we will -- as soon as we reopen spending, we will rotate back. >> we think there is going to be consumer price inflation as well. >> to get that acceleration of work, we need to be earning. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. simulcast bloomberg radio, bloomberg television. mr. ferro off-again today. beijing, we have stephen roach as tensions between america and china. lisa: tension between the china of old and china of new and the dueling narrative about the u.s. versus china and china versus china as they try to make a more sustainable recovery. tom: it is a great bull market

and across the foreign exchange. we will get to the data in a moment. record highs yesterday in the equity markets. lisa: people trying to price in the optimism. today, you cannot make much of one day of ice action, but to me, it is chasing growth -- you cannot make much of one day is price action. growth is in europe. perhaps they might get to herd immunity sooner. the idea that people are trying to price in hope more than reality because we cannot see the reality yet and the hope of the future is so different. tom: the day-to-day news flows. you can go to the bloomberg turnbull and see the date when earnings come out here with jp morgan on the 14th of this month. on fed day, april 28, that is

when we say from apple computers. the movement from yesterday, the basic idea is getting out front of a tag earnings drug or night -- juggernaut. lisa: there was a time when there was a dip, you buy that dip. i will throw this out there, biden's tax plan would go after big tech companies that have more loopholes and ways of getting around the high tax rates. if they could implement these high rates on the tech giant, what would that do devaluations? use all the calculations underpinning the uncertainty -- you saw the calculations underpinning the uncertainty. tom: i would mention the gentleman from west virginia who said 28% corporate tax is not going to flow. joe manchin saying, that is not going to work. let's do a data check right now. futures, -7%. let me get the levels. 4061, down level 32,387. 18.04%.

i have not looked at the real yield yet this morning. let's do that. -0.66%. it has not moved. it is like a beached whale. 1.70% on the 10 year yield as well. what else do we have? lisa: at 8:30, the international monetary fund is going to come out with their projection. they came out with one in january. they are expecting to upgrade again to the fastest pace of growth for the road economy since the 1960's. it is being led by the united states. what is the nature of global growth when it is being led by the u.s.? is it good growth or is it problematic for emerging nations that have a lot of debt borrowed in dollars? at 10:00 a.m., we get another

read on the u.s. economy. this is the u.s. jobs opening survey, the leading indicator of labor market growth, how much is it going to accelerate after that near one million sprint of jobs we got in march. how much optimism is priced in. i am really interested to hear what comes out of some talks. these are u.s. and iran are taking part in indirect talks about the nuclear deal. the reason this matters for markets is because if these go well and there is a revival of the 2015 deal, we could get irani and oil exports back on market as soon as 2022. this actually sent oil prices down yesterday. this adds to the supply-demand dynamic. tom: it'll be interesting to see.

certainly, a tad bit oil price pushing up against the equity market -- a tepid oil price pushing up against the equity market. we have a wonderful set of conversations, including an important interview on covid. right now and to focus on china with stephen roach. his book, the next asia, set the tone for issues on china. he followed that up with an important book on the dysfunction in china. it is a new dysfunction. stephen roach, tell me about the new codependency with china and america. is it the same as the old codependency? stephen: the thing we know about codependency, whether it is human relationships or economic relationships, is it is never constant. it reflects the tension it builds between interpersonal and

in this case, bilateral partners in trade and economic commerce. china has changed its growth model. we are uncomfortable with that. we have raised other objections about china's behavior in areas like geostrategic strategy and human rights. and so, we have taken a unilateral trade action against them in the trump administration. what my fear is that by not changing from trump's policy, president biden's administration has been boxed in by then ms politics and -- then -- venomous politics. tom: i want to expand from boston with china to take off your book from years ago, boxed in of the next asia.

it is not just about china, but the pacific rim as well. what should be the pavement in strategy of the biden administration? stephen: the pivot was part of the problem because it was named in the obama -- aimed in the obama administration of putting pressure on chinathat pushed che destabilizing actions of its own in the south china sea. that has culminated in the trade war we are trying to find a way out of for four years of disaster in the trump administration. lisa: do you think that the infrastructure plan as a way to increase the capacity of tech

sectors and the 5g in the united states is an effective way to engage in this codependency you talk about, perhaps get a little more independence for the united states? stephen: we certainly need to upgrade our infrastructure. a lot of people have been talking about that for a number of years. i have to give the creative side of the biden administration credit for expanding infrastructure in the areas that we never considered at all under the general ilk of what is infrastructure. the question arises and you have debated on the show is as noble as the objectives are, is anybody giving consideration to how we pay for this? with interest rates at zero right now, you can do anything you want, including not just

infrastructure, but all sorts of massive social programs. what happens when interest rates start to go back to normal? that is the unanswered question right now in this debate. tom: all of our listeners and viewers want to know what you think about asset bubble insulation. you were definitive on this at morgan stanley of seeing their mandates of the fed and one is to monitor asset bubbles. is the fed monitoring an asset bubble right now? stephen: it is monitoring, but doing a great job in creating it. you have the combination of zero interest rates and massive liquidity injections spilling over into financial markets. you guys reported on your show every day from spac's to bitcoin , now we have a lot of froth in

the housing markets. this is all the classic manifestations of a very frothy environment. the fed is basically talking out of both sides of his mouth. it is worried about asset bubbles, yet it is responsible for creating the conditions that are creating these bubbles at this time time -- at the same time. lisa: you have also said that this spending will lead to a depreciated dollar, one that is below where it is currently, that leads to some inflationary push that is detrimental to the country. we have seen the opposite of year as we have seen the growth from some of these policies. do you think this is short-lived, that we will continue to see a tremendous dollar weakening or do you think this highlights the potential success of some of these programs? stephen: i have been one of the

ones who have been outspoken about the downward pressures coming on the dollar. it was a call that was at a consensus in the second half of last year. it is not working so far in 2021. the combination of plunging domestic saving, a massive current account deficit, a fed that would normally respond to those developments by tightening policy, but will not, that is going to continue to put further downward pressure on the dollar. it is not working now, but i suspect it will work as we move through the year. tom: thank you so much. stephen roach helping to invent modern market economics at morgan stanley years ago. that leads us to the desk of robert mundell. this is a huge deal.

you go from roach and the others, back to jacob franco of chicago, to the true founding father of modern foreign-exchange. robert mundell is the most interesting guy. hugely controversial at columbia. he was a great friend of this program, he will be missed. robert mundell at 88 years old led a vigorous life at no more than the foundation of foreign-exchange. good morning. this is bloomberg. ritika: a tough day at christmas. -- a tough day at credit suisse. plus, two top executives will be replaced after scandals raise questions about risk management. the head and chief risk officer

are leaving credit suisse. president biden's economic agenda cap just -- just got a boost. it has to do with a process called budget reconciliation which bypasses the 60 vote rule required to pass legislation in the senate. bloomberg has learned that the central bank of china has offered major lenders to cut out loan growth for the rest of the year. they are concerned of a bubble risk. banks are told to keep new loans in 2021 the same level as last year. baylor stop gun zagat to become the first undefended men's ncaa champion in 30 feet years -- in 35 years. the school's first national title. jerry butler led the way with 22 points. gonzaga finished the season with a record of 21.

global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg.

>> has the balance of risks shifted since the last policymaking? >> balance of risk has tilted to the downside in the short term, but it is more balanced in the medium term. francine: what are markets playing at? they seem to be testing central banks. >> they contest us as much as they want. we have a mandate. we are going to do what is required. ♪ >> let me be very clear, the job is not done. we still have 8.5 million people

who do not have a job that did pre-pandemic and we have a long way to go to get everybody back to work and we start to see the kind of economy that we have post pandemic. tom: we say good morning to all of you. we are looking at the market. dow futures, -46. it is a bull market. as lisa mentioned, oil, 59.85. jonathan ferro is off. joining us now on radio and tv, the star of bloomberg, our managing editor for all on taxes. august 18, 1988, where were you? vice president bush said, read my lips, no new taxes. we have moved on, happily -- we

have moved on, haven't we? martin: we have. tom: how do we do this. we know all of the mechanisms of this corporate tax law. in new york, people will move to florida. people react to higher taxes. martin: they do, especially if they are doing long-term planning. it seems like all of the mood music in new york is that taxes are going to go up for the wealthiest individuals working here and it is a real concern about flight of high paid executives out of new york. it was somewhat overblown. but taxes are another story as opposed to the virus here it -- as opposed to the virus. lisa: what about the history of that? in new york after 9/11, to pay

for some of the development. do we see the same type of flight of wealthier individuals at that time, or is this time different because of remote work and the pandemic? martin: i sense that this time is different. the argument from those supporting higher taxes in new york are that no one lives in new york for tax reasons. it is for the culture and the excitement of living in the city. by this time, it feels like -- but this time, they are determined to meet wealthier individuals. when you have remote work, there are alternatives. lisa: let's talk about the tax plan that biden has put out there. a report talking about how big tech companies and pharmaceutical firms would bear the brunt of the tax heights -- tax hikes. can you talk about how this will get pushed through with the

aspects that will close loopholes? martin: the idea is that intangible assets like intellectual-property and artificial intelligence are easily moved. if they want to close those loopholes, the pharmaceutical and technology industries are going to be proportionately more affected. the question is how this is going to play out in congress. last night, the senate parliamentarian issued a ruling that makes it somewhat easier for the biden administration to make some of these changes in the tax laws. it will be complicated, but just like the stimulus plan, it is possible the biden administration can push this through to reconciliation. tom: i want to move to what we will see in 2021. we had the since his day -- the

census day. we will really see the redistricting battle shape up. it is shocking how we will see seats lost here and seats gained there. martin: it is really something that joe biden himself has said as they move to restrict voting among republican states is something he is strongly opposed to. the question is do they get the voting rights bill passed in the senate? right now, it does not look like that will be possible. tom: let's look like -- let's look at texas. what is the measurement of texas becoming democratic? it did not have been time, but is there a trend there? martin: there is a trend there. it is now purple. people would argue that the promise of a democratic texas is

something that has not been fulfilled for decades, even though they are a lot of people moving into those areas. we will have to see whether or not this is something that will happen in our lifetime. frankly, i do not see texas turning blue anytime soon. lisa: there is a point about redistricting. there is also a point about the population and perhaps, the voters for trump that might be swayed more to biden should this infrastructure plantain or to blue-collar jobs. do we see that population getting more in favor of biden, or less so? martin: i think that has been an underreported phenomenon. the popularity of the biden program is striking among republicans as much as it is among democrats. his infrastructure plan enjoys tremendous popularity. the biden administration is

hoping that public support will translate into the cover they need to get this passed. lisa: how does that translate into whether any republicans could get on board? perhaps not with the proposal currently, but some sort of future proposal? martin: do not count on it. mitch mcconnell has an iron grip on the senate republicans. they have already dead they would not have any support -- they have already said they would not have any support for the biden administration infrastructure plan so they will move forward without it. tom: is the season over? lisa: yes. martin: at least for 24 hours. they come back tonight. tom: they come back tonight. marty schenker, thank you so much. futures at negative nine. dow futures at -46. we spent some time yesterday on the equity markets. we have to say getting use to

4059, 500 is a whole new thing after all. lisa: what do strategists do with that? do they upgrade it or does it stay there and then you deal with the turn under the surface we have seen? by the way, i saw what you did with the mets. you are trying to make yourself feel better. tom: that is true. and aggravation to you. lisa: that is great banter. tom: what is so important about the equity markets is everyone will hold their breath to get to earnings season to justify. lisa: and how much is it justification in future outlooks that are very foggy right now? how can these companies gives adequate outlooks at a time when we have not seen the reopening in fall and we have not seen those savings truly spent? tom: we will see. we have much more ahead. coming up, this is my interview of the day. lisa sherman is with the ad

council. they have something to say about those afraid against the vaccination against covid. look for that. this is bloomberg.

it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now.

tom: good morning. "bloomberg surveillance." a quiet market day. 5974 on west texas intermediate. we have an important conversation coming up on what we are all are living, worldwide and nationwide with the virus. what do you have this morning? kailey: i'm taking a look at europe which is playing those record highs we saw yesterday and that has the stoxx 600 any record, erasing its pandemic losses with that follow-through from the u.s. session yesterday. we are not seeing follow-through buying when it comes to u.s. equities. s&p futures down about 11 point. maybe just a breather taking shape with an 18 handle on the vix and the treasury market

going nowhere. we are unchanged on the 10 year yield, sitting at 1.7%. in currency and commodities, it is the british pound that is one of the underperformers, it is weaker against the dollar. the cable rate sitting at 138.31. the question is, is it so much weakness as it is dollar strength because the dollar is stronger in g10 today. that may be part of what is weighing on copper futures, down by 1.5%. oil rebounding after a 4.5% loss yesterday ahead of those talks on the iran nuclear deal. the market may be seeing any breakthrough is not likely. the better part of 2%, sitting at $59 on wti right now. tom: thank you so much. this is not only the interview of the day, of the month, but this is a conversation of the summer. it was long ago and far away

where radiologists from mount sinai became -- came to my studio and threw on the ground some x-rays from wuhan and said this is serious. that is followed with medical people worldwide helping bloomberg surveillance understand this pandemic. now it is time for education with leadership and the first founding partner at verizon, hans vestberg joins us. we are thrilled that the woman that is making this up, lisa sherman joins us. hans, let me go to you first. you got on board and set this matters. why is verizon helping lisa sherman on messaging what we need to do on covid? hans: as you mentioned in the beginning, this is an unheard of pandemic. of course, one thing that is

important, the complication around it and raising the awareness around the vaccine coming out right now. we have a big responsibility as a huge employer and company to be part of that conversation about the awareness and the science around it. there has been most hit by this pandemic. tom: my mother's war bonds and that was -- my mother sold war bonds and that was in the 1940's. i grew up with you can prevent forest fires and now it is you can prevent covid. how are you going to message education to get the courage to vaccinate in america? lisa: thanks for having me. we are dealing with the babies

-- the biggest public health crisis and our lifetime and we knew at the ad council that we had to launch the largest public education effort in our history. we recently launched a message -- a massive campaign that brings in every sector in the economy and our focus is really on trying to get people to have confidence in the covid-19 vaccines. the fact that we have them in such short order is nothing short of heroic. at the same time, what we are seeing is high levels of vaccine hesitancy. the data, pretty current, about 50% of people right now have either begun the process of vaccination and have at least one of the shots, or intend to get vaccinated. on the other end of the spectrum, you have 15% of people

who say they will never get it. our focus is to talk to the 35% of americans who are taking a wait and see attitude. lisa: can you tells about the nature of that 35%? is there a unifying characteristic of individuals in the united states who do not want to get the vaccine? lisa: we have done a lot of work in trying to understand hesitancy. it is complicated and nuanced. it ranges from everything. people have a lot of questions and they want answered to their questions. some of it could be how did this happen so quickly. did people trade off efficacy for speed? others have long-standing concerns because of inequities, especially in the black and hispanic communities where there are inequities in the healthcare community. we see higher levels of hesitancy among black and hispanic communities.

we also have begun to see more hesitancy among conservatives. these are folks who also have a lot of questions and really the common thread i would say is that people do not want to be told what to do. they want the information, they want to be able to ask their questions, they want to feel empowered to make decisions for themselves and for their families. lisa a: we go from the public health side to the business side and there is a question of mobility. you see the nexus of all of this with global data as well as your retail stories. are you seeing people increase mobility as vaccinations pick up or has it been slower than you would've expected? hans: it was in may and april and we measured it on how mobile people are is how they move in between radio towers and it was

down 60%, meaning people move 60% less. that mobility is slowly coming back and we are seeing improvement. as we see more foot traffic in urban areas, more mobility in urban areas right now. tom: i want to go back to the branding of all of this. you did this at viacom. the idea of a mind is a terrible thing to waste. the indian ad campaign that i remember from years ago. do you need celebrities? dolly parton has had the biggest impact so far. she was out there with her covid confidence. do you need celebrities so hans vestberg is happy with your program? lisa s: what i will say is trust is at the core of hesitancy. i think what we know and believe

is that not only is the messaging important, but the messenger is also critically important. who are those trusted messengers that each of these hesitant groups really believe and trust and feel comfortable with? for us, the common thread again is that medical experts are at the forefront. they are the number one. people want to understand from their nurses, pharmacists, have they taken it and then there are amplifiers, those people that can -- tom: i don't mean to interrupt. i think your observation is so important. frankly graham set up a set of tens outside mount sinai at the beginning of this. what do you need from the evangelical leadership away from the medical community to get evangelicals and conservative republicans on board? what is the at council need from franklin graham?

lisa s: we have engaged broad-based faith leaders who understand that this is not an either or decision. you can have big faith and believe that the vaccine can help you and free you to get back to life and keep your family safe. lisa a: there was also a question about the faith and a better future. looking at a way to track toward a modern era and we have to ask about the infrastructure bill that biden has put together and the 5g buildout in the united states. what is your impression of what is laid out in the proposal? how much will it help get 5g rolled out in a smooth and consistent way? hans: when we say five to seven years, it is important to

understand that accessibility of programs, affordability and usability and all these three need to play together. i think that is what we are talking about and talking to the administration about that we need to think holistically in order to solve the problem. clearly, five years is an important piece, we are rolling out quickly. this is an important piece for us. tom: thank you so much for joining us today with verizon and your leadership on this program. lisa sherman, good luck with your program. it is definitive as we go into the end of 2021. ms. sherman with the at council, president and ceo. coming up, we will look at the medical side. amesh adalja will join us with

an update on cases and deaths. it will be interesting to see what we've got there. i want to look at the data. futures are negative. what are we waiting for? tom: we are waiting -- lisa a: we are waiting for earnings and the federal reserve. i want to go back to the conversation we just had and talk about how it signals a shift in the amount of vaccines out there. we are moving from a who gets it first to how do we get people to be convinced enough that it is safe to get it. this is a change as we get more vaccine out there as we cross a half million people in a week in new york city as we need is global rollout on a much faster pace. tom: we are in the second week of april. it is different than the second week of march. you wonder what the second week of june will look like. lisa a: hopefully a lot better

than right now. that is what everyone is hoping for. tom: as ian bremmer said this morning, brazil, india, other parts of this world rms. u.s. -- other parts of this world are a mess. stay with us. on radio and television, this is "bloomberg surveillance." ritika: credit suisse is paying the price for his involvement in the collapse of capital management. they will take a $4.7 billion cut and replace two executives the bankhead and chief risk officer. a series of scandals raise questions about their risk management. u.s. begins talks with iran today, reentering the 2015 nuclear deal. there are two issues to be negotiated. the steps iran would have to take to be in compliance with

the tree and an agreement to lift sanctions. european officials will survey the go-betweens in those talks. the u.k. to hold off on planning for holidays, deflating the hopes of an airline industry desperate to get back in the sky. restaurants and shops will reopen next week. boris johnson says it is not clear that non-essential international travel can resume safely as planned on may 17. both european union members will have enough vaccines for their populations by the end of june, beating the official target according to an internal memo seen by bloomberg. the eu was to immunize 70% of adults by the end of summer. there is hopes that the vaccination campaign will improve after a disastrous start. bp will restart buybacks. it is already achieved its target that was its threshold

set forward, fighting an accelerated pace of asset sales and improve performance for bp. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg.

>> we are entering our fourth week of increased trends and cases. as the trends and data have been

indicating, cases are increasing and we are seeing it occur in younger adults. this is why you heard me share my concern. we know these are due in part to more highly transmissible variants which we are monitoring. tom: dr. walensky, the center for disease and control prevention director putting out a very responsible message over the last couple of days. as he spoke with hans vestberg -- as we spoke with hans vestberg and lisa sherman, we look at the medicine of this pandemic. dr. adalja has been such a good friend of the show. i look at where we are as brazil is failing and maybe india is failing as well. should america be worry about the transfer of their pandemic over to us? dr. adalja: if the pandemic is

raging in one part of the globe, other parts have to take notice. we will do well in the united states with our rollout and put the pandemic behind us, but it will be going on in other countries and that will be disruptive because it will have restrictions on travel, trade and the goal is to get this pandemic behind for the whole world. we have to take issue with what is going on in brazil and india and trying to make sure that they can get access to vaccine because that is the solution. it is going to be well into 2022 before the entire globe is free from covid being a public health emergency. tom: this is so important. where -- what is your timeline where the united kingdom and the united states can assist emerging market countries with their struggles in this pandemic? did i hear you say it is into next year? dr. adalja: it is going to be

something where we still have hotspots in 2022. there is the available indicates foundation, -- bill and melinda gates foundation, but it is going to take some time. if you go back to h1n1 in 2009, that hit africa longer because they had poor access to vaccine. this is going to be something we will contend with for some time and it will affect the way you can travel and conduct commerce. you will see those hospitals in the places worrying about surges when this is something that is not confined to the u.s., the u.k. or any other highly vaccinated country. lisa: we are seeing european stocks rise to record highs. an internal memo is reported from the european union saying that that region would need some sort of 55% threshold of

vaccination for its people or at least vaccination -- or at least enough by the end of june. it seems possible. i know you probably have no care about the markets, but is it realistic that we could get 55% of the population covered when it comes to vaccine supplies in europe by the end of june? dr. adalja: it is in the realm of possibility. it will be challenging. the eu has had multiple hiccups with the astrazeneca vaccine, making it harder to get vaccine into people's arms. i think supply will get better to the eu, with all of the other vaccines as well as the astrazeneca vaccine. they can do it if they move aggressively, but i would not be surprised if they miss that deadline. hopefully they hit it. the faster they get vaccinated, the better it is for the rest of the world and for them. lisa: what is the deal with the ashes and ago vaccine? -- with the astrazeneca vaccine? dr. adalja: it is hard to explain. there were studies where they were using a half bells -- half dose and full dose vaccination. a spinal cord information -- inflammation that occurred which

was not looked to the vaccine and then you see blood clots and that is still being worked out. my general analysis is that it is a very rare complication if it is linked to this vaccine. when you are dealing with a pandemic that is out of control, the risk-benefit ratio, even if there is a small chance of blood clots, still favors the vaccine and we have not seen that data from the u.k.. all of that trickles down to how does the general public think about the astrazeneca vaccine. and then we have this mixup with the plant in baltimore. all of that translates people saying maybe i should get a different vaccine because this one has had problems. it is not fair to the astrazeneca vaccine, but that is the reality of vaccine hesitancy and it is playing a role in how the eu has handled this vaccine and something they will be able to sort out and fix and i think we will get the astrazeneca vaccine approved in the u.s. with all of these bad headlines, it will add up in the average

person's mind. tom: there are 4000 some bodies that saw the boston red sox last night to into tampa bay. i will assume 4000 people in the stands, something like that. in texas, there were 38,238 people to watch the texas rangers. your thoughts? dr. adalja: it is difficult to have a mass gathering with only less than 20% of your population vaccinated, which is the case in texas. they put mitigation measures in place, but you wonder just because of the prevalence of the disease in the community, if this is going to lead to transmission events and super-spreader events and put contact tracers under water because they have so many cases to track. this is something that i think is not the safest way to go about this. hopefully it turns out ok. they have a good trajectory in terms of cases and hospitalizations.

we don't want them to go into backsliding. mass gatherings are going to be something difficult to have until we get more of the population vaccinated or you will only have vaccinated people at your events and that was not the case there. i am worried about what this will lead to in terms of transmission. tom: dr. adalja, thank you so much. he has been wonderful in being with us through this pandemic. with the johns hopkins center and their senior scholar. lisa: i saw what you did their. to slip in the red sox win as a question, well done. tom: such a rare occurrence when you find the opportunity, you go there quickly. i want to talk about the bond markets. it is the reason ferro is off. is there issuance out there? his high yields getting it done? lisa: absolutely. if you take a look at the price action, it is up. if you take a look at that extra

yield over benchmark rates for high-yield bonds, we were talking about that yesterday, the lowest level since 2007, it is even lower now. it is below three percentage points, a huge decline from a year ago. it raises the question, what is the nature of risk in an era where we have fiscal stimulus and monetary stimulus pumping at the same time and a recovery. risk is not being too cautious. too cautious has led you with losses. that happened with the investment-grade bond complex. tom: i'm sorry, but lisa brings up too cautious, not that i would know anything about that, but i am looking -- i've got it up wrong right now. riley, stop the show. dow jones, up 48%, one year trailing. if you are too cautious, that is

what'd you miss. lisa: you are going to quote the dow? tom: i need medication. very good charts on twitter. stay with us on radio and television. this is bloomberg.

so you're a small business, or a big one. you were thriving, but then... oh.

ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

♪ >> no country has the wherewithal to do what the u.s. is doing fiscally. >> overall, we think there's going to be consumer price inflation as well. >> to really get that acceleration upwards, we need earnings to show up. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. a simulcast, bloomberg radio, bloomberg television. thank you for being with us. important conversations on the pandemic, on weddings -- on what is going on in washington. it is a bull market. and getting crushed in the triple leveraged all-cash fund. lisa: