♪ >> we still have a long way to go. we are not anywhere near where we were a year ago today. >> it is going to still be a long hall to recover that quickly and get inflation higher. >> this could be a shorter but hotter cycle. >> the u.s. is going to tug everyone along for the ride. it is just going to take a little but a little but of time for synchronization to kick in. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. "bloomberg surveillance" on a monday. a full week in the united states. most of europe off today, as well as jonathan ferro. we are thrilled he has taken some well-deserved days. lisa and me with you through the hour. i'm sorry, it's a nuanced and interesting market.

what is your theme this morning? lisa: the idea of overheating. how big is the idea that the market is getting ahead of the federal reserve, saying you will be too slow to address the growth and inflation we will see over the coming quarter? can that actually come to fruition given the sum of the -- given some of the challenges? tom: i agree with the overheating, but i would suggest that with one million jobs coming on friday, that we are a long way from this idea of a replacement of pandemic emptiness, a replacement of jobs , with actually adding jobs off of where we were two februarys long ago. lisa: this is basically the job gains we are seeing. those permanent job losses really haven't been eaten away much. we wouldn't expect them to come up at that is what people will be watching for the legs of this

recovery. tom: equity futures up 22. friday up nicely. futures up again today. 4031 on the s&p 500. good morning to david kostin of goldman sachs, among others that work raise enough to reach up to the 4000 level. the dow up. the vix comes in at 17.92. i believe that is called a bull market. what does curve steepening mean? i've got curve steepening. lisa: curve steepening means inflation. people are allowing the long end to increase. he bore selling a ton of debt, only to accelerate avenue it tries to advance some of its fiscal spending. we are not looking at much in europe because it is closed. a lot of the european region is closed due to the holiday, as well as asia and hong kong. a slow day. nonetheless, gamestop making some news which we will get to in just a bit. at the neck like a.m., we are

getting data out of the united states. -- at 10:00 a.m., we are getting data out of the united states. interesting to see how much is coming back online as people start spending again. we will also get durable goods in factory orders for february, really highlighting that we weren't there yet in february. the weather was bad and people weren't really getting out there as muc, so we do expect a decline. the world bank is holding their weekly meeting. the real focus being the vaccinating of the entire world, not just the united states. also, a question of how you deal with the huge debt overhang and some of the developing world. it sounds gloomy. tom: it sounds zoomy. lisa: that's true because it will be a zoom thing. i will just leave it there. tom: i look forward to speaking to the managing director at some point this week, but the most

important thing about the real spring meetings is you are at the imf or world bank headquarters and you migrate back to the bloomberg office, and there happens to be the hay adams bar on the way back. lisa: well, thank you for letting me know. maybe the hay adams bar is in the kitchen. tom: there we are. there's your brief this morning. lisa: happy monday. tom: it is a happy bull market as well. anna han joins us with wells fargo, equity strategist, but that barely describes her mathematics acuity in addressing the stock market. i want to go to nerd alert right now. what is the mathematically or dynamically distinctive feature of this bull market? anna: what was leading the market a year ago is not necessarily the momentum trade happening right now. i think that has been a big change, and that is not to say that the market overall can't go higher, but when the leaders

start to change, you also start to see certain styles play out differently, like the cyclical trade now against growth. tom: do you sell those fancy stocks from a year ago, or do you hold them and take cash into these new stocks? anna: right now, rather than sell them, it is a question of what goes up faster. where can you get that bang for your buck? that is that value encyclical trade we are seeing. frankly, the real early cyclical plays have run pretty hot. it is hard for me to sit here and tell you that we can get into that now, but we like the more midcycle place. now that the economy is starting to reopen, people have the cash to spend. it's the things that they can spend on when you can go on that travel they haven't been able to do as vaccines get rolled out. 40% of u.s. adults are

vaccinated. i'm going to be eligible next week. i am ready and excited to travel. these are the kinds of things we are thing about in the things that we think are worth playing right now. tom: we wish you the best in your vaccination -- lisa: we wish you the best in your vaccination. gamestop came out this morning saying it would offer $3.5 million of shares, i sort of add-on equity offering we have been expect and for a long time, given how much their share prices have run up. is it too late for gamestop as retailers start to bailout of the market? anna: i wouldn't say it is too late. it looks like these kind of companies that have seen their valuation stir perhaps because of the cyclical nature. they are taking advantage of that by doing issuance. it is issuance for them. it is opportunistic moment. for us, do that issuance. right now it is not the concerning where we think it is going to stress the credit

market. as we see these opportunities play out, and because the backdrop is improving. it is because there is risk appetite as the economy improves. lisa: tom has been really aggressive on gamestop and all of the meme aspects of the market these days. there's a question about the retail investor, the marginal buyer. how much does that affect the meme stock? how much does that affect the moment in names that have been getting a boost while people have been stuck at home, trading stocks? anna: you are seeing that the retail flow has an ability to affect momentum, but largely speaking, the momentum trade is really more focused on the institutional funds. we have growth being the momentum trade coming into the year in 2020. now you look at it, the trade is transforming into this value nature.

that is a little different from the moment them trade that retail traders play, where it is really just price appreciation, and little more short-term looking then on a 12 month or nine month framework that institutional players are looking at. tom: i'm looking for catharsis here, and i don't see it. if you are negative on the markets, you need catharsis to go the other way. give us the dynamics of this bull market. where is the gamma? where's the convexity now? where's the momentum that gets people in trouble? anna: it is sort of like you are asking what is the acceleration towards the upside that we could or maybe won't see. what do we need to get that next move up? for us it becomes expectation. earnings expectations go higher as things get better, and the higher that bar goes, you've really got to do more then be a

one trick pony to really impress towards the upside. that gets harder and harder. for now, that i coming backdrop of gdp growth above 6%, unemployment dropping below 5% this year, these are the things pushing the market higher. but to really get that acceleration upward, we need to see earnings show up. lisa: so earnings show up to justify expectations. how about where the expectations have already been diminished, like europe? can there only be our performance in a place where the expectations have been pushed down to such a degree as in the euro zone? anna: i won't say there is only upside because when you have that uncertainty brewing, it can spiral downwards. so far it looks like the path forward is steadier and it looks like it is going to get better as vaccine distribution gets a little more familiar, and as always, every day you know where about the situation. for now, that is why we let the u.s. equity play, because we are

seeing lessons domestically, and we are more comfortable with the opportunities here. tom: anna han, thank you so much. greatly appreciate it. can really say i have lost touch with the scope and scale of where we are. it is one thing to say no big deal, spx 4000, but the leap we've had the last couple of days up to 4033 on spx futures, that is remarkable. lisa: at what point will we actually see the earnings justify it? because we know things are going to get better. i think the other aspect we don't talk enough about is just how much liquidity has been pumped into the markets. how much do earnings have to be good enough to continue this rally, given how much money has been generated by the fed and how much money is being pumped into the economy through the infrastructure and stimulus plan? tom: see class officers and their boards will make decisions based on the cards they are

dealt, like we see with gamestop this morning, and frankly like a lot of big, established blue-chip companies. i would suggest our conversations are with people who believe capex will come on. what will they do with all of this boom cash? lisa: i am also curious when we are going to start talking more about tax increases and how that could bite into valuations. we didn't really talk about this very much, the amazon workers have voted last week to unionize a small subset. we will get those results this week. the question of whether this is the beginning of more to come. tom: we will see. these are tangible worries into the end of this year, framing up one quarter, two quarters of boom economy. but then what? that will be a major force of our conversation, the then what on gdp. i saw france lowering their gdp. a headline out about three hours

ago. lisa: it has to do with the pandemic. they are not in the rearview mirror yet. tom: that is on the international front. the imf meetings, the international meetings, we will have full coverage for you this week. futures up 23. michael kuchma of morgan stanley in the 8:00 hour. stay with us on radio him on television. this is -- on radio, on television. this is bloomberg. ritika: with the first word news, i'm ritika gupta. republicans may be willing to support a much smaller infrastructure bill than president biden is proposing. senator roy blunt says he could see bipartisan support for roads and other items only if the administration cuts back the proposal by 2/3. the u.s. is moving ahead with plans to retaliate against attacks against companies like amazon and facebook.

shares of gamestop falling premarket. that is the videogame retail chain that says it will sell up to 3.5 million shares in and out the market offering. gamestop is the roller coaster stock that has been championed by reddit traders. jordan says it has uncovered a plot to destabilize the kingdom. the former crown prince has reportedly worked with unnamed entities and is under house arrest. an executive shakeup may be on the way at credit suisse. bloomberg has learned the swiss bank leaders are discussing whether to replace the risks chief while ceo thomas cap stein would stay in his job. -- thomas gottstein would stay in his job. 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. ♪

>> i think you can reinvigorate labor with this bill, but also the entire american economy as

we move forward with the american jobs plan. inside that bill, there's lots of components to get america back to work, to add to the news today, but also to rebuild america. tom: martin walsh, our secretary of labor, on jobs day. the former mayor of boston, it was good he spoke to us before the boston red sox went 0-3 for there were start at home since 1948. lisa: how are you doing, tom? tom: i'm doing great. the great jocasta lyons -- the great jocasta leone. kevin cirilli joining us now, our chief washington correspondent. he knows phillies 3-0, red sox 0-3. how do they get the infrastructure bill to a philadelphia phillies-like bang up job? kevin: good morning, tom.

appreciate that introduction. what an amazing intro. kidding aside, it is going to be a tough haul for democrats. they are going to be targeting mayors, targeting governors in red states to try to get the roads in the bridges portion of this stimulus bill. beyond that, candidly it is a nonstarter to have tax hikes and whatnot, and republicans aren't going to go for that. tom: do they have the power to ram it through? kevin: no. they can do a piecemeal approach that would be targeted, and i think they will get some bipartisan support on this. there are areas of this that i think ultimately will be tacked onto defense reauthorization bills. others will be tacked onto some legislative vehicles pertaining to foreign policy. the idea that there's going to be a rubberstamp bill is incredibly unlikely.

lisa: what does infrastructure mean? kevin: it depends on which party you ask. i think it's a great point because republicans are saying that infrastructure is very different, that democrats have explained it as have expanded the definition of infrastructure. democrats saying that republicans need to look at the digital infrastructure, as well as other aspects, to expand that definition. the agreement is on roads and bridges, on digital infrastructure pertaining to 5g technology. there's definitely agreement on diversifying the u.s. supply chain away from china. i've got my eye on april 12, where president biden is going to convene some semiconductor industry experts at the white house ahead of that april 22 earth day meeting with leaders of the world. so i do think there is

agreement, but just not when it comes to the back and forth over raising taxes. tom: it is april. everyone is telling us weeks out. wind doesn't shape up within the weeks out in the months out as a battle for president biden? is it right now, or is it just way out into the summer? kevin: candidly, i would even push it to early fall. the house is going to try to pass this before the august recess. then they all go home for a month. then the senate really would begin back in the fall. tom: why can't the house pass it in 14 days? kevin: they are going through committees. it is a hefty chunk of change. it got to go through committee, move it through, and then it will get to the floor. lisa: i'm waiting for the

banner. are the constituents of these representatives going to say pass the info structure plan, we need better roads, better bridges, whatever it takes? kevin: that portion will likely get through. i think that is the kind of devil is in the details, but it is going to be the tax fight. the mainstream debate over this will be republicans don't want taxes, democrats want to raise taxes to pay for it on wealthy individuals and corporations. that is the fight, but beneath that is where the real policymaking lies. there are republicans and democrats working together. lisa: people are trying to understand just how much taxes could be feasibly increased for corporations. people say it is very unlikely to come to pass.

is there a possibility to raising it to 24% or 25%? is there a price point where you could see something done? kevin: based upon the conversations i have with republicans, it is a complete nonstarter to raise the corporate tax rate. to get them to raise the corporate tax rate would get them to concede that the crowning academic achievement of the previous administration from an economic policy perspective on tax reform was wrong. i just don't see that happening. so i truly believe it is a nonstarter. i do not think they are blessing , and nothing when you look at the coming storm for the midterm elections, republicans are just going to hammer that home once again in the post pandemic economy. tom: then how do we pay for it? kevin: you get rid of some of the additional projects that republicans have already pointed to as being some that they feel is not, to lisa's earlier point, related to infrastructure,

whether it is updating school buses as some republicans have talked about. it is interesting to note that it is $2 trillion plus that we are talking about here, and there still isn't agreement -- there still is agreement around a considerable portion of this. but the u.s. is in a position where they want to spend big. tom: quickly, what is the number you visualize come september, october? kevin: i don't know. i'm stumped. tom: yada yada. lisa: yada yada. kevin: i don't know where that came from. i must have been spending too much time with my family yesterday on easter. lisa: blame the family. way to go. tom: thank you so much, kevin. greatly appreciated. lisa: first he complained about not getting a dog. now he blames them for yada yada. tom: there it is. "sound on," kevin cirilli, look

for it tonight. the future of the morning is this great bull market. look at small-cap, russell 2000. in honor of jon ferro, we quote the small caps. remarkable. lisa: although the nature has changed. it has not necessarily been driven by small caps to the same degree. we have seen a resurgence in big tech, and it really is a question of whether we have seen the momentum stocks regain some of their preeminence and some of the more beaten up names to being basically left behind again as people say ab we get a little far at this point. tom: 110.52 on the yen. we certainly don't see weak euro here. i will call it relative stability over the last number of weeks. kailey leinz centering on turkish lira, well out over the eight level. maybe a little bit of gyration on the upsetting jordan as well. futures up 23.

coming up, david left of its of ubs -- david left of its -- david lefkowitz of ubs. what will corporations do with all this profit? stay with us on bloomberg radio and bloomberg television. good morning. ♪ ♪

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♪ tom: "bloomberg surveillance." in morning, everyone. -- good morning, everyone. jon ferro is off today, but it is lisa abramowicz and myself. europe closed, u.s. open. wti holding on there. gold under $1700, comes back over the last number of days, $1728. the fixed income space was a little green on the screen. flat on the 10 year. the 30 year gives me some elevation as well. let's go to r. bostick. romaine: tesla had those numbers over the weekend, 185 thousand

vehicles worldwide. a big bump in europe and china. dan ives of wedbush has been bullish on this for a while, raising his outlook, saying we could see 900,000 plus cars delivered this year loan. that is well above what most other analysts are expecting. we are going to get their analyst day tomorrow. a lot of attention is going to be on the chip shortage, and what type of spending we could see out of them. an interesting story on this genetic testing company. a convertible offering, and one of the biggest investors in this is softbank. that is why the shares are up 9.5 percent. softbank has been dipping its toe in the water of a lot of these genetic testing and biotech companies. we've got to talk about gamestop, down in the premarket. that will happen when you throw 3.5 million shares onto the market. down 16%. if you were looking for an entry

point, that might just be it for you today, tom. ro -- roblox, another in the gaming space, doing well today. if you are into traditional gaming, while you were cramming into the theater to go see "godzilla vs. kong," everyone else was in las vegas. everybody is doubling down at the table out there. capacity in biggest is still about 50%, but it is an encouraging sign. tom: i'm glad you bring this up. what was your weekend reading on the next leg for the airlines? romaine: you have to be pretty bullish on this. you already heard from several airlines that they don't have the capacity to handle what they are doing. some have already put back in the middle seat that they had basically blocked off for covid restrictions. delta said they have had to cancel a lot of flights because

they don't have enough flight attendants and other workers to handle the increased capacity. during the pandemic, a lot of folks got furloughed and a lot of people moved on to other things. tom: that's true, but i thought millie bobby brown just did great in "godzilla vs. kong." for your consideration and all of that. we will see if we get to able market on "the close," as we see futures up 22. joining us is david lefkowitz of ubs. what is so important here is the allocation given all of the cash out there. i have not had an intelligent conversation yet on the belief in what corporations will do with all of those profits. what is the ubs analysis of what corporations will do, not what they say? guest: -- david: i think the

priorities haven't really changed. they are going to be allocating enough capital to be reinvesting in their businesses for growth. that is usually the first call on corporate profits. you could also see m&a art of that picture as well, whether it be organic growth or inorganic growth. m&a could be part of the picture. there is excess cash, and i think they're very likely will be profits to be up nearly 30% this year. that's why the markets are at all-time highs. then that cash will be returned to shareholders. we are starting to see summary acceleration in both dividends and buybacks as the economy starts to reopen. tom: what is the need for capex? do you people feel when you look at your individual research analytics that there is a need to increase capex?

or is the question so that we do not underestimate those share buybacks? david: this has been the big debate over the last several years. i think the proof is in the pudding. companies are generating a huge amount of profits, and even though some people may be arguing they are not investing enough. i think it would be very challenging for them to generate the kind of returns and the kinds of cash flows that are coming through if they weren't adequately investing in their businesses. so i think you will see a pickup in capital spending. when you do the correlations, revenues tend to leave capex. that makes sense. companies aren't going to reinvest in their business unless they see demand coming through. but then there is going to be excess that is going to be returned. tom: i'm looking at a stable stock. i am not going to say what it is

, famous american name. they are at 10% debt with a cost of 1.5% per year on their 10% debt. that is how odd this is. lisa: cheap financing, and i feel like i am in a quiz where you're going to ask me in the break, what company was that? [laughter] david, bring us back, please. help us out here with the equation. yes, that is the profit side of things. we are also getting proposals of higher corporate taxes. is that princeton currently to the equity valuations -- is that priced in currently to the equity valuations? david: i think there is a high-level consensus on wall street that the analysts are making. high level, i think most people are expecting some increase in the corporate tax rate. in our numbers, we don't to get comes into effect until 2022. we are looking for the corporate

rate to be somewhere in the mid-20's. not all the way to 28% that biden has proposed. that would probably trim corporate profit growth by about 4%, but we are still looking at 13% s&p 500 earnings growth next year. even with that move in the corporate rate up to the mid-20's. if it goes all the way to 28%, we are looking at high double-digit earnings growth next year. maybe a headwind if we go all the way there. the other thing to bear in mind, these tax increases are not being used for deficit reduction. they are being used to finance investment. you have to look at the other side also. companies could be beneficiaries of some of that investment spending even though they might get hit on the tax side. lisa:lisa: are you saying that people who say higher corporate taxes could really cramp equity growth in general and price

increases, do you think those concerns are overstated at this point? david: i think the biggest driver of equity markets and the economy right now is the recovery from the pandemic. we are climbing out of the deepest hole we have been in in decades in terms of the economy, and part of what is helping us climb out of that hole is the unleashing of this massive amount of fiscal and monetary stimulus that has been deployed. that is going to continue to have tailwinds not only this year, but into next year as well . i think that is going to be the primary driver of the economy and of markets. if we have tax increases, that can be an incremental headwind for sure, but i am not sure that is going to be the main story as we look out over the next 24 months. tom: i want to go to your sense of history here out of pennsylvania. can you see a bear market coming?

can you actually get out front and see the gloom coming? david: i think what usually causes, we define a bear market as a 20% decline in equities, and usually the cause of that is when you have fears of a recession or an actual recession. we're just at the very beginning of this economic cycle, and usually economic cycles last several years, and i think the thing to really pay very close attention to, as always, is the fed. when the fed starts tightening and worrying about inflation rather than growth, that could be later in the economic cycle, and the risk of the drawdowns and stocks becomes greater. i think we are pretty far away from that. the fed has got its foot firmly planted all the way through stimulus, and it is going to be quite some time before, even if they begin to withdraw that a bit, it is going to be quite some time before we are worried

about tight monetary policy. tom: david lefkowitz, thank you so much, of ubs global wealth management. to me, the most extraordinary thing here is the idea of use of cash. i don't hear a lot of confidence among our conversations about really what the cash is going to be used for. there is a mystery to that. lisa: i think m&a is what we have seen. it has been the biggest m&a and driven by some of this cheap financing. a big question. i do want to point out one thing in the market today. at the end of last week, the extra yield that investors demand to own, the riskiest corporate bonds dropped to the lowest since 2007. you mentioned borrowing costs. you mentioned 10% debt and a 1.5% payment. this is what is happening.

it is not just the behemoths. it is the riskier companies. in ig, you have seen more money in demand. people want higher yield. tom: have things gotten even tighter over the last 10 days? lisa: things have gotten to the tightest levels since 2007. right now, the extra yields, the extra debt people are asking for in their portfolios, is 3% above treasury yields. tom: we are under four percentage points that extra yield you get out of high-yield. lisa: you are almost under three percentage points. you are at 3.02% above treasury yields. this idea of being the shrinking margin that you get to justify owning debt that is potentially at higher risk of a default, people are not worried about defaults. just as david lefkowitz was talking about, people are looking at the incredible explosion of growth and trying to hook into it and earn as much yield as they can. tom: i am going to have to take

a break here. lisa is going to drive forward conversation because i will be looking at the triple leveraged high-yield fund. [laughter] lisa: good luck with that. tom: it is a lateral move for me , the triple leveraged high-yield fund. coming up on the pandemic, an important conversation. robert murphy of northwestern. ♪ ritika: with the first word news, ritika gupta. republicans may go for some form of infrastructure spending bill, but one senior senator says democrats will have to cut the price tag by 2/3. senator roy blunt says he could see bipartisan support on bridges and roads, and possibly water systems. a boston production facility was the side of a major error last month. the biden adminstration worked with astrazeneca to move its own production out of the emergency

factory so it can focus on j&j. spain wants to find out -- the government will ask hundreds of companies to join in one of the biggest tests ever of a shortened work week. dev earmarked -- they have earmarked $33 million to pay for it. the ship bottleneck of the coast of los angeles, more than two dozen ships are waiting for entry. two iconic monsters may have provided the breakthrough hollywood needed. "godzilla vs. kong" has drawn the biggest crowds to theaters since the start of the pandemic a year echo. -- a year ago. theaters in the u.s. are just

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

>> when there is so much virus transmitted from person to person, there's billions of

opportunities for the virus to mutate. so we really need to take seriously the need for the world to be vaccinated. tom: joshua sharfstein of johns hopkins. right now, i want to get right to this. futures up 21. this conversation is so important. robert murphy of northwestern, truly expert in the history and dynamics of infectious diseases, joins us this morning. both you and i were focused on michigan. i want you to go over the strange v-word, v irulence, and what we know of what is coming. robert: virulence is how effective it is in killing the host it is infecting. this has increased with this variant and the p1 variant in

brazil. that variant somehow got up in canada, and british columbia, and they had to shut it down because of that. very difficult to deal with, as you can see what is going on in brazil right now, which is a catastrophe. tom: how do you deal with the viral and's -- with the viral and's -- with the virulence? robert: it is probably the reason we are having this wave, one of the main reasons we are having this wave, in that when we had these troughs where the case numbers have gone down, they have always plateaued. there's always been plenty of virus replicating before we have the next peak. we have never been able to get, in europe or north america, the case is really down to rock-bottom like they do in asia , australia and new zealand,

where they get the numbers down into the dozens. we haven't been able to do that. lisa: given how quickly where ramped up vaccinations in the united states, do you see that is further away because of the predominance of some of these variants that are more virulent? robert: you hit the nail on the head. the goal right now is to get the vaccine down to stop or reduce the transmission significantly so the the whole numbers start to go down. the mrna vaccines, the moderna and pfizer, work fairly well against the b117, the others less so, but they all work a bit. all of the companies are working on a booster shot that will actually impact the variance better.

you are going to see this going on the next few months as the variance takeover. you will have a new booster shot that is going to protect you from these variants. lisa: there's a real challenge here for health professionals and politicians because on one hand, if we all just stayed home and stayed away from other people for a couple of weeks, everybody in the whole world, it could potentially bring down the cases dramatically. on the other hand, people are lonely. people are depressed. children need to get educated. people are sick of it. how do you pair the reality of the need for more caution with the optimism, which is also just as needed for people who are really battered after more than a year of this social isolation? robert: how could they do it in australia and new zealand and many other asian countries, and how come we can do it? -- we can't do it? that is the question i ask myself. how hard is it to wear a mask every day? how hard is it tuesday three to

six feet away from other people? how hard is it -- how hard is it to stay three to six feet away from other people? how hard is it to meet in smaller groups? it is not that hard. but it does take a group effort. everybody has got to be on the same page. the enemy is the virus. we all have to get on the same page together, and the vaccine will help. that is really going to be the driver here, especially in the united states. tom: how do you respond to the texas rangers really pushing to have 40,000 people in the stands? they are not yet, but they are trying. or even yesterday with the pirates-cubs, 3043 at wrigley field? do you support everybody's efforts to try to get back in america or not? robert: we all want to go to the

cubs game. people were supposedly wearing masks and spread out through the stadium, and it is outside. some of these situations are tenable. we can do them. if this peak continues, that is all going to end. they are already talking about banning indoor dining again here in the chicago area, and all of the venues will shut down again if we don't get a hold of this thing. lisa: you are saying it is not that hard to all wear masks. perhaps. it is not that hard to remain three to six feet away from one another. that gets more difficult for people who have to get back to work, have children at home, and need to figure out what childcare situations they have, or if they need to engage with somebody else. what is ok and what is not ok in the list of things getting

reopened right now? robert: it is the same thing, wearing the mask and socially distancing and taking the vaccine. we've got to get these vaccines out there because that will slow the whole thing down. they are not 100%, but it is going to be 90% better. that is a huge number. that is all we have to do. we don't have to do much more than that. i don't think it is too much to ask, but we have all got to be on the same page. tom: robert murphy, thank you so much. lisa, what a good conversation. what i would summarize as a cacophony of information this weekend on a pandemic going both ways. lisa:lisa: the idea that we are seeing the pandemic worsen, and at the same time, penned my fatigue israel. people are already loosening up

themselves. how did they do that anyway were they continued to combat this pandemic, to be finally done with it, and get back to the way we are used to life? tom: they are making it very clear that it is like, let's go. lisa: how was easter? tom: we survived. lisa: i think that people are getting more accustomed to having their children at home and perhaps getting that much more excited to go back to the office. tom: try to get back to normal. [laughter] lisa: trying being the operative word. tom: zoom is worth the new two. -- is worse than youtube. lisa: have you been on any zoom calls during this pandemic? tom: no, i am zoom free. [laughter] lisa: zoom fatigue, at least by virtue, other people talking about it. look at those markets. tom: i am digging a hole i can't get out of.

where is jon ferro to help me out here? [laughter] lisa: go to markets. tom: how did ferro get five days off? lisa: you were saying it was good. tom: jon ferro returning sometime in april. michael kushma -- michael kushma, next. ♪

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♪knowing the country has the political wherewithal or the will to >> >> do with the country is doing scully -- -- >> is still going to be a long hall to recover that quickly and get inflation higher. >> this could be a shorter but hotter cycle. to really get that acceleration upwards, we need to see earnings show up. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. lisa: the optimism of millions.