suez canal is gone from where it was stuck. crews worked overnight along with a flotilla of tugboats to wrench the ship from its hold. it now clears the crucial conduit for global trade and efforts are underway to unclog the huge backlog of vessels that remain in the area. 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. a humans rights -- a human rights group said at least 14 died saturday, including some who were not taking part in the demonstrations, drawing condemnation from governments around the world. the biden administration is not ready to end tariffs on chinese goods in the near future. u.s. trade representative katherine tai told dow jones that tariffs can hurt american businesses and consumers but

also said can protect companies from subsidized foreign competition. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. >> it is 1:00 p.m. in new york, 7:00 p.m. in berlin, when a -- 1:00 a.m. in hong kong. i matt miller. block trade blowout. the massive a mind of leveraged equity bets by arcos capital management. we will focus on the trade's effects on banks with goldman

sachs seeing immaterial effects on financial results, while others plunge on the news. plus we will discuss the overall impact on markets as investors fear there may be more turmoil to come. peter van dooijeweert of man solutions joins us to weigh in. what is going on in markets now. the s&p 500 unchanged. we have gone from red all over the place to very few losses in major cap stocks. look at the russell 2000. small caps still falling hard, down 1.9%. meanwhile, not a lot of movement in the 10-year treasury yield. 1.69%. the dollar continues to gain as somewhat of a safe haven in a risk off market. we will continue to follow those stories. this main story, which has so many different effects across

markets, right now, let's talk about what we are seeing in terms of the effects of orca ghosts capital management, the selloff from goldman and morgan, and the admissions we saw from credit suisse. i want to bring in bloomberg senior banking reporter, who helped break this story. this story has been the most read on friday, saturday, sunday and today as well. how did this kickoff? >> matt, without a doubt, we seem to be in what appears to be one of the greatest margin calls of all time. here is someone who is trading with fewer by billions in borrowed money -- that enabled bill long to place many of those

risky wagers that have unraveled at breathtaking speed. you already pointed out that big trade on friday we saw that led to many stocks getting hammered. over the weekend, we have seen admissions from banks like credit suisse, who have said they have had relationships with this client. they did not name the client, but have said it is tied to this venture capital firm. they are admitting to impact to the earnings. matt: how bad are we talking in terms of total block trades? if you tally what goldman said they did and morgan stanley, you get to $20 billion already, but when you get to credit suisse at others, this could be larger. >> correct. we have tried to piece together what has gone downhill. there is no central source of information. we do not have a board to look

at to figure out what has taken place already and what is left. so far, we have seen more than $20 billion in trade potentially, up to $26 billion. we have seen other people reporting as much as $30 billion. there are still concerns the could be quite a bit more left out there. it is unclear whether we are talking about five billion dollars or more. we will figure out in the next couple sessions. matt: bill wang and the capital firm is a story. he settled on a wire fraud charge. he shifted his hedge fund into a family office. for a long time, he was persona non grata at goldman. they would not trade with him

and they continue to go back -- continued to go back but he was too much of a risk. how did that change? >> clearly something changed. the fact remains goldman on boarded him as a client after their rivals have been doing business with him. the question is how did someone who was so publicly shamed by the trading, the hedge admitting to wire fraud, have a rebound? what does it say about our markets? fears of insider trading appear to be minimal. matt: i have a bloomberg client writing in and asking about the leverage rules. this is something that gary will want to look at as well. how does leverage regulation allow this?

how to the regulations differ from those that credit suisse uses or nomura uses? >> that will undoubtedly be the big story emerging from this saga, this whole idea of unknown leverage that has crept into the system. traders familiar with the orders from hwang's firm describe him running a strategy with exceptionally large leverage. he buys several times as much in borrow money. but because he was doing this through the prime brokers, it did not have to be disclosed. it is family office money, so there were not even other regulatory filing requirements for him, but you had a situation where so many different brokers were willing to extend him such a huge amount of credit that he became a big whale in several names, piling on big,

concentrated positions, and no one had a clue about it except the banksy was dealing with. matt: a tremendous story. i know your team has been working 20 47 on this since you broke it. -- working 20 47 on this since you broke it. -- 24/7 on this since you broke it. you working with a lot of those names in the bylines. i highly recommend checking that story out. coming up, we will talk inflation with peter van dooijeweert of man group. how investors are handling at. what the expectations are. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller. the more than $20 billion of block trades we have been talking about puzzling wall street since friday and a striking fear into the hearts of many, causing investors to look ahead to what is to come. could we see more? joining us now is peter van dooijeweert of man solutions to talk about this and other things. i want to get to the block trade issue, because it is something that not everyone fully understands. if you think about it theoretically, you could execute a block trade without really moving markets if you do it outside of market hours and people are tightlipped about it, it does not have to have such huge ripple effects. peter: i think that's right. it does not have to. on the other hand, if you have dealers shopping on a number of blocks at the same time, the market tends to catch wind of it. it is easy to do one block.

one of the companies involved did a block of stock early in the week that was marketed without nearly the impact. that is something you might look at in the rearview mirror to see if we could have executed this better, but the concentrated size of the holding one investor had is probably what the marketed -- what the market was worried about more than the one-off block. matt: i guess leverage is going to be the focus of this. there will be other ky see issues, i guess. -- kyc issues, i guess. is leverage a problem in this market? peter: good question. when i look at the broader industry, the hedge fund industry, there's not a lot of overlap between what he had and other funds had, so we do not see that huge liquidation, but

we have investors, risk controls internally, regulators, brokers, so there are levels of, for lack of a better word, defense for these sort of bumps. nothing is perfect, but if you are an investor in hedge funds, probably it is reasonable to look at the concentrated risks, what leverage looks like, and what kind of liquidity they run to prevent something surprising. in this case, this might have been surprising to the family office, the dislocation in stocks. matt: huge trades affecting a large number of stocks. gsx, viacom, discovery. these are 50% drops over the last week. it leads me to wonder about crowding, overcrowding, in trade. this is an issue congress touched on considering how short a lot of hedge funds were, the mean stocks, the reddit stocks. is overcrowding an issue that

investors need to pay attention to? peter: pay attention to crowding. these particular names are not subject to crowding, except for the investor himself. a number of hedge funds might have been short on some of these names. the bigger question, my takeaway, is the market is getting more complicated. we used to think everything was 60-40, an easy investment. we now have retail as a dynamic force. we found out about that in august of last year and in january. leverage. i do not know if that is successful for historical periods. and we have things in bonds and equities that we are not accustomed to. they sell off together from time to time, so correlations increasing. the world is getting more complicated in the post-covid environment, and that's the conversation we have with clients. matt: absolutely.

i want to focus on that now. you mentioned 60-40, the correlation. something that caught my eye was treasuries having the worst quarter since at least -- well, i thought it was 2016 sunday, and now it is since the 1980's. we are looking at a huge selloff, about 4% in the 10 year since the beginning of the year. peter, you mentioned 60-40 portfolios, which a lot of people who do not pay close attention to, probably still think is ideal. is that gone? peter: in november, i would have said may be in the sense that there is not a lot of yield left in bonds and people are overvaluing the potential that bonds and equities selloff together. now that we are at the 1.7% level on the tenure, bonds have some utility -- on the 10 year, bonds have some utility.

if we see a correlation between bonds and equities pick up or a situation such that bonds are not enough of a diversifier, look at how you manage your portfolio. that is how we think of it. the days of the 60-40 my will be over. that means the days of dramatic portfolio intervention are probably the days upon us. matt: what do you expect in terms of inflation? i mean, there has been a real debate in the academy, in washington, and on wall street as well. consumer spending -- i looked in february. it was a week. -- it was weak. those new checks hadn't come out. what we see an increase in

spending and a rise in prices? peter: i will not try to predict what consumers will do. they will probably spend more. we do not try to forecast long-term economic fundamentals, but the conversation about inflation is important. we had members who put out a paper on the topic. what are the best strategies for inflationary times? none of us have experienced much in the way of inflation. we had a period in 2007-2008 where there was inflation, but the fed aggressively cut rates. none of us look at that as an analog. we need to start preparing, look at what we have, how do we need to diversify? last year, investors were talking about inflation but not doing much. now they are actively looking for things to do about it. there is not much you can do. you can buy commodities, but the have rallied. -- but they have rallied. there is a kind of symmetry to

your upside if there is inflation or a downside if there is deflation. speaking to someone recently, his comment was inflation does not bother me nearly as much as deflation. he is primarily worried about his risk assets getting hammered and the economy in an inflationary death spiral. we have to plan for both as investors, saying what are their allocations and how should we respond to changing environments? it is usually not right to wait to see inflation and say now i will do something about it. we know bonds and equities in periods of inflation did terribly in the 1970's and 1980's. matt: i mean, there are other old adage is they not seem to be working. -- old adages that do not seem to be working. i thought gold as an inflation head. it does not seem to be doing

well. if you did 59.1% bitcoin in the past five years, you would be sitting on a beach right now. do you think this is why we are turning to these new, maybe even strange, inflation hedge assets? peter: i think on the gold side maybe it is a bit of a traditional thought that gold is a great hedge against inflation. there is a great paper on that topic where it looks like gold is rich compared to long-term cpi. it has been very correlated to bonds over the last couple years, so it is not surprising that when bonds selloff, gold sells off. that does not mean it will not help you in hyper inflationary periods, but the guys talking about bitcoin were all gold bugs. now they are all bitcoin bugs.

first, they are incredibly volatile. they move a lot. it is hard to replace a meaningful amount of your per folio with something that speculative. -- your portfolio with something that speculative. it appears to have a better marble impact. nobody esg can touch it. and i could say that if i went with tech stocks 60-40 i would be doing even better than with bitcoin. it is a complex asset to use in a scalable way. the only people i see people using it is on a one-off, to say at least we did something in it. matt: great points, peter, and great to get your insights on this. appreciate you rolling with his here. -- with us here. i noticed a number of gold bugs out there. their kids are buying bitcoin. they have been vocal against it. i see peter schiff and howard marks, howard now seeming to go

around -- now seeming to come around on it because his kid is by bitcoin, but obviously a shorter track record and there is volatility. peter van dooijeweert, thank you for your time. breaking news out of the white house. president biden is expected to say in an upcoming announcement that 90% of u.s. adults will be eligible for vaccine shots as of april 19. the number of pharmacies with vaccines -- or the number of pharmacies able to hand out vaccines are doubling. they are getting a lot more shots in arms and hopefully getting the u.s. a lot closer to the kind of herd immunity that we can only dream of here in cottonelle europe. still ahead, goldman shares rattled as the archegos drama continues to unfold. that is your stock of the hour next. this is bloomberg. ♪

matt: this is bloomberg markets. i am matt miller. time for our stock of the hour. former tiger cub archegos capital set off a panic at global banks this weekend. goldman sachs seems to have escaped the worst of the damage. ritika gupta is here to look at what is up. >> that fallout is ragging the financials today. we know the impact for credit suisse and nomura. they had a big impact on their financial results. shares of goldman falling despite them saying they do not have a material impact. they were able to exit their trades. morgan stanley, still not yet. we do not know the full impacts to them. uncertainty weighing down on the

kbw index today. down as much as 3.4%. the question is how much of this trade is left to online? that is adding to weekly losses for these major banks after what had been a stellar performance year to date. the second-best performer within the s&p 500, part of that re-inflationary reopening trade. easing some restrictions on dividends on the part of the fed. yields rising this year. that was good for goldman sachs, allow them to have a boom in their profit map. matt: not only are people worried about there could be more to come from this leveraged, overleveraged family office, but are there other big leveraged whales out there? >> it just shows the risk of these highly leveraged bets that they are making, because

archegos had swaps set to exceed 10% on some company shares, so that has a huge impact. that inducing other banks to sell their collateral holdings as well. you can see the ripple effects this kind of thing can cause here, matt. matt: thank you, ritika gupta, with the stock of the hour. really, stocks of the hour, because you are looking at all the bank stocks connected to archegos. coming up, an unprecedented move. we will take a deep dive into the $20 billion block trade spree and ask the question, again, is there more to come? this is bloomberg. ♪

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the president will outline a plan focused on infrastructure and jobs this week. the white house spokeswoman says the second proposal would focus on childcare and health care programs. that will be released in april. the white house is extending a federal moratorium on evictions for tenants who cannot make their rent due to the covid pandemic. the centers for disease control and prevention moved to the protection which had been scheduled to expire wednesday. the moratorium has now extended through the end of june. last month the president extended a ban on housing foreclosures to june 30. according to u.k. government data, the financial capitals hit hardest by covid-19 are pulling ahead in the race to vaccinate residents. london is outpacing its peers with about 30% of residents having received at least one shot, compared to 23% of residents in new york city full-time meanwhile, asian hubs,

which have reported fewer infections, are lagging far behind, according to the data. it is being dubbed happy monday, or a major easing of lockdown restrictions taking effect in england starting today. six people, or two households, can gather outdoors, and outdoor sports facilities will reopen. the move eases restrictions put in place at the start of the year. boris johnson's government is cautiously looking to end strict sins by late june -- and restrictions by late june. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i am mark crumpton. this is bloomberg. amanda: i'm amanda lang.

welcome to bloomberg markets. matt: i matt miller. there are the top stories we are following for you from around the world. block trade blow up. we are going to bring you continued coverage of the fallout from friday's $20 billion, at least $20 billion in block trades as banks tally their exposure. the ever given finally pulls three. we will discuss the return of navigation in the suez canal, and weekly inks that we spotted in the -- weaklings we spotted in the global supply chain. president biden says 90% of u.s. adults will be eligible for the vaccine but it will 19. we will discuss the pandemic with dr. i mentioned alger, senior -- dr. amesh adalja. amanda? matt, that it's pretty close to one of the stories that is affected again.

it is the push-plug vaccine rollout versus the third wave of a pandemic. the cdc warning today that we are in dangerous territory. we know around the world the vaccine rollout is slower than in america, and we are seeing third waves everywhere. the markets are a bit muddled. you can see the s&p 500 flat on the day. we are not seeing much reaction in energy from the clearing of the suez. either way we did not see a ton of support to the upside. perhaps it is only fair. we don't see a ton of downside from the removal -- the beginning process of removing it. you can see tech is the weak spot, but the markets remain a little bit jittery. i think that is safe to say after the trading last week. the massive block trades that really are the center of focus here. i want to bring in erik schatzker, who helped break the story. this feels like an important story. this feels like a story that

could be bigger than the hedge fund involved and everybody thinks does this feel like july, 2007? erik: to many people he feels like 2008 when capital management came down. if you loan somebody a little bit of money it is his problem. if you loan somebody a lot of money it becomes your problem, and that is the situation many of the prime brokerage firms that have loaned money to bill hwang and his office, are facing right now. after the block trades that began in earnest and on friday, goldman sachs appears to have escaped with material consequences to its finances. we also gather that deutsche bank is likely going to escape

with little to nothing in the way of losses. no word yet from morgan stanley, but as we have been covering all day and i know you have seen, credit suisse and nomura, the japanese brokerage firm, were two of bill hwang's largest lenders. they faced significant losses -- they say significant losses could be in the billions of dollars. again, you lend somebody a little money, it is his problem. a lot of money, it becomes your problem. matt: it begs the question, why lend bill hwang money after he was embroiled in the insider trading? the wire fraud investigation in 2012, he actually settled that, and that is why he shifted his hedge fund to a family office. i understand that goldman sach'' compliance department, at multiple different times, said, no, this guy is persona non grata. he is too high of a risk and we are not dealing with him.

as david solomon today asking where the man or woman is that put bill hwang's application through again, or did he have to ok this himself? erik david: solomon is probably wiping the sweat from his brow because goldman got away with little damage. you're absolutely right. somebody in the compliance department at some point in the past two and a half years made the decision that it was ok to take him off the blacklist and to allow him to become a major client. just as relevant is why morgan stanley, credit suisse, deutsche bank, and nomura were doing business with bill hwang possibly all the way back to 2012 when, as you say, he entered a guilty plea on behalf of his and hedge fund tiger asia management, over insider trading and some chinese bank stocks.

technically the plea was for wire fraud, but this is all about insider trading, and you can understand why a wall street firm such as goldman or any of the others should have been reluctant to deal with him. he wasn't exactly a felon, but the nature of the conduct his firm had engaged in, suggests that he was in colloquial terms something of a bad guy and a red flag for any of these firms. what we understand -- and this helps answer your question, that bill hwang became such a whale that he was throwing around tens of millions, if not more than one hundred million dollars a year in commissions. standing on principle is one thing. ignoring that kind of money, very, very hard for a prime brokerage firm to do. matt: you and the rest of the team that have been breaking these stories all weekend have

done some incredible work. they are the most read stories on the terminal today. yesterday, saturday, friday as well. one of the things i have noticed is the billion-dollar dollar tally only comes -- correct me if i'm wrong -- from goldman sachs and morgan stanley's block trade. if credit suisse and nomura had enough us pleasure to take billions in losses, doesn't that mean he could have had $40 billion, $50 billion, $60 billion of exposure out there? erik: this is why this story is far from over. informed estimates of the amount of gross exposure that archer goes -- archegos had, ranged from $25 billion to $75 billion. if in fact it is $75 billion ash maybe that is a high estimate -- there are billions yet to hit the market. you have seen yourself what has happened thus far to viacom, for

example, down 55% in five days. 245% in five days. anybody who had levered bill hwang on those stocks now faces the prospect of selling them at a steep loss presumably, to where the position was put on in the first place. it is a paper loss. but can viacom make up that kind of down rap anytime soon? that is why we may have seen less than half -- i'm emphasizing the "may" because there are no concrete figures for his net worth. there are no concrete figures for the amount of capital that he had pulled up. there are no concrete figures for the level of exposure he had. we are talking billions of dollars upfront, multiplied by -- multiple terms of leverage. so you get the very large numbers very quickly, and that is why an overhang remains over

the market and why people continue to talk about the story. because of so much that may yet come to pass. matt: we don't have a ton of time -- amanda: we don't have a ton of time, but this story has not yet unfolded and we watch it with concern. if it is not long-term capital. isolated to this one case, i would say that you have done the best reporting on the story of how red flags get overlooked, how wall street hunger for profit overcomes their risk aversion. so i would ask, do you think there is a lot of margin out there, leverage out there, that is cause for concern? erik: i wish i could answer that question concretely. so many people are asking the same question. bill hwang was able to amass this leverage effectively in secret, using swap agreements, not showing up in form 13 filings as a major holder, 10% or more holder. that's exactly what is ringing

some alarm bells. are there other whales like bill hwang who have been armed to the teeth by the likes of morgan stanley and goldman sachs? i wish i had the answer, but that is another one of these mysteries that has emerged from what we observe start to happen before the market opened on friday, the selling that accelerated through the middle of that afternoon, and continued over the weekend with an you norma's block of viacom stock, and as you can see continues to -- an enormous block of viacom stock, and as you can see continues. matt: i know you would be leading special coverage of this later on. i think 4:30 p.m. this afternoon, bloomberg television is going to broadcast special coverage of this massive story. i also want to say how great it is to have two of my three favorite living canadians on television with me, the third of course being mark carney.

he could not be here today. but amanda -- mark carney, amanda, erik, and mark carney. my top thre alive. coming up, we will discuss next steps in the impact on global trade now that that giant container ship is floating and moving off into the sunset. the secretary-general of international chamber of shipping joins us. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller with amanda lang. for what it's worth, the ever given is gone. my favorite website over the

weekend was, isthe shipstillstuck.com. the answer is no. at an estimated $59 billion in costs. amanda: for what it's worth, indeed. it is worth a lot to get it moving. it will take days if not weeks to get all of the backlog sorted out here. what will that mean and how quickly do we get back to normal? i have a great guest on that. guy platt is with us, secretary-general of the international chamber of shipping. much better than we would have had if the ship had still been stuck, but this really does signal the chokepoints in global supply chains. what have you been thinking about as you look at one of the most important trade routes in the world, jammed up for all these days? guy: it has been really

worrying. 12% of trade in the world flows through here. it is something like ship stacked up waiting to go through the canal, so i think it was relief more than anything to find out that -- a huge shout out to the salvage teams volved because that is an incredible feat that they managed to achieve in just six days to get that ship off the banks and on its way again. matt: herculean, i think, is the correct word here. that ship was as long as the eiffel tower or longer. it was 200,000 tons, which is like two nimitz class aircraft carriers. it is gigantic. which leads me to ask -- is it too big? is that the problem, that this type of ship is too big for the suez canal? guy: i think we have to get some context here.

there are 80,000 transits here, and this is the first blockage we have had for many years. so these ships can get through. and actually, the length of the ship -- it is a big ship, and big ships pass through on a daily basis. the most import and thing now is we find out exactly what went wrong. is it technical, weather-related? a combination of those factors? so that we can learn lessons in the industry for future transit as well. it is just good now that she is moving. she is going through the lakes that divide the north and south part. matt: what do we know now about what caused this? i know there is an investigation, but what are the early signals as to what happened? guy: we generally do not know full -- we genuinely do not know. i heard steering failures, i've heard the wind coming in. it is just speculation. and that is the importance of a full and thorough investigation so we can find out what has happened. and hopefully make sure it never

happens again. amanda: i just want to pop up a great chart inside your terminal here on the rate of growth of containers, from shanghai to l.a. versus shanghai to rotterdam, the u.s. versus the e.u. it just is an explosion of growth from china to the u.s.. when you think about the way global shipping is working, is there this sort of unequal trade balance happening here that is going to tilt the right .1 way or another? guy: there is a shortage of containers in china. this blockage will not have helped that as well. it will take time for things to rebalance and that will affect rates going forward. we have had essentially a week of no trade in the suez. ships that are past south africa, and that is adding a week or so on to their journeys. so this ripple through the supply chain will be felt for

some time to come. matt: what kind of problems with the -- will those ripples cause? is it prices that are going to rise? are we just going to face delays ? i know that freight rates have gone up and there is going to be a lot more fuel used going around the cape of good hope. guy: i think the delays may have perished and route. there will be some knock on effect there and this will take a big hit for insurance as well because the cargo is insured and someone is going to look to get the cost back on all of this. i think there is a long way to run in litigation and getting the legal process sorted out. but at the moment we are looking at delays throughout the supply chain. amanda: great to have you with us, guy. he is the secretary-general of the international chamber of shipping. thanks so much.

there was an emotional plea from the director at the cdc today. two americans. -- to americans. we will have a look at that and the update when we come back. ♪

amanda: this is bloomberg markets. i'm amanda lang alongside matt miller. cdc director when shall walensky had a serious plea for americans about the pandemic. >> i am going to reflect on the feeling i have of the impending view. we have so much to look forward to, so much promise and potential of where we are, and so much -- but right now i'm scared. amanda: impending doom. matt: absolutely. really stark warning, and we are

seeing also here in germany, these kinds of warnings from the chancellor. she has even been pitted in some cases against state leaders from her own party, as we see the infection rate shoot up in germany, and the federal government seemingly lacks the ability to lock us down even tighter. so it has been a real problem here, and it seems -- i have to say, amanda -- never ending. for more insight, let's bring in dr. mischa. -- dr. a mesh ash dr. a mesh and algia -- dr. amesh adalja. it is not just germany that has problems. even though the u.s. has done an impressive job of procuring and doling out vaccines, we are seeing massive spikes in new york, for example, as well. why this fourth wave? dr. adalja: you have to remember that the vaccine is not

available to everybody. where it is deployed, it has great effect. health-care workers. we have seen this vaccine enjoy tremendous successful that we are seeing in the united states probably a different fourth wave, if you want to call it a fourth wave. you will see cases, but it will not translate into hospitals going to crisis or deaths going up because all of our high-risk populations are largely vaccinated. there will be a difference in terms of risk. the solution in the united states is to accelerate vaccinations as fast as possible into the age groups now getting infected so that we can also decrease the burden of cases occurring. it is a very different scenario that the u.s. finds itself in because our vaccine rollout has been at least modestly successful. amanda: given that there has always been a debate, almost more than in any other place, doctor, in the u.s., now that, as you say, these fast-moving

variants may be the problem, but they may not be as deadly because they are hitting younger populations, what do we need to worry about? can we say that long-haul covid is now something that could strike younger americans that have -- and have long-term consequences? dr. adalja: i think there is going to be a proportion of individuals that get infected that have long-haul symptoms. what you will see overall is if you got a disease that it is no longer able to kill, or to hospitalize people, that will change the way policymakers, the way the general public views the infection. i think it is going to be important to remind people who are not vaccinated that common sense precautions are going to go a long way at preventing them from getting infected and having to think about long-haul symptoms. so wearing a mask, social distancing as best as possible, avoiding crowded congregated places, washing your hands -- that will be important, but all this underscores the need for this country to move beyond those priorities of having why deer availability -- wider

availability. that is going to be the way we get through this. we are on track to do well with this, by the middle of the summer, but the goal right now has to be removing barriers for vaccinations, getting them into people's arms as quickly as possible. matt: doctor, thank you so much for your time. we are getting you from a hospital supply closet, which brings to mind -- we talk so much about how much wall street traders have to work or young investment bankers, but the health care professionals have been working around the clock and doing such an incredible job. we really thank you for your time. dr. mesh indulge a -- dr. amesh adalja. for amanda and me, this is bloomberg. ♪

mark: germany's chancellor angela merkel is picking out legal fight that underscores the

gravity of the latest surgeon coronavirus infections. -- the latest surge in coronavirus infections threatening federal control over measures. she backed off the holiday for easter holidays last week following widespread criticism. today a dire warning to americans thinking of flouting mass girls and covid-19 mitigation -- mask rules and covid-19 mitigation measures as confirmed deaths in the united states rise again. >> i will reflect on the feeling of impending doom. we have so much to look forward to. so much promise and potential where we are. and so much reason for hope. but right now i'm scared. mark: dr. walensky added that the u.s. trajectory looks similar to that in the european union a few wee