♪ >> that sort of immediate shutdown is very mechanically driven. it is completely unnatural as far as recessions go. so now the recovery is somewhat unnatural as well. >> this has built a lot of momentum as the year goes on, so i think this will heat up. >> we are relatively early in the global recovery. i think it is going to be quite a sharp recovery. >> expect more bouts of extreme volatility because that is a relief valve in the market place. >> my concern is we get into a fully employed economy late next year, and nobody sees the top sign there.

don't slow down at all. -- the stop sign there. we don't slow down at all. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on radio and television, "bloomberg surveillance." thank you for being with us. a set of stories in this hour. jobs report, 8:15. adp, that first look at a big national statistic. jonathan: payrolls report coming this friday, was up to a million on household names. the likes of bank of america, one million. the likes of barclays, 950,000. i could go on and on. we are looking for some big numbers not just this month, but next month, too. tom: i am still waiting to hear from morgan stanley, and credit suisse out with headlines moments ago. you've got to say about cash, maybe there is a challenge in zurich. jonathan: my focus is very much on credit suisse.

they are now in a buyback plan for this year, and they have carried on conducting that. i've looked at headlines to see whether they back away from that buyback plan. i will catch up with david haro, credit suisse investor, a little later in the next hour. he has been so tolerant of this particular c-suite, this particular bank, repeatedly after issue after issue. i want a better understanding of how they hold this leadership accountable for the last few months alone. tom: at this moment, it will be some important. the credit default swap is the thermometer global wall street uses on the credit faith of any given company. the market is speaking, and it is something david haro has to look at. jonathan: the s&p is speaking as well. this is what they had to say yesterday. they cut the outlook to negative

from stable. we believe credit suisse can manage potential financial losses due to robust underlying earnings, but the rate raises the question of quality. that is where the focus is for investors, too. tom: this continuing story on the margin calls and how these banks are adapting to billions of losses. it is not billions, it is trillions on an infrastructure speech this afternoon. what have we learned in our conversations, and what will you look for at 4:00 this afternoon? lisa: details. also, a sense of what are the nonnegotiable aspects of what could be described as a wish list, and how he plans to cater to both sides of the democratic party. he is not catering to republicans at this point. i will tie this back to what you are talking about in the market story. there is a question of what it will do two markets that are already turbocharged by easy monetary policies to get 2.2 $5 trillion of stimulus. could this lead to inflationary

impulse that is longer-lasting than people are expecting? tom: what do you see an investment grade and high yield? is high yield still priced to perfection, or giving way like faith and credit? lisa: it is still priced to perfection, but if you look at the sheer loss tied to the treasury component of corporate debt, they are dramatic. is the worst loss for a quarter since 1980. if you take a look at investment grade bonds, the worst quarterly performance since 2008, during the depths of the financial crisis. will this lead to be wooing their money out of these -- lead to people moving their money out of these instruments? tom: the treasury index rose over, just as lisa describes. jon, help me with the data this morning. i guess it is a snooze fest, but to me the real yield hasn't moved. jonathan: it's been really volatile in the treasury market in the past day.

1.77%, north of that in yesterday's session. right now, yields are up a couple of basis points on the session. without further euro. euro-dollar, $1.1729. we had a 2.6% move so far, the biggest monthly gain going back to 2016. what are the sources of upside surprise right now? given where the bar is in europe and in the united states. tom: earnings. ed hyman with us this morning went right to earnings. he gave us a single point on s&p earnings that got well out past 4400. lisa: but of course, earnings come in the face of potentially higher corporate taxes. it is a complicated equation at a time when you don't have synchronized global growth. tom: let's pick up the conversation with somebody hugely holistic on the markets, with state street global, their

macro strategist marvin loh. which partition of our conversation there are you most focused on right now? marvin: i still think there's a lot of message in rates. fixed income is where i spend most of my time, so would have been busy from that perspective you are absolute right, the intersections on doll of the different parts of the global macro mosaic are coming into play. to a certain degree they are sending different messages, or at least interpreting some of these broader messages quite differently at the moment. jonathan: i'm looking at these prize indicators for europe and the united states. the united states turning almost negative. in the months to come, do you prove -- where do you predict the surprises will come from, from the continent or from america? marvin: certainly a lot is priced in terms of the better outlook in the u.s. just given how euro-dollar is

trading on negativity around it, it is hard to break through the concerns in terms of vaccine rollouts, etc. but at the moment, there are a lot of negative numbers being priced in from a growth and inflation perspective in the euro zone. jonathan: i am trying to gauge whether it is fully priced. where you look for that? marvin: i do think the discussion between real yield and rake evens is important, and how flip floppy and volatile they have been. i think we are in a row driven market right now, particularly when it comes to inflation and growth expectations. really having inflation data, we are kind of at the doorstep of finally getting a better look at what this will cover looks like. i think some of the surprises might be right in front of our face in terms of whether or not all of these inflation expeditions are correct and/or whether or not the upgraded growth outlook is potentially

maybe not aggressive enough. lisa: let's talk about one data point proximally seven mental way, and that is the adp private payrolls. how much do you pricing, how much do you respond to the reports we get today, tomorrow, and the march jobs number we get on friday? how do you trade that, or do you even try? marvin: fortunately i sit on the research side of things and don't necessarily need to trade. friday is becoming the conversation at that point -- at this point. it is hard to see a number that is ahead of that changing the discussion much. we still wind up with somewhere in the range of 8 million unemployed after all of this. there's a lot of wood to chop. we definitely look into some of the industries and how they are performing and how widespread it is. if it is mostly just reopening, i think that is expected.

if we see strength across industries that have held up fairly well throughout the process, then there is potential real acceleration within the employment discussion. lisa: the reason i ask is not necessarily from a day-to-day standpoint, but how much do you use the data we get today, tomorrow, friday to price out, to extrapolate out whether what we have seen in markets is already priced in this recovery and not necessarily something more? what would give you a sense that perhaps this inflationary push people are expecting had legs and could last longer than some people seem to think? marvin: i think we need to see the next few months of inflation and how it is being driven. we have online statistics we wind up using within a product that lets us look into real-time numbers. if it is coming from areas you would expect not to have that much pricing power, then it does show that the retailer, the

seller has a bit more power this time around than they would have in the past. jonathan: marvin, good to see you, as always. our venlo, state street -- marvin loh, state street global macro strategist. lisa: not necessarily on day-to-day trading, there's a question of how you use the ongoing data we are getting because people are saying finally we get the proof to all of this hope trade we have been seeing. we are actually going to see how much this economy is recovering, and drawing the distinction between a recovery and something that has longer legs to me is a difficult distinction, and one that still remains to be seen. jonathan: i want to turn to something that i know tom wants to talk about. forgive me. here we go. but going. according to see -- bitcoin. according to cnbc, investment vehicles for bitcoin. tom: it is in micro stories every day.

the giant of singapore has china one, and blockchain is something china will do. that is away from bitcoin. jonathan: that is the technology, yeah. tom: the whole digitization of currency goes right back to what the president is going to talk about today and the need for america to be digitally forward. that is something arcane for most in washington. jonathan: what has been clear to a lot of people is how much the c-suite has been reluctant to fully embrace this on wall street. what has happened here is the clients have demanded it. the clients have demanded they supply the investment vehicles so as to get exposure to this, and if they don't, they will go elsewhere. i imagine that is what has really brought this about, too. lisa: then you have paypal

saying they are going to accept crypto assets as a form of currency. to your point, they wouldn't do that unless there was customer demand. tom: start excepting bitcoin for crystals and makeup, moisturizer. jonathan: bitcoin and crystals. there we go. interesting. coming up, your march employment data from the u.s. with adp numbers, and michael mckee back in the hot seat. from new york, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. the white house is calling it the most sweeping infrastructure plan since investments in the space program and the interstate highway system. president biden will unveil the two point $2 trillion package today in pittsburgh. it includes spending on transportation, research and filament, clean water, and improved care for the elderly and disabled. the president wants to pay for

it with higher corporate taxes. ecb president christine lagarde warns that europe's economy isn't clear of the dangers posed by the pandemic just yet. >> the balance of risk is still tilted to the downside in the short term because we are seeing a degree of uncertainty. we are seeing renewed lockdowns. we are seeing a vaccination rollout that is sort of what we had expected. but it is much more balanced in the medium-term, and we expect the vaccination rollout to proceed. we expect sufficient herd immunity to be reached at a point in time in the future. ritika: the ecb spend a back bond program is set to run until the end of next march. hitachi is expanding its technology services business. it is a conglomerate that has become investing in gear for the

internet of things. 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. ♪

♪ jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance."

alongside tom keene and lisa abramowicz, i'm jonathan ferro. with your adp report, let's turn to mike mckee. michael: america's going back to work, at least according to adp. the numbers have come in higher than they have in months and months. 517,000 people added to payrolls, according to the payroll processor. they account for private-sector jobs, so that is a little under the forecast for the nonfarm private payrolls report on friday, expected to rise by 638,000. the numbers don't often match up between the nonfarm private jobs and the adp, but the direction gives you an indication, and the magnitude certainly should give us some indication of how the news is going to play out. in terms of the categories, service providing jobs the big winner here. 437,000 additional jobs, 169 thousand of those in the leisure and hospitality space. obviously, with states reopening, restaurants opal -- restaurants able to have more

guests, we are seeing people go back to work. these aren't jobs necessarily added to the economy, but jobs restored to the economy. small businesses added 174,000 -- added 174,000, medium one under 78,000. 32000 and construction. the weather gets better in march than it was in february. that may add to that. tom raised the question earlier today about the biden plan. where are you going to find the workers? it is an interesting question if there is an awful lot of construction work to be done over the next few years. jonathan: let's turn to the price action. decent upward revision to the previous months. not much price action over the back -- price action off the back of it. dxy down almost zero point was 1% -- almost 0.1%. equities still ok. futures on the nasdaq up 0.75%. the s&p 500 up 0.2%.

on friday, 600 of decay is your median -- 650 k is your median estimate. it is the numbers at the high-end getting the attention because if we don't see them this friday, there is a belief we will certainly see them next month. michael: absolutely. the feeling is these jobs are going to be restored fairly quickly, at least in companies that did not go out of business. the companies that went out of business is the scarring effect people are worried about. but for those who do have jobs to go back to in retail, and leisure and hospitality, we should see a rapid increase in jobs and a rapid drop in the unemployment rate. we are expecting that default is 6% on friday for the month of march, and the fed thinks that by the end of the year, we will be at 4.5%. tom: i want to dovetail into the interview. i thought it was a prescient interview with mr. deese this

morning. we came around to these combined twin deficits. steve roach made a career of this at morgan stanley. you are at the press conference with powell. you always get the last question . you are going to stand up and go, chairman powell, about that twin deficits. . what is he going to say? michael: he's going to say at this point, it looks manageable. it does look like the rest of the world is willing to buy our debt, which is problem number one. problem number two is in paying it back, if you can make the economy grow faster, that is what this is designed to do. it is designed to expand potential growth. tom: frame the 15 year timeline reported in this infrastructure bill given other extrapolations from cbo or other shops in washington. how does 15 years fit in? michael: it is kind of odd because they do the reconciliation bill, the vehicle he they are going to have to use to reform this, based on a 10

year time horizon. so they won't necessarily match up, but it will be interesting to see how they put all this together from a nerds point of view. from an average person's point of view, if they don't get tax increases, it will be a big hole in the budget. if they do get tax increases, it won't pay for itself because it never does, but it might close some of that whole, and maybe faster growth helps with that. tom: just mckee understand we were going to call this "bloomberg surveillance," but before that we were thinking about calling this than eight -- calling this the nerd show? lisa: i do this literally every day at four coley on thursday -- at 4:30 on thursday and check this. this is relevant because it goes to between deficit issue and the idea of how much will the fed continue to help the treasury department finance this project? how much will chair powell come

out and say we will be the buyer of last resort and first resort in some cases if that means suppressing borrowing costs to enable this fiscal plan to have its full legs? michael: he will never say that. [laughter] it is interesting you bring it up, though, because people on wall street are always talking about it. there are that group of conspiratorial lists who think the fed is all in on this. we've had two fed officials push hard against that. we had the new fed governor from the st. louis fed saying we will never do that at all, and then we had yesterday vice-chairman randy quarles say we will never do that. it is a narrative they will have to get in front of because with these kind of deficits staring us in the face, the idea is going to be the fed keeps buying. lisa: the timeline here is somewhat concerning to be born wall street. later this year, the fed is expected to start tapering if

the economy is looking better, and we may have a better sense or even a planned path to enable some of this spending basically to increase the deficit. how concerned is the fed about a sudden rise up in yields? do we have a sense of what disorderly means to chair powell? michael: i don't think yields are going to go shooting up because of this, especially because of the timeframe. they were more concerned yields would rise rapidly on the rescue plan because you are over $2 trillion being spent in less than a year. that could add a lot of pressure to inflation, which would send yields higher. but if growth rises along with yields, as this plan is designed to do, yields will stay under control because there is it not going to have to be an expensive premium as it -- premium in it. we see yields higher today, but lower than yesterday before the headline about the plan.

maybe a has to do with the plan coming in at $2.25 trillion instead of the $3 trillion that was focused on. jonathan: what is the first rule of monetizing the deficit, mike? don't talk about monetizing the deficit. [laughter] they don't say they are doing it come but they're doing it in europe, doing it in america. if we know what we know already, that high yields are in and put on financial conditions, what do you thing is going to happen? tom: i think we got to normalize. jonathan: what does that look like? tom: we don't now. we've got to go, i guess, but the second derivative here is we need some calculus on the show. jonathan: we are conveniently out of time. [laughter] tom: kailey leinz can come on with the calculus. michael: the near joe -- the nerd show. [laughter] jonathan: mike, thank you. we will continue this conversation with mike for only -- with michael feroli of jp

morgan. where are we on treasuries? your 10 year north of 1.70%. north of 1.7 7% in yesterday's session. from new york, this is bloomberg. ♪

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jonathan: it is amazing to look at how resilient this equity market is. a real conversation about hiking the corporate tax rate from 21% to 28 percent and yet the market is unfazed. the nasdaq positive .7%, the russell up .5%. it has been resilient repeatedly, even though we knew this was on the table. maybe the $900 billion to mills bill in december, stimulus -- stimulus bill in december -- the reopening, the vaccination program is so good, at some point you have to think we start focusing on the taxes and not the spending. want to talk about two's, tens,

and 30's. really volatile. yields are higher by a couple of basis points. higher on 30's. you get the picture. europe is looking terrible. in america the outlook is looking great. it is that simple. euro-dollar hanging onto a 1.17 handle. dollar index up to .42% over last month. -- dollar index up 2.42% over last month. you have to think about where expectations are and where the bar is for the united states relative to europe. the bar in europe is rock-bottom and the bar for america is getting higher and higher into the summer. i want to work out what that means for this fx market. tom: we end this quarter with the surprise of resilient dollar versus the consensus of 90 days ago. i would go back to earnings revenue dynamics front and

center, maybe the world of gina martin adams as well as others. michael feroli to get us started on adp. does the modest good news in establishment with adp, does that adjust you from 650,000 into the rarefied air of one million jobs on friday? michael: i think the adp number was consistent with what we are looking for, which is around 650,000. we will probably leave our estimate at that. in terms of looking for a million, that baby -- that may be more of an april and may story. tom: it becomes a blur, all of these different conversations. last week, michael feroli talking about 7 million jobs formation. can you adjust that to 8 million or 9 million or a 10 million statistic?

michael: i think 8 is plausible, i think 10 million might be a reach. i think we should do very well in terms of jobs, not only because we are expecting very rapid gdp growth, but love that will, in service industries like hospitality where the jobs -- greater than the rest of the economy. it should be a job filled recovery. lisa: is this a recovery or a new entry point to a labor market that is shifting to a tech error that will be -- tech era that will be financed by cyclical spending? michael: this recovery is certainly not one. it was an odd recession. -- this recovery is certainly an odd one. it was an odd recession. whether the recovery is tech heavy, that will be a conversation for 2022 or 2023.

this year will be about recovering jobs lost. if we transition to a greener economy, i think that is a multiyear conversation. jonathan: last year a lot of people were surprised by how quickly the economy snapped back. you think we could be surprised again? michael: certainly. there has been a lot of surprises. we do not know how much of the structure package will pass, whether we can see additional fiscal stimulus this year. i think there is certainly capacity to be surprised to the upside. jonathan: tom asked a question earlier this morning. where do the workers come from? how quickly can we fill the vacancies? michael: obviously the unemployment rate has come down. that is 4 million shy of where we were before the session. we are also missing 4 million nonparticipants. that is another big bucket of slack we should expect to normalize later this year as we

see the pandemic concerns fade. as school situations normalize that shall allow formerly working parents to get back in the labor force. that is one of the pools of slack we still have in the economy. lisa: we will getting job data out of a host of entities. right now we are looking yet next patient for -- expectations for inflation around 2.2%. what do we have to see in the labor dynamic to make that happen and even exceed expectations? michael: you asked the right question. in terms of the inflation story, the next months will be the story of a lot of one offs. inflation is about the state in reason the general price level. for that to happen we did see wages firm.

average hourly earnings has been a bit distorted by the competition. in light of that you have to look at things like the employment cost index, which we get only quarterly. we would like to see that start to move up. tom: michael feroli, liz ann: sanders at charles schwab put out a chart on the calculus of the 10 year yield, the velocity, the acceleration of the higher yield, as she begins to compare it to the advance we saw in 1994. what does your team think? are we seeing a first and second derivative of the 10 year yield that mimics what we saw in 1994? michael: we do not think it gets that extreme but that may start away on interest spending in the economy, things like the housing market.

a lot of the growth we are expecting should be non-interest sensitive, particularly in consumer services. normalization in the 10 year rate is to be expected given the backdrop. i do not think it will be a death knell to the economy. tom: what will we learn about wage dynamics in the friday report? michael: unfortunately, not much. as i alluded to earlier, we have a big jump in average hourly earnings once the pandemic took hold because a lot of the jobs we lost were low-paying. the remaining pool of jobs were higher, so that boosted average hourly earnings. that distortion has persisted because most of the jobs we have yet to recover remain lower paying jobs. we should see the situation start to normalize. the average hourly earnings number is not the most reliable guide to overall wage pressures. jonathan: what you make of the 1994 comparison, given that

happened in the -- the greenspan fed started hiking plate and this fed is just sitting here -- the greenspan fed started hiking quickly and this fed is just sitting here. michael: you may recall 1994 the fed was barely communicating to us. that is where they started telling us when they raise the fed fund target. beyond that they gave us no communication. right now the fed is communicating on an almost daily basis that they will keep interest rates low. that should pin down at least the front end of the curve, which should limit how much the back end can move. that is a huge difference between now and 1994. jonathan: that is what is curious looking back at the bond story of the 1990's how we responded to interest rate hikes then compared to now, the fed saying to do nothing is sending up the long end. tom: is at the same economy?

or have we become so technology that the comparison cannot be made? michael: service as a share of gdp has knocked on up dramatically since 1994. in 1994 -- service as a share of gdp has not gone up dramatically since 1994. it was the beginning of the activity boom that was amazing. perhaps that could happen, but right now expectations are for subdued economic growth like we saw in the last decade. that is one of the big differences between now and 1994. lisa: i want to end with this idea of there is a philosophical question of various economists that have said last 40 years small government is better. biden is saying we need to make government bigger to get the economy up to speed. what is your view of biden's approach versus the 40 years before were small government was emphasized? michael: i want to distinguish

short run fiscal stimulus, which is a large part of what we are seeing in the american rest plan, from an overall shift in the steady-state size of government as a share of gdp. the former, most people agree the economy that prevailed a few months ago needed added stimulus. you know there is a big debate between big-name acro economist as to whether it was too much. i think everyone agreed we needed some more stimulus. that is where the agreement ends. the overall size of government, i think, will remain hotly debated as we get back to a full employment economy that is one that is tougher to answer. jonathan: we have to leave it there. michael feroli, jp morgan chief u.s. economist. looking for something around 600,000 this friday on the payrolls report. the metering report 650,000.

-- the median report 650,000. tom: do i mention we have claims in between? it is a completely different dynamic. claims tomorrow will be ever more fascinating. jonathan: around 600,000 or 700,000 on claims, that needs to move south aggressively. coming up the next hour on bloomberg tv on this massive spending plan in washington, d.c., we will get the story from mohamed el-erian of queens college and bloomberg opinion, and on credit squeeze and the bank route in europe after the arcade goes -- after the archego s blowup we will catch up with david harro. alongside tom keene and lisa abramowicz, i'm jonathan ferro. you had the appetizer, the adp

report, still around half a million. then you get the main course on friday. the payrolls report. the estimate is 650,000. initial jobless claims tomorrow morning. futures up nine points on the s&p. we advance .2%. 1.7191 on 10 year. heard on bloomberg radio and seen on bloomberg tv, this is bloomberg surveillance. ritika: with the first word news, i am ritika gupta. president biden is counting on business to pay for the $2.2 trillion plan he is unveiling in pittsburgh. he wants to raise the corporate income tax from 21% 28%. there'll will be a 21% minimum tax on global corporate earnings. biden called the spinning on transportation, r&d, and care for the elderly and the disabled. >> these public investments are among the highest return investment in terms of spurring

private investment. we know public investments in airports return several dollars in private investments. investment in basic r&d provides the backbone for innovation off which private investment flows. we know these are the high-value investments that can spur the private invent -- the kind of investment we need. ritika: president biden will announce the second round of initiative next month. pfizer says it's coronavirus vaccine was 100% effective in a final trial in kids age 12 to 15. that could pave the way for shots in kids and preteens before the next year. the shop is already -- the shop is already -- the shot is already authorized in the u.s. for people 16 and up. g gordon liddy has died. he was 90. he proposed a number of illegal acts aimed at weakening the democratic party, including loving the offices -- including bugging the office in

washington. it led to nixon's resignation. g gordon liddy said he had no regrets about water great and would -- no regrets about watergate and would do it again. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ tom: bloomberg surveillance on bloomberg radio and bloomberg television. across this nation, it is a nation with better news on the pandemic. certainly a celebration of a recovering america. april is next week. opening today -- opening day is to be april 10. it will be great to see all of sports get back in some way as we see with the ncaa right now. lisa: plans have been charted

out to try to get everyone back, not just for vaccinations. i know city field in new york city and yankee stadium have been outfitted as inoculation stations. there is a question of how baseball, how some of the other sports will look different in a post pandemic era or an almost post pandemic era. tom: and almost post pandemic era. lisa abramowicz and tom keene. we welcome all of you especially bloomberg 1130 in new york. our bloomberg affiliate in boston. joining us is derek jeter of the miami marlins, there chief executive officer. he launched himself into the stance a few years ago. the one yankee red sox fans respect. also with us is anthony hsieh from loan depot. they celebrate their announcement loan depot will sponsor the stadium and will be

very visible for the miami marlins. anthony hsieh, you do loans for america, you do financing for america. what is your advantage to brand with derek jeter and the miami marlins? anthony: good morning. it is such an exciting day as i am sitting here at the new loan depot park. our partnership between two organizations, particulate with derek, is a natural fit. we are so enthusiastic about partnering with derek and the marlins organization and we cannot be more thrilled. tom: derek, it is the miami marlins you worked to improve and recast the franchise like in new york. where are you on that path? derek: we have made a lot of progress in the three and a half years we have been here, but we still have a long way to go. you will always hear me say we have a long way to go regardless

of what happens during the course of the season. we are taking positive strides forward, both on the baseball operation side and the business operation side. a day like today, is extremely important to our organization and we cannot be happier with the partnership we have with anthony. tom: you start with the citrus series with tampa and then you have to get on the road. you were affected by covid last year and frankly into this year. what did you learn from that process you can bring forward as the nation heals? derek: i will tell you what. i said it at the time. affected, i do not know if that is the right word to use. we had 18 players test positive in a week. what we learned through the course of that ordeal was you cannot take anything for granted. there was a false sense of security with our players because we were in somewhat of a bubble. it just takes one case that can end up spreading throughout an

entire team. the health and safety of our players, our coaches, our staff, our fans is extremely important to us. you learn from past mistakes and you move on. i think baseball is an industry up until this point has been pretty clear of covid up to this point. lisa: what you think is harder, being part of a team that won five world series, or running a baseball franchise? anthony: [laughter] -- derek: [laughter] that is a good question. when you're on the team and you are on the field, you have one goal. when a championship. nothing changes. it is the same thing here. when you are playing it is that particular game. on the business side you're looking five years down the road. there are a lot of similarities, but at the same time you have to have more patience. lisa: more patience. three to five years down the road at a time when baseball

franchises have been affected by the covid pandemic because of the revenues that have not come in. how will that affect the five-year plan as you see it? derek: i do not think it necessarily changes much. you look at partnerships like the one we have with anthony and loan depot. you have to look at the overall plan and we will not change. we said when we got, we want to build sustainable success on the field and off the field. it is partnerships like this that help us out. on the field we have done a good job of building an organization we can be proud of and make some strides with our minor league system, which is the foundation of our success. in that sense, everyone was affected, every industry was affected. moving forward you will have to bounce back. tom: derek jeter on bloomberg radio. the miami marlins chief executive officer is with us with anthony hsieh. they celebrate loan depot's naming rights. anthony, i want to link this

first to you and then to derek jeter. that is the idea of the spirit of miami as personified by mr. jeter. i do not know if you know this, but derek jeter launched himself into the stands on a foul ball 7.5 games ahead of the red sox a million years ago. what is the spirit loan depot season all of florida in this building boom? anthony: as america's lender, we have become part of supporting america's housing. florida is a critically important state for not only america, but certainly for loan depot as one of our top customer base. in addition to the fact that florida is a great yachting capital of the world which i personally enjoy, and having the opportunity to pair up with winners is a great opportunity for us. tom: derek, to the kids today

play like you? i know it is an espn question and i am supposed to say that. i see the nation trying to get baseball front and center? do the kids today going to the stands on a late-night 12 inning. derek: i want to say i do not appreciate you saying that was a million years ago. it was not that long ago. lisa: [laughter] derek: the game changes. it changes every generation. i remember when i was younger, and one great thing is you have access to a lot of x players and they tell you how much the game has changed. the game has changed. their young players in our organization and other organizations. i find it hard to compare generations. there is a lot of exciting players to watch out for. lisa: the players are exciting. there's a question of whether we can shorten the game or perhaps

some of the breaks for commercials, for other things, some of the waiting, people do not have the attention span for should be eliminated. do you support shortening the game, taking measures, and what measures do you think we should take? derek: i do not know if i would say shorten the game. i would say increasing the action within the game. the games are three and a half hours, so there are ways to shorten the games to some extent. i think it is increasing the action and getting the opportunity to see how athletic baseball players are. i think there mino rule changes -- i think there minor rule changes. tom: i blame nomar garciaparra. he was playing up to the northeast somewhere when you are playing. everyone is stretching out. you need a clock? derek: i do not know if you necessarily need a clock. they are discussing pitch clocks. one of the great things about baseball is is a game you never

know how long it will be. you bring the entire family out and are able to enjoy three hours with your family. tom: the problem here, and either stand the naming rights, you were struggling and then you needed to get a refinance through anthony hsieh. then you rented your house to tom brady. how was tom brady as a tenant? derek: it worked out, actually. i think i deserve a super bowl ring for him renting my house. there a lot of champions in that house. tom: anthony, this is so important. we have talked to derek. derek that's the facetime. what you guys are effort a every day at home depot and your other efforts, explain the advantage of financing loan depot that has brought you to these naming rights. anthony: isn't that a softball pitch. we are a contemporary financial services company that has built

a lot of digital tools that help many of our customers that are buying a home or refinancing their home to do it very fast and very easy. loan depot will take care of you. tom: anthony, you see a boom economy. day today and the grind of home depot, you witness the boom economy the show is predicting? anthony: yes. currently we are breaking records at our company. interest rates are very attractive, although they are higher than they were three or four months ago, they're still historically very low, and the housing boom, we are in the middle of it now. there is low inventory. i think as we go through covid, many of us are realizing home is everything. it is becoming where we learn, where we go to school, where we work out. home is becoming a lot more important. tom: i was lying, that is not the last question. derek jeter, how do we fix red sox pitching? derek: we have our own things we

are dealing with down here. i will let you guys deal with that one. tom: derek jeter, thank you so much for being with us. anthony hsieh, thank you so much for your naming rights. lisa, this was painful for me. it was not bumpy, -- it was not bucky but derek is the one yankee red sox fans will always appreciate by what he did with that cap spirit lisa: yet you still managed to insult him i saying it was one million years ago. tom: that was fun to do. the miami marlins struggling to piece it together. we have to piece together where we are right now. as jonathan mentioned earlier, we have resiliency in the equity markets. lisa: how can you not have resiliency when you are printing money? how much can that resilience last in the face of higher taxes and higher in nation? tom: $1 trillion of bills

proposed. the president at 4:00 this afternoon with bloomberg. we will have coverage. congressman garamendi will be with us as well. this is bloomberg. good morning. ♪

♪ jonathan: spend, spend, spend.

from new york city, the countdown to the open starts right now. equity futures positive six points, a .2%. let's get straight to it. we begin with the big issue. a $2.25 trillion infrastructure plan. >> the lesson from the 2017 experience was specifics matter. >> it an ambitious program. >> is it going to drive overheating? >> there are a lot of details we do not yet know. >> is in it in part of this infrastructure spending might be financed by tax increases. >> we'll be looking at a different tax structure. >> when it is 25% or 20%, it is up from 21%. >> is a regime change. >> higher taxes on companies, higher taxes on capital gains. >>