the fact that we do have to pay for things. >> as inventories are sorted, and further to this economy. >> you understood covid was easing, people were going back in, and that is getting price in the market. now, we are delivering the earnings to justify that. >> this is all reopenings, fiscal stimulus. >> i have no clue. companies do not have a clue. announcer: this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathon: let's get to the weekend. this is "bloomberg surveillance." equity futures down .4%. the final trading session still ahead of us. a blowout week for big tech numbers. lisa: which is the reason why it

is not surprising to me. amazon crushed estimates. it is their fourth quarter of a hundred pleasant -- 100 plus dollars revenue. twitter after reporting earnings, getting crushed. getting absolutely penalized. jonathon: what do you make of that? third quarter revenue up 44%. apple app store negative in yesterday's session. the negatively skewed price action. lisa: the question is is it peak growth. it seems like for the big companies, it is anything but ptech -- but peak growth. it seems like anxiety. perhaps they price in too much perfection especially after data comes out showing the region. maybe people feel like the good times cannot last much longer. jonathon: we will talk about

this later in the hour. euro-dollar back through 120. negative growth in europe. positive growth in america. that story is well known through q1. i thought q2, q3, q4, things start to pick up a little more. europe starts to participate in this global growth story. lisa: i don't know what to make of it. i have no idea why there is not more of a rally in terms of some of these. people are saying the numbers have to prove it out. it proved it out and then some. equity traders were pricing in substantially higher targets than the analysts on wall street and they were just met, not just beaten by all that. jonathon: forgive us the talking. i think were up 6%. it is the biggest month we have gained going back to november. here is a test of the price action this friday. we look like this on the s&p 500. equity futures come back in 16 points, around .4%. just a little nibble after --

out of a weekly gain and a monthly gain. 41 point 87 on the s&p 500. in the bond market yields creeping higher. we do it again this morning. of about one basis point. we just reached 121 on euro-dollar. down about .2%. lisa: one question i have after these blowout earnings is how much are stocks going to be the new bonds. we have been talking about this for a while. as we get the earnings from exxon and chevron, there is a question about whether the dividend plays are going to continue to attract investors. to give you some perspective on year-to-date gains, exxon shares have gained 45% year to date. chevron, 28%. this comes on the heels of the rally in oil. again, you have chevron boosting their dividend. the expectation for buybacks as well as dividend increases today in the earnings reports. at 8:30, the data dump could be

the most important of the week. we get the measure of inflation that the federal reserve looks at. we are not expecting that big of again. to all of the discussion of when i go to the grocery store, everything more expensive. we will be discussing whether this is the correct metric as well as how much will make the fed moves. also, personal income and spending data. the income will show us the stimulus checks when out in march. the spending will show the fact that people have higher savings. income is a forget to increase more than 20%. tomorrow, berkshire hathaway is holding their annual shareholder meeting. very curious to see what we hear from warren buffett in terms of the optimism for the economy. last year, he sounded a little scared. this year the focus will be on the cash pile. is it time to buy something? jonathon: i am intrigued to hear what he has to say. pulling out of the airlines just as they took off time. lisa: he really has not timed that very well. he has not done very well on big

tech. if you think the dynamism will be in the traditional place, how much do we actually have? jonathon: i don't -- i'm not sure that line works for me. i don't think people are reaching for that violin. a phenomenal investor who has done well over several decades. one small story that deserves some attention, why he pulled back from the airlines when he did just as things were getting much better for the months ahead. i want to turn to the price action on amazon. amazon is up by a little more than two percentage points on the back of a massive quarter. these numbers from credit suisse and the team over there. for the top five companies. apple, microsoft, google, facebook. they have all reported q1 results. they beat expectations by 35%. the bar was high and then they hopped over the bar. that has been the story this week. lisa: they did not just hop over the bar. they crushed the bar. they shredded it. the question for me was why was

there not more the reaction because it seems like the dynamism is not going to end. we are seeing the gaining in market shares and frankly, the expansion into other industries. i am trying to understand what it is that people are reacting to. jonathon: everyone is struggling with that this morning. jeffrey mortimer joins us. i'm trying to work out whether we are validating valuations or justifying further gains. which one is it? jeffrey: with the numbers that have come out, it is justifying for evaluations. as you to have been -- as you two have been talking about, we have valuations on markets that are up towards their upper historical range probably and then some. and then fear of higher yields, that maybe we have found a good range in here. maybe 155, 165, 170. i think markets are going to say that is all right.

large tech trade, i think markets are looking towards the next move and to us it is that reopening trade. where can you take some profits potentially and move it over into the value side of the equation to pick up the global reopening trade? i think there is some of that in there as well. i agree, blowout numbers top and bottom line. i always like to look how markets react because there is a lot of information in that price action and what we have seen this that a lot of that was already priced in or perhaps, a fear of to growth is in the back of some of the minds. lisa: you said that perhaps it is better to play the reopening trade right now. one thing that amazon and apple earnings showed is that they are the reopening trade. not only where they put closing trade, but also they are gaining in a new world reshaped high-tech and immediate

delivery. how do you square that with the idea that they will be left behind at -- as the world reopens? jeffrey: i don't know that they will be left behind, but others will join them. i think with their valuations. we have been trading out of large-cap growth since last summer. moving out of it slowly but surely, we are neutral weight within the u.s. and putting that money into the value side of the equation. just because of these types of things that we see going forward. i don't think it is that they do not participate in the recovery. i just think that other companies may do so as well and perhaps the upside potential and price of a company that is not the multiples of some of the larger tech names you mentioned offer better return potential for customers.

lisa: what are better companies in your eyes today? jeffrey: i do not talk names. i can get into sectors. certainly, you look at what banking has done, what energy has done. the exxon and the chevron returns your today, certainly strong on the recovery of oil -- returns year-to-date certainly strong on the recovery of oil. certainly there. financials, a steepening earnings yield curve of benefits banking as well as loan demand. i think it is those basic building blocks where those sectors have been left behind, especially last year, that investors continue to migrate towards with the marginal dollar.

we know that the marginal dollar is the fed's price. jonathon: just quickly, because of the character of the slow down, to growth is guaranteed to, the start of the cycle. to growth does not equal big profits. growth could pick up in the future. i wonder whether it is too early to make this cycle called that we have seen peak growth rate is just a consequence -- where it is just a consequence of what we have been going through. jeffrey: i don't think we are at peak growth. if you look at bull markets historically and how equity markets behaves through a longer-term cycle -- behave through a longer-term cycle, we are one year into a bull market run. they get 47% of their returns in their first year of life. this one was an impressive number, 75%. we are in the third inning of a

continuous economic cycle that will continue to bear fruit. i don't think this is peak growth by that definition. i think we will continue to march forward. but the market will broaden. as markets age, they brought in. they are more inclusive. the growth at a regional price tends to do quite well. that takes a little bit of the heat off, a little bit of the valuation off of those higher growth names that can do quite well. when growth was scarce last year, we will pay up for growth within companies. as the economy broadens and growth becomes more ubiquitous, the marginal dollar starts to move to those companies which will benefit from overall economic growth. jonathon: thoughtful stuff, as always. jeffrey mortimer. you can take a data point, but sometimes the more valuable information is how the market response to that data. that has been the story was earnings this week. lisa: with the markets pricing

in $91 billion of buybacks. what were markets pricing in? jonathon: what would be the catalyst to get people to capitulate on this view that this is as good as it gets for apple. he said basically, more of the same. 41.80 eight on the s&p 500 futures -- 41.88 on the s&p 500 futures. tom keene enjoying an early weekend. we are driving you towards the weekend. this is bloomberg. ritika: by september or october, president biden is likely to see some version of his for trillion dollar economic plan passing congress. he has two tasks. it has to keep various democratic factions from splintering the party and he has to keep fending off republican attempts to trade the plan is radical. democrats can use senate rules to bypass republican opposition.

a stampede at a jewish religious festival earlier today killed at least 44 people and left 150 hospitalized. it is one of the deadliest disasters in israel's history. it was estimated at 100,000 people, mostly orthodox choose -- jews. brazil reported more coronavirus deaths in the first four months of the year than all of 20/20 20. the death toll now over 400,000. brazil is dealing with a shortage that is threatening mass vaccination's. the british watchdog may investigate whether or smoked johnson -- where there -- whether boris johnson broke the code of conduct. there are allegations that johnson used donors to pay for it. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta.

this is bloomberg.

>> this is a tax cut for more than 2 million families in georgia. we are cutting taxes for people

by tax credit. it is about time the very wealthy and corporations start paying their share. it is about time. a simple as that. jonathon: the president of united states speaking at a rally in georgia. i'm jonathan ferro. here is the price action. we are down 17 points to -.4%. yields have been creeping higher through the week. euro-dollar just south of 121. keeping an eye on amazon. first quarter revenue jumping 44%. we have to talk about the reaction to another big plan on capitol hill in washington, d.c. out of this white house. this is the reaction from senator manchin. it is a lot of money, a lot of

money, that makes you very uncomfortable. you wonder where that is going. lisa: for trillion dollars is a lot of money. $1.9 trillion, not so much. it seems like there is consensus that there is a way for the democrats to push something through by september. what it looks like is a question mark. with the fed left-leaning states on the coast more than anything -- more than any other. jonathon: let's bring in emily wilkins. that makes you fear very uncomfortable. who else is uncountable in the president's party? emily: there are a number of moderates who are not happy with what the president has put forward. the rest of them are saying where his healthcare, where is our extension of medicare. a lot of democrats made it very clear that they want to get that removed. they want to get that out of

there. president biden's proposal is going to go to congress now. it is going to start being tinkered by lawmakers. there is definitely discussion about how they're going to put things in, what they are going to put in, what this bill is going to look like. i don't think we are going to see president biden's bill not get changed. i think we are going to see some pretty big revisions. jonathon: we have spent the week talking to people about what they expect and they are really confused about what to expect. they don't know how to process these bills at the moment. what gets approved, what goes through. is there a timeline for when you expect this to happen? emily: we are waiting for congress to come back in mid-may. we are respecting to start seeing some of the text for these proposals. some of the house committees will begin taking up pieces of these bills. nancy pelosi has said that by july 4 she wants congress to

have gone ahead to go ahead and pass that legislation. from there, a ghost of the senate. things get complex there -- from there, it goes to the senate. it might prevent things democrats might want from making it to a budget reconciliation. lisa: why does the emphasis not on just enforcing the tax rates that are currently in place versus getting tax rates higher? emily: i think that speaks to the larger feeling among the american people, the american voters. this was a campaign promise that president biden had. these raises we have seen in capital gains tax and income tax, these were things he proposed on the campaign trail. he might not have put an exact number on it. we knew this was coming and to a certain extent, voters voted this in. this is an effort to say we are trying to find ways to pay for these proposals that we are

putting forward and right now, a lot of americans, the idea of taxing the wealthy and having that benefits go to the middle and lower income classes, it is a really appealing idea politically. lisa: this goes to the confusion that john was talking about. what you are talking about is coming through on campaign promises that may or may not see the light of day and they are may not have the support of democratic colleagues. what is real in this? what two people that you speak with say could get passed by september -- what do people that you speak with say could get passed by september? emily: we have already seen individuals like joe manchin say biden has proposed raising the corporate tax rate to 28%. i think that is too high. i think we need to raise it to 25%. those things will be some room for negotiations. you saw yesterday, the

republican senator from west virginia, doing big things right now. about the entrance arch part of the plan, that 2.2 five children -- the infrastructure part of the plan, about $2.25 trillion jonathon: jonathon:. the big four, leadership in the senate and the house meeting the president in the white house at some point over the next week. any kind of timeline for that, when you look -- when you expect that to happen? emily: may 12 is when the big four are scheduled to meet. that is democratic and republican leaders of the house and the senate. it is going to be the first meeting between president biden and kevin mccarthy since president biden became the president. i think that speaks to the relationship that biden has between republicans. he has met with the number of

rank-and-file republicans, but he has yet to meet with the leader of house republicans. he really wants to make sure this next package is a bipartisan one. jonathon: bloomberg's emily wilkins. so many people in this market grappling with that. if the big four meets with the president, how much longer will it take to get this bill done compared to the previous one? the answer to that is simple, a whole lot longer. lisa: i wonder how much of a consistent that they have especially if you have those left-leaning states getting hit harder. chuck schumer as well as new jersey and massachusetts probably pushing back on the deduction as well as other issues. i don't know. markets are shrugging this off. they are not pricing this end. jonathon: this comes from bank of america. there is a high risk of

participation rate does not fully recover leading to a drop in the unemployment rate and faster wage growth. the reason i bring up this line is because i want to know what that -- what the data looks like. the longer it comes -- it take to come to an agreement, where we are in this economy and how quickly we get there. lisa: some of the know are jobs in the economy our newest go jobs and some of the other jobs are being taken over by machines and computers. what do you do if people don't have those skills? they are dropping out of the workforce. how do you deal with that workforce? how do you invest in trying to bring some people up? this is going to be the conversation over the next decade. jonathon: we are going to touch on that over the next 10 minutes. we do that with jay bryson who will be joining us shortly. great to be alongside lisa. tom keene taking a long weekend. all-time highs at the close yesterday. we are down 17 and up by .4%.

big tech this week, just absolutely knocking it out of the park. alphabet, apple, and amazon joins the party. more to come on that soon. this is bloomberg.

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jonathon: from new york city, this is "bloomberg surveillance." no stock split at amazon. i wish tom was there to discuss it. i was going to really eat humble pie if they did it. futures on the s&p 500 in a little bit. about 4/10 -- about .4% on the s&p. the numbers have been phenomenal. 40% revenue growth at amazon. it is another $100 billion quarter for amazon. it is just amazing to see these numbers. the big question we are trying to ask, does it validate current valuations or justify further gains? most people responding that it justifies current valuations.

that has been the response so far. we need to answer that in the months to come. some people are saying people will capitulate on that view. as we talked to jeffrey mortimer earlier this morning, at the moment you can take the data but sometimes it is how the market responds to the data. we want to get to the story right here. job openings in america. look at the recovery. you can take any data point, whether it is gd point -- gdp almost fully recovering, that is what is happening. job openings are pretty much back to where we started before the pandemic. bank of america asking an important question. can unemployment dropped quicker than expected and therefore, can wages pick up quicker than expected? think about that. what does it mean for inflation, for the labor market, the bond market? this is how we are shaping up.

it is a weekly loss for treasuries. i know you talked about it earlier this morning on twitter. we will touch on that and a moment. yields through the week up a bank or nine basis points. 169.14 on the tenure. on the 30 year, 230.39. lisa: we are going to be doing with inflation data in about one hour. it is interesting to see what the bond market reaction will be. if you are talking about big tech, a disappointing response according to some traders. you have to wonder how much the regulatory risk component. apple getting an complaint -- an eu complaint overpayment issues. following all of that, our reported. what are the potential consequences for apple? >> the question is what we have heard before. spotify not happy about how apple opposes payments and -- imposes payments. apple always take up 30%, twice as a bold -- quite sizable for

some companies. what is interesting is it is the first time we have seen a regulator say that it has a problem. an antitrust complaint. we don't have a final decision yet, but it is a warning for what might come. lisa: how much has the european union led the charge when it comes to big tech regulation? >> on antitrust, it was something like $9 billion. you could criticize them for maybe not really expecting change from which are still making lots of money and are very powerful. that does seem to trigger a change in the u.s. and europe. some that might need groceries you. it hasn't really gone out there and made the changes that they wanted. jonathon: we will have to continue this conversation another time. we are spending a news conference later this morning.

that will take place in 27 minutes. any news headlines, we will bring them to you. let's talk about this labor market. a red-hot labor market. looking at the recovery in american right now. jay bryson joins us, the wells fargo chief economist. i want to start with the line from bank of america and it was the risk -- the rates for the participation remains where it is. unemployment can drop quicker than expected and wages can grow quicker than expected. what is your take on that? jay: i would think there is a risk. the labor force participation rate may remain low. i would expect it later this year to pick back up. as the economy recovers, schools reopen, there are millions who have been sitting out of the labor market to take care of children. i think you will see that pick up. we have to go back to 63.5 where it was before the pandemic. right away, that is not going to happen.

also keep in mind you are talking about wage increases. before the pandemic, the unemployment rate was at a six year low. we did not really see any wage acceleration at that point. even if the unemployment rate goes down to four or something like that, i am not going -- i'm not convinced we are going to see a huge amount. jonathon: can you compare this cycle to the previous cycle? that is what they are really asking. jay: it took years for people to get back into the labor market. this was a public health crisis that forced people out of the labor market. in theory, they should be able to come back into the labor market quicker than what they did 10 years ago.

some of those folks set out for years and years. lisa: there is a big structural shift and this is what a lot of people are looking at on the heels of these earnings that show the momentum just building. the jobs are in higher skilled areas. cloud computing, text, a whole range of issues, even implementing logistics in factories that are dependent on robots. how do you justify an economy that means a bigger proportion of the economy is left behind, a bigger proportion of the workforce is not engaged? jay: let's start with that higher skilled sort of thing. there is also more productivity in those jobs. maybe wages are going up in those sectors, but they are highly productive as well. i would also take some issue with the fact that it is all in these high wage industries. where are the places that have been beaten up? it is leisure and hospitality, hotels, things of that nature,

which closed down because of the pandemic. as restaurants go back to 100% capacity, as people start to travel and hotels pick back up, you will start to see some of those increases in those lower wage jobs as well. lisa: there is a question about wage increases on the heels of the benefits. the unappointed benefits given by the government. do you give any credence to the idea that people are staying out of the workforce because they are earning more from government checks and when they reengage with the workforce, they will demand more? jay: maybe, but i think that is on the margin. right now you can get $400 extra per week. most people know that is going to go away. if they have the opportunity to get a job today that is going to last for a long period of time, are they going to not take that job or not. some people are going to say i am not going to take the job.

i don't buy the argument that everyone is sitting out of the labor force just to collect $400 extra per week. i think that is a marginal sort of thing as it affects the overall market. jonathon: just looking at the payrolls report for next month, i am looking at the estimates. 1.5 million at the top end. this is big grouping north of one million. the median estimate right now is 950,000. the lowest is 700,000. that is as low as it gets into the next payrolls report. we are expecting some big numbers in the months to come. lisa: the issue is how quickly does this pick up. we have been talking about this all week. is this peak growth or is this just the beginning and are we going to see it continue? jonathon: it is likely to be peak growth. it is obvious why.

we have had a mandated recession and is reopening generating a mechanical response. earlier i compared it to a submerged each ball. what you think happens when you take your hand away? it explodes to the surface. we keep coming back to this concept of peak growth and i hear people using it to justify what is happening in the market. it is obvious with the nature of the slowdown that peak growth is going to come at the beginning of the cycle, then we move on. why is peak growth relevant? jay: i think it is relevant for market pricing in terms of that nature. in terms of the overall economy, does a normal person, can they feel the difference between 9% growth which i think we will get in the second quarter, or 6.4% which we got in the first quarter? no. i think it matters in terms of pricing in financial markets, but in terms of the average joe, what they are looking at is the

labor market. they are looking at the unemployment rate. whether you are growing at 9% or 6%, the labor market is going to remain very strong for at least the next few quarters. jonathon: these are the gains that mattered more interim parts of the market. great to catch up. jay bryson of wells fargo. at the moment, this is such a big debate. what ultimately matters? is it the peak growth or the cumulative gains we will see over the next 12 months which will drive the unemployment rate lower and potentially generate some price pressure? lisa: this is really the question. the wage increases and how persistent they are. when do we start talking about transitory versus more persistent and it really does come back to the wages, how much they will increase. not just on an average level, but in the same jobs in a comparative way. jonathon: it is not about what the fed should or should not do, is about will or won't they.

he always based his conversation around what they should and should not do. their interpretation of transitory defines what they will do next. what happens down the line if they make a policy error is a different conversation. in the near term, they believe absent a tight labor market, any price pressure is not persistent. we got that from the chairman this week. that was the message. any pressure absent a tight labor market will not be persistent. lisa: right now, they have the luxury of doing that because markets are not pressing their hands. the markets are saying we buy what you are saying and you are right. the second market start saying you are wrong, we think you are making a policy error, then they had a real problem and have to communicate better and how to start talking about economic expectations. right now are saying you are right. jay powell is sitting tight and he is in a great place. jonathon: we don't see that in the bond market. certainly not the front end. this is way too serious. lisa: i know. jonathon: can we have a serious conversation for a few minutes?

nobody is consuming alcohol on this program. maybe that is what is missing. coming up, andrew pekosz. equity futures down 21, down .5%. yields unchanged, higher on the week, unchanged on the session. this is bloomberg. ritika: the euro economy slid into a double dip recession at the start of the year. coronavirus lockdowns kept businesses closed and consumers were reluctant to spend. output in the area was down .6% in the first quarter. it fell nearly three times that rate in germany. the u.s. posted growth of 6.4%. in florida, republicans have voted to impose restrictions on voting. that adds to the national push

by lawmakers to make it more difficult to vote. florida has been a grad around -- battleground state. biden won the state by more than three percentage points more on november. rudy giuliani says investigators seized material from his icloud while he was representing donald trump during his impeachment. giuliani spoke to fox news the day after the fbi raided his home and office. the justice department is not commenting. prosecutors have been investigating giuliani in connection with his lobbying work in ukraine. china is cracking down on companies that are expanding in finance. big leaders have imposed restrictions on the finance arms of 13 companies including tencent and bytedance. they are using many of the same limits that will -- that were slapped on jack ma's group. amazon expects the surge to continue even as consumers resume normal lives.

amazon hired hundreds of thousands of workers and continued to open warehouses at a rate of one every 24 hours. first quarter results show that paid off. earnings set a record. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg.

>> we are getting calls all around the world from people

getting no vaccine right now. more importantly, people thinking ahead of 2020. variants emerging. it is why we decided to invest. jonathon: that was my turn up's ceo -- that was moderna's ceo. tom keene is on vacation on a long weekend. here is special edition of a market check with me and tom keene in my ears saying go to cash, nobody cares. euro-dollar, 120.83. in the equity market, 41.79. we pull back from all time highs on the s&p 500, down 24 points and up by .6%. it has been a fantastic month of gains. the biggest on the s&p 500. going to the boom times of november.

you see the price action on apple got everybody's attention. blowout numbers and then red to end the day. what was that about? lisa: maybe they are listening to tom keene saying go to cash. it is as good as it gets, that is the fear. i don't know except to say perhaps this has been priced in. what has been priced in, a $90 billion share buyback? jonathon: it is not just apple, it is others too. lisa: going forward, there is a question of whether these companies will be left behind, whether they have been priced in some of their dynamism when their beats off of when they were benefiting. their costs are not that easy compared to other consumer facing companies. jonathon: there is a lot of good news in america. new york city talking about full the reopening in july.

the president coming out with some incremental guidance on what you can do if you have been vaccinated. let's bring in andrew pekosz, john hopkins school of public health professor. i will be careful with my words. do you think the current guidance for vaccinated people is a reflection of what the science tells us vaccinated people can do or is it out of ensuring compliance from the people who have not been vaccinated? andrew: it is certainly based on the science and terms of what we know vaccination will do for an individual. we now know based on a number of studies that vaccination will not only text from severe disease, it will protect from symptomatic disease and reduce transmission. getting vaccinated is going to have a major impact on the pandemic. we assumed it would and now we have the data to support that. these relaxations of the guidance of the public health restrictions for vaccinated

individuals reflects the fact that if you get vaccinated, you pose less of a threat to the population in terms of passing this disease onto people. i think that is a good thing that you are seeing. jonathon: do you think some people are still struggling with the logic of certain requirements? let me give you an example. you go into a restaurant, you can sit down with your friends and have a meal. but if you stand up and walk to the restroom, you better put that mask back on. you will forgive me, i am sure, but that is how people feel. they go into a restaurant, they take off their mast, they eat, and then they walked to the restroom and have to put the mask back on. what is that about? andrew: it is to also think about the other groups you are not interacting with. as a vaccinated individual, you should be paying attention to the groups you are interacting with. we are not giving people free rain to socialize with anyone and everyone. you have to be careful in terms of who you are interacting with

because we want the rest of the population to reach this level of immunity so that we can have further blockades in terms of the ability of the virus to transmit. we don't want to rely on one individual and their immunity to protect the entire community. we need other people to get involved. while vaccination reduces the risk of transmission tremendously, it does not eliminate it. until we get to a level where most people are vaccinated, it is good to have these reminders that we are not out of the woods. we have to be careful and measured in terms of how we are approaching this pandemic. lisa: are public health officials at odds with elected officials that are trying to get their economies going? you have the likes of mayor de blasio saying everything will be reopened while you have the cdc that still will not give guidance saying that you can be part of a bigger group if you have been vaccinated. andrew: absolutely. these will be conflicting goals

in some perspective. there is no public health individual that wants to see the economy continue to be shut down. all public health individuals have families, have lives. they want to get back to some semblance of normally -- normalcy. it is a question of the rate at which we do this. when you look at the case numbers, they are falling, but they are at a high level. with vaccination rates slowing down across the u.s., we are a little bit worried that we are going to hit some sort of plateau of vaccinated individuals that is much lower than what we need to really make a major impact on the spread of this fire is. i think that is the real -- on the spread of this virus. i think that is the real area we are conflicted in. how we are pushing to get immunity because that will allow us to open up in a safer way. lisa: how effective are vaccine passports? some people say they are not

that effective. in six months, they will not be applicable after that. other people are saying it is just a political issue. andrew: i will leave the politics aside. if you speak from the science, a vaccine passport that has an accurate date in which you have gotten your initial vaccination and your booster will actually -- is a good way to keep track of your immunity. we will know over time how long that immunity goes. as you have documentation of when you got vaccinated, you can be put on that scale of how protected you are. scientifically, there are ways you can capture this information to be accurate. politically, it is a whole other issue in terms of whether or not people want to go to that extreme and for what things they want to have a vaccine passport to allow them to take part in those. jonathon: good to hear from you. andrew pekosz, johns hopkins

bloomberg school of public health. ethically speaking, you have to give us freedom to gain more freedom. isn't that the conversation around vaccine passports? lisa: that has been the question since the pandemic has been raging and that is why people have been talking about china and how they cracked down and constrained human rights and had a more effective way of stopping the pandemic more quickly. in the u.s., people saying do not restrain my freedom and yet, who's freedom are we talking about is this is a societal problem and a societal need to combat it? jonathon: from that perspective, we should not dismiss those concerns. once you give certain freedoms to the government, it is difficult to reclaim them. many are grappling with that after what has happened in the last 12 months. power-hungry individuals in government, they are always on. it is hard to get it back. lisa: he was hoping to celebrate

the amazon stock split. jonathon: he did not get that, did he? lisa: he was going to call in though. jonathon: the first thing i looked for. i was like, thank goodness for that. equity futures up .6%. all-time highs.

♪ >> the fed's got to be a lot clearer, and fiscal policy has to confront the fact that we do have to pay for things. >> it is just going to add further oomph to this economy. >> we understood covid was easing, and that started getting priced into the market. now we are delivering the earnings to justify that. >> we know the economic data is great. this is all the reopening, fiscal stimulus. how much does behavior change? >> where does this thing peak out? i have no clue. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: pulling back from all-time highs. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. tom keene back on monday.