♪ >> there's a lot of cash in the economy. there's a lot of cash on balance sheets. >> people don't like inflation, this is true. but they will tolerate it. >> inflation is going to be eating into the real wages of low income households. >> there's an impression of over and done very quickly. i don't think that is what we will see. >> when we get through the noise, will it stay sticky or not? the market seems to say no. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. in your equity market, we advanced 0.3% on the s&p 500, up 12 points.

walmart, the outlook improves for retails in america. tom: this is really important from walmart. we are seeing nominal gdp optimism. i love how they phrase a two-year stack. i predict we are going to see a lot of this. you will see people recalibrating back to 2019 and looking at a broad, you talk about getting over the bridge, they are going to get over it with a two-year stack. jonathan: the line from walmart, "our optimism is higher than it was at the start of the year, see -- the year, seeing continued income through 2021." tom: it will keep us employed at least to the end of may. jonathan: next, tom. -- thank you, tom. [laughter] that's like, two more weeks.

walmart struggling on the stock, but looking ahead, they see a better future. lisa: shares in the premarket up about 1%. just to put that into context, what is driving this is savings and disposable income. you saw personal income in march surged to a record high of about 30% above its pre-covered levels -- pre-covered levels -- pre-covid levels. the real question for the economy is how long will it take for them to wind that down, and what will be believed through be for the broader economy? jonathan: raising the forecast on the u.s. desire to get out and shop. lisa: isn't that the case, though? very american, i got to say. it is true that. this is what you see when you go outside. if you look at restaurants, look at the shops. you see it, i see it. jonathan: it is a hat trick for american retailers this morning. tom: listen to you with the hockey talk.

jonathan: that's football talk. [laughter] here's the price action this tuesday, shaping up as follows. we advance in the equity market. in the bond market, yields 1.64 37%. tom came into the studio this morning and screamed, "the fx market, jon." it's a stronger euro, a weaker dollar. the euro-dollar with a $1.19 handle this morning. $66.56 on wti. lisa: this has been quite a story, this question of reduction versus demand. we have seen demand increasing. we saw the shortage for semi-construction last week. you have a potential withdrawal from drilling. just to run you through the events i am watching, eight: 30

am, a slew of housing data. april housing starts and building permits. i'm looking at the building permits. how much are some of these builders looking to be the incredible demand because americans just want to go out there and chop, as walmart -- and shop, as warmer it seems to put it? at 9:00 a.m., secretary yellen is speaking at a chamber of commerce event. expect her to speak about tax hikes for corporations. she's also going to be talking about inflation. at what point do we care? this is something i think is very important. we were talking about the university of michigan survey showing expectations for five to 10 year inflation amongst consumers rising to the highest level since 2011, rising the most since 2009. that is significant. 11:00 a.m., the fed's robert kaplan is going to be speaking at the atlanta fed conference. very interesting to hear what he has to says about being the lone hawk on the federal reserve,

wanting to raise rates in 2022. he is a nonvoting member, but interesting to hear the dissent among a very dovish fed. jonathan: is lisa counter programming this morning? at 9:00 there's also a radio show taking place. lisa: i expect you to be talking about it. tom: i'm really looking forward to talking to paul sweeney about what we have seen in media the last couple of days. lisa: i was not throwing shade. i'm allowed to be excited. jonathan: are you going to be with secretary yellen at the top of the 9:00, tom? tom: i have no idea. i'm just, you know, i'm looking for an entry point. jonathan: you do what you're told, i'm sure. lisa, thank you. i hope they play that, and then i won't do my show. this is from walmart. the team breaking down the numbers on the bloomberg terminal. the headline grabbing me here is the 37% surge in walmarts e-commerce business. that is from our reporter here at bloomberg.

the e-commerce side of the business, even with three opening, continuing to do well. tom: they are buttressed up against amazon. this is likely streaming thing. we are compressing all of these industries into a scale driven view, and that is what you are seeing in retail online as well. jonathan: let's bring in andrew sheets of morgan stanley, the chief cross asset strategist. "investors face early cycle timing and late cycle crisis." what does that mean? andrew: thank you for having me. when you think about the lows for markets, usually that would be a fairly early cycle decision when we think about the last three or four cycles. they have been 7, 8, 9 year events, so being one year out is still safely early in that process. but if you think about the conditions we have at very

strong recovery in consumer spending, rising inflation, our economists think you will see a lot more spending start to come through the system. -- more capex spending start to come through the system. then valuations, that obviously varies. this is a very complex picture for investors that deviates may be from a year ago or six months ago when those early cycle signals were much more consistent. tom: i've got to congratulate you on having a midyear review published on may 16. that's the way they do it at morgan stanley. you've got a real biased to international, to european equities as well. is pricing power and international concept, or really a concept for the american market? andrew: i think it matters everywhere. i think it will matter more in the u.s. the quality theme is more

important for mike wilson and our u.s. equity call. i think where europe and some of the international developers have an advantage is i think we know that the next six to 12 months are going to be a real debate between good data come of this question of is this data to good. is it going to lead to higher inflation, to a central bank policy response? that is going to drive a lot of the debate over the next six months. europe and japan are just in a different part of that debate. they are not as expensive. their inflationary pressures are not a significant. i think central banks will be much slower to respond to any rise in inflationary data. i think that gives them a big advantage. you just mentioned secretary yellen will be talking about tax increases. that is a story that might impact the u.s. market, but isn't currently on the table in europe and japan. lisa: one thing you are talking

about is higher inflation and why that leads to your call to downgrade credit to neutral from overweight. i am trying to understand what the biggest risk is too markets based on valuations currently. higher than expected inflation or lower-than-expected growth? these are what people are putting themselves against when they talk about the fed and perhaps being counter to their view. where do you stand on that? andrew: for markets broadly, weaker growth would be the bigger risk. we saw that throughout, and i think that was the defining feature of the last cycle post she actually -- last cycle post- gfc. i think we all need to acknowledge that growth, inflation picking up and the fed eventually raising rates, is an incredibly normal path of behavior. that has happened time and time again. that is normal to happen as things improve. it doesn't preempt the idea that we are still in a bull market,

things will still be better. where credit starts to get into a challenge is if we are talking about a hotter cycle, central banks having greater willingness to run a higher pressure economy , as our economists say, that is an environment where credit investors don't benefit if growth is better, but they are still exposed if that hotter growth means the next downturn is closer than it would otherwise be. jonathan: andrew sheets, got to leave it there on that important note in the credit market. got some earnings to pore over this morning. we had them from walmart, home depot, macy's. macy's and the premarket up more than 5%. walmart in the premarket up by 2.25%. we are seeing the same again and again this morning. tom: steve sayed of -- steve sadove at sachs really mentioned that the department stores are doing well for the first time in ages, coming off

the bottom of the pandemic. i don't know how sustained macy's is in their excellence, but look at walmart and particularly home depot. it is just quarter after quarter of execution. jonathan: the s-word is the right word, sustained. will it be sustained? is the trade done, reopening? what is the sustained path forward? lisa: and how long does it take for the cash infusion in people's safety counts to bleed through to them? who has this money? is that the people who have the most inclination to spend, the lower income families? walmart reported that u.s. e-commerce sales rose 87% in the quarter, compared with the average estimate of 24%. the shift to e-commerce has been astronomical. jonathan: i said that five minutes ago. lisa: i know. i just can't get over that. jonathan: you don't listen

to me, do you? lisa: i just wanted to emphasize that. jonathan: i am going to walk. coming up, good friend of mine, chris harvey of wells fargo. we usually talk on "the open." that's at 9:00 a.m. eastern. we will catch up with mike wilson as well. this is bloomberg. lisa: did you talk about e-commerce sales? [laughter] ritika: with the first word news, i'm ritika gupta. the biden adminstration has shifted its approach to the violence in gaza. president biden told prime minister budget not new -- told prime minister benjamin netanyahu he supports a cease-fire. since last week, benjamin not -- since last week, militants have fired rockets into israel, while israel has retaliated with air

strikes and artillery. president biden has called for spending a little more than 2.2 trillion dollars. senator lindsey graham says a gop proposal should be as high as 900 dollars. republicans are opposed to using tax hikes to pay for spending. it would be amazon's biggest push into the entertainment so far. reportedly, the world's largest online retailer is in talks to buy mgm video. amazon could pay about $9 billion. mgm would help ulster amazon's prime streaming service. home depot posted stronger-than-expected results for the first quarter, he signaled that the home-improvement trend still has room to expand. day-to-day same-store sales came to the highest in the period. walmart did not issue any future guidance.

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. ♪

♪ >> we expect purchases to continue at the current pace until we have made substantial

further progress through that april unemployment report. as the data comes in, the committee will have to evaluate that and make a judgment on that. we will certainly give advanced warning before we anticipate scaling back the pace of those purchases. jonathan: that was richard clarida to, the federal reserve vice chairman come on sticking -- clarida, the federal reserve vice chairman, on sticking to the script. alongside tom keene and lisa abramowicz, i'm jonathan ferro. the s&p 500 up to 4170. in the bond market, yields basically unchanged. dollar weaker against everything in g10. the dollar index capturing that story, breaking down to an 89 handle. retail in america looks like this this morning. in the premarket, macy's up by 5.7%. home depot up by more than 2%. it's beats across the board

here. raising the outlook, the guidance for the year ahead. tom: to the bull market and the tone we get from retail, 19.37% really gets my attention. maybe we are not out to record highs, but the fix is telling us the tone -- but the vix is telling us the tone of the general market. we spoke in the last hour about israel, gaza, palestine, and the territory there. our jack fitzpatrick joins us, our bloomberg government reporter. we'll simply here, within the textbook, the israel lobby, is there a generational shift in washington? jack: when it comes to the israel lobby specifically, it is hard to say. if we are pointing to a generational shift in washington, the democratic party may be experiencing one where it is not just members of the far left who want to push back more on israel.

it is a larger chunk of the democratic caucus. we saw most senate democrats call for a cease-fire before biden did. on the israel lobby, the status quo is still very strong. main stream democrats and republicans want to clearly stand with israel. so if there is a generational shift there, it may be hasn't entirely come to fruition just yet. tom: what do you anticipate in the coming weeks that would be different in tone from 2014, or going back to something as large as 1967? what will be the ballet as we get be on the nine days of the fighting we have seen? jack: from the u.s. perspective, the news yesterday that president biden did bring this up with netanyahu, calling for a cease-fire, saying he wanted to see a cease-fire, was

significant, but clearly, biden is going to play this in a very sensitive way. yesterday, jen psaki, the press secretary, was asked if biden sees this as a disproportionate response by israel. she would not go that far, would not use the word disproportionate. the specifics on how the u.s. follows up on this are going to be very important. do they ask for more evidence about hamas weapons in certain locations? but really, in a public facing way, the u.s. is handling this very delicately, and may be giving a slight nudge to israel rather than real pushback. lisa: that fact that we are talking about this highlights how international policy has dominated the discourse around president biden over the past few weeks. piggybacking on that has been a push to export approved vaccines to other countries. he tried to paint that yesterday as a way to develop jobs in the

united states. how is it being received at home? jack: it is being received relatively well just because of our own vaccine numbers here. his goals appear to be probably within reach at this point. we are at about 60% of american adults having gotten at least one dose of a vaccine. his goal was 70% by july 4. so we are at a point where the progress the u.s. has made on vaccinations, plus unfortunately the number of people in the u.s. who still are not willing to get one, means there are millions of doses that probably couldn't be used in the u.s. he hasn't really gotten a lot of pushback there. the challenge for domestic policy really is how many people who are hesitant to get vaccinated would be persuaded, but the shipping out of these internationally has been fine so

far. lisa: the challenge also for this administration is trying to push an agenda that deals with a pandemic economy with an economy that increasingly looks post-pandemic, that looks like it is climbing out of some of the holes it has been in. where has biden's policy been in the past couple of weeks in terms of making progress through congress in order to get it actually passed? jack: the conversation on paying for his legislative priorities is a difficult one. they do seem to be making progress on an infrastructure bill. there's going to be a meeting today with two cabinet secretaries, buttigieg and ray moaned a -- and raman do -- and raimondo, and republicans. his approach going forward is more we need the revenues to pay for whatever we want to spend. that is where it gets very

difficult. on the spending front, things seem to be going pretty well between biden and senate republicans. the question, as it has been for the past few weeks, is can they agree on anything tax related or something more creative, irs enforcement the latest thing they are talking about that could raise some money? but that is still the biggest challenges in terms of the tax issues. jonathan: can you imagine a situation where they come to an agreement on infrastructure spending with republicans, and deliver a separate package elsewhere that delivers tax hikes? jack: yes, that is the expectation. roger wicker says that clearly seems to be bidens play, to do bipartisan is much as they can, and then take a second shot at something partisan. jonathan: then you go into the midterms by saying we did what we said we would do on taxes, and managed to get a bipartisan infrastructure deal in washington. you can see how they try to

build up the optics there may be. tom, you have been on top of that through the last several months, since the first week in november, the race to 2022. tom: i think it started to weakens ago, jon, and it goes it -- started two weekends ago, jon , and it goes to the new york mayoral race. i will tell you, and my von today off yesterday, i enjoyed a whole foods excursion. jonathan: the one on 3rd avenue? tom: everything is up. jonathan: what is it? tom: i crossed the park because i was talking to elong on the phone -- to elon on the phone. jonathan: the one on the upper eastside? but lisa lives near there, you don't. that doesn't make sense. tom: i know. jonathan: tell us about those

e-commerce numbers. [laughter] tom: i don't go downstairs, jon. jonathan: give me a break. from new york city this morning, good morning. lisa abramowicz, tom keene. i'm jonathan ferro. i had your cooking. he's actually not bad. lisa: he's really good. jonathan: this is bloomberg. ♪

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jonathan: live on tv and radio, here's your price action this tuesday. up 0.25% on the s&p. raising the guidance at macy's, home depot, things better at walmart. raising the outlook over at ubs. now looking for 4400 on the s&p 500, from 40 to 50 -- from 4250. we will touch on that little bit later. here are two sectors to watch for the year so far, energy and financials. the banks up by more than 36% year to date. energy stocks up by 43% year to date. some people expecting more gains in the year ahead. the fund managers survey from

bank of america this morning, these two sectors, the biggest overweight's for them since spring 2018. it has been on was three years. their view, if you believe in the transitory surrey -- does transitory story, they believe you should leaving -- the transitory story, they believe you should lean into the long end. yields basically unchanged on the session. if you believe in the transitory story, the trade coming from bank of america is to lean into the 30's and lean into tech as well. tom: a huge gamble. it is a really bold statement. jonathan: it is a contrarian view. they are just putting it out there. if you agree this is all transitory, you should lean into it. that is just them raising the point. it is up to you if you want to characterize it as a gamble. your words, not mine. tom: it's transitory. jonathan: you drink. enjoy yourself. your bond market, 1.6420% on tens. romaine bostick has some movers for us this morning.

romaine: there were so much in this market about retailers. the idea that you had this pull forward, that you were going to have these tough comps and retailers weren't going to be able to make those comps, but to make it easier, macy's up significantly in the premarket, up about 6%. not only did you have net sales jumping more than 40%, but gross margins expanded -- but gross margins expanded -- but growth margins expanded. the bottom end of their forecast on a full year basis, that is on revenue on adjusted eps, way above what the street was looking for. of course, you had those online sales jumping about 30%. he 7%, well above expectations here. so again, this idea that these companies will be heard by these year-over-year comparisons, not the case for these two companies.

not quite a retail story, but keep an eye on amazon this morning, hiring premarket by 0.7%. a report last night saying the company in talks to buy mgm movie studios. that would be a $9 billion deal and would mark a huge shift for amazon deeper into what presumably is the streaming space, and at some point just theatrical releases as well. did you have a comment on that, tom? tom: i want to know where you are right now, romaine, with comcast. the two i am watching for reaction to what we observed in the last 48 hours is comcast, the route rou -- the roberts family, and disney. i can't fathom what they are going through right now, r omaine. romaine: a couple of analysts we spoke to yesterday on "the close" says this is all about consolidation. this is become a competition between netflix and disney+ as

far as number one, number two. everyone else is competing for the middle of the pack. so it is not unlikely that you are going to see some people may become around and kick the tires of nbc universal, viacomcbs, paramount, and some of these other streaming services. the question is whether some of those ceos will want to go down the consolidation path. of course, with the backlog and libraries that these companies have, a lot of them probably feel they can mega stand on their own two feet. just real quickly, i want to bring attention to our viewers and listeners going forward here, joe is going to make a trip to a electric vehicle plant today. this is just a renewed commitment by the biden adminstration to ev's. ford has already committed money here.

tesla is on board. a be it is now safe to short those again. a lot of cybersecurity stocks were higher in the premarket. right now only up about 0.1% -- right now, fireeye only up about 0.1%. tom: i can't say enough about geeta at bloomberg intelligence. right now, over to economics, padhraic garvey joins us, ing head of global debt and rates strategy. when we are at 4% inflation, what are we supposed to do? padhraic: you are not supposed to buy bonds, tom, but that doesn't stop market participants from aggressively buying. one of the reasons bond yields is where they are is because there's an excess demand, which

is remarkable. you throw in 4% inflation, which by the way, is probably going to find before it comes back down again, it is a real head scratcher as to why bonds are where they are. i think the only rational reason is it is a number that is divorced from where the economy is. jonathan: u.s. activity appears to be moving past the peak of positive results from gross. it is diminishing. does that worry you at all? padhraic: our only real worry is the really old space. we think the economy does quite well. then again, if i look at where the 10-year is at -90 basis points, if i came down from mars and saw that number, i would

say, what is going on here? there's a depression coming. so that worries me. there's a negative discount coming from that standalone number. i would disagree in the sense that there is a bear steeping trend ahead of us. we still think he can go to 2%. jonathan: 2% on tens. we would sit here and say if i came down from mars, this makes no sense. can the federal reserve and central banks across the world keep it making no sense for a long time? padhraic: it is also a very different fed, and a very different set up. we have the government and fed aggressively boosting this economy. you listen to the fed very carefully, and what they are saying is we are going to stay where we are until the most

vulnerable parts of the economy have recovered from covid. it will take us quite some time. we had helicopter money from the government. it doesn't change until we get to a proper recovery. that combination as well makes it even more difficult to understand why yields are where they are, but they are where they are, and again, i can list off a number of reasons as to why i think it is rationalized where they are, but from a fundamental perspective, it makes no sense. lisa: i do want to put a bow on what you are saying. if the reason why real yields are so negative come of the most negative by some measures or about that since february, simply because of the fed's asset purchases every month, it is their purchase tamping down the nominal yield. or is it some other dynamic at work internationally or otherwise that we ought to pay attention to? padhraic: the fed is buying, and

u.s. pension bonds are buying as well. they have been increasing their holdings of fixed income. we have corporate that are fixed rate receivers come which means they pay floating to get ultralow funding. if you look at fx adjusted positions, treasuries now have a 100 basis point pickup versus bonds. you may say that's the way it always is. well, ed isn't always that way. the number of factors out there which are boosting the demand-side, i think some of these are transitory. we will move the on them and get to a point where fundamentals will have a greater say. you mentioned the 30 year at 2.3%. all it is doing is protecting you from inflation for the neck for years. that is in 0% real yields. is that a good investment? i don't think so. lisa: when do you see a trigger

in terms of remaking some of these yields a little more realistic in your view? is it taper talk from the federal reserve? is it actual inflation data? padhraic: yes, the taper talk story is a very nuanced one because the moment the fed starts to talk about tapering is the moment that they have accepted that the economy has absolutely recovered, in a sense. that is the point at which the bond market could start to take note. we are of the opinion that that could start in august this year, and that q4 this year could be the point where we have the uptick in yields. jonathan: always great to catch up with you, sir. a little bit of pushback against that thirty-year trade. just getting some comments from the prime minister's spokesperson in the u.k.

the you pay -- the u.k. should not travel to amber list places. we have a traffic light system in europe. don't go there seems to be the message from this europe -- from this government in europe. if you are british and you are not a permanent resident in the united states of america, you can't get in. tom: you can't go. jonathan: you would have to go somewhere else, stay there for two weeks, and then come across to the united states. and the airlines have been pressing, particularly over the last week, to say we need to get prepared. the president goes to europe next month, there's a hope he talks about opening things up, but i have seen very little on either side of the conversation. tom: british airways just saying let's go. i don't get it. jonathan: i don't get it either.

we have basically got a vaccine passport in new york, the excelsior pass. it is basically a vaccine passport. lisa: don't say that. [laughter] jonathan: you are not allowed to say that. it exists. it basically exists. lisa: and actually, if you look at the business is, that is what they are doing. back to yankee stadium? jonathan: 8:30 a.m., mark mccormick of td securities. i got some skin in the game here, so forgive me. i want to go home. from new york city this morning, good morning. this is bloomberg. ♪ tom: -- ritika: with the first word news, i'm ritika gupta. the u.s. is adding pressure to both sides to end the conflict in gaza. president biden told prasm in netanyahu -- told prime minister netanyahu he would back a cease-fire. at least 222 people have been

killed, most of them in gaza. hamas militants have fired more than 120 rockets at israel. israel has responded with air raids and utility -- air raids and artillery. there is legislation backed by democrats and republicans that would jumpstart research and development with a cash infusion of more than 100 billion dollars. the bill could be passed by the end of the month. the son of rudy giuliani is running for governor of new york. andrew giuliani tells "the new york post" he's confident he can win next year's republican primary and defeat andrew cuomo. he served as former president -- rudy giuliani was the mayor of new york and served as former president trump's personal lawyer. andrew giuliani has never held public office. volkswagens italian brand says by 2024, it will offer a plug-in

versions of each model of its lineup. lamborghini will also launch a vehicle powered entirely by battery and the second half of the year. 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. ♪

♪ >> right now, between the two of

us, we are spending $20 billion a year on content, and we expect to spend more than that. together right now, we have almost 100 million subscribers, and neither one of us have really deployed aggressively outside the u.s. and we are differentiated in a meaningful way in the u.s. with the extraordinary ip that john and his team have built, together with discovery. it is a very differentiated and compelling offering. jonathan: david zaslav coming up swinging, the discovery ceo. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here's your equity market this tuesday. we are higher by eight points on the s&p. we advanced 0.2%. on the bond market, yields come in just a basis point. in the fx market, 1.2217%. three reports from retailers in america this morning. home depot, one to beat. macy's, another. walmart, make it three. the outlook looks brighter for

retail in america. tom: the mba speak is floating around this week. jonathan: it sounds -- we don't want to stop the show. jonathan: it sounds like you have just done that. elaborate. tom: lisa, this is compelling. jonathan: are you talking about the mckinsey speak? tom: well said, yes. jonathan: tom, that's what you get every day. you always get the mckinsey speak at these press conferences. what do you expect? lisa: the spreadsheet isn't compelling in this capacity -- [laughter] tom: oh please. jonathan: lisa, don't try to translate. tom: i know you watch "90 day fiance" every time. "90 day fiance" is going to get along with "game of thrones." got to be kidding. jonathan: how much are you going

to pay for it? i think a lot of people in this country and elsewhere are waking up thinking about what they want to do with their summer, and when they look through the bill at the end of the month, wondering why they've got so many streaming services. last year made sense. does it make sense now? tom: i don't know. david wilson is the expert on this. let's go to him. he's focused on energy stocks today. get out front of this for us. because you are differentiated and compelling. dave: i hope so, tom. what can i say? sam: differentiate $90 -- tom: differentiate $90 in oil and what it means for energy. dave: in the latest note from baycrest partners, the chief market technician had an interesting comparison. he called it dirty energy versus clean energy. we are talking about a couple of exchange traded funds. one of them tracks oil and gas producers. the ticker is xop.

the other is a first trust etf, qcln, down 97% from its high in 2012 through last november. you had a bit of a turn, and that is highlighted in green on the chart. the ratio is actually doubled from its low. tom: so this is where we are on radio and you say it has tanked, it's been straight down, and finally we got a leg up. tom: something like that. -- dave: something like that. tom: continue. jonathan: pummeled, cratered, crushed. tom loves those words. keep going. dave: ok, fine. they are looking for more out of the old-school energy stocks. the dirty energy, if you want to call it that, basically because they have room to rebound. you can see how much room they have when you look at that chart. as he figures it, it looks

timely to get into those stocks, and certainly we have seen a reversal. tom: guys, we've got to judge here now. gwosdev differentiated and compelling? jonathan: on what front -- gwosdev -- was dave differentiated and compelling? jonathan: on what front? dave, thank you. no idea what is happening this morning. we spent two hours talking about garrison harry, so you want to bring in them as well? tom: i can't focus, folks. harry is with the tots. does he go to manchester? is that far enough away from london? jonathan: the star stryker of your club in north london has put in a transfer request. i have no idea. some reports that he has informed the leaders of tottenham that he wants to leave. he's going to be looking at something north of 100 million to make that transfer. tom: that's differentiated. jonathan: a few years left on his contract. he earns about two k sterling a

week. that could go up to 250, 300. what is really interesting right now is the big clubs clearly don't have much money in the way that they did a few years back. tom: really? jonathan: think about the position over the last several weeks, several months, and why we are talking european super league because these big clubs have spent an extreme there he amount of money -- an extra ordinary amount of money buying players. several have just not worked out . going forward, i wonder if they have the same cash to come out swinging and by someone like harry kane, who's going to cost them north of 100 million. tom: the bottom line here is harry kane is differing should and compelling -- is differentiated and compelling. jonathan: he's one of the best strikers in football right now. tom: when do we have paradigm? jonathan: i don't know if we are talking past each other. tom: no, you nailed it, jon.

jonathan: lisa said yesterday when we saw the word synergy that you would get going. tom: you're right. jonathan: that you would be furious with. tom: we are talking 40, 50, $60 billion of loss. you've got t-mobile with a moon shot straight up, and at&t flat as a pancake at international house of pancakes. this is a massive screwup. jonathan: buying the assets wasn't enough. you've got to invest a ton of money to develop the content. i saw that yesterday too, and then bob profusek came on and said no criticism from the cheap seats. this has moved in a way didn't anticipate. tom: that's fair, but i am going to go to the mckinsey talk that is differentiated with a paramedic shift towards -- with a paradigm attic -- with a

paradigmatic shift towards energy. jonathan: in america right now, what are you spending for cable, for broadband? $60, $70, $80 a month just for the broadband connection? then you've got all these services on top. lisa: there's a reassessment of the bills and what media people are going to be looking for. i am wondering what the reopening trade actually is. i just want to dovetail away from streaming into the retail numbers i've been digging through. macy's saw an increased demand in office clothes. remember we were talking about a shortage and dress pants? teeth whitening -- white teeth-ening. jonathan: teeth whitening, i think. [laughter] lisa: i'm just saying, it is interesting to see. jonathan: white teeth-ening

flying off the shelves at macy's. [laughter] that's this program, differentiated and somewhat compelling. with tom keene and lisa abramowicz, jonathan ferro. on tv and radio, this is bloomberg. ♪ bloomberg. ♪

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>> there's a lot of cash in the economy. there's a lot of cash on balance sheets. this cash will get deployed one way or another. >> people don't like inflation, this is true. but they will tolerate it. >> inflation is going to be eating into the wages of low income households. >> it gives the impression of over and done quickly. i don't think that is what we will see. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone.

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