so, going ahead of the science and being able to say what the vaccines are likely to do, how they are likely to perform is full of uncertainty, and it is likely to be corrected once we get the data. tom: what should the president do? gigi: well, i think the president is encouraging people to get vaccinated, and that is still a really good idea. i think it is unlikely, even though there are a lot of mutations, that the vaccine efficacy will drop to zero. that is not what most people are thinking. most people are thinking that there will be some degradation. let some degradation is better than no protection at all. so, please get vaccinated and get your booster. it improves not only the quality of your immune response, and also the quantity of your antibodies. lisa: so, just a follow-up on what tom was talking about with

respect of should we believe the ceo's of the pharmaceutical companies, we heard from moderna's ceo that the existing vaccines will not be as effective and we heard from the bion tech ceo that they are likely to prevent severe illness. you noted that anyone tells you anything with certainty is trying to sell you something. what are they trying to sell us? gigi: they are trying to sell more doses, of course. and, also the ability to re-create a vaccine that is more tailored to omicron. that might be where we end up going, but for now, people should try to educate their immune system as best they can against this virus. and that means using the vaccines available. lisa: the other issue we have been talking about is the travel bans or possibly getting tested the day of rather than three days of when you travel in the united states are outside. how much do we see the repeat of

what we saw a year ago in terms of the knee-jerk reaction and not necessarily listening to the science? gigi: travel risk actions -- restrictions are a blunt instrument and we are seeing that there are occasions of omicron that are not where the travel bans are in effect. so, that is one consideration. the consideration about testing within 24 hours. in technical terms that sounds ideal, that would be great if people are tested within 24 hours before getting on a plane and etc.. the logistics of that, i am curious about how that will work. rapid tests can be a great tool for this, and give results within 30 minutes, but often rapid tests have a verification problem. i could take a test at home, but will you believe me if i am negative? we have to work all those details out and i am not sure how it will happen. tom: the uninformed like me sort

of go mrna successful, antibody stuff not successful. clearly that is too simplistic, but talk about that, the success of these miracle moments that -- of pfizer and moderna versus all of the other stuff that is confusing. gigi: do you mean the monoclonal antibodies? tom: that is good, you can pronounce it and i cannot. like monoclonal antibodies. gigi: they are cool because they basically give people an immune response, so you skip a step and give people a very specific immune response to whatever you designed the antibodies against. the problem is that the antibodies that we have right now for treatment were designed against the earlier version of sars-cov-2.

so, sometimes that means they will lose efficacy and sometimes that is a higher risk. that is an ongoing problem, that the other hand you can make monoclonal antibodies that are targeted for this particular version of sars-cov-2. hopefully, that will be coming online soon. jonathon: i am pleased that you brought up the testing within 24 hours. if they go to pcr and away from rapid, how do they get the results back in time? just for me, i fly back december 26, that is the schedule, so i'm i getting my test on christmas day? tom: i am having two meetings on it when i go out. jonathon: are they going to stick with rapid? tom: we had a family member last night cancel a trip to europe. jonathon: many others will do the same thing. thank you. i noticed the christmas stockings, that household is ready to go. tom: unlike our house. jonathon: i had the advent

calendar ready to go. they had the christmas tree up that first week. you do not do an advent calendar? lisa: i am jewish. hanukkah is not living up to expectations. tom: i can see an old testament advent calendar. lisa: it will be like ethics and guilt. jonathon: it is a lindt advent chocolate calendar. this got awkward quickly. the s&p advancing a little more than one person. tom: he said where we catching up -- when are we catching up on the holiday spirit. jonathon: would you like me to invite you. jonathon: yes -- tom: yes, for once. jonathon: the eggnog is a bit rich. but it is good. crude is higher by four percentage points at $69 and

about $.10. coming up, lisa has tons of questions about what is happening with credit as spreads widen out over the last week or so. we will catch up with marilyn watson the head of global fundamental fixed income strategy at black. that conversation around the corner and we will work through those recent comments from chairman powell as we march towards a december 15 federal reserve meeting. before we get there we have payrolls friday later this week. from new york city, this is bloomberg. ♪

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>> pent-up demand and disrupted supply chains are leading to inflation worldwide. >> we might even see corporal say should -- we might even see core inflation at 6% in february. >> economic data is going to be hard to trade on at the moment. >> we are looking like the 1960's where we have higher inflation, higher growth. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the t word is dead. 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. your equity market up 58,

advancing a little more than 1%, bouncing back from yesterday. how much of a pivot have we seen from the federal reserve chair? tom: we are going to see it again today with