♪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. nearly one million new jobs

printed in the month of march, and 4 million vaccinations in one day for the first time in the united states. "bloomberg surveillance" on bloomberg radio and bloomberg intelligence. the u.s. celebrating incredible gains while the rest of the world rushes to catch up. tom: i think it more now, and it is not only the divergence of our economics, the divergence of our finance, but over the weekend, i would suggest it is the divergence of our politics. the headline out of spain this morning on growth, and of course the upset we saw surprising everyone in jordan. lisa: the idea of politics paired with health concerns. how do you bridge this political quagmire of creating enough stability and enough growth at a time where we still need people to wear masks and stay home? we just heard that from robert murphy? how hard can it be? yet we are having a difficult

time getting a consistent message across the board. tom: the pandemic is stark. there's no question about that. the conversation this morning from johns hopkins and northwestern have been stunning. the idea that we are letting your guard down nationally on the pandemic i think is tangible. there's a lot of distressing information out there. lisa: people are tired of it. you can see that the optimism is stemming from people saying we are going to go out, we are going to travel, and then we are celebrating the benefits of that with some of the good data out of company. you heard anna han of wells fargo talking about how we need to see earnings come in. the only way for earnings to meet these is for people to be optimistic enough to go out and spend. tom: that's where we are. we go into an eventful week here. a couple of hours ago, i'm really looking for to april 14, jp morgan earnings. i want to see the rollouts that begins at tradition with the banks. i want to see the revenue and

earnings dynamics, and of course, that forward view from american companies. lisa: that is perhaps the best snapshot of the consumer balance sheet. we have seen consumer balance sheets remain intact more than people expected because of some of the support checks and unemployment benefits. how much of those savings are being spent on the debt payments that have been deferred? these are perhaps the hints we are going to get from those earnings. tom: oil through $60, wti $59. gold down four dollars. bitcoin, $58,000. futures up 22, dow futures up to 17. that is resilient green on the screen. green on the screen. yields up -- that is resilient.

green on the screen. yields up. there is no one better than michael kushma with morgan stanley, their global fixed income cif. how is your view -- fixed income cif. how are 0 -- fixed income cio. how is your view different? michael: there is the rollout of a much more aggressive fiscal strategy then was anticipated. there are raised expectations, and in likelihood, we will see extremely fast growth this year and likely sustained into 2022 in terms of above trend growth throughout next year as well. that was not in the cards at the end of last year. tom: your research note, and what i've heard from mike wilson as well, is tangibly optimistic. i want you to link in an equity market view with the boom

economic statistics we are going to see over the next year. how do they correlate? michael: they are going to correlate in terms of topline revenue growth, likely very strong at the consumer level, at the government level in terms of these fiscal initiatives that play out over the next couple of years, not just the next couple of quarters. in addition to corporate picking up -- corporate capex picking up, we should see spending pickup. whether or not the terms of the profits or earnings i think is the key factor. multiples are already very high. earnings need to be strong. there's a good chance they may be. i am not sure exactly how they are going to play out, but the probability that they could be strong is there. a lot of it depends on costs, which have been and are rising. lisa: where are valuations most stressed right now? michael: in fixed income, right?

lisa: yes, within fixed income. there's only one universe right now. [laughter] carry-on. michael: there's nothing i would say stretched. they are fully valued. i wouldn't say they are overvalued pretty much anywhere. on the u.s. treasury, yields are high. the back end of the yield curve, not so much because there's the idea that the fed may actually begin raising rates and tapering sooner than they are saying right now in terms of their projections. so that is creating yields up to levels which look reasonable on the back end of the yield curve. 2.3% and change on the long bond looks ok. in a very booming economy and very strong topline growth, default rates and upgrades

should be strong, coming back into investment grade and even few downgrades in the investment-grade universe. so there's a lot of optimism in the markets about where it is going, but it is probably misplaced, and that relates to the fact that credit spreads and valuations are high. all reasonable given the economic projections we are seeing. lisa: i love the booming economy we are income of the idea that defaults will be low. this morning i was looking at high-yield spreads, the extra yield investors are in over benchmark rates to hold the debt that is close to default. it is the lowest since 2007. you are saying this is well justified by the fact that we are in a recovery. is it just that we have to lower our expectations for return on an ongoing basis? if so, how much? michael: that is a very good point. yield is just over 4% under

little bit, and that runs with that coupon on the yield. for percent doesn't sound too high, but given the alternatives where 10-year treasury yield's are 1.4%, equities are likely to do better than bonds over the medium-term, but by how much? not quite sure. i thing we do have to lower expectations across the board in terms of overall returns. that is reflective of low interest rates. tom: i want to talk about the supply side of fixed income market. what do cfos do when yields finally move up? are they like lemmings off a cliff, where they all come out and race to get data out before it is too late -- get debt out before it is too late? michael: we saw a record amounts of insurance in the investment market and the high-yield market. so cfos were very aggressive in taking the opportunity. tom: but now what?

michael:michael: i think they have turned down a lot of their financing. cash on corporate balance sheets are at record highs -- are maybe not at record highs, but they are at very high levels. stock buybacks, reinvest, higher dividends. what do i do with this money i have raised which i don't necessarily need today? do i keep it for a rainy day? things may get worse. there's a lot of questions on that front. we should see a lot of m&a activity, mergers, acquisitions, other types of activity as companies figure out what to do with all of the cash they have raised. i don't think the you get any near-term pressures to raise more. lisa: we have certainly seen those things happen with an m&a boom, as well as stock buybacks. there's also been private equity firms that have their portfolio companies raise cash to pay them dividends. at what point do you get concerned over the use of proceeds? does that affect your decision

to invest in the debt? michael: debt ratios have risen a lot in the last 12 months. what companies do with that cash will strongly impact the relativist tract of this -- the relative attractiveness of their debt, not their equity. if they have ways of keeping leverage high and potentially taking more risk in terms of their economic outlook, that makes that company more risky from a debt holders perspective. so how companies deploy that cash and how they use it. ideally from a credit perspective, it will be great if they can just a down debt and reduce leverage in their company and in the industry. that would be ideal, but that is not likely to happen across the board. tom: michael kushma, thank you so much. i think that is the key question here, and maybe a question we are inventing aaron early april, the new use of cash. i'm going to anoint it as a new theme. lisa: the new question we are inventing. it wouldn't be the first.

[laughter] tom: this time around, what do you do with the cash? lisa: and how much will government potentially incentivize company to put their cash into specific uses, ideally within the tech area, if you want to compete? there's a supply chain issues. we saw that big summit on capitol hill. how much will we see some of that get funneled into those directions versus just buying back shares, m&a, paying private equity firms, dividends? tom: i've said this for years, the idea that the government incentivizes companies to spend money on capex that creates some form of jobs, what an original idea. lisa: i think that is an ongoing question, and this is what is paired with the tax rate hikes, the idea of does that crimp the potential willingness to spend some of the extra capital, or will it come with incentives to potential he get that money out to those efforts? tom: i learned a lot, to say the least. futures up 22, dow futures up

18. europe closed, but the u.s. very open. coming up, on the size of the stimmy bill, terry haines of pangaea. stay with us. this is bloomberg. ritika: with your first word news, ritika gupta. republicans may be willing to support a much smaller infrastructure spending bill than president biden is proposing. senator roy blunt says he could see bipartisan support for improving roads, airports, 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 six countries that tax internet-based companies like amazon and facebook. among the goods targeted, austrian grand pianos, british merry-go-round's. jordan has uncovered a plot to destabilize the kingdom that

involved king -- that involved king abdullah ii's half-brother. he is reportedly under house arrest and denies he is involved. more than 16 people, including one of the royal, have also been arrested. shares of tesla jumping on the first trading day after it announced first-quarter quarter deliveries smashed estimates. they delivered more than 184,000 vehicles worldwide. that suggests elon musk's that on growth in china and europe is starting to pay off. shares of gamestop falling between markets as they will selloff 3.5 million shares in an at the market offering. destocked has been championed by reddit traders. -- the stock has been championed by reddit traders. 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'm ritika gupta. this is bloomberg. ♪

>> the american jobs plan is about making sure america is

positioned to compete for the next decade and for the generation ahead. we know that china and our other strategic competitors are already making major investments. it is time for america to lead the way again. tom: the secretary of transportation looking at the infrastructure view forward. we are going to rip up the script here. we were going to have a monday conversation on infrastructure, but we are going to do something different. the secretary of treasury this morning has come out, thank you axios for this reporting, and has said we need a global minimum corporate tax. daniel curtis of bloomberg has killed it with a colorful chart showing how far we have to go to a global minimum tax on corporations. this breaks every rule i know. all you need to know, and on radio i am going to explain this to you, everybody is sort of in a lump, and then there is the

united kingdom below the lump, and ireland has a national policy based on a low corporate tax. nobody is near combined here, as secretary yellen talks about. terry haines joins us with pangaea. this is where political rhetoric runs up against blunt reality. all of this talk about infrastructure and fiscal policy runs up against the political emotions of the constituencies. how does ireland adjust to a call for a global corporate minim tax -- corporate minimum tax? terry: how they respond to it is giving it the back of their hand, or soon you will be talking about anything other than that. you are quite right. secondly, yellen's not an

independent chair of the fed here. she's the secretary of the treasury. so a general in the biden army trying to figure out some way to provide additional money for additional stimulus and infrastructure spending isn't exactly news, but that is not going to get it done. tom: how do we pay for infrastructure if there is a genuine pushback to individual taxes and corporate taxes as well? terry: the short answer is i don't know, but it is going to be a negotiation between the congress, particularly the senate, and the white house. they are going to have to get serious. one thing we are going to find out pretty soon is whether the president is serious about wanting to do actual infrastructure improvements, or whether this is mostly for show. if the president wants to do that, there are a lot of republicans out there, not just roy blunt on the sunday shows, but shelley moore capito of west

virginia and many others. we have many coming up with bipartisan solutions on infrastructure, water, all kinds of other things. if the president wants to involving existing senate discussions already, they can do that. that they will have to stop identifying everything is infrastructure and get down to what the general usage actually is. roads, bridges, water, broadband, that sort of thing. lisa: based on what we have seen so far, which is joe biden saying we want bipartisan support, but realistically, we are willing to go it alone, what is the likely price tag come of the likely timeline of what could actually get done at this point? terry: first, i caution the markets that it is going to take months and months to do this. i would put it at fourth-quarter calendar year 2021. i think it takes a long time to do that just given the

politics of the democratic party, with centrists who would be happy with a meat and potatoes approach, and progressive think this is far too little money. they already made the decision that they will let the progressives try to figure that out on their own without involving the white house too much. but i look at much more is a $1.5 trillion to $2 trillion number, and i think the white house can probably get something like that over 10 years, but it is going to take quite a while. there might be a little bit of corporate tax in their. there might be a bunch of other solutions. number two, he much smaller point, you will note the administration is going to get serious if they accept ideas on how to ramp up and make more effective infrastructure decisions. if this is really about fixing pennsylvania's roads quickly and well, the general public in

pennsylvania, for example, will be enthusiastic about that. but if this is simply shoveling more money to the state agency that has given pennsylvanians the joke for generations that what is going on here is putting together more orange cones, the joke is that that is the state flower. if that is all this is about, it is not going to be received very enthusiastically at all. so the administration is going to have to make decisions about what they want. i assume that they want something. lisa: this is a really important point, the process of getting this done. not just the headline number, not just the goals, but the process of how they do it. what processes would you like to see the biden adminstration implement alongside a plan like this to make sure the efficiency -- make sure there is efficiency of the use of cash? terry: what they are going to

have to do is effectively put a lot of strings on it. they are going to have to incentivize them to do it quickly. one thing republicans will want to see is at the very least timelines, and potentially even some waivers of environmental restrictions, and i don't mean getting rid of the environmental restrictions. i mean the idea that environmental decisions can't take a decade to process, which tends to happen a lot. if they are willing to streamline a process and make sure that the states are actually doing something rather aggressively to implement infrastructure of all kinds, you will see some more bipartisan activity. but if this is really all about same old, same old, i think things will fall apart. tom: thank you so much. terry haines of pangaea with us today as we drive forward the discussion. i am pleased to inform you, i'm

told, the infrastructure discussion will last well into 2028 or something. [laughter] lisa: well beyond that. we've been having it for more than 10 years. tom: i don't mean to make light of it, but it has been emergency legislation. we are getting addicted to three months, four months, let's go. we don't have that here. this is like, nine months, let's go. lisa: but we are still talking trillions of dollars. we are getting used to that. how about those trillions you would like to see to get the red sox a winning streak? tom: they really need that. now futures up to 28. what is your market observation this morning? lisa: the idea of a blowout jobs report being fuel, giving fuel to this optimism we are getting to the end of the pandemic, at least in the united states, and the divergence with the rest of the world reigning supreme. tom: we will see. futures up 22. the vix, 17.73.

it is a bull market. europe closed. around the world, many markets closed. wide open on america -- wide open in america. stay with us on radio, on television. this is bloomberg. good morning. ♪

tom: good morning, everyone. ferro off today. we don't know when he is returning. are we talking weeks or months? lisa: hello? he is coming back midweek. tom: thank you. that was his entourage calling. futures up -- we will get to the data and a moment. is it a mundane monday? lisa: it is slow today, but we are seeing a lift to the market and this follows on friday with a holiday in the united states. you are seeing a lift and you are seeing the s&p poised for a record high after getting nearly

one million jobs in the month of march. you can see people just getting brought back into the market who are left out as a result of this shutdown imposed from the pandemic. tom: with a complete data check, kailey leinz. kailey: we could see a record high. it looks like there will be some outperformance from the cyclicals. roughly futures performing up .3% at this point. the equity market fear gauge is not showing a lot of deer. things are looking pretty calm out there as we see yield climbing a basis point on the 10 year. as for some stocks moving ahead of the opening bell, one of the big out performers is tesla. 15,000 more cars delivered in

the first quarter than analysts were expecting. you're getting on mice lift for other ev related or electric charging stocks as well. one big mover to the downside is gamestop selling 3.5 million shares. could be worth more than $1 billion. that is taking the stock lower. tom: thank you so much. this is a really important conversation because not just dana peterson, but the conference or is where she is employed, the conference board has thousands and thousands of corporations and clients. it is an understanding of what corporate america and corporate globally is doing. dana peterson, how are corporations doing and what are their expectations? dana: ceos are pretty happy. our latest reading on ceo

confidence is at a 17 year higher. many of our members are excited about what is going on. they are very concerned about inflationary pressures. you see there are issues in terms of supply chain backlog, certainly energy prices are rising. that is really concerned for our members. tom: what about fighting the last inflation war? what does the world look like right now on inflation? dana: it looks like we have killed inflation. we are not seeing any inflationary pressures on the consumer side. there are pockets on our own measure of inflation expectations to get up in line with gasoline prices. when you look at other measures, they still appear to be pretty well anchored. lisa: this idea that until wages

start to increase, you are not going to see inflation rise in the way the federal reserve would like to see it. we are seeing more of a push for unionization or some sort of minimum wage. we have that vote for the amazon workers coming out this week. do you think those efforts will lead to wage inflation beyond what people are currently expecting? dana: certainly, not only at the federal government level, but many state and local governments have been raising minimum wages. certainly, you will see inflationary pressures for certain industries. hotel and restaurants, nearly 60% of their workers are minimum-wage workers. offsetting that could be the rise of remote work where many businesses can hire workers in lower-cost jurisdictions or even from abroad. you are going to see some push and pull in terms of those different pressures with respect

to inflation. lisa: how long will it take to determine the sea change underway of working from home and the shift in locations of some of these jobs? have we already started to see that? dana: it is a little tough to see. we do have surveys where we have asked businesses about remote work and many businesses are saying there is going to be a hybrid model going forward where some workers are going to be working remotely permanently. some are going to be in the office and some going back and forth. this is something that is not going to change. certainly, there are going to be implications in terms of productivity with respect to inflation. tom: i really never done this with you, but i really think the dynamics and history of the confidence board going back to the triangle disaster in new york city in 1915, 1916, this

relationship of unions and a president who is extremely comfortable with the union movement. i don't want you to speak for the conference board and 2000 executives, but what do you see as the dynamic forward within labor unions and these ceos, or is it just noise? dana: i think the thing is that it depends on what the labor unions are looking for. we already see many large companies, certainly some of our own members already raising wages and trying to address the concerns of their laborers in terms of wages, benefits, making sure there is training and adequate number of hours. i think there is certainly a middle ground that can be reached. tom: i middle ground that could be released, but that does bring it back to your macroeconomics, do you fold wage inflation for

this year or not? dana: i think there can be some wage inflation. overall, we think there is going to be consumer price inflation as well as consumers continue to to desire certain types of goods and once people start engaging in in-person services, that is going to be inflationary as well. i think the key thing is how much inflation and for how long. we think that even with wage inflation and gasoline price inflation, which is overall, but also inflation for certain types of services rising, we are probably not going to see runaway inflation and that the fed is probably going to remain patient and allow some measure of inflation before it starts releasing or removing accommodation. lisa: maybe not the 1970's all over again, however, we are seeing prices increase when we talk about supply teams that have gotten disrupted.

what are companies going to do with all of this cash they are bringing in? how much is going to go to fortifying their supply chains and preventing some of these disruptions from happening again? are you seeing those types of investments? dana: our own survey indicates that for the longer term, there is going to be a focus on making sure there is resilience in the supply chain. there is going to be investment to make sure there is diversification and also so that you don't have these disruptions in supply chains that we have seen. some of it is unavoidable even before the pandemic. we had a shortage in containers that you put on ships. the pandemic just kind of exacerbated these things. we also have a number of disasters and fires and all sorts of things piling onto a strong demand. as consumers around the world are getting vaccinated and

businesses are reopening and governments are allowing mobility, the strong demand for goods is probably going to end and we are probably going to switch to more consumption of service does. lisa: do you expect service inflation to pick up by the end of the air or are we so far behind that because of the lag time, the people that have to be brought back into the market? dana: our thoughts are that we are going to see services rise toward the end of the year. in the u.s., we are lucky to have our own access to vaccines and our own vaccines we are producing. governments are lifting restrictions. we saw the in the labor market data on friday where you sell leisure and hospitality businesses reopening. restaurants are opening up, bars are opening up. if we continue at this pace,

hopefully by the middle of this year, most people will have access to a vaccine and many of the restrictions keeping the on caught -- economy under wraps will be lifted. tom: thank you so much. i think this is a sleeper topic for this year. a simple uproar the place of labor given who the president is. lisa: president biden trying to cater to the blue-collar america in pennsylvania. that vote really was the trump vote in many ways and that was a voice that president biden is trying to cater to. the how being the key question. is it going to be a push to unionize, other efforts. hard to see right now given what people are saying with all of the cash that people are spending on investments and raising wages themselves.

tom: also with the democrats do as a fractured party. it is one of the mysteries to the first november. lisa: i'm going to head over to the open. we are going to be speaking with the e street money markets chief investment officer talking about this global partition we have been talking about. can we get an adequate global recovery with the u.s. leading the way and so many others lagging behind? those frictions emerging and how much that leaves the developing world out in the cold. tom: a nice lift to the market. i believe secretary ellen speaking at 11:00 a.m. lisa: yes about calling for a global minimum corporate tax. good luck with that. still setting up the policy for the biden administration. lisa: once again, lisa ahead of

me on the news. hold on a second. tom: i will be watching tonight. the red sox play tampa bay. doug kass on radio here and a bit. this is bloomberg. good morning. on radio and television. ritika: the biden administration will try to organize overwhelming public support for that infrastructure plan. the goal is to lineup republican voters, independents mayors, governors and local politicians. it is the same strategy president biden used last month to successfully pass his stimulus bill. johnson & johnson is taking over a baltimore vaccination facility that was the site of a major error last month. the biden ministration is helping out work with astrazeneca to move its own production out of the emerging

biosolutions factory so it can focus only on j&j. -- the buyout firm's consortium and pipeline sale is part of the efforts to attract investors. there is no end to that cargo ship bottleneck at los angeles and long beach. the average weight -- wait is now eight days. the movie "godzilla vs kong" has seen the largest crowds of since the start of the pandemic a year ago. it brought in more than $40 million in north america over the five day good friday holiday.

global news 24 hours a day, seven days a week. this is bloomberg. ♪

>> there is a lot more potential to create inflation through this type of policy because you can

literally put money into people's hands to go spend. you can choose whose hands you put it in. there is more potential for inflation. but the question is, inflation of what? tom: robert prince of bridgewater with the inflation angle from the good people of bridgewater. they are looking at rates at the zero bound. right now, futures up 28. we never do this. i think it is $60 a barrel. we are going to talk about em, but a different kind. damien joins us to lead off our international monetary fund

coverage. what is so important here is the distinction between e.m. and frontier thinking. let's start with what is a frontier economy. >> one that is obviously hurting right now and one that relies very heavily on developed markets for capital and to survive. they cannot live within their own means and there are many to choose from. lisa was referring to delinquencies and fault risk, throw it out the door when you look at emerging markets because there are plenty to look at. these imf meetings are going to go a long way. tom: give us a name that is sort of like frontier and em. damian: you have a lot of middle east names. i would say columbia is kind of there. it is going to be downgraded to high yield before the end of the year.

i think really what we are talking about is countries like ethiopia, zambia, members of the common framework. they have a lot of bilateral -- with countries outside of the u.s. we need to find out what is going on there and that is a big point this week. tom: jordan with huge royal turmoil this weekend. how does jordan stay in business ? such a fragile economy with all the palestinian refugees they have. how do they do that? damian: by borrowing $700 million from the u.s. the calls and do a question the a court of has been in place and for political risk. we just have to take a step back. the imf is trying to secure $650 so they can lend more into these

-- tom: lending to why or is it eight? damian: lending to who? some of those loans may very well go to paying down other debt. tom: it sounds like finance from the 19th century. what is different this time, where is the collateral or is it just a proxy for aid of another day and age? damian: the difference this time is i don't think the market is expecting a plan. that would shut down the frontier to capital market access. everybody is talking about a pretty plan. i don't think you are going to see that. we may very well see that with the u.s. rate yield curve still normalizing with more ahead of that. you do have a vaccine rollout diverging. tom: one emails saying, have damien talk about the new york jets brady plan.

damian: we both know we need a quarterback. we are probably looking at zach wilson in the nfl draft. tom: who is the quarterback of brazil to get us back on track? what a mess. damian: what did we just have overnight? last week, i think it was 3500 deaths a day. tom: 4400 a day equivalent to u.s. population. damian: you are going to have to populist people running for the presidency next year. the fact that spending caps are being discussed today. not good for finance or the fiscal situation at all. not good for brazil and quite frankly, brazil has deeper issues. tom: does he know he is not on to talk this stuff.

gonzaga and the other team, who is going to win? damian: the zags. you are probably going to have eight first round picks playing. you may have eight coming out of tonight's game. it is a must watch. tom: we should make point for those of you on television and radio. he is extremely good at gaming and sports as well. this march madness, it was a real asterick. damian: but what is not different what is amazing to me is that baylor -- rich truman and i did ok, but baylor and gonzaga were picked one and two going into this year, so this is the match of everyone has been waiting to see. ucla's game was unbelievable. jalen is unbelievable. tom: what about the west? women's basketball, men's basketball -- is it just that kids want to play out west? damian: warmer weather?

i am disappointed, my lady vols are not in it this year. tom: did you study corporate finance in nashville? damian: that was me. i was there. meat and three potatoes is what it is about and vanderbilt. tom: a manly mill. damian: i have lost a lot of weight since then. tom: one final thing. there has got to be a tradable debt on e.m. away from the derivative clock. where is the tradable debt right now? tom: i think you take what the market gives you. investment grade in solving credit has come off quite considerably. you are going to have to allocate a little more capital. tom: a reminder, gonzaga is

going to get it done. tom: the only reason he is on us is because his bracket is worse than mine. let me give you a one minute view from the market. so many markets closed today, but a very eventful news flow in the united states. secretary yellen speaking at 11:00. this will be an interesting kickoff to administration rhetoric on the infrastructure bill. the market celebrates off of 900,000 bodies warm. dow futures advance through the entire morning. i have a 1.3% move on the russell at 2000. we had a 59 print on west texas. coming up, someone i always lean forward and listen to, mr. marks

will join. to stay with us on radio and television. douglas cass on the boston red sox, later on bloomberg radio. good morning. ♪

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lisa: the countdown to the open starts right now. we begin with the big issue, the reflation trade powering on. >> we are seeing a pretty big acceleration. >> extraordinary pace of 6% plus economic activity in north america. >> happening much faster than prior. >> truly remarkable considering where we come from. >> we are about where we where in 2018. >> anonymous amount of stimulus. >> the pent-up demand and u.s. -- vaccine openings, all of those openings will be special in their own right. combined, they are absolutely going to drive record growth rates. >> the big hope is that this growth is sustainable. lisa: