reluctant to get the vaccine. we need to make sure we get vaccine into people's arms as quickly as possible. michael: what are companies telling you about finding and lloyd ease? -- finding employees? some companies seem to be saying they cannot find enough people. other companies say they do not need any more people yet. patrick: it varies by sector. in manufacturing skilled labor is a real shortage and we are hearing this from all of our contacts. there is a warehouse in central

pennsylvania that the starting salary for people is $23 an hour. it depends a lot on the sector of the economy. hotels, hospitality and leisure, some of those are having problems getting people back to work because those people decided to switch careers to something they think is more stable. michael: a lot of people say the fed does not have tools to boost employment, but you have a new one at the philadelphia fed to help people switch careers. patrick: through our community development function at the fed we have been doing work for a long time on what are the skills necessary to help people get into the middle class, where you do not need a four year college degree. we call those jobs opportunity occupation. jobs that pay above medium wage where you do not necessarily need a college degree. we looked at 33 metro areas, along with our colleagues in cleveland, and so on average increase of $15,000. that is people with upscaling to get a better job and improve the

lot of themselves and their families. we build a tool meant for jobseekers, lawyers, community colleges and other training organizations, policymakers, to see what is available. let me give you two examples. let's say you're a receptionist in philadelphia where you have skills you can upskill to a medical secretary and see an average of an increase in 26% in your salary. say you in cleveland and a cashier. with training you could be a customer service rep. you can see an average increase in salary of 135% it is not just white-collar jobs. you can lay out a map of what skills you need to get to get the jobs that are growing or shrinking. you can also see whether those jobs are growing or shrinking in your region. michael: i know if i ask you about market interest rates you will say markets do what markets do. here is what i am interested in. rates have gone up.

mortgage rates have gone up. car loans have gone up because the market is pushing rates higher. our people more sensitive to that when they have been so low. is it more of a risk we see activities slow because the markets have pushed up rates? patrick: i have not hurt anybody say they are not investing because of rates. it is because the demand side or the uncertainty they are facing. we need to resolve this uncertainty so people can make the right decisions. the consumer, maybe. we are not talking about massive increases in rates. we are talking about 100 basis points, maybe? this is historically not something that is affecting people's decision to buy a car. maybe on the margin, the size of the home they get. this is a good sign in some ways that rates are going up.

we do not know exactly why, but one of the plausible reasons why israel rates are going up. people are more optimistic about the economy. we have been hovering at neutral real rates for a while. the fact that is rising is a good sign because it shows optimism. michael: a question i put to the chairman after the news conference that did not get an answer i will put to you. you mentioned real rates in the long term. when do we get to the 2.5% neutral rate that is considered the long-term rate for the fed? do you get to 2023 and we do not see inflation out of control, do we leave rates at zero indefinitely? patrick: we will have to see when we get there. i am not sure that would be my policy prescription. if we are seeing strong unemployment, back to where we

were before the pandemic. low inflation, great unemployment numbers, that is where we want to get back to. there are risks that keeping rates too low. it is a matter of balancing these risks. it is very situational. you cannot make this decision. you need to see the data and see how things are unfolding. michael: you talk about the risk of keeping rates too low for too long. a lot of people point to bitcoin and say the fed is inflating bubbles. how much of a concern is that to you? patrick: it is something i keep in mind all the time. that and the cost to savers. people say on fixed income there is a cost. we need to get the economy to recover, we need to get the economy to heal with minimal scarring. that was the goal of what we did at the fed for the past year, trying to preserve as much as we can of the infrastructure of the economy.

i think once we get through this we can start to then think about how we normalize. michael: when we get to maybe 2.1% inflation, or a little bit higher as some of your colleagues forecast, the markets will start pushing up rates. the question is this is this a showdown between the markets and the fed and will the fed blink? you have a new framework to work in you never have before. the markets will want to test it. can you look through rate increases or is there level at which you get concerned? michael: there is -- patrick: there is obviously a level where we get concerned. within the realm of reason, i am of the camp where we stick with our framework and we let inflation run above 2% for a while, not running out of control, but above 2% for a while. that is what we have committed to with our framework and i am

committed to that as well. michael: everyone will be looking to wage inflation to tell the story of whether or not we are seeing inflation rise too quickly. in the last beige book the philadelphia sector said wages are rising because of demand -- the $15 minimum wage, one philadelphia ceo says come is already here. are you seeing a rise in wage pressure? patrick: you look at the warehouse in central pennsylvania paying $23 an hour, they are getting their workers from somewhere, and those workers respond by trying to raise wages to attract new workers. we are starting to see that. it is not across the board. it is certain sectors. michael: not a wage price spiral? patrick: i do not see it right now. it could happen but we are not seeing it running out of control. michael: patrick harker, thank you very much for joining us. he is the president of the philadelphia fed. reasonably optimistic outlook. jonathan: you see that in the

commentary around long-term rates, reflecting the optimism. what you have to do is when we start to see the data, see who is committed to the new framework at the fed and maybe who isn't. certainly at the moment, mr. harker seemingly committed to that new framework. michael: he did say there is level at which he would be concerned. interesting to see how fast market rates adjust once we get the numbers from march in terms of the inflation data. margin april are the two worst month -- march and april are the two worst months. if commodity prices keep going up there will be tough headline numbers. do they blank? -- do they blink? jonathan: this is the opportunity to tease the next show with mohamed el-erian. the reason i bring this up is -- taking the opportunity to draw it out a bit longer.

an important conversation about whether they would've adjusted this framework at the federal reserve if they would've known what is about to happen with fiscal policy, with the monster vaccination rollout, would we have seen this framework adjusted to the degree it was at the end of last summer if they knew what would happen at the start of 2021? lisa: fiscal policy is still happening. the $1.9 trillion stimulus plan a lot of people view as short-term inflationary but not long-term and nation area. -- long-term inflationary. the infrastructure spending, how much does that shape their opinion? jonathan: before we go, mike, your view on that. what you think on that? do you think the framework will of shifted that much if they know what the impulse will be in 2021? michael: i do not think they would have changed significantly because the ideas not how fast you get there, but how you get there. jonathan: mohamed el-erian

coming up later on bloomberg tv. lisa abramowicz will drive you into the 9:00 hour and bloomberg radio. on bloomberg tv we will catch up with mohamed el-erian and talk about the bond market. yields higher on tends. equity market up one third of 1%. almost there to the weekend. heard on bloomberg radio, seen on bloomberg tv, this is bloomberg. ♪

>> now is the time to clear the backlog and repair our highways,

roads, bridges, airports, and more. to enhance freight and provide accessible public transport and mobility options. i stand ready to work with members of congress on both sides of the aisle to deliver and if the structure package that meets this consequential moment and ensures a future worthy of our great nation. lisa: transportation secretary pete buttigieg speaking on the importance of an infrastructure plan. that was the message from joe biden at his first press conference as president of the united states. this next conversation, i love this. we have been having a series of candidates for new york city mayor talk about what they will do. this is important for the city of new york but it comes in a pivotal time for big cities across the world. we have situations where the potomac has shout -- where the pandemic has challenged them. joining us is my a wily, democratic candidate -- maya wil

ey. democratic candidate. i want to start with your experience working as a counsel to mayor de blasio. i wonder, heading into this election, is it a benefit or a good track your? how do you plan to use how he has handled the pandemic in order to inform your campaign? maya: thank you for having me. let me start by saying, i stand on my own two feet. this woman has done that as an activist and advocate, a civil rights lawyer for 25 years before i went into city hall in 2014. i was grateful for the idea -- for the opportunity to serve because i'd been a public servant my whole life. as the first black woman to be a counsel to a new york city mayor, i was both proud, but i was also excited. i was excited about the fact we

could do transformative things for this city. i was proud i got free broadband to every single resident in queens bridge houses. the largest public housing development in north america. that mattered so much as we see at a time of covid, when too many of our children did not have internet access. we knew that before covid. having been able to show government how it could do something it has never done before, do it by getting agencies to partner and do it focusing on the folks that need it. that is what i had the opportunity to do and that is what i will do as mayor of new york city. lisa: the pandemic has shown a spotlight on the disparities within income brackets in new york city and around the world. there is an issue of paying for it and how do you tax people, how do you spend the money

required for all of these assets , these necessities, at a time when if you hiked taxes too much , wealthy individuals will just move? maya: this is such an important question. i start from the vantage point of the fact we need a different kind of leadership in this historic crisis. i am the kind of leader, because this is what racial justice work requires, which change work requires, it says all hands on deck. what we have to do is partner and work together as a city and with our partners in albany and washington and say everyone has to put on the table what we have to give. there is so much when we have this conversation. let me be very clear. i have put forth a platform about stimulating the new york city economy, because having worked in city hall i know how city government works. i know where the resources are. we can create 100,000 new jobs

and i will create those jobs by spending $10 billion on capital construction. that is a part of the budget i will control as mayor, to build things we need built in fix things we need fixed. building affordable housing. that is important to recognize. lisa: when you were talking about how people should come to the table and give what they can give, are you saying you do want to raise taxes for the people who can afford to pay them? maya: i do. i've been very public about this in my positions. here is the thing. it is the thing we mess. it is how much we agree upon in this city. we have been so deeply divided, or feel deeply divided. i want to remind folks that during covid, we actually added jobs in the tech sector. during covid we had folks move into the city. we have growth sectors in the city.

it is life-sciences, it is tack, it is health care, it is many other things. when we focus on her assets and ask people to invest, the thing i hear back is look, maya, i love the city, i never lived in it because it is cheap. it has always been one of the most expensive cities. will i have quality of life, will the schools get better, will public transit get better, will we solve street homelessness? i've a plan to do that. when they hear that a lot more people say if i have a boys and it will help bring the city back -- if i have a voice and it will help bring the city back, i am in. lisa: there is a question about the pandemic and how this has shifted the equation. we had seen outmigration from new york city for people that can afford it because they may not have to go into the office anyway. there is a belief you can work remotely so it does not matter

if you go somewhere cheaper in terms of taxes as well as cost-of-living. what you say to people who argue that this will be a different time of mobility because of the remote working era? maya: i would say we are in a paradigm shift moment. there is no question. that paradigm shift is coming because technology was already bringing it. what covid did was fast-track. what that means, when we are in a paradigm shift moment, it means nobody has the answers. i noticed talking to corporate leaders they do not know. what i do hear is we saw a decline in productivity. we know we need some physical connection. we know it cannot be 100% virtual. we are trying to figure it out. part of why we need a different kind of leadership, kind of leadership i will bring as mayor, is because we need a leadership listens and art nurse, because -- listens and

partners, because that is how you figure out how to do transformative things. that is how i got more people broadband action. the city has never done that before. that is how we have to leap into this moment and that does mean being creative, being partnered, and calling folks to the table. the other opportunity we have is to reshape our space, and that is why i will create an office to manage open space as well because we have to rethink things. maya: -- lisa: maya wiley thanks for being with us. maya wiley is a candidate for new york city mayor. right now in markets you see the nasdaq trailing all others, down about 30 points. we see the s&p up almost 10 points. meanwhile you see yields off their earlier highs. mildly up.

1.66%. coming up at noon, pgim ceo david hunt will be joining bloomberg television to talk about reallocating in a new world. this is bloomberg. ♪

♪ jonathan: let's get this week

wrapped up. from new york city for our audience worldwide, good morning. the countdown to the opening bell starts right now. we begin with the big issue. the president doubling his vaccine target. >> the vaccine rollout will probably be the game changer. >> under promising it over delivering. >> doubling down on the vaccine rollout. >> everything we were seeing now makes sense if you believe u.s. exceptionalism. >> u.s. exceptionalism in terms of better vaccinations. >> we will hit the 200 million doses. >> the vaccine rollout that started somewhat watched has accelerated dramatically. jonathan: the u.s. is leading the way. we will catch up with kevin cirilli in just a moment. europe is lagging badly. let's head to brussels and catch up with maria tadeo for the latest. good morning. maria: the