you have been following live pictures of the dragon, second six-month cremation from the kennedy space center to the international space station. tom keene, you have lived and breathed this since a child. your take? tom: i tell you, you can barely get through it. never the same to give people a war story. i faked i was sick like in the movies when john glenn went around the are three times. this is a triumph for elon musk. it is not about the tesla's that took faster not to the launchpad, it is about the technology. the greatest underestimation we have of this mission is we are all living a ron howard movie from years ago, whether it is toggle switches of apollo 13, the triumph of apollo 11. the technology here is extraordinary. i can't emphasize enough that

ludlow brilliantly outlined there, complexities and better equipment top to bottom of this expedition. as the crew goes up, another goes down. of course it is an international crew. the kernel is leading this crew with megan macarthur and a gentleman from europe, a gentleman from japan, who will go up for six months. i get the mars talk, but it is just the sheer quality of the equipment, the hardware, that to me is stunning. jon: you mentioned a number of firsts. this is the first time dragon will fly two international partners with it. what is the significance? tom: i think it is the new budget realities and the movies and field go to the politics, a global effort to reinvigorate our space effort. i do not want to underplay the difficulty of going up and orbit to an international space station versus the huge distances and reaches to mars. the moon is setting right now across new york city, and it is

so much closer to the moon, 200 40,000 miles away, than the huge technical challenges to get to mars. it is not a matt damon movie, per se. what i would focus on is the international effort and the private/public enterprise here as it seems to be working so far. the imagery we see now of one of the stages breaking away the attempt to land those as well in the endeavor capsule alone and orbit. jon: i believe that is what they call the money shot. tomorrow morning, dragon will dock with the international space station. after approximately six months, the crew to astronauts and dragon will depart from the space station no earlier than october 31 for return to earth and splashdown in the atlantic ocean off of the coast of florida. lisa: tom was talking about the hardware. i'm thinking about the experience. because this is the third ever private venture into space with live astronauts.

then basically hitching a ride to, paving the way to a consumer space exploration age. there was a story in the new york times about what they would eat. you think about going to museums and getting space ice cream, and it tastes like cardboard, though good cardboard. tom: loved it. lisa: i loved it and loved it. elaine ducasse helps craft the menu with lobster, right? this is a consumer kind of flight, and the money shot is also going to be a money advertisement. as space exploration enters a new age. tom: i can assure you that miss is keen and i will travel this afternoon, and i cannot wait to order a glass. [laughter] jon: things have changed. we wrap this up on the money shot. according to several parts i have been reading the last 24 hours, the first ariza falcon nine rocket and a previously

flown dragon capsule as well. talk to me about that, the efficiency we have made in space exploration. tom: it is efficiency and it is about money but then we say, if these are astronauts, we will spend whatever -- astronauts at risk, we will spend whatever money it takes. it is about the reusability and boeing has failed at trying to do this on its own into thousand 19. the software did not work out. elon musk, across the business world, has nailed it so far with his second flight. jon: i turned away from these pictures and get to the price action. tom: i think we should. after that, we should do super league for our super lunch. jon: -- launch. jon: up around 10 points on the s&p 500, positive, .25 of 1% -- .25%. euro-dollar clinging to the 120

handle -- 1.20 handle. one point 2058 -- 1.2058. bloomberg reporting they shook up the market in the last 24 hours. tom: maybe we should have shook it up more. i would suggest the beginning analysis coming in, goldman sachs and alex phillips taking the high road in the last 12 hours. they say there is a liberal proposal by biden, and we should see that, thank you to lord davison for her reporting, but the reality is back to reagan, where we may get the 28% statistic that is not the 30% plus or 40% plus statistic. jon: this is something that was talked about on the campaign trail and a something that might be introduced or they will try to introduce it. getting it through congress is a different effort. lisa: it would be reassessed this morning and i think a

little buy the dip action, people are reassessing the selloff yesterday. it is clear taxes are going up. the game begins. where are they going up and which assets will be hit hardest? or will they be even hit hard. a number of analysts say cell in the news and by on the action value. jon: tom keene, earnings. tom: absolutely. we end the week with a blowout. joe feldman reaffirms 4000 on amazon. earnings season is starting with a bang, within a boom economy. jon: let's talk about that and bring in the global head of currency strategy. dollar delayed and not derailed, why? >> first of all, thank you for having me. the drivers that powered the dollar in q1 [indiscernible] you mentioned the tax hikes.

we have two fiscal packages in the pipeline. one is funded by corporate tax hikes and one by personal tax hikes. huge stimulus coming down the pipeline greater than any other prospect on january 1. the virus numbers, the vaccination numbers continue to improve. when we are looking at 7% a percent growth in the u.s. and the next few quarters, it is hard to get beyond the headline numbers. aged outshines the rest -- it outshines the rest of the world. i continue to think the dollar remains. tom: give me an update on emerging markets. we have been deficient in our e.m. coverage. you are expert with this with your heritage, and miramar, and with the pandemic. what should we do? win: the e.m. story is complicated.

typically strong growth with u.s. and china. that's typically positive for emerging markets, but we see a real divergence. by that, the imf recently got its updated world economic forecast and the developed world forecast was marked up but marked down emerging-market forecast. that is rare because of the pandemic. we know india, brazil, emerging markets are struggling, so it is a sad situation that it looks like the rich countries are going to do well coming up and the poor countries, especially the frontier countries, are going to suffer and have trouble controlling the virus. to make a long story short, it is all about emerging markets, korea, taiwan, will do well. some of the more developing countries will struggle. it is a really tough story to tell right now. lisa: which nations do you see

as perhaps facing the biggest struggles ahead based on the amount of debt occurred over the last 12 months in hard currencies and based on this divergent story? win: well, i look at brazil and india. they are the least struggling in the pandemic but external vulnerabilities are not as large. talking about the real serious sort of pandemic, we saw [indiscernible] from the frontiers in asia. these other countries least prepared to deal with this. the imf world bank rolled out all sorts of support measures, relief measures, but i'm not sure it is enough. the good news, if there is any good news, they are very small countries. i think investors are not heavily exposed in these frontier countries, but it doesn't make the story any sadder. i'm hoping for increased health

measures, debt relief measures, etc. to these harvested countries. jon: we feel the same way. win thin, brown brothers harriman global head of currency strategy. to give you an outlook on how the change has happened in the last one months, looking at juno 2021. 6.5%. 5.5% for next year. do you know what it is now? 4.5% for this year and 3.9%. that gives you an idea of how much the outlook changed. tom: i've believe steve was with bloomberg on one of our other properties and he had the research note of the evening, and he models out with a given claims data, other labor data as well. we are doing hugely well with a 1.4 million to 2 million less unemployed. that is a huge statistic. lisa: is that how you --

jon: is that how you tease my show now? tom: i get confused over which property and showing up. it didn't show up on one of my properties. jon: it started at the ecb but apparently nobody cares. one phone -- 1.5 million in april. lisa: the big question in my mind is how much slack remains in the labor market. i've seen postulation all over on this. some people saying slack is more than expected and some saying less than expected. basically how many people come back into the labor force and how much does this affect how much wages go up? jon: we have to go through a text proposal essentially coming out of this administration, exclusive bloomberg reporting we can build on through the program. then reaction on the equity market. from new york city this morning, good morning. alongside tom queen -- tom keene, lisa abramowicz, i'm jonathan ferro. we advance .25%.

into the bond market, yields higher by five basis points. euro-dollar, firmer, stronger, higher by .3 3%, 120.56 -- 1.2056. this is bloomberg. ♪ >> with the first word news, i am karina mitchell. president biden proposes a capital gain tax almost twice as now. when you added an existing tax on investment income, those earning $1 million or more could pay 43.4%. the president wants to help pay for a raft of social spending to address long-standing inequality. russia is starting to withdraw thousands of troops from the ukrainian border today. ukraine says it welcomes the move and it reduces tension. western leaders: moscow to pull troops back. there were fears conflict would

lead to new economic sanctions. it is day two of president biden's virtual climate summit. the goal is to send the message the u.s. is back at spreading the lead. many heads of state taking part had their own message for america, prove it. president biden announced a commitment to reduce emissions with a 50% cut below 2005 levels, but they may not be compatible with the paris agreement. there is a sign intel is losing market share to rivals and customers designing their own components. they reported a drop in data center revenue and a steep decline in gross profit margins. the business performs better on continued demand for laptops running intel processors. panasonic agreed to buy american artificial intelligence software. panasonic will fund a deal and a bridge loan. the japanese company has a 20% stake in artificial intelligence products.

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'm karina mitchell. this is bloomberg. ♪ ♪

>> this infrastructure bill has got to come to an income tax plan.

all of that will weigh heavy on this market. >> when you have stimuli of this size around the world, it is coming down the line where there it is corporate taxes or gain increases. >> that probably wouldn't be good for the u.s. economy. >> the president's calculation is that there is a need for modernizing our infrastructure. his view is that should be on the backs of the wealthiest americans who can afford it. jon: some of the reaction to the potential biden tax plan in the next several weeks. good morning. alongside tom keene, lisa abramowicz, i'm jonathan ferro. closing out the weak potentially with a week of losses on the s&p 500, set to bite into that by .2%. positive nine points following the biggest one-day loss going back to march 18th. yields a higher by a basis point, 150 472 -- 15472.

that has been the last story of the last month or so. tom: it's interesting going into the weekend. everyone is still betting on a higher inflation. you see it in the money flows into some of the inflation protection products. you really wonder, can you come to fruition with a higher inflation? jon: on top of that, the conversation we are having in america and not abroad right now talked about india and japan yesterday. let's talk about russia, the president, vladimir putin, made holidays to be extended to control the spread. the reality in america is not the same as many other nations. jon: we had a chilly conversation with someone and john hopkins yesterday over the shock of lack of oxygen in india. that is a difficult tone into the weekend. benjamin bain is from bloomberg news and we are thrilled he could join us this morning.

long ago and far away, reagan got together with the democrats and modeled taxes of america down to a compromised statistic. is that assumed in your washington? ben: it is a different time is what i would say. we are in a polarized moment here in washington, and i think it is worth taking a step back and realizing this plan that our colleagues here broke news about yesterday probably could never happen if it was not for the two georgia seats the democrats picks up -- picked up in january. you are in a situation where biden is going big, and this is where this administration wants to go. republicans are throwing a lot of cold water on this. you heard some leaders we heard, they have their own opinions as well. tom: what is the temperature of the buckets tended iteris schumer has? does he have cold water or hot water in the bucket -- bucket senator schumer has? does he have a cold water or hot

water in the bucket. >> this is early days let's say. tom: early hours. ben: yeah. i think the biden administration will be going on a roadshow for the next several weeks and months. they will try to sell this, and we will get, eventually, what we started with yesterday. jon: lisa, you are an expert at this, what it senator schumer going to do about this? lisa: i think it has to do with the salt deduction, what could bring the new york state tax rate up to 52% of the uppermost bracket behind only california. this is a key issue. there's a question, before we get there, is how realistic is this plan? there can't be any defections. tom was talking about senator schumer and i'm thinking about joe manchin. how much are we looking at a plan that could get past with democratic support -- passed with democratic support? ben: the biden administration

really needs no one to leave. it's 50-50 with the vice president breaking the tie. i think it will be a really, really tight line they have to walk. i think you will have to eventually, probably we will see compromises, like everything in washington. we are talking about joe manchin, and every conversation in washington. ultimately, he is the swing vote and they will have to sell it to him. lisa: i can't keep track. we have the $2.3 trillion stimulus president biden proposed and i'm not sure where that is. there is bipartisan skinny stimulus, infrastructure spending out there, but there will also be the american families act next week, which proposes a whole new round of measures. is this basically joe biden throwing everything at the wall and seeing what sticks? ben: we will hear all about that next week. he will give his first joint

speech to congress, so it is must see tv on the 28th. we will hear about his plans, but the tax debate is tied to how he will pay for all of this. you mentioned the infrastructure plan. republicans came out yesterday and he is calling for $2 trillion plus, and they are calling for something around $500 billion. big difference. this spending next week is going to be more focused on childcare, basically the american family. we see all of the priorities rolled out and attacks on the other side of this. these plans are how they wanted to pay for this. tom: william gale, a noted expert at brooks seeing -- brookings institution, if the 2000 17 -- institution, the 2017 tax didn't pay for itself. do you raise -- if you raise the

capital gains tax to bring in more money? ben: there is a study that our colleagues broke the story yesterday that reported on that talked about the way this would increase revenue for the government over a certain period of time. publicans are pushing back hard as are some of the business leaders. they say this will hurt investment and ultimately slow down the economy. these are the same arguments we always have in washington when it comes to taxation. we will have them in a pointed way, particularly because we are talking about a capital gains tax. this is a massive change. for the longest time, income has been taxed at a higher level than investments. we are changing tax code that would change a potentially and flip that around or put it on par. jon: we have to leave it there but a thoughtful response. that is the issue, isn't it? an issue of supporting labor over capital and making a huge change in washington, d.c. on skinny margins in congress. jon: it is --

tom: it is. as he mentioned the two senators from georgia and i will let you do your calculus and lisa will have a different calculus. my calculus is history. capital gains tax model we reported on is back 100 years. literally back 100 years. somehow, i don't think this washington is diving back 100 years. jon: we talk about the consequences but the effort is fairly predictable. the sources of widening inequality in the last month has been asset inflation. assets have been benefiting tremendously from monetary policy. this might be seen as an effective way. lisa: the emphasis is important, the idea that as taxes have been structure, keeping your money in the market is perhaps better than spending it on people and things, and this reverses that. what pressure does this put on asset prices?

jon: the emphasis of this market shifted away from pure deficit spending to redistribution. that is a very different conversation. from new york city this morning. good morning. this is "bloomberg surveillance." alive on bloomberg tv with equity futures up 2/10 of 1% -- .2%. this is bloomberg. ♪

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jon: from new york city for our audience worldwide, live on bloomberg television alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures positive by .2% following the biggest one-day loss that went back to march. welcome back to a tax proposal potentially in breaking news from the team and d.c. at bloomberg. the nasdaq up .2%, on the russell, by .3%. what a 12 months it has been. i talked about projections earlier this morning. last year in june, looking to the end of 21, the federal reserve was looking for unemployment around 6.5%. the latest rejection, they're looking for 4.5% at the end of this year. that is a massive change. get to the bond market. talking about the relevance of this -- i have talked about the

relevance of million times saying looking at the data relative to the markets. right now, 1.5454. we have the resets. huge surprises over the last 12 months, the reality that the policy out of d.c. has been effective and put a fall in this economy. where do we go now? yields higher, three straight weeks of gains, heading lower, even as we see better days. tom: the key thing is you're phrase three weeks. what is so important is three weeks ago, we were modeling a 170 out to 2% and that has vaporized in 20 days. jon: we have been anticipating this for months. the market has been climbing. yields have been climbing into real-life data. where do we go from here? this reset over the last three weeks is helpful. just to set the stage, the yields may inflate higher as we start the process and i just more of the data.

yields higher may be, euro-dollar, you know the call, a move to 125. 12051, up about .3%. anticipating better days in europe. not quite the way we did in the united states, but getting there slowly. tom: we will see how the trend goes through earnings season. a lot of good economic data on this friday, labor data this morning. right now, sarah house with us from wells fargo, their senior economist. we're thrilled she could join us. i really want to go to one part of your note which takes me back to john taylor stanford and that is anchored unanchored. how close are we to unanchored inflation? sarah: i think we might be closer than the fed really thinks right now. i think, importantly in terms of how much lead time the fed has in terms of whether inflation expectations are getting away from that, it is short. it is very short and they do not

-- inflation expectations for all of the focus the fed gives on them is not a reliable indicator in the short-term of how quickly inflation -- it is very much informed by the current inflation environment. as we see inflation heat up, expectations could get away from the fed quickly. tom: then we had language from a central bank, tapers the phrase but i will let you decide with the language is, russia central bank moments ago, opening up a rate increase out there. ruble moves fractionally down breaking through 75, strong russian ruble. what language do you expect to see from an american central bank when and if they have to go with the anchor -- unanchored i would say? sarah: in terms of fed chatter and with the feds -- tom: and fed chatter. sarah: i think all eyes are

on what constitutes substantial progress. chair powell and others have said the next up will be coming from tapering. they have been in many ways vague on what constitutes what they need for substantial further progress relative to the fed's fund rate. we are looking at whether they are keeping that phrasing on track for substantial further progress and it really comes down to i think more so what is happening on the labor market front. we know we will get this pop and inflation in europe, but that is not the fed's primary concern. it is coming down to what we are seeing in terms of the labor market. and if that is moving along nicely enough. tom: what is so important here is wage inflation. we are months from wage inflation, archly? jon: totally. -- aren't we? jon: totally. that is why we are not going to have a conversation on raising balance sheets.

sarah: i think next week's meeting will be very quiet, and nonevents. i don't think we will get any change in town at all coming from the fed. as much as chair powell will be pressed in his press conference. i think in every mute fed meeting is important but some so more than others. this is not one of them. jon: let's talk about the compositional story that i think we will spend a lot of time on over the next couple months. what will the wage picture look like with that in mind? sarah: i think the wage picture is firming faster than people expected. we are down about 8.5 million jobs relative to where we were before covid, but there are pockets that are struggling for workers right now. we are already seeing wage growth. look at what has happened with the eci in terms of manufacturing, in terms of transportation, construction. we get eci data next week for the first quarter and i think that will show we are seeing

wages on that measure, which does control for competition. we are increasing 2.25, almost -- 2.2 5% almost 2.5%, which is almost a full percentage point over what we came out of out of the great recession. we are seeing greater pressures. in terms of labor inflation, people are appreciating it right now. lisa: perhaps for how long. there are frictions people are talking about, whether it is bringing back workers in mass that have childcare issues or manufacturing jobs that have ramped up that will weigh in as people go back to experiences. how much is this temporary and how much is it permanent and speaks to less slack in the labor market then people had expected? sarah: i think we tend to see wages move pretty slow. in terms of the trend, it is not terribly volatile. the fact we already see a floor

in the trend suggests we will see gradual upward pressure, and i think he comes back to what we talked about at the start of the conversation, expectation. if we are seeing stronger inflation and it does take more for workers to come back, then i think you can see that wage trend to move higher. lisa: we are dealing with a proposal from the biden administration with respect to higher capital gains taxes. that does shift the focus of where the taxes go, to basically push people into spending more on people, on things, rather than putting their money and capital markets. do you have any modeling for what this would do to growth, to investment? is there any precedent for this type of proposal? sarah: i think in terms of how this could potentially affect the outlook, the fact it could help stabilize the deficit -- we saw the deficit increasing before covid and that was really driven by more entitlement

spending than anything else. to the extent we are seeing plans for spending that might go to factors that boost productive capacity in the economy, i think that has a different implication in terms of how that spending manifest us and if you are actually trying to meet some of that with bringing in stronger revenues as well. i think it depends on how we are spending, whether that raises the productive capacity in terms of that deficit outlook, and i think when it comes to the focus on corporations, it is a matter of following the money. labor share of income has been declining since the 70's. i think if we are looking at ways to potentially stabilize that deficit picture, you are going to have to shift more toward the corporate side. tom: what do you see on capex? what is the wells fargo prediction of what companies do?

i don't buy there is a cap explain when i see the share buyback tone of the first earnings report. sarah: i think we have already seen a lot of capex in many ways pull forward. at least when it comes to the high-tech capex that has helped so many of us work from home. as we continue to see some of the comply -- supply constraints, more of a good side of the economy, you are seeing more traditional capex come back as companies are thinking a little more about expanding capacity. for many companies, they are losing out on -- because they cannot meet demand. i think that helps underpin the capex recovery already underway. jon: we have to leave it there. sarah house with wells fargo. tom, this coming from politico, democrat from west virginia, senator manchin, endorsing the republican from alaska, senator

makowski, and a politico interview. for people in the united states, this will not be a surprise. we have seen this before. for people internationally, underline the nuances in congress this year and into next year too. tom: it's a mixed year, the end of the sunday talk shows, and this is important. it is not just about mansion and the circle of senators around him. it is what we heard earlier from the georgia senators -- from banned from the georgia senators about getting reelected. -- from ben, from georgia senators about getting reelected. jon: and mcconnell refused to go out with a certain amount of checks in the late part of 2020. tom: within the capital gains, forget about capital gains, just within the general tax policy to come, how do you find a compromise? i do not see that map out there. jon: you think we did get burned

now, the republican side, because they didn't go big enough? lisa: i think this raises the question on both sides of the aisle. this raises question for the biden agenda coming fast with respect on how to pay for it, and the republican side, it raises questions about the disparity between their views and the popular support for some of the stimulus that they talking about. how do you tell this line? is joe manchin turning his own middleground and taking a lot of people from both sides with him? jon: it is a tough one to swallow, that to potentially close to $1 trillion relief package at the back end of last year seems to be not enough. lisa: small potato. [laughter] jon: we have reflected on this many times but i think we have to go back to it. we have redefined what a skinny bill is in washington. tom: the bills are there. we are looking at the reality of what has been passed and reality we have to pay for. one of the stories in 2020 two

will be the combined deficits of trade and fiscal budget. they are unimaginable. imagine where they will be in six months. jon: equity futures this morning down, back from losses, the biggest loss from the middle of march. this is bloomberg. ♪ >> with the first word news, i'm karina mitchell. americans may want to brace themselves because president biden wants to double their capital gains tax for those making $1 million or more. when you added an existing tax on investment gains, the highest could be as high as 43.4%. this could reverse a long-standing provision of the tax code that taxes are return than labor. the capital gain hike -- capital gain hike is blamed for bitcoin going down. they drop below the 50,000 mark.

bitcoin set its record of almost $65,000 on april 14. u.s. vaccine efforts meet today to review johnson & johnson's coronavirus shot that has been on hold for 10 days after several cases of rare and serious blood clots. a panel of experts advantage -- is rises -- advises the cdc. in china, president xi jinping's next target in the tech crackdown is vast reams of data. china is forecasted about to have a third of the world's data by 2025. they promised to go after platform companies that gobble up smaller competitors. a citigroup is about to fine-tune its mobile branch network. bloomberg learned they invested as much as 6 million from retail banking units across europe and the middle east. they will focus on centers across europe and asia. 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 karina mitchell. this is bloomberg. ♪

>> earlier, there were countries that may be assumed they escape the worst of this pandemic, but

we are seeing clearly that is not the case. many parts of the world still remain at risk. i worry about these headlines continuing for a year or more, unless international partners get together and help share the vaccines there. jon: the reality and merit -- in america is not the reality abroad, specifically in india. that was jennifer news oh there -- nuzzo there. here's the price action. four straight weeks of gains become a week of losses in america. equity futures up 11 points and we advance about .25%. eels are higher by almost a basis point on a 10 year maturity. in the fx market, 120.53, positive about a third of 1%, holding onto the 120 handle. that is the price action. let's talk about the data around this pandemic. vaccinations in america are sub

3 million. keeping an eye on that as we start to roll over on a dramatic move for sub 3 million. daily average over the last seven days, two point nine 5 million according to our bloomberg vaccine tracker. tom: there's talk about a rollover of vaccines in america, but it is a massive statement not only on the united states but the united kingdom as well. it's a moat difficult -- most difficult week. andrew, i do not understand how oxygen is made for hospitals. i'm learning about it and learning about all sorts of regulations and 93% memorandums of how you make the oxygen we take for granted. why can't we get oxygen to india? andrew: this really is an example of how the infrastructure there to support the medical communities is something we do not pay much attention to, but is critical to

the function of these facilities. and the surge capacity, in many of those networks, is simply not there. the profit margins and those types of things really don't drive massive expansion of the networks, so therefore, when we have this urge is associated with these cases, you don't have the ability to increase the flow of essential items as easily as you can perhaps in beds in a hospital or put ip taint -- put up a tent where you can care for patients. tom: do you think the u.s. can rise to the rescue of a beleaguered india or is that the stuff of movies? andrew: what happens now will have an effect two to three weeks from now. this is where public health interventions are critical to

understand. you have to put them in place sooner rather than later, because it is prevention we want to work on. that requires us to put in the effort before we see a problem, to make sure we minimize the problem. that is where this will be a difficult situation in india. let's not forget brazil either. which was also still struggling in the throes of severe cases of covid-19. these are places where we have to have a global community because we also have to understand the virus is present there will eventually move out and enter other parts of the country. there is a second reason to pay attention to those places and try to get help there as quickly as possible. lisa: dr. for nuzzo yesterday was on the show -- dr. n uzzo was on the show yesterday and is a question about how much the vaccination rate in the high pickup in the united states is slowing the spread here. how effective has it been given

the fact that we have a high number of infections diagnosed every day? andrew: i think you are starting to see the hints of how the vaccination campaign is rolling out to the general population. -- out to the general population is working. as i look at the maps of cases, there are hotspots, cases where things are getting under control. these are the hints of the vaccination company -- campaign working. we are nowhere close to being at the level of vaccination that really make an impact on the case numbers. that is why we need to focus on maintaining the ability to get vaccines into people's arms while also keeping some of the public health interventions in place, at least for short-term, to get case numbers down. lisa: there was space that when we started this year that we had the vaccines that could stop the spread of this virus. now we have an update that is good but not great in the united states. the pace of vaccinations is slowing down and the bar for herd immunity is getting higher

and higher. i'm wondering, given variations establishing around the world, are we still going to be talking about this at the end of the year? are we moving away from our expected goals, based on the lack of progress on a number of different fronts? andrew: i firmly believe the vaccine will get this pandemic under control, particularly when it comes to the very serious disease, hospitalized patients, deaths, those types of things. how will we get it under control in terms of it being something like influence of that we have to deal with on an annual basis will depend on the public's ability to line up and get these vaccines. we will be able to protect those high at risk for severe disease. in the u.s., we have already done a great of of doing that. it is penetrating into the regular population. the people that do not feel like they are at high risk for severe disease, that maybe feel like the vaccine is not necessary for

them, or people that maybe are not completely aware of what an important role vaccination of the general population is irrespective of personal rest to provide that protection to the population. there is a lot of communication that has to get done. jon: i think many americans are now and individuals across the country are facing a big issue, going out to eat this evening. as they go out, and the open air, if they don't wear their mask, they get the old parson looking at them like they are insane but they had their second those and they go inside the restaurant and take their mask off to eat. on will this edc make sense of this for everybody? andrew: relatively soon. updated vaccination guidelines are currently being worked on at the cdc. we should be hearing about them perhaps as early as next week. part of the hesitation for updating guidelines is since so few americans were immunized until recently, we did not want to move society into have and

have-nots and say as soon as you get your vaccines, you can shed your preventions. you will see more and more ability of people to do more and more and hopefully that can be used as motivation for people who'd have not been vaccinated to get the vaccination. jon: andrew pekosz there a bloomberg's school of public health. some people are resolving them self in an ethical issue and not just giving a science. many people just want the science. tom: you want the science right now and you have the politicians talking about the ethical issue. these are the burdens of success. i will go back to an extraordinary and frankly not predicted success. you, i, and lisa have all stood in line. jon: i couldn't agree more. tom: a lot of volunteers. jon: coming up, the chief investment strategist will be joining us on this, and the

reaction that capital gains proposal from this administration. equity futures up 11 on the equity 500. we advance .25 of 1%. -- .25%. this is bloomberg surveillance. ♪

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♪ >> to have the long-term structural forces -- we still have the long-term structural forces that weigh against growth. >> markets are so overbought that i think we are approaching that stall speed for a while. >> the market is going to have to navigate this transition from incredible monetary accommodation to thinking about what removing some of that accommodation is ultimately going to look like. >> absolutely, there are some tough decisions ahead. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures slightly positive. we had towards a week of losses d