momentum. >> we are seeing investor appetite to use alternatives as a substitute for equity. >> he have young from yields and we are probably passing the peak . >> we are in a boom economy, but we are also dealing with a variety of challenges. >> this is bloomberg surveillance with tom, jonathan ferro, and lisa abramowicz. jonathan: within a whisker of all-time highs. for our audience worldwide, good morning. this is bloomberg surveillance live on tv and radio with tom keene and lisa abramowicz. i am jonathan ferro. the biggest today move on the s&p is unchanged. tom: apple is lifting off some positive. i look at the mix of things. a stew. it was eventful. jonathan: the financial times is

suggesting a vaccine passport is around the corner. the market move. real yields are lower. airlines are suffering off the back of his. >> we have to sacrifice surveillance christmas party last year, and that is really the -- it is bigger than the tots in london. jonathan: there is a huge amount of upset around this. the idea that the prime minister had video leaked in the last 34 hours saying that they would have a christmas party. it sounds ridiculous, but this time last year in the u.k., they were separated from each other over christmas if they follow the rules. it appears that the prime minister might've had a christmas party of his own in the workplace. it appears that other government officials to the same thing. it is a huge issue. can you imagine if the in situ rules going into this christmas? they will want to follow that. tom: my memory is that the aristocracy, they were

separately -- separated as well. they didn't have their usual festivities. jonathan: how does this change things going into next week, lisa? if you look at the bond market thing about the bank of england. lisa: what you're seeing his weakness and a massive way. the pound its weakest since going back to november 2020. i want to know what this has to do with prime minister boris johnson and the holiday party and the lack of conviction as to how much power he has versus some of the unreliable messaging out of the bank of england. shall we say it's unreliable? jonathan: it moves more in the market, the christmas party. the consequences of that. your market has been on a run. the s&p 500, against one-day game going back to march, biggest today gain so far. the equity market is within a whisker of all-time highs again, despite everything we've been talking about. bonds have been on 1.43, and at the top end of the current --

curve, we are at the highs of years. >> that includes germany and europe, and the negative environment -- we have been linking this holiday to an ascendant united states, germany with challenges. as we see, the gentleman from the spd wish morning -- was sworn in. it was underreported. this is a big deal. >> there will be big problems almost media -- immediately. >> with the nord stream 2 and how president biden is threatening to shutter that operation and forced her me to get on board. we can discuss that and what it will do to oil prices. frankly, in germany and beyond, and what he will be pressure to do. i am looking at the united states at 10:00's survey. we expect a slight lift to this. a tightness in the labor market that a lot of people have been seeing that has persisted and will likely lead to it increasing rage -- wage

increases. that is ahead of the fed meeting. how much they are taking look at data like this and get confidence that the market can with stand two or more rate hikes next year. today is day two. we will have david schwartz from mark stone. j.p. morgan chase. we spoke to brian moynihan. he talked about marcus being at the same level. member how robust it was? is the same kind of dynamism. and we are seeing credit card borrowing increase. key metrics of the credit impulse and how lows could increase. we will raise the issue of yesterday's three year option. on the surface, it was boring. it came in on par with what the market was pricing at. that itself was interesting. but people are basically saying, where the market is pricing right now seems accurate. they are willing to buy, but not

too much. jonathan: i love how you make boring exciting. thank you. tom is excited about it. thomas also excited about this 1 -- a rally recently for apple, 1%. something like 7% away from its market cap. a report you discussed, tom come at the program. the speed up of the iphone alpha after a decline for the past few months. encouraging news. tom: it's a lesson for everybody. we go every 10 days up and down on the stock. i really don't know how you move stocks based on reports on a pacific rim technology. by calculation, $183 a share. that is a $3 trillion company. jonathan: just sort of that at 172. lisa: $201.

it will be fascinating to see how people make safeties trades with these big tech stocks. that underpins the calls we heard yesterday from morgan stanley. >> up 3%. unreal. let's talk about the market. we are with a founder and ceo. your words, the risk free asset, the bedrock of the financial market, what did you mean by that? >> it is displaying signs of chaos. if you look at the vix, it is on the move -- up and down, traveling quite a bit last week. so much of this risk equation is priced off the risk-free asset class, and i would argue that it is not risk-free. might be, from a regulatory standpoint or a pension allocation of risk, they think

about their portal is, but here is an asset class that is moving around and displaying a lot of volatility. it is -- it's fundamentals are going through a regime change that is deteriorating. if you think about a default and atypical sense of a credit bearing bond, inflation is effectively a default. a creeping default or a risk-free security. that is what we are seeing. the bedrock of everything is eroding in terms of its fundamental outlook. when i step back and look at this shot heard round the world, in the last week, the 4% drawdown, which is, in a lot of ways, so meaningful because it encapsulates so many asset classes. crude, cryptocurrency, so much. underneath the surface is a market displaying volatility, and i think it is something we have to pay knowledge of -- a lot of attention to. >> we have seen it

constructively coming. 13 big fakers. most of us have eight collective memory of nirvana of the vix of 12, 13, 14. where is the new nirvana for the vix? is it a 20 level? >> isaac you could argue that the floor has gone up. especially these days, markets and volatility with stocks and so forth, it is a never say never business. it is to the high side in the low side. i would say the floor has probably moved up from 16 to 18. i think the last markets have been pretty meaningful, especially relative to a modest degree of drawdown. there was a lot of trepidation, and the trepidation comes from a sense that we are almost hit on two fronts at month -- once.

second, as you alluded to, there is inflation data from friday. it is an ongoing source of uncertainty for the market. it is potentially very disruptive. the fed is fighting -- fighting inflation from above. fighting inflation from below, it has done that since the post crisis. . >> the morning inflation, and the more near-term inflation, the lower they go over the long-term. defining a yield curve, and this is an inflation expectations. is that wrong? do you think everything in the year -- near-term data could shake that consensus? >> that is a great and open question. as we look at the data from this year, it is different from the flattening of 2017 which was an extremely low vix environment. a nine or a 10.

the rate volatility hovered at all-time lows as well. this is much different. this is fighting because you have to, versus 2017, which was tightening because you can. i am not convinced that as we tighten, it will get off zero and complete the taper and start to initiate a tightening. that may go up, and ultimately, it will scare the feds quite a bit as it did in late 2018, you have to wonder how far we are going to get in the tightening cycle. i don't see it impounding itself in the long end of the long end of the curve. >> thoughtful stuff. brilliant. love catching up. we are taking down the fear of high interest rates pretty well. the assets are of another 50 points. a two-year yield. >> we will see an outlier later

the show. i think it is really interesting. basically a 10 year yield to 1.5%. there is been tested at 1.5%. he is not alone. a lot of people are saying that anything the fed does will slow growth enough to get long-term rates lower. >> 150 this year. 150 into 23. looking for what lisa discussed. it is a whole area we are talking about. it will go into next year, and i am with john on this. i don't know how you have an outlook area you're trying to figure out the outlook, and it was never like this. it is original. >> we will try to get to christmas. tom you are looking stylish. >> wife got a stylist. i hired a new stylus. >> looking very sharp. is that what is coming up? do you want to talk about it on thursday? >> i'm nemo.

>> i will keep bringing that up. the s&p 500. >> you look like you are out of succession. you're out the door. >> and all-time high for equities. in new york, this is bluebird. -- bloomberg. >> it's the end of it era in germany. a new chancellor has been elected, ending angela merkel's tenure. there are number of challenges, including the coronavirus pandemic and the standoff with ukraine. it will take months to figure out if joe biden -- the leaders had a video call that lasted about two hours. the president had a message of major sanctions for russia. you will not tolerate weapons in the ukraine.

early studies on omicron are cautiously optimistic. the vaccine seems to be powerful against the new coronavirus variant. booster shots can be helpful. studies from south africa suggest it does a lot for a view section. the stock exchange will follow the government's monday through friday work week. the rest of the gulf region is changing to a new schedule. the new work week will be 4.5 days. global news powered by more than 2700 journalists and analysts and 120 countries. this is bloomberg.

>> i don't know. i have not had a conversation.

we have more confidence than we did. i cannot answer your question, but i'm concerned. >> joe manchin, a democrat from west virginia. from eric city, morning. keith -- tom keene, jonathan ferro, and lisa abramowicz. a massive two-day gain on the s&p, a two-day part of the year so far, and the bond market is lower by four basis points. from 10 to 14342. this is led by the u.k.. seven about an hour ago. it is the end of the euro -- yield curve. sterling is weaker as well. 131 91. potentially new restrictions coming out government. we really with at this point. i think of three things to watch. sterling is absolutely a key issue. and also, the vix. if we have a true continued multiplication, can we get it fixed. >> i cannot call this an equity

market. over the last few weeks, we have seen a criminal high. 2/10 of 1% away. >> i was in shock. it is been absolutely -- >> --. >> the nasdaq is doing pre-well. >> i don't know. it is awed. i would center on inflation reports, and friday, to confirm 7% from wells fargo. 69 for friday, 68 for the region estimate. 7.1 as well. what stagger. the calendar states very clearly that michigan state will be going to the peach bowl. washington better get their act together, which i think they did in the last 24 hours. were joined from bloomberg government. as simple as i can, did they all look at the calendar and say let's go? we have go the race?

basically. congress, they were hesitant. you can notice that congress does very well when i have a congressional rate coming up that they want to make sure they are not in washington dc. the agreement finally comes together on raising the debt limit, and basically they have a little bit of what they want, and republicans are going to be able to say we didn't do anything, it was all democrats. they are raising the debt limit? and blame them. democrats are going to get an estimate process. they're not my debit dragged out by republicans. they are not going to have to deal with amendments they don't want to take notes on. it will be exit -- expedited, and it will be quick. it be done before the deadline. >> with respect to your workday, what is the next thing. >> the next big thing to look at , and i should be clear, the debt limit is not done yet. we still need to have a senate vote. then we need to have both the

south -- house and senate vote. right now the boat is shifting to joe biden's plan. otherwise known as the bill backed letter -- build back better. chuck schumer wants to see that done before they leave for a christmas recess. there is a great question about whether he can do it. really, all eyes are back on joe manchin. he does not want to move the lettuce -- legislation. it is not he wants to wait until 2022 and he has concerns about provisions in the bill, most notably family medical leave that would give workers for weeks of time off. he is concerned that that should not be done through the democrat only process. he wants to see that done by a bite -- bipartisan process. >> the conversation has been around joe manchin, with a lead in pushback. but the conversation outside of

washington dc has shifted in a major way. i washington journal poll says that 56% of americans else inflation was causing some distress for them, and it really pointed to the grocery bill. how much are to democrats taking a look at this, thinking it is the hottest local topic for inflation going back decades, and addressing it in other real ways, other than oil prices? >> they are taking a two track approach. you are seeing some addressing from president biden. you can see a mentioning the issue with the executive branch. they are trying to address inflation and see what they can do to bring those numbers down. on the other hand, you have a lot of democrats were hoping that, as the pandemic moves further behind us, more americans to vaccinate, and as employment continues to allow reopening, you will eventually see inflation go down before the 2022 midterms. for a lot of democrats, they

don't necessarily see inflation is directly linked to the legislation they are trying to pass. they know the legislation has to do things that american support, more assistance for childcare, and expansion of health care,. private bozos. we are saying, look, we cannot go back to her constituents empty-handed. we have to do something with the time we had in congress. therefore, it is important for us to pass legislation and of course, you have all seen the white house come of -- out with reports trying to delink inflation from the legislative package. >> have you heard from people in washington that the inflationary backdrop ties to president biden's hands just a touch dealing with out a mere prudent? with the idea that anything that could disrupt the flow of oil from russia that could raise prices and cause another bout of concern? this is something a number of strategies, have been mentioning unless couple of days. >> i think president biden

realizes that while they do not have control over gas prices, they are very much judged by what gas prices are. you saw that with the whole debate of whether to tap into the petroleum reserve. biden has been around washington for a long time. he understands the high prices at the pump are going to hurt him and hurt democrats. there is a big question of how it sacked the white house can do some of that to alleviate that, and how much of it is an international issue that, to a large extent, is out of the government's hands? >> we thank you. bloomberg reporter in washington, d.c.. we will be back in new york later this week. better than anyone for this administration. though not a lot better than 60, which is where we were at about a week ago. on the equity market, it is all over the place. >> i wonder what the concentrates -- consequence will be if joe biden comes online about national gas -- natural gas.

honestly, he could pressure germany. i don't know if you could actually do this, but in the meantime, people are saying that russia could use it. it is a geopolitical weapon. i am just saying that it does color the debate, when inflation is so much on the table for the american politics at >> this is important. we are going to stop the show. you are the expert on this. the three of us dictate an idea. the baltic states, in germany, what to do about their priceline? >> germany in the previous administration was trying to build rusher on germany as well. it was plenty of weakness. the previous administration, for many people, will not. that is an issue. >> may be can be alluded to, but john, to me, this is borderline overreach. can you imagine germany telling us what to do with the keystone pipeline? >> it will have on december 9. judy dench. >> you're killing me.

bless, side judy dench was in a beautiful merle -- mural. >> there was a car alarm in that story. >> you sent me that story. it is true. tragic. >> crushing it.

>> live from new york city this wednesday morning. good morning. it is a wise and stay morning price action. futures are up just a little bit on the s&p. the market has 0.0 5% following the biggest today pop on the s&p of the year so far. within just a few tenths of 1% of record highs from the s&p 500. markel stuff. adding another third of 1% to recent rallies. that is the story. we are doing it with this bond market story. 2/10 of 30. is on the front end of the curve. very sensitive to the funds in rate hikes in the future. that is up 68 basis points. we are rallying, even though the price is on the front end. maybe, it is a sign of resilience in the equity market, or perhaps, another view on this

is that this could be the limit of the rally on the front end. rather, sour on the two-year yield, which is why the market has appetite for tech stocks. i could take it either way. i have heard it said that we have seen the peak. this might be a. if that is the case, maybe you can have some confidence going forward in the eckley market. >> a good equity market. i believe i'm look at the grind on the two-year yield, rounded up to 0.68%. yields are coming in at 10 five four basis points. we are leading the bond market rally today, with u.k.. we are going to get to that. there is a running on the front end. yield is down i-40 will basis points. next week, the hike will let you decide. cable is weaker. down 199. this is the report that we may get more restrictions in u.k.. we could have some form of work from home order, or some kind of

vaccine passport. that is the size of things as we go deeper and deeper this winter. let's jump to that. i'd like to discuss the vaccine passport. you look at the newspapers and the united kingdom, folks, and they are absolutely extraordinary appropriate right in the middle of it is the idea of a vaccine passport. we need a brief, and we get it here. i chief economist at accent investments. our wonderful holistic vision of europe and other global economies. wonderful to have you here. the symbolism of a vaccine passport in an kingdom, the symbolism that we saw from germany a few days ago. how does that fold into a real economy affect. >> is probably the way forward. to avoid large-scale impacts from the resurgence and the potential omicron wave, because this is what has been done in countries like italy and france, and is proving pretty efficient.

basically, you make access to services, and legacies, dependent on your effective status, and this is provided by law. this is allowed countries to have a pretty decent q3 resurgence. there was a reluctance in both countries, for instance, for a cultural or legal reason to do these sort of things. the risk, if you don't do this, if you don't institute those vaccine paths, you could actually be forced into proper lockdown. it is the way forward, and we are looking at data from italy and france in saying this is probably where we need to do it. >> compare and contrast the partial differential of huge inflation and maybe a belief to a relatively lower gdp. versus what madame lagarde faces. that is a substantial inflation, but not like the united states of america.

a more tepid gdp. what is the partial differential that she faces? >> relative to united states? >> relative to the united states. the challenge of getting the moving parts of lagarde's nominal gdp. >> there are a few differences between the united states and europe right now, but in the united states, we know that they are running effects on inflation. we just have accelerated we have this in europe. we have wages. they are flat. it is very hard to argue that there is a risk of persistently runaway inflation in europe. that is was happening right now, but it is much easier to say --. the impacts of on growth, real growth, we have been having this is the start. art tolerance for risk is lower in the ics. that means, for any given level

in terms of casualties, we turn to take more precautionary measures. that is something that you need to take into account. they know that if it continues unabated, the economy is going to get to a more complicated patch. it will not be as bad as a year or six months ago, but it is always automatic than what you have in the eye states, where there is a higher tolerance for it. >> we have been discussing some sort of divergence between the central banks. the federal reserve. what is interesting about your call going into next year is what you expect with gdp and growth. can you run us through that? that has not really been talked much about at all. >> we have a forecast on that shoe. it is slightly above the nice states. we have 3.5 percent in the united states.

you reopen your company strong, and you have this absolutely massive system which we did not indulge. it was not as --. a lot of the growth in 2021 and in the united states was catch up across. in 2022, these two factors will abate a bit, while his europe, we will reopen a little later on, and we have a bit of catching up. for instance, if you look at tourism, which is key to a number of countries, we have a bad summer in 2021. if we are lucky and we managed to get funding, with control of summer of 2022, we will get quite a bit in those countries. >> how much does the convergence rely upon the federal reserve

raising rates as the market currently expects versus the ucb staying on hold? >> where the interest rate is is definitely helping. there is not a thing we would once, -- want, given it is a euro. the fact that the market is standing better now than two months ago, there would be a significant lag between the stuff in the unites asia and it triggers this with the euro. it is helping us. there is no question about this. they don't like to rely on we currencies. it helps. we need that right now because, as often in europe, we are a surplus region. we need to advance on the rest of the world to get well. having a weak currency is helping.

>> do you think this is a tightening for the fedex year? >> i would say that i was surprised by the lack of precaution in the midst of the insurgency. my understanding is that the fed so far, they've done really good at keeping maximum optionality, maximum flexibility, in either direction. everything has moved in a very particular direction, and it will be pretty hard to back up from there. if we end up with bad news, with the variant, that is not good, but if we end up with bad news, than the fed would be in a complicated position. >> are you saying that basically, the federal reserve has not really bought itself -- flexibility, but is pitching

itself to a fast-moving doing more direct tightening, come next year. >> i think that become a cave. it is always possible. you can always say the is a change. etc.. i was surprised by this matcher -- acceleration of tapering. it did not offer a lot. if we end up with complicated conditions and the united states as well. >> always good to hear from you. looking ahead to next year and beyond. looking ahead to next year, here's the fed's forecast for growth. 3.8%. this is the ecb. no gdp. 4.6% in 22. those numbers are very much in line with what we are talking about. ultimately, next year, you could have a convergence of gdp between europe and the unites states. europe is actually, from a growth perspective, out. >> we have heard some people say the value is in your. others are discarding that.

there is a school of thought that says europe equities are behind big time. they will catch up. i like jay polonsky talking about the specific r.i.m. coming. >> because of the reopening. a synchronize global growth story. we will get it next year. yes. others too. we just had a headline go across. we had a dividend. 18 months. this is one of those tea leaves. of business recovery. that goes to the theme, and i'm not going to let up on corporations. they adapt and adjust. what they are given, including faxing passports and the other gloom. they've have done all year. lisa, you have done a lot of nice work. he was flirting with this idea of europe doing ok. he said they would be buying. >> honestly, a lot of people are looking at the idea that they will not be tightening.

coming out of the pandemic, i do want to make a point if the fed will be able to pivot. there was a forecast yesterday saying the effects of rate hikes next year will be gdp growth reduced to a beach around one and have percent annualized in the second half. first is the 2.7 percent baseline report, to me, that is a warning flight. i want, people would agree that. >> for anyone just tuning in, it's a game were playing. play along. december 9, birthdays. famous people with a december 9 birthday. judy dench, kirk douglas, you've got a guess number three. who is number three? there will be clues all hour long. >> and try to think of what went wrong. >> if you got any guesses sentiment.

from new york city, this is bloomberg. >> legislation will create a way for the debt ceiling to be waged quickly. a partial government shutdown next week, and the bill would cancel cuts from medicaid and medicare. in germany, parliament has made it official. the social democrat will be sworn in as chancellor. he will succeed angela merkel who has spent the last 16 years leading germany. along with two other parties, there is a sharply diverging policy. it includes democrats. up now, amazon cloud computing left thousands of americans without doorbells and refrigerators. the disruption affected package

deliveries and major streaming services. it had a problem with design hours. this saudi arabia sword on his change, with as much as 22% after the company raised a billion dollars with its oversubscribed ipo. add a listings boom in place. the head of instagram is going to capitol hill with angry lawmakers over revelations that it will bring something of a peace offering the senate subcommittee. instagram just announced a number of new features that we hope to make the platform safer. bloombergquint take, powered by more than 100 journalists and analysts. as bloomberg.

>> highly vaccinated, and is going to be more invested in

vaccinations, while the rest of the country languishes at lower rates of taxation, like surgery is fully vaccinated. what we are doing is --. >> that is a doctor from johns hopkins. your equity market is up 13. advancing .3%. just getting some news that pfizer has three vaccine doses are realized -- are neutralizing the omicron variant. it e-cig difficultly less effective at neutralizing omicron. the vaccine may still vent severe disease. if you're just tuning in, it here are some headlines about beyond tech. three vaccine doses are neutralizing the omicron very. two vaccines are significantly less effective at neutralizing it. a two dose vaccine they still prevent disease. the equity market is up 4/10 of 1%. >> an immediate move. no question about it.

everything is green on the screen. away we go. i would suggest this is the first actual data have gotten. as dr. breyer made clear, a courageous physician in south africa, and he is been very forthcoming with his information, but it really was not decisive. can we suggest this is the first good news? >> so far. a lot of medical experts will want more data to draw a conclusion, but so far, you can see this reflected in the market. have a turnaround in crude. you have a lift in the equity market at .4%. and you have a bit in the bond market. lowered by several basis points. down just one. at the front end, 70 basis points. a single basis point on the day. pfizer says there are three vaccine doses, neutralizing the omicron variant. a bit of positive news, this morning. as the market moves on it. it will continue with a great

team at surveillance. we are reluctant. a seniors scholar at johns hopkins center for security. it is important with a three ordeal of your profession. this pandemic. what is the significance of the pfizer announcement? >> this is basically one study. they're going to be many more over the coming weeks. it shows that even though there is a significant degradation of vaccines, potential vaccine efficacy, in response to omicron. there is some protection. it is noted complete escape. it is going to likely be moved by having a booster. by having a third dose. >> it will be grilled this morning, and in one part the arctic -- unite kingdom. it is a lot more chaotic over here than even the gentle chaos is a vaccine passport, and vexing restriction of the

unvaccinated, i should say, and germany. does that work? >> faxing passports work. anything that can -- vaccine passports work. anything that can boost efficacy works. it is going to be announced with severe disease, and maybe, it will be announced. we just don't know yet. were going to have to see what new world date is like. yes. anything that can get people to get vaccinated, i am for it, as long as date choose not to give xa, even if it is inconvenient. >> there is a controversy around boosters, and the possible need to continue distributing them, and a lot of disagreement among medical professionals about the importance of healthy individuals to get boosters. do you think data like this actually emphasizes the case for requiring this as another course

in the normal course of action with vaccination? >> we will have to see the more data coming, but it does indicate that they are getting a third dose which will be much more important. it will be nice to have. it might be necessary for certain groups. people are more vulnerable to cook covid, even before. a lot of people were immunocompromised. it might be something that is -- becomes part of vaccine. jonathan: do expect to always get shot up with different vaccines to adjust to a different variant? the idea that we are going to getting vaccinated frequently like we have been over the past couple of years? >> we will have to see. in general, there is no disease that is good to get. i think it will be nice to have more vaccines for other things that we suffer from, but we will have to see. i hope that we can vaccinate more people in the world and we can stop this.

this variant sequence. tom: it was revealed, and it was a wonderful professional review, the efficacy of the booster. you wonder if that changes with the nest may. -- with the announcement. jonathan: there are three questions we wanted answered. how contagion is this variant? how severe is this very? and aside from the vaccines, what did we learn about this? >> there are some that are positive that it might be less severe. i think we really need to hold off and see. we have a different population that has a different vaccination coverage in this country. we have a different spread of delta in this country. i think it is up to us to pay for more data before we say it is a mild variant because i think some people are saying that, and we just don't have enough information to say that yet. jonathan: we appreciate your insight, as always.

very timely. a timely conversation as well. johns hopkins. the equity market is now at .4% on the s&p. we are very close to the all-time high for the s&p 500. if dancing about 20 points against the bond market. treasury yields are lower at 10. a couple basis points to 145 point 63. 5/10 of 1% and an update for pfizer and beyond tech. dow jones is out with the new first, reporting that a three vaccine dose regime neutralizes the omicron variant. two doses are significantly less effective. the two dose vaccine may prevent severe disease. this is a way we have to work through the data to come through the next few weeks. early indication, so far, reason for option -- optimism. tom: the two-year yield is grinding to 1.45.

and oil. there is a global price of $76 a barrel. the equity market -- equity market is better. we have a new wave that could potentially rival some of the previous waves of covid. that is a big concern. it will intentionally stymie that. it has distribution. how much can it get back out. i find of fascinating. it continues. the more it goes up, the more it looks nice, relative. we have a specific vaccine. we will start these headlines in just a moment. coming up, a chief strategy -- strategist from market global. your market reaction looks like this. it is advancing. as it was pointed out, we are lower on tense. we will have gains, though. it is from treasury. 145.9 seven. crude is advancing with .8%.

$72. just .1%. it is what we've been discussing. unreal stuff. this is bloomberg.

>> the fed is very focused on financial conditions. >> they are focused on the momentum paying it >> they are using alternatives as a substitute for equities. -- on the momentum. >> they are using alternatives as a substitute for equities. jonathan: is it the news you have been waiting for? good morning. this is bloomberg surveillance, live, alongside tom keene and lisa abramowicz. very close to all-time highs. citing preliminary laboratory tests. tom, that study implying that the omicron neutralized by three