>> 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 over at --

tom: another very careful derivative article as we are all learning about total return swaps, contracts, the way this is done in the hedge fund world, and once again, leverage fail. jonathan: how you can build a position in a company without needing to disclose that position because you don't need to know the underlying. we will discuss that any moment. but i just wanted to take a moment to do this. compare and contrast how this story is being covered this morning compared to gamestop, which led to all kinds of conversations about having meetings in d.c. and hearing to figure out exact a what happened and whether there is any systemic risk. after gamestop, were we discussing credit suisse down by 13%, 14%? were we talking about tomorrow -- about nomura? why is it when it comes to institutional investors, we have these sophisticate conversations about what went wrong, but when

it comes to gamestop, we need to do something about it? tom: you were at home trying to make a penny to pay for the trip to capri, but the bottom line is great he fear is these isolated wall street events can blow up into a bigger issue. tracy alloway moments ago, and her article on bloomberg, goes back to anglo-irish of 2008 that almost brought the financial nation of ireland down. that is the fear, but it appears that is not happening now. jonathan: let's have a hearing on this and work out what went wrong and what we need to do about it to make sure it doesn't happen again. this is what we look like right now on the s&p 500. futures come in 0.3%. yields come in a couple of basis points. euro-dollar, $1.1769. that is the broader story and the conclusion to the question i posed months ago, you can't

avoid these kind of things. they happen periodically, these big blowups. this morning we ask, what is left to unwind? how big was the position? we still don't fully understand the answers to that question. tom: most of us have been up most of the night as the news was breaking out of asia. this is not 1998. it became very systemic and olive wall street how to deal with it -- wall street had -- all of wall street had to do with it. jonathan: we have not heard from the big banks with clarity. i think there are some big questions that need to be asked to credit suisse and nomura. i would like to see the executive talking about exact what went wrong. krishna memani joins us now, lafayette college cio. your take this morning? krishna: this is an unwind of a levered position. i think in this sort of

environment where we have had the run in the market we've had, it is tempting to transform it into a catastrophic financial market wide situation. i don't think that is the case. i think this is very specific, related to one set of positions, and one type of name. i think this will blow over in a couple of days. jonathan: i agree with you so far, and i do think we have to attack this calmly, specifically and meticulously. someone writes in and says the following. "we do often mistake leverage for genius." how much leverage do you think is out there at the moment, when a lot of what we see could just be driven by massive leverage? krishna: i think leverage in the marketplace is nothing new. leverage right now is probably higher than it has been, but i think that is probably driven more by the significant amount of retail participation then anything else.

nobody likes equities for a long time, so these positions in the marketplace were more professional. now they are more individual and retail investors. having said that, i think we try to put too much onto the leverage. if there is a significant uptrend in growth, even with leverage, markets can go up. have seen that before quite frequently. tom: writing for bloomberg early this weekend, a different article right now, this is a superb essay, and it goes to the leverage you were not allowed to do over the years at oppenheimer. u.s.-based hedge funds are still 201% leveraged, only 9% lower than january's decade high.

the ultimate culprits are crowded trades, be they in short or long positions. this comes back to the confidence of investors in the conservative by side, which you represented for decades, and now you handle lafayette college. how does this read on competence for institutional conservative investors? krishna: i think what this is pointing out more than anything else is certain parts of the market did very well come a much better than they should have done because of these leverage positions being built over the past nine months. but i don't think this is really a systemwide problem. leverage is higher for sure. when costs or findings and costs are relatively low, you would expect leverage. but even for certain investors, i don't think it is problematic. over the last three months, for example, they are seeing their position play out quite nicely. these are not levered positions.

tom: i want to move to the optimism jon ferro is talking about this morning, including a jobs report today. how do you manage your allocation given the new boom economy? goldman sachs and others at 9% or even 10% gdp estimates. how do you change your allocation given the boom we have seen? krishna: first, at lafayette college, we are long-term investors, so we don't change our outlook because things all of a stunned -- all of a sudden started looking better to most people. i thick the story here is still about equities, and it is about global equities. that is the boom economy in the u.s.. it is going to be supporting the equity market, and the superlative growth will benefit the rest of the world just as much as it benefits the u.s. so things like the emerging markets, would what -- emerging

markets, which went down because people were concerned about inflation rising, those markets suffered. i think those are the areas that are going to do much better in a boom economy without significant rise in inflation, which i think is the most likely scenario. jonathan: where and what in e.m. right now? krishna: e.m. is probably places that haven't done too well, so it would cut made -- so it is more like south africa, russia, those places. tom: i look at where we are, and i am going to go to --, who just reaffirmed a barbell strategy of playing both growth and value as well. is that your strategy now, and particularly with your expertise of international or domestic? or do you go one way? krishna: over the last 10 years,

a lot of people who did very well be and focused on u.s. continue to do that. i think the first part of the bull market, this most recent bull market, e.m. did very well. i think the e.m. market suffered. so international is a very good allocation. valuations are there, and quite supportive. as for value and growth is concerned, i think that given the boom times you are talking about, value is likely to do well at least for the rest of the year. whether that is going to catch up to growth to a significant extent, whether that is going to ease the case in 2022 in my mind is debatable. i think this rotation will be killed by another rotation in 2022, 2023. jonathan: krishna, we will talk soon. good to catch up. tom keene, bottom line for you,

he was a barbell -- line for you, q the barbell -- line for you, cue the barbell. tom: it is a barbell. i go back to the dovetail of optimism in the economy, goldman sachs rejiggering their first and second quarter look, as you saw mike wilson and the team do at morgan stanley this weekend. i would say the cite ice right now, correct me if i'm wrong, the motel 6 i was at -- the site guist right now, -- the zeitgeist right now, correct me if i'm wrong, the motel 6 i was at had bad wi-fi -- jonathan: we need to discuss the beard. for our audience tuning in on radio and across the united states of america right now, the beard is in with tom keene. i've seen this before

post-vacation. i am just trying to work out if it stays. tom: we've got our interns at our call banks. you can call in now if you like. but we started out a little light, but the score is it is building out. jonathan: let's do this for you. i will put this back on for the 9:00 show. tom: no, no. i put it on tuesday. jonathan: tired is going to stay on for the 9:00 show -- tie is going to stay on for the 9:00 show. i'm going to have note high on this show for as long as you keep that beard. tom: if we went and saw the tots, which i think we are scheduled to do in our celebration back to london -- jonathan: does that work? tom: that works. i don't know, maybe. jonathan: i reckon that your beard is gone tomorrow. i think that beard is gone tomorrow. tom: that would be a very good reckon. you can reckon the beard would

be gone tomorrow. [laughter] jonathan: coming up, matt brill, invesco senior portfolio manager. equities down 0.3%. yields in a couple of basis points. your 10 year, 1.6 514% -- 1.6514%. this is bloomberg. ♪ ritika: it is the first step towards reopening the suez canal. the giant container ship that has been blocking the water has been partly refloated. the operation to free it is still going on. there's a backlog of hundreds of ships. president biden will divide his next government spending push into two programs. the president will outline a package on infrastructure spending this week. the second would focus on childcare and health care programs.

in myanmar, it was the deadliest weekend yet since the military coup in february. dozens of protesters were killed in battles with the military and police. one human rights group says at least 114 people died on saturday, including some who weren't taking part in demonstrations. that has drawn condemnation from governments around the world. a big boost of boeing and its 73 seven max. southwest airlines has added 104 orders -- it's 737 has added 104 orders of the jet. airlines just resumed flying the max this month after the plane was grounded following two fatal crashes. in aviation, a takeover in the jet leasing business. carlisle has agreed to buy fly leasing limited in a deal valued at home at $2.4 billion. it is part of the carlyle

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>> this is a good sign in some ways that rates are going up.

we don't know exactly why, but one of the possible reasons is that real rates are going up. people are more optimistic about the economy. we have been hovering at zero or negative neutral real rates for a while, so the fact that that is rising is a good sign because it shows optimism. jonathan: people are more optimistic about the economy, and that recovery will show up in the payroll data, anticipated by many this coming friday. good morning. alongside tom keene, i'm jonathan ferro. patrick harker, federal reserve bank of philadelphia president, weighing in on the u.s. outlook. the story looks like this in the equity market. on the s&p 500, slightly defensive, down 0.3%. in the bond market, yields come in. treasuries are firmer. your yield, 1.65%. $1.1768 on euro-dollar, down 0.6%.

-- down 0.2%. in switzerland, the banks with brutal moves there. tom: anticipated this morning, a block trade of viacom maybe through morgan stanley. you've got to look for debris through these other prime brokers as they unwind this busted trade. jonathan: the operative phrase, we don't know. there is still a lot we don't know this morning. tom: we will monitor it through the day. we've got a terrific 8:00 hour. kevin cirilli wouldn't know way swap if it -- wouldn't know a swap if it hit him over the head. [laughter] kevin, you've got to be on time every time, like the airlines of years ago. today with us, on time, every time. how would you do legislation in

a boom economy? forget about the republican/democratic idiocy. how does washington respond to a boom economy? kevin: i think the democrats are saying infrastructure. republicans are saying tax cuts, and let -- and let's keep the tax cuts going. the newly confirmed trade representative over the past couple days said essentially that president biden is not going to lift tariffs against china right now, but that they are holding the door open for talks with china. i think it is amazing to look at the bargaining chips the united states is lining up on the geopolitical poker table right now, the first being the olympic games in 2022, the second being these tariffs that the former administration put in place, and the biden administration is saying they will stay for now.

tom: kevin, what it comes down to is what is the moment on this monday between washington and beijing. give us that tension point as you synthesize capitol hill and the white house. kevin: i think the biggest date on the calendar in the next month is april 22. tom: what is april 22? kevin: the virtual summit of democracies that the biden adminstration is organizing, in which xi jinping will be present on earth day. but i was very struck by the comments coming from 1600 pennsylvania avenue friday, and which they also signaled that vladimir putin would be invited to this virtual summit. so it is a fascinating triangulation in which there is so much pressure on biden and xi's interaction virtually, but now putin could be a player in that, which candidly, might take some of the pressure off of the interaction between just biden and xi.

jonathan: right now, we've got a massive issue with the use of cotton out of xinjiang. multinational after multinational is getting caught up in this. how on earth does this administration support american-based multinational companies that are trying to make a stance that is in-line with the administration's own stance on things like cotton out of singeing -- out of xinjiang? kevin: ever since the nba debacle of last year, the business community, as well as sources in both parties and the intelligence community, have really looked to re-think and regroup as to how the american business community might be able to put pressure on china. i mentioned the nba because it was the absolute playbook for how not to conduct a route in terms of putting pressure on china. a couple of months ago, the previous administration considered, and ultimately

issued w aro -- wro's related to content coming out of china. but whether it is poly silicon cotton, the xinjiang province and particular regions of china are going to have to be facing a lot of pressure from the global commodity at the root cause of this, the americans raising these serious concerns. jonathan: i think it is hard to overstate how serious what is happening. this came in from over the weekend. the u.s. and communist party are strategic competitors. ceos have to decide what side they help to one win -- they want to help win. do you see a push in the u.s. for this? kevin: absolutely, and i think this continues onward.

whether you are talking about textiles, metals, or human rights abuses, i think there is now a push. last week on friday, i spoke with hungers and brendan doyle. you all have interviewed -- with congressman brendan doyle. you will have interviewed him. he is a democrat from a more moderate, but now leaning more towards the left, but he also spoke out against china on a host of all of those different issues. from a manufacturing perspective, that is where i have noticed in my reporting the biggest shift over the past two to three months. republicans and democrats see an opportunity to boost manufacturing jobs by putting pressure on china. jonathan: kevin, thank you. kevin cirilli, chief washington correspondent and host of "sound on" on bloomberg radio. multinational after multinational has wanted, needed

a presence in china, and now it is getting increasingly complicated to carry both positions. tom: the giant of singapore really emphasizes this, that this is going to be the huge to point -- the huge tip point. how does business respond to new china versus how they responded over other regimes in beijing? jonathan: we got a flavor of the chinese side, the chinese population from the chinese consumer base in a way that i don't think we have seen too much of over the last several years. i think we will seal whole lot more -- we will see a whole lot more, too. tom: china is really front and center. what is important, this margin call this morning, it is going to go away. jonathan: totally. the tension between the u.s. and the chinese communist party is going nowhere.

tom: the beard statistics are unbelievable. jonathan: where are we now. what is the tally? are you keeping this beard? tom: i don't know. the numbers are too big. jonathan: this is bloomberg. ♪

♪ jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance." you can't really start with the price action this monday without talking about friday. we'll talk a lot more about the $20 billion forced liquidation a bill banks investment firm. covering the short side, a lot of people drawing the line from that to the big ramp we saw friday and of the close. this morning, equity futures just a little bit softer, down about 0.3 percent on the s&p 500. the russell down by 0.4%. main bostick is going to run through the banks and just a moment. have a look at the stock price and just ask a couple of simple questions. what happens to credit suisse

and nomura that did not happen to morgan stanley and goldman? they are using words like significant, material losses, may become a potentially. finish on this. goldman, morgan stanley not having the same conversations. my question is a simple one. was this just about outstanding exposure, or something about how they dealt with this? tom: my experience is how they dealt with it, who move the quickest. jonathan: in the bond market, twos-tens-thirties, yields are in a couple of basis points. beyond this story, and a couple of days we will move on. it is like the ship story last week. we will talk about consequences for weeks to come, no doubt.

but the real story will keep gravitating back to what is happening in the united states that has pushed yields so much higher. it is vaccinations. this friday, a payrolls report with some economists out there. with the banks now, here's romaine. romaine: you talk about that bill hwang -- that bill hwang story. moore also down, putting off a bond sale as they wait for this to selloff. you had another block trade coming up this morning on viacom, and a lot of concerns that the selling still might not

be over yet. we talk about leverage and just how it can make you a fortune, but once it starts working against you, it can really chop you down very quickly. that is not what we are seeing -- that is what we are seeing with bill hwang's fund, but also with the banks holding a portion of the bag on this. what we are seeing in the markets, flip up the board here, you are seeing people come back into those stocks that had been under pressure on friday. viacom, cbs getting bids here. the u.s. adrs. they are all getting bids here. discovery as well. a lot of folks making the best that this is going to be something that is relatively temporary, and that the damage will probably bid relatively contained. tom: cfa level four, level five,

which is the responsibility of a firm is a prime broker. they've got to sell the shares. it is called a block trade. do they have an obligation to inform the public of the size they hold on their desk? romaine: the short answer is immediately, no. long term, yes, if it is material. what you saw here with some of the banks coming outcome of the way they disclosed it was somewhat encouraging. some of it came through the back door, but the idea that some of these banks at least copped to it and made it clear this is what was going on, i think that might have minimized some of the perception of the damage here and might have contained a little bit more had they kept this in the dark. tom: many other ideas through the morning here to get us up to date across all of bloomberg. right now, vincent reinhart will join us. his acclaim is head of research at the federal reserve years ago in the greenspan fed, now holding court at mellon as their

chief economist and macro strategist. jon and i are doing everything we can this morning to remain calm about a margin call. you studied this before. our institution is steeled here, and all that. our institutions have never had a boom economy. how is monetary policy executed in and after -- in and after a boom economy? vincent: i think the answer is the hardest thing about monetary policy is sometimes doing nothing, i.e. keeping rates at their lower level, keeping policy accommodative until you are absolutely convinced the recovery has taken hold, and you have made significant progress, as chair powell keeps talking about getting to maximum employment and stable prices. tom: what is the unemployment rate that signifies this phrase, maximum employment? vincent: chair powell pushes

back against that idea very hard. the idea of maximum employment is interpreted pretty generally. it is not just a single number. having this summer of economic projections target and unemployment rate, they look at market conditions pretty generally. by the way, that is the problem with monetary policy right now. it is pretty ambiguous. i can't answer what maximum employment is. jay powell doesn't want to. jonathan: do you have any idea what they would be looking for? what would be on the dashboard of the modern-day fed? vincent: it is a pretty crowded dashboard, and hard to orient yourself. look, it is the unemployment rate. but it is not just the unemployment rate for a working age population.

it is going to be the underserved as well. it will be a black american -- it will be black americans, hispanic americans. they are looking at low-wage workers. they are going to want to see that the economy is inclusive. janet yellen's experiment was run the economy hot and see how well you can do with the labor market, and the answer was they got the unemployment rate down to 3.5%. that is what they are going to do again. jonathan: they were conditioned by the previous cycle. i wonder how you think the previous cycle is coming out of this truck. -- out of this hike. vincent: i think the worry is that you make the same mistakes. you can run the labor market is hot as he won't, and it won't matter. i think the issue is going to be the political. if you ask me where inflation

was three to five years from now , i think the answer depends on how closely the federal reserve is concerned about fiscal policy. how are they worried about big deficits and debt? that is the big issue. tom: what would alan greenspan do? i don't mean to be snide about it, but alan greenspan looked at the data, looked at the statistics of industry like no fed chairman ever. he would be looking at the data now of a boom economy. what does he do with his data? what does this fed do with the data that is countable when we boom? vincent: remember that the fed's new framework explicitly rejects a couple decades worth of monetary policy making it was monetary policy is made based on the outlook because if you wait until something happens, you've waited too long.

read those sentences almost i don't know how many times. and you've heard them i don't know how many times. what does jay powell say? he's waiting for the outcomes. this is outcome, and out outlook -- outcome, not outlook based monetary policy. they want labor conditions hot. want to see inflation above their goal for a sustained period. that is when they will start adjusting policy. tom: can you model for your mellon clients wage inflation? vincent: wage inflation, i am going to have to repeat chair powell again. wage inflation does follow the conditions of the labor markets. by the way, remember ace effects do matter. we have big compositional effects and what has been unfortunately lower wage people who have been unemployed, and

that is why average hourly earnings popped up so strongly in march and april, 12 months ago. they are going to drop out of the 12 month chain, so you're are going to see some people say look at that, wage inflation just dropped a percentage point. we don't have any problems with that. that's not the issue. generally, wages do follow labor market conditions. what is much harder to predict is margins. quite often, businesses to get into profit margins rather than taking it in higher prices. but if inflation expectations rise, if people come to expect inflation, that is a behavioral change. jonathan: vince, good to see you. i'm looking forward to catching up again. this is where the story begins, this friday. the data we have been talking about, the boom on the bear side , it begins on friday.

your meeting right now, 6.43. i believe we get the cpi print a little later. i believe april 13 is it. that's when the base effects kick in. that is when we start to have this conversation with the data to see. tom: american airlines just out along the headlines we are going to see. american airlines expects to reactivate most aircraft in the second quarter. this goes back to ed bastian's conversation with david westin about his optimism about getting united states travel i can gear. that is another add on to this. jonathan: and how the supply-side responds, too. mohamed el-erian wrote a piece on inflation this morning, and it is the difference between the cycle and working your way through the cycle. the question i have been asking is just how we respond to this moment that we are about to see in the next couple of months. you can anticipate the data. you can talk about how you

respond to the data. until you actually see it, how will you react? tom: we need to worry. jonathan: what do you want to worry about? inflation? tom: we don't know how long it is going to last. jonathan: that is a big unknown. tom: we are looking forward to having her back tomorrow, the pendulum -- jonathan: -- of gloom. coming up, dr. albert ko, gale school of medicine department chair -- yale school of medicine department chair. this is bloomberg. ritika: six days after that giant container ship blocked the suez canal, salvage crews have good news to report. the ship has now been partially reflected, and the operatio to n free it completely is still ongoing.

there are hundreds of ships waiting to pass through. that is not the only place where there is a major shipping logjam. yesterday a total of 26 container ships were anchored, waiting to offload in los angeles and long beach. another 20 are expected over the next three days. the average wait for dock space is about eight days. the docs have a shortage of labor and the equipment needed to handle a wave of imports. opening arguments are set in the trial of the former police officer accused in the death of george floyd. derek chauvin was seen in a video kneeling on floyd's and that -- floyd's neck. starting today, six people or two households can gather outdoors in the u.k. plus, outdoor sports facilities will be allowed to reopen. the government says other curbs

will be lifted by june 21. 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. ♪

>> the white house made a really smart move by saying we would

like to see it by may 1, giving states time, but also sending the message we really need you to scale up. the supply is going to be there. don't act surprised when suddenly you have so much vaccine that you really need to open up. jonathan: joshua sharfstein there, weighing in on what we need to see across this nation as state after state widens out eligibility to receive the vaccine. we saw a number north of 3 million friday. the daily average, 2.7 one million. alongside tom keene, i'm jonathan ferro. lisa abramowicz will be back with us tomorrow. here's the price action this monday morning. on the s&p 500, futures come in 0.4%, down about 16 points. there is a bid in the bond market. there is a defensive posture, so to speak come across asset. euro-dollar, $1.1777.

the investment firm of bill hwang, forced liquidation of $20 billion, and we are still grappling with how much needs to be unwound. tom: you nailed the nuance. we will do that particularly in the 8:00 hour. the distinction between a hedge fund and a family office. these are little nuances of this story which i am sure we will cannot with -- we will come out with longer form journalism on in the next couple of days. right now is the most important new view of the day on the fears you and your family have about this pandemic because those fears are not in america. they are abroad, with real virulence and failure in certain nations. brazil leads the way. that is my amateur opinion. albert ko of the yale school of medicine is truly the nation's expert on the challenges of brazil. he joins us this morning. dr. ko, you have spent months

and months in the epidemiology of brazil. why have they failed? dr. ko: thank you very much for having me back on. i think brazil is really the cautionary tale of having limited vaccine supplies, poor governance with respect to having what we know works, and allowing the spread of a highly transmissible variant that initiated in the amazon, that has now affected most urban centers throughout the country. tom: can that variant travel to america? and do we have a system that could protect against the v -- against the viral -- against the virulence of that system? dr. ko: it is in several states

in the country, and it is likely transmitting this stream. with respect to the variants, the bottom line is stopping transmission. -- two variants -- to the variants, the bottom line is stopping transmission. jonathan: have we done enough on sequencing to understand how widespread it is? dr. ko: this is getting widely ramped up. throughout the country, the cdc is starting to invest heavily. the paradigm has really been set by the u.k., with their surveillance system in picking up these variants. the big problem now is we know these variants are here, and it

is almost magical to believe that we are not going to go through what's happened in places with these variants. jonathan: hospitalizations, that trend as far as i can see is really decent, as vaccinations in this country carry on ramping up, away from the sequencing. when you actually look at the data that matters, are we still headed predominantly in that direction? dr. ko: that it's a good, important point. the united states ramping up and rolling out its vaccinations at a fast pace, i think we are almost up to 28% of the valuation. what is more important is we focus that vaccination on people who are at risk and diane -- at

risk and dying and in the nursing home communities. we are worried about people in pockets that are not getting vaccinated, who may not have that protective effect against prevention of those severe outcomes. tom: you took biochemistry in freshman year at yale. somebody raises their hand and says, when do i get vaccinated? dr. ko: as you know, most states are rapidly opening up to all population groups. the answer to that question is as soon as possible. this is really a race against time.

we wanted to decrease transmission and the community. tom: i don't need a time of day, not even a wednesday or a thursday. which month are we talking about? [laughter] dr. ko: most states are going to be opening up in april. certainly with the recommendations of biden administration to wrap up as soon as possible -- of the biden adminstration to ramp up as soon as possible. the group we are concerned about is those less than 16 years of age because the vaccine has not been authorized as of yet in those populations. in order to really make a debt in this epidemic, we are going to have to vaccinate everyone, including the children. jonathan: if using we have issues right now with the adult population, what do you think would it comes to people making that decision for their kids? dr. ko: i think there's a lot of

good news. people are being encouraged by the success of the rollout of the vaccine campaign. second of all, as millions and tens of millions are vaccinated, we are seeing that this could have proven a safe and effective vaccine. there's a real dent in hospitalizations, so those are all the good news. each month we have seen increases in vaccine acceptability throughout the population, and with respect to vaccinations of children. jonathan: it is always good to hear from you. albert ko, professor of a pity me ologies -- professor of epidemiology. let me ask you, you may make a decision in the adult population, are we talking about the decision for that kid.

tom: for me, it goes back to john adams making that decision. jonathan: coming up, matt brill, senior portfolio manager. this is bloomberg. ♪

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that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. >> we have to be conscious of the fact that the vaccine alone and the covid story alone does not tell the whole story. >> weed to get the economy to recover -- we need to get the economy to recover with minimal scar. >> higher inflation is really taking some of the steam and frost out of markets -- and froth out of the markets. >> if we do start to see inflation rise in the united states, you could see it exported elsewhere as well. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa