period. >> rings are going to be strong. >> the political establishment is much more willing, and in many cases fights higher inflation. >> everything we follow has been passed through and then some. >> you are going to see higher inflation. the fed will be caught by surprise because it is following the wrong model. announcer: this is bloomberg surveillance, with tom keene, jonathan ferro, and lisa abramowicz. jon: good morning, this is bloomberg sport alongside tom keene and lisa abramowicz. tonka the what? -- tom: the what? the what? if it is not led lee, i just don't care. jon: talking about the european football league. tom: before we get to football and soccer, and we will do this

for the global audience throughout the day. it's amazing what is going on with the rest of it, that you know far better than me and lisa. the most import research piece this morning was hsbc reaffirming lower yields. we have the opening of our show, which is the zeitgeist of inflation and higher rates, and the hong kong and shanghai bank is saying no way. no. jon: i'm absolutely shocked. if you want to go there, i absolutely can. is that what you're talking about? tom: that's what i would talk about. they are looking at the fears of inflation as a cynical project. that's what the telegraph and others have reported on european soccer. for our global audience -- we will do this through the day? -- you say that this is in the making for decades. failing to it is about money and the former controlling the latter. it has always been about that. we want to control the flow of

the money, and it has always been about that and still is. but i will not sit here with some romantic notion about how this is going to ruin the game. let's get real -- the game was ruined a long time ago by monday. tom: i think he reminded me of 2015, and lester coming out of nowhere to win as well. there are many lesters out there and all these countries. am i right that they would be pushed aside by these large teams? jon: here is the issue on the table right now. you have 12 founding clubs talking about maintaining participation in domestic leagues. we have the domestic leagues saying we don't want you anymore if you go away with this breakaway format. by sister winning in 2015 was a total inanimate -- lie sister -- leicester winning in 2015 was a total -- it would dominate the

television viewings and the ratings within midweek. there are many teams in these domestic leagues that are not fighting for the league, they just find a -- fighting for champions league participation. this comes down to the final point -- earning your right to play in europe's premier competition, and the big european players saying we are want -- we want a guaranteed right. tom: will the players get more money? i hear no discussion about the players. jon: the players will get more money. 15 founding teams would get an upfront payment that they would share, 3.5 billion euros. another reason the players might more money is because we wait for europe, fifa globally, set to tell these clubs that if they go away and do this, the players that play for them will not be able to participate in a national competition. if you cannot represent your country, there has to be a price

for that. tom: lisa is looking at the ceiling, going why are we doing this? lisa: no, i'm not come i think it is fascinating. tom: could ac milan fit into the premier league? would they be a top four team? jon: they are probably mid table. the beauty of ac milan, we have not been a regular feature in european football for 10 years. tom: exactly. it's bizarre. we will cover this throughout the morning. we have a guest here that -- jon: i am shocked that you talked about the bond market this morning. you want to talk about the hsbc forecast? futures negative seven. this is how we set up this money. down around .2%. nasdaq futures coming in .1%. we show the bond market this morning. it is a confusion this morning.

futures down .6%. all-time high at a close on friday. lisa: we do see yields headed lower, 1.50 5% on the 10 year earlier. interesting that we have this pressure in yields, price up, you'll down, even though it seems like the reflation trade is gaining theme. here is the deal. i'm not going to pretend i know anything about european football, yet this is a fascinating standpoint. uefa -- which jonathan ferro told me how to pronounce today -- the football association was going to weigh in on whether these clubs would share more money and play more games. it seems like the timeline for this special league is to try to upend this trend because people did not like it and they want to keep the money for themselves. that is my understanding. jon can correct me later. 11:00 a.m. today, and joe

manchin is headed to west virginia, the swing player who could be the crucial vote for any stimulus plan. a meeting at 11:00 a.m. will be with the coalminer union leader. the idea is to try to find some sort of agreement with respect to green deals and trying to reduce our carbon footprint. today at 1:15 p.m., president biden meeting again with another bipartisan committee to try to hash out some sort of plan for the $2.3 trillion stimulus. over the weekend, i thought it was really interesting. republican saying they could get on board with a bipartisan, $800 billion plan for some sort of stimulus spending on infrastructure. they want to be on board with this. i wonder how much this is a talking point that they can go to their constituents and say we tried. jon: we will not just be doing sports this morning. medley global advisors, global macro strategy managing director, to try to make this

more orderly, you can give us a reaction to the sports news quickly. and then we can move onto the markets. go ahead. >> you know what is great? if seafront is is not up in that group. it is up in the share price. we're pretty happy about that. they have a chance to get into that group. other than that, as you mentioned, it is the evolution of getting the clubs together to share this money and have more stake in their own game as opposed to having uefa controlling it. jon: there is always money involved, but the money we want to talk about is what happened in the market last week. great data, big rally in treasuries. why? ben: i think it is about the sequential slow down. if you look at china gdp, it came out 18.3%, stronger than instructed. at the quarter over quarter number is .6.

they are coming out of the pandemic ahead of us. the yield decline has been about that. we have super data, really strong. you would think the bond market is signaling, this is not going to stay this rate. there will be a cool down period after that is afflicted in the price. tom: what i saw over the weekend, then emmons -- then emmons -- ben emons -- we have pushed against this wall of worry and there is a national -- there is a massive rationalization redesigning the worry. does the fed have a worry about this bull market rally, or are they immune to it? >> i don't think they are immune, i think they are taking stock of the financial stability. the third mandate idea -- i also

think that they look at these financial conditions as something that is really needed and essential to get this recovery really on track and stay sustainable. it is a bit of a trade-off idea that can use interest rates to address financial stability at the same time. they have to address it through the policy set by -- it is not surprising on the other hand. there is a worry that we're getting into bubble territory, and at the same time it is essential to be there. lisa: bitcoin tumbling over the weekend, a lot of people wondering what was behind it. a lot of speculation. we talk about financial stability. there is a question about how much bitcoin is a threat to financial stability. should it crash based on the exposure of the template of the world, the paypal of the world, all these mainstream institutions getting involved? ben: the interesting correlation is that bitcoin is coordinating

with the financial conditions index. that has happened since last year. as bitcoin started to take off. there is a significant amount of money coming into the crypto space. people are getting excited about a real asset class. if there is any major correction in bitcoin, it would pull financial conditions down. you may see that today, this morning come as news of the weekend came out that bitcoin sold off with mining concerns. there is a worry, that if you are getting a too coordinated bitcoin with financial conditions, it could have a bit of an impact. jon: if last week was about the united states and data out of america, this week has to be out of america. some of the calls coming through, i will touch on them later.

there are calls out there about the german tenure turning positive by year end, and the pushback that it makes this morning from hsbc, reaffirming their target on the german 10 year, at -50 basis points. tom: the data check that we try to do for european soccer, the real yield in the united states had -0.82, and that gets my attention. we are not quite back to february levels, but we have given back april and most of march. jon: lisa, if we get a move toward zero on the german 10 year yield come in the minds of bnp paribas and others in the mix, l2 year end, where does that leave the 10 year treasury? lisa: that is the question, what else would it disrupt? this has been the conundrum for a lot of the bond bearers out there, which is how do you get to zero, -50 basis points, without everything else selling off? jon: if you are not in crypto land, it is a quiet start to the week. coming up in the next hour, from

new york city this morning for some good morning. alongside a fired up tom keene, lisa abramowicz, jonathan ferro. your bond market biz resumes. tom: what does newcastle do? jon: maybe they win the league, tom. from new york, this is bloomberg. ♪ for to kick a a warning for rush -- ritika: a warning for russia that they will be consequences if opposition leader alexei navalny dies. his allies say he's in critical condition and may die within days. he survived an assassination attempt and is in the third week of a hunger strike. he has been moved to a hospital. in minneapolis, closing arguments set for today in the murder trial of derek chauvin, the white former police officer

who was accused of killing a black man, george floyd. the killing of another black man by police in a minneapolis suburb has increased the potential for violent protests. the ceo of gamestop is stepping down. he will leave by july 31. in a short squeeze to hedge created. china says it has no desire to topple the dollar as the world's and reserve currency, as beijing takes the biggest debt increase in taking on the one -- the yuan. this could be the biggest shakeup in professional soccer in decades. the world supply richest soccer clubs are presenting a european breakaway league, starting in august. manchester united and real madrid. as an alternative to the --

global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i am ritika gupta. this is bloomberg. ♪

jon: from new york city, to our audience worldwide, tom keene,

lisa abramowicz, jonathan ferro. all-time highs at a close through much of last week. the nasdaq, the s&p 500, four straight weeks of gains on the s&p 500. it's a price action right now. we trimmed that gain, 41.70, down about a 10th of 1%. thanks for that, tom. euro-dollar, we will talk about it through the week. 1.2033. we reclaim a 1.20 handle on the euro. tom: i thought i saw a ton of rationalization and reassessment over the weekend. i know we have to get onto other topics, but one of our viewers, john mickelthwait reports from london right now, and he looks at the soccer uproar, the football uproar. it is a gambling chip, a gambling chip. does this whole thing get solved i wednesday?

jon: i think the correct characterization of this would be a threat, an inevitable threat in the last 12 months, as teams are struggling for money as stadiums are shutting through most of europe. lisa was right to point out that uefa will come out with this new format for the champions league and bit later today come and that is what this will be about. talks between the bit clubs and the european governing body. tom: jon, is the champions league bigger than the premier league? i think to most people in america it is not. jon: is the premier club competition, without a doubt. without a doubt. tom: let's get to martin schenker, who doesn't give a dam n about football. he watched the dodgers lose this weekend. the infrastructure bill comes in, the republicans are starting to get to a workable number. is there a legitimate

negotiation, or is mr. biden saying my way or the highway? martin: there is a legitimate negotiation underway, but it is small considering the context of the two $.3 trillion plan. so we could get some republicans to come along on a small segment of infrastructure, but not the whole deal. tom: are we where we were with senator byrd, where every congressman got their highway to nowhere? martin: the earmarks proposal is coming to a decision this week, probably, and i think we are very much back to those days, where, you know, the bridge to nowhere happens. in order to get this infrastructure bill through. lisa: does the 800 billion dollar proposal from some republicans -- they could getting infrastructure plan through. does that include high points to nowhere, or is that nuts and bolts fix the roads? martin: it does include the earmarks plan. i do think it is a real possibility that we may get the

kind of bipartisan segment of intra-structure. that actually, the last four or five presidents were unable to do. kudos to biden on that. lisa: although there is a question of whether that torpedoes the rest of his agenda because he cannot get the rest through. what is the democratic pushback going for some sort of peer back infrastructure plan, taking out the carrot and having all the democratic agenda left to be established? martin co. this is a very delicate balance. as you suggest, for biden, to get his proposal through without undermining his overall vision. he is doing that on a number of issues -- on immigration, on climate. he is trying to thread the needle with the progresses and the more moderates and the republicans. so far he seems to be doing a fairly decent job of that. tom: i want you to give us perspective to particular er global audience on this repeated

violence across america. there are any number of ways to go here. the bigger concern is across all politics, people are saying do something. is it just we have given up with the idea that we can do something? martin: tom, all the polling shows that the american people support more background checks on guns, and just a more rational approach to weapons in america. and you simply cannot get it through the republican senate. tom: this is singularly about the republican senate sitting in minority or equal with the vice president. martin: until you can get that -- past that ideological barrier, you will never get the action that the public seems to want. lisa: i want to go to the international effort that we have seen, president biden all about foreign policy for the last week or so, and now the

talks are shifting to climate. how much can the u.s. lead at a time when people are wondering whether the u.s. still has that role post trump? martin: that is the bottom line. we have written stories about it. whether or not the rest of the world can trust the u.s.' stance on climate after donald trump, and whether that was just an aberration in history, or whether it means that you cannot rely on the u.s., is the fundamental question. we are going to find out a lot about that this week at the climate zone. jon: always good to catch up with you. we avoided the football talk. martin: how about a super league in baseball? tom: the equivalent to this -- it is your fault. the privilege to this, can you imagine the reeking -- the yankees, the red sox, dodgers, and the cubs saying, look --

jon: it is the major leagues that inspired this for much of europe. it inspired this. tom: i will say this -- give me an orioles banner as you can -- you cannot do this and not have the orioles of the late 1960's and 1970's and into the 1990's. it was a culture. it was a code of conduct, jon ferro. in the ways of cal ripken senior, it would never have happened under the structure. jon: we should light a fire and get the marshmallows out. lisa: you already have. i have a question that will fans boycott? jon: the fans have pushed back against their clubs on this. at the end of the day, will they really pushback? i think matt miller it right. eyeballs will matter here. where the eye polls -- where the eyeballs go will dictate this because that is where the tv money will go.

tom: so you think liverpool fans worldwide owned by the americans will rally to watch a fixed 15-team league where liverpool can never be relegated? jon: i think the fans will watch their beloved football clubs, yes, if that is what you're asking me for but that's just my view? what has that been worth? everyone has their own. lisa: literally everybody has a view. i am even weighing in. you know things have gone off the whales -- off the rails. jon: coming up, michael spence. tom: the jerseys are pounding on the windows. jon: a couple of basis points. if s market, euro-dollar. euro stronger by .4%.

41.69. if you want to do sports, market . equities, all-time highs. we pull back a little bit. from new york city, it is beautiful in new york once again . this is bloomberg. ♪

jon: from new york city to her audience worldwide, good morning. alongside tom keene, lisa abramowicz, i am jonathan ferro. in the equity market, we pull back from record highs. similar story in the nasdaq. no real drama in the equity market. this is what we look like, story of last week. yields coming in by eight basis points. despite having better-than-expected retail sales and higher than anticipated inflation. yield down to basis points from 1.74 from the end of march. the euro dollar up .4%.

a stronger euro. we capitulate and we move. goldman looking at 125, up from 121 previously. tom: dxy 91.94. right now on monday, as we look at sport -- the sport of economics is led by michael spence from stanford university. professor spence, thrilled to have you with us. we see a white house looking for wage lift and one of the great thinkings, including what we saw from jamie dimon's letter was the ability to get wage growth in america. how do you get wage growth given technology and how you get wage

growth given the concentration of wages like amazon and others? prof. spence: it is a complicated challenge. there are a number of things that are important. the tax system that is affect income. second, you need to strengthen the institution that supports unions and change the bargaining power. that is especially part and when you have buying power. third, you have to deal with the skills challenge that we face. wages will reflect the value of various labor in the marketplace regardless of these changes and bargaining power. we know that as our economy transforms digitally, we need a

new set of skills, institutions, public and private, that help us. tom: professor, your wonderful book, what is the next labor convergence? do you perceive globally about a k shaped economy, do you see any power for labor to reaffirm what we see in our nostalgia? prof. spence: yes, i do, actually. we are in for a couple of things. one is a very powerful recovery that is underway in america and will come with a slight lag in europe. second, we have productivity enhancing technology that is ready for prime time. third, we have governments that have decided the need to use their fiscal power to make sure the demand side of the market, and particularly the employment side, is good.

if we convince a sufficiently large part of the economy to engage in this process of innovation, i think we could have an employment and productivity boom and a real change in the dynamics we have been seeing for the last couple of decades. lisa: michael, does a minimum wage gap or the idea of some minimum wage higher than it is now lead to higher wages, fewer jobs, or both? prof. spence: this is controversial within the economics profession, maybe you will get views on all side. sometimes a politically motivated and sometimes because people reach different conclusions. bottom line is, minimum wages probably do not cost us much employment. they affect the incomes at the lower end of the spectrum but do not have much of an effect on this challenge we face in raising middle income relative to the top 20%.

it is an important tool. i think we should use it to the extent our political system allows us but it is only part of the solution. lisa: i ask because tom asked the right question to start -- technological innovation will leave a lot of people without the skills, without perhaps a role in the labor market they once did, if they have a role, it will be at a lower rate. what do we do with those people? we all have people in our circles that belong there. do you do retraining? universal income? what is your view? prof. spence: i think you use all available weapons, lisa. i am not sure which version of a universal income we will get, but we have to have a floor and not tolerate a situation in which we have poor people, but

we needed all hands on deck led by government but with engagement by business and education to tackle the skills transition we did, as well. this challenge is so important to the cohesiveness of our society that i think it is at all hands on deck to try to deal with it. we have to reverse these trends. tom: michael spence, and the time we have left with you, we have to turn to your focus over the last decade on china. there are some fears out there, some misinformation, a careful considered study of the axis between beijing and washington. how much power does beijing have? prof. spence: tom, they have a lot of power now because they have a big, thriving economy. it is recovering quickly, it is technologically dynamic. in every country, including

china, they make some big policy mistakes. on balance, they have an enormous amount of power that stems primarily from their big domestic market at that people have access to as investors and in terms of trade. they are powerful and we have to deal with them as a powerful potential trading and investment partner, and competitor. tom: i look, michael, at china -- and how it has changed. what would you recommend if you are consulting to the major western banks on hong kong? should they sustain in hong kong or take a different strategy? prof. spence: i would recommend that they try to hang in there and comply with the laws.

he made some very interesting remarks. he basically said, we are approaching a kind of slow-motion train wreck in which the major multinationals, including the banks, will find themselves straddling borders and in one way or another not in compliance with the laws and regulations where they sit. i think they need to be aware of that and the risks that are associated with that. i would not recommend a precipitous withdrawal. jon: i just want to summarize a piece coming out of the white house about the labor market and average wages. a couple weeks ago, gerald bernstein put out a piece on the effects ahead of the inflation report. there is a piece on average wages. i think it is easy to understand for people with an economics background, counterintuitive for

people looking what happened last year because of the effects on the labor market. we had a lot of low earners drop out of the labor force. i think what they are preparing people for, just to indicate, when that labor competition shifts the other way, you could get negative wage growth in the u.s. we have had a piece a couple weeks ago preparing everyone to say, this is just effects, and that we have a piece coming out from the white house in a blog preparing people for weaker wages because of competition effects. the economy will be complex and nuanced in 2021, this seems to be an effort from the white house to help everyone understand the signaling we should or should not take from economic data. how important do you think that is for this year in terms of how we respond and react on main street? prof. spence: i think it is very

important. the narrative really matters and they are right. if we get a major, major recovery in the shutdown sectors that we have talked about many times before, which tend to employ the lower end of the wage spectrum folks, if they come back into the wage market, then you could get something that looks like a bad signal from the point of view of an administration that has essentially said one of their high priorities is dealing with a) employment and b) a fairer set of outcomes. they do not want people to misinterpret the signals coming out of the labor market or where the economy is part jon: it is good to catch up. i agree with you. michael spence, on the latest on the economy worldwide and the

domestic store in america. this is an effort to control the narrative and that narrative -- economic purposes but also for political purposes and i think michael just touched on that. tom: the measurement we use is eci. i look at the employment cost index which takes benefits and wages into account and it is no -- nowhere a worry. there is a 2-ish% per year and a 3-ish% per year. lisa: it is a threading of the needle and it is a very delicate needle to thread. the idea they want to have people take structural action to improve -- also saying the biden administration is running a very well run government. jon: we have to talk about the pandemic, as well. [laughter]

tom: the time for threading the needle this morning. jon: coming up, johns hopkins bloomberg school of health. equity markets back from all-time highs, down .2%. yields are in, single basis point. this is bloomberg. ♪ ritika: president biden wants to prove to the world this week that the u.s. has rejoined the fight against climate change. greenhouse gas emissions, ambitious and achievable. after policy reversals and years of inaction, the u.s. will have a wide credibility gap to overcome. the biden demonstration against

democratic lawmakers and progressive allies. the administration will defend the government's policy of blocking permanent residency applications from thousands of immigrants who have been living legally in the u.s. for years. it involves a program for countries in crisis. the rollout of vaccines, global infections has hit a new weekly record in the past seven days, 5.2 million people were infected, a 12% increase from the previous week. outbreaks are coming in many countries not equipped to cope with it. a videogame retailer is stepping down. a tenure marked -- gamestop has become a favorite of reddit traders this year. profit estimates and recent reports.

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jon: busy morning as you can tell from the last 47 minutes on

this program. good morning, alongside tom keene, lisa abramowicz, i am jonathan ferro. lisa: i will explain it for you. jon: that was sarcasm. the equity market coming back from all-time highs, up by .3%. we are down one basis point to 1.56. the euro dollar, 120.35. tom: a reaffirmation of the low yield space. wisdom with johns hopkins, the bloomberg school of public health. dr. joshua sharfstein, i want to get to all the fears out there. the younger crew is getting vaccinated. the report is lisa abramowicz will find a jab in the coming

days. dr. joshua sharfstein, should jon take the day off? dr. sharfstein: the first thing is to thank you for doing it. it is really important for people to get vaccinated when they can. it is absently true if it is the second shot, they are more likely to have symptoms the next day. have that as an option tomorrow, it is not a bad idea. they will bounce back quickly and be sharp on the air as ever. tom: i think the soccer talk -- jon: i will be off tomorrow. lisa: i will be off wednesday. just to bring this back on the rails, do women have a more severe reaction than men? dr. sharfstein: that might be the case, but i do not know that for sure. there is a wide range of

responses. some people have a little bit of soreness in their arm, some people feel under the weather for a day or so. everybody is back and ready to go the next day. tom: we have seen a lot of misinformation, different politics. what is the messaging you require right now from professionals? what did they do next to calm this nation? dr. sharfstein: this is a difficult time because we are seeing parts of the country with very high rates of transmission and young people getting sick, the variants taking their toll. the vaccine effort is going strong. do not declare victory to early. it is still the same message -- a difficult situation, and people who are not vaccinated and are going out to places with

poor ventilation are very much at risk. jon: we have to talk about fear. a poll in the united states got a lot of traction. it was conducted at the end of last year. they asked people by political party affiliation what percentage of covid infections ended up in hospital, these are incredible. 41% of democratic voters think you end up in hospital. 41% -- 41% of covid infections and up in hospital, that is the view. that is ridiculous to me. 28% of republicans believe 50%-plus and up in hospital. the correct answer, as you know, is 1% to 5%. 41% of democrats believe 50%-plus and up in hospital, 28% of republicans believe the same thing. how did we get here, this irrational fear? dr. sharfstein: let me say i

have nothing that poll, i do find that a little bit high and surprising. at the same time, i don't think you can look at the united states at this point and say people are overstating the risks of covid, generally, and how they are asking. we are seeing huge parts of the country acting like covid does not risk at all and is not any risk to them at all, and as a result, hospitals are filling up. on balance, some parts of the country, we are not taking it serious enough. jon: in some cases, there seems to be a lack of common sense. i was walking up the street saturday evening toward a restaurant and there were people on the outside in the open air scared of walking past each other with masks on and i looked into a restaurant and there were tables of people without a mask on, having dinner. i can't reconcile those two

things. the lack of common sense seems ridiculous. dr. sharfstein: people have two gears -- either it is an immediate threat and every possible precaution has to be taken, or we are past it and we are good. we have to find that middle gear. we have to be comfortable outside without wearing a mask -- there is not that much evidence of transmission -- and we have to be much more careful indoors. for restaurants, the situation is different for people who are vaccinated now. in general, when it comes to these unknown public health threats, people tend to put it in one of two gears and we have to find that middle gear to be successful. lisa: we have a situation where more than a quarter of u.s. residents have been fully vaccinated, 40% have gotten at least one shot, yet we are still

seeing case numbers high, people shrugging it off because we are not seeing cost plantations and deaths. we will see this virus as an ongoing basis like the flu, but it is ok if it does not result in hospitalizations or deaths, no? dr. sharfstein: michigan hospitals are canceling elective surgeries. it is starting to move that direction here in maryland. if it was just a case of mild infections, we have seen a different world. these variants are more lethal than the other ones, younger people are getting sick. i am not trying to say everybody has to completely hunker down but we have to find a middle ground. jon: always enjoy your perspective. please come back soon. joshua sharfstein of the johns hopkins bloomberg school of public health. that is the issue -- irrational

fear and the lack of fear from these opposing sources. tom: i think the issue, you are absolutely dead on. i saw an ad on the tube and it was not hard-hitting enough. they went for the soft, emotional stuff. we need a major education on humility for the elite science crew and humility for those scared stiff to move forward. lisa: this has to do with vaccinations. there is this idea of delayed gratification. this is the needle trying to thread. more people adhere to safety protocol, hygienic protocol, we will finish this sooner and there will not be as many variants. jon: how'd you make people adhere to the rules without scaring them? we have to do something about that. it is ridiculous walking around,

seeing people scared of each other at the same time, people in restaurants. let's use some common sense. [laughter] tom: the helicopter worked on mars. jon: if you get vaccinated, you have to start enjoying life.

>> this is where the group is counting on. >> we see company after company committing to net zero. pretty much across the board, there is enthusiasm to try to get up to a better situation. >> we have a strong position in singapore and hong kong. across the region. >> collectibles on the blockchain, ip on the blockchain, it is all happening.

>> things appear to be to perfect right now. >> fundamentals will trump fear. fundamentals will be incredibly strong. >> a political establishment today is much more willing and in many cases invites higher inflation. >> everything we follow suggests every bit of inflation is being passed through. >> it will be caught by surprise because it is following the wrong model. >> this is "bloomberg surveillance," with tom keene, jonathan ferro and lisa abramowicz. jon: from new york city for our audience curled white -- worldwide, this is "bloomberg surveillance." alongside tom keene and lisa abramowicz, i am jonathan ferro. coming into monday, we declined by nine points, around .2%. it is a no drama