to be concerned about inflation and paper talk. >> it's likely we will not have certainty around the underlying inflation process until well into next year. > the inflationary pressures we are seeing will abate, but i think we are in a pretty unique being -- >> the inflationary pressures we will see will abate. but i think we are in a pretty unique situation. matt: good morning, everett -- tom: good morning, everyone. bloomberg radio and bloomberg television, interesting our kids today, leaving on a jet plane, the president of the united states, we will look for him to leave the white house, but a lot of market action as well. matthew miller in berlin in for jon ferro. lisa abramowicz, brent crude to 73 almost, but i have to pay attention -- $73, but i have to pay attention to the 10 year

yield. lisa: this is the story and markets, especially ahead of the cpi print tomorrow in the united states. we expect inflation to take up, increasing numbers of warnings that the fed will get too far behind the eight commit a policy error. inflation, what could we go back to? we have yields near the lowest level since at least march if not further back. the bond market has spoken. tom: exactly. are the vigilantes? matt miller with us in berlin. i look at the swiss 20 years, my european benchmark, and it is revisiting, not there yet, but getting back near negative rates again. jean-claude trichet was with you in the last hour, what did he say? matt: i haven't talked to him in the last hour but i believe francine did early this morning. it's interesting, you asked me if there was a euro level that would make people scream.

every time i hear someone talk about euro levels, i think of the famous trichet doctrine, it doesn't matter where it is, it just matters how fast he gets there. right now, we have seen euro comfortably around 121 -- 1.11-1.22. tom: lisa, i know you will do it in your brief, but the symbolism of the president to the united kingdom. lisa: the idea president biden will take his two-week tour of the full world. tom: the grand tour. lisa: and set out the global agenda at a time where there is so much domestic uncertainty with respect to policy. i'm wondering how much he will be able to shore up support from the allies, especially after the move the u.s.-made to shore up the tech sector in particular to compete with china yesterday with the bill. tom: different views from europe of president trump and some of the controversy there, and certainly meeting with the queen of england. it goes back to president obama

and that historic visit to berlin many -- seems like many years ago now. how would mr. biden be graded across europe, across the g7, matt? matt: i think, right now, it is difficult to gauge, because of the damage donald trump has done to the relationship between germany and the u.s.. obama was so love to that some of that had to have rubbed off on his vice president. lisa: we will -- tom: we will show you some of the images of the president from the white house as he travels to cornwall. we're looking at the margins today. -- markets today. lisa, help me out with the markets. a shockingly resilient equity market over the last number will of weeks -- number of weeks. tell me about fixed income. lisa: you nailed it, the fixed income is one point 5%, off people expecting the 10 year yields to get to 2% by year-end. we are going in the opposite direction. i know you are focusing on this,

the real yield, has gone -- yield has gone more negative. people are pulling back inflation expectations. we will see the fed and there today. and crude, the highest level since 2018, coming from i ronnie a nuclear deals and potential demand factors. if you got on an airplane and saw how crowded it is, that might give you head start. the economic data today, 10:00 a.m., april hold inventories, interesting to see a gauge of what the tensile orders might be looking at going forward, especially with shortages in commodities and other supplies. 10:30, crude inventories, very interested to see the drawdown in u.s. supplies. how much is that going to increase shale production was shale producers? that's the wildcard people can't figure out right now. at one a clock p.m., the u.s. plans to sell $38 million of 10-year notes -- 1:00 p.m., the

u.s. plans to sell $38 million of 10-year notes. there is a question of how much longer this demand can continue with the inflationary outlook and incredible supply coming online. tom: were going to have a lot of market covers to the morning, but in this hour, we frame out the president's trip, and we start strong with ian bremmer scheduled to be with us later on. right now, luigi singh dollars from italy and i can't say enough about his podcast, capitalism, and of course a capitalism for the people. that's is wonderful book, a different view on the american economic experiment. professor, thank you for joining us this morning. how will president biden be greeted in europe? >> i think matt was right, he is treated very nicely because he is not trump. i thought -- i think trump did

create a long-term friction, and some of that is just from being trump, but i think there's a longer-term concern of whether the u.s. policy and european policy are aligned in the future. i think the giant in the room is of course china and the policy that they have in mind, different view from the biden administration has in mind. lisa: what do you expect to actually come from these meetings with european allies with respect to china policy? what are you hoping to get accomplished that will tell you something concrete? luigi: honestly, i don't expect anything to take place. i think germany wants to maintain a very strong trade relationship with china, and it's not going to do anything to jeopardize those.

i think the united states will like a stronger voice on human rights and on trade policy in general. so i don't see much of a space of agreement there. matt: as germany come -- become somewhat of a problem? berlin wants stronger ties with beijing and berlin also wants to send money to moscow via the nord stream 2 pipeline. it seems like the germans are not willing to let go of a lot of u.s. adversaries. prof. zingales: in part it's the trump presidency represented a fracture that is difficult to undo. germany realized that they cannot rely, longer-term, on the relationship the same way they used to, so i think they started to craft a european policy. the problem is it's not really european states and european

armies. i think it's going to be a bit of a challenge, because if europe were to speak with a common language and message, i think that would be one thing. unfortunately, in the or and policy, we are still fractured. tom: on your take on american capitalism, where is our capitalism now with the dominance of these technology companies? president biden is dealing with it, our radio and tv listeners and viewers, each of us is dealing with this technological revolution, whether it is amazon, google, or things we do not understand. how will our capitalism survive that? prof. zingales: i think it's a mixed view. on the one in, technology has built us an enormous amount of benefits -- brought us an enormous amount of benefits. i think it would be hard to imagine the life under the pandemic without the technology provided from the zoom we are

using to amazon leaving our fruited our doorsteps. so there's been no doubt enormous improvement and benefits. the concern i have is the market is becoming more concentrated and less contestable, and, more importantly, these companies can pretty quickly, also, some power in determine what we see, what we read, what we do. the concern is they might use the economic power for not only -- i think it is not only just about the economic effects of concentration but also the political effects. lisa: there's a quick question about the dynamism of the economy with concentration at the top and highly indebted companies that have more legacy

businesses are making up the remaining economy. do think the economy you are describing with a concentration of big tech is less dynamic and poised for slower growth? prof. zingales: i think there is the risk of less dynamic, and that is where, and my view, one of the directions should be. in my view, i know this is a disputed view, but the trial against microsoft in the late 1990's was very useful to provide a space for the car and technology evolution. i think it exists today in part because the doj [indiscernible] i think it's only fair the doj would let the next one come about. tom: we gotta leave it there. luigi zingales, thank you very much, looking forward to you coaching tottenham in the coming weeks. he's from the university of chicago booth school, and his book a number of years ago and

capitalism. lisa, there is the most important headline of the day, wells fargo and the rest of their team lift gdp to 7.5%. that is a huge deal. lisa: how did this cohere with bond yields at 1.5%? going to the point you were making earlier, they are not the only shop. they are not necessarily the top call in terms of 2121 gdp but you -- 2021 but you can still see it creeping higher. tom: we had gdp was going to fall off a cliff and we were all going to die, and we were beginning to see a readjustment after the 7.3% in this case. matt: look, i talked to byron last night and he forecast at the beginning of the year, really at the end of last year, that we would see stronger growth than 6%. he has been spot on. tom: absolutely nailed that. that has been a real partition, folks. forget about the markets, just

getting the gdp call right has been a battle. this is really exciting. the pageantry at the white house as the president leaves for the g7 meetings and lots of market action. brent crude, $72.47. it will cost a fortune to fill that tank. lisa: huge. tom: this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. they call themselves the problem solvers, the house democrats and republicans have come up with the plan to break the logjam over and for sector spending. they agreed on a total spending package of 1.2 trying dollars last night. president biden called for 1.7 trying dollars plan. he ended talks with shelley capito yesterday after they failed to reach an agreement. the senate has overwhelmingly passed a bill to help the u.s. compete with china. a cause for investing almost $250 billion for both

manufacturing and technology. it was bipartisanship and in an unsettled senate. the u.s. is appealing to iran to what it cause a return to the nuclear deal. leaders are gathering in vienna for possible talks. they're looking for an exchange of lifting u.s. sanctions. in the u.k., they want london's financial district to be exempt from the global tax deal. they expect to make the case that financial services should not be included in a plan to make multinationals play and minimal corporate tax of 15%. that includes global banks with head offices in london. 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 are pursuing a 2pac

proposal. on the one side, bipartisan negotiation -- two pack proposal. on the one side, bipartisan negotiation, and one with senator capital with just republicans. those seem to be running into a brick wall. tom: the senator with new york -- the senator from new york with a little bit of experience. he is unhappy and we will get to that in a moment. ian bremmer is scheduled to be with us in a moment. we talked to dr. bremmer about the president's trip. right now, jack fitzpatrick from bloomberg government, matt miller in for john filler -- jonathan ferro and lisa abramowicz. jack fitzpatrick, last evening when things happened in washington, i partisan ended. what does that mean for president biden that bipartisan ended? jack: bipartisanship is not necessarily entirely dead, but it did end and the way it was

going before. president biden was negotiating with senator shelley capito. after an extended back and forth told her she would cut those that she would can't -- he would cut the conversations off because she was not offering enough money. there's a group of bipartisan senators trying to cast itself as plan b, about half dozen who are trying to negotiate a plane among themselves and will pitch it to a larger group. so there is a bipartisan plan, a senate series of negotiations. we will see if that works out. senator capital could not get something -- capito could not get something from a -- from republicans that biden thinks would be satisfactory. a number of democrats would like to start to prepare for budget reconciliation, the process allowing them to pass something partisan in the senate. so there is plan b and c

developing, and if this last-ditch effort of bipartisanship does not work, democrats could move quickly do something on their own. lisa: what's the distinction of a partisan bill that has to get past under certain parameters versus a bipartisan bill, at least the one they just died? jack: the partisan process is opaque, so it is more of an unknown unknowns situation. things would get pulled out by the senate parliamentarian, based on her decisions as to whether they are truly budgetary measures, so you can spend money, you can do tax legislation. if it is purely authorization and the creation of new government programs, that is a tough one. if it is adding funding for programs that already exist that are considered discretionary rather than mandatory, that could get pulled out.

the bottom line is it is unpredictable. even the lawmakers involved could not tell you what gets pulled out, according to the rule and what they call a birdbath. so they probably can do a lot of what they want to do, but there is an unknown out there as to things would get poked out of legislation by the parliamentarian if they go that route. matt: what is the tax situation likely to look like? we have moves being made like the $30 billion medline deal for fear of higher capital gains taxes. are we likely to see those? jack: we are more likely to see the kind of tax legislation president biden has talked about , if democrats go this partisan path. they are clearly going to make some sort of attempt at some point, even if there is a bipartisan deal on infrastructure spending. democrats have talked about following up on that with a partisan measure that gives them

the things republicans do not agree to, which clearly is the tax proposals on corporate tax rates, on wealthy individuals, all of the big line items that biden has proposed. you can expect to see an attempt from democrats, probably regardless of what happens with infrastructure, to check the box on what they want to do with taxes, but it may happen sooner, if they decide to go the partisan run on infrastructure, because we could see one big bill with really the whole biden legislative agenda trying to be pushed through early on. tom: that's right where wanted to go, jack fitzpatrick. to me, it is very important, you have social infrastructure and what we perceive as traditional infrastructure. the moderate democrats, the people winning 55-45, which of those two items do they want? which of those will keep them in washington? jack: the traditional transportation infrastructure is

the easier one. r é amount of pushback from the moderate democrats on some of the more social infrastructure kind of proposals from biden, but they have had a bit more of a process focus when you look at senator joe manchin in particular, rather than the policy itself. and republicans have said we really want infrastructure infrastructure built. we will have to hear a little more if there is a democrat-only push for this legislation, what the key issues are for moderates. so far, they have more or less sided with republicans and said, "why don't we try to work together on something that does not hit on all of these social infrastructure, human infrastructure, and is more than traditional physical infrastructure?" but they have not necessarily said the moderate democrats are against that, entirely. matt: jack --

tom: jack fitzpatrick, think you so much this morning. what is interesting about -- thank you so much this morning. this goes back to the erie canal in new york and the chesapeake canal of another time and place in the early 19th century. america has been arguing about who will pay for infrastructure since time began. lisa: and now we are talking about the definition of infrastructure. i think this is important, especially in light of the bill passed yesterday for u.s. technology and its fight against china for technological progress. does this count as infrastructure? is this new spending? how do we look at some of these plans that have more support, and how do they fit into some of the broad infrastructure banter? nobody wants to pay for anything, yet there seems to be more willingness nowadays. tom: my perception is germany has perfect infrastructure. matt: that is not true.

crumbling highways, horrible broadband reach, but i will say this, around the time of brags it, when all of the banks were trying to get their employees to move to frankfurt, to paris, to dublin, infrastructure was the key word there. and by that, they meant things like childcare and schools. that was the key infrastructure that was lacking in frankford that they have in london for bankers. tom: let's get to the markets right now, lisa abramowicz, what do you see? lisa: i'm just focusing on the 10 year yields and real yields, going lower. it's fascinating this is happening amid a fierce debate in the economics profession right now. tom: inflation, we are all going to die. lisa: that's the question, right? you have the likes of kevin morris, a whole host of former fed officials coming out and saying this is potentially a really dangerous policy i the federal reserve. tom: a really important paper

out by deutsche bank, which we will be looking into in the coming week. making it clear -- the authors making it clear they are studying information -- studying inflation as well. the president travels to the united kingdom, coming up. ♪

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♪ tom: "bloomberg surveillance," good morning, everyone. matthew miller in for jon ferro. an eventful surveillance across the hour, the president leaving the white house, traveling to the g7 meeting. lisa, help me again, red and green on the screen. i think the equity markets, the persistency, including s&p futures yesterday after record highs, really stunning to see that. lisa: and it really does stem from the lower yield environment. tom: agreed. lisa: particular part -- particular paradigms. i know you love that word. we will have a new drinking game with paradigms. the question is, what point is there a dissonance between the lower growth outlook implied by the bond market and equities continuing to rally, given the projections for earnings?

really, they were still to come in 60% higher. at what point are we getting to pick earnings expectations? tom: matt miller, david and the focus -- david and the team at deutsche bank saying it is tangible. is that the zeitgeist in europe? matt: absolutely. we see inflation taking up here at a slower rate than there, but germans are much more concerned about inflation, probably, then americans are. and we also have a different wage situation here. when you lose your job in the u.s., it is more difficult than when you lose your job here. the wages stagnation, i think, is one of the most interesting parts. we do not see it coming up with prices over the longer-term, over the last decade or two. tom: very good. let's turn to the president's trip. we are thrilled that we have easy -- we are joined by ian bremmer of eurasia group. many books upon our thinking of

international relations, including the phrase a g0 world. president biden will not travel to the g8, ask russia, g7 meetings. how g0 is this g7 meeting? >> less than last year, since the g7 did not meet in the year of the pandemic. clearly, it is little more aligned. we have a few pieces of news that matter. the europeans and the americans are coordinating pretty effectively in the response to the downing of the airplane, to mince the diversion a couple weeks ago. everyone is pretty irritated at them right now. secondly, you have the biden administration announcing coordination of this global minimum tax. it will take years, if it ever gets done, to get the u.s. senate and individual european parliaments to ratify it. still, it is a meaningful move

toward coordination among the g7 , sets up the oe ct and that air -- oect in that direction. on really big issues, like on coronavirus response, like on climate change, we are very far from meaningful global coordination. even on china, where the u.s. sees beijing as its principal adversary through a national security lines, the europeans, largely, do not. this is perhaps the most principal issue that really divides the g7. in the cold war era, the g7 was growing in the same direction because everyone sees the soviets as their principal adversary. today, that is no longer the case at all, and it makes life more difficult. tom: you see the polarity of europe, one of hungry coming out and saying the global minimum corporate tax plan is "absurd." that is one view from eastern europe.

what captured my attention is domestic elections in germany over the weekend. to borrow from mr. trump and the president let chancellor merkel walk in front of him? the body language we will see at this summit has to tilt to the chancellor of germany and her esteemed career and recent political victory. dr. bremmer: since it is her last g7, sure, i would let her do that. since the relationship between biden and merkel has always been friendly, i have seen biden attend in person security conferences for 15 years. it has always been a good relationship with merkel and the top of the german government. the biden administration is staffed with cabinet who like these people. the european allies is a singular major exception, and they are much happier with biden then with trump, but that does not mean they trust the

americans are at the line with the americans. they are also aware of just how unstable and politically divided biden was on leadership for the future is. so the willingness of the europeans to suddenly count on a united state, that they are somewhat less aligned with and they don't necessarily trust the long-term nature of its commitment, the u.s./eu relationship is nowhere close to where biden would like it to be. matt: can it ever? dr. bremmer: what biden -- when biden set america's back, in terms of power, america never went anywhere. not our dollar, our tech companies, energy production. in terms of the influence with allies around the world, america has been deteriorating for a long time, and it is not changing much right now. matt: can it ever get back? i've lived my adult life split between germany and the u.s., and when i first came here in the 90's, in the early autumn, i

was welcome with open arms. they were so excited to have any american in the midst, who actually spoke the language. there was a real brotherhood between the two countries after the healing from world war ii. then, with the second move into iraq under bush 2, the relationship disintegrated a little and was absolutely destroyed by president trump. can we ever get back together? dr. bremmer: it wasn't destroyed by trump. it was deteriorating under bush, under obama, and under trump. that deterioration accelerated over time. i think it has less to do with the individual presidents and more to do with the fact that the united states no longer leads by example in the eyes of europeans. our democracy is by far the most

divided and dysfunctional. january 6 was an absolute shock to the europeans. more so than it was in the united states. we kinda got through it, we are soft. we don't have any structural problems. anyone said that it was a coup, it was not a coup. we got back and got to business as usual such as it is. the europeans are startled by all of this. let's keep in mind that when this note in revelation showed angela merkel's cell phone was being hacked by the americans, it is a very different environment where the u.s. is seen as much more unilateralist. biden says we are pulling out of afghanistan, europeans have as many players. they did not coordinate that with the europeans. we will not pay attention to patens anymore for coronavirus. the germans and eu strongly oppose that. it was not a coordinated advance

by the united states. even though they like the sky and trust us more than the chinese, we are farther apart then we have been -- they trust this guy and trust us more than the chinese, we are further apart then we have been. lisa: perhaps, however, what kind of alliance can they forge if there is not that trust, and frankly if germany looks at the u.s. and says, you are not leading by example? dr. bremmer: we can forge a lot of coordinated policies, when it is intentional and when it is specific. if we sit down and say that we want to work together on dealing with digital services tax, an alternative tax, we don't have to hit each other with an x collating tariff environment. we can create -- an escalating tariff environment, we can create solutions on -- nonetheless, biden made it clear

he wanted to coordinate with the europeans, and we did that effectively. that is different from saying that on the issues for the top priorities of the united states that the europeans will see them the same way. one thing we have not mentioned which matters a lot more than in the u.s., brexit. the u.k. is by far the most aligned and closest former european country with the united states. they are no longer in the eu. their relationship with the eu is strained. this makes it harder for the americans to actually get the europeans on the same page, because the u.k. use help us with that, from inside the eu. lisa: can you give us a sense of what kind of guidepost you are looking for to determine whether this global tour that president biden is embarking on today is successful? dr. bremmer: i want to see how much emmanuel macron talks about strategic autonomy in front of the americans. the french have a very different view of the future of europe,

and terms of national security, migrants, the middle east, north africa, you name it. i want to see to what extent he is trying to make a name for himself. merkel did well in these elections with east germany. emmanuel macron will be there after merkel. he sees himself as the future leader of europe, so i want to watch that, i want to see the mood music between the germans and americans at the high level, see how much it looks coordinated, and i want to see if there's any substance. tom: nobody cares. when is your next book out? dr. bremmer: early next year. tom: give us the theme, the tees here. dr. bremmer: it's called the crisis we need. given that's coronavirus, the lessons we have learned from coronavirus, globally, do not exist. to what extent can we take from that any soulless from climate,

from the technology revolution, with cyber? are we going to be able to use those to change our government? winston churchill looking at the world after coronavirus, he would be disappointed we did not take advantage of the crisis. tom: what about the drought? the drought in the united states is underplayed right now. do you agree? dr. bremmer: i think americans are paying a lot more attention to climate. young people, whether from the left or right, but that is heading a lot of americans at home. tom: thank you so much. really looking forward, six months where he will be planning his cop wrist of 2022. lisa, what i learned the most important thing there, let's be honest, with "bloomberg surveillance," matthew miller atlantasis. [laughter] lisa: is that what we've learned? tom: matt miller, what is an

atlantasist? matt: i could not define it, but i will tell you i have met many that have spent their time living between the u.s. and others. tom: i'm thinking it means you gave a budweiser -- gave up budweiser. matt: i gave up budweiser in new york because of the ipa craze. i can now drink nothing else. tom: you are the guide the bar saying, if i don't have an anchor steam -- lisa: what i learned from that and what is important to note is that while president biden is talking about bipartisanship and getting back together with allies, there is still a lot of distrust. there will -- it will take a lot to get that relationship back together. there is a question of what kind of policies they can come up with to counter the economic prowess of china, at this

moment, given some of the distrust and the reliance of the german economy has on china for exporting and other trades. tom: how about this, the new grid log we are beginning to witness on this global tax thing leads to markets. markets get gridlock, nothing gets done. lisa: people don't want higher taxes in markets. higher taxes typically do slow growth to some degree. that said, this uncertainty is not great either. there's a question of whether we get gridlock or whether it influences domestic policies. tom: red and green on the screen, nasdaq 100 leading the way. some saying that is a duration play, a little complexity there but we will go with it. the 10 year yield, 1.5060 on the 10 year, the real yield rounded out -0.88 on the 10 year real yield. pros are watching the five-year

real yield as well. dollar weaker, dxy under 90, that gets my attention. you're on the said, matt miller buying lunch, stay with us. this is bloomberg on radio and television. ♪

>> for those who have been not vaccinated yet, please give vaccinated.

this is the national month of action. we want to get to and above the goal of 70% of the adult population having at least one does by the fourth of july -- dose by the fourth of july. tom: dr. fauci there, and he has been much in the news, a raging debate on the political front of this pandemic as he looks at the medical front as well. we take great pride, lisa abramowicz and i. what we've done on surveillance in covering this, matthew miller in for jon ferro. the markets are red and green on the screen, but a good support with the vix, and brent crude touching near 73 earlier, and the 10 year yield

its own, 1.51%. we welcome someone really quite different right now. out of the microbiology complex at edinboro, like the university of washington in the united states of america, a high-class set of degrees. she has followed that on with great distinction. she's at john hopkins, the associate professor of emergency medicine, but truly with a global front. doctor, let me start with the international view. how is india doing? >> we are not hearing about the acute oxygen needs we were hearing three weeks ago and the panic we were seeing, but today, that had -- they had over 92,000 cases, and testing is still difficult to come by, so we don't know what the true number is. cases seem to be going on, people seem to be dying daily, strapped for resources. the neat or pivot has gone from oxygen needs to more holistic medical care needs. lisa: given that reality were seeing in india, in some countries, paired with the reality in the united states and united kingdom, where do you foresee a time where we become a united world, one more time, where you can fly anywhere and

not have to worry about covid and the pandemic existing? dr. hansoti: kudos to the world leaders. vaccines are on the way in india and we have already seen that in the united states where the uptick of vaccines has led to some sense of normalcy in our lives. children are back in school, for example. in india, i think that will follow, though i think it will be a disastrous revenue -- residue of covid 19 pandemic on the country as we predict 1.5 million deaths by the end of the summer. i think normalcy will come likely the new year. i think 2022 will be a much better year, all things considered. matt: what are -- what are we learning about long-term covid to come along covid as it is called? what have we found -- covid, long covid as it is called? what have we found? dr. hansoti: long covid is extremely frequent, more

frequent than most would think. it is subtle, and it has a whole consortium of side effects, so people have difficulties breathing, difficulties with the heart, having high heart rates, chronic fatigue, tiredness, and psychosocial or mental health concerns with ongoing mood disorders and ongoing anxiety. it requires a multidisciplinary approach, but it is subtle. people think they're doing fine, that they are just recovering from the illness, but it could be more covid. lisa: in the united states, one of the big questions is when younger children will be able to be vaccinated. if jonathan ferro were here, he would make fun of me for asking a completely -- tom, go ahead, a self-serving question about when my younger son would be able to get vaccinated. tom: head should be at 2:00 p.m. or four clock p.m.. [laughter] lisa: exec -- 4:00 p.m. [laughter] lisa: exactly.

when we start seeing kids under the age of 12 getting vaccinated? dr. hansoti: clinical trials between five to 12's are already underway. pfizer has not route -- from five to 12-year-olds are already underway. pfizer has not reported anything and it seems to be working well. i think by fall, you will have fda approval for five to 12, and i have a three month and eight-month-old, so i'm praying that by the new year, my little ones will be vaccinated too. matt: is there a danger to the vaccinated from the unvaccinated? dr. hansoti: completely. so we know while people are getting vaccinated, the efficacy of the vaccines is not uniform. so people are cancer patients, patients with other immunocompromised diseases may not mount an appropriate antibody response. they can still get sick, despite the vaccination from unvaccinated individuals. to them, the world is still a

very scary place, because now, as you see individuals on mark -- unmasked, you do not know if they are asked needed or unrest again they did --if they are vaccinated or unvaccinated. tom: let's turn to the market here, we have a lot on president biden coming up in an hour or hour and a half. i think he will go to andrews and off to the land of polled arch. guy johnson giving us -- poll dart. guy johnson giving us info over the next couple days as well. oil, fancy ties and bowties don't care. a huge part of the nation really cares. lisa: you mean in the united states, yes, in terms of the amount people are paying at the palm, the fact prices have gotten high. also, the u.s. economy relies significantly or much more significantly on oil. one interesting thing, and this came by a viewer who said inventory is fallen -- inventory

has fallen in the united states as production has fallen. not only have they not rammed up their oil production but they are decreasing it. there is this new emphasis on financial discipline and not over drilling, which really raises the question, how long-lasting cannot be? if that means perhaps there is not this peripheral supply, does that send prices at much higher? tom: matz, five dollars $.57 per gallon in germany -- matt, $5.57 per gallon in germany? matt: that's if you buy the cheap stuff. tom: do you drive differently because of the price? lisa: no he doesn't, he has a hummer. matt: i don't have a hummer, but i do have a fairly large twin turbo v8 that drinks gas. i don't drive any different because of the price, but less than i would in america, because here, you can take the train anywhere.

you don't really need a car. and i lived in ohio, you have to have a car to get around to live. tom: this was what you are seeing right now, is agreed on the terms to get mr. miller to come on during this hour. as we close out the hour, you need to understand that if we do not do obligatory car talk with matt, he will not come on. matt: there's a new for ari. tom: his agents was slight -- there is a new ferrari. tom: his agent was like you have to do car talk with matt. did we do ok? lisa: marginal. we will leave it to the viewers. matt: don't you think it is fascinating there's a new boss that ferrari and -- lisa: fascinating. i am sitting on the edge of my seat. [laughter] tom: all i know is johnny damon drove a ferrari. he is a baseball player. he was with the red sox and then with another team at one point as well. lisa, it's always exciting, a president with his first trip

off of the lawn of the white house. it's a big deal. lisa: it is a big deal, especially as he tries to reach art the u.s. as a leading character in the world stage after a period of that not being the case. guy johnson with coverage in cornwall, he has watched all of poll dart. this is bloomberg. ♪

♪ >> i think the three opening the long way to go -- this reopening has a long way to go. >> we think the market treads water for a bit. >> it is likely we won't have certain tl around -- won't have certainty around the underlying inflation process until well into next year. >> we think inflation will abate, but we are in a pretty unique period of monetary policy. >> we have a real recovery and process. i don't think the roaring 20's are the right analogy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. a simulcast on radio and television. we welcome all of you, with markets nicely on the move. romaine bostick doing it again for jon ferro today. we will get to the meme of the moment with bostick. we've got