not tell the whole story. >> we need to get the economy to recover, we need to get the economy to heal with minimal scarring. >> higher interest rates and inflation are taking the steam out of the markets. >> people are pricing in success for the fed in term of achieving the inflation target. >> if we see inflation rising that could be exported elsewhere. announcer: this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jon: the mother of all margin calls, good morning, this is bloomberg surveillance. alongside tom keene, i'm jonathan ferro. lisa abramowicz out today. tom keene this is not your average tap on the shoulder. tom: not at all, through the weekend, and most of us a sleepless sunday night because this began don full thursday. i would focus on the word unprecedented.

somebody in the media saying it was precedented, it is unprecedented. jon: still we don't know. the assets under management under bill hwang could be any size. we still don't know what is left to unwind. tom: we will go through surveillance with experts that will give us their perspective on all of this. it really goes back to that phrase margin call. there is a point where the game is over, the brokers call up and say let's go, and you can't. jon: we start to see huge blocks trades come through in friday's session. we will talk more about this through this morning. let's start with the price action and get a feel for where we are. equity futures look like this on the s&p 500, down 16 points, down 4/10 of 1%. yields in two basis points to 16549. what's interesting to me is we

are talking a lot about the long side of this book over at archegos and what had to be unwound at the friday session. we have not talked about the short side and what had to be covered because there was a monster ramp-up into the close on the benchmark and i think a lot of people looking at that now and turning it back to archegos. tom: the real note for me was the sunday note that bork -- morgan stanley has a big block of viacom they are trying to unload. these are the mystery things, but little headlines out in the bloomberg and other media sources. what i really want to do this morning is lose asteria. you are right to look at both sides of this mess. the one side believing you will go up and the short side. this is not gamestop. jon: it's much bigger than that. i and marcus ashworth. can we start with what we still don't know about the events of the past week? marcus: in some senses this is a

bit related to gamestop. remember the specific player in 2006 or 2007 when i was in japan in equities came out of nowhere and became our biggest client. obviously something's happened and hedge funds disappeared. it was the size and scale and this is what the gamestop eve those here is, that there is a chance to squeeze short-sellers which is still going on. i think the player felt he had some leverage. [indiscernible] with the share placement which took two big of a head. you have sellers at the other brokerages hit the red sell button to get out quick. but fc's -- tom: i know jeremy irons played you in margin call. let's bring out the famous quote

from the actor in margin call on the reality. maybe you can tell me what is going on and please speak to me as you might a young child or a golden retriever. it wasn't brains that brought me here, i assure you of that. explain to our audience what a total return swap is where the hedge fund doesn't own the stock, but gets the upside. how did they get away with that? marcus: a lot of the structure trades are done simply because it's an efficient way -- your taking the index risk which is what we bought back in the close on friday and you are taking away market overall up-and-down on one side of the trade, short, and long you have individual shares that are in baskets and you think they will outperform. you can structure this in a way which enables essentially leveraged to be put on it in a

much more sophisticated fashion so you can exit trades or put gain to trades in a basket fashion which has become the way the business is done in large-scale blocks from no one. you have the positions held by the bank in large-scale. there are several different -- tom: what is so important here is, the underlying is that the given hedge fund does not want people to know how much of the stock they own. they are way out over a 5% loan. jon: we have heard a lot about swaps, can you walk us through that? marcus: there is a belief, i'm not a hundred percent sure, but there is a 45 day reporting period. the spirit is being broken and

not the letter of any law. that is why the fcc needs to get up. each prime broker -- these are otc trades and they are fully in control of their own world with this client. the problem here is you have large exposure to a whole raft -- the whole industry of prime brokerage. if he becomes more important it's hard to turn down extra business. that is where perhaps we need to look at something like this can go on such a large-scale -- held by a bank or not him. it's clearly not sufficient. jon: before we let you go, in terms of how and it every individual bank -- no one losses we are likely to see in credit suisse which could be significant, is there something about the way they handled all of this over the last couple of days that has led to that or

something about a position before we came into this mess? sebastien: marcus: certain -- marcus: certain prime broker's have acted quicker -- brokerages have acted quicker. some are trying to work out what their exposure is and clearly there are outstanding positions. this will reverberate for several more days. tom: credit suite -- jon: credit suisse down by 13% over in trading in switzerland. marcus ashworth of bloomberg opinion. let's keep this conversation moving with seb galy. is there something happening more broadly or would you call this idiosyncratic? would you call it idiosyncratic or is it something bigger happening? sebastien: it's idiosyncratic but more complex than it seems, that's what we discovered when we have these crises.

prime mortgage of citigroup or goldman sachs are prime ones, but everyone else is competing against them to get business which means there is less requirement, non-collateral, less requirement on mismanagement, meaning they are more exposed. some have come out and some may not have come out to see what the risk management solution has been. it could in the next few hours get more information from other parties. >> i wonder if we are trying to spend too much time creating pretty narratives for huge moves in equity markets on the underlying story could be what we have been discussing for the first eight minutes of this program. sebastien: the problem is this is the domain of rumors. somebody knows this and is not supposed to transmit the information except to anyone concerned and it goes to whatsapp application and transmits itself through the industry rapidly. it's unfortunate something that has not been hit yet. tom: we studied this up, down,

and sideways. we can get fancy about receiver, payer, swap this, swap that. does this suggest the government will finally have to step in and say, what is the value of this derivative strategy echo sebastien: -- derivative strategy? sebastien: the value is measured by the prime brokerage and they set the margins that are the function of volatility and stress tests. it means the risk management of these various parties is inadequate either because they act alone or because they act in egner and's of what is happening with other prime mortgages. the question is whether the risk management models used by the prime mortgage are significant and their stress testing is sufficient. tom: would you suggest there are other hedge funds out here behind -- besides this singular event starting this thursday? sebastien: that i don't know. tom: how can you give us an

answer like that? jon: i think he is trying to stay out of trouble. we have to let you go. tom: thank you so much. jon: unimportant question that maybe he should avoid. -- an important question that maybe he should avoid. we have to talk about the banks, credit not looking good. tom: you have to focus, you wake up on a wednesday and you think you have the years set. all of a sudden it evaporates. in the case of number and tokyo -- maybe it's a year of profits and supposedly recovering at credit suisse. this is the idea that you're fine then you're not. the weekend, and we have not heard from morgan stanley. i am most interested in how mr. gorman and his team handled this trading event. jon: i'm looking forward to catching up with gerard cassidy of rbc.

we have to push ahead for payrolls friday. be of a over one million, looking for one million in the top end. 650 thousand around its median estimate. more than 3 million vaccinations and amerco stunning data -- tom: there is great data and the anecdote of it. you get to the motel 6 out of lax and you can feel the pulse tax jon: we are 11 minutes in. if you are not going to let this go, where has the beard come from? is it staying? tom: there is a heated battle. we are up to 23 yes. there is one person who says lose the beard. we have a bank of phone people come our interns have come into take phone calls. on radio and television. jon: if you still have that beard tomorrow morning i will go the whole week without a tie.

i guarantee management pulls you to one side and says "that's got ago." -- "that's gotta go." tom: someone said "you are no wolf blitzer." jon: that's true. down for tens of 1% on the s&p. this is bloomberg. ritika: with the first word news i am renick i grouped, the first steps towards reopening the suez canal. a giant container ship blocking the water has been partly refloated. the operation to free it completely still going on, no estimate on when traffic may pass through the canal. resident biden will divide his next spending push into two programs. he will focus on infrastructure and jobs this week.

the second proposal will focus on childcare and health care programs. that will be released in april. in myanmar, it was the deadliest weekend since the military coup in february. dozens of protesters were killed in battles with the military and police. one human rights group said at least 140 people died on saturday including some not taking part in demonstrations. angela merkel is picking a legal fight that underscores the gravity of the latest surge in coronavirus infections. merkel is threatening to assert federal control over measures to stem the pandemic. last week she backed off a wide-ranging lockdown on the easter holiday following widespread criticism. in new york a race to vaccinate national about 30% of the london population has had one dose compared to 23% in new york, 13% in singapore, and 5% in hong kong.

they are dealing with widespread hesitation about vaccines after reports of serious side effects and deaths. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta, this is bloomberg. ♪

♪ >> we are seeing in certain pockets like manufacturing with

the supplies -- they are seeing price pressures. they are not passing much of that along to the consumer, to the end customer. i think the inflation story is complicated. our goal is to have it above a certain level this year. our forecast is around 2.1%, we don't see it running out of control. jon: from new york city, good morning. alongside tom keene i'm jonathan ferro. here is the price action this monday morning. we look like this on the s&p 500 and we pulled back after a week of gains and a huge move higher into the close friday. this monday down for tens of 1% on the s&p. the euro-dollar still with a 117 handle. into crude, $60 and $.70 down for tenths of 1% and yields in a couple of basis points to 16567. a little defensive to kick things off this week.

tom: i'm watching the vix off the s&p 500, 21.0. that is there because of that huge pop up -- you have to get rid of that stock and you have an index on the stock so everything goes up as you go out on the selected securities. we are focused on the stories, we have a great hour coming up on the margin call news. in washington, emily wilkins joins us. what is beginning to shape up, is not billions, but trillions and trillions of dollars of new spending. we saw democrats ram through the stimulus legislation, can they do the same thing with infrastructure? emily: that's what they are going to be trying to do with this larger infrastructure package we expect president right into start laying out what

he would like to see this week. wednesday he will be in pittsburgh making a key speech. he will focus most of that speech on infrastructure and that is the part of this bill that could potentially be bipartisan. the idea is to break it up in chunks. with roads, highways, broadband, things democrats and republicans agree on. we expect the president to go more into other aspects of the plan including climate change, health care, child care, and that may be in a different package that democrats have to use the budget reconciliation process. tom: is anyone going to pay for this? emily: that's a huge question in d.c.. that's what we are looking at the biden tax plan four. that could provide some revenue for all or part of the spending package. there's the question of how much debt we want to take on and that's been a huge argument from republicans as to why they did not back the last spending

package and it could come as to why they did not back the next spending package. jon: forgive me for offering up the timeline question, but what is the timeline? emily: we can think of wednesday as the starting line. we have been stretching and discussions and negotiations have been ongoing but wednesday is when president biden will pivot the messaging from the previous covid package to this larger infrastructure package that could be as much as $3 trillion. we will see congress get underway with hearings and markups trying to work what can and cannot be in this package making sure they have unified democratic support which is huge because they cannot pass anything we are expecting to see negotiations throughout the spring and summer and then around september is the timeline we are looking at to make sure something gets done because there are a couple nickel deadlines. jon: this economy is set to

boom, and that is the story. to get more through down in d.c. we need to get it done before you start seeing this economy boom. the appetite to do it mike bickley wayne. look at the estimates of friday. bank of america, -- 950,000, these are payroll estimates. barclays for 900,000, these are big numbers and this is just the beginning. tom: let's go there. does the politics link you into what we see in the bloomberg and economic data? i don't buy it for a minute, they are on a mission. emily: you saw with the last spending package that number did not change even as you start to see the economy get better and more people get vaccinated more quickly. part of this rests on campaign promises the biden administration feels they need to be keeping for americans. democrats have a tough midterm election coming up and they want

to make sure they have been able to physically deliver something for the american people, in broader terms of something that is more long-lasting than that last stimulus covid package that we saw. jon: more than 3 million vaccinations in the united states of america on friday, the seven day average over the last seven days, the daily average is 7.1 million doses a day -- when do you expect to hear more from the cdc about what vaccinated people should be able to do considering the amount of vaccinated people in america is quickly wrapping up? emily: i think we can expect updated guidance from the cdc as a larger and larger percentage of americans have been vaccinated. we have heard the cdc way in and say if you have a bunch of people who have been vaccinated it might be ok for them to gather together in small numbers , you are still hearing those updates come through as we are hearing more vaccines come out.

there are questions about making sure that vaccines are meeting the people they need to meet and there are not individuals or groups of individuals being left behind. i think maybe if you get down to the nuts and bolts there is fine tuning that needs to be done in making sure the distribution process goes well. on the top line we are seeing increased numbers of individuals being eligible to get vaccines and being able to receive their shots. jon: always good to see you. always easy to get sucked into the latest noisy story. last week it was a big boat stuck in a canal. the underlying trend is something we have to sit on and not let us pass by. the story in this market is reopening. the amount of vaccinations on friday was phenomenal and the daily average is 2.7 one million and this friday is when the data starts and we start to see these big numbers in the eyes of economists. we are looking for anywhere up

to a million and we will see a lot more of this in the months to come. tom: in the week that i was away the gap between covid and europe and covid it widened a little more. i know miracle -- i know merkel's headed out the door, she was stunning in chastising her nation and getting her foot off the emergency brake. jon: and the push at the federal level. we need to close back down on the continent. a lot to get to, we need to focus on that hedge fund blowing up. futures coming just a little bit. not a lot was made of this over the weekend about the open we might see. of a couple of basis points. popping about this on the long side and what is on the short side. tom: we are watching the headlines, we have heard from

credit suisse and goldman sachs. i have not heard from morgan stanley. jon: we will hear from rbc and gerard cassidy. the banks analyst on what is turning out to be a bank route in europe.

♪ jon: from new york city live on tv and radio this is bloomberg surveillance. i'm jonathan ferro. let's keep things calm. down around 4/10 of 1% on the s&p 500. the nasdaq off by 2/10 after a big move higher into the close friday we managed to push out a week of gains. talking about a big hedge fund blowing up, archegos. let's talk about this more carefully and particularly. what was on the short side as well. maybe that has something to do with that ramp into the close friday where the s&p 500 and elsewhere went vertical. let's look at the banks. credit suisse, nomura, what is

it about them that took them so long to unwind this? are they too slow. they could see some big losses off of this. down around 13.7% on credit suisse. nomura down by 16%. there are questions we need to ask. we will do that with rbc's gerard cassidy. twos, tens, and 30's. on 30's we come in by a couple basis points. just coming into monday, nothing major yet. i wanted to sit on this because i want to keep going back to the main story which will dominate the week away from the story this morning which is the amount of vaccinations in america north of 3 million friday. daily average over the last seven days north of 2 million

approaching three now. and also the data, this friday goals are set to be massive in the estimates coming from economists we survey. tom: you have to believe we will be unwound by friday on this margin trade. it's something we are watching and we have all sorts of people to give us wisdom through the morning to explain the complexity of total return swaps and the complexity of losing billions of dollars. if you are a black bear from maine you get a job in accounting out of the university of maine and 40 years ago that is what gerard cassidy did. he is legendary at rbc capital markets and we are thrilled to get his perspective. in my rolodex he is the only one who remembers the collapse of continental illinois in chicago. let's cut to the chase. you and i have seen this before. why is this debacle of this hedge fund different? gerard: thank you for having me on the program.

this is an enormous sized hedge fund when you put it into perspective over the last 30 years. back in the late 90's you might remember when they were as large as the situation that developed on friday, to me, that is the implication. companies grow very quickly into the billions of dollars and they get large amounts of leverage. leverage leads to problems when asset prices move quickly. tom: we have seen this lesson so many times before and the lesson is extraordinary. what does a bank actually do when this event occurs? what is happening this morning for mr. gorman or the leadership of nomura, new management at credit suisse? how did they unwind a trading debacle like this? gerard: hopefully the assets

involved that have to be liquidated are not very illiquid. the more illiquidity these assets have the greatest -- the greater the losses will be. we will find out as this story unfolds what happens here. the first thing these management teams will do is go to collateral and liquidate positions. unfortunately in some of these cases -- the first thing they do is see if the collateral -- liquidate the account, and follow-up by seizing other assets if there are any other assets to go after your to cover those losses. jon: i will try to phrase this generally. what would it be that would take a couple of banks to face significant losses and a couple of other banks --

would it be the size of exposure or is it something about the way they handled it when started to blow up? gerard: it's both. your first point is on the size of exposure. that to me is probably going to be one of the real distinguishing factors between companies that have immaterial losses versus multibillion-dollar losses. second it's also the controls and procedures and the level of skill and experience of the people involved in the account. you may have people that have 15 or 20 years of experience handling this account and therefore can move quicker or see the signs more clearly. jon: there is something about this account that generated this competition. our latest reporting says compliance rejected this client again and again and something changed years ago.

what is your take to hear that this morning? gerard: that's a little disturbing when you hear about it that has been rejected more than once by the compliance department and eventually they do get to open the account. it shows how aggressive certain companies are in trying to win new business. obviously to grow their business you grow with existing customers, we all know that. any new customers into the fold it's important as well. tom: we have known each other long enough where we can ask this for our audience. the heart of the matter is a meeting where a manager says we are number four in blah blah blah and we need to be number two by september so we can bonus out and keep our jobs. isn't that the heart of the matter in this competitive reality of too much leverage

leading to difficult losses? gerard: that has a real influence on it. the tables return more in the investment banking area than the trading area. these companies do pride themselves on being at the top of those tables. when you look at the big brokerage dealers in the u.s., clearly they are not going to be happy being on the lower portion of those tables. i don't agree with you. tom: would you change to buy or sell on goldman sachs or morgan stanley? gerard: not on this news alone. when you think about what they are doing every day this type of risk is there and if you have the controls and procedures in place to mitigate the risk, we will find out if that's the case and we could separate these dealers like morgan stanley and

goldman from the others if they are exposed and there's minimal or no loss that sets them apart from those with sizable losses. jon: one of the many questions is just how many bill hwangs are out there right now. what do you think the banks that fall under your coverage are doing? a reappraisal of their clients to look for more billhwangs? -- to look for more bill hwangs? gerard: they will do a deep dive to make sure their books are in order. they will make sure there are not exposures like this to other customers. they are constantly monitoring brokerage accounts, but may be a more in-depth review is warranted considering what happened ryan day. -- friday. jon: what is your topic?

gerard: bank of america. you talked about how strong the vaccinations were this past week and the employment numbers coming out friday. jon: great to catch up, gerard cassidy of rbc capital markets. on the bank side of the story, you see what gerard went back to, straightaway away from this story, vaccinations, payrolls, data. tom: what we have heard from gerard cassidy and our banking team at bloomberg as we get the mass, the savior will -- the size -- bank of america, but we forget the scope and scale where you allow a nomura in the final two sentences of their press release yesterday where they say we can withstand this based on their tier one ratios.

jon: i imagine credit suisse is saying the same thing but both banks saying they face potentially significant losses from this and we don't know what the numbers are compared to what we are grappling with. how big was the exposure not just to banks but the position of this fund that has loaned up. what is left to unwind? tom: i liked your question to mr. cassidy, what is the edge of that goldman sachs and morgan stanley have. sometimes it's information or outright courage where somebody says to pull the trigger and take the loss instead of a larger loss later. that is courage on a trading desk. jon: that's what we will ask nomura and credit suisse this morning. tom: this is critical. this is so sensitive and jon and i have dealt with this over the years. is it geography? is it that morgan stanley and goldman sachs are in new york

off of 7th avenue where this hedge fund is located, and the others are just psychologically distant? jon: i don't know. i think you make a good point. the other issue is the competition for this particular client. and our colleagues have done some great reporting on why at goldman sachs this client was rejected by compliance repeatedly. tom: it's just the revenue coming in, this guy is a hitter, i don't mean the specific hedge fund, but the idea in prime brokerage that you want to get it. watch billions. jon: people are discussing how much leverage is being used out there. tom: the british do this better in their own strange way, there is a point where government has to step in and say you cannot build up these positions. jon: coming up we get back to one of the major stories outside

of this one. dr. sharfstein from the bloomberg school of public health at johns hopkins. vaccinations in north america north of three millie -- north of 2 million. tom: i could see without a tide. jon: if you keep the beard i lose the tide. -- i lose the tie. tom: ferro without a tie looking like a young lad j. jon: the burden of youth. welcome back, this is bloomberg. ♪ ritika: with the first word news i'm riddick a group step. six days after the -- i am ritika gupta. six days after that giant container ship got stuck in the suez canal the ship has partially been refloated and the operation to free it

completely is underway. the channel has a backlog of ships waiting to come through. the biden administration is not ready to end tariffs on chinese goods in the near future. they can protect companies from subsidized foreign competition. in china ride-hailing giant is raising new funds for its self-driving unit. seeking up to 500 million dollars and a valuation of roughly $6 billion. the company trying to boost ahead of a planned ipo. in minneapolis today opening arguments set in the trial of a former police officer accused in the death of george floyd. derek chauvin was seen in a videotape kneeling on floyd's neck for more than nine minutes last may. the murder sparked protests across the u.s.. england is taking a step toward

exiting its lockdown. people can gather outdoors and outdoor sports facilities will be allowed to reopen. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

dr. fauci: it is conceivable you would have a good degree of

flexibility even during the summer with angst like camps. we don't know that for sure, but i think that is an aspirational goal we should go for. i would expect that as we get through the summer, there is going to be a relaxation. marcus: i would suggest some of these officials get out to new york city and see what is happening in the rest of the world, never mind relaxation. the city was buzzing over the weekend. that was dr. fauci on cbs over the weekend. i'm jonathan ferro, here is the price action. your s&p 500 pulls back by about 13 points or 14 points and in the bond market yields 16531. a slightly stronger euro-dollar. crude is up 61.36. i used the word earlier, stable with a bit of a defensive posture. tom: we have fed guests link it

to these margin calls. we expect to pop today when block trades come in. jon: i've got no idea. i bet if we see anything gap he people will draw a line straight back to the events of last week. tom: my roulette wheel has the vix at 20.04. maybe that should be 20.02. we will continue to talk to experts across global wall street as we talk to experts on the good news of the recovery from this terrible pandemic. joshua sharfstein has been wonderful over the year and he joins us, the vice dean of public health practice and community engagement at the bloomberg school of public health. dr. sharfstein, there must be a constraint. john mentioned 3 million vaccines. to me it is the volunteers and the nurses and staff with syringe in hand. is that a real constraint we

have in getting this vaccine out evermore? dr. sharfstein: right now it's still a supply constraint, they are waiting on new doses. there are a lot of potential volunteers and if it's well-planned i'm sure the u.s. could deliver even more vaccines every day. at a certain point we will have a certain number of people eager to get a vaccine and it will turn into a longer battle of getting to vaccines -- vaccines to people where they are. tom: i think of the courage of dolly parton outfront, she was out front with a lot of images two weeks ago or so, do we need a campaign now to get us out to the need in may or june? dr. sharfstein: yes, i think that is starting to happen. i love dolly parton's message. i think we will see more coordinated efforts and not just one national message, but

targeted messages, different communities that really explain the value. this is a vaccine that sells itself because people who are vaccinated and done well will tell their friends about how much better they are feeling. jon: from your perspective and you are in a better position than me, why hasn't new york, one of a handful of states, announced plans to widen eligibility to everyone 16 to 18 plus in this state? dr. sharfstein: i think that will happen but they are working through the fact that there is so much excess demand within the groups already for the vaccines that they have. i think the white house made a smart move by saying they would like to see it by may 1 giving states time but also sending the message that we need to scale up and the supply is going to be there, don't act surprised when suddenly you have so much vaccine that you need to open up. jon: can you help me understand the amount of guessing needed to

understand the acceptance issues we need to try to anticipate, is that just a guess? we know we can do more than 3 million vaccinations a day. we drop off before the bulk of this country is vaccinated and we know that's an acceptance issue. the question is how? dr. sharfstein: they are seeing vaccination acceptance issues in a lot of parts of the country where there are a lot of open vaccine spots. there is a lot of research that is being done to understand vaccine acceptance for the covid vaccine and it looks like a big group that really wants the vaccine, that is why we are seeing such high numbers. there is a small group that is deeply skeptical of the vaccine and a lot of people in that group are open to hearing a little more. right now they are thinking no. there is a larger group in the middle, maybe 20, 30, or 40% who are in the wait and see group and they want to see what is

going on and they still have questions that need to be answered. the first half is to make sure those questions get answered to a lot of outreach and put vaccines close to people who want them. tom: this is always the case whether it is antibiotics years ago or viral solutions as well, how do we sell science to people genuinely concerned or mystified by this powerful science that you and others are doing? dr. sharfstein: i've done a lot of events with different audiences answering questions, i've done events with mayors like the mayor of lincoln, nebraska, with front-line workers answering question after question. there was a great story in the new york times talking about how rates are increasing among working -- nursing home workers who were skeptical and they tried to show famous people giving messages but what really

mattered was sitting down with people and hearing their concerns. here is why the vaccine came about quickly and here's the research it is based upon, here is what we know about side effects, here is why so many physicians are getting vaccinated, because they know how serious this disease is. when people ask questions about unknowns and what it could do into our five years, we don't have that kind of experience. you have to explain the science behind the vaccine and why it's important and possible to feel confident and compared that to the unknowns of getting covid and the long covid syndromes that all of these very serious issues people face and that is the real comparison. jon: you know the big issue for many people to get the vaccine, beyond everything you have said which is valid and on point, it's how many people they can do if they have been vaccinated. we have not done that sin efficiently. we have told them they can

gather in a room with other vaccinated people that most of the country is already doing that. dr. sharfstein: i think that's going to change and we are going to see businesses say they would like to see vaccinated people for certain types of events and i think it's going to become more of a norm. you can't start there. he start by vaccinating people who are excited to be vaccinated and let them be ambassadors and each additional wave of confidence and activity grows and that reduces the number of people in that wait and see group as they go on to get vaccinated. i go out vaccinating with the baltimore city health department and i'm finding people who say they were not sure about getting this but there husband or neighbor told them they needed to end my daughter said she wouldn't talk to me unless i got it. tom: thank you for the heart -- jon: joshua sharfstein of the

johns hopkins school -- bloomberg school of public health at johns hopkins. your equity market stable but negative on the s&p. down a third of 1%. this is bloomberg. g.

it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services.

it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

>> we have to become act -- be conscious of the fact that the vaccine story does not tell the whole story. >> the downside is higher interest rates, higher inflation, and that is really taking some of the steam and froth out of markets. >> people are really pricing and success for the fed in terms of the inflation target. >> if we start to see inflation rise in the united states, there is a very good chance that can be exported elsewhere as well. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: this is a margin call. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro. lisa abramowicz is off today. we are discussing the forced liquidation