♪ >> risk around omicron is that the fed has to hike later come in earlier. >> the market is not confident that the fed can handle higher rates. >> negative real rates are abnormal. you are seeing really funky stuff happen in the markets right now. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: nine days until your next fed meeting. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro coming together with kailey leinz. -- jonathan ferro, together with

kailey leinz. lisa back tomorrow. tom: the market pricing of what is going on in china is tangible. it is off the radar this morning, but it is real. evergrande paper south. jonathan: a cpi report and america. wells fargo suggesting 6.9 pi. -- 6.9% cpi. tom: i think 9% is my monday mass. that is something we have never seen before. that is the uncertainty that we have right now. jonathan: david kostin and that he met goldman looking at 5100 on the s&p next year. if things get dicey, can the fed doing thing about it -- do anything about it?

kailey: even in the face of the market clearly being upset about uncertainty around the omicron variant, the fed maybe playing catch up era's we are faced with these kind of numbers in the u.s. jonathan: throw in the things kailey is talking about, you wonder how much the fed has got ahead of it to slow this economy down with him economy with a 69 handle on the ism. tom: the partial differentials is you want to bring the inflation component over to real economic growth. as you mentioned earlier, the most important statistic last week were boom ism numbers. that is the bet right now. a lot of people saying growth is there, it is real. inflation will subside. another group saying the growth isn't really there and will ebb away. jonathan: here's the price action this monday morning, up 18 on the s&p.

advancing zero point 4%. the nasdaq 100 was down 0.6% and some. right now down zero point -- right now down a quarter. kailey: we are still south of 140. -- of 1.40%. a lot of those calls have gone the wrong way. as for what is ahead today, at 8:15 we do get the eurogroup meeting. finance ministers meeting in brussels. the focus will be on energy costs that are higher and what the implications are for inflation in the euro zone. kristalina georgieva will be addressing the group later on. also today, the world petroleum conference. oil up about 3% today. it really is going to be interesting as we hear from the likes of bp, aramco, occidental, what i say about the demand outlook and how the omicron variant may cloud it, especially

in light of up at plus moving ahead with production hikes for january. we will be speaking from the east room of the white house. no surprise he will be talking about his build back better plan and about how it specifically will lower prescription drug costs for americans. jonathan: thank you. spare a thought for anyone who's got to put together a forecast for next year. it is crystal ball season. can you imagine? many of those reports were written a couple of months ago. now they are looking to a pollution -- to publish them going into next year. next year looking very uncertain. tom: it was a brilliant color couple of years ago, reset in march. when you look at the pressure it takes when you join a philadelphia shop, and all of a sudden you are on the philadelphia eagles, you have to be an eagles fan to work at fs. jonathan: troy gayeski joins

us now, at fs investment. troy: as you guys have talked about time and time again, the variance in forecast for next year are huge. you have calling for runaway inflation, you have people calling for normalization of inflationary pressures, or times like these you have to keep your forecast very wide and be humble , and there's a lot that you can't predict in the economy. from our perspective, as alternative investment firm which of the things alternative investments have been used for primarily over the last three to five years is a fixed income substitute, and we certainly applaud that because interest rates are still low. the fed will be hiking, so hopefully it will be creeping higher over time. very hard to make money in fixed income. you are seeing investor appetite

to use alternatives as a substitute for equities once again in order to de-risk, given the fact the fed will be tightening. we are at record multiples going back to the internet bubble days. finally we are seeing interest in people taking money off the table as we are replacing things like secured commercial real estate debt or clo bb exposure, and lastly, we have seen more of an embrace of tactical asset allocation strategies, which is really interesting because we have not seen that for the last several years. tom: i want to go back to m.i.t. and the chemical engineering shop you were weaned at. they used a phrase called reaction functions. bowties talk about economic reaction functions. you live did. you actually lived it from where economics stole it from. do you have confidence in the reaction functions we see forward?

should we be steeled for jump conditions? troy: the number one jump condition you should be steeled for is market reaction to ingressive taper -- to an aggressive taper. we know for a fact that whenever the fed tightens, it doesn't tend to go well, and you tend to have some degree of financial condition tightening because as we talked about the four, the fed weighs gets what they want. if they want tighter financial conditions, they get that. that arguably means we will have backup of the year, regardless of whether the back end of the yield curve goes higher. it will be a much more challenging environment to make money. that we are fairly certain of. tom: but corporations adapt. we have seen this. sloan is going to tell you corporations adapt. isn't that what we are going to see? troy: never underestimate corporate america. they have done a good job

keeping margins high. no one is betting against corporate america. we see positive earnings growth next year, and this bull market could continue. the thing about how abnormal the environment has been since the march bottom until recently, it is basically been a one-way trade higher. volatility has been relatively low. now we are entering an environment where you have to be much more careful, much more selective, and recognize that despite the resilience of corporate america, your upside is far more limited than a year ago. tom: doug kass listening down at sea breeze, and he agrees over the complexities handled here at year end. kailey: it is not just about the fact that we are emerging from a very abnormal environment. the fed is going to be normalizing at the same time. we have seen that before. we just haven't seen it in a

couple of years. how akin to 2018 do you expect 2022 to be? troy: we draw comparisons to markets. next year reminds us much more of 2018, whereas the past 18 months is much more like the late 1990's in terms of market pricing and behavior. we had a strong economy that was improving, in a nod to tom. can i say tk? [laughter] tom: save yourself. can i get some more proseco? thank you. troy: it is pretty clear nominal gdp growth will be very strong. the debate is how much will be real, how much will be nominal. if you think of 2018, we had a very tough back end of the year

primarily because of one of terry policy leading to money sick i -- money supply growth, leading to market corrections. jonathan: i only remember one month of 2018, december, and nothing else. you're are welcome anytime. tom: you can go with jon next time. troy: good to see you, todd. [laughter] jonathan: just trying to work out some of the big themes going into next year. tom: i am sorry, none of it. they've got and i love books at home. none of this is in those books. jonathan: just trying to work it all out, how much need from the federal reserve. is the fed put over in the eyes of wells fargo and others?

i keep calling it crystal ball season. the average for next year, 4800 on the s&p. kailey: are strategists going to be proved wrong yet again? we were talking about a 2% 10 year year end. what we are looking at on december 6 is south of 140. jonathan: 5300 the high. it is a 900 spread between bmo and morgan stanley. one heck of a move this year, a 15 on the s&p, advancing 0.3%. your market up 0.3%. this is bloomberg. ritika: with the first word news, i'm ritika gupta. president biden's chief medical

advisor says data from the omicron variant is encouraging. the data represents only the first few weeks of the omicron wave. it does not look like there's a great deal of severity to the very end. "central's are trying to give a boost to the slowing economy. that will release 188 billion dollars of liquidity. the move puts the people's bank of china on a different policy path than many of its peers. the u.k. will push the u.s. to remove trump era tariffs on british steel and aluminum. the u.k. trade secretary meets with gina raimondo. he says improves trade relations with the u.s. would be met of the major benefits of leaving the european union. shares of lucid are plunging.

lucid completed to deal was turtle capital corporation before its market debut in july. another legal defeat for uber. the ride-hailing company lost a bit to challenge part of a landmark ruling. they will have to assume more response ability for each trip booked on their app. 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. this is bloomberg. ♪

pres. biden: we are looking at the sharpest one declining unemployment ever.

simply put, america is back to work, and our jobs recovery is going very strong. jonathan: just a little bit under the weather going into the weekend. we wishing the best. good morning. tom keene, kailey leinz, jonathan ferro. advancing 0.3% in the bond market. your 10 year yield up five basis points. we have talked about rate hikes. the likes of barclays saying we could have a lift off in may of next year. betsy graseck at morgan stanley has another idea of what this could mean for the banks, raising the outlook for goldman and wells fargo, saying the firm looks at credit concerns, and the prospect of higher rates are a prospect for bank stocks.

tom: as you know, betsy graseck is one of my favorite people on the street. she is a legit japanese scholar just like robbie feldman for morgan stanley. betsy graseck writes the most detailed bank reports. every sell side analyst is different, and betsy graseck is a numbers person. every paragraph is loaded with facts and details. that is the tone that we see here, going to dovetail economics into what we see on the street. with us, working on her itinerary as she moves from the fenway bowl at the university of virginia to the music city bowl in purdue, and finally crescendoing to the peach all as

well, are the politicians going to be in session during the bowl games? emily: that remains to be seen. you are hoping you can get the debt build on, get the social welfare and tax bill taken care of, but this is congress. congress loves a deadline. tom: senator schumer and the others do it alone. it is just understood that the democrats are going to do this alone. emily: to a certain extent, but there is this debate going on right now. can they attach it to a must pass military authorization bill ? tom: who decides that, the parliamentarian? emily: partially the parliamentarian, but it is going to be passing normally through regular process. it is a bipartisan bill.

everyone wants to supports the troops and the military. we've already heard from kevin mccarthy. so it is a big question mark. democrats really don't have a lot of options except doing it via reconciliation. tom: are there any bob doles in the senate right now? emily: in part that remains to be seen. you never quite know the legacy while people are there. certainly mitch mcconnell is very much respected for his ability to keep his party together. he absolutely has power right now. people have joked he's really still seen as the majority leader in the senate which is a little easier to do when you have that 50-50 break, but that is someone who could be seen. bob dole was really respected on both sides of the aisle.

house speaker nancy pelosi is asked that flags be flown at half mast for former senator dole. i think to a certain extent, he shows a section of a bipartisan washington we're just not seeing what the partisanship today. kailey: it is just a different breed of conservatism then we are seeing now. emily: i'm sure you will hear the same thing for democrats, that their party has changed. that has really come about through a number of things, both structural and relating to the country as a whole. kailey: we are focused very much on the federal reserve here. we have any indication that you will get confirmation for the second term for jerome powell and lael brainard by year-end? emily: the senate is hoping to move quickly. sharad brown does want to get these hearings underway.

we are already hearing from democrats and republicans that there might be bipartisan support. i will be here today and here on thursday. jonathan: emily wilkins, great to have you assessed. back page of "the new york post" today, "nothing to see here." of course, we will have full coverage of the jets and giants, but we will not force you to see the carnage on the back page. you like that? back page of "the new york post" today. tom: i can't provide wisdom on this other than saying -- jonathan: kailey leinz, would have got coming up? kailey: now you know who's going to be in the playoffs. you have alabama came -- alabama, you have michigan. the alabama half in georgia game

was painful for me to watch. i'm just not an alabama fan. jonathan: i thought americans loved a winner. i thought they would love tom brady. they hate him. they don't like bama because they win too much. tom: kailey, half of our viewership just fell off the chair. this is about the northern south versus the southern south. jonathan: i am trying to understand the nuance of all of this. can we agree on one thing? that quarterback for alabama, bryce young, he is unreal. kailey: a lot of people saying he's going to win the heisman this year. he is only a sophomore. jonathan: are you going to fenway park? tom: come on, uva is playing

smu. to me, it is sacrilege, but what do i know? kailey: uva is not as exciting. jonathan: i've got into it this year. just saying. jonathan: she really once to weigh in on this stuff. [laughter] i'm a total tourist. emily: i agree with kailey on alabama. jonathan: can we talk about west ham-chelsea? wasn't that fantastic? west ham just pulled it out of the back this year. tom: seriously, they don't have the budget the other teams do. jonathan: they certainly don't have the budget of chelsea. that was west london with all the money and east london with much less money, and east london getting it done of the we can. tom: the tots crushed norwich. jonathan: this was your

alternative sports segment on bloomberg tv and radio. [laughter] coming up, jane foley of rabobank, with this equity market up 0.25%. i tried. from new york city, this is bloomberg. ♪

jonathan: some good news for you if you are sick of the fed speak. it is the quiet period. they go quiet for a whole week into the fed decision on december 15 next week. up 0.2% on the s&p. off the lows this morning as we took a dip into negative territory about an hour or so ago. on the nasdaq 100, futures negative about 0.5%. big conversation about the bond market, volatile. you'll tire this morn by five basis points. the distance between dues intends. we ended last year at about 79 basis points. we topped out this year at 1.57%.

from 1.5 7% all the way back down to a 74 handle in friday's session. it has been a round-trip, the distance between two's intends getting narrower. tom: abramowicz would be all over it. i don't know which curve matters , but what they tell me is all the strategists got it wrong. jonathan: sarah house of wells fargo an hour ago looking at 7% on average inflation, 6.9% this friday. tom: i don't think this thre -- the street is prepared for 6.9%. jonathan: just to give you an idea of the shape of things through the year, steeper, and then we've just flattened out to close out the year. we need to have a conversation now about how much work the federal reserve needs to do tonight monetary policy, and how much appetite they will have to

do that with the curve already looking like this going into next year. tom: the markets adapt and adjust. in this case, it is clear the markets are out front of what we are going to see. jonathan: that's your process at price action. let's get you some individual stock movers. we can say good morning to romaine. romaine: we talk about the chinese stocks. they are back in focus here. dd down about 7% now. all of these selling pretty hard in hong kong. didi started the process of delisting. a lot of concerns about u.s. regular tory pressures on some of these u.s. listed chinese names, the pressures out of china, and some concerns about a potential shutdown or a greater than into spaded slowdown in the chinese economy.

alibaba had been down as much a 6% in hong kong trading. adrs were also down, giving a little bit of a rebound after announcing they will have a new ceo that is going to take over starting april 1. they also announced some other leadership changes. that is why you are seeing a little bit of green here, up 0.8%. pretty much all the chinese adrs in the red in the premarket. the proshares bitcoin edf, the new and that launched last month, down 9% in the premarket after that stunning plunge by pretty much all the crypto assets over the weekend. all of those shares tied to the crypto seer right now lower in the premarket. let's talk about another highflying sector, the ev sector. we learned over the weekend that lucid group not a subpoena from the sec on friday. this apparently has to do with the structure of this back deal. we went public with churchill capital. there's been a lot of scrutiny by u.s. regulators over the finaco structure of some of these deals. shares down 14%.

a lot of the other ev companies lower in the premarket. rivian getting dragged down and this is well. tom: have any of them sold in the cars that are electric? romaine: rivian sold about 50. lucid group is in the hundreds. you're still talking about a pretty nascent company with regards to their deliveries. tom: romaine bostick, thank you so much. he will be on "the close" this afternoon. jane foley has a more measured view of the guesstimates of a foreign exchange, being that rabobank, with their huge global commercial interests. this off of reuters, of everyone predicting a weak dollar. they got it wrong last year, the week four. there's been this permit weak

dollar call. does it sustain this year with another consensus weak dollar view? jane: i think the market has really come around to the fact that the dollar is performing quite well. there's one metric here that i think the dollar does have to pay attention to, and that is the relationship between the dollar and the inverse relationship with emerging markets. you have this scenario now where the dollar is pretty strong. that displaces additional pressure on emerging market economies, and until you are more confident that em can rally, very difficult to imagine the dollar is going to weaken. for now, i think the dollar is going to stay strong, and really we've got to wait some time before we get a little bit more hawkish on the ecb and other central banks, before we can think about the dollar losing significant ground. tom: you mentioned money slowing

into em. your guesstimate of the major pairs, is it a flow analysis or a rate analysis? jane: it is both. i don't think you can pull the two away. the perceptions of fed interest rates came more forward thinking , then obviously the dollar went up. that attracted the flow out of em and back into the u.s., nothing that is a scenario where we are really in the thick of it now. one thing that does worry me is there's a lot of long dollar positions on, and particularly i think a month or so ago we saw this big movement towards the dollar, and i do think over the last few weeks, you have seen some of those, the positioning being taken up, but i think we have somewhere to go. the dollar can go further. i'm happy that we have seen some of those long positions kicked out, and isaac we have more of

that type of activity in the weeks ahead before we can perhaps move on to more additional dollar strength. jonathan: policymakers are talking. yep he did governor -- the deputy governor at the bank of england refusing to say, won't decide on rates until the meeting. sterling positive 0.25%. why make it easy? let's focus on sterling and work out what to do with this one going into next week. jane: i think they did have a communication problem going into the november policy meeting. the governor had signaled to the market that they would hike, and of course, they didn't. now they are just being a little more cautious. they don't want to lead the market up the garden path. he spoke about the labor market,

that we have more tightness in the labor market, the could have implications that could make in place and a little more persistent. would agree. often, a lot of the answers are in the labor market, and just like the u.s., where there is a tight labor market which does bring the likelihood that we are going to get second-order prices through wage inflation coming through, the u.k. perhaps is behind the u.s. in terms of the lineup for the g10 economy, so it is a possibility that we might see some inflation effects in the labor market, and i think that is something we need to watch in the u.k. kailey: there is a possibility the by the end of next week, we will have gotten a hike and in ecb that is looking more lonely and a tightening world. what does that mean for the euro? jane: i think we have seen this for sometime time now really playing through, and the euro is on the back foot because of this. think perhaps is a bit too early to assume that we will get that

hike next week from the bank of england, but it could come in february. we know the ecb is nowhere close. it really is on the bottom of the line, but it is not the only central bank that is still dovish. the australian is likely to remain pretty dovish as well. the ecb, the bank of japan are the two that are most dovish, and that does mean for the euro that it will be on the back foot, probably for some months. jonathan: just quickly, what is the call for next year you are most comfortable with going into 2022? jane: i think it is still some dollar strength. maybe towards the end of the year we get more catch up from some of those other, but i still like the dollar. jonathan: looking ahead to 2022 and beyond. federal reserve that decides on wednesday. the ecb on thursday.

president lagarde now calling it a hump, not transitory. it is going to look like a hump through next year. tom: it is like playing with shadow puppets. everyone is making it up as they go. 6.9 percent inflation off of the wells fargo desk, and dovetail that with what we learned from betsy graseck of morgan stanley this morning. as you know, the "surveillance" team, we are deep in research. princeton review, here's the difference. we've got huge response to this after kailey leinz, absolutely tone deaf. university of alabama is listed last year as the number one party school by princeton review. jon, uva isn't even on the list. they don't even make the list. liz ann sonders, you would expect at university of delaware -- jonathan: what are the metrics for the number one party school?

how does that work? how can you dislike the school? number one party school, fantastic football team. you busily win every week. what is to complain about? kailey: i'm not saying anything against the university of alabama. it is just the football team. jonathan: because they went so much. kailey: exactly. i'm not a poor sport or anything. tom: buck no -- bucknell is the number a party school in the country. i never would have guessed it. jonathan: that is the school in pennsylvania, for people trying to follow at home. tom: that explains a lot about sonali. kailey: for the record, i had plenty of fun in college. jonathan: i thought that was a very expensive private school, and it is also a party school? college in america is a confusing one, isn't it? up 14 on the s&p, advancing 0.3%. from new york, this is

bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. any report from south africa says that so far, the omicron variant has not led to a surge in hospitalizations. south africa is the epicenter of the outbreak of the new strain. president biden's chief medical advisor anthony foxx he says while it is early, it does not look like there's a great degree of severity caused by omicron. the u.s. reportedly will declare a diplomatic boycott of the beijing winter olympics. the decision not to send any u.s. officials to the games in february will be announced this week. the move would be largely symbolic. u.s. officials are likely to visit china anyway due to strict quarantine rules and clashes over human rights. saudi has raised prices in the u.s. and asia days after opec and its allies surprised traders

with a decision to boost oil output. president biden praised bob dole as an american statesman like few in the country's history. the longtime republican senator from kansas and 1996 presidential candidate died yesterday. he was noted for being a political dealmaker and pushing legislation for americans with disabilities. he was 98. 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 rick. this is bloomberg. -- i'm ritika gupta. this is bloomberg. ♪

>> the fed has tried to create an inflation cycle for 10 years.

who's to say they are going to be able to keep it under control? this is an environment where i don't know if the fed is going to be able to quell market volatility. jonathan: savita subramanian with bank of america coming into the weekend last week. from new york city, good morning. tom keene, jonathan ferro, and kailey leinz. lisa back with us tomorrow. the s&p advancing 0.3%. yields higher up. the move in friday's session, down 10 friday, up this morning. in the fx market, muted price action. euro-dollar lower a little more than 0.1%. the correction lower off the all-time highs, something like three or 4% from the s&p. it has helped so much more difficult than that over the last couple of weeks. tom: this is really important. there has not been a correction, but if you take out the highflying stocks that have done so well over the last 12 and 18

months, there's a lot of this market that feels like a correction. kriti gupta has look at this. her chart of the day has to do with our non-correction correction. do you have? kriti: we don't have a correction, and that is a staple of 2021. the last nine sessions, about a 4% drop. that is what my chart really tackles here, this idea that if you start to see these pullbacks, how long does it take to really by those dips? in 2021 you've had about five pullbacks, about 5% each, and it has taken about half the time to recover those gains. that is not normal going back into history. the last time we saw that was in 2016, the start of tw'so -- of two solid years of growth. tom: are you able to take out the two highest flying stocks? kriti: it is feasible. tom: i think that would be

really interesting come away from apple, amazon, google, and the rest. kriti: to your point, when you start to see those recoveries the take about half the time from the selloff, they are almost always driven by big tech. tom: thank you so much. greatly appreciate that this morning. i'm going to avoid turkey right now. we will get to turkey on tuesday. damian sassower joins us on em. i looked at the evergrande 25 year. thank for bringing that to my attention. cratered this morning. what is the symbolism of china's debt going south going south? damian: for us, it is designed to assist small and medium enterprises in china. the evergrande issue, 82.5 million dollars of coupon payments are basically coming due this week, then $260 million in the journey bonds.

kaiser has been trying to restructure its debt, and bondholders could not come to an agreement, and they are probably going to default this week on another $85 million. so a lot to stomach, but your friends got it right. much flagged, and here we are today, looking at 50 to 100 bips next year. we have been looking for any sort of assistance for the property sector. you've got $10.4 billion in china defaults, offshore bonds this year. that is a record. 36% of that is the property sector. the property sector in china needs all the help it can get, but it is getting it. china is relaxing more of standards on shore, so hopefully after we get into the real formal restructuring, things are going to turn for the better. kailey: does that mean you don't

need any further easing beyond cutting the rrr? damian: given the medium-term lending facility, the bonds rolling off, the long-term capital situation at the banks, we are calling for more cuts in 2022, but outside of turkey, china is the only central bank in the world heading in that direction, cutting rates in the face of higher inflation. we get inflation data later this week. tom: to grizzled pros like you, somebody sitting at a desk in singapore or hong kong this morning working for global wall street, do they know or trust or believe the balance sheets of corporate china? damian: i think that is the issue. that is one of the foremost issues. the reason the sec is cracking down on china and the reason that the variable interest structure, the way chinese corporate's list in the u.s., has been thrown into disarray. the fact that they won't adhere to financial standards,

reporting, accounting, and auditing standards. what we believe is the structure is on investable at this point, so we expect a lot of these companies like didi and baba to relist and hong kong, and you will get it with less transparency. jonathan: just got a call from kit juckes that euro-dollar is likely to trade below $1.10 in the first half next year, but he moved to $1.05 or below probably means significant rally in dollar china, which is a risk rather than a likely event. that is the risk of foreign exchange for me this year. that strength in the chinese currency, what underpins that going into next year? damian: what a great question. dollar-yuan, how the yuan performs relative to its trading partners, is trading at the same levels we saw when we had the valuation in 2015. that is a risk. think that is probably what kit

is flagging today. china local government bonds are up 8% year-to-date. find me another fixed income asset class were you can find an 8% total return in dollars. you are not going to find it anywhere. so a lot of it is driven by dollar strength but -- by dollar-yuan strength. jonathan: damian, thank you, sir. this currency is the mystery of foreign-exchange for me. if you told me we would get a 6% , 7% move on dollar index, and then said where the chinese currency is in that, howdy people would have said stronger against the u.s. dollar? tom: it is a mystery, and my answer is it is manipulated. it is not a fixed currency. i would suggest there is heavy manipulation. what i am really upset about, i look at the what a great question scored today, and you are killing me and kailey. [laughter] jonathan: lisa just crushing it,

though. lisa could take the day off and then look at the tally a theme of the week and she is still winning. tom: you get what a great question from damian i never get that -- from damian. i never get that. jonathan: $1.10 is just around the corner. that is not a massive call. $1.05, what would we need to see to get down to $1.05? kailey: i wonder if next week is going to start to answer that question. what does that indicate for 2022 and whether or not we are going to see your weakness? jonathan: the countdown continues on this program. we will do that with robert tipp, investment strategist at pgim. tom: aston, the new guy. jonathan: are you happy with that? are you supporting aston villa now? jonathan: i am not.

i'm trying to bond with you, jon. [laughter] jonathan: just saying random football teams. one point 38 -- 1.3817% on tens. on radio come on tv, this is bloomberg. ♪

>> you find a -- you've had a spectacular level of support for asset inflation across all markets. >> the bubble right now is not in stocks. it is in bonds. >> the messaging is very pessimistic. >> at some point valuation will matter again. >> i don't think this is the time to chase steep value. 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. -->> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on a monday, a full and even for week ahead for us. on radio, on television, we say

good morning.