consumers are sitting on $3 trillion in extra savings. >> banks can't lend the money out because people don't need to borrow it. >> we are looking for a slowing rate of equity gains. >> there are storm clouds we are concerned about. >> i don't think that will be enough to force the fed's hand and tightening any before 2024. >> people are vaccinated and are still not ready to get up and do things the way they did before. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. >> from new york city for our audience worldwide, good morning. this is "bloomberg surveillance." alongside tom and lisa abramowicz, i'm jonathan ferro. equity futures down .3%, down 11 on the s&p 500. tom keene, i think the beauty of this program is the honesty. this has turned into a total snooze. even with the federal reserve slowly teeing up a conversation about tapering, this market is barely responding to it.

tom: we gotta stay vigilant. this news is there on the volume basis. monday for me was the most boring. we will talk were nimby in a moment. there is new slow, including hsbc announcement on exiting america, but you are right. let's people are looking for is evidence. we will get that at 8:30 today and lisa will talk about that. far more, we need evidence on this boom economy. jon: do you want to touch on hsbc? tom: we could do it now. to me, it is a huge deal, and not about hong kong, shanghai, or london, it is about a 40-your failed experiment in domestic retail banking. i don't mean to pick on hsbc, but it did not work from day one when they but marine midland. jon: tom: i'm happy to. it's a perfect scale exercise. forget about the ceos in washington, they have their operating officers looking at every single subdivision, saying report to me on is this

scalable. that is the number one lesson. jon: another four heading for the exit in america. lisa: talk about the dominance of the u.s. banks. in addition to the failed experiment, there is this idea u.s. banks are increasingly untouchable. the rate regime also helping them in the united aides, but their size, scope, this prominence of their capital market operations. i will say, hearings yesterday were interesting. jon: here we go. lisa: i know you guys will say another snooze-fest and we should have a snooze meter, but there was nothing that sucked. there were no soundbites that were the key hallmark points of the hearings. that, to me, is interesting. the banks could not get pinned down on any one and i don't think -- and i think i think that could be interpreted as a win. was that the one generally people took away from that? jon: to generate changes i think what you're getting at? lisa: or a conversation about overdraft fees. i do not see that conversation continuing.

jon: if you call out jp morgan and say can i get that back, they will say yes. that exchange yesterday did not make sense, did it? tom: i would say with banking and with technology, as lisa says, the bensalem -- the pendulum of hearings a simple, it was theater yesterday. the pendulum of hearings will continue forward and the political season, and business just goes on. in the bull case in this market, the reason to acquire shares this morning's knowing see class officers in every sector will adapt to the cards dealt by washington. jon: is that our coverage of the hearings? tom: that's it. lisa: [laughter] jon: actually these down .3% on the s&p 500. good morning to a worldwide, shaping up as follows. euro-dollar just a break of 1.22. one point 2195. we are unchanged on the date -- 1.21 95. we are unchanged on the day. i sent to the producer

yesterday, just take everything i'm about to say, cut it, and play tomorrow. yields 1.58. yields unchanged in the bond market. lisa: it's not just yields. let's take a look at the implied volatility index for treasury yields. it is the lowest since february. it has been on a rapid downdraft talking about a snooze-fest. you're getting a slew of data. i am looking at a sale, though it is has -- though it has been highly noisey. jobless claims expected to fall, higher than you would expect given the boom economy people are talking about. nevertheless, this is noisy data. i wonder how much people using to trade off of. we will be getting durable goods and first quarter gdp. tom: that charge, on radio, it is the claims chart, the most elegant chart i have. it is trending optimistically. lisa: it is, though you would like to see it fall even that much further down in a case the

labor economy was recovering. 1:00 p.m., this is the auction of the week. it is $62 billion of seven your notes. the others have been coming in very strongly, a ton of demand by investors. even though there are already inflation expectations, maybe? this is a confusing market with the inflation expectations coming down even as people talk about the boom economy. at 2:20 p.m., joe biden, president of the united states, will be in cleveland, ohio delivering remarks on the economy. i'm curious to know how open he is to the republican counterproposal we expect today. it's expected to have a headline number of $1 trillion. how much will he indicate getting behind that? jon: negotiations continue. another fed official timing on talking about it. the vice chair of supervision said it will be important for the som see adjusting plans for pace of asset purchases and

meetings. vice chair claret joining over the last week as well. tom: there has been a lot of pushback on taper and zeitgeist in the last 48 hours. the word is being reformed and remodeled. jon: here's the line from aaron robinson, he says we believe in increasing anxiety about asset purchase tapering by the fed, weighing on the markets expected growth outlook in the second half. the global head of research towards us right now. erica, allow me to be provocative this morning. rotella -- relatively speaking given how boring it is elsewhere. where's the anxiety in the bond market? eric: i think what we have seen for most of the year is quite a bit of anxiety about potential inflation, potential supply, the expected explosion in u.s. data, which we have started to see, but i think what is super interesting is, even with all of

this good news on the economic front, and even with as you say the fed thinking about tapering, treasury yields have remained well contained. i think that tells us perhaps we have already passed the point of peak anxiety about inflation, and the market is starting to think about the fact in 2022, there will be less liquidity coming from the fed, fewer asset purchases, and maybe the growth impulse or peak in growth expectations is already built into the market price. not necessarily anxiety, but i think the market is forest to reevaluate how treasury yields are going to respond to the outlook over the next few months. tom: eric robins -- robertse n. today, yuan unmanaged by

beijing, moving on asia optimism. what is a signal of a strong renminbis -- rinmby? eric: i think this is a powerful theme to think about. one of the things we have seen over the last nine nearly 12 months is the strength of rmb has provided an anchor for the other currencies in the region. to stick with the theme of volatility you guys have been talking about, the volatility of currencies in asia is extremely low this year. in many cases, lower than g10 affects volatility. -- fx volatility. even in rmb -- even if rmb does not appreciate further from here, the resilience and strength of the currency reflecting the domestic outlook is a net positive for the whole

region lisa: there's a question -- region. lisa: there's a question john raised, if the renminbi strengthens, is a positive? they have more pricing power but if they allow prices to decline on the u.n., perhaps that would lead to fewer purchases and lower commodity prices, going forward. how will this affect commodity complex? eric: this is a question like the loss of attention. i am glad you brought it up. there are couple theories. one says china wants or needs a stronger currency, because it helps to offset or mitigate the increase in commodity prices. i do not know if there is an enormous amount of truth to that, but what i do think is important is, even with commodity prices being as strong as they are, china remains a

significant buyer of commodities. they had a significant need for energy products, metals products, and eiger cultural products. so, to tone -- to some degree, a stable currency has strong levels help to manage inflation expectations. i think that, to some degree, may help sustain the demand for commodity. jon: we have to leave it there. always great to catch up. global head of research. love this line this morning, a tip in the hat to adam cole from rbc, pointing at how incredibly stable dollar-yen is. it is heading for the smallest monthly range on dollar-yen since 1975. talking about this snooze-fest in the bond market for now at least but check out dollar-yen for more. tom: there is really interesting things going on here. matt plaited up as kobe smith did at the eft, the overnight rebound. the underpinning here of short-term liquidity going out

to record cash on hand, snoozing at the federal treasury for the banks versus the market low volumes, snoozing in this range, and at some point it breaks. at some point it goes one way or the other. jon: make sense of it. this time yesterday, talking about what an appointed -- what an important moment we are in. we are about to make this transition from recovery to expansion and maybe with significant deceleration. the federal reserve is slowly devolving its language and here we are. nothing. lisa: we have a lot of people coming on and saying we will not get information on inflation until later in the year. people are waiting from data on that's. in the meantime, there is this incredible flood of cash. i think everyone has these vacation days. jon:jon: you think that is what this is? lisa: i think that is part of it, getting together with friends and back to real life.

jon: that is lovely. lisa: all of the people i speak to an markets. [laughter] tom: jon and i don't have any friends. [laughter] jon: this is it. lisa: [laughter] this is the social moment. jon: thanks for being our friend, lisa. coming up, seven a clock a.m. eastern time, i global market strategist. that sounded so sad. [laughter] from new york, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. the u.s. and china held a candid first conversation as the two sides try to resolve their key differences. this was one of the few top-level meeting since the biden administration took office despite agreed to a possible trade deal last year. both china and the u.s. have tariffs on billions of dollars of goods.

orest johnson is battling a major attack on -- boris johnson is battling a major attack on his authority from dominant -- from dominic cummings, calling him unfit for the job. the testimony has the potential to damage standing against mps to stay in power. australia's second largest -- it ended its fourth lockdown with concern from the spread of coronavirus. people in melbourne will only be able to leave home to shop for food and essential items to get medical care, work, study, or get vaccinated. the countries health minister said the move is "highly regrettable but necessary." malaysia's prime minister is facing pressure to reconvene parliament. they suspended democracy in january and now public anger is growing as the country's

outbreak shows no signs of easing. infections have doubled since january and the pace of vaccinations has been slow. 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. ♪ ♪

>> one of the things i would like to see is a standard for

[indiscernible] i know republicans say stick to the hard concrete issues and i'm not against that. i think we had have some simple permitting and layer's to our reforms and maintain integrity of environmental excellence while, at the same time, unleashing private-sector investment. jon: that was the senator from north dakota. good morning, alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity market down nine on the s&p 500, we decline .2%. you will have a ton of data in minutes, and going into yields unchanged, but about half a basis point. euro-dollar holding onto 1.22 here. around about .1%. we advance a little bit stronger euro in the mix. tom: you are better at this. you are trying to do a data check. i say nothing has changed in 24 hours. jon: thank you, tom. tom: we mentioned renminbi

moving. jon: is that a compliment? [laughter] tom: i really want to point out folks, the vix is under. seriously closing yesterday and a solid under 18. jon: it is a reflection of what has been going on, isn't it? tom: yeah, but it is a real shift to a resume we have not seen in months and months. jon: agreed. tom: right now in washington, thrilled that jack fitzpatrick could stop by with bloomberg government. jack, i want to talk about the core knowledge here of our political game as we sought yesterday, everybody fascinated by the backdrops of these fancy ceos, and bologna. what is the distance between wall street and this nations sentries-old distrust of the east coast, particularly new

york and main street, that is out there. describe that distance in your washington. jack: right now, it is a big distance rather than a lot of specifics. when you talk, especially to democrats, now about what their priorities are and that kind of thing, it is difficult to pin down the legislative priorities and how this would be turned into a bill, but the distance and distrust is palpable. you hear senator elizabeth warren talking about broad complaints about lack of lending to everyday people, and it is political catnip to bring up salaries and bonuses for big-time ceos. we are at a point where there are a lot of questions about how that would get translated into a piece of legislation that could become law.

but you can see, at this stage of the process, there's a lot of political appeal to that skeptical i on new york -- eye on new york. tom: wahlstrom, fifth avenue, this is two streets over from a mcdonald's where we have lunch, but if you go down fifth avenue and you have the home of donald trump, the former president, and he has a huge representation of distrust between main street and wall street, at the bottom is a gucci children's store, lisa gets her voice close there. symbolism is amazing. away from senator warren come, away from senator schumer on the other psych, representing banking in new york, where is the middle ground on washington between wall street and main street? jack: the middle ground is tough to find, especially because the specifics on what they are actually going to do right now are hard to say. i think if you look broadly at

the political issues in the political mood in the u.s., there's a bit of bipartisan leaning toward digging into anyone seen as the elite republicans are trying to put themselves in a party for the working class. it's easy in a bipartisan way to ask tough questions to the heads of banks, but you are asking where the middle ground is in a way that would concretely affect the banks, that would concretely work its way into a piece of legislation becomes law. we do not seem to be at that stage yet. there is still a fairly partisan debate over the role of dodd-frank and things that have happened in the past rather than how they want to

change the future. right now, it is something that has a clear political appeal, but it is very difficult to translate into legislation right now. lisa: when it comes to main street and legislation, there's a chance for this infrastructure spending. we expect the republican response to joe biden's latest revision to the infrastructure plan today. 2:20 pm, joe biden will be giving a speech. how much will inflation be a key issue, a key political point raised by both sides of the aisle here as they try to push their plans? jack: it is a key political issue, something republicans are hair marrying -- are hammering away on democrats, citing no prices, all the price increases they can find. it is not necessarily seem to have as much of an appeal to democrats, although i would point out that, if there were no concerns about inflation among

democrats, it may not be as important to them to fully pay for and offset the cost of this infrastructure plan, as the president has said is an absolute requirement. it is an issue, but right now, politically, it is more of a partisan issue that republicans hope to campaign on against biden than something that has entirely worked his way into the real bipartisan negotiations. jon: gotta leave it there. jack fitzpatrick, bloomberg government. equity futures off by about .2%. tom, you said these negotiations are really the start of the campaign season into next year. tom: they are there and are not going well. i think that is a clear message not only in this leap at the last week as well. do i care what happens in the lot -- in the next 10 days? i want to know, where are we in late june and the heat of the summer? jon: i think for market

participants, things are tough. at the start of the year, you could get a decent read on how much would come from washington, d.c. i do not think you could do that now. lisa: i disagree. i think the next couple weeks are interesting, because they are hoping to get a deal done in the near future before the recess to get something going so they can get bipartisan agreement by august/september. tom: where's bipartisan? lisa: this is already being priced into the market accounting for by economists. if they don't get a deal, what then? just the timeframe, i think it is interesting. i'm basically trying to -- i find this interesting. tom: you search for a bipartisan moment, i have not observed it yet. lisa: evidently mcdonald's for tom and jon. jon: can't find when yet either, 25 minutes and. equities down .2% on the s&p 500. [laughter] lisa: i don't shop for children's close and gucci, for the record. tom: it is little store right by

where you go -- [laughter] lisa: this is fine. jon: have little shut to each other -- chat to each o ther. [laughter] jon: from new york city for our audience worldwide, it is a bid for morning. ♪

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jon: 6:30 in new york, good morning. equity futures coming about down .2% on the s&p. mastec down .4%. on the russell, there has been a little bit of outperformance, down .2%. the equal weighted s&p 500, keep an eye on that. up more than 17% year so far. market cap listed s&p 500 up a little more than 11. here's the bond market. two's, tens, 30's, your yield is 1.5 851. vice chair clara to -- both the vice chairs are on the same page and it is time to start talking about, talking about, and you know what i'm talking about. [laughter]

i want to finish on this, rbc's adam cole, a nice tip to that to him this morning. dollar-yen, started the month that 1.09, finishing at 1.0 nine. outside of december of 2019, it is the slowest -- lowest dollar-yen since 1975. tom: it's cratered the yen, and i say cratered. i noticed in the been labeler note, he really reemphasized big tech is not just about a bond yield story. there is a lot more going on there. more than analysis of the duration. jon: you look at alphabets, facebook, and less

and the second look at gdp will be important. this is without question our conversation of the day on the state of the american economy. high-frequency economics rights brilliant sharp notes on global economics, interest-rate dynamics, that another right on the american economy. she joints this morning. i have been looking forward to this. you move from a 10% boom economy down to something in the vicinity of 5% economy. when you and carl weinberg look at that shock of deceleration from a boom economy, what are the inertial forces we will for -- will face as we slow down? >> thank you for having me. there are a lot of dynamics at play. what you are looking at his peak growth rates, which we expect around 10% in the second quarter. after that is where uncertainty lies. we don't know what a full pandemic economy looks like. we expect these fiscal measures expire and there is a lot of uncertainty about how the labor market proceeds from here. i think until we get to that

point, until we get to mid-september, there's a lot of uncertainty around what will happen in the second half. it is an interesting dynamic, but we can't really say we go back to 2% or that we are going to be above potential. tom: how will corporations adapt to a decelerated economy? we have never witnessed it before. >> i think there's been a lot of preparation for this. it's not like it will be a surprise. do not expect likely 10% growth rate. it is not exactly possible without continued support from fiscal and monetary policy. i do not think this will be a shock. it will be an adjustment. we are still looking at strong growth rates and a lot of uncertainties surrounding that outlook. lisa: let's talk about tapering, not just talk about talking about it. kathy jones yesterday came on and said the bond market is responding logically to taper

top, which means yields down, price higher. this is not what people were expecting, they were expecting the fed to allow yields to climb. the indication is if they taper some of the stimulus, it leads to slower growth. which is it? is this time different or will we fall into the traditional paradigm? rubeela: what we are seeing is the confidence in the fed in what they are doing and what they are messaging, that is what this is all about. if the fed wanted to avoid a taper tantrum, this is what they are accomplishing. the messaging has been good so far. i was surprised to see mentioning of tapering, but it seems to me that that is exactly what they are doing, is preparing for a range of possibilities. if things are stronger than expected, then the markets will affect the federal -- will expect the fed to talk about it. if it is not, it is a more delayed process. i think it is different this time, and i think what the fed

while objective right now is managing expectations -- fed's objective right now is managing expectations. lisa: we talk about how boring it is this weekend boring among a pivotal moment in the economy. what are we looking for or waiting for to determine the trajectory of whether it is very hot or whether it is a little cooler than people are pricing in echo rubeela: it is all about the consumer -- pricing in? rubeela: it is all about the consumer, and we are seeing the effect of what has happened so far. what we have to consider is we started the third quarter on a high pace. even if we had good progression, we would have seen a strong growth rate, which we expect to now. happens beyond that is a different thing. we saw a huge deceleration last year because [indiscernible] this time around, it different situation hopefully because the labor market will be stronger having this huge progress on the health front. while there is a lot of uncertainty, our focus remains on the labor market because of

the things focused as well. they would rather tolerate inflation or better outcome on the labor market. tom: i know you don't want to talk about this, but i don't want to get you in the carl weinberg timeout chair. let's link carl's work with your work, the trade deficit, fiscal deficit as well. do you see any relief, or do you soon -- or do you assume an expanding trade deficit to gdp and expanding fiscal deficit to gdp? rubeela: if you think about the trade deficit now, what we are seeing is imbalances. the u.s. economy is opening, the european economy is getting there but not quite there. i do expect adjustment back as other economies reopen. i do not expect this trade deficit issue will persist. i do think we will see adjustments, but on the deficit

side, budget deficit side, i do think what happens with these negotiations is important, and especially when we look at the biden administration's push that this will not be a death to finance, this will be paid for. there is a lot of uncertainty, but i think we could come out on the others of this, maybe not as bad a situation as people expect. lisa: before we let you go, we are two hours away from the jobless claims we get every week. increasingly, they are going down, yet people say they are very noisy and markets tend not to trade off of them. are they basically useless as any kind of indicator at this point? rubeela: it is really -- we really still follow it, but like you said, there's a lot of noise in the data. it is surprising, certainly why we would see for hundred thousand people get laid off each week for these filings. we are looking at the continuing

claims numbers. they are also extremely high, but we do see value in it, in terms of the high-frequency indicator, but i do puts last weight on it because it doesn't seem to be connecting right now with what is happening with the economy. jon: we have to leave it there and turn to the biggest news story of the morning. maria tadeo. maria, great to catch up. there is a merry-go-round beginning in european football. can you walk us through it? maria: it's the summer season, the summer capital really kicking off in europe for players and coaches, and today, we have madrid. for me, i'm spanish, a huge fan for madrid, so this is a huge shock personally, but a big thinker football. we will see players and trainers moving around. for madrid, this is not a good season.

there was no champions league, no league, and madrid is a team where you need to win titles or you are out. tom: i love how you put it, no leak and no champions. i really read this as best as i could. what i see is even i know who zidane is. why cannot -- why can't coach in england? maria: he could go if he wanted to. it is different around madrid. probably different to the french style he is use, and he was a player for real madrid and for the national squad. he could go to the u.k., that is an option but maybe not the right fit. jon: reports coming out of this this morning suggesting [indiscernible] tom: you guys are taking this seriously. [laughter] jon: just let me finish quickly. this stock up by 2%. that gives us clearance. [laughter] tom: why can't sedan go to the

tots? -- zidane go to the tots? jon: i don't think it's a club for him. he went back to spurs. do we know if he wants another management job? maria: what is interesting here on a serious note, madrid made a clear this was his wish. it was not madrid asking to leave after a bad season, he wanted to go. that would potentially open the door for going back to france if that is what you are hinting at. this was a decision that madrid made. jon: thank you for indulging us. we have to take this seriously then we get to do it again. and repeatedly. tom: it's a big move, and frankly, it is all part of it. we are in the season, i get it, but it is different because the money is not there like

pre-pandemic. jon: antonio contee left for the same reason, it is not the same way -- the money is not there in the same way. it'll be interesting to see how much money these coaches get to spend when they arrive at these clubs. tom: we are scrupulous about our mistakes and i have to run this correction. this is completely my fault. it is coping del ray. [laughter] jon: i like the way you did that, i thought it was a play on words. tom: i don't know. i'm just trying. all i know is the padres are rocking it and the red sox are keeping up. jon: i appreciate how hard you are trying. tom: coping del ray. lisa: you could tell he is trying. [laughter] tom: lisa, you were really strong and that. lisa: i appreciate that. jon: you are right. tom: corporate del ray. jon: there is so much going on.

it yields up a basis point, 1.5875. tom: i will break into my perry menlo --barry manilow. jon: from our audience worldwide, this is uber surveillance. ritika: with the first word news, i am ritika gupta. the biden administration is taking steps to prevent ransomware hacks like the one that crippled colonial pipeline this month. directors will be issued today, requiring pipeline operators to conduct cybersecurity assessments and report any incidents to federal officials. companies could face penalties starting at $7,000 per day. if they don't comply. the turkish president is facing growing calls, even some within his own ruling party, to launch an investigation into corruption allegations made against council members of his inner circle. claims were raised in youtube videos that have attracted more than 50 million views in recent

weeks. erdogan voiced his unconditional support for his allies. taiwan's government says it plans to double a proposed increase in stimulus funding to more than $22 billion. as the islands economy goes from tightening virus restrictions. authorities are under pressure to move quickly after an explosion in covid-19 cases. the island has issued cash vouchers for more than 90% of the island's residents. airbus planes to wrap up production of its best-selling series beyond pre-pandemic levels within two years. the world's biggest producer of commercial jet lines is telling suppliers to be ready to raise output of its top-selling product to -- product. airbus said that could climb to 75 per month by 2025. 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 am ritika gupta. this is bloomberg. ♪

>> i don't think it's a good system.

i think i'm nervous about being out in public as an individual where so many people, in certain places, are not vaccinated, and we don't have a way of enforcing vaccination, don't have a way of even documenting vaccination in a meaningful way. jon: that was the john hopkins associate professor of emergency medicine. good morning, alongside tom keene i'm jonathan ferro. economic data 830 eastern time. your market, unmoved and unchanged on the bond market. yields are up one basis point to 1.5858. equities down by .2%. euro-dollar 1.205. , up around .1%. wti 65.67, down .8%. big moves this thursday morning. tom: i noticed the vix as well. we do housekeeping and we are scrupulous on our corrections.

we had any intern that just miss spelled this but very important on covid del ray and it all going on. we had covid cabana. thank you, michael mckee, for being on top of that. lisa: the correction of the actual thing? [laughter] tom: just a complete failure. we get back to the nature of this pandemic and i go personal last night. i had dinner last night with a woman fully vaccinated. jennifer, the fully vaccinated person was scared stiff of going indoors in a restaurant. there's a lot of trauma out there. it is like serious psychiatric realities we are dealing with. what is a psychiatric reality you are focused on right now of the vaccinated, and for that part, the unvaccinated? jennifer: first of all, i

understand the hesitation everyone has. we had to upend our lives and learn new ways of living for the last year, so i think a, for a lot of people, it will be hard to flip the switch and go back to remembering what that was -- go back, or remember what that was. psychologist psychologist like you getting a castoff, your arm is atrophied a bit, the skin is pale, so it is going to take time to build the muscles to going out. have been scared about restaurants for so long in particular, so i think it will take some time to adjust. i am most worried about the people not vaccinated and want to focus on reaching them and talking about how it does enable a path back to those activities. even if they are still doing it right now, it allows them to do it without any worries, whatsoever. jon: are we worried about them or worried about them or worry about us because of them? jennifer: i'm worried about them. if you are vaccinated, i don't worry about you, you are protected. the likelihood to get infected

from them is low. even if you are on some slim chance, and there is a slim chance, it is probably low. jon: that is important. when i say us, i don't just mean me, the health care system, all of us in this together. it was just about them now, it is about their own personal risk and risk tolerance and what they choose to decide to do. jennifer: i'm not as worried about the health system becoming overwhelmed again. first of all, the best thing we could have done was vaccinate people over the age of 65 because that is the biggest risk factor. vaccinating nursing homes, which has contributed to about a third of the deaths we have seen. i don't want there to be any additional loss of life at this point. i'm interesting in making sure we have a vaccine to protect people. i want people to understand how liberating these vaccines are. lisa: you recently were just fully vaccinated. do you go out to eat and do you not wear a mask and do you feel safe? jennifer: i haven't yes going out to it because i've been busy but i still would.

i would probably still, because i have young kids, and because the weather allows i, try to eat outside if i can. but not for me and my husband but for our children. in terms of masks, i find it is trickier. in part because the norms have not really changed. where i live, a lot of people are not wearing masks and some are. my kids have to wear masks while they are out, so i tried to read the vibe of the place. if i feel like my not wearing a mask is going to bother people, including my children, i will wear one. lisa: this is kind of importance, the idea it has become a social token in a way to wear a mask for people vaccinated more than anything that actually does something. is that correct? jennifer: to be clear, i'm wearing it's more because i don't want to make people uncomfortable then wearing it because i'm try to protect myself. tom: we are opening up. we can feel it each and every

day. it is really tangible, as well. what is your timeline back to normal? is it september or a mystery? jennifer: yeah, i have expected this summer will feel a lot more normal. the people scared right now, over the next few months, they will feel less care because they will see things changing around them and it will start to feel less scary. i think the fall is looking good in my projections. that said, we always worry when the weather gets cooler and people start to go heading indoors, that in places where there is not great vaccine coverage, we could see outbreaks. if you are living in one of those places where you think most of your neighbors and community members are not vaccinated, maybe you have a few more worries heading into the fall. i do not think we will ever go back to the hideous numbers we saw last winter. that is really thanks to the vaccines. jon: doctor, always fantastic to

have you on the program. lisa, blurring the lines between science and social etiquette. it has become about social etiquette and not so much about the science. lisa: basically, you don't want to signal you are on the others of science, so that is why you wear a mask. jon: it doesn't make sense, does it? lisa: the idea is we cannot really tell who has gotten vaccinated and who has not. jon: but is it? lisa: cracked, but a lot of people want to signal their support. -- is it, correct -- it? lisa: correct, but a lot of people want to signal their support. jon: i'm curious to look back on these conversations and near to come -- in years to come. tom: there will be a boom economy, then what? just like there's like ice yesterday was the idea of where they'll -- will there be a

permanence to the vaccination of covid? will it be like the flu? will it feel like other ideas? where are we in five years on this? jon: when you watch the science community, are we worried about those not vaccinated because we are worried about them or are we worried about that because we are worried about us? it's an important distinction. people make stupid decisions everyday and they don't take their stupid -- they don't think they are stupid decisions at the time they make them and they think maybe not getting a vaccine is not a stupid decision. that is their risk and their risk alone and along the risk we have to bear. i think we have to move away from this and change the messaging. tom: i don't know how you get a baseball park -- we were making jokes about it yesterday, padres match, june 12, that looks great. lisa: [laughter] thanks. tom: the idea as building out those attendances, we don't know. jon: coming up, a global market

strategist. i will keep talking to the people that know what they talking -- they are talking about. when they talk about the etiquette and the -- and not the science, it gets your attention. this is bloomberg. ♪

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♪ >> this is a scenario where you've got consumers sitting on $3 trillion of extra savings. >> we are looking for slower equity gains. there are definitely storm clouds we are concerned about. >> i don't think it is going to be enough to force the fed's hand into tightening anytime but for -- anytime before 2024. >> people are still not ready to go out and do things the way they were before. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: 90 minutes away from the data in america. 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. equities down eight on the s&p 500. the