low-quality stocks, whether they are me more not. >> we think the markets tread water for a bit as we continue to be concerned about inflation dan taper talk. >> we have a real recovery in process. i don't think the roaring 1920's are the right analogy. >> i think inflation will run, that's an economy getting back on track. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. jonathan ferro, lisa abramowicz, and tom keene. on simulcast and radio and on television. an exceptional day for news flow. matt miller will have a lot on that, sitting in for jon ferro today. all of the events in cornwall, our guide there with jennifer jacobs and josh wingrove. lisa and i don't care because we are looking at the markets, which has a life of their own, and that would be the inflation numbers. let's get away from the

international relations for a second and frame out the curiosity of inflation in america. lisa: the exploitation -- expectation is for another landmark figure coming out 8:30. the idea is we will see the pace rise, the flask -- the fastest inflation print since 2005. even in japan, facets inflation -- fastest inflation since then. the fed is correct and it is transitory. i wonder what will change that. tom: we will see the data. michael mckee will help us. before that, michael mckee will keep us -- help us out with an ecb meeting. don't tell me it's a snooze fast. matt: i don't think it is at all. it's interesting the ecb is targeting inflation close to but less than 2% where the u.s. is looking to overshoot. i want to see if they get on the same page. tom: we will see. right now, there is a brewing

storm. i want to dive into this and we go to guy johnson in a moment, but the times of london, the number of hours ago -- a number of hours ago said there was a formal state meant -- statement by the state department where we basically chastise the united kingdom over eu and irish policy. jennifer jacobs made clear in her reporting that that is not the case. we will have more on this through the morning. matt, this is a hugely sensitive issue for brussels, for london, and for dublin. matt: absolutely, but as guy johnson was saying earlier, joe biden is there to make friends. he wants to try to heal the divisions created by trump. if you go there and immediately say, "bad boy, boris johnson. you can do that." it doesn't start the conversation in the right tone. matt: the last nine hours -- tom: the last nine hours have been crucial for those waking up in america. we will have an interesting

thursday brief, including claims data. futures as well, the nasdaq off the bloom, the s&p up three, the big turning a 17.76. the 10 year yield under 1.50 after that extraordinary move today. jp morgan, among others, a master sure cover on the bet of higher prices, excuse me, lower prices and higher yields. that bet has not worked out. we have been going the other way with what is called acceleration. we accelerate under 1.50%. brent crude, $72 and 30 -- $72.38, you would think that would be a big topic on car wall -- in cornwall. lisa, what will you do, like a one hour brief today? [laughter] lisa: honestly, today will be incredible. i could have so many items that we want to focus on the cpi. were basically counting down to this all week. 7:45 am, we get the ecb rate

decision. the expectation is for some guidance on the monthly purchases of bonds. basically, people are not expecting a change. $80 billion has been the figure -- 80 billion rather and they expect that to continue a 30 a.m. and we will get the press conference from christine lagarde. -- 8:30 a.m. and we will get the press conference from christine lagarde. what will move the needle? there has been this incredible capitulation with respect to the short bets on interest rates moving higher. and the price moving lower. all of a sudden, people saying forget it, you cannot bet against treasuries. we saw the incredibly strong rally that sale of 10-year note yesterday. what will change that? will the tree one print? this is a faith based bet whether inflation will rise or it is not? peter hooper coming up with inflation bank and going to talk about the structural shift to the paradigm. this is a question on why it is not reflected in price. if the near term points good in

-- could inform inflationary rise. tom: let's continue to frame dr. hooper's important note. lisa: we will get there in one second. tom:oh, you're not done. lisa: janet yellen is going to present to an appropriations committee. i'm interesting to hear what she has to say about the cpi print and seismic shift. tom: while the seismic shift, real shift is she is doing her testimony in the middle of the surveillance nap, which is uncalled for. lisa: send a telegram to the white house. . tom: did you know, lisa and matt, there comes along research every once in a while that makes you stop. deutsche bank has done that with a fair the -- has done that fairly well. what were your thoughts from jim reed and coming up in a bit peter hooper? lisa: this is the issue to me. i think they articulated the idea that never before have we

seen both the fiscal push in tandem with the monetary push. a lack of constraints respected debt sustainability, with respect to money supply. these are not issues anymore for policymakers, because we have not seen them raise inflationary conditions for the last couple decades. all of a sudden, that is a shift in mentality, and at what point would that lead to higher inflation? many people believe this time is different because of that, tom. the interesting thing is you're not seeing that reflective in prices. tom: i must admit, industry matt a. you look at peter hooper's work at imf and looking at the market take every day, but this is about david landau, his work with peter garber dueling over the years. the money line, to me, which has to make metal lagarde sit up straight, neglecting inflation leaves global economies sitting on a timebomb. does that underpin what we see at the ecb today? matt: i don't think so.

i think that is why he wrote that. there's been a lot of commentary that sounds fairly similar coming out over the last few days. so more and more people are sitting up and taking notice. inflation could become a real problem, especially with this big fiscal push and tandem with monetary. all of a sudden, may be something the ecb has to start thinking about. tom: we will go to peter hooper any bits but guy johnson is in cornwall this morning. what is your agenda in the coming hours? what should we look for in the american morning and into afternoon? guy: 10:30 eastern, we will see a meeting between joe biden and the prime minister of the u.k., boris johnson. that is the sector for this event, it qs up everything else. the other-- queues everything else up. the other leaders are arriving

and everything else happens tomorrow. between the prime minister and president, hugely symbolic. a number of different things will come out of there. there's an effort underway to try to vaccinate by the end of next year. that fulfills a number of different sort of criteria for particularly president biden. he wants to have a humanitarian aspect to the g7 and wants to push back to china as well. he wants china not to be able to fill that role of vaccinating the world. he wants democracy and china to not be able to do that. then, there is the climate aspect as well. he basically, boris johnson has a summit coming up in november and we saw the situation where a lot of poorer countries say we are not going to sign up for your climate pledges if you do not help us vaccinate. tom: just the tensions of a few weeks ago, you are our airline expert and you have a very important interview for all of our listeners and viewers coming up on transatlantic flight.

last time i talk to you was over the crisis in belarus. explain this meeting with the backdrop of what we saw with belarus in the june 16 meeting of the president with mr. putin. guy: i think there is -- the president wants to build the g7 into a club of democracies that pushes back against autocracies. he wants to push back against russia. we have the meeting coming up with vladimir putin and he also wants to push back against china. despite what we heard on the trade front, there is a definite concerted effort to rally democracy onto a united front so they can push back against china. that will be interesting to see how that develops. the europeans have their own idea on that front. there is a clear narrative coming out of the white house on that front. when it comes to reopening the north atlantic, i think we will hear a lot of fine words here,

here about sort of a commission basically set up to reopen the north atlantic, a working group. you will get the same offer made to the eu where there is the eu/u.s. summit next week as well as brussels. i do not think you will get the details. i will talk to the british airways around 20 minutes time and i want to get his hands on whether that is enough for him. what details does he expect to hear from this meeting? lisa: we talk about reopening the transatlantic corridor and decision on vaccination between all of the nations to get the world back up and running. there's a question about the hard feelings ongoing on angela merkel's part for the fact that the u.s. has not distributed more of its vaccine earlier and frayed relations under the president trump era. what is her sign that she is perhaps softening or relations are changing between the germany's -- between germany and the u.s.? guy: i think angela merkel will

be delighted she is not having to deal with president trump anymore. i think that is the first thing we need to take away from this. she is outgoing, that is the second thing to take away. this is our last meeting, but she wants to be a force here at this meeting. you have a emm angela merkel, and mario draghi as well. you want to coalesce that power base and try to use it to represent an eu agenda. there is frustration, and there is huge frustration when the white house announced the passing waiver. europeans felt they were not consulted, they felt europeans had been delivering vaccines around the world. they want to make sure their voices is heard -- voices are heard in this, to make sure this is not just a u.s. push, this is a g7 push and that the europeans are the vanguard of that. matt: is the u.k. the most frustrating country in the g7, g.i. johnson -- guy johnson? not only do they go back on

their northern ireland agreement but they are trying to exempt the city of london from a tax. the city of london has a bigger gdp of all of the republic of ireland. so it is not small potatoes. if everyone starts to pick their most important economic areas for exemptions, what is the point? matt: absolute -- guy: absolutely. i think that is certainly true. it is peculiar that the g7 london meeting produced the deal and it's the u.k. that wants to push back on it. i think it will be interesting to see how the u.k. manages that messaging. i think we are going to get -- it will be interesting to see how that develops. on northern ireland, the president leans heavily on his irish heritage. i think there is frustration the brexit process delivered the

good friday agreement and i think president biden made clear he is very much against that. he does not want to see anything that undermines the good friday agreement. nevertheless, i think the conversations had this morning about some official rebuke is being walked back quickly. undermining relations that way i don't think is on the via -- is on the agenda. tom: bloomberg reporting is a walked back. guy johnson, thank you so much. we will continue with our reporting of the president's trip abroad. coming up as well, guy johnson in conversation with the gentleman of british airways, a fancy title, forget about it, it is the gentleman a british airways of course on transatlantic and emigrant cover he. -- and then make recovery -- e ndemic recovery. it is all full early to say this

is the sa this summer. there have been 18 thought-provoking pages for wall street generated and we are honored dr. hooper could join us. you say this is the end of neoliberalism and we have a risk of going back to reagan. how close are we going back to a time of shockingly high inflation? dr. hooper: we've obviously seen a huge shift in both monetary and fiscal policy. it has given us a lot more stimulus for the economy than anyone would have imagined a couple years ago. chances of getting back to the high inflation 60's and 70's -- 1960's and 1970's have taken a leap forward. not the most likely outcome but the risks have risen your amanda disley -- risen tremendously

thanks to 25% of gdp and fiscal stimulus and the last year and a half. who would have imagined seeing something like that? lisa: it's increasingly becoming a game of fates because people are dismissing current data as simply transitory. how do you convince clients who say look, it has been this way for 20-30 years where we see inflation come down progressively in a steady fashion. if you look, over time. what do you say to them to convince them this time is different? dr. hooper: lisa, you are right, the market is remarkably calm about -- in the face of the storm coming. i think you have to live through a surge in inflation that will be reversed for a while. then, you have to look ahead to the possibility of an economy that may operate well above potential. yes, we've been expecting -- we

had a big surprise on april. people have revised their expectations, and now the numbers we are likely to get from a is not looking nearly as scary. there are reasons to expect things to slow down near-term, but if we get this increase in household saving, in excess of 10% of gdp, if that begins to come on stream as households are normalized and as pent up is released, we are going to see this economy push well into [indiscernible] the problem is the fed has told us they are going to be late in removing the principal, if you will. they want to see the economy overheat before they raise rates. there will be a recognition, and it will be a long response from

the pandemic. the chances of things getting out of hand on the road have increased. lisa: you're saying out of hand, and this is a distinction from other people saying above end inflation but not going back to the 1970's. are you saying we could go back to the 1970's style inflation? dr. hooper: there is certainly a risk there. our numbers say there is a chance. in fact, a high chance. you see the output gap of the u.s., the amount by which gdp exceeds potential, moving above 2%-3%. the high we have seen for the last three to four decades has been around 2%. inflation has not gotten out of control. in the 1960's, it went up to 5.5-6%. we could be there if as much as the third --5.5%-6%.

we can get there if as much of this has been a kimye laid it over the next year and half is spent over the next year or two. a massive push to gdp. matt: andy haldane writing in a statement yesterday saying this is the most dangerous moment for monetary policy since inflation targeting began in 1992. he is saying you cannot look anywhere and find something whose price is not rising. is this overheating and tension shared in the u.k. and ecb as much as it is in the u.s.? dr. hooper: so europe is in a different situation. certainly the labor market going in was not as tight as the u.s., and we have not seen the kind of shift on a and monetary policy regime that the u.s. has had. the ecb has not said they are going to be reactive of the --

we saw the inflation picture in europe the way we anticipate the u.s.. i think the ecb would respond quite differently. while we have had in gdp the recovery of spending in europe coming up, that is not anywhere near as large as what the u.s. has on tap. so yes, i think there is concern about the near-term supply disruptions, and we are seeing impressive increases in inflation in germany. the sense the risk is anywhere near as large in europe is not there. tom: dr. hooper, underpinning this, and i say this to great respect from stephen from morgan stanley, is the underpinning of your work at the imf and also the work of landau garber, which is always watched the flows,

watched the money, many of use will know martin wolf and his wonderful work on this as well. if we get the timebomb in your 18-page report, what does it do to the flows of capital in the world? dr. hooper: the timebomb is another way of describing the fed being late to the party. laden terms of taking it away. rates go up sharply, that is very disruptive to financial markets, emerging markets with huge amount of debt that will be sensitive to a sharp rise in u.s. raise. that is the concern down the road, the risk. it is certainly something we need to have our antennae

attuned into. tom: your x-axis in this report to be clear is not getting out to q3 or q4 and the rest of the game of market economics and financial media. the deutsche bank view begins to frame out 2024. what is the efforts we can do before 2024 two alleviate the timebomb -- to alleviate the timebomb? dr. hooper: the fed has gotten into this inflation averaging framework. this was exactly what they needed to do to deal with a world where they were struggling to get inflation up to 2%, inflation expectations to a more desirable, sustainable level. inflation expectations are back. i think the fed will begin to need to recognize this risk certainly over the next year, and begin to edge toward a

sooner tightening than is currently price in. tom: let's start at jackson hole. i do not know if you will be there with david, but you would be -- we would be thrilled to speak with you. michael mckee will be reporting there. is the timebomb of jackson hole for the markets, for our radio and tv listeners and viewers, is it a change back to the theories and regimes pre-pandemic? can the fed do that leading the rest of the central banks? dr. hooper: i think the central focus at jackson hole will probably be, is the fed to going to give us a clear signal they are beginning to unwind, talking about unwinding their balance sheet. we are still a ways away from the fed recognizing, seriously, this risk. they have a ways to go to get to that point. lisa: a lot of people are looking for the talking about

tapering or talking about talking about tapering. there's also a question, going to 2023 as you did, does the fed have the tools to control inflation in the way they have in the past? i think that is underpinning your call. are you saying the fed does not have those same tools, given how much money is pumped into the system? dr. hooper: the fed certainly has the tools to deal with inflation. it does not have the tools to deal with it in soft landing sense, if you will. it is difficult if you're going to be behind the curve to deal with an inflation problem building momentum, getting expectations, and moving beyond the desired levels without being disruptive. that has never been able to deal with a rising inflation problem, bring it back, without causing a recession. if they are behind the curve, when they start this process, there could be a major recession.

tom: dr. hooper, thank you for this conversation on this important research. we are thrilled peter hooper could join us today. we protect the copyright of all of our guests. please get this important report from deutsche bank. matt miller, i was going back and forth with a doctor and he loves that you brought up the essay. what did he say about this moment of worry on inflation? matt: he was writing in the news stayed me yesterday, and i thought it was interesting because he is the outgoing chief economist at the bank of england. and when you're leaving, when you're going out the exit doors, you are more likely to be honest about what you think. he said it's a very dangerous moment and banks, central banks rosl making it -- risk making a bad mistake if they don't qualify quickly. the problem is waiting longer, in his take at least, would require longer and faster interest rate hikes than anyone expects. that could result in a

full-blown recession, as bill dudley told you a couple days ago. tom: mr. dudley on fire with those columns from bloomberg opinion. lisa, let's try to bring it back to what we observe, which is price. in the market, price is indicated by yield. i believe we have a massively negative real yield. that is the elephant in the room for jerome powell. lisa: the idea everyone is expecting a jerome powell to keep the pedal to the metal with the respect to 120 billion dollars bond purchases every month, keep the easy money policies for longer, suppressing bond yields below where inflation is. you mentioned mohamed el-erian, and he wrote a column in the financial times about how dramatic the risk-taking is an potential expected height on the line could do to that. tom: thank you so much for them and our team forgetting dr. hooper on. for those of you not on global wall street, this paper has created a sensation among people worried about the linkage of

economics, finance, and investment. the ecb later, guy johnson in cornball -- cornwall. please stay with us. this is bloomberg. ♪ s is bloomberg. ♪

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tom: "bloomberg surveillance," we say good morning to you. it is a solar clips, but a different solar eclipse. you know it is the geometry of the sun, moon, and earth. so much of it depends on where the moon is around the earth. to cut to the chase, this is an annual eclipse where it will not be completely blocked, the sun. you will see a little bit of eclipse in charleston, south carolina. far to the north, beginning at lake superior to the north and over across greenland, the arctic circle and asia, you will see almost a parcel eclipse. to be clear, this is a little dangerous for eye damage. be careful for those out there watching this. this is not a normal parcel

eclipse. there will not be that moment where you can take the glasses off and look at the majesty of this moment. lisa: though even then, i remember when there was a full solar clips. you remember wearing those glasses and all of the crescent shapes? it was quite remarkable. looking at markets, we continue to see the bit of easing and a bid into 10 jury -- into treasury yields low ahead of what is expected to be the highest epi since 2008. tom: we welcome all of you. the news flow here, the g7 meetings in cornwall, and an ecb meeting as well. we pause for one of the greater concerns of our listeners, viewers, the travel of airplanes international. our reporter doing double duty on this, guy johnson. guy: thank you very much indeed.

while we get ready for the g7 to take place in cornwall, we have the a4e conference taking place, a gathering of airline ceos, taking place today. a lot of focus will be on what comes out of cornwall, what comes out of the meeting between boris johnson and joe biden later on this afternoon. an expectation for working group will be set up to try to work toward reopening the north atlantic routes. critical airline routes that are so profitable for the airlines that fly them. one of those is iag, owner of british airways, and a whole load of other airlines, it is now run by luis diego. he is the ceo and joins me now. thank you for your time today. a working group set to be announced later on this afternoon by boris johnson and president of the united states.

not many details are expected to come out. watch is your reaction to that? what do you want to see from these two gentlemen? >> good morning. i think we have a beautiful opportunity to take actions and open the corridor in the north atlantic. it's an important market for us, but also an important market for the world. we need to open a corridor between two countries where they have successful vaccination rates. i think we need to take into consideration that every day that we are not flying, you can know businesses are losing around 23 million pounds. it doesn't make any sense not to take scientific data and take a risk-based approach. guy: in terms of your planning, when do you think that is going to happen? when you think we are going to

see progress made? luis: we consider that, right now, the situation we have between both countries alone to travel, i think vaccinated people can travel freely. we don't see why we have to have this between the u.s. and u.k.. as soon as we can have an action to open the corridor will be very important for all of us. what we are asking today is that we want to open corridor's between countries where successful vaccination rates -- with successful vaccination rates. it's also important to have a well-established border where we can use contact technologies, and these will help. we know this because we need to take a lot of recommendations with people at the airport.

guy: it is clear the u.k. is not ready to open up at the moment, in terms of allowing its citizens to travel freely across into europe. we have seen portugal taken off of the list. the case count with the new variants in the u.k. his climbing, and rapidly. what is your expectation for the summer, given all of these events were flying in europe? luis: i think in europe, the european passport is going to help. i think the approach different countries are having is vaccinated people or people with the ability to demonstrate they don't have the virus or have the covid vaccine, i hope this will help with european traffic. we also need to open important

corridors, and north atlantic is one of them. i think the meetings that will come today, and this will be important. it is only a first step, but we still have an opportunity to restart u.k. economy to protect jobs, connect people, because we have people that are waiting to see their families for more than one year. guy: let's talk a little bit about sustainability and also your own resources. clearly, the airline sector is highly stressed at the moment. can you deliver on what you think needs to happen in terms of making the transition to the airline sector, given the financial fragility that is currently there? luis: yes. sustainability has been good for us. we where the third international

airline group that made the commitment to reach 2050 with net zero missions. after that commitment, the 22nd of april, we said in 2030, 10% of our flights will be powered by sustainable aviation fuels. we are investing $400 million also to sustainable aviation fields, and we are also participating with some innovators developing what can be the aircrafts for the future. the commitment is even stronger than it was before. as a consequence of these prices, all the airlines will be smaller and with a huge amount of debt we need to repay. that is the commitment with sustainability, and we are sure we will rise to what we have established. guy: many of those watching this

program will be business travelers, they will be waiting for the north atlantic to reopen, waiting to get back on the plane. nevertheless, do you think, from a sustainability point of view, that we should be encouraging business travel to come back? you think that is something we should rethink? we have all learned that zoom calls can do some of the business we need to do. luis: i think business traffic is going to come back. we see 75% of the customers are thinking to travel internationally by the end of the year for business. it is true that we have sustainability issues, but what we're are doing right now is the short-term, and for that, we are investing in the latest technology for the aircraft. we are resilient.

787 three 50's, those are our aircrafts they can use. the fuel consumption, up to 40%, and we think in the short term, sustainable aviation fuel is an important solution. for that, we need to commitment from the different governments, because it is not only a question of the airlines, it is also the commitment to invest in that technology, to have enough plan, and at the end, the price of sustainable aviation fuel has to be competitive to allow us to arrive at the levels you have committed. guy: luis gallego, the ceo of iag joining us from heathrow as part of the a4e conference today. thank you for your time. tom keene, hopefully that north atlantic will reopen soon. we are missing you here. i think this is an event, the g7, was built for tom keene's presence. tom: i have been thrilled to be there.

it's going to be a ho-hum meeting and it won't be ho-hum at all. lisa, your thoughts here on inflation? into ours, we get this inflation number. i am looking at core. we are writing up a trimmed inflation. i should say, which is still much contained. lisa: we haven't mentioned anything about the initial jobless claims coming in at 8:30 a.m.. but people are more interested in jobs than the cpi prints, because as peter hooper was saying, nobody cares. people are looking at more employment because they want to understand when wages come up to understand the stickiness of inflation. lisa: matt, she is dazzling us, 100% collect -- correct. that is probably a bigger deal than inflation. matt: especially wages. yesterday you had luigi on the

show and his question was why have we not -- why we see prices increase over the last decade but not the american worker wages come up? that's a question that has not been answered. tom: part of the productivity is decidedly not -- we will have good conversation on all of this and economic finance and investment. coming up, we turn to the pandemic. numbers are fascinating, cutting both ways. there is clearly better news out there, but really distressing trends internationally. lisa: did you see what happened with china? tom: remind me. lisa: they're doing more of the locked down tight behavior because of an uptick in infections, raising questions about the vaccinations and effectiveness with the delta variant. tom: and the numbers out of latin america are flat out grim. it is a nuance picture right now. nuanced as well is the market. nasdaq is a little light off of two good days. futures up three, dow futures up

83, and the vix i will call in between 17.75. lisa, the four digits watching the 10 year. please stay with us. matt miller in for jonathan ferro and lisa abramowicz, i'm tom keene. stay with us. this is bloomberg. ♪ ritika: i'm ritika gupta. commerce ministers from the u.s. and china agreed to move forward on trade and investment. the two held her first court since the start of the biden administration. some parts of u.s. policy toward china are becoming clearer. still, it is not set what the u.s. plans to do with the trade deal. or with on chinese goods. they will face the top of just capital -- that's a global regulators plane to ward off threats to financial stability. elizabeth warren told bloomberg

tv the u.s. government needs to step up the oversight of the cryptocurrency market. >> banks are either holding bitcoin -- that becomes an issue we need to talk about what the bank regulators. there are a lot of different pieces to this. i think the answer we saw today is that, right now, our regulators and frankly our commerce is an hour late and dollar short. we need to catch up with where these cryptocurrencies are going. ritika: she also says the amount of energy needed to power the bitcoin network threatens the environment. the 16 year battle to build the keystone oil pipeline is dead. canada has dropped the controversial project. it became a litmus test for climate activism and was blocked by president biden. keystone was designed to ferry more than 800,000 barrels of canadian oil a day from alberta to nebraska. 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. ♪

>> this is the time to make

relatively small investment in health, particularly to prevent the effects of this disease, and the impacts on society's economy is huge. and i really think we need to think about that return on that investment versus worrying about what that investment is. tom: good morning, everyone. jonathan ferro, lisa abramowicz, tom keene. matthew miller in for jonathan ferro. this hour, the gentleman from modernity there, a huge success, speaking with ian bremmer's group on health care after this pandemic. a number of currents there right now. with this huge news flow, we address that with jennifer hopkins. i need you to come to the rescue of the gentleman from holy cross. dr. fauci is having a difficult week, and he says follow the

science. that has been the huge message of the last 24 hours from a beleaguered crouching. frame for us right now what that means. to the critics of people like you, the critics of all the guests we have had on science and obviously we are very pro-science, what does that phrase mean to you, follow the science? jennifer: for me, driving our decisions on the policies we are moment. it does not mean we have unwavering faith in decisions made, but we have to look at the data, examine the data, and what the data tell us where to go. it is really interesting this week, because what we are seeing in the u.s. is a lot of states are really scaling back their data. they are producing the frequency their publishing covid-related data. i know everyone feels like we are in the home stretch, we are, but now that we are scaled back, we need the data and front of us to make sure we are on the right path and make sure we don't quit before the game is over.

matt: on the home stretch in the u.s., maybe in europe, but once again, we had a record number of deaths in india. the g7 is planning to do something about it. they want to donate one billion shots to those in need through 2022. is that enough, everyone getting out and donating shots in the near future? >> is absolutely critical. there is no alternative. to put this pandemic behind us, it is essential we do that and as quickly as possible. i am heartened to hear about these plans, but the ultimate impacts will be how quickly we can get them into arms. the pandemic continues to rage, staggering numbers of cases and deaths, and really time as the enemy here. you need to move quickly. matt: is it not even more for -- more important, as we see these scary new variance coming out of

places like the u.k. and threatening to roll back our reopening plans, the longer we wait, do we see more variants? dr. nuzzo: the more infections, the more possibilities for mutations, and the possibilities some of these patients could do things we don't want him to do with respect to abating the vaccine. it is essential we get these into arms as quickly as possible. i was really heartened to hear yesterday president biden suggest to make plans to purchase doses, a staggering number of doses, silly drop in the bucket in terms of globally what we need, but one of the largest potential pledges of vaccines to date. really important, and frankly, it is in our self-interest to do this. tom: jennifer new so there with john hopkins -- nuzzo there with

john hopkins. this gives us a window and incredibly busy day to dip into where we are. lisa, to where we are, this compendium of issues we have, -- have all centers around economic growth. the deutsche bank article earlier with peter huber centers on continued growth. inflation is transitory, centered on economic growth. there is a more tepid growth in q4. it is the parlor game of the moment. what will we be doing in 100 days? lisa: when we talk about growth, there is the question of how this helps washington policies. we have a new republican infrastructure bill that includes no tax hikes, which has been one of the big push backs, that basically the tax hikes biden has proposed would stymie potential growth. the key question i have is, as peter huber was saying, we entered a new paradigm where

people do not seem to care about sustainability in the same way they used to. how does that inform policy, going forward? who are the hawks left and how do we prioritize growth without potentially raising fiscal stability problems down the line? tom: this hawk idea, it has been the dovish of all times in our lives. some would say dovish as far back as 1947. matt miller, give us an update on the mother of all hawks, the central bank of the republic of germany. where does there fit into madame lagarde's morning? matt: even the bundesbank is bending a little bit, not as hawkish as they have been in the past, but in a sense, i think it is funny that u.s. democrats would be cdu, they would be on the center right here. the german hawks are far more hawkish than the most hawkish americans. we have had this black zero program and play.

the germans do not want to incur new debt, but this pandemic has forced their hand. tom: what is so important is looking at the clock, looking at the news out there, noting matt miller will waltz on with history manic day. that means it is time for obligatory car talk with matt miller. how are electric vehicles doing in germany? will they buy the f-150 electric vehicle pickup truck? matt: i wish. i always wondered, alan mulally would say they had a one for policy, they made one product for the globe and do not tell the pickup trucks here. before i moved back, i thought about bringing my f-150 raptor with me, and now, i realized it would be impossible to. . fit through the streets the streets are just -- to fit through the streets. the streets are too narrow for american pickup trucks. tom: look at the enthusiasm we get with employee at torrey car talk. lisa: the only other way to get

to matt miller excitement is to say bitcoin. matt: that's unfair. lisa: [laughter] bitcoin is rallying a bit, which is interesting for me -- interesting to me because senator warren would like to see more regulation around bitcoin. matt: is that a surprise? [laughter] lisa: ok, fair point. matt: come on. the real news around bitcoin, joe weisenthal the other day wrote a great column saying it is not a currency, it is -- no country or government requires you to accept bitcoin. now that is no longer the case. el salvador will take payment of taxes in bitcoin and requires merchants to take it as legal tender. tom: maybe tomorrow we will do obligatory miller bitcoin talk, it will be just as good as well. matt: [laughter] tom: matt miller, have a good day and think you for joining us here on surveillance. i believe romaine bostick, i'm not sure, i thought i heard him.

coming up on this moment for economics, ben evans is with us from medley global advisors. from cornwall with the president, guy johnson. johnson meets biden. stay with us. this is bloomberg. ♪

♪ >> the market is becoming more concentrated and less contestable. >> right now people are focusing on low quality stocks, whether they are meme or not -- or not. >> we have a real recovery in process. i don't think the roaring 20's are the right analogy. >> i think inflation is going to run. that is a good sign. that is an economy getting back on track. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning,