>> 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: now we are in a zone where

we have gone some high -- gone so high, and we are waiting for hope to become reality with earnings. that is this holding pattern you see in equities and bonds right now. tom: liz ann sonders will join us from charles schwab. we have to observe one of the anomalies this week. west texas intermediate under $60 a barrel. that doesn't sound like an oil boom. lisa: it is a question of supply and demand dynamics. the fact that opec+ said they would slowly ramp up production. at first this was a good thing because we were talking about faster than expected growth. then it became a bit of a downtrend because of some of the ongoing concerns. the lack of visibility is the theme of the last 12 months. people miss it on the way down. they miss it on the way up.

tom: bonds don't give me much of a story this morning. i'm going to call it flat. a little bit of curve steepening. in the foreign-exchange space, let me look at the idiosyncratic moments of turkey. a slightly weaker turkish lira. to keep lisa happy, i will quote yuan, 6.55. boy, that is a boring data check. lisa: the imf today is going to come out at 8:30 am with their world economic outlook. they are expecting to upgrade it from the 5.5% they had in january even further. a lot of this comes on the dynamism of the u.s. economy. how sustainable is it for the entire world if the recovery is led by the u.s., given the dominance of the dollar come of the dollar, and the amount of debt that has been sold by have a countries?

and 8:00 a.m., we get the job opening survey that is a leading indicator of the market, especially after that march report of nearly one million jobs added. is that the pace we can expect, or is it set to accelerate as people prepare for a true reopening? we were talking about delta bringing back pilots as quickly as they could so they wouldn't have to cancel anymore flights. today, the u.s. and iran are taking part in indirect talks on the nuclear deal, the 2015 nuclear deal, possibly reviving this. this weighs on crude. will iran be able to bring their supply back into the market? it probably wouldn't be until 2022 even if they did revive this deal. we saw crude get a little bit of a tick lower yesterday after news of these talks came out. tom: what we are going to do here is really frame where this

equity market is. you can do that by looking back decades. long ago and far away on a friday evening, they would quietly whisper, "don't fight the fed." liz ann sonders out of delaware has become one of our most important equity stockmarket voices across this nation. liz ann sonders joins us this morning from charles schwab. the money that has been lost by people who don't fight this fed, they have gotten crushed, haven't they? liz ann: it really is quite extraordinary. a lot of people don't remember that it was actually on march 23, 2020 that the fed announced many of the back stop lending facilities they were putting in place specifically for the pandemic, that kind of bridge over to help the main street side of the economy.

that just showed then, and i think we are still watching the power of the fed's words, even if it predates their specific actions. tom: the specific launch of our off of the grimness of a year ago, what is the liz ann sonders run rate of actual earnings growth forward? liz ann: for the second quarter, the comp relative to the second quarter of last year is the easiest. first-quarter consensus is up 24%. you've got big leadership in terms of contributions at the sector level, consumer discretionary, financials, materials. clearly that cyclical bias is where you are going to see the biggest pop. longer-term, we have seen earnings growth significantly above gdp growth, but i think the story looking ahead will be one potentially about profit margins.

i think that is keyed to watch and listen to in this first-quarter earnings season, which begins imminently. what do we hear from companies not just about first-quarter earnings, but guidance for the out earnings? two companies step up their pace of guidance -- two companies step up their -- do companies step up their pace of guidance? we will see what that means for profit margins as we look to the next couple of quarters. lisa: behind this uncertainty is the question of whether we are setting the bar too high or too low. resident invited once all adults vaccinated or eligible -- president biden wants all adults vaccinated, or eligible to be vaccinated, by april 19, bringing that date forward. are we setting our expectations too low or too high? liz ann: i don't think we know

the answer to that yet. the latest trend in terms of revisions, and distant simply that comes as analysts get more guidance, is for first-quarter up to 67% positive revisions versus negative revisions. that trend is good, but we certainly may get to a point where you shift from last year's story of analysts that went basically to their own devices to try to gauge where numbers were going to fall. that is why we had a record beat rate and the second quarter, and the third quarter. we had a strong beat rate in the fourth quarter. we went back into positive territory and year-over-year growth terms. the enthusiasm associated with the reopening of the economy, the strength we are likely to see in gdp numbers, analysts are behold enough that are beholden

enough that they are going to raise the bar. there's no precedent for the nature of this crisis and the impact to earnings and visibility, even at this stage, regardless of what we know about herd immunity and vaccines. i think it is still really tricky to try to gauge where the bar is set relative to where companies are going to report. lisa: there's a wisdom of analysts and a wisdom of markets. right now, are equity traders pressing in a greater proportion of beats than the equity analysts on wall street? the idea that they are pricing in something much more robust. liz ann: those companies that are providing guidance are quite optimistic, and that is where you are seeing upward revisions. i think analysts coming industries -- analysts covering industries where there is still

obvious guidance, there still isn't that visibility or base knowledge yet of what the reopening is going to look like. that is still a prospective thing. on the goods side of the economy, i worry that the estimate bar may have gone up a bit. i think the whole demand story, which have been driving optimism, is more valid on the services side of the economy than the goods economy, pretty much across the spectrum of durable goods. i actually think there is a risk of pent down demand because we are well above pre-pandemic levels in those segments of the economy, and i think there's too much extrapolating of that strength in the past year into the future. tom: one final question. what are we doing with our money? what is schwab seeing that we are actually allocating in 401(k)s? liz ann: it has been

interesting, the flows recently. they have taken on more of a defensive posture. the flow into utilities are the strongest in the past month, which is quite extraordinary. prior areas like communication services are on the low end of the spectrum, but also at the broader asset class level, definitely seeing a pickup in interest outside the u.s., so positive flows in the past month or so into parts of the rest of the world, particularly emerging markets, and a bit of outflow out of the domestic equity side. we have had an overweight undeveloped international equities since the beginning of this year, and we are seeing that in the flow data, at least in the last month or two. tom: liz ann sonders, thank you so much, chief investment strategist with charles schwab. what did we learn there? i think it is fascinating, this

total mystery coming up in two weeks. lisa: it is not the headline number at 54%, which is what people are expecting. tom: we do that so they will turn up the volume and actually listen. lisa: but it is interesting that that is the baseline. the comps are easy. the question is, they are going to be much higher than they were last year when everyone was shut down. the key question of are we setting the bar too high or too low, we have missed this again and again. we can see that from the citigroup surprise index for the economy. you saw the record disappointment when we headed into the nadir of the pandemic shut down, then a record outperformance in terms of economic surprises to the upside as we came out. this is such a difficult time to parse out how you talk about forecasts and how companies even come up with some. tom: that is one of the reasons to stay with us on radio and television through april. we don't have a clue what we are

talking about. [laughter] j.p. morgan, i believe it is april 14. apple, april 28. a host of other companies. futures negative eight, dow futures -39. stay with us. a global conversation on economics, finance, investment. dollar fractionally stronger right now. we don't to brian nick of nuveen, next. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. a tough day at credit suisse. the bank will take a $4.7 billion right down to hide to the implosion of archegos. it series of scandals raised questions about risk management. investment bank head and the chief risk officer are leaving credit suisse. president biden's economic

agenda just got a boost from the senate parliamentarian. her ruling past the -- her ruling opened the door to passing a number of things through budget reconciliation. in is a real, prime minister benjamin netanyahu has been chosen to try to form the next government. the prime minister has 28 days due build a coalition, with the possibility of a two-week extension. last week's election was unclear for either netanyahu or his opponent to put together a government. deflating the hopes of an airline industry desperate to get back in the sky. prime minister boris johnson said it is not yet clear that non-essential international travel can resume safely as planned on may 17.

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. ♪

♪ sec. yellen: i am very hopeful that because of the steps we are taking, including speeding

vaccinations, dealing with the pandemic, and the economic support we are providing, that the job market is going to become far more robust in the months ahead. tom: secretary yellen out with a program yesterday on corporate taxes. we will see where that goes as a topic of discussion on open book sound on -- on "sound on" on bloomberg radio. kevin cirilli with us now, star of "sound on" and chief washington correspondent. republicans, liberals, and someone like joe manchin are saying we are not going to do this on taxes. it is a raging debate. what is the present state of tax debate in washington? kevin: last night, the senate parliamentarian elizabeth mcdonough had a decision in favor of the senate majority leader chuck schumer, and the

sense that they now are going to be able to pass a third budget resolution measure this calendar year. it means that the democrats will be able to link spending bills, provided that they are still paid for with tax increases, in a third round this year. while this is definitely a win for the democrats, i would caution folks that this is not as same -- not the same as filibuster reform, nor does it make it easier for democrats to attract support from the urban -- from their own party to raise taxes for infrastructure. tom:tom: first someone of your age, august of 1988, bush sr., "read my lips, no new taxes."

he went down for that moment. what is that for this moment? kevin: it is for those earning less than $400,000. i asked what you tell the swing vote or apprehensive about what they are hearing about taxes going up over the next couple of months. they reiterated that taxes will not be going up for anyone who earns fewer than $400,000 annually. i think where it gets tricky is the state and local tax deduction. where it gets more complicated and nuanced is for republicans in california, for example, and how for a dollar can go in their respective towns and communities. i am not sure that this $400,000 threshold is a sure bet for all democrats, and it is certainly a nonstarter for republicans. lisa: everybody wants more and they'll want to pay less for it.

this is a story as old as time. but we were just talking with marty schenker, and he was saying if you look at popular support even among republicans for this infrastructure plan, it is much higher than you would probably expect. at what point does that push some of the representatives to be more willing to perhaps raise taxes, close loopholes, or something to be able to make this financially feasible? kevin: well, i am never going to go against marty schenker. but i want to be clear here, to republicans, they want to have this debate over taxes. they feel that if they are talking about taxes, and immigration, candidly, it helps them in the midterms. to marty's point, we are still talking about spending and investing in america more than $1 trillion, which is still a hefty chunk of change. we are still talking about a large lump sum to be doled out by americans in the short term. lisa: yesterday, treasury

secretary janet yellen urged the world to have a baseline for corporate taxes so that there wasn't a race to the bottom. it seems unlikely that that will actually come to fruition, with ireland saying you're right, let's hike taxes on all of these corporations. on the other hand, it does give an indication of the worry and the planning of washington, d.c. what is the bigger message, from your perspective? kevin: her predecessor, secretary mnuchin, walked away from the talks. now you have treasury secretary janet yellen restarting the talks. it is part of a greater trend of the administration moving away from multilateralism and rejoining the conversation about geopolitics. but for secretary yellen, from the american perspective, taxes are a nonstarter for roof bulletins -- for republicans, so

it becomes this notion of she wants to raise the corporate tax rate while the previous administration lowered it. that is the rumblings and the conversation in d.c. liz ann: if i c -- tom: if ic and $8 billion shift in one report from new york to florida, some people calling palm beach the sixth borough, etc., how does that play in washington? i know how it plays in manhattan. i think i know how it plays in florida. but how does the great shift play in the nation's capital? kevin: i will be candid, the chatter around the beltway is some criticism of the dmv rollout of the vaccine, but i think that is kind of par for the course in major cities and around the country. but look, florida, desantis, rubio, they are a major player

in shaping the refuge or of the republican party for this cycle. they are going to play a dominant force, especially the governor, in 2022. there's chatter about king making for 2022 that was set up a lane for 2024. but florida republicans, it is a really interesting space for the hotbed of conservatism right now. tom: is one of the surprises that they pick up extra seats in the census? kevin: i think they could pick up more seats in the census. i think pennsylvania could lose some. that is a really astute point. so many people are living in florida, but do they actually live there? it used to be just for folks who go there after they retire. now a lot of young people, they like miami. tom: our travel guide, kevin

cirilli, joining us this morning. also chief washington correspondent. we will make note of that, not that we have ever sat at the bar at the standard in miami beach, sat there and look at the pool at the standard in miami. lisa: how's it going, tom? are you all right? tom: i went to miami once and i think there was ice on the beach. that's my luck. lisa: it could have been worse, right? tom: kevin cirilli there with some of the dynamics. these dynamics, these national dynamics are really something. as we go into this year, it is going to be a continuing story, the census. lisa: also underpinning this is the idea of work from home. the story increasingly is that executives want their employees back and they are increasingly bringing them back. there's a story on the bloomberg talking about j.p. morgan and goldman sachs bringing people

back to their london offices. there is something about face time. we are almost having facetime. tom: we don't have face time with ferro, but that is a different story. futures negative eight. stay with us. this is bloomberg. good morning. ♪ ♪

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♪ tom: on radio, on television "bloomberg surveillance." jonathan ferro off today. a bang up monday and the equity markets. we will get a summation from mr. bostic any moment. i've got to look at bonds, with a churn going on right now. really not much going on. we go back and forth. the 10 year, the real yield does next to nothing. rumor has it mr. ferro could return to "the real yield" program. such the dollar weaker off of where it was two or three days ago. the euro, my eyes are failing

me, 1.1807. romaine: it is going to be a sleepy day in the markets. volume has been on a stairstep pattern down since march. yesterday's volume across the tape was about 30% below what we saw in march, 40% below what we saw year to date. people are saying, what is going to be the next catalyst here? a few events to keep an eye on today. gm is having an event today at noon where it is supposed to provide more clarity on its ev strategy. it will be at a plant where it has already announced plans for an ev hummer. there's going to be some other discussions about r&d spending. that could be a big catalyst

because we have seen all of these ev stocks getting a nice boost. gm and ford, despite being traditional automakers, have been beneficiaries as well. applied materials going to have their investor day-to-day. look person, nearly on r&d spit -- look for some commentary on r&d spending. and illumina, you see these machines out there, that company came out with preliminary results for q1, 20% growth for the quarter. they are now guiding at about 25% for the full year. we have to talk about what is going on with credit suisse and archegos. the interesting thing is not just that credit suisse finally put a firm number own what they expect the right down to be -- the right down -- the write-down

to be. what i thought was interesting, we are a week and i have removed from that. the fact that they are still trying to unload these holdings shows how deeply it runs. tom: do we know it is credit suisse, or could this be a mop up from others as well? romaine: bloomberg is reporting that it is credit suisse. the fact that they were still holding the bag on this this late in development really says a lot about how much they got stuck with this. now a lot of people want a little more clarity from nomura because there's still some concerns here that there could be extra shares as well. tom: thank you so much. credit suisse with a bit of a lift this morning off of the swiss stock exchange as well. we had liz ann sonders on and looked at the equity markets. lisa abramowicz, what is so important here is not only the separation of full faith and credit, but what for faith in credit says about the global

economy. lisa: what it is saying about the global economy perhaps is a dissident message. does it make sense to see the fastest growth since the 1960's and a sub 2% treasury yield? others are saying just look at the pace of the increase. that may not be the right question to ask. radhra -- padhraic garvey is joining us now. you don't think that is what we should be looking at. why not? padhraic: i think it is relevant. thanks for having me on. it has been quite some move. but then you've got to sit back and take a look at that 1.7% and compare it to the reality, that nominal gdp in the u.s. is going to grow by 10%. it just looks incredibly tame

compared to the nominal rise in gdp. what about next year and the year after? still, it is remarkable. inflation has got to be 3% or 4% this year. i'm astonished that the tenure part of the curve sits there comfortably with a sub 2% handle on yields. it's good because it means we don't have to panic here. for me, it is only a matter of time before we do test higher to 2% and beyond. lisa: as you talk about how it is good because it allows the economy to keep going, tell us about the path from 2% to, say, 3%. padhraic: what we want to see is for the past to be slow, measured, assured.

it's got to be in sync with the economy. i think we are seeing that. the path is 2% over the course of the next couple of months. 2.5% around the turn of the year , and once we get there, we can have a conversation about whether we had towards 3% as a theme in 2022, and there's a lot of things during that period. risk assets have got to hang in there. credit spreads have got to stay tied. the labor market has got to keep improving. the global backdrop has got to be supportive as well. so all of that follows that path . tom: i am going to rip up the script. i don't want you to get in trouble with ing's chief counsel, but i really have to ask you come up with your experience with dublin, of the

salvation of the irish republic over tax policy. this goes back to 1999 and the salve it's -- and the salvage act, where they said we are going to be where corporations want to be. you see that for example with apple, with their huge contribution to irish gdp. from where you sit, and i am thinking almost culturally, this chair yellen have any chance whatsoever to codify a minimum corporate tax? padhraic: it is the right call. there's no doubt about that. it is very clear the build back better program is a very important part of the overall package. but it's going to be tough. you've got to remember that the likes of ireland are relatively small players. they managed to hang onto their corporate tax rate during the height of eurozone prices. -- of the euro zone crisis.

it would require something pan-european imposed on ireland to bring that about. it will be a tough ask to bring that about. tom: boy, he does not want to answer these questions, lisa. i'm going to ask one more just to be rude. [laughter] what is so important here for radio and tv listeners is what you just said. do i understand that you would suggest the irish political system is already experienced at taking on those that want higher corporate taxes? guest: -- padhraic: you've got to room or -- you've got to remember that at the height of the crisis in europe, ireland was one of those trying to survive.

it is the cornerstone of their success story. it is not all about that, but it is a very important part of how they got to where they are. i would expect them to fight tooth and nail to keep that status quo from their perspective. lisa: it does relate to this conversation about rates because we are getting to a time where we have to start thinking about how to pay for some of the programs we have put out there, how to pay for some of the monetary stimulus we have put into the economy. basically, the consensus is that we have moved into a tightening cycle. but is that correct, or is this an infeasible reality given how much debt we have incurred? padhraic: one of the very pleasing aspects i see out there at the moment is that this is a market place that really want to take down paper. whether it is the aaa-rated u.s.

treasuries or demand for high yield, there is demand for fixed income. it has been a big negative total return, and that continues. there's good demand. as long as that demand is there, it bodes well for paying for this crisis. if you look at debt dynamics, you can't have the cbo expect to do that medium term, go up 5% to 10%. because if they do, debt dynamics are out of control. it is really important that rates stay low. we could have a good amount of fixed income locks into the medium-term. tom: this has been wonderful. thank you again for those delicate questions and answers

on dublin and taxation corporations. padhraic garvey of ing. he was really struggling in the sense that this is a loaded issue around the world on corporate taxes. lisa: which is the reason why you asked, and then you watched him squirm. [laughter] tom: it's part of the irish culture. they decided in 1999 that one of the solutions was to be a tax haven. there's no difference between what they are doing in the cayman islands, frankly. lisa: is part of the same story of how to pay for all of this debt. we are talking about how high rates of borrowing costs can go in order to make this all sustainable. he is saying if we remain below 3%, we are ok. what happens if the bond vigilantes come back? tom: i would say fed expectations have really shifted in the last number of weeks,

making that april 28 meeting ever more important. coming up in one of -- coming up in the next hour, do you root for the white sox or the cubs, or do you root for the cardinals? that is the choice of the 13th congressional district of illinois. rodney davis will join us, republican of illinois. good morning. this is bloomberg. ♪ ritika: president haydn now wan -- president biden reportedly now wants to move up his date for all aleuts in the u.s. to be eligible for the vaccine to -- all adults in the u.s. to be eligible for the vaccine by april 19. iran and world powers have begun their most serious attempt yet to revive that troubled nuclear deal, and for the first time since, will be discussing in the

same room. credit suisse is paying the price for its involvement in the collapse of archegos capital management. they will take a $4.7 billion writedown. a series of scandals raise questions about credit suisse's risk management. in china, the central bank has asked nation's major lenders to curtail loan growth for the end of the year. a surgeon lending the first two months raised concerns of a bubble risk in 2021 at roughly the same level of last year. in sports, baylor stopped gonzaga's chances for the schools first national title.

gonzaga finished the season with a record of 31-1. 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. ♪

tom: good morning, everyone.

"bloomberg surveillance." jonathan ferro off today. he will return sometime, i'm told, in the vicinity of the end of the week. lisa: the delay is getting longer between jon and ferro. tom: that's how the brain goes. i'm sorry. we have to look at the real yield. we do that through the week. -0.66. a major bench for the financial system as the real yield will elevate, move less negative back towards zero, and maybe back towards, heaven for. , a -- heaven forbid, positive for cystic -- positive statistic. alison williams joins us now with bloomberg intelligence. what is so wonderful is not only the grizzled view of the u.s. banking system, but also those in europe who tried to participate in america and defend the franchises in europe. thank you so much for joining.

i am just going to cut to the basic question i have that remains unanswered. credit suisse to be put out of their misery, how did they end what has been years and years of sorta kinda like? do you see them as a combination candidate? alison: well, everyone is a combination candidate, especially in europe, although i think cross-border, it is perhaps -- in any case, the question with the swiss banks, regardless of if they are combined or standalone, is investors really love the wealth business for credit suisse, and especially ubs, it is sort of the crown jewel of banking, if you will.

this is perhaps another case where investors are, where you have a great quarter and the investment bank is still taking it away. tom: if you toss out the head of banking, the head of risk, how to the other divisions respond? alison: i think obviously, you expect to have headcount changes in something like this, but i think it really is clear that there is something more fundamental that needs to happen at the bank in terms of having a culture of risk, and that is really something that come gusting -- that thomas gottstein has been making changes, and there needs to be a much bigger overhaul now. we have seen this at deutsche bank going on for a while. we have seen this at wells fargo, and we have seen this now at citigroup. so we know that these do not get

fixed overnight. what was interesting is wells fargo and deutsche bank, who are two companies that have been in a multiyear process of upgrading their risk and control system and their culture, came out was immaterial losses. lisa: when we talk about credit suisse, we are talking also about what happened with green sill capital and the collapse there. a story on the bloomberg talking about credit suisse may let clients take losses on those funds. i am just wondering the liability that trickles out here , not only on a legal standpoint , because i'm sure there will be plenty of litigation, but also from a reputational risk. how much more capital could get withdrawn from this bank that is perhaps not fully princeton or factored in at this point? alison: we are worried about the big capital it, but it is more than that.

we could say that wasn't for this big hit, they had these great fundamental earnings, but how much of those fundamental revenues have been boosted by risk-taking. that is at the core of the investment bank. is the risk reward proposition -- investment bank, is the risk reward proposition. people are not as focused on risk. that concern really is the reputational damage. especially for prime brokerage, and area where it can be very dependent on the markets, and there is a big focus on liquidity and the like, someone like j.p. morgan morgan stanley and asked jb morgan -- jp morgan

, morgan stanley, and goldman sachs, is this a time when they tried to come in and take shares? lisa: on one hand, you've got to hit to credit suisse due to the archegos debacle. you've got the reputational damage. but you mentioned something else . this raises a question about the risk-taking ability, which is a key part of their income, especially now in such a low rate period of time. can you talk about how this raises potential risks for other banks, or is this idiosyncratic for its weeks? alison: i would say nothing is idiosyncratic, or it is hard to imagine something that is. i'm sure that desks across the street are looking at the risk, looking at the specifics of what's happened here. it is not just a postmortem for credit suisse, but for everyone else.

i think the fact that there were some things the regulators are asking about shows that perhaps there are some risks in terms of monitoring new situations that might be better addressed more broadly. tom: would the swiss government allow morgan stanley to acquire credit suisse? alison: i'm not sure that would be possible from a technical standpoint, just in terms of -- well, perhaps possible, but in terms of the systemic risk and the size of that organization, it would get regulatory tension from all areas -- regulatory attention from all areas. but i think morgan stanley likes to be a buyer, and they have two very big executions they are working on right now, so their

plate is a bit full. but they have really been focused on u.s. business, whereas credit suisse has been focused more on asia and the international market. tom: alison williams, thank you so much, with bloomberg intelligence, here on credit suisse and how it doubles into american banks. you just wonder where the next cockroaches. lisa: you talk about how this is not isolated. scott minerd of guggenheim came on yesterday and said it almost feels inevitable or likely that we are going to see another archegos situation due to the amount of leverage in the system and due to the fact that people are taking excessive risk to get any return at all, and that has been the safest bet up until now tom: what i would emphasize -- until now. tom: what i would and the size is you get it right once, you get it right twice, and you

begin to lever up. maybe that is what we will see as the cockroaches come out. right now, the futures at negative seven, dow futures at -40. you will continue to view the strategy. brian nick of nuveen is coming up next. this is bloomberg. ♪

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