we shut it down and turned it back on and it is coming with a lot of messy friction. >> you've got a ways to go to pre-pandemic employment. >> a new era for u.s. growth. i think we are just back to normal. >> we have to admit there's a very good chance that inflation will turn out to be sticky. >> sit back and think about what is going on, it is very clear. we are borrowing from the future. >> this is "bloomberg surveillance." jonathan: from new york city, good morning, this is "bloomberg surveillance." equity futures up by almost a 10th of what percent as we count you down to the payroll report tomorrow. the biggest issue, vaccine waiver. a waiver on ip rights those vaccines produced several big pharma companies worldwide.

that is where the u.s. support lies right now. tom: nothing more than copyright. it has been a debate that has gone on forever led by mark. -- merck. good morning, dr. douglas, in new jersey. i would say it is a huge deal stop as we have discussed, the acclaimed harvard economist says it is real simple, pay the drug companies for the research. jonathan: but that is not the way things are progressing. should we be helping low and middle income countries get access to the vaccine? absolutely. then we have to ask yourself, what is holding back the supply of vaccine? is it ip? technical expertise? supply bottlenecks? the optics are pretty obvious, the substance, far less so. tom: fixed cost and variable cost and someone has to help

fixed cost of creating these miracle drugs whether it is covid or anything else. everyone agrees the system has been screwed up her years. trump took a very different look than biden, but looking for constructive solution was to optimist like professor houseman saying we can solve this tomorrow. jonathan: and others, including dr. fauci, who has raised questions about it. we could be talking about this through 2022. before you hand over the technology, it could be early 2023. lisa: and what preceded does this set if there is a crisis, does this mean the u.s. will waive the ip protections? what does that mean for investment in the biofarma space? there is a question, particularly about the mrna technology of biontech, etc., that if you reveal the ip, does this allow some of the breakthroughs from other

companies and is a beneficial? nobody wants to pay for this yet that money is what drives the innovation. this is the tension we have in the market today. jonathan: i don't think anyone wants to be seen asking the tough questions. monopolize the moral high ground. he could not marginalize this many questions on what has to be asked, big, big questions. we should be celebrating what has happened in the last 12 months. delivery of vaccine in record time. tom: we remember the skepticism of mrna research and the ability to do this. the bottom line is, celebrate, the home where delivery of this by drug companies centered mostly out of the united states of america. that industry was founded on patent and copyright and intellectual right protection. how do you structure a process so they get compensated? everybody is on this site or that side and nobody is talking about what is the process of

solution? i go back to ricardo hausman who says, look, there is a solution. let's get to it. jonathan: professor stiglitz will be on later on this morning. we will have questions for the next several hours. i want to look at the price action briefly. what an interesting market in the u.s. we are very, very focused on what is happening with real yields. they are deeply negative yet tech is not outperforming, the financials are. energy stocks are. lisa, this is a nuanced market. we have a lot to talk about. lisa: but not a snooze fest. that is the distinction to also borrow from tom was not if you look at the inflation breakeven rates, the highest level since going back to 2006. look at the three year rate. the idea people are pricing in

inflation but not representing himself in the absolute yields. 8:30 this morning, we get jobless claims. noisy by giving tea leaves at of tomorrow's payroll report. 12:00 p.m., the house is holding hearing on gamestop and the volatility in markets around them. yesterday the sec chair indicated he would be willing to have more regulation on the likes of robinhood and citadel in the wakes of what we saw i'm gamestop -- on gamestop. at 4:00 p.m., interesting as well, the fed releases financial stability report after fed chair powell used the "f" word, "frothy." how much will they highlight that and where will they look for the goods of froth?

indicating in boston yesterday, the mortgage market had his concern that possibly the fed will have to take a look at the balance of mortgage-backed that versus treasury they purchased each month in order to prevent this market from overheating. jonathan: that is the "f" word in fed speak. let's talk about yields. nominal yields, real yields. we've heard a lot of talk about inflation, rake evens, breakout. nominal's have stayed stable. real yields are much deeper into negative territory. look at the equity market price action. we look back and break it down energy financials top of the pile. bottom of the pout, tech and utilities in the midst. he would think real yields are reflecting higher. that is not happening. tom: there is a lot of good work

on it. i would say there is basically hysteria of gloom. when i look at s&p 500 from the trend of 2007, we exactly kissed up two standard deviations and pulled back a little bit to extend 1.5 standard deviation. that is not a correction. it is not a bear market. it is stasis at high levels. jonathan: your thoughts on what is happening in the bond market and reconcile it with the equity market more recently? >> look, i think the equity market, the volatility is driving the equity market driven by the defectors. what is speculation, 20% of the market. as more folks go back to work, the retail will decline. you have inflation front and center were as you discussed, this question is it permanent?

with 1510-year gilts starting on the one hand, one market -- with the 10-year gilts starting on the one hand, i think the bond market -- the volatility driven, almost as large. on a day-to-day basis, those are the facts driving the volatility. over time, as you discussed before, it is been an awesome earnings season. 90% of the companies have been expectations. as earnings go, so goes the market. tom: charles, good morning. tom keene. i look at the 2009 s&p 500 and we kissed two standard

deviations extended. ok, the market is a little extended now but when you and neuberger berman monitor corporate revenues, corporate earnings, can you suggest we are extended out when you're coming two years, three years or are we building an underpinning of cash flow that will sustain this market? charles: what will sustain the market is earnings driven by economic growth. we should all recognize the economy right now is experiencing -- the likes of which we have not seen since world war ii. it has been driven -- we have three factors in the economy, all pedal to the metal at the same time. the consumers, the corporation, and fiscal and monetary policy are all in it together at the same time. it slowly will be coordinated globally. as that continues to play through, will get moore earnings.

we started this year at 185. close to 200 out in s&p earnings. next year, probably get another 10% growth. follow the earnings. hard to underwrite volatility day today but i think the demand will play out for far longer than people expect as corporations, consumers, and government continue to behave in a the way they behaved over the recent past. lisa: juncker permit described himself as a fully invested bear. are you on the same page? trials: yet to think of innovation -- charles: you have to think of innovation and prosperity over time. i'm trying to be an authentic long-term investor focused on businesses that compound. i do know if you find a business i can grow 30% for three years, yet 30% more earnings three years from today.

also a lot of protection on price volatility. i tend to be a reasonable optimist. i feel emboldened by what transpired yesterday with everyone coming together to solve something just awful. being optimistic has always paid off long-term. there's nothing about risk assets today that suggests to me in total that there overvalued. of course they conjured -- conquered the market and stories can be validated were reputed but the focus on businesses that are solving real problems that have long-term -- i think investors are going to be just great. jonathan: charles kantor, great to see you. i think i you prayed this right now really reveals your underline buys. if your focus on inflation, are focused on the end result. on the demand shock, that is

what is happening. the demand shock of this country come this economy, global economy is going through. tom: abu economy going forward is a real mystery. jonathan: coming up. good morning. with equity futures higher, this is "bloomberg surveillance." ♪ >> president biden says he is open to compromise on raising the corporate tax rate. he is called on congress to boost the rate from 21% to 28% now says he doesn't have to be exactly what he said. democratic senator joe manchin has said he could support a 25% rate. the u.s. will support a proposal to with intellectual property protection for coronavirus vaccine. u.s. trade representative told bloomberg the u.s. better access

more manufacturing and more shots any arms. drugmakers are opposing same few countries have the capacity to make the vaccine even if they knew the formulas. moderna coronavirus booster shock get positive results against strains of the virus that have emerged in south africa and brazil according to early results. the boosters have some side effects comparable to those seen after the second dose of moderna's existing vaccine. jeff bezos, 2.5 but in dollars -- dumped $2.5 billion of stock. he signaled more sales are on the way. the world's richest person to holds more than 10% of amazon's shares. spacex now the landing after reaching an altitude of about six miles climb a controlled dissent to its launchpad in texas. elon musk sees the rocket as a

future workhorse for trips to the moon and mars. nasa recently picked a sex to develop a new system. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is "bloomberg." ♪

>> we are ready to discuss how the u.s. proposal for waiver on

intellectual property protection for covid vaccine could help achieve that objective. in the short run, however, we call upon all vaccine producing countries to allow experts and to avoid measures that disrupts this letter. jonathan: european commission president responding to u.s. proposal. from new york city, good morning. the price action right now, yields unchanged. yields lower through the week again. fx market, 120.47. euro showing some strength. crude showing some weakness. this discussion around corporate taxes, tom, briefly, maybe open to take them from 21 to 25.

if you go to the research next year, rbc, credit suisse, what are they plugging into the forecast? 25% on corporate taxes. maybe that is the number. tom: i would say in the text seen, the basic idea is -- taxing, the basic idea, the graham has shifted in the last two weeks. in illinois and texas, it changes the calculus. i think it is a very removable feast about where the compromise will be on that. someone who knows compromise, ben from washington. i think you have to go to the patent discussion because it is such a stark discussion between the trump administration and the biden administration. how big is that political divide on how u.s. companies should be compensated for their intellectual value?

how big is that divide in your washington? ben: it is night and day. the trump administration was against the idea of offering this waiver for i the patent and now yesterday were the u.s. trade representative and part of the bite white house essentially saying extraordinary times demand extraordinary measures. indeed, there should be a temporary waiver at least for these patents. it is a complete reversal. this is also coming amid the horrific coronavirus outbreak in india and elsewhere in the developing world. what we are seeing is the bite administration taking a different tactic to re-engaging in some areas maybe the trump administration had a much different approach to. this is one of the first public health international moments we are seeing and we will see in washington whether the president's party is going to be

all in line with him and actually granting these waivers. it will be a political hot potato, if you will, over the next several weeks. jonathan: how we frame this is critical. this is not about whether we should or should not help low and middle income countries. that is not the debate. i don't know of a single person that does not want to help low and middle income countries that are struggling right now. it is how we help them. when you listen to the european commissioner president, "we are ready to discuss how, whether, it could help achieve that objective." why have they made the decision? what has led them to believe it is not raw materials, not supply bottlenecks, not expertise, it is all about? ip protection? ben: during the campaign, then candidate joe biden discuss this. he said he wanted to do this.

i think for a while there has been a sense among him and in a circle that this could ease the bottleneck and move ahead. what we have heard since this came out yesterday is the pharmaceutical industry pushing back pretty vigorously and mentioning some of the things you are raising? complications they say around ramping up supplies, setting up factories. you know, the idea at least the industry is saying by temporarily waving these patent rights, or something going to be able to produce vaccines in different country. the pharmaceutical industry saying it may be a little far-fetched. for the bite and administration committee think this is a key step was something that needs to be done to solve some of the problems in india, south africa, elsewhere in the developing world. industry is already pushing back and i'm sure it is only the beginning we will see this play out in washington and europe and elsewhere around the world the next several weeks. jonathan: it seems like --

lisa: it seems like it will take a long time for this to go into effect, the details going to companies in places like india for production locally. in the meantime, and correct me if i'm wrong with that, is the u.s. materially ramping up their exports of existing vaccines that have stockpiled for people but don't want to take it in the united states? ben: earlier this week, the president give a speech in the white house where he said just that, the u.s. was looking to ramp up its export of some of these vaccines have been stockpiled here in the u.s. that is another thing the biden administration has said. they have also taken heat from progressives here in the u.s. and also brought because there is the view of many critics that the u.s. should be moving quicker here. as you mentioned, there are people in the u.s. not willing to take the vaccine.

stockpiles in many states right now. there are countries around the world that don't have the vaccines they need. there are people who are saying the u.s. should move much quicker, get the vaccines into people's arms in places like india. the biden administration is trying to walk a line where they have to get as many people as they can vaccinate it in this country even though there is still hesitancy because you're never going to get to the herd immunity unless you get more people vaccinated here in the u.s. also, the u.s. moved so quickly. they have three approved vaccines here in addition to astrazeneca stockpiles and the rest of the world is saying, give us more. they send some to canada and mexico but elsewhere in the world is waiting for more. jonathan: thank you. this is the situation to debate this morning. the emotional response is obvious. this makes since we want to help save lives. of course everyone wants to do it. whether this is the way to do it

is the debate. tom: i think the distinction about the polarity involved maybe 90 washington you are always seen the polarity. i thought the bite approach was a bit nuanced toward the discussion, toward the nearness on the cover 19 but it is simple. the people who make these water drugs don't trust him. that is all it is to it. -- the people who make these wonder drugs don't trust them. that is all it is about it. you go back to measles. lisa: the idea here of potentially opening up not only for another crisis, but just in general to drug production if you remove some of the financial incentives for companies to innovate stop what does that do long-term? that said, the biden administration as think that this is a one-off, specific situation and does not set a precedent. jonathan: what we have also seen

over the last six months is the vaccine alone is not enough. you also be the right policies. india and brazil, the two countries pushing for this ip waiver, arguably at the moment have the worst leadership on this pandemic. tom: and can they manufacture and execute intellectual input? ♪

jonathan: from new york city, this is "bloomberg surveillance." thursday morning price action. equity features bouncing back, up about a third on the nasdaq. identify little tension in the market. let's switch up the board over the last 24 hours. s&p 500 energy come up by more than 3% yesterday. the banks up by 1%. utilities off by 1.7%. if i showed you that snapshot and i talked about this a little bit earlier this week, where would you think rates were both nominal and real? i've seen inflation expectations

break out let's talk about where yields are right now. isn't this the chart of the moment, tom keene? -91 basis points on 10 year real yield. what happened to the story of real yield and i.t. correlating echo what happened to that? tom: elegant rollover. a real inertial force to the quality of the rollover. jonathan: the tension of the moment between the equity market and the bond market. the equity market seems to be doing its own thing, responding to something else. lisa: leon cooperman said the main thing was looking for in terms of equity performance was fed speak. that says everything you need to know. jonathan: i will talk about how this reconciles. alternately over time, the story reconciles again, but which way? real yields higher equity market lower? tom: we don't know.

jonathan: i will bring it to you in about an hour. tom: there is a study for most unusual market, the most unusual pandemic. we try to figure out what this vaccination program means. we have found a grandfather who will see his grandchildren for the first time since time began. the kids show up in the coming days, danny blanchflower. denny: my grandkids are coming today. things are starting to get back to normal and that is the story we are hearing on the economy. it is slow progress. we are seeing past recovery but never had to where we were before this awful pandemic hit. tom: i want to go back to your book. there is a mystery here to what

wage dynamics will do as we bring on millions of service sector lower wage employees. are you worried about rising wages and benefits? danny: no. i've been worried about the lack of rise of wages and benefits over the last 15 years or so and the big puzzle in the data is we have seen wage growth so strong, it just makes no sense. we still have the unemployment rate go from 4% to 50%, wage growth go from 3% to 8%. the reason for that is the dropout of the low in of the wage distribution. it is pretty complicated. i was looking at the data for the u.k. code the bank of england are going to look at, and it is just as confusing. there is an election in scotland. jan employment rate in scotland is lower than it was in march

2020. the data and the labor market are closely. a lot has to do with furloughed workers, bottom of the which distribution dropping out -- certainly, the argument i'm going to worry about wages really picking up the most unlikely to me and people talk about shortages. but there is of labor out there. many firms have not recovered and probably are going to close. i think adjustment will be complicated. the last thing in the world really care about is the wages are going to explode. they are not. jonathan: let's avoid the domestic talk in the u.k. and focus on the labor market in the u.s. if we can't. every single payroll friday to come on bluebird radio with tom and i we talk about the labor market. you were the class clown who said, you are wrong. everyone said come here because danny. danny going at it again. the guy is an idiot.

everyone agrees with you now. when you look at the labor market in months and quarters to come, what is the data point you will be looking at? if it is not ample -- implement, what is it? danny: i like the employment rate. i like the underemployment rate . but i think the adjustment of wages are the big story. the curve in the u.s. i just talked about, it is a big puzzle. if you look back at what happened in the u.s. between 2015-2018 and what the fed did, in essence, they did not listen to what i said. they said, we're going to raise the rates, wage growth is about to come. it did not happen. i think what we have to watch is what happens to wage growth and what measures really are suggesting the labor market is very tight.

an ethic mr. soros had a long time, a lot of people disagreed, unemployment can be on the low side and basically we should sit and allow the economy to adjust. i'm going to really watch wage growth and see how it progresses but i will watch it come down as people come out of furloughs, come out of lockdowns they been in, and see what recovery comes. but i think we sit and wait and watch. i listen to jay powell. i thought it was fantastic. absolutely got it. he said what i've said over the last five years, which people disagreed with but essentially turned out to be right. you want to look at multiple -- remember, that is the employment rate, never got back to where it was in 2008. never did. and i think that was the mistake most people make.

a lot of people just got it wrong. lisa: a lot of question about what policies could increase wages going forward. we hear this from the by the administration with that tax subsidies proposed most of what policy traditionally i knew her economic research have effectively raised wages, increase productivity, made a fair labor market? danny: the first answer is you move toward employment. you also give incentives for firms to hire people. one of the stories about capital and labor is why firms invest in capital? because its relative price is lower. you try to make the labor price lower. the story about unions -- unions are fine if you can generate rise in productivity. i think helped to make workers more productive, help share in profits available. one of the stories we have to think about is for a very long

time, firms were able to pay my wages -- higher wages and chose not to. the question is, why not? you can encourage firms to hire people, give them tax incentives. one of the big stories is you can get wage incentives to people, earned income tax credit, but essentially, you start to stake it is very important to have -- perhaps because the balance move in one direction. i like the idea move toward -- tom:. ok. danny: i certainly think the levels of inequality -- tom: ok, you sound like -- you sound like a professor from dartmouth. let's cut to the chase. we don't have enough time to get into a lecture. you and i are in a classroom in hanover, new hampshire, talking about you needing -- unique politics of buying. biden wanting to get back to a

labor vision from one time. his bid a one-off that evaporates or is there a real new substance for labor vision in centrist america? danny: that is a really good question. in a sense, i thought the last like it was the decade of the central banker. many of what was he now is a new decade of the labor economist. i do i mean that? well, janet yellen, labor economist, central banker, that basically in her acceptance speech, talked about the importance of improving the labor market, improving wages, improving jobs. chair of the council of advisors, another labor economist. members of council of economic -- and the recognition is, you have to do something about the labor market, not least those people who have been left behind. something about real wages in

america. especially things about people with high school education. something for those folks. i think there is a recognition politically, but it says we have to do something about those people who have not benefited from the american dream. and i think the biden administration is recognizing that. look at who they appointed. i think the new recognition has to be we really messed up what happened in the labor market. i think biden is right and moving in that direction. looks like quite a bit of public support. jonathan: danny, great to catch up. professor of economics. expectations, low and high. tom: jon, you are so sour.

so british. jonathan: 1.25. tom: lisa? he is so british. we surged. i say surged from 900 and 5000 up to a survey of 998,000. surged, i say. the american way to look at things. we surged. jonathan: i go through it without the emotion. tom: it is in america. we have to keep people watching and enthused. jonathan: emotional lies the jobs report. lisa: created a new drinking game around the word "surge." tom: surged. jon cratered. jonathan: just keep talking.

the s&p is up. the yield is unchanged. euro-dollar pushing higher. alongside tom keene and lisa abramowicz, i am jonathan ferro. this is "bloomberg." ♪ >> president biden says a corporate tax hike does not have to be exactly as much as he wants. the president indicated he's filling to compromise on one of the key features of his infrastructure and jobs proposal. senator joe manchin says he can't go for the proposing increase from 21% to 28, but could support a 25% corporate rate. it is prime minister boris johnson made a final push for today's super thursday elections. a major test of support for his leadership and the ruling conservative particles of the

pandemic forced one set of local elections to be delayed by year. voting will be held today. amongst the races, local councils for scottish and welsh parliaments and the mayor of london. uber says the cost of recruiting drivers will have an impact on earnings in the second quarter. that is one more in front the company's goal to turn off a by the end of the year. uber expects incentives to get drivers back on the road will reduce the rate the company takes from fares about 20%. the lecture home market in new york showing early signs of recovery. prices in manhattan's most expensive districts rose 5.0% in the year through march. the first annual increase since last april. rents in central london's best area felt 40% in the same period. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries.

this is "bloomberg." ♪

>> has this date is coming out,

we are also seeing strength in india that is even more ominous than the south africa one so the question will be, how will that fair with boosters? unless people think we're going to be stuck in the battle for a long time, we are going to be stuck in the battle for a long time but at least now we have a weapon to do that. jonathan: that was the moderna chairman. good morning. here's your equity market this thursday morning as we count you down to initial jobless claims in america about an hour and 42 minutes away. equity futures up on the s&p 500. yields, changed. inflation expectations, breaking out a little bit. new hires and at the last decade or so, even more. the real yields, even more deeply negative. nominal yield this morning, tom,

1.5643. tom: the dynamics on data, claims that 8:30 and the jobs report tomorrow is really, really something. jennifer has been with us before. johns hopkins center for health security. i want to go to that moment in organic chemistry were you realized at red in environment organic chemistry -- jennifer: this is my recurring nightmare, that question. tom: i open morrison and boyd up and said, these people are freaking geniuses. let's go to the gross underestimation of that geniuses actually manufacturing mrna. they passed morrison and boyd, didn't they? jennifer: they did and thank

goodness because these vaccines are lifesavers, literally. tom: there is an underestimation of the intellectual rights of those drug companies. how do we move from intellectual rights to the crying need to vaccinate india? jennifer: we completely understandable. in moderna, u.s. government developed the vaccine, the ip on that but it is an urgent situation for us to address because we do have a crying need and not just in india. the situation is staggering. yesterday they broke another record, more than 400,000 cases. we know that is probably a gross underestimate of the infections occurring. nearly 4000 deaths in single day. also staggeringly high case counts and case acceleration in a number of other countries that are ill-equipped to handle it themselves as well. we have to figure this out. there is an urgent need for

vaccines across the globe and we simply don't have enough. we need to make or. we need to figure out the path to make more vaccines as soon as possible. jonathan: we have got to make more. that is the conclusion. let's try and ask the right question, what do you think is holding back vaccine supply and you think ip protection is the biggest obstacle to that? jennifer: i think there are a series of small, lots of small obstacles. it appears the ip protection may be one of the issues. i think we need to have a detailed analysis of what the issues are. we know shortages of raw materials are an issue. we urgently need a situation where we can track this at the global level to understand where the raw materials are to get countries to stop hoarding what they have. we need to do this in a concerted way.

to let each country go on its own to vaccinate as a population is not sufficient in a global pandemic. what we have now are a few countries with more than enough and most countries having not close to enough to vaccinate even the health-care workers are putting their lives on the line every day. we need to figure out something. the current amount of vaccine we have is not sufficient to address the most pressing need. lisa: let's try to strip out the political noise. how much is the ip noise affecting the pandemic as we know it right now versus looking at the stockpiles of places like the united states has in deciding how much the u.s. are shipping out while also making sure the population is covered? jennifer: we need to make more. it ip issues or not it is going

to take time. we have to think about how we're going to use the vaccines we have and i think it is great we made so much progress in vaccinating adult in the u.s., bringing down our case numbers and i expect we will continue to see cases decline over the coming months. israel and u.k., case numbers are way down. i expect we will get there. but what we do with the other vaccines? these are tough questions when we have such urgent needs across the world. maybe now is not the time for us to be vaccinating the risk populations. maybe we can share some and come back. i don't have the answers, but i think our failure to answer these questions is what is not ending this pandemic. tom: i just figured out morrison and boyd's sixth edition costs $228 which is enough to start drinking early. seriously, how do we move an mrna vaccine with cold storage

over to mumbai or rural india? to me that is fiction. jennifer: it is not. i can say that because we have these vaccines that read wire ultracold chain conditions in low research settings like the democratic republic of congo used a vaccine that requires cold storage to address the ebola problem. it is not not a challenge but one that has not been worked on before. tom: every time dr. nuzzo is on, i learned something. jennifer: i will try harder next time to not do that. jonathan: two point one 3 million vaccines per day is the average of the last seven days. when are they going to show a little competence about what vaccinate people can do? jennifer: let's do it now. just before i came on, and fully immunized as i friday a plane advantage of that and go out and do more things.

we have to talk fairly about vaccines they are our pathway back to freedom for sure. jonathan: doctor, good to catch up. dr. jennifer nuzzo. the debate at that moment, there are two at the moment. tom: this is a real swirl job but i would bring it back into what we are talking of the markets and of jobs as well. we forget it is a boom economy. i am as guilty as anyone. how do we proceed 7%, a percent, 10% economic growth? we have no history of understanding that. jonathan: it is a shock we have to work our way through. on labor shortages, what difference would it make for people the been vaccinated a little more confidence to go back? what if we get the hesitant a little more confidence to say this is what you can do? lisa:.

i agree. tom: i was at mcdonald's yesterday and they were stacked up waiting to get into the restaurant. lisa: disregard. jonathan: it didn't happen. coming from new york city, more to come. this is "bloomberg." ♪

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♪ >> we basically rebooted the global economy. we shut it down and turned it back on, and it is coming with a lot of messy friction. >> we've got a long way to go to get to pre-pandemic employment. >> i don't think we are in the roaring 20's and we will have a new era for u.s. growth. i think we are just back to normal. >> we do think it is transitory, but we have to admit that there's a fair chance that inflation will turn out to be sticky. >> if you think about what is going on, it is very clear we are borrowing from the future. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: getting closer to payrolls friday. from new york city this thursday morning, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market shifting higher by