be the locomotive. it's not quite as large as it used to be. >> when you look at the core deflator, it looks like we killed inflation. >> it has the -- for a frothy environment. tom: good morning everyone. simulcast on bloomberg radio and bloomberg television. we welcome all of you across this nation and around the world. it has become an eventful wednesday. the market refuses to go down. lisa: how does it go down if it's got so much money dean pumped in from the federal reserve and fiscal stimulus. the key question today is what the fed minutes indicate. reflationary trade on the margin

, fear of the fed. what happens if it hikes sooner than they say they will. tom: looking at a world struggling in the pandemic. brazil and india. also seeing america doing better than good. i'm seeing the beginning of extending the book economy, out further past september may into 2022. lisa: it seems to weaken. the theme is are we setting the bar too low or setting it too high. when it comes to health or economics it seems as we are setting that to the bar. all americans above the age of 16 should be eligible to get a vaccination pair there should be availability of the inoculations by april 19 bringing that timeframe forward rate time and again we have set the bar too low and that i think is what markets are trying to catch up. tom: an important guest to set where this global economy is in

a moment. equities up, futures up. 17.9 one, looking at the bond market. this is the story of the last few days. yields have come back to a central tendency. i did a fancy shark -- a fancy chart of the 10 year. the real yield desperate to have jonathan ferro return. rumor has it is he may pay to his entourage is not sure if he can get back in time for the real yield on friday. currency markets not giving me much. maybe some dollar weakness. i have been buried. lisa: i heard a rumor the jonathan ferro's entourage will be carrying him back to the studio tomorrow. we will see paid -- we will see. today we are looking for a

record trade deficit for the united states. demand picking up in a massive way outstripping supply and really giving a boost to importation, particularly from china which raises questions about the relationship there. president biden will be speaking about infrastructure plan. expecting to talk about jeff bezos's who came out with a letter saying we support you, your push for better infrastructure and are ok with higher taxes. a lot of people pushing back saying you've managed to dodge them for so long how will you dodge these. we will see how it's woven into a beneficial talking point for joe biden. 2:00 p.m., the fomc meeting minutes. they are expecting right now the fed to hike rates to hike rates by the end of next year. not only is the market price getting a rate hike by the end

of 22. there'll will be three additional rate hikes. tom: that's a parlor game to me. the market is speaking and the market is looking here the better economy at a higher rate regime. we will see when the data shows up and it will show up, what's focused on is well, we are upon earnings season today. j.p. morgan out with earnings april 14. jp morgan out with the must-read for every mba and cfa student. i had a glance at the we will see that sometime this morning. on fire about what his bank has done in the pandemic. eric robertson joins us. they have another unique characteristic.

standard charter has a character of looking at the developed and less developed world. he is global head of research. i will speak with -- of the imf. she is beyond concerned about not third world, but in e.m. behind the pandemic. is that your anecdotal evidence at standard charter, that that part of the world is behind? >> i think it's a critical question. the way we are thing about the world at the moment is you will see a fairly significant economic recovery in local terms as you are talking about but the key factor is there is such a wide gap between the haves and the have-nots. you have countries in asia like china and india that will come out of this crisis with very strong growth. the u.s. the same. there are large parts of the emerging markets that are still struggling. parts of sub-saharan africa,

latin america, etc.. the gap between those performing well and those still struggling is growing by the day. tom: let's go back to princeton economic history. cap the lantern lit as economic history died for decades. i want to talk about this idea of the divergence and the new phrase we are seeing once again. we are seeing a locomotive america. how does a locomotive america attached the rest of the terrain? eric: this is really a key topic of conversation over the last month or so. the idea of u.s. exceptionalism. a couple of years ago and in previous times in history, the description has been fairly accurate were the u.s. has been outperforming the rest of the world, of the dollar, the s&p 500 all outperforming. this time i think it's different.

the u.s. is recovering with enormous momentum and u.s. interest rates have gone higher to reflect that. the rest of the world in certain parts is also doing extremely well. we have the trade deficit you mentioned a while ago. the u.s. is consuming at a rapid pace. we are getting the worst trade deficit in decades and that's been enormously supportive for the exporting economies of asia. it goes back to that theme of the divergence. lisa: when you say it's been beneficial for asian economies, is it just china, vietnam and south korea or is it broadening out to the region? eric: i think it is broadening out. i will give you a couple of examples of why we think that. we are seeing evidence that emerging market economies are trading more with each other than they ever have before. they are not just dependent on the united states or just dependent on europe. that diversity of trade in our

mind speaks to the sustainability of growth. it is not just china, it is korea, taiwan, india, of the economies as well. i think this diversity of recovery that doesn't get quite enough attention. lisa: when people talk about how yields are going higher in the united states and pressures on the emerging market because it makes the borrowing cost that much more expensive and because it creates this trade deficit of capital, more capital will flow in, there's a better outlook. do you think that is overstated based on the boon it gives the rest of the world? eric: i think there are two ways to look at that. we have seen the markets reprice their expectations for growth for the fed as we were talking about earlier. the yield curve has steepened. all of these factors are remarkably consistent with the

u.s. outlook. we do not disagree that the u.s. economic momentum is going to be very strong. with the market pricing 100 basis point rate hikes by the end of 2023, it's hard to imagine the market pricing and even more optimistic outcome from there. if you look at the interest rates spread between the u.s. and europe now at the widest levels in over 20 years. is the u.s. outlook relative to europe really that much better on the same basis? that's were many markets have reached nearly the peak of that u.s. optimism. tom: i want you to discuss across the standard chart reach -- charter reach what we are seeing in india right now. i want to talk about the pandemic in india and if they are ready to try to improve what seemed to be some very bad

statistics. eric: it is obviously a concern and certainly that concern has grown over the last two or three weeks. what i would point out is that while the national statistics look a little bit more troubling , a lot of the covid challenges that we are seeing at the moment are very regional there they are very centralized to a couple of places and so -- i am not making less of this and the challenge that creates for the broader economy, i think it is in some ways a better situation than statistics would highlight. the other thing we are focused on is the growth recovery that we are seeing on the ground from a number of different sectors looks extremely healthy to us. we can't forget that india is responsible for significant manufacturing of vaccines. that's very much in their favor.

tom: thank you so much. the most important letter of an annual report and let me make clear, annual report letters, was the late robert dash of m and t bank in buffalo new york. everybody in the financial world read every year every word that he said. james dimon has extended the purview to something new and original. it is a 66 page letter released moments ago by his jp morgan and it is extraordinary. it was essentially a brief that could be made for secretary yellen and most fellow shareholders, a brief and the key to this pandemic for his jp morgan shareholders. i want to bring up one board. i want to bring up one board

here which just touches upon the emotion that we see here and it's very simply we will do the curiosity later, he talks about -- do we have that board up. let's get that up right now. the board is simple. it's about how you manage in a pandemic and how you move on from a pandemic. the problem with the american public's impression of shareholder value is too many people interpret short-term taking. he goes on, i have always loved home depot's company policy is not to raise lumber prices in the immediate aftermath of a hurricane. this is not a normal annual report letter. lisa: it is basically a public relations job to say we are really well-capitalized and have a duty to the economy and our society way beyond just profits

for our shareholders. they also laid out their entire agenda pushing forward to the new economy of fintech and this idea of cybersecurity and the new reality and how big tech companies are their big competitors going forward and should be regulated as such as they try to go into the banking world. to me, this letter screams of trying to create a public reputation and impression post pandemic of the banks being stalwarts of society, not the opposite as they were. tom: in the beginning of the letter, a real effort to look more long-term rather than short-term as we discussed. this is where mr. diamond gets going -- dimon gets going. i think this is very important. as things get bigger and more complex, leaders need to be more like coaches and conductors have

curiosity. leaders should be happy when their people prove them wrong. i do that every day. collaboration is wonderful but it can be overdone. too much mba speak. i have also seen people take a tremendous amount of time to make an unimportant decision. what i love about this is not only is it a 66 page speech, but there's a lot of fancy charts. sonali: it goes all the way back to bank one. how much jp morgan has grown since then and the impact of regulation. but also the opportunities. tom: what did he say about the view forward of what they can do? they can go out and buy another

bank. they are so big. sonali: they are not allowed to buy a regional or super regional. they can buy a fintech. he cites clear competitive threats from the financial policy. tom: is he going to buy twitter? sonali: these days you can consider clubhouse a fintech sometimes if you want. tom: are you on clubhouse? lisa: no. are you? there is a question the motivation -- what the motivation of jamie dimon is. this was political in its nature and how it is trying to give off a certain impression. is it a public relations job for the bank or is it beyond that? >> i will tell you -- i missed your question there. something else i found interesting was the competitive pressure.

we watched it for tonality. this year especially we are from warren buffett. his letter was criticized is tone deaf. optimism. different things in the economy and government some of those concerns. optimism, he really does have the optimism about the economy booming into 2023. tom: he reaffirms it will build the palace and that they will build offices but boy does he have some comments. it's a standard joke here, i've never been on zoom and i feel privileged i've never been on zoom. here he is talking about what he and his team have learned about all this modern office architecture in the digital world. most professionals learn through an apprenticeship model.

this could genetically undermine character. remote work virtually eliminates spontaneous learning and creativity. it is about the coffee machine is ended. >> it absolutely is a he says zoom a limited set follow-up. he is pretty specific. he says maybe 10% of people can be permanently working from home what most people, people working in the and many others will probably be coming to work permanently. >> there's also a question about the political tone and this is what i was going to before, our technical difficulties. the political ambitions of jamie dimon and the role of corporate ceo. he was talking about dysfunction , about that has crimped growth until important is to get it together. what is the goal of this. is it that he wants to run for

president? >> it's a great question. prior to that there was perennial rumors about jamie dimon as treasury secretary. every cycle we get that rumor. a lot of people this year and what we hear from executives is our frustration with government. the shortcomings and where businesses need to step up and step in, he really leads off the letter that way with the role of the corporation. can you do more from where you are. tom: one final question, i really want to emphasize this letter is to be read by everyone on global wall street, it's really a mandate to really try and figure out best practices are the worst practices to avoid. what is his worst practice from a financial standpoint, what is something he wants to avoid? >> taking on too much risk perhaps? i was shocked how much there was

about regulation. one of the key issues -- one of the four things he says is the new accounting rule for jp morgan and the fact there holding two standards despite what the government says. lisa: it's really boring. tom: regulation. it's like watching paint dry. he is looking at the financial aspect and the behavioral aspects of the regulatory aspect of banking. she will be looking -- she will be memorizing all the pages as we go through the morning. to emily wilkins, bloomberg government lead reporter. washington has to deal with the corporate elite like jamie dimon. how is the corporate elite doing for the democratic majority? emily: so far they seem to be in a bit of a better place with

democrats than necessary republicans. we are seeing a lot of uproar in d.c. and elsewhere among republicans criticizing the decision of the mlb to move their game out of georgia as well as other coordinate -- organizations who criticized george's voting laws. corporate donations are still a thing, a lawmaker still need money to make sure they will run again in 20 and be able to win. the relationship between corporations and lawmakers is still there even given some of the back-and-forth in the news. lisa: lawmakers need campaign donations and they need money to pay for some of their ambitious plans for infrastructure and other initiatives that have been proposed. yesterday, jeff bezos coming out saying he backed joe biden's proposed tax hike to pay for the infrastructure work. how is that being received on capitol hill given the fact amazon has been a very low tax

rate for a long time. emily: you see a couple of different opinions from lawmakers about what they need the tax rate to be. i think his statement yesterday with -- spoke in favor of the plan to raise the corporate tax rate. you've already heard from senator joe manchin who is a very key senate democrat vote that he does not want to see the corporate tax rate go that high prayed it's going to be interesting to watch president biden over the next several days and weeks as he tries to sell the infrastructure plan both to the american people also to businesses and corporations and other groups like amazon. trying to get them on board and hopefully put pressure on republican lawmakers to consider backing parts of bidens plan. lisa: is this to four-year-olds with their forehead pressed against each other saying it's one way or the other or are they bringing real evidence to the table of what tax hikes could do

, how potentially it affect growth. are we looking at real statistics and empirical evidence or is it just a battle of faith? emily: it is not like president biden is pulling these numbers out of the air as he stands at the podium telling people what his plan is. i think behind a lot of the scenes you are seeing those negotiations, can we live with this rate. what happens if we do this rate. it is the details of the sausage getting made a little bit. we are still at the very beginning of these negotiations around this bill. they've been back in their districts, so the rubble hit the road next week. we start to see these bills go through the committee. tom: always illuminating, always different. so was a little bit of a twist. what are they learning? emily: for a lot of them it's -- it seems that a lot of them are

hearing to a certain extent what they want to hear. democrats are at home pushing that stimulus the just passed. we've also seen reporting from republicans who have said their constituents, they are worried about the amount of federal spending and it doesn't really seem like this last trip back home will make any sort of big -- we won't see any big one 80's and how either party has been approaching these larger spending bills. tom: thank you so much. cannot say enough about it here. lisa, your thought on 66 pages? i know you will read every word. lisa: first of all it seems like jp morgan is acquiring a fintech company. how will this be used. is it going to be something more p2p. also this idea of threats from

every angle. jamie dimon does not want to grow complacent and deep -- as he faces a shrinking pool of potential competitors, they are the behemoth. this is a jp morgan that wants to give them the fire to say we need to get better. lisa: he read -- tom: he really emphasized all this is hard work. you wake up every morning and go do it on a global platform. i did not hear that this year. what i heard was a global reach, truly global reach of what it will do forward given all those threats. lisa: competitive threats and cybersecurity threats. to me this is also the banking industry waking up to a new reality brought forward by the pandemic of a cyber world. what does that mean for banking? what does it mean for the frictions that have given profits to a lot of banks that

are being removed by certain new technologies? whether it has to do with bitcoin or crypto assets, or whether it has to do with mobile technologies, what does it mean for the big banks? tom: just going through and looking randomly here at many of the thoughts partitioned out, before conducting an important analysis, assess all relevant factors. new leads with china and the analysis jp morgan is doing great i attempt to analyze china as a strategic competitor, it is critical to weigh all of the factors, cultural, psychological and historical. much more on his thoughts on global banking and on his nation of america as well. i really want to emphasize the day of the world bank and imf. futures, what a shock. they advance, where are we?

doubt, a 5000 out there. we have the right desperate piper sandler joining us here on the future of american banking and the future of jp morgan. stay with us. this is bloomberg. ♪

lisa: -- tom: bloomberg surveillance. a busy day, equities up. a 66 page jewel. a data check away from the equity markets. >> we have right around record highs. it's just off those levels today. we are pointed to a higher open by three point. -- by three points. on the bond market we continue to see yields moving lower. the five year yield has moved down 12 basis points in just the last three days. it will likely react to what we

get with those minutes. in foreign exchange the dollar is mixed. weaker against the euro. euro-dollar sitting at 1.1889. my eye is on oil. right now it is in the green by about nine tense of 1%. still below $60 a barrel. the market is continuing to weigh that supply and demand picture. we will see what kind of catalyst. tom: we planned on doing this and did not understand it would be a 66 page letter by mr. diamond. you need the right gas at the right time. that can always be robert albertson on banking at piper sander. -- piper sandler. we are honored that robert could join us this morning. you and i used to look and it

was a good way to fall asleep. where did we go from robert willens to a 66 page submission from james dimon. robert: i think it's a personality partly. he's a very analytical person and has a way with words. he recognizes analysis for its limits and the possibility of analysis paralysis, but he is attuned to so many things and has pretty reasonable comments about them all. tom: you mentioned before this conversation you were zooming in on his view back to the 1970's. why is now like the 1970's? robert: he is basically saying we had a recovery out of the 70's recession without quantitative easing and we had quantitative easing this time around.

he has pointed to the liquidity in terms of monetary policy. lisa: there is a question of what is political ambitions are given the tone of this letter. he says americans know something has gone wrong and blame the country leadership, the elite, the decision-makers. this is -- a lot of people have looked at the financial sector. is this a defense of the banking industry or something more, an engagement that goes beyond the c-suite into government. robert: you have two ways to look at it. i would not be surprised to see him turn up in government in a high role and i think he would be excellent at it. he is from banking which has been the most precise sector i can think of. we just gone through the most shocking recession in memory and the banking industry is shown known -- no crediting problems. it is remarkable.

he has proven something in a tough area. >> he also talked about his balance sheet about how it emerged very much during this pandemic. there's a question of what is next and he made a big point about fintech and how that's the competitor going forward. he talked about potential acquisitions in that space. what kind of tied up could you see with jp morgan. what kind of fintech company? >> it's hard to come up with because they have their own budget and operations. there are also a complex organization. having said that, i think he is focused on retail banking and i think that's kind of obvious to all of us. but also in terms of what can be done with artificial intelligence. tom: making clear he is not a

fan of zoom meetings. let's go there right now as jamie dimon talks about fortitude. is a scathing statement on leadership. fortitude, this sacher beat often is missing in leaders, they need a fierce resolve in driving change, bureaucracy and politics taking ownership and responsibility. he goes on to say ability to face facts in a cold-blooded honest way leaders emphasize negatives and focus on what can be approved. that sounds at best practices are every leadership out there right now. how do you move forward with that negative statement. how do you go into a bank managers meeting with negative analysis to come to a positive outcome? >> it's a good question. i think the answer is embedded in what he has done and achieved and why he has achieved it and

if you look at the importance of analysis, in a most any industry there critically important. he seems to be absolutely devoid in the political sector taking positions, making arguments, you almost need a pop out there with what people are allowed to say. tom: how does banking respond? how does a mate -- how does american banking spohn to this juggernaut and how does the european banking respond to jamie dimon? robert: i'm not sure the european banking system will ever respond to the american banking system. they seem to be mired in their own legacy. but having said that, in terms of the u.s. banking system i thing most people look up to him.

they recognize what he says is critical and if you want to talk about being a good corporate citizen all you have to do is go into a small community bank and see what they are doing in that market. they are pretty much singing the same song he is in terms of getting back. lisa: there's a question of whether banks will take more risk right now given their balance sheets and the robust economic outlook. or if they will pare it back getting ahead of the economic cycle. this seems to be the tension between jamie dimon's a letter. he talks about the possibly lasting to the end of 2023. but also talking about pockets of -- pockets he did not specify. how high is the pressure to push further into risk to get returns at a time of economic dynamism. robert: not as high as you would think. they are proud of coming out of what we went through in one piece. i don't think they want to spoil

that. i don't think standards will change. the key here is if we have an infrastructure package, that plus the last bill, we have enough in the economy to drive a huge capital expenditure cycle. everything so far has been on the consumer side and stimulus has been aimed at that. now we are shifting into the commercial side. that has great power. that could make 2023 a better year than 2022. most people look that far -- don't look that far and see that yet. it's right up his alley in terms of fiscal spending. it could driver economy into the 8% or 9% range. all understood and accepted. >> can you talk about where rates would have to go to make this as lucrative as you expect for banks. this is something he is clear about. he sees treasury yields going

higher. he's been wrong year after year. how high do they have to go to make this make sense? robert: i'm wrong with him and have been wrong for years. the long-term interest rate cycle averages and if we got six or 7% of gdp growth in two or three are present -- and 2% or 3% inflation, i would argue it's going to get to at least 3% level in short order. the banks care more about what happens to the short end of the spectrum. they want to get those moving in that stated zero. i think that's going to occur this year and not next year. >> thank you so much. wonderful to get decades of perspective from mr. albertson.

i look at where we are with this letter and i really want to go back to the global sense of it. we can talk abut the zoom discussion in the leadership discussion -- and the leadership discussion, but i was amazed about the china comments and particularly the global competition comments. lisa: to the china point, that's where i was going to head. this idea, china is an area of growth. they have been wanting to get into china, they have been getting in. how do they do this dance with the diplomacy of the united states turning into this u.s. versus china dynamic and accelerating on that while also pursuing the economic opportunities in a country very much dominated by authoritarian government. this is a difficult dance. how do they message this correctly? >> albertson did not want to go to europe. you think about the conversation with credit suisse the other

day. you wonder how the american bank approach, a troubled bank like credit suisse or deutsche bank. frankly how they approach stronger banks of the united kingdom in europe. i know that the team is watching. lisa: jp morgan and twitter, jp morgan and credit suisse. i think it is highly unlikely from all the banking executives and analysts that a big u.s. bank would acquire a european bank. tom: joe is calling from jp morgan right now. anyway, just fun folks. truly valuable 66 page

must-read. lisa abramowicz and tom keene with jonathan ferro. futures up three, dow futures up 20. stay with us. lauren sauer next. this is bloomberg. ♪ is bloomberg. ♪ >> with the first word news, i'm ritika gupta. present by ms. appealing to gop voters while lawmakers are in their districts. the president will make his second major sales pitch and is facing opposition from conservatives and business groups who are against proposed tax hikes. the u.s. says it will consult with allies about how to handle the winter olympics in beijing. that sparked discussion of the possible boycott over china's human rights record.

within 160 human rights groups urge the international olympic committee to hold the beijing games elsewhere. the u.s. government will not issue vaccine -- official vaccine passports. there will be no database or mandate that everybody obtain a credential. some are pushing for people to show proof of vaccination. france's finance minister wants to know what happened with the recovery fund. he discussed the slow rollout in an exclusive interview with bloomberg. >> which is not on the right track is the recovery plan. it has not seen one single penny among the billions that have been decided last summer in 2020 . i am deeply concerned by the delay and implementation of the recovery plan. >> 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.

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>> there is a lot of good news but there is also some bad news.

new variant of the virus are spreading and moving quickly. cases are going back up. hospitalizations are no longer declining. debts are still down, away -- deaths are still down from january, but they are going up in some places. 0 the president -- tom: the president of the united seas of the united caesar the daily update. certainly the shock for the medical community as we heard yesterday. but we move forward in america. all in all with the arched question of which vaccine to get. also looking at the debate of vaccine passports. lauren sauer joins us. from what you study and with all your context -- contacts in johns hopkins, are we out at a number of months were so-and-so can get an -- get on an airplane

without proof of vaccination? >> i think it will depend on what airplane they are trying to get on. they are being rolled out all across the board in different ways and that's one of the biggest challenges is we don't have a national global strategy on how we can communicate about how the -- with these vaccines. even before vaccines may be removed from emergency approval. what that looks like could be totally dependent on who is asking. tom: where do you perceive we will be in the middle of june? lauren: it will look like a different summer than it did last year, i think we are seeing reopening is happening across the country. my concern is we need to hold

onto these social distancing practices as we see how the vaccines do against the variants and how the summer looks after some of the states have started their reopening strategy. i'm hopefully -- i'm hopefully will have a summer looking more like a normal summer than last year. lisa: what you said about the efficacy of the vaccine against the variants. i was reading they were very effective. are you seeing different information? lauren: i think that is right. everyone is hopeful to see vaccine data will hold up. we are just early in the process and the variants aren't really different levels depending on where you are. so we are waiting to see what studies come out from the vaccine makers because they are

all working on this. we will also see the per luminary data from people who are vaccinated in the community. the hope is what you are describing, that those numbers maintain in the vaccine is still incredibly effective. possibly they will work as is. lisa: we were talking about an internal memo in the european union talking about how they were hoping member nations would have enough vaccine to inoculate all adults by the end of june. this vaccines the astrazeneca. it is a problem getting the confidence necessary to get people to actually take it? lauren: one of the big problems has been the communication and as the communication from the company to the regulatory body and the communications about the findings. so we are hearing all of these stories about week data or the varying levels of efficacy.

, but in the end it is still a highly effective vaccine that has the potential to be readily accessible throughout the globe. particular this younger population i believe is more affecting females. but that being said, the rest of the -- especially vulnerable elder communities, this is still incredibly safe and effective vaccine. i think everyone wants to see the final data set by the regulatory bodies and not just interim trial data or pool data and that's the key piece. tom: everyone is talking about this and i'm not to mention any names on here. does the public decide which vaccine they want, are we to a point where like all the drug advertising in america, somebody

walks in and says it's either this one or nothing. lauren: i think eventually we will be at a point where people can decide. right now we are at a point where if the vaccine is available you get that vaccine. the important thing is the vaccine is available and all the vaccines we have coming down the pipe are incredibly effective. i think for a lot of us that was a place we were not sure we would be at this point in time. it is exciting to see we have multiple options. those one dose options can be great for hard-to-reach populations. the key will be as we move away from emergency phase and into sort of maintenance in the way we do with fluent yellow fever and other required or readily available vaccines, that we understand the value proposition

of these types of vaccines and continue to investigate their ongoing efficacy and ongoing safety beyond this emergency phase. lisa: how much do we know did these prevent infection, not only the illness itself and how quickly do we know that they actually work? do we have that data? lauren: we have the data on how quickly they work to prevent severe disease, keeping people out of the hospital which of the most important thing right now. the data continues to roll in on how protective they are against transmission. i think we saw data recently from pfizer that shows it is highly effective against transmission. as we move into more and more people in the population getting vaccinated and still having exposure or contact with people who may have the disease, we

will start to see more data on whether or not these vaccines across the border preventing transmission or preventing people from getting sick. either way they are keeping people out of the hospital. tom: assistant professor of emergency medicine. lisa, what do you see? it is sort of made tendency. lisa: yields are coming down which is interesting. all of a sudden we've got that big back. the inching thing it's coming amid optimism. it is not necessarily bad news the bond market is seeing with affecting evaluations. credit continuing to tighten with yields going to postcrisis lows. tom: hanging out with me way too much. i know. we'll yield, -0.67, this linkage

with the nominal real yield paid 10 year yield, 1.65%. on the equity markets, must watch right now. futures up, this is bloomberg. ♪

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