>> there are goal is one poor waiter refuel before you all very environment john everyone drove her on on tom: g ye adeptly be momentum her driven by land in washington dc in a bar to keep getting higher both with respect

quickly get people inoculated united date as well as how quickly we can get people back into job givers news will morning was a little market right now do market with the fill your moment of the work for you know you'll go about the no reversal from an yet the idea here being that even of u.s. billing trillions of dollars of additional that the paper to metaphysical spending and even of people are

>> we are going to see a record potential deficit. 1:45. president biden will be speaking about his infrastructure plan, no doubt talking on amazon and jeff bezos and higher taxes. he has problems on the democratic side and republican side. how he tries to repair this will set the trajectory of the rest of his agenda.

i'm interested in the fed meeting minutes of their previous meeting and how much they will push back on market expectations for a rate hike as soon as the end of next year. the fed has been saying consistently don't look for a rate hike until 2024. the market saying you should expect for rate hikes. how do they bridge back? >> we will have to see as well as the fed beating -- fed meeting and the world bank and imf meetings. it is always a big event and it becomes ever bigger as mr. dimon becomes ever more verbose. it is the annual letter, the deer shareholders letter of james dimon. it is 66 pages including fancy charts. a lot of emotions. one of the moments within the letter, his primal scream of get away from the short term. the roof problem with the

american public's impression of shareholder value mean it is short-term profit taking. he goes on to say that he loves the home depot company policy is not to raise lumber prices in the immediate aftermath of a hurricane. there is a lot of emotion slicing through the emotion. our chief wall street correspondent should nelly bostic joins us, you're up to page 24, what have you learned? sonali: he talks about j.p. morgan's competitive threats and goes into detail. amazon, shadow banking systems, and talks about the country, racial and economic rights as he says. he calls for a marshall plan. tom: a marshall plan for jeff bezos? sonali: for the country. he believes that americans and the united states have lost belief in their institutions, everything from government, to schools, to business. >> this has been the ongoing

theme this morning, the political nature of the bank in this particular letter. looking at the google threat, is he looking for more regulation for tech that is trying to get into the financial sector? is he looking for an acquisition? sonali: both. he signals a want to buy something. he's been doing that for a while. the specific interest is interesting and he does lay out the size of a ball -- of evolving competitors as a $5.6 trillion estimate about their size in this space. it's not just technology, its other shadow banking rivals, people in private credit, private equity, regulation is a part of this. we've been talking about regulation for days, but it's also the recognition, the first page of the report is j.p. morgan return on tangible common equity, how much it has risen

since 2008. there is a question of how far you can edge that up as competitors also start to balance. >> j.p. morgan wants to get further into the consumer complex through big tech. is that the message? >> we know j.p. morgan serves so many american households. j.p. morgan in their first parts of this letter, jamie dimon had gone into that specific role and what they mean in a household and community. with home depot they talk about if you start a small business you sweep the floor in front of the building so nobody swayed -- slips on ice. you take care of your community. a lot of that is in this letter. i read it as a call for banks and other parts of the business community to stick with the economy, to stick with parts of the country that are still very much in need as we start to come out of this, because it's not over. sonali basak --

tom: sonali basak on the 66 page letter from jamie dimon. from rbc capital markets and their equity derivative strategist. i want to get technical here away from the basic equity block and tackle. what is the distinction in the derivative space right now if you look out over the four cross moments of variances, the skew, if you look at the nitty-gritty of derivatives, what does it signal about the latest bull market? >> a great question, one we are focused on all the time, one of your favorite words, skew, we want to ask that in great detail. he saw a vic's with a sub 20 handle, that broke down pretty big deals. the last week two things happened that alerted me. the first was we have a volatility up situation. as the market rallies we have

started to see volatility climb. that's typically not a great time and the second was that skew, our favorite imbalance between hedges on the down side versus leverage on the upside, that is going much more to the downside across the board, that's not just -- it's kind of saying, volumes are obviously quite low, but still there is caution coming and it's not to a point i would say there are alarm bells. into earnings season i will be interested as that continues to pick up with nervousness in the options market. lisa: how much can you blame the disappearance of marginal buyers? retail traders have stepped away and started to spend money on airplane tickets instead of stock trading. amy: we look at that in terms of small lot options frames. retail seems to be 10 lots and

under. that hit historical levels in january and has been coming down ever since. i think to some degree it does matter. i know people are love or hate on this. the fact that they have stepped away and who knows what they are buying, vacation tickets or whatever for the summer, that is having a meaningful impact because i think that also led into the vic's level as well because the vic's is a normalized calculation. >> there are a number of articles out there in the zeitgeist about the big tech, the fang stocks if you will. what is your belief or conviction that it will continue higher? amy: the waiting on these mega cap tax is determined by the course of the indices. i will give you one interesting tidbit, this is secondary in

nature. in derivatives we think of the world in terms of deltas. that is a way of saying, what do i think of apple going up 5% here versus 10% or 20% from here. although volatility in the five to 10% up in tech stocks like apple have come in. there is less demand -- the demand for options that payout if the stock because of 15% or more has increased to very low delta options that have risen a lot in volatility while higher delta options have declined. how do we read this? there are a couple of ways. that is a trademark retail trade. they dipped thereto in on the tail. the other way to think about that is, as the market start to sellout what is your -- where do you go?

you pay really low premiums to get back into apple or google. >> we have to leave it there. we will do this laundry next time with rbc capital markets. much more coming up. joining us at 8:00 a.m.. looking forward to that on radio, on television. this is bloomberg. >> president joe biden is wrapping up pressure on republicans to support his 2.2 trillion dollar infrastructure plan. he is appealing directly to gop voters while lawmakers are in their home district. the president will make his second major sales pitch for the plan in a week, facing opposition from conservatives and business groups against proposed tax hikes. talks on restoring the 2020

nuclear deal were constructed. the islamic republic stuck to its demand that the u.s. lift sanctions first for real progress to be possible. iranian ships hit by mines in the red sea. israel says it was responsible. the u.k. will begin rolling out the moderna vaccine today. that comes amid concerns over the astrazeneca shot and a short form of doses. the moderna vaccine is the third approved shot in the u.k.. it's it is crucial to boris johnson's plan to reopen the u.k. economy in june. the stage is set for what could be the largest private equity lead acquisition in years. they have received an initial buyout by cvc capital partners. the buyout could be worth more than $20 billion but a maximum 18% daily limit in tokyo. a morning from -- a warning from morgan stanley. auto investors risk missing out

on electric car booms. temperature setting a record in january. global news on air and on bloomberg quick take -- 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 am ritika gupta, this is bloomberg. ♪

♪ >> we would encourage all of those developed countries that have the capacity using fiscal

policy and monetary policy to continue to support a global recovery for the sake of the growth in the entire global economy. tom: the secretary of the treasury, janet yellen, moving forward the biden mandate. fiscal and monetary policy, there is other policy and that policy is i need to get reelected in 2022. kevin surreally joins us, our chief washington correspondent. i want to look at both parties, what is the divide between republican leadership and republican troops? it seems like issue after issue the republican troops are not aligned with republican leadership, is that true? kevin: i hear you, but remarks from mitch mcconnell with regards to georgia in part to learn, when she called on businesses and corporate ceos to stay out of politics, that puts

him in line with republicans and the base of his party. even beyond 2022 it's a fascinating time for the conservative movement because there is not a leader of the party in the sense that you won't have a standard bearer the presidential cycle. there are a ton of republicans who were eyeing 2024 runs. i don't think there is as much division right now. they are unified in their political opposition against the occupant against -- in the white house. in the last cycle they had to walk a fine line. tom: are democrats unified in their support of the occupant of the white house? kevin: yes in terms of supporting president biden, but no in terms of their policy initiatives and where they stand on infrastructure and how much money they should be sending. -- spending. senator joe manchin, i don't mean to keep bringing him up. tom: you have to. kevin: when he comes out and he

talks that he is against corporate tax rates and says the corporate tax rate increase that president biden is proposing, he is picking a fight with the left flank of his party, and that is a remarkable is a remarkable, re divide that has emerged. lisa: how this year the amazon letter yesterday when he said he supported higher taxation to pay for the infrastructure bill? kevin: there have been several ceos, billionaires, who said they wouldn't mind paying additional money in tax allocations. it is a -- senator manchin is not talking about how much taxes he will pay, he is talking about how much it would mean for companies as a result of this, right, wrong, or indifferent, to move offshore or relocate. lisa: how is joe biden going to bridge the gap today in his 1:45

speech on infrastructure? kevin: he has to sell it. he has to sell it to the centrist of his party. if senator joe manchin, and there is some speculation that manchin could get on board with a 24% corporate tax rate, a couple of percentage points below the 28% president biden once, but he has to keep his caucus together, and it is a lot a capital he has expended. tom: what is the political future of someone like jamie dimon? we all talk about it, he was vetted to be secretary treasury, laurence fink of black rock was in the same discussion at that point in time. is there any evidence america will embrace a ceo, either appointed or elected? kevin: i remember years ago, pre-trump, when i was at the pen

and pad briefing with jamie dimon, and he talked about one of his first jobs working in a baseball stadium when he was a kid, and how he really worked his way to the top. i think that is a uniquely american story. i think -- if you can communicate in a way that highlights and captures the grits, hard work, and perseverance of america, i think there will always be an audience for that. tom: i look kevin at the moment today, and i guess everyone is back home, what do they listen to when they go back home and what are they hearing now? kevin: right now it is can we get the economy back open? there was a great article on the bloomberg terminal about how economists are surprisingly optimistic about the unemployment numbers dipping lower and economic indicators -- tom: but also the middle class

has been removed. pew research and other people are talking about at the same time the have-nots are still the have-nots. kevin: precisely, but with the economy reopening i think republicans will argue they want the middle-class to get back to work, to have the opportunities to get back to work. democrats will say the government will need infrastructure to invest in the middle class. to answer your question, when the lawmakers go home what i am told they continually get asked about is school reopening's, making sure the economy reopens, and the best way to do that. lisa: in about an hour we will get the trade deficit numbers. this after the trade war, a lot of discussion about bringing a lot of commerce home. how does this read in republican districts? what is the message or is it completely independent because of the pandemic? kevin: i think the common denominator is opposition against china and diversifying

the supply chain. both sides have different ways of doing it, but i think china is the unifier for republicans and democrats. the divide will be republicans will argue we cannot afford the money, democrats will say we have to send more money -- spend more money to invest in the future. i still go back to this, republicans are arguing collectively they want to spend even upwards of $1 trillion on infrastructure, they just aren't looking for $2.75 trillion. tom: look for him from sea to shining sea salad on bloomberg radio, spirited conversations about the nexus of politics in washington. return to the market, lisa, we are anticipating earnings. it really creeps up in one week's time. lisa: april 14 is when jp morgan comes out 7:00 eastern time. people are looking for how much the savings rate climbed ahead

of the reopening we are expecting and seeing on the margin. the expectations are high. are we setting the bar too high or too low? person after person has said we are probably still setting the bar too low. this has been one of the most difficult economic cycles to predict. tom: the imf goes out to years. i really thought it was something yesterday and the conversation, less now, but more in the conversation at the end of 20 22. james dimon goes further and i believe in his letter goes out with more optimism to 2023. lisa: basically saying because the spending on the fiscal side could go through 2023 so could the economic boom. a lot of people are seeing with fed rate hikes expected priced into the market, three of them before 2024, after lift off. tom: the earnings are going to be bang up based on what we've

seen on the first first reports looking back on a certain quarter as well. we will drive forward this conversation. citigroup private bank and we will talk about the asset allocation within these markets. red and green on the screen on radio and television. ♪

tom: bloomberg "surveillance." mr. ferro is off for a good part of this week. markets away from equities, real yield negative zero point 66. nominal yield 1.66%. down from the higher yields from a number of days ago. the dollar weaker. we are seeing 92.2. we see real weakness in the u.s. dollar with yen. demand worries out there amid a u.s. boom economy. it is a boom stock market. >> we are coming off of

yesterday, the lowest volume trading day we've had so far this year. it is hard for traders to find those opportunities even a little harder to piece together a market narrative. narrative seems to be coalescing around the opening part. you see that reflected in a lot of the cruise line stocks pure norwegian cruise lines on a five-day 14% run. it looks like you will open higher, the sixth straight day of gains. yesterday we had the cdc coming out and basically saying it does believe it will allow the cruise lines here in the u.s. to begin operating out of u.s. ports fully by midsummer. something norwegian has already intimated it would be back in service by july 4. carnival saying something similar. we have yet to hear from royal caribbean, but a lot of people are banking on the idea we will see some normalcy. some of the other individual stories involves draftkings, big legislation out of new york setting up an online sports betting model probably run through the state lottery

program. we are seeing a lot of the other online gaming sites are really getting a bid on speculation that they could be the potential winner of that contract beyond meat opening a plant in china. this is an online lending platform, tom, that uses ai and other newfangled stuff which is a fancy way of saying -- anyway, 2 million more shares coming to market. tom: if we get lower volume, do you get to take off? romaine bostick. red and green on the screen. right now we reset. someone who has to explain to people where to find the courage. i really wanted to go right away

to a wonderful phrase you have, which is duh, the cash is punitive. yet i know cash is punitive, i don't want to be in it, but i'm afraid to go. how do you move from this wall of cash and the fear of missing out to get into the market? >> it is so hard. i think the first step is looking at the data. the reason we have this association that cash is safe and where i when i don't know what to do predates the global financial crisis. if you look at pre-global financial crisis, if you were sitting in cash on a post inflationary bases you were earning about 3% for anyone. not knocking out of the park, but all right. holding onto cash is basically guaranteed to lose value over the next 12 months. tom: a real yield analysis other

asset classes are inflated. you carry it right over to say -- i don't want to be inflammatory -- there is an equity bubble, but elements of the equity market are bubble isicious? kristen: if you look at the overall levels it doesn't tell the whole story. when we are talking about the level of the s&p 500 being more than 4000, which seems incredible given the year we've had, it doesn't tell you what's going on beneath the surface. one of the indices we track is pure value. it takes the stocks in the s&p 500 and ranks them according to their exposure to value as a factor. the top 50 shorts the bottom 50. it is basic outperformance in terms of value. what we saw in march, that was the strongest performance. north of 6%, that we've seen

since the second quarter of 2009. that to me, when you're looking at what is going on under the surface, is very different in terms of opportunities to put capital to work and delineating between the winners and losers in this environment. lisa: you are just saying that cash is more punitive than gamestop shares. you are saying people need to be investing in equities on an active level. people are saying this is the era of active investment. great. when you talk about allocations, what are you recommending? kristen: there are couple of things to keep in mind. this battle between value and growth. there are two trends driving the market. one is the mean reversion. this is the catch-up trading, that you had covid defensive, covid cyclicals, and the covid cyclicals are catching up because of the reopening of the economy. the question, which is why earnings are super important, is how much further can they go? looking at some of these sectors and value in the covid cyclicals

that have had tremendous performance, how much higher can they go? an area that we like his global healthcare. global healthcare is one of those sectors. it is ironic, it has underperformed the past 12 months. from a pe standpoint it is at its lowest levels on a relative basis global equities in over 10 years. it hasn't attracted dividend yields. that is an area we like. i think what will happen going into earnings as people are not going to pay attention to fundamental factors. they are going to pay attention to, has inflation creeped into any of these earnings? i think we can get surprises which can create buying opportunities. lisa: you're saying wait for the pullbacks and there could potentially be opportunities to get some potential returns that are bigger. we are looking at credit spreads, the tightest they have been since 2007, certainly in the high-yield space. we talk about punitive cash. you talk about people taking perhaps more risk than they are

getting bang for their buck. are you recommending people follow this trade or pull back and go into equities or treasuries and nothing in between? kristen: yeah, that 300 basis point spread, going through that , that is pretty symbolic and significant. i think a lot of people are looking at this in terms of comparing it overall high-yield to saying if we are looking at it on a relative basis there could be an additional 50 or 100 basis points. we are not there yet. we are delineating in terms of the sector analysis within high-yield. another area, talking about equities again, u.k. equities is another area that has been largely ignored. we are looking outside the u.s. in trying to create some of this yield where you can get 3.5%. again, valuations look attractive. tom: long ago and far away you bought dominion at richmond, virginia. you held it and you never sold

it. it has been a solid single-digit return. i just request dominion energy of richmond 17,000 employees, big 3% dividend yield. not with much dividend growth. it is below the 30-year regression trend line. our utilities of value there for those scared stiff? kristen: i think there is a place for it, but i think within dividends and looking in dividends, this is not about just searching out for high dividend-paying companies. what you want to do is look through to the underlying balance sheet and make sure they have a strong balance sheet. when we build global dividend portfolios we are looking at not just historical dividends, but the ability to keep paying those dividends and growth of's dividends going forward, which gets into a credit and pre-clash flow analysis than anything else and you get pretty broad diversification. you get even health care

technology. tom: i feel so agent. kristen just crushed me with a modern pre-cash flow analysis. i was totally crushed. lisa: hopefully you can recover in the next few minutes and we can drag you out of the hole. we have to end the conversation, perhaps crushing, even more talking about taxes. we know you deal with a lot of wealthy individuals and we are looking at potential policy changes in the u.s., increasing taxes on the wealthiest. particularly in new york state, but beyond on a federal level. how is this affecting the investment strategies of those you work with? kristen: it is not priced into the market at all. this goes back to several years ago when we had the tax reform, we started monitoring the tax winners and tax losers in terms of the tax reform. looking at the reversion of that trade in terms of increasing the corporate tax rate, you haven't seen anything play out within the market. for people who are interested as these talks progress in terms of

expressing a view from an entry point standpoint, that is pretty attractive. in terms of what it could mean from a personal standpoint and how you invest, putting it into context, when we did have those tax hikes, and we have to go back to 1993 and 1987, and of the impact on the overall market. it looks like on average it was five percentage points. in that sense, putting it into perspective of what the impact could be is helpful. the larger rate environment, we don't see a lot of trading or investment around that at this point in time. tom: thank you very much from citigroup private bank on the many challenges we all have within this market. that was a really smart chart on twitter. bloomberg opinion and his acclaimed podcast looking at the breath of this bull market up to levels we haven't seen in 10 years.

lisa: a lot of people are participating and getting the bravery to get into this market. some people are staying in triple leveraged cash. how do you take those people and encourage them that they are being penalized for not taking more risks? just throwing that out there. tom: triple leveraged punitive fund is where we are right now. lisa, another important concept is it is not like a mutual fund 30 years ago. it is not about putting all your cash to work. a huge part of this trillion dollar amount of cash, many trillions of dollars i should say, is never going to go into the markets and is not supposed to. lisa: there is a reserve issue of banks having huge reserves and central banks creating pockets of liquidity. that said, there is a lot of cash going into the market which raises questions about how much there could be. jamie dimon not specifying about what he was seeing. this seems to be the tone. there is some kind of froth out there, but i don't want to identify it.

it may be crypto, it may be something else. tom: william dudley, the former president of the new york fed writing a short essay for bloomberg opinion, raise the leverage ratio on the banks. that is a whisper of 2004. we will speak to mr. dudley in the coming days. from northwestern on how society copes. stay with us on radio, on television. ♪ >> the richest person in the world supports investing in u.s. infrastructure and raising corporate taxes to help pay for it. still jeff bezos stopped short of endorsing president biden's two-point -- 2.2 trillion dollar infrastructure plan. he said it will require concessions from all sides. the u.s. will consult with allies over how to handle the

2022 winter olympics in beijing. that is over talks of a possible boycott over china's human rights records. discussing a global minimum tax on global business with the u.s. we spoke with the french finance minister and in exclusive -- in an exclusive interview. >> there is a unique window of opportunity to have the new international system, which will be more efficient and fairer. we are having very in-depth discussions between the french administration and american administration on this matter. we should reach an agreement by next summer. >> france is open to a higher rate than 12.5% being discussed.

global news, 24 hours a day on-air and on quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. ♪

>> we also started developing just in case we need them

additional mrna vaccines that would target some of these variants. whether it is a variant vaccine or the original vaccine, or some combination, we want to be one or two steps ahead of the virus as it manifests changes to fight back against our immune system. tom: the leadership of moderna they're speaking on the vaccine driving the message forward as pfizer and j&j do as well. korea drives a message forward on astrazeneca. astra's vaccine for those younger than 60, it will be suspended by korea. that is quite a statement. right now, and i guess this is an important discussion, something that lisa and i and our preshow meeting -- forget about the imf, forget about james dimon, how do you travel with the young hellions? in charge of family psychiatry for the and bramhall it's -- the

lisa abramowicz and keen households join us. we make jokes about the ill mannered rats that they are, but you say traveling with children is risky. why is it risky in this pandemic? >> i think it is tough. we are easier -- we are eager to get out. i've been home with these children for 14 or 15 months. i would like to go. where i and my husband are vaccinated and our older adult family member's are vaccinated, my children aren't. if i take them with us i am exposing them to risks of the new variants, which seemed to really infect children. tom: what do we do? everything we've talked about today, and frankly this week on the show, mercedes, that is the single boldest statement i've heard. are you saying we can't open this nation because of true

medical risks to our children? mercedes: i think an estimate that 25% of our population is children. we are racing towards herd immunity and estimating we need to get 75% of our population vaccinated. 25% are currently not eligible for vaccination, and children do contract and spread covid. while they don't have as severe of outcomes as adults, they do get it. we will continue to see it circulate. i want the nation to open up, i want out of my basement. i want to go somewhere warm. there still remains a risk to me taking the children with us. lisa: let's talk about what works. can you stick a mask on them, bring them on the plane, say wash your hands a lot and you will be fine? what do we know in order to prevent it to live your life to some degree as more people get

vaccinated? mercedes: the litigation measures that have held us up this long, masking, distancing, those measures are still in effect. it is fine. you can make sure your children wear a mask, make sure they know not to lick the back of the airplane seat in front of them. don't do that. you can make the trip as safe as possible, but you have to be adherent to this. and, if your state has travel quarantine rules when you go somewhere, whereas vaccinated individuals don't have to quarantine, you may not send your children back to school or on play dates after they come back on a quarantine list. lisa: i would like to get your sense of how severe the disease can be through the variants for children, and the idea of kids 12 through 15 getting vaccinated before the school year starts again. how accurate is that?

there you go, mercedes, help us? mercedes: i think we have to keep the risks in perspective. children contract covid and become ill from covid. by and large the leading cause of hospitalization and deaths for children is unintentional injury. certainly your child can contract covid. the likelihood they will be hospitalized from a car accident, bicycle accident remains higher. it is all in perspective. but you never know. you don't want your child to be that child. i look forward to the progress we are making an vaccination of younger children. the 12 to 15-year-olds are soon to become eligible. you think about sports leagues and performance theater, the things that are important to the mental health of children of that age, they can return. tom: i just want to know if they can do a day trip to sephora. mercedes: absolutely. tom: we talk to all kinds of

mucky mucks on this show p or you get more mail than anyone on the show. also they say baby charles must see turks and k coast. mercedes, cut to the chase. i need to travel this weekend, it is on the gulfstream, i am taking baby charles to the turks and kinko's. is that a wise thing to do, seriously? mercedes: everything is a calculated risk. i would never deign to say someone should absolutely do something and it is a terrible idea. the possibility of your child becoming severely ill is low, but it can happen. you could not be able to come back if someone tests positive down there. then you get locked in your room. tom: they will send an email

back, mercedes, go away, you're giving them too many ideas. charles is a headache. mercedes: tell your boss i'm doing my public-health best and i have to quarantine in turks & caicos. tom: mercedes, go away. seriously, a university professor of preventative medicine, she is literally best in class on talking on the social aspects, the hardcore medical data aspects, of what this means for society. we make a lot of jokes, but you heard dr. -- talk about 38,000 people at the texas rangers baseball park. i checked the rangers had 20,000 last night. you just wonder what we are doing. lisa: we are reopening and getting excited to regain the

social interaction before we are ending the pandemic. the variants are raising concerns. at what point do we get further mutations? at what point do we need to inoculate a greater population portion to get herd immunity? it keeps the bar going higher and higher and higher. tom: i expect at any moment, all of italy is in lockdown i will be unable to come home. you can't get me home. lisa: quarantine it. tom: we have green on the screen. we have a market that doesn't want to go down. the yield comes in at 1.65%. you really want to focus on dollar, weaker dollar over the last number of days. really range-bound. the key thing is the weak dollar story has not clicked in. that on emerging market dynamics as well. maybe the headline today, and

quiet markets was west texas intermediate. $59.85. much more to come. this is bloomberg. ♪

(announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. total gym includes everything you need to get into the best shape of your life. for every body at any age. it works every muscle group, including your core, using your own body weight as resistance. customers love total gym because it's fun, fast and effective. nothing delivers

full body results like total gym. and right now you can try it risk free and enjoy special savings too! get on demand workouts free, free shipping and more. call now! >> we thought this might be a negative quarter, the first quarter might be a negative quarter for the u.s. economy. that is clearly not going to be the case. >> the u.s. is back on track, the problem is it's not quite as large as it used to be. >> the gap between those doing well and those struggling is growing through the day. >> as the market rallies we are seeing volatility climb again. >> we are shifting to the commercial side. that has great power. that could make 2023 and even better year than 2022.