did caroline: i am caroline hyde. joe: i am joe weisenthal. romaine: joe, repeat after me, a record high on the s&p 500. caroline: china joined the u.s. in both the economic numbers that suggest global recovery is on its way.

manufacturing rising more than expected. vaccines aiding recovery with the u.s. saying today it has administered 200 doses -- 200 million doses. this will help regulators investigate the dangerous blood clots. the astrazeneca and johnson & johnson shots are enough to give us pause but --joe, let us start with a surprise in these moves in treasuries. joe: i thought you were going to talk about dogecoin. treasuries moved? there is also the treasury market happening, that is right. even with good momentum, we did see people buying treasury lately which we do not usually see. for years it went long and now

short. a lot of weird stuff going on and something going on in positioning might explain why treasuries got this big. romaine: they were reporting on the short squeeze, -- the cayman islands. joe: let us bring in reporter kriti gupta. the real question is we have not gotten a satisfying answer. it does not make sense that -- how things start today, very strong, i would expect more and treasury. kriti: you would think so, you would think you would see a bigger reaction. the question is how much is priced in? how much sensitivity is there to a conversation we knew what eventually happened. this is where you are hearing a lot of fund managers and analysts say we are waiting for

the next catalyst. we have abandoned that sensitivity to the job smart -- jobs market. in 19.4% rise in housing, that is insane. the answer to the cayman islands question is the beaches. romaine: nothing to see here except the beaches. caroline: nothing to see here when it comes to dogecoin. on markets on fire. bank of america seeing jp morgan yesterday and saying i will raise. kriti: a $15 billion deal out of bank of america after a year of ecker -- eckerd -- records. last year i think the issuance was raising cash, corporate america needed that cash, you needed it to shore up there

balance sheets and get cash cushions. now it seems to be about where people think rates are going and jp morgan and bank of america issued those bonds. comes after earnings that begged the question how many other members of corporate america are going to be following suit and getting that last far waiting --far-wing abililty? romaine: europe to wonder where is the cash, a lot of companies are still sitting on it. you would think that would be a good but we were talking earlier, there has been concern about -- the bloom is off the rose for a lot of these countries -- companies. kriti: it helped a lot of stocks in 2020.

-- big tech names, they did have that cash, some being deployed to electric vehicles and what have you. then you see airlines, they have not only increased equity issuance and bond issuance but they are trying to keep up and pay employees, getting that money from government to stay afloat. that dynamic you are seeing is about how much can they keep up with that. just look at the amount of debt issuance out of these airlines, over 100 billion in less than a year, nine months. romaine: american is coming out on thursday. joe: i want to point out robinhood had a press release saying its system to go down briefly due to volume in dogecoin. i'm serious. it was real. we just ran a headline.

we did have a few weeks where we ran some stories about his retail sales good coming out of the market? i guess people still like to play around. kriti: this idea that a retail trader could completely move the market and spook hedge funds, i don't want to jinx it, but it seems like that era of broader risk being affected by a single stock share is not necessarily there. the most recent example is that -- you did not actually see the broader stock market dropped because of systemic risk fears. we not there. that is a major divergence from what you saw with gamestop not long ago. caroline: treasuries are talking

about short squeezes, and impact in the market. what are the difference -- what are we seeing in terms of all agility? everyone is talking -- volatility? everyone is talking about it. what do you think? kriti: i don't think volatility is driving stocks. you can see that in 2020, momentum was driving stocks and it was driving the cross assets. you can make the argument for bonds and commodities as well. then you see the revenue guidance, i think it is early to say this is a immediate reversion to fundamentals but this could be an early sign of

the normal. when it comes to things that the vix, it is dropping but perhaps that is ok. perhaps we are getting back to that below that 20 level after being above it which is a volatile level for over a year. perhaps a sign of normalcy. romaine: momentum over the last month one of the lowest perfecter returns. we will catch up with her coming up. the u.s. reaches 200 million covid vaccine shots administered. but trouble on funding -- unfolding for johnson & johnson, pauses may last longer than expected and maternal cutting deliveries. that is next. this is bloomberg. ♪

romaine: today we are focused on economic recovery and that is dependent upon vaccine rollout. it has played a big role in turning around the data, we have seen positive economic data here but there is concern, johnson & johnson vaccine is on ponce. at least in the united states. still concerns about other vaccines and other countries. joe: overall i think in general we are feeling good about momentum for vaccination in the u.s., but earlier in the week we did get the news about the johnson & johnson vaccine going on pause for some indeterminate amount of time. the thing is, we thought it might be short but it is starting to look longer. it may reconvene april 23, the eu no longer prioritizing. this seems to be a good one and

is available and delivered and delivered in hard-to-reach places. caroline: it's easy because of the one shot rather than the double. it feels like it might impact the process. joe: joining as is bloomberg's john marvin -- thank you for joining us. when the news dropped earlier this week, the word was it might be one or two days, there was one death, they needed to communicate to health care professionals how to treat these extremely rare cases. now we are talking about reconvening weeks from now, what has changed and why the extended pause? >> pleasure to be here. throughout that cdc meeting, it

played an important role on whether we use vaccine. there was a long discussion on how long this pause is going to persist. for the meeting they had been talking about maybe a day, a week or something. i believe some but he said it is not going to be a month. -- somebody said it is not going to be a month. then you got a sense that there is a responsibility, we have to make the right decisions here, we want to make sure nobody gets harmed by this vaccine. it is more than they harm to individuals, there is the harm that might occur to the vaccine program itself, to the trust in vaccines. we got an exclusive interview yesterday with the chairman, i highly respected public health official and he hedged on this

idea of how long it would take would be next -- maybe the 22nd or 23rd, they need to collect data. we don't know how long it will take to collect the data to ascertain the risks and who is at highest risk. joe: i'm curious, we are talking about six real world cases. when this was going through the approval process, was there any indication that blood clotting could be an issue? john: there was an indication, it was not a huge safety signal. there were 14 cases in the vaccine group, 10 cases of blood clotting in the placebo group. that is not a huge difference

and it is a small number, not something you would hang your hat on. but it was notable. the fda, in their meeting when they were deciding whether to recommend the vaccine, they noticed the clotting issue then. caroline: we have seen in the u.k. they debacle which is the pr nightmare of the astrazeneca shot and the loss of confidence in it. six real world cases of johnson & johnson, i am interested in how hard it will be to get more people to want to get shots in arms in these situations. john: that is the question. i keep harkening back to -- now everybody looks at madrona and

pfizer biontech as the --moderna and pfizer biontech as the gold standard. but when novavax first him out there was a concern about anaphylaxis, and allergic reaction that occurred in rare cases. i think it is clear that those vaccines are related to anaphylaxis, there is a very small risk of fact. and that can be fatal. people die of bee stings all the time, for example. they have a reaction to penicillin. but we understand how to manage it. we have observed people for a. of time and the risk is managed. everybody is fine with that now. i think what we need is some kind of understanding of, ok, now we know the risk for this clotting syndrome is extremely

rare. one and one million people -- one in one million people. maybe they will find more people , maybe three and one million but probably not much greater. you don't want people to die. so you have to come up with a mitigation measure, a prevention measure, there could be certain populations in which you monitor them from 2-4 weeks after they receive the vaccine and after that they will probably be fine. these vaccines are extremely well monitored. the people who get them are being watched very carefully. i just spoke with a researcher at a hospital yesterday -- he is also a harvard medical school cardiologist.

there is a registry now, this has been the way for a long time, of shrum mosys cases. --strombosis cases. they are very carefully tracking this. i am relatively confident we will find out who exactly is at risk and how to minimize that risk, not eliminate, but minimize it. this is treatable. caroline: thank you, really putting that point forward. a joint news conference between president biden and the prime minister of japan. we will bring you that live. we discussed next how china cast a shadow -- this is bloomberg. ♪

caroline: president i be holding a summit with the japanese prime minister in his first in person meeting with foreign leaders since taking office. it is notable because usually we would see -- they will be discussing supply chain issues, the power of corporations as they see china increase in power and economic strength. economic data out of china on point when you look at u.s. growth as well. romaine: it all leads back to china. no for the past four years the relationship between u.s. and china has been interesting, it will be interesting to see if

biden can rebuild those. caroline: bloomberg international reporter david is joining us. the key balancing act for biden and the japanese prime minister is how tough to talk without damaging what is a significant trade relationship or both. >> especially for japan, japan's economy is intertwined with that of china. china is there biggest partner for exports. biden wants to be careful not to upset japan, unlike the u.s. japan is not proposing sanctions on the chinese due to human rights infractions. they need to be cautious. joe: what might be accomplished in this discussion? you say caution in these

meetings, not necessarily anything substantive, what could be a projection? >> japan being the first in the white house to meet with president biden, this is a huge accomplishment. it shows the rest of the world and china especially that they are one of the most important u.s. allies. behind the scenes, there is going to be discussion about supply chain resilience, talk about taiwan, talk about trading ing the u.s. and japanese military so they are prepared for any situation that might emerge. romaine: i am curious about the military aspect. there is a lot of talk about the military presence the u.s. has in the idea -- and the idea of

potential conflict with the south china sea, taiwan, the u.s. could be setting itself up to be dragged into another conflict should china have an issue. how does japan seek out the u.s. military? >> if you look at the message being broadcast by the u.s. and japan, it is one of we want to deter china, we do not want china to escalate the situation but you're also not looking for any escalation. it is about setting the red line for all sides. at the moment, we are definitely seeing the situation getting more tense. but we are not quite there in terms of something imminent. that is not what it looks like. caroline: what is the real key

issue for china right now? is it taiwan? semiconductors? what is going to be the most aggressive from their perspective for the u.s. and japan? >> the chinese are very concerned with any message that directly goes against what they are trying to do in hong kong, and taiwan. they do not want to hear anything that according to them directly interferes with their own national interest. those are things chinese are looking at. romaine: of course we are still waiting to hear from biden today, that will be broadcasting later today. a reminder for our viewers and blisters, you can subscribe to our weekly podcast, "what'd you

miss?", we are talking about a lot of big things. joe: get it wherever you can get your podcast. as part of your weekend besides walking -- watching the dogecoin chart. "bloomberg technology" is next. romaine: have a great weekend, this is bloomberg. ♪ it's moving day.

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>> i am caroline hyde in london. in for emily chang. happy friday, this is bloomberg technology. we are ripping up the scripts because in all important meeting coming up between the president of the united states and japan's prime minister, the first meeting of an international leader with the u.s. president. we will get right to it in the world's garden. let's get straight to the u.s.