> we basically rebooted the global economy. we shut it down and turn it back on, and it is coming with a lot of messy friction. >> i'm against the view that 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 should all recognize the economy right now is experiencing a launch we haven't seen since the likes of world war ii. >> you sit back and 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. tom: did morning, everyone. -- good morning, everyone. thank you for joining us on radio, on television. a simulcast on economics, finance and investment, and the american labor economy. in this hour, we see what a boom economy really employees. jonathan: i think they absolutely nailed it at neuberger berman. we are facing a demand shock. 12 months ago, we faced a negative demand shock like the world has never seen before. this time around, we face a positive demand shock like the world has never seen before. you see it picked up in the commodity market. you see it picked up in the labor market. the big question we have started asking, and it will be the question we ask for the next several months and maybe the next several quarters, is how the supply side of the economy response to that. tom: just look at the bloomberg. we see the oddest of markets

right now. i think you are right to go to your property. see it friday afternoons, "the real yield." i am going to round it to 0.90%. that stuns the bulls and the bears. jonathan: that has rolled over, yet you have not seen what you would expect to see, which is some real support may be for the tech trade. what you have seen is the cyclical trade, energy pickup, reflation pickup. soft commodities, ags, metals, energy, big rallies yesterday. tom: lisa, your observation on the american labor economy? we are 28 minutes away from the clarity of claims. lisa: i want to dovetail the idea of the labor market shortage with inflation. this question of will we get wage inflation, we have been talking about that for weeks. but is that at the heart of these labor shortages companies are talking about, that they are not offering high enough wages? or is there some other friction,

whether it is parents with their kids who are out of school, or some other influence? this friction that is not understood is at the heart of the inflation debate. tom: my answer, send them away to camp for 14 weeks. that is under consideration right now. before i get to our guest, i want to talk about the deepest market, which is the full faith and credit of the united states dollar. there's a lot of different nuances out there. jonathan: if the cyclical trade pick up any big way, europe joins in. we are seeing that. em in a bigger way. you would expect some real dollar weakness. euro-dollar right now $1.2055. we saw it threatened to break out over $1.21. it's rolled over again. tom: i am looking at the trudeau canada through to a $1.25, showing a commodity boom. the data as we go into claims is equities. i know it is terrible. amazon cratered. we are down 1% spx.

jonathan: financials have carry out a rallying that have carried on rallying. the yield curve is not as -- have carried on rallying. the yield curve is not as steep as i thought. financials have been picking up in the face of a very patient federal reserve. that trade has continued. why? i think that talk needs to be continued. tom: let's do it now. alan ruskin joins us, deutsche bank chief international strategist. there are many worries we have out there. how will the dollar respond to the set of 2021 worries? alan: it all depends on how the market adjusts expectations as far as the fed is concerned. right now the fed is giving the most dovish message you could possibly expect. that is about as dollar negative as you would anticipate at this point in the cycle. the question i think is does the tapering debate balance it all?

the fed squashed that debate for the time being, through to june at least, but i suspect that when we start talking about tapering, the dollar will get a little bit of temporary support. the longer-term story for the dollar looks more negative than i have seen in a long time, so the short-term story that relates to the federal reserve and a longer-term story that relates to imbalances, notably what happens to the current account. jonathan: can we talk about a cyclical trade more broadly? i have been surprised the euro-dollar has been pinned around $1.20. i know we were threatening a $1.16 handle a month or so ago, but that really seems to have stalled, and the picture is pretty clear, things look better in europe. the vaccination rollout looks better. this could be a good summer for the european economy. but right now, euro-dollar $1.2056, i think some people are scratching their heads why this

rally is stalled. alan: we love movements in short-term rates in particular, and we are not going to get that. we are getting some movements in terms of central banks and central-bank expectations, mostly revolving around a retreat from quantitative easing. so the tapering story you saw from the bank of england today is obviously an interesting one, but you are not getting movements and are not expected to get movements in terms of short-term interest rates from all of these major central banks for a long time to come. so it is hard for the growth data, for example, to move the needle as far as ecb expectations are concerned, as far as fed expectations are concerned. i think that is containing foreign exchange volatility for the time being. lisa: you are short of clarifying all of your statements on the dollar. longer-term, you have a more negative view. what will be the tipping point that will shift a perhaps benign environment to one that is more pernicious for the dollar? alan: it is a great question.

if the fed seems to take on board the stronger inflation data that is coming down the pike, if it is true to its word and says we stopped thinking this is temporary, and if the market does not believe them, i think you are in a space there which i think is potentially dollar negative. i think there is every reason for the market not to believe the fed if you do actually get inflation expectations and inflation itself actually rising because we haven't seen these kinds of circumstances as far as inflation is concerned certainly in the last four decades. tom: let's wander back to cape town that you know so well. let's take a look at emerging markets. less look at the commodity opportunity that is out there, or has it already been had? south african rand, 18 to a 14. alan: there's a lot of good news

being priced into commodity currencies. i think there is further to run. what you are seeing in the fx market is a tendency to run with the g10 commodity currencies. they feel that e.m. has got its own special story, not least it is lagging as it relates to vaccinations, and south africa is obviously part of that. so i think the opportunities that have been seized on have been mostly three currencies, canada and norway and australia. the first to have tended to perform very nicely. jonathan: let's think about the commodity cycle and things like dollar brazil. we were looking at a two handle back then. we had to move off the back of another hike at the central bank of brazil. is that where you would look for the next leg of this trade to develop, and the commodity sensitive parts of e.m.? alan: i'm still cautious in that space. as mentioned earlier, i still think that you need to see the

vaccination story generating the kind of openings and growth outlook that instill some central-bank tightening. that would be the kind of ideal environment. i think if you look at, for example, yesterday or the most recent pmi data, you have g10 countries on average with pmi's above 60, and you have a e.m. countries gdp waited at around 52. so there is this huge gap that has developed, and i think we need a closure of that gap in terms of growth outlook before we are really gung ho on the e.m. commodity currency side. lisa: is there anywhere that is not ask yearly -- that has not accurately priced in the infrastructure spending side of things? alan: i think this is an ongoing story. those who have been optimistic in terms of growth and have been optimistic in terms of the reflation story have definitely

been on the side of commodities. i think the tougher angle has really been to try to feed that into the currency side. but i think there is probably more run on the commodities side given that we are very early into this growth cycle. we are really only go to see true acceleration in the second half of the year, led by the u.s., and i think a lot of other economies will follow suit thereafter. so to presume that commodities are not at the peak of their cycle, and therefore there will still be some pull for commodity currencies. jonathan: alan, good to see you. alan ruskin, deutsche bank chief international strategist. lumber futures topped $1500 for the first time ever. brent is approaching $70. it is up on the year by almost 60%. copper breached $10,000 in the last week. we are up almost 30% year-to-date on the copper contract in london. there is a message from a terminal subscriber that said we have not even started to move yet, come on.

that's what alan is getting out here. -- is getting at here. we have not even seen the dollar weakness from the pickup and cyclical growth that we might see this year. tom: our job is not to have an opinion, but to show the magnitude in gradations. i think frankly, a steve roche-like move in dollar weakness, the fact is some of these house strategists are starting to frame up tangible dollar weakness. jonathan: more than that. in the commodity market, the commodity bulls are making this argument. you can't price in the full demand shock. what that means is that we have a demand shock and tighter supply later this year. you can't price that in yet. that is the goldman argument with jeff currie. that is why they are thinking perhaps a move to $80 on crude. lisa: the other side of that is that all of the suppliers are ramping up production, and that will come online just as the

demand shock, the actual increase in demand shock, decreases later in the year, when people get back to normal. jonathan: coming up, congressman warren davidson from ohio. from new york city this morning, good morning. equity futures unchanged. heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. president biden says he's open to compromise on raising the corporate tax rate. the president has called on congress to boost the rate from 21% to 28%, but he now says he doesn't have to be exactly what he says. democratic senator joe manchin has said he could support a 25% corporate rate. the u.s. will support a proposal to waive intellectual property protections for coronavirus vaccines. the u.s. -- the u.s. trade rep

is in it of told bloomberg the u.s. wants to support. beijing urged the group of seven to stay out of its business after the g7 foreign minister's unified behind a litany of issues against china. among them, beijing's treatment of ethnic and religious minorities. spacex nailed the landing in its fifth test of the starship rocket. spacex founder elon musk says the rocket has a future as a workhorse for trips to the moon and mars. the chief investment officer of yale university has died. the school says david swenson died after a long battle with cancer. he helped revolutionize how college endowments are managed.

he ran the yield fund for more than three decades. during that time, he diversified it into private equity and hedge funds. that produced superior returns. 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 ritika gupta. this is bloomberg. ♪

>> many people are anxious to start spending again, and

spending in a way that they don't have to be specially distant, ash have to be socially distant -- socially distant, so there's likely to be demand that is going to push up inflation this year, but we are not expected that to persist into next year. jonathan: that captures the federal reserve position right now. that was eric rosengren, the boston fed president. good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here's the price action at the moment. this thursday morning, going into initial jobless claims, the s&p unchanged. in the bond market, yields higher to 1.6057%. the euro firmer on the day. euro-dollar, $1.2055. tom: on a busy day here, critically important data. we digressed to washington and one of the most interesting congresspeople of this nation. warren davidson is from the

republican center of ohio, in the vicinity of dayton, if i've got my map correctly. we won't ask him indians or reds, but we will ask him about his expertise in crypto. we will ask him about the moment. but we must begin with our military. warren davidson is one of the great stories of the military and our congress. he was a soldier in germany, and had the privilege to wander to west point, and we are thrilled warren davidson could join us today. soldier davidson, i want to talk to you right now about these reports we hear of politics in our mama to -- in our military. how does washington manage the personal politics of our military? rep. davidson: well, it is certainly different. when i was in, bill clinton wasn't popular at the military academy. people were shocked when he defeated george w. bush there. the place is a little insulated

from politics, or at least it was at that time, pre-internet era. today the biden adminstration started out with a 60 day's down down -- 60 day standdown to review. we had to take a pause in our action as a board. tom: it's been a huge deal at colorado springs as well. what do you need to see from republican and democrat leadership to take this polarization out of our military? rep. davidson: i think just keep a mission focus. really, the politicians are the ones that tend to politicize the military. the soldiers just want a mission and the resources to accomplish it. i'm sure that is true today as i go out and talk to folks here at the air force base near here. the national guard, units deployed around the country. they just want a mission, and the resources to do it, and not all the political distractions.

lisa: it seems like everything is politicized right now, including retail trading. gamestop became politicized in the last 12 months as people bid up the price dramatically as a result of reddit boards. you are holding a hearing on that 12:00 p.m. eastern today. there has been some discussion about shortening the trade settlement times to withdraw any potential risks to robinhood, like what we saw. are you for that? do you foresee that in the near future? rep. davidson: it was encouraging initially. congresswoman alexandria ocasio-cortez agreed with the same position i had, which is that more democratic access to capital makes our country stronger. we have the best capital markets in the world, but we do have a chance to improve them. we are facing dynamic times, as you see. reddit threads in this gamestop case have an impact similar to something that could rival a bloomberg terminal, so speech on a bloomberg terminal shouldn't be treated differently than

speech on a reddit thread. i think we have structural opportunities to improve trading. lisa: i will say, there is a question also about how bitcoin, how doge coin, as my children asked me about on a daily basis because it is from "row blocks -- from "roblox," there's a question of why we haven't come up with a regulatory framework. rep. davidson: i had the opportunity to speak to secretary gansler when facebook was talking about libra. he felt the sec wasn't doing enough to get regulatory clarity to the market. i look forward to his answers on a range of topics. it will be his first appearance before the house financial services committee. i am optimistic you will agree we need some torch of -- some sort of light touch regulatory clarity for this space to flourish.

i was touched by the federal reserve's openness to allowing access to the fed payment system. tom: could chairman gensler take a middle ground in the polarity? do you expect that gensler is a wizened wall street veteran that will find middle ground? rep. davidson: i think a bright line test for digital assets is a nonpartisan issue. the token taxonomy act is completely balanced with republican and democrat sponsors. we started working on this in 2017, got the draft language in 2018, and as one of the attendees at the meeting we put together on it, people from the community in crypto, but also big companies like fidelity and state street, market participants like the new york stock exchange were in this dialogue. it is not a partisan issue. it is really just whether you understand the space were not. i am confident gensler will

understand it and be able to help move us forward. i look forward to his input at today's hearing. jonathan: we would like to your response to the news at the moment in washington, d.c., that the administration is supporting potentially waving ip protection on covid-19 vaccines, many of which were developed in this country and in europe as well. what is your position on that, sir? rep. davidson: i think it is always dangerous when the government decides to retroactively waive things like intellectual-property. but i think the companies benefited from a massive amount of u.s. dollar investment, and i think there is an equitable way to resolve this that really does deal with the public health crisis. we have seen a lot of fighting between which of ministration -- which administration to get credit for what on the vaccine, but it was bipartisan. there was no objection to the overall package, less than a dozen who objected to the initial funding that made warp speed possible. so some of these dollars are u.s. taxpayer dollars, so i think there's a clear claim that

some of the intellectual-property needs to be able to be managed in a way that really benefits not just america, but public health broadly. jonathan: a complicated view, a nuanced view. rep. davidson: not a good time for nuance, but it is an important topic. i. . think it is dangerous -- i thing it is dangerous to change all of ip law the way the president has proposed it, the. jonathan: congressman were in david -- congressman were in davidson on the moment -- congressman warren davidson on the news of the moment. tom: i'm going to go back to the sixth district of texas, the 17th district of illinois. the political landscape in washington is changing real-time. lisa: and i do want to go back to what he was talking about with respect to crypto assets, people really looking for clarification there. tom: you were just looking for investment advice for the kids on the couch. lisa: you mean that they are looking to invest in doge coin?

they were literally asking me last night, where is the trading these days? jonathan: coming up, joseph stiglitz, come on be a school of business professor -- columbia school of business professor. equities unchanged. this is "bloomberg surveillance ." ♪

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jonathan: from new york city for our audience worldwide, this is "bloomberg surveillance" live on tv and radio. your economic data in america any moment from now. we are looking for initial jobless claims. they are just about to cross. here is michael mckee. michael: are continuing to see a decline in jobless claims as the economists and fed officials would like to see. 498,000 last week. that is the first time we've broken the 500,000 mark since the crisis began. last week's unadjusted number, 553,000. we have the adjusted numbers here. down 92,000 from the prior month

-- the prior week. last week revised up a little bit but a significant decline in we get below the 500,000 level. continuing claims is at this point a low bit higher than it was. those are claims, not people out of work. does brother numbers. nonfarm product -- two other numbers. nonfarm productivity jumps 5.4%. this is expected when you see a rebound in the economy. productivity rises, demand rises. companies have developed demand without hiring a lot of other people. unit labor costs fall .3%. this is a residual of the fact that the lower paid people in the economy have fallen out of the workforce. tom: michael mckee, you and i and jon and lisa and all viewers have never seen a jobs day like we will see tomorrow.

the numbers are unimaginable. put your scope and scale on one million plus jobs created after you see this jobs report. michael: there's nothing like it. i make these charts for a living and it is hard to do because the scale is thrown off. you cannot get it on the y-axis. it makes no sense. it will be a huge number but it is priced in the market. everybody the markets is saying if we get one million plus, as long as it is not so much more, will not affect anybody because everybody's expecting quick rebound. it pulls forward the idea of a fed hike or tapering. tom: steven englander of standard chartered was out at 2 million would move the needle. jonathan: he thinks we need to see 2 million to move the needle. that is what he thinks would

disrupt calibrations around the fed. yields up a little more than one basis point. no big moves. 1.58. tom: this is a joy and an honor. joseph stiglitz. nobel prize winner at columbia business school. definitive on economics and redefining the greek letter apps along -- the greek letter epsi lon. let me give you the real world math. gary, indiana, fancy a city in the world for economic spirit the home of joel's -- of joseph stiglitz and paula samuelson. gary, indiana went from 19% unemployment to 7% unemployment. that indicates the inequalities of a strange economy. how great is the economy in 2021? joseph: the pandemic exposed and

exacerbated the inequalities. we were slated for a very k-sha ped recovery with those at the top who had done better than those at the bottom doing poorly. the numbers you cited suggest the kind of strong economic recovery act that was passed, the $1.9 trillion, is beginning to have some affect -- some effect, mitigating the fear of the very k-shaped recovery. it is still there. those at the top have done very well. those at the bottom are more in debt, as not only the visible debt but the invisible debt. many of them have not been able

to pay their rent. tom: i quote you often and the acclaimed joseph stiglitz essays of long ago on the little g. what matters is the growth rate. you are acclaimed at this in your teaching. can we grow our way out of these debts and deficit? should we rely on the stiglitz little g to help us get out of this fiscal mess? joseph: one way of looking at it is history. at the end of world war ii our debt to gdp ratio was one other 30%. then there was a by part -- 130%. there was a bipartisan consensus led by president eisenhower that you want to spend heavily on education and r&d. in a couple of decades our debt to gdp ratio was down to under 50%. you can grow out of the high levels of debt we have.

right now we are expecting to have very strong growth for this year. most forecasts suggest at the end of this year we will be better than we were projected to be for the pandemic. jonathan: we are talking about the u.s. economy, not talking about other parts of the world like india and brazil. you've advocated for the ip waiver this administration is pushing through, or at least trying to achieve with partners at the wto. why do you think that is the right approach? joseph: this is a pandemic. the definition of a pandemic is it is global. this pandemic is a danger because it keeps -- we do not want a fertile field for

mutations in india. we want this disease under control. nowhere will be safe until everywhere is safe. that is why it is really important to get the vaccine as quickly as possible. a major impediment is accessed intellectual property. a variety of accesses is needed. the principal has been long-established. it was established only does go decades ago -- only does go decades ago in the hiv -- only two decades ago in the hiv-aids epidemic. the waiver is not changing the basic framework. there was always a right to licenses. the question is how to make it happen quickly. that is where the temporary ip waiver is all about. jonathan: dr. fauci has doubts

about that. he thinks it could be an unwarranted distraction, that it could take until 2023 to transfer the technology. we have to talk about expertise. everybody agrees with what you said. we need to help the rest of the world. even the most selfish individual has to acknowledge there is positive associated with that. that is done. we need to help the rest of the world. it is how beat -- it is how we help them more quickly. you acknowledge there are other issues that need to be tackled and this could become an open welcome distraction for the other nations that could be losing more to loosen up the strings elsewhere? joseph: those sound like the talking points from the drug companies. the drug companies in the emerging markets do have the capacity -- expanding the capacity is the concern about intellectual property.

several companies in south africa and india are producing more advanced kinds of vaccines, let alone the simpler kind of vaccines. it is intellectual property that is one of the barriers. another barrier related to the wto waiver is allowing companies to more easily export their products under the standard wto framework, you can get -- for domestic use that makes it more difficult to export. in today's world of covid supply chains where even the ingredients in a vaccine cannot be made in several countries, the barriers to export our major barrier to expanding the global supply.

that is why it is imperative to have a temporary waiver. lisa: there is a question about the economic incentive for companies. there is a concern by pharmaceutical companies that this removes the economic incentives. there are some that argue this would pull them back from working harder to come up with new drugs to combat whatever new disease comes our way. what is your response to this? that the economic incentive is lower for pharmaceutical companies? joseph: that is nonsense. the basic research on which these vaccines are based was finessed by governments around the world. secondly, the expansion of the production at the development of these particular vaccines received enormous government support, not only from the united states but from other countries. the amounts of money the drug companies would get on these vaccines are going to be

enormous returns, well in excess of any normal return. what we are talking about is whether they would get $10 in percent return on investment or 1000% return. that is enough incentive they will undertake that research. lisa: there is also a question that dovetails into larger infrastructure spending joe biden has proposed. are you in the camp of janet yellen that taxes should be relays done companies -- should be raised on companies, and if so why is it not sufficient to do deficit spending? joseph: i do agree that eventually we need to correct our distorted tax system, which in terms of the percentage of gdp raised in taxes, it is

insufficient to raise a percentage of the economy where you need infrastructure research, education. a host of needs make a well-functioning economy and society. we also have a distorted tax system that is less progressive than other countries, less progressive that it should be, particularly given the enormous inequality over the last four decades. the question is one of timing. the basic law of economics is scarcity of resources. we have underutilized our resources. we have some capacity to expand production. eventually we will reach capacity constraints and then we will have to decide how our resources are allocated. that is when the issues of taxes become germane. jonathan: i will not get into a

debate about the efficient allocation of resources with the nobel laureate. columbia business school professor i've been accused of arrogance in the past but i will not take it further this morning. tom: did you see what happened on ibm? ibm migrating down to an a-. they do not mince any words. the first line, ibm spent $1 billion on acquisitions and they go on to justify an a-rating. of a certain vintage we remember early 1992. at the time it was a true shop to see ibm -- a true shock to see ibm lose its aaa rating. to see ibm go from aaa to this moment --. jonathan: i would love to see what the yield was on the aaa 30 years ago?

junk equivalent? tom: equity return from 1992, 8.9%, that does not get it done. jonathan: nope. alongside tom keene at lisa abramowicz, i'm jonathan ferro. this is bloomberg. ♪

>> it is challenging to manufacture vaccines.

to start from scratch with a voluntary license to someone who has not done it before or is using a new formulation takes time. it is very risky and it is hard to do. the approach being taken right now is to engage as much of the world a vaccine manufacturers that people gained -- that people can get their hands on and involve experienced people in the process. tom: julie of merch and their heritage -- of merck and their heritage of pharmacology. we drive forward the conversation. a good number on jobs day tomorrow. the markets, it is about this pandemic. we were advantaged with sam fazeli of bloomberg intelligence, our director of research and an expert in pharmacology out of the university of london. sam fazeli, there is a course at london, lwm 23 on intellectual

property and medicine. many of our viewers do not understand the copyright law. what did the drug companies actually own? sam: i think moderna has over 200 patents on its process and manufacturing and mrna and all of the various elements that go into it. that actually suggests the depth of expertise required to make these things. patent offices do not issue patents to obvious things. patents means 200 inventions related to the manufacturing of this vaccine. to pass that on to somebody just like that and expect they can get vaccine made is a bit of a pipe dream. tom: that is where i want to go. this is the one concern. we are all concerned about helping india. that startling number of one

company having 200 patents. how does that affect the making of the medicine, not who owns the mrna or what is in the shop, but the actual -- what is in the shot, but the actual manufacturing process? sam: it highlights the complacency of the process if you have 200 elements you can patent. india is the biggest manufacture vaccines worldwide. why haven't they done the work already? this is a failure of state rather than industry. the company has had access to the astrazeneca vaccine technology for quite a while. it just shows it is not that simple to make these things. lisa: let's put aside the procedural aspect of creating the vaccine and go to the money behind this. a question of pharmaceutical companies that say we created this, we should get the money, otherwise what is our incentive

to create new drugs that are better and greater and can help the public good. joseph stiglitz was just on talking about how this is hogwash and the government financed a lot of the production of these vaccines. what is your take on that? sam: that may be true. i'm not going to say anything to negate what our esteemed speaker said earlier. the point is this may be true for moderna but it is not necessarily true for biontech and pfizer. it is not true for some of the other companies that have been involved. they have had money for expanding the manufacturing, but novavax has been spending money developing technology for over 30 years. let's turn this on its head. let's stop all pharma companies doing vaccine development and just the government spent money on developing vaccines. where do you think we would be? lisa: this is the argument.

there is a more efficient allocation of resources within the private sector than the public sector. that is the heart of the debate of a lot of people have been having for decades and decades. going forward, how much does this effect the development of new drugs if this ip waiver does go through? sam: if it becomes a reality, and if it becomes -- if it actually has bite. we have to watch with politicians how much there is substance versus form. if it becomes a reality, i would suggest anyone who wants to invest in developing future drugs will have to think twice about putting money in their pockets. tom: we are all dancing on a pin. let me cut to the chase. viagra made a ton of money at pfizer.

i had nothing to do with that profit. viagra is a blue pill. this is about people dying. what it we move onto a new modern landscape of pharmaceutical intellectual property where we can argue about this like we did about generic viagra. sam: it would be absolutely great if governments had the foresight. we've had these pandemic response groups for ages. if they had the foresight to invest in manufacturing. why doesn't the eu have onshore manufacturing to the level that is ready to turn the lights on and get vaccines going. these things do not come around every five years. tom: there. that is -- fair. that is a great statement. what is your calendar for the next 90 days. the zeitgeist in washington is this would get pushed back into a soup that will go on forever. what do you predict? sam: it will be discussed at the

wto and i want to see it thought through properly. make the vaccine free. what i am worried is they do that. who do we blame? what i want to hear his vaccines will be manufactured. extra doses will be given to countries who need them, and we need to see more data on these variants. tom: sam fazeli, thank you so much. truly expert on these issues. lisa from fargo emails in and says i mispronounced viagra. lisa: i think is viagra. i am not the target demographic. this is a really important point. it goes to not just vaccines but antibiotics. there is a question of why we have not had more development of the essential medication. why there has been so much focus on things that cater to much smaller subsets of the

population but could be more expensive medication. this is the conundrum. our intellectual property system has been under attack for a long time from all sides. how do you arrange it in a more fair way. this debate will continue to rage. tom: the debate will rage but the american pharmaceuticals will stall and delay if they can. our good news is you need to stay with us. tomorrow will be jobs day, without question the most fascinating jobs day i have ever seen. michael mckee would agree with me on that. we will give you complete coverage and go beneath the headline data at 8:30. harvey pitt, i always learn something with mr. pitt. balance of power will have harvey pitt this morning. the testimony is not a small issue. lisa: interesting to see whether he will argue for a reduction in settlement time for transactions. also bitcoin.

new regulation could bring institutions more into the space if they understand the regular toy framework. tom: maybe. stay with us. this is bloomberg. good morning. ♪

>> everything you need to get set for the start of u.s. trading.

this is "bloomberg -- the open" with jonathan ferro. ♪ jonathan: from new york city for our audience worldwide, good morning, good morning. "the countdown to the open" starts right now. equity futures totally unchanged on the s&p 500. we begin with the big issue. gearing up for the payrolls report. >> a pretty big numbers. >> looking for a million. >> are we going to keep getting these big numbers? >> there is a lot of demand for jobs. >> we will have to get a material upside surprise. >> there are still a lot of supply. >> we are seeing labor shortages. >> we still have 500,000 additional jobless claims per week. this labor market is not as strong as a lot of these numbers will show us your >>