growth in demand. >> everyone should be strapped in for what could be a wild summer. >> the data is important but it's really the data not right now, it will be the data in august and september when the reopening is behind us. >> this will be huge, people will spend. the bounce back will be significantly more than people have been expecting. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: from new york city and our audience worldwide, good morning. this is bloomberg -- "bloomberg surveillance." lisa will be back with us next week. tom: i thought it was today. jonathan: nasdaq futures down 166. i know where you are going. tom: you know where we are going.

the trading envelope you can see standard deviation. it is true, we are a little bit outside the range where you get sweaty on these tech stocks. it's not a route, i'm unhappy with a lot of the headlines. we could say tech craters, it is crushed. jonathan: let's pick out some single names. 8% lower for amazon of recent highs at the end of april. tom: we have seen some big moves. we are not to a running statistic course on tuesday, we do that on thursdays. amazon comes outside two standard deviations, it is sobering. i did a chart on kathy. she is so far outperformed her massive pullback is just back to trend going back four years. jonathan: the popular narrative is inflation fears. i don't see much of that in the bond market.

breakevens nudged out. they weren't big moves. a lot of people taking that inflation story and baking in -- it into what they see. tom: i have coffee and he has t and the two year yield is what we talk about coming back pretty much to where it was pre-jobs on friday. that's lower yield we saw. so there's a normalization. jonathan: the stock market gets the coverage. the credit issue from amazon yesterday. 10 basis points over it. tom: it's money for nothing. you see that on the 40 year piece. i haven't asked about adjusted weight cost averages. jonathan: let's go through the price action. equity future shaping up as

follows. off by three quarters of 1%. the fx market, dollar weakness again. dollar euro up. in the bond market, 1.61, the closing high on the 10 year treasury. the intraday low on friday, 1.46. quite a swing from that post payroll rally. jonathan: the swing -- tom: the swing is out there, it is in currency. inflation review tomorrow under retail sales on friday. arguably the sum of those events is as big as the jobs report. jonathan: the long-term risk from asset and fiscal dominance to off the short-term risk of putting the brakes and a booming economy in 2022. tom: it's a nice frame up but i also noticed charles allison saying to rosati plan from years ago to bring in more taxes is

one of the solutions. i don't know how you do that in the fractured washington we have. jonathan: we will catch up with jared bernstein and a couple of moments time. joining us is john vail. your take? >> quite astute. bubbles can create asset problems in the intermediate term. in the short-term they can create a lot of capital gains. the last time with a budget surplus in the united states was during the tech bubble of the late 1990's. in the short-term it looks good but in the intermediate term, a lot of trouble. jonathan: do you sense we are overdoing inflation concerns? john: certainly some commodity prices are completely out of control, it's a most hyperbolic. the bond market doesn't seem to be overwhelmingly concerned. yields are quite low, breakevens

are taking up. the stock market is a little bit dealing right now with some of the equity goldilocks scenario. tom: you are truly an expert on the pacific rim. where you sit, do you buy the idea of a major commodity swing to a commodity super cycle? john: one of the things that worries me in the short term that statistics show from the chinese import statistics that they actually reduce the unit volume of their imports for a lot of their commodities. they have to jump back into the market in may and this goes by with infrastructure spending ramped up in the united states that a lot of these will continue to go up. that goes for agricultural bids as well.

tom: i look at where we are and all it comes down to is the linkage of all this financial dynamics back to gdp adjustments. do you assume we will see adjustments of gdp as we try to gauge and game how we come out of the pandemic. revisions to gdp and maybe we take a little bit off the optimism that was there 10 days ago. john: i don't know about gdp, we could see some components in the second quarter due to shortages and the slowdown in the office construction. maybe inventories will fall quite a bit. i don't see a lot of revisions there. could see revisions in the nonfarm payroll, that's very possible. jonathan: getting the report for small businesses. everyone echoes a lot of big conversations we've had, a

record number of small businesses can find workers. the conversation is whether there is a supply-side issue for most -- and that for most people is yes. what's the dominant concern for you? >> i think it's a mixture of all the things you hear out there including the incentives people have to not work is definitely one of them. the officials who did speak sort of dismissed the numbers, they always say that they don't look at one month numbers. they also say they look at a few different numbers as we all know. the other labor data showing very tight labor market. we have mcdonald's workers trying for higher wages. it's an interesting situation with various factors affecting

prices and the labor market. jonathan: when we catch up with the white house there is important question to ask. whether the supply response we have or rather the fiscal response, the monetary response we've had was predominantly persistently weaker demand and whether what we have right now is a supply-side issue in the current setup policy is not calibrated appropriately, do you agree with that? >> there's a lot of factors that are different from before. this in structural changes in the labor market. major troubles on the supply-side. they would from semiconductors to the suez canal. maybe those are transitory. a lot of people including purchasing managers and cfos, it's hard for them not to remember this situation and not have some sort of inflationary psychology built in with the

massive amount of fiscal and monetary policy stimulus that's going on, they are sort of playing worried about the taper tantrum's and so far they are doing ok. jonathan: we have to leave it there. good to catch up. it's been too long. equity market down to 1.4% of the nasdaq 100 off by 185 points. tom: listen to you. this drives me nuts. jonathan is busting my chops. tech is just crushed, no it is not. correction, normal index. tech is a little more because it's more volatile and you look at the standard deviation. apple like amazon is outside a

two standard deviation move. we are not trying to sell internet sites here. tech did not crater, it finally pulled back. jonathan: i knew that would wind you up. the commitment to growth is startling, 22% of the total s&p 500 and r&d and supported growth investment ratio of 64% for the typical stock. premium valuation. the handful of names that make up the bulk of the s&p 500 and it's the low rate components we start to question. that's what this conversation is about. does it test the fed resolve and does it undervalue the premium valuation. tom: we've been dying for inflation, every economist is begging we get above a 2% level. i get it.

we may be wrong and may be a redux of the 1960's, but that has happened time after time as it worked out. to go back to the brilliant note which is not of the revenue frenzy. cash flow, a near quarter of a trillion dollars of investment by five tech leaders in 12 months. the key phrase there is not quarter of a trillion dollars, of the key phrases 12 months. jonathan: i love how fired up you are. i'm with you. too much attention paid to the equity market. not enough credit from amazon. that issue from amazon yesterday was just unreal. to see a corporate institution, to market and issued debt at 10 basis points on a two-year, i think it was 95 over a 40 year, is just incredible.

jonathan: i'm fired -- tom: i'm fired up. full of him was regulate -- was relegated. it's un-american. jonathan: hopefully they will come back soon. coming up in the next hour, jared bernstein. now you go west. tom: that's where the airport is. crystal palace. jonathan: chelsea. from new york city this morning, good morning. this is bloomberg. ♪ berg. ♪ >> more fallout from the shutdown of north america's largest petroleum pipeline. gas stations along the east coast are starting to run out of fuel. colonial pipeline says it

expects to substantially restore service by the weekend. that might not be enough to revert immediate shortages in the southeast u.s.. the showdown over jerusalem has turned into one of the most intense conversations in years between israel and the palestinian militants. they fired rockets into southern israel overnight and israeli aircraft responded by pounding their facilities. israel ordered troop reinforcements and reserves of been called up. the latest economic report is adding to global inflation. the producer price index rose from a year earlier. the index measures inflation at a wholesale level. it was driven by rapid gains in commodity prices. bloomberg has learned -- has agreed to go public in a $17.5 million reverse merger.

they will merge with a blank check firm. they use technology to program cells for potentially wide variety of uses. 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. ♪

>> you do not want to be preemptive, you also don't want

to be so reactive that you are late. we have the tools to deal with these inflationary issues, but when you use them late, they can have a jarring effect. i think the challenge for us is to find a balance. jonathan: a hawk of the federal reserve, the dallas fed president. alongside tom keene, i'm jonathan ferro. lisa is out of the building. the price action shaping up as follows. down 31 on the s&p. the nasdaq is where the pain is. yields aren't doing much. we are basically unchanged on the u.s. 10 year. euro-dollar 1.2165 advancing 3/10 of 1%. in the commodity market for the talk of a riproaring commodity market, crude is lower i 7/10 of 1%. tom: brent crude, that's what

i'm watching as the global price of oil is pretty stable. you wouldn't notice that with the numbers out there. our tradition is to get smarter with martin. you and i are the only two in the building that remember the glory of the pw rabbit diesel. opec went up once and we said that was harsh and then it went up a second time. that was a real wake-up call. thank you abc seven down in l.a.. up seven in the last eight days per the highest level since november of 2019. when does an inflation click with politicians and in particular the senate who are hardwired to a gallon of gas? martin: it will, if this continues.

jerome powell says this is transitory, but the people opening their wallets to pay four dollars a gallon for gasoline, it's not transitory at all. jonathan: he said it twice -- tom: he said it twice. jonathan: you make a really important point, is that can be the popular narrative even if it's not the popular narrative on wall street? martin: i think it's true. one interesting thing that will happen tomorrow ease joe biden meeting with the leadership of the judo. -- gop on the same day they are going to probably oust liz cheney. tom: is this a photo shoot? there been a waltz in, sit on the couch and do a photo shoot. martin: then we will see just how effective joe biden is as a negotiator and conciliator.

he sold himself as being able to bring together the country and the politicians and we will see whether he can do it. jonathan: we've got 2.2 $5 trillion plans on one side and something in and around $600 billion on the other side. when you hear from republican leadership they said they are willing to come up, but by how much? martin: probably not very much at all. the key thing -- key person to watchers joe biden. if you want to get infrastructure bill through you can probably do it but he will probably have to reckon with the progressive wing of his own party if he gets into their republicans desire for a much smaller infrastructure. jonathan: what is infrastructure? what is for infrastructure? that will no doubt be the basis coming wednesday. tom: we will get that done and

then it's a social message till the election. what is the negotiating power of the liberals with their president right now? martin: it seems to be on the wane because joe biden has met with joe manchin in the white house yesterday and he is obviously trying to bring over the moderate wing at the expense of the progressives. tom: maybe we can pull a rabbit out of the hat in the control room. conor lamb in northwest pittsburgh, 49 point percent. these are razor thin elections. they have the power in the oval office tomorrow. >> it strikes me joe biden has finally realized that the midterm elections are now in issue he has to think about. tom: i sensed that this weekend. i know you know this, admiral

banks and the weathervane shifts in mary poppins. you know when that happens. and everybody talks british like you. jonathan: a good london accent in that movie. i think dick van dyke nailed it. what we've seen over the last week or so, south carolina, montana, the list of states is piling up and they are removing these additional unemployment benefits that were approved at the federal level in the past year. how'd is this stacking up? martin: it's interesting joe biden came out yesterday and said if you don't accept a job and you're taking unemployment benefits, you will lose them. which speaks to the point i just made about thinking about the midterm elections. each state, many of them republican will consider whether or not they should continue

these benefits with the labor shortage and the whole narrative that getting paid to stay at home is not tenable. jonathan: we have had a lot of pushback on the argument and even you think that decision is underpinned by weak or bad poor economics. it will have consequences. what do they will like over the next couple of months? tom: interesting as well to see who joins kaplan. he is a really serious academic with major chops but represents a financial wall street system. it will be intriguing to see if anyone joins him. jonathan: they will struggle to make the argument we demand-side problem. tom: they need more data. jonathan: it's pretty clear we don't have a demand-side problem. tom: correct. but they are going to say they need more data. on mary poppins, we get wonderful things mailed in from time to time. a wonderful note from karen a

bunch of years ago. she was the little girl in mary poppins. she watched us every single day, from our generation, for someone like her to send something in and say hello is fabulous. jonathan: i have no idea where you are going with this. tom: i'm in a very sentimental mood. jonathan: on the childcare issue just to wrap things up, it was evident in the data on friday the female participation rate and a lot of people are bringing up the childcare issue. democrats are trying to insert that in the infrastructure proposal. there is tension there tomorrow. that this was a core example of a childcare problem in america. tom: i mentioned it yesterday and got pushback. people are saying this is not the u.s. way, we are not can

have a governess the little girl in "mary poppins." nailed it. jonathan: equity futures down three quarters of 1% on the s&p. good morning. alongside tom keene, i'm jonathan ferro. this is bloomberg. ♪ this is bloomberg. ♪

jonathan: what a fascinating market. this is "bloomberg surveillance." equity food -- equity futures pulling back. the nasdaq 100 with its worst day since the middle of march. we take off more weight from the nasdaq. as you well know, a third almost 30% of the nasdaq 100 comes through three names. this is what looks like in the premarket. amazon, apple, microsoft. there's been a real drawdown there despite the fact we have this fantastic earnings. after those were delivered we asked doesn't validate current valuations or justify further gains. we pulled back big time.

amazon down another 1.4. microsoft adding much lower up by 1.28%. a lot of people saying we must be facing some inflation fears and then plugging that back in. yesterday in the bond market i did not see any manifestation of some bond market fear around inflation. rates much higher on a 10 year nominal yield. the tenure unchanged at 1.6022. i don't see it in the bond market. jonathan: i love how you -- tom: i love how you say drawdown. that's a technical term from the top of the pricing down to where you are now. the drawdown of amazon and apple 's two standard deviations. you don't see that in the fixed income space. jonathan: the bond market we

topped out a nominal yield at 1.74 at the end of march. breakevens of carried operating out, the trend has been there for the last 11 months. when you look at breakevens, we are looking for the difference between the real and the nominal. you know who buys tips? federal reserve. given that some thought how much signal is there talking about all of this stuff. >> i think it is a stew after the shock of jobs waiting for more data. we will get to michelle in a moment and we will have that. michelle with us from bank of america securities. we are waiting for the queen to make her entrance in london for the queen's speech at any moment. we will show you some images of that. it is very much adjusted queen's speech. it's also our speech with

michelle meyer is always adjusted off the data. you have picked up the pieces off of friday. how does the jobs report on friday affect your view of wednesday inflation and this coming friday retail. michelle: one of the clear takeaways is there is at the moment real wage pressure. overall wages were up and when you dig into the details you see a pretty remarkable increase in wages in categories a transportation and warehousing, leisure and hospitality, all sectors that should be seeing a boom in terms of demand and hiring and there's obviously some friction with there is a lot of demand for workers but there's not enough of us apply the moment and that's created upward pressure in wages. that sets up for some greater price pressure in the economy. jonathan: do you think it's worth talking up at payrolls report?

is there any signal in it for you. >> it is one report as always, but it's a report this comprehensive. it tells us about the economy, where there is demand and where their supply which you can glean from looking at the wage data. it is not perfect, there might be some corks and measurement issues. we will have to see what happens with more indicators. >> we have a great analog of overall facing in our real world of economic data and that's the traditional walk from the house of commons over to the red leather house of lords. they are in a pandemic and it really speaks to everything we are talking about, restaurants half full, retail barely going and the huge disappointment friday. 74 people watching the speech and that speaks volumes about the western world's future. jonathan: should we explain

what's going on? tom: it looks like a liverpool bar after they lost to man u. jonathan: it's more sophisticated than that. the queen arrives mouse of lords to reopen parliament officially. escorted by prince charles. what will happen as members of the house of commons will come in and fill out their chamber socially distanced. as you pointed out, essentially the queen reads a press release from the government which is a list of priorities of the parliament. one of the interesting priorities will be the removal of the six term parliament act which enabled the government to call early elections. that will be worth focusing on in the next 12 to 18 months off the back of the speech. tom: i just think it's a great analog for what everybody in the world is facing with a pandemic and trying to get beyond it.

as we saw with pfizer, vaccinations down to 12-year-olds last night. jonathan: thank you for your patience. we were always going to have to cut into program to do that. i covered this more with tom than i have ever in my life. i have seen this more times with tom then i have alone. great to have you with us. i want to talk about the removal of unemployment insurance. conditional benefits offered by the government in north dakota we've now seen in arkansas and south carolina and montana as well. they are political decisions prayed i don't expect you to weigh in on the politics. when you think the economic consequences will be? michelle: we are creating to me just in case studies. there's a big debate over whether or not the enhancement employment benefits are discouraging or delaying the re-entrance into the workforce and these were states that now

expired those programs. in the next few months we will see, do you have an easier search process, so looking at the regional data will be important in the next few months to determine that >> have you adjusted your gdp call? have you adjusted the boom economy 8%, a percent, 10%? michelle: we are still on track for 10% growth in the second quarter on an annualized basis. when you do the math and add up the quarterly numbers, a lot of that in q2 is off of the effect from march. march was so extraordinary. you are starting a very high level. unless things were to really decelerate or decline over the next two months, you are setting up for a strong second quarter. you have consumer spending and

supported by overall investment as well. tom: do you literally have to wait to see retail settle on friday before you do that than what of q3 and q4. michelle: obviously the incoming data matters. but be mindful of the fact it's a bit of a payback from march. march was a westerly hot month. there is some cooling from that. you have to think more carefully about first the underlying trends in the economy in terms of demand. a lot of that is driven by the consumer and how they may be able to reengage and draw down the excess savings out there. the second is --. that's where the new focus is paid up until last week or certainly with the jobs report, everybody was trying to figure out how much demand is out there and not necessarily paying enough attention to what are the

constraints to allow the economy to run. jonathan: you've got great access to card data at bank of america, how much spending is being done at the moment. can you share some of that with us. >> what we saw through the month of april is some moderation relative to the extraordinary increase in march. when you take a step back and look at the card spending over the two-year period to ignore the base effect, we are still running on a two-year basis well above the pace we had on a trend basis prior to covid. so the consumer is still seeing spending in excess of what would be considered a normal -- normalized setting. jonathan: bank of america securities head of economics prayed and inched in common for michelle. making these decisions in arkansas and north dakota about what is holding back labor

supply. huge demand, why can we meet it? i don't think anyone who comes on this program believes that's what they want to see play out but that's the kind of case study that will play out before our eyes and ask couple of months and if you see positive results in those states, more hiring for job openings, how many other states have to follow and how much pressure builds on this government and administration to do more. tom: the university of chicago has done great work with the new york times omen is a eight months ago. you can figure out the momentum, the reaction if they get better employment and have less unemployment benefits, they use kentucky as a worst-case. but to your point you wonder where the states are paid the stock gains in this great bull market leave -- lead to massive

surpluses including california from the worry of a $54 billion deficit to a $76 million surplus. we've never seen a swing like that -- 54 million dollars deficit to a $76 million surplus. tom: i want to see if lord o'neill is there. jonathan: can you spot your friends in there? tom: no because they are wearing those hair things. jonathan: we will go out with this. tom: respect. jonathan: i will pay my respects to the queen of england who is reopening parliament in the united kingdom this morning and laying down the prime minister and this government priorities for this parliament. but take a listen. >> and address the legacy of the past. my government will introduce measures to increase the safety

and security of its citizens. legislation will increase sentences for the most serious and violent offenders. and ensure the timing -- timely administration of justice. measures will be brought forward to address violence. >> president biden says russia has some responsibility to address the ransomware attack that crippled a giant fuel pipeline. the president stopped short of directly blaming the kremlin but says there's evidence that hackers used software used in russia. some gas stations on the east coast say they are running out of gasoline. the pipeline expects to substantially restore service by the weekend. the biden administration is wrapping up its response to the global semiconductor shortage. the commerce secretary planned a summit with companies impacted by the shortfall including the

largest chip manufacturers in u.s. automakers according to an invitation, the meeting will be held may 20. u.s. regulators have cleared the way for the pfizer bion tech vaccine to be used in younger teenagers. that paves the way for mass vaccination of children before the start of summer camps in the next school year. they could start getting the shots as soon as thursday. last year china posted its lowest population growth in decades. the annual average growth of one half of 1% in the past decade was the lowest since 1953. that sharply reduce the size of the labor force. blackstone wants u.s. dealmakers back in the office full-time by june the seventh as long as they are vaccinated. the world's largest alternative asset manager moved yesterday. they are preparing for an end to remote work since the earliest

months of the covid-19 pandemic. 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. ♪

>> in a lot of places, eating indoors, going to a bar indoors,

it's not the safest thing at all and it could lead to another super-spreader event if people aren't vaccinated. we are struggling a little bit with our anxiety about having people show that they are vaccinated. hopefully that will dissipate and we will have more clear rules. jonathan: the johns hopkins bloomberg school of public health. good morning. lisa abramowicz is out of the building. she will be with us next monday. equity futures down 35 on the s&p. the nasdaq 100 getting beaten up in yesterday's session. this morning we are down by 1.39%. your yield is unchanged. it is steady and stable on tens. euro-dollar, 1.21. wti with a 64 handle. that's the price action. let's bring you the latest data

on the vaccination efforts in this country. your seven day average, 2.1 2 million tom. that's been rolling over in the last few. do you wonder as we get emergency approvals for that vaccine to be used on younger range, whether that number starts to take up again. tom: it will be interesting to see. as we all look back to february a year ago we have our signpost on the way. jonathan and i suggested last night was one of them a pfizer available for the 12 to 15-year-old crowd. we need perspective. my basic take from my youth, this is all about pediatricians. can they get this done? >> i think pediatricians can get this done because they're used to giving children vaccines all the time. as we've seen vaccination rollout move away from mass vaccination centers to doctors

offices and drugstores, that will be something that makes it easy for children to get and pediatricians are probably the best vaccinators. they are very good reassuring children and handling vaccines. this will go well. tom: thank you for the optimism. with that is the idea none of us would go in until a pediatrician we are not doing tetanus or diphtheria, how do we get to that belief with covid? >> i think people recognize the value of the covid vaccine, they know there'll be some parents were hesitant and on the fence, but many people want that age group of 12 to 15 vaccinated to facilitate summer camps and extracurricular activities, to remove one more obstacle that some school boards are put in the way of opening schools full-time. i think this will be something you will see an initial demand and then we will get to that point where we have to start talking to people about what the benefits are for their child and

weighing the risks and benefits in each individual child. you will see an initial surge of parents wanting to get children vaccinated. jonathan: people recognize the value of the vaccine, do you think we've done a good enough job in government from the cdc and etc. to communicate the value of taking this vaccine and receiving this vaccine? >> not completely. we are only starting to get that way. the cdc guidance has been cautious. people keep saying nothing changes whether you get the vaccine and that's not the message that is true or that people want to hear. i think the early adopters, the first group of parents will understand value. when we get to the general population you may find people saying why should i get this, i can't do anything. that's what we need the cdc to be more proactive and push the envelope of what vaccinated people could do. jonathan: do you think we've

moved the goalposts over the last year? in the beginning a lot of people felt like it was about protecting the most vulnerable in society. if the overwhelming majority of that group is vaccinated, there is some asking why are we still doing all of this? >> that's what flattening the curve is all about was trying to keep cases below pot -- possible -- hospital capacity. those who made up the majority of hospitalizations and now if you walk through a hospital it's nothing like it was just in january because so many have been vaccinated. we have been successful in attaining this virus and removing the serious cases or deaths at the rate it could in the past. tom: i look at the cases rolling over. when does a pro like you say we are all clear on cases? is it a 20,000 specific, a 5000

or do we have to go to zero? >> this is not a virus that can be eliminated or eradicated. i don't know where the number is whether 20,000 or 10,000. to me it's always been about removing the ability of the virus to threaten hospitals and we've largely done that. to me i think the pandemic acute phase is over. now we are mopping up trying to decide what level can we live with, i think we need to get as high as vaccination percentage as we can but i do think right now we've done the primary objective which was to protect our hospitals from ever being inundated with covid-19 patients the way they were in the past. jonathan: at this stage would be more effective to lead with a carrot and not a stick? >> i think it's always better to lead with a carrot and not a stick from the beginning. with hiv, sexual transmitted infections, it does not work. we have to do harm reduction, we have to tell people these are the risks and this is the toolkit you have two decrease that risk.

i think if we had done that from the beginning we would've avoided the acrimony over masks and politicization. i think we need to do it now as we move into this next phase. jonathan: appreciate your honesty, perspective and clarity. that right there is the conundrum and many are scratching their heads about it. the overwhelming goal almost exclusively was to protect the most vulnerable in society. we've largely achieved all of that in this country and elsewhere, which begs the questions why are we doing many of these things that we are still doing. tom: it's an evolution. i went to deep south yesterday and got to 72nd street. i am seeing an evolution, even i'm doing it myself. this 12 to 15 years think would be fascinating. there's got to be a point where

the schools say this is a tetanus equivalent. if you -- i don't know when it happens, but to me it is a no-brainer. jonathan: we are now saying we can reopen schools most kids been vaccinated. i thought we spent the last 12 months saying it's less for children unless they have underlying conditions. i understand the next week things will reopen even more. jonathan: are we going to -- tom: are we going to see people because they weren't relegated? jonathan: this could be a bigger drive in a bigger push to reopen things further. much bigger push. jonathan: we have moved the goalposts which is why many people are frustrated with what's going on. is that the goal? jonathan: i think the goal --

tom: i think the goal is to have 60%. look at the market, tech is crushed. jonathan: coming up, from new york, this is bloomberg. ♪ ♪

>> everyone is ready, and i think should be strapped in for what could be a wild summer. >> demand-side is still there. >> the data is important, but it will be data in august and september, when we can say the reopening is behind us. >> people are going to spend, and he bounced back and demand is going to be significantly more than people are expecting. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the nasdaq hammered. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro. lisa abramowicz is away all