is what everybody says, then we will have to have a real conversation about inflations. >> the gaps between those performing well and those struggling is growing by the day. >> depression with high-end employment for a little while. >> is a market rallies, we see volatility climb again. that is typically not a great sign. >> this is "bloomberg surveillance." jonathan: good morning. this is "bloomberg surveillance." i'm jonathan ferro. futures up about 14 points. good to start with the infrastructure push, unraveling a little bit in d.c. tom: the back story, that is not going to happen. you know that debt is not going to come on. it is a nonstarter and critically it is a group effort is a nonstarter. there may be different reasons

it is a nonstarter, but there are two new parts of washington saying this is not going to work. jonathan: lester was senator manchin. -- let's start was senator manchin. time to usher in a new era of bipartisanship. he does not want to go it alone. tom: he also wants to get reelected and maybe keep a democratic house as well. i go back to the reality of the 2022 election and that is the calculus of both sides of the aisle, how do you get to november of next year? jonathan: what did i miss? tom: where you want to begin? lisa: are you trying to rub it in? jonathan: the u.s. 10 year. lisa: this is your way of saying "i missed absolutely nothing." i do want to weigh in on the infrastructure plan. the idea is it will get broken out. this has been a consensus all along. no one expected this to come out

as biden proposed a. the key is, how realistic are the different aspects? tom: lisa. lisa: realistically, having to do a true roaster bridges -- that seems more likely. jonathan:, disagrees. tom: i'm talking to the control room because we are moving the show room forward. what you missed, the high point of your sabbatical was explaining the challenges of bringing harry came from the tides over to his arsenal and leases arsenal. dukes saying this is probably not going to happen. jonathan: confirming somewhere somewhere watching this program missed me. tom: they did. we will do the soccer talk later. lisa was great on this in the bond market with high-yield. stephen major this morning with an absolutely blistering note, this is a guy who has nailed it at the big houses on low yield.

government bonds and verbally been the first choice. let's not lose sight of the wood through the trees. granted there is spending a cyclical upswing but we are far from a wreath resume ship. what really matters to bonds are relative valuations between the real yield friday afternoon and into the weekend. jonathan: that is kind of you. i think lisa has read the same note. major markets appeared to be extrapolating behind high u.s. yields and missing what really matters. lisa: the international lows. it is wondering whether u.s. yield can continue to rise without attracting that foreign buyer. we are seeing the foreign buyer come in. we are not out of the slow growth regime. jonathan: let's get to the markets. lisa: go ahead. tom: william lee is going, why am i here? lisa: so is everyone else. jonathan: the yields at about

two basis points. i missed exactly where we are right now, stability. a lot of people share your view, tom. euro-dollar, 118.65. wti. lisa: so thrilling. 8:30 a.m., jobless claims. perhaps this will be interesting but most of the time to get michael mckee san, this is really noisy data. -- saying, this is really noisy data. look for gains and look for a lower print in terms of the numberf unemployed filing for benefits. at 8:45 a.m., important conversation, director of fiscal affairs for international monetary fund will be joining

"bloomberg surveillance" and talk about the $16 trillion of fiscal stimulus plan that has been proposed globally over the past year. we are seeing this in europe and now in the u.s. what can actually get done? if it doesn't, does the world sat under the weight of the debt that is been encouraged by the pandemic? :00 p.m., fed chair jay powell be speaking at the imf eating. interesting to hear how much he pushes back against market expectation. greater degree of hiking. by the end of 2023, 3 additional rate hikes. this despite the fed sign, no, we are holding tight. the fed meeting minutes yesterday did not seem to indicate and pushing back greatly on this. jonathan: so far the fed is sticking to the script. it was so different in the minutes yesterday. anticipate probably no different

later today, either. tom: interesting statistic. this has been a great tradition for us at the imf meetings. we are in washington, not this year. william lee joins us from the milken institute, chief economist. billy, thank you for joining us this morning. my conversation that court gave yesterday, no question we have never seen this diversions in the american economy. to find over the next year what locomotive america will mean for the global economy. william: this is the first time in my career i can imagine getting so hot under the collar about the distribution of the fiscal stimulus and how the disparities are one of the greatest threats of the world economy. we should back down a little bit about the impact that china has on the global economy. when china got back on gear

again, they were able to export medical supplies and electronic equipment to the u.s. that really helped the resuscitation. in the case of the u.s., we are much more -- as we recover, a huge locomotive for the world. the problem is, the world is not ready for the locomotive effect because the vaccine distribution associate you'd toward the u.s. and you paid that everyone else is still shut down. -- u.s. and u.k. that everyone else is still shut down. the managing director and -- talking about. jonathan: what does the divergence look like to 2021? william: if you look at the distribution of the vaccine, in the u.k. nus there's probably more than enough allocated -- and u.s., there's probably more

than enough allocated. if you look at europe, even western europe, the number drops down to about 40%. if you look at a place like india, it goes down to the single digits. to be fair, there's a lot of vexing resistance. doctors in india are refusing to take the vaccine because they don't trust the data associated with the national produced vaccine. there are several that are slowing down the recovery of the world economy. as the disparity continues, that will be a huge problem of getting the world back to normal again. lisa: how much of a locomotive can the if it does not pass additional stimulus? william: as an american, we both know the one thing americans do well is spend. they think what has prevented americans from spending is the shut down from the covid

lockdowns. as soon as the jobs come back online and people get what they have since a permanent income into their pocketbooks, these spending will be like you've never seen before. the fiscal impulse has been a temporary infusion of funds into people's pockets. transitory income or what is not considered permanent income does not get spent completely. tom: i want to touch on the giant intellect from singapore and his book. you are our pacific rim expert. what do we overemphasize or miss in our present study and worry, worry, worry worry about the pacific rim? give us perspective. william: our bloomberg audience is focused on the fact that china represents a huge market. everybody wants to go there from jp morgan a jamie dimon to the smallest is this entrepreneur

who wants to sell their parts into china, sell their services to china. one thing we are missing is china's continued focus on taiwan. the very first question asked president nixon and dr. kissinger when they opened up was, what are we going to do about taiwan? everyone else had vietnam and other items on the agenda, but china has been focused on taiwan. we have seen incursions by the chinese into the taiwanese airspace. they're just trying to get taiwanese pilots to provoke war. threat to the united states and the rest of the world is if we lose taiwan, we lose a huge manufacturer of semiconductors. once we lose that, it is game over for the digitalized economy in the west. jonathan: i want to highlight it, you just made for a second.

do you really think they're trying to provoke a war or trying to assert their power, their dominance in the region to the rest of the world? there's a difference. william: that is why i am not a diplomat the state department. yes. that is the right way to put it. i want to emphasize to our audience how serious the issue is. they will go to the edge of war to assert china is back in the global diplomatic gains as an equal to the u.s. and they should not be thought of as emerging-market except wti when they still want subsidies. jonathan: william lee, milken institute, thank you. let's take a moment to celebrate what is happening in the u.s., which has got to be the envy of most of the world right now. vaccine day north of 4 million just this past saturday. the average is north of 3 billion -- 3 million doses.

phenomenal. tom: the vexing processes there. when you were away on sabbatical, get a lower age cohort really starting to pick it up most of jonathan: you call your time away vacation and i call -- tom: i don't go on vacations. lisa: what? tom: i would like to go on vacation. jonathan: you have had more time off,. from new york city, good morning. good to have the show back on its track with future slightly positive. this is "bloomberg." ♪ >> president biden says to .2 trillion dollar infrastructure plan is urgently needed to keep the u.s. competitive against china. the president because it the biggest jobs investment since

world war ii. republicans have a number of objections also point being that corporate taxes would be raised to pay for the bill. bloomberg went the u.s. has a new proposal to try to reach a deal on global taxation. the plans as country should be able to text more corporate profits based on revenues within their own borders. the u.s. has resisted from other countries to limit to digital businesses such as google and amazon. the british government says it remains on course to meet its corunna vaccination target. -- corona vaccination target. after the astrazeneca vaccine was effectively ruled out for people under 30 stop regulators in the you casement seven and people month the 20 million who got the astros shot suffered real blood clots. a billionaire investor peter thiel appears to have had a change of heart toward cryptocurrencies. he called bitcoin a chinese financial weapon that could threaten the dollar. he's a major investor in virtual

currency, futures, cryptocurrencies himself. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is "bloomberg." ♪

pres. biden: you think china is waiting around to invest in dual

infrastructure, research and development? i promise you, they are not waiting. they are counting on american democracy to be too slow, to limited, and two divided to keep pace. jonathan: the president of the united states. i am jonathan ferro alongside tom keene and lisa abramowicz. jobless claims at 8:30 a.m. eastern time after some really impressive data the last week or so. equity market or futures are positive 13 on the s&p 500 come up one third of 1% in the bond market. yields a couple of basis points. down about three. the euro, look up for the 200 day moving average. we broke down through it a couple of weeks ago. we are looking to break up through it in the next couple of sessions maybe. let's pickup from the line, from

the president of the united states. chunky -- china counting on american democracy to be too slow, to limited country divided to keep the pace. jamie dimon in his 30,000 word letter alluded to that, too. tom: the fact is jamie dimon was talking about the politics in america but to me, this is a president fired up and, quite frankly, sounds like a one term president. he sounds like let's go, let's go, let's go. the thing that's led through to me yesterday was a single quote from president biden in was about a fleecing of the ordinary. he goes back to his middle-class scranton roots when he gets angry, emotional. jennifer fitzpatrick with this. how load is this president when he goes -- how alone is this present when he goes for the support of the middle class? how alone is he among the elite of washington? >> i would not say he is alone. he's been pulled by the progressive lawmakers in the

democratic party to do as much as possible to go big and to increase -- tom: it is not working. i get the idea the liberals want him to go big, great, and the push back the last 48 hours is remarkable. chat: he is more alone than you might think. it is true that washington is very polarized and very slow right now. ms. thomas like the tide going to the runner is the lawmakers who what to -- who have dragged their feet to slow things down for a number of years. the default is not working in a bipartisan way. we are seeing them fall back on more procedural plans to see what they can do in a purely partisan way. i would not say he is alone, but the democratic party and republican party are not really good working partners right now. lisa: some parts of the

democratic party are not, either. how hard can this plan be given some of the dissension within the democratic lane? jack: it is going to be hard. joe manchin in particular from west virginia has said they need to at least try to work with republicans. he is not going to undermine the filibuster and he does not like the 20% corporate tax rate, work around 25%. if biden sticks to his vision this needs to basically be paid for with tax increases, that will be difficult. it joe manchin sticks to his insistence they at least need to try to get republican votes come i think the question then is, what does it mean to "try" because there really has not been any progress early on. jonathan: the president keeps bringing up china. is that argument working? jack: no. if you look at this bill and asked what the most china-relevant portions of it are, some of the technological development, it really conflict with what we're hearing -- the

argument now in washington is how much of this is really infrastructure and how much is economic development? a lot of the non-issue -- not infrastructure portions may be the most relevant to competing with china, so the china argument hasn't really gotten itself the center of the debate just yet. jonathan: communication problem in washington, d.c. do you sense that? jack: democrats feel good about their communication because their last bill turned out to be really popular. maybe this one will as well. the problem is more with the politics and institutions that they have to work through and the uphill battle they face in the senate. lisa: finish off a little bit about the process, the back office logistics. are there bipartisan talks going on right now about a smaller subset of this 2.320 and dollar,

things that actually do -- 2.3 trillion dollars, things that you actually fix bridges and roads? >> not specifically on breaking it up into smaller pieces. there are bipartisan conversations and i think they will turn that way. as far as the process, they're going to have good conversations with republicans. there also having smaller outreach -- there is an earmark process that some republicans are at least participating in. the bipartisan talks but it has not specifically gotten too, can we make this smaller and would that be better? for republicans? tom: is there a generational change in the democratic party's power structure in washington or is it the old guard still in power? jack: they are still in power.

there's a lot of respect for nancy pelosi's ability to guide legislation through. you could point to a generational change in politics as you listen to the rank-and-file and what they really won. but the leadership of the party is still southerly connected to the leadership of the last few years. jonathan: jack fitzpatrick, good to catch up. tom, did you see the comments from the raytheon ceo talking to david rubenstein? this is what he had to say and i will let the audience think weather would happen or not. "meet zack to reduce my investment budget by about 20%. i'm not exactly sure that is what the president wants to have us do." tom: those are the realities and it varies industry to industry. the fact is, folks, i think sort of like morning joe, jon, you

may be doing this at a florida in two years. jonathan: i am not sure i am not sure i'm the target audience. i would love to have that high-class problem. lisa, her shaking her head. lisa: let's just put this out there, economist africanus comes on the show is as the time between capital investment in tax rates has been completely inconsistent. this sounds very much like a political push saying don't raise our taxes, we will do less for you. this is the opposite of the amazon ceo's attacks and he supports a. number two, you have to imagine of course corporate ceos do not like this and the likes of janet yellen site if we reduce some of the loopholes, we will bring all of this capital back to the u.s. i want to see the studies. this is a difficult time. i want to see the actual data, not just rhetoric. jonathan: pretty simple.

you have to have incentives in the united states. the corporate snapback the last couple of weeks no doubt will increase. coming up, dennis gartman. from new york city, good morning. this is "bloomberg." ♪

jonathan: this is "bloomberg surveillance." markets is looking really good. the nasdaq flying over the last week or so. futures up. s&p 500 index also up. apple up almost 10% off the lows of early march. i wonder how much stability in this market, the bond market compass helping that. let's get there quickly. the average of the last 30 days as well, some real stability. it may be helps fuel some of that enthusiasm back into big tech. the movie of see in high-yield

spreads, the leader has been on top of since day one for ages. 290 right now. what is interesting is yes we talk about yields all-time lows, but now you see it spread. challenging 2007. right now not too far away step 290 on high-yield spreads in america. tom: lisa, what is your view? lisa: people do not believe the default risk is real for the for siebel future. if they do not see the risk for defaults in the near future, why not catch the extra guilt -- yield? you can see tighter spreads. jonathan: the audience is scared because that was a bullish view from lisa abramowicz. can you gives a bearish one?

lisa: this creates a lot of zombie companies, lovers of the system that much more so when default risk comes back to bite, you start have huge gaps and complete capital that is erased. jonathan: just a bit of a balance. 290 on high-yield spreads in america, remarkable. tom: i want to go back to the nasdaq. we are making jokes about jonathan's sabbatical but the reality is in the days and hours by jonathan ferro was not with us, we have a profound shift in nasdaq. he mentions apple, amazon i believe having a good day yesterday as well. you can see on the bloomberg terminal with the nasdaq up 1%, make it .95%, and the others lagging behind a little, even the small caps come back as well. right now we digress. it is not an annual visit but this time of year, it is always important to speak to dennis gartman. use with the university of akron and their endowment fund,

legendary in his newsletter. he lives next to a golf course because that is really what he does come gets up at 6:00 a.m. after writing the gartman letter and tries to get in nine holes, if not 18. the masters is upon us. it is what it is. time stands still. dustin johnson is really going to try to do what tiger woods did in 2001-2002. can he do it? is he that dominant? dennis: right now he is that dominant. he is the best player in the world, no question. he drives it well. he is in control of his iron play. right now he's probably the favorite, the guy i'm going to be pulling for is just an. it is good to see him back on top. but right now there's no question that dustin johnson is the best player in the world. he is the favorite, far and away. tom: i want to talk more about

golf but i just got a message from lisa, " no one cares about this." dennis gartman, we heard yesterday on this program it was probably not a good thing to cut your winners. the stocks go up there such an urgency, get a price target, sell, sell, sell. your letter has been gospel on letting your winners run. what you do with the big right now? dennis: the interesting thing is, detrimental, have looked approvingly on the high tech stocks, rather on the things made famous by if i drop them on my foot will hurt -- steel, tires, shipping, railroads. the things i understand. right now everybody who has owned tech has own tech is done well. it is suffered egregious losses at one point. the rk ghost circumstances last week did a lot of damage to the psychology. they keep coming back. hold on your winners. i first rule of trading is do

more of that which has been working and try your darndest of that which is not. the tech has been working. it has worked without me being involved in it. i would rather own steel and tires and railroads and ships and copper minors, but, boy, the people have only high-tech have done extraordinarily stunningly, shockingly well posted god bless them. jonathan: what are the -- dennis:? jonathan: the old economy stories. why do you want to stick with them? dennis: it is things i understand. i can count the amount of steel that has been created and exported, the ships movie, count the railroads, container ships, count hires, ball bearings. i can count what is going to happen. i can make a projection forward. as long as the domestic and

global economy continues to work , though stocks will do well. plus, they pay a dividend. at my age of 70, i have to look at things that i understand, things that pay me a dividend, income going forward. i will let the younger people with a high tech stocks. which i never shall understand. i'm still astonished at skype and zoom that we can do what we can do. i don't understand it, but it works. let other people trade and do well with them. jonathan: is there a generational issue around stock selection? dennis: no question about it. there is a generational change. there was a great book in the 1960's on trading in the stock market. i am trying a blank. the thesis was, "i got to get me a kid." younger people understand what is going on in high tech.

i don't. i get that. i know there is a generational shift. i know what i'm good at and not good at. lisa: bitcoin and younger currency of choice. give your analysis of if you drop them in their career foot, not only limberbutt in corn, the food staple, this -- not only lumber, but in corn, the food staple. do you see them continuing or is there some sort of stasis reaching as people plant more crops and harvest more trees? dennis: what was interesting about the crop numbers last week with soybeans and corn, the government -- the south street chicago missed when the government report was by about 2 million acres. farmers were not going to increase as dramatically as i thought they would and many people on lasalle street thought they would. the perspective plantings report can be egregiously wrong and

missed the number eventually what puts in the ground by a rather large factor. but farmers have not responded as aggressively as we thought they would. up the monetary authorities have been so expansionary, that is a major precursor, major driving force behind rising commodity prices. i don't see anything that will stop the rising commodity prices. lumber might be a little overdone. maybe lumber is a little excited on the upside. but corn can go higher, wheat and beans and cotton can go higher. moving from the lower left of the upper right. as long as the monetary -- lisa: something you have been an expert on for decades, gold. one commodity that has not participated in this incredible rally. a lot of people have wondered why it has remained suppressed. some people investing in bitcoin say, how much more upside is there in a world that is still

dominated by some of these younger, newfangled ideas such as bitcoin? dennis: no question bitcoin. have taken margins. no question about that. that will continue. just like i void the high-tech stocks, i have avoided bitcoin. those who have done well in it, i wish them well. i'm not sure he will continue must up i will still own gold and nothing gold now the possible days has broken out to the upside. i think most of the selling has occurred and is the chairman of university of akron endowment, five or six weeks ago, we took our first position in goal for the first time ever just you hedge away from inflation. tom: what was the push back on your conservative endowment fund to gartman getting up on the table and screaming gold? dennis: there was pushback, no doubt.

my insides and my history have prevailed. we will see if i am right. i am up 1% or 2%. there was pushback. people were reticent to move out of equities and moving even at the margin. we only moved 3% but there was discussion and pushback within the committee. but eventually i prevailed. we will see if i'm right. jonathan: can we finish what we started? dustin johnson, is this bad for the game that this is the greatest player in the world right now? dennis: one thing bad for the game is how far these young men are hitting the ball. they're changing golf courses around the country, making golf courses obsolete. we will have to do something to slow down the ability for these men to hit it 430 yards. something has to change have probably that means the golf ball has to change. tom: what about the club? dennis: i gave up my persimmon driver only a couple of years ago. jonathan: i love time getting

involved in golf. he has never played in his life. what should we tell tom? tom, do you know who dustin has been dating? tom: i am aware that. she gets the great seats. jonathan: mr. gretzky's daughter. dennis gartman, former editor of the gartman letter. tom, i would love to get you out on the golf course. i've not played for a long, long time. if you actually -- have you swung a golf club before? tom: i caddied. i spoke to lee trevino about that and is 68 open. i used to caddy in rochester, new york, the side of the number of years. the last time i played golf was in the 1970's and the hockey team paid for me to leave the golf course. jonathan: i believe that story.

tom: go have a six pack. you will be fine. jonathan: good morning to you all. this is "bloomberg." ♪ >> the white house is considering to double u.s. previous commitment to cut greenhouse gas emissions stop the biting administration may propose to reduce emissions by 50% or more by the end of the decade. that would require dramatic changes in the power, transportation, and other sectors. potential boycott of next year's winter a liv-ex in beijing could be the next big idle between the u.s. and china. the white house as they not discussing any joint boycott

with potential allies but china has gone on the offensive and says any attacks by the u.s. to criticize china over human rights would flop. in recent months, twitters held talks about buying clubhouse. bloomberg going the companies discussed potential valuation of roughly $4 billion. discussions are no longer going on and it is unclear why they stalled. indonesian president is backing a push to expand the central bank in an exclusive interview with bloomberg saying should not just manage the currency but should also support sustainable growth and job creation. >> before rates were at high levels, several percent, now at 3.5%, people are happy. the business world is happy. the most important thing is how we can improve demand and consumption and exports. better at the end of march.

before the pandemic. before the pandemic, it was 51. now at 53.2, we are optimistic most of -- we are optimistic the economy will recover.

>> several of the states are pulling back on mask mandates, pulling back on restrictions on

capacity for restaurants and bars. it is premature to declare victory. we have to continue and hang in there a bit longer by continuing with the public health measures. jonathan: dr. fauci pushing back in the united states of america. price action this thursday equities doing ok. all-time highs coming into today. a bit into the bond market, yields lower. down by three basis points on the 10-year. the euro is stable. crude a bit softer. we are down about .7% on wti. tom: jp morgan earnings out on the 14th of this month. nasdaq up right now, leading the

way. right now in the pandemic, someone good on the density of population, jennifer is from johns hopkins. this after age were of duty wisconsin queens above the gordian. years ago, helping the city of new york with congestion and bacteriology. i want to talk about congestion right now. is the pandemic cory right now just about density of population and that is where the focus has to be? >> obviously, in dense places, are more likely to come in contact with people. increasingly, we are finding it is not just casual interactions come into setting aside of a restaurant with somebody outside of your family without your masks on, really crowded indoor spaces are the biggest worry. tom: what about crowded outdoor spaces, including 30,000

watching the texas rangers? >> when you packed people right next to each other and they're sitting there for a long time, basically yelling in each other's faces, that is high risk for transmission. lisa: the concern here, with more people getting infected, the higher the threshold reach herd immunity that more of the population has to be inoculated? jennifer: the concern is that we have vaccine sound that can prevent people from getting sick. at this point, anybody who gets sick or hospitalized from this virus is a particular tragedy because we know this is a preventable illness. we like people do not get sick so we can reach them with the vaccine. that is the urgency. we will reach some level of immunity either through the national infections people are experiencing -- natural infections people are experiencing or the vaccine. i would prefer the vaccine because person that gets sick, there's a probability of having a loss-of-life. lisa: there is a sense that the

pandemic will and. i do wonder how much turmoil around the astrazeneca vaccines lohse progress of getting to the end of the pandemic. do you have a sense of that? jennifer: i am worried about that. in the u.s. we are in better circumstances, not dependent on astrazeneca, but other countries are wholly dependent upon it. the fact there are supply issues in terms of countries preventing exports as well as perhaps countries being not willing to use the vaccine because of some of the recent safety concerns, in my view, the safety concerns have to be balanced against the risk of infection which at this point globally is very high. you need all resources on the table right now to bring this pandemic to anend. i think the united states is on a good trajectory. we could do better, but overall, i think we are looking much better than other parts of the world.

i do worry about does places that are quite delayed in their vaccination campaigns. jonathan: can we talk about the states that have removed the mask mandates? it is not clear what is happening in texas right now regarding the comments from dr. fauci, what are you learning about what is happening down there? jennifer: i am worried about lifting mask mandates. it seems premature. one of the worries is we can be hit with any unexpected surprise, often because we have seen the virus can spread violently. we know testing is down overall and that creates a situation where there could be infections we are not counting as cases. i hope those states continue to do well but in my view, lifting the mask mandate is premature. i hope i am wrong. i encourage anyone that lives in a state that has lifted a mask mandate, where it anyway. why take the risk? jonathan: you think the lower cases in texas is a consequence

of door testing? jennifer: it could be. it could be the case everywhere. we do know states that have rolled out vaccine basically have pulled back on testing because they can only do so much at once. they need the nurses to put vaccines in arms instead of swabs of noses. i worry we lose our ability to try cases as we once did. that is a fear we could be hit with an unwelcome surprise when enough people get sick enough to absolutely get tested. tom: jennifer, mike mckee knows the hockey league has 25 cases of covid within the organization. if someone is cut and chiseled as jonathan ferro, what is the effect of covid on them? jennifer: the biggest is age and an underlying health conditions. we know otherwise perfectly

healthy people have died from this virus. it is hard as an individual to know which category will fall into, even if we know at the population level with this decision to go likelihood of severe illness is. jonathan: i really missed you, tom. thank you. you mentioned sports briefly. you mention the pack baseball stadium. reminds me of the crowded lake party of last year. two basic ways of reacting to damages. the crowded like party in the pack baseball stadium. what is that legitimate spread of covid-19 and one is a recognition of how human beings are willing to snap back into everyday activities, desire to do with they did before the pandemic stuff i think there is some important information. that is what makes this particular recession so different. it is i mandated one i policy. this is a submerged beach ball. hold it down and what happens

when you remove your hand? things snap back to normal. that is important from a market perspective, the willingness of human beings to do what they always did and we have not been conditioned the last 12 months to stop doing those things. tom: lisa, help me. you're the only one who read the 66 pages that jamie dimon. the idea it is a boom economy. i thought the number one message here of the beach ball coming back is the new bet on a longer duration of boom economy in the last days. lisa: but the beach ball looks a little different, especially when it comes to offices. jamie dimon essay get back to work and so is larry fink, yet we see big companies taking on less office space. there's a greater willingness to allow working from home at least part of the time and this does change the nature of the gatherings. the nature of the recovery on the edges, perhaps different. i take your point. you're right. jonathan: 12 months if you asked me would you be surprised at how much things will change or

remain this time, what we have learned is how quickly things will go back to being the same as they always were. tom: beach ball to capri. jonathan: record highs in the equity market. from new york, this is bloomberg. ♪

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>> the covid cyclicals are catching up because of this reopening of the economy. >> we are going to start to see spending go, and then we will have to have a real conversation about inflation. >> the gaps between those performing well and those struggling is growing. >> we are going to see weight pressure with high unemployment for a while. >> as the market rallies, we start to see volatility climb again. that is typically not a great time. >> this is "bloomberg surveillance." jonathan: getting this show back on the rails. good morning. alongside tom keene, lisa abramowicz, i'm jonathan ferro. equity market, all-time highs into thursday's session. tom: it is the way we are up, but it is the way we have