central bank on the planet. >> the market needs reduce the risk of policy error out this point. >> the data for the first time. >> i think the economy is going to be able to handle rate hikes, i am just not sure the market will be able to handle it. kailey: it is a holiday week. it started off on a volatile note. traders may be taking a break, because it is quieter out there this morning. anna: absolutely. we saw incredible gains yesterday. we have grown to know this, haven't we? particularly in the last couple of years, between christmas and new year, we have high

volatility, that low-volume market. it can leave people exposed. dani was telling us in the last hour how unusual this level of volatility is in december. kailey: i think all of our minds go back to december 2018, gina, when all of us got our worlds rocked around the christmas holiday. i think that is a question a lot of people are asking. gina: especially because the fed is so front and center in the volatility in the broad market, particularly where we are in the economic cycle, where we are in terms of earnings growth. we had already seen a pretty material downdraft in economic transitions. we really have not seen that. earnings holding in will be one of the fundamentals to keeping investors holding on. kailey: anna, the other thing that differentiates us from 2019

is we are still living and breathing and intent -- in a pandemic era. we continue to get the update on the omicron variant. it seems like the policy response this, at least where you are in the u.k. inherent in the u.s. is more about treating patients of covid-19, so they don't get quite as sick. anna: yeah, putting our faith in antivirals and ordering a lot more than. we heard in the u.k. ordering 4 million of the antivirals to help the u.k. get across omicron. essentially the omicron effect we are seeing, no surprise that the u.s. has brokered something similar. a different strategy, a different phase. i wonder if that new strategy holds its nerves, if we do start to see a pickup in cases from here. kailey:kailey: the cases are indeed taking up, and i think it is a question about the

political appetite as well. in the u.s., president biden and facing his fair share of political challenges, including a fairly low approval rating. he may not have that much room to maneuver. the lack of room to maneuver and the ability to go down into full lockdown and restrictive measures may be the better thing for the economy and, by extension, the market, gina. gina: i think we saw that play out yesterday, where on a speech from president biden, the market powered higher, closing on the side of the day. it is a pretty good testament to the market, saying look, coming into the speech, there was some nervousness, maybe we would go into a lockdown. he really reaffirmed the suspicion that the market will stay open, and i think they breathed a sigh of relief on that. anna: let me take it to a market check, gina. you mentioned the market sentiment you were picking up yesterday, and i will take that. we move higher on european equities this morning, up by 2%

-- .2%. it has been a volatile couple of days. nasdaq futures down. euro-dollar at 4:00 p.m. singapore time, 4:00 a.m. new york time1.1 -- euro-dollar at $1.1294. we see equities not so much in fx come of course turkish lira and other exceptions. u.s. 10-year yields at 1.48%. i talked to one guest earlier on who was saying stocks continue to rally. we saw that earlier on this year. crude $71.53, up .6%. a lot of the rally here in europe, kayl -- kailey, has been on the gas price. kailey: yeah, a lot more excitement on gas prices and not a lot of movement today. we will see events we have today

actually are able to be a catalyst. that in part includes a lot of economic data in the u.s., beginning at 8:30 a.m. eastern time where we get the third quarter gdp and personal consumption. on the gdp front, we are expecting it to stay at 2.1%, as the prior read suggested. again, that is a slowdown, but economists largely expected to pick back up in the third quarter. at 10:00 a.m. eastern time, an important read on the consumer with consumer confidence for the month of december. we are expecting it to pick up, but we will be paying attention to inflation expectations, labor expectations, get a read on how the consumer is feeling as it is faced with the omicron variant and inflation. is that going to translate into how they spend? it has not happened yet. finally, we will get the inventory report. this has been important as they try to weigh the supply pick

speed with more supply coming online, does that affect oversupply if demand starts to weigh end because of the omicron variant? we will wait to see what those stop tiles look like. anna:anna: i wonder what oil prices tell us about the indices cycle. anthony roth, chief investment officer at wilmington trust, joins us this morning. very nice to speak with you today. where are we in the cycle? if we look at these different indicators, different measures of the economy right now, you might be drawn to different conclusions and then led down different investment paths. what are you assessing when it comes to where we are in this cycle? anthony: it is a great question, and we just published our outlook for 2022, which we call economic arrhythmia. the idea of economic arrhythmia is mention of the cycle are at different places, so we look at labor and inflation, when on the other hand, look at inventory. it looks like economic

confidence is back. we think we are actually someplace midcycle still. the key is to look at excess cash that has been created in both the real in the monetary economy as a result of the crisis. when you look at that, what you see is a lot of that excess cash is starting to grow out. so, for example, we have a lot of proprietary data at the bank, and what we see is the excess cash that consumers are sitting on has disappeared, as a result of the deceleration of fiscal stimulus. so when you put all that together, what it all suggests is you will be able to pull inflation and labor back from the brink of bringing us into a recession unless the cash dries up, and have a soft landing both on inflation and the labor market.

kailey: in this kind of economic cycle, at this stage, how do you recalibrate an economic portfolio? anthony: that is a great question. there are a couple of ways to think about it. the first is a base case scenario. the base case scenario suggests fairly strongly we will not have a break in the economic cycle due to inflation. in that cycle, we will have what we think of as a later stage of the cycle, not the end of the cycle, where you have deceleration of growth, enjoy soft landing. in that kind of scenario, you will see equities outperform bonds. you will not see what you typically get in the rear teller a stage, but you are going to see equities perform in the low to mid single digits. so equities look better. on the other hand, there is a probability that we recognize that our inflation call is wrong, which is to say that we have a steeper lift off than we expect. if that happens, we are going to

move into the traction space more quickly, which means more treasuries and less equities. and so that suggests, due to that macro uncertainty, much more diversified than it typically would at this stage of the economic cycle, so we have been overweight in cash, even though we have been overweight in equities in order to hedge that uncertainty. gina: really interesting discussion of the economic cycle. to say we are midcycle just a year-and-a-half in is relevant. however, i think it is clear that the market cycle is not always match the economic cycle. can you talk about where we are in terms of the equity market, and specifically within the equity market? how are you managing your portfolio heading into 2022? anthony: yeah, so, when you look at the cycle and equity market, it is so unusual both in real-time and the monetary system. when you look at it from a real

economy standpoint, one of the things you see is the wealth of capital expenditures as it went through the last cycle was almost unprecedented. capex, for example, is up over 20% from where we stood pre- pandemic. with that has allowed companies, as you suggested at the top of the show, to maintain the profit margins and profitability all through the economic cycle. then when you look at the actual cash in the monetary system, that started to dry up, as we started tapering, and that is going to cause the bond market to higher up as well. we still have significant opportunity for equities, particularly in areas such as small-cap in the u.s., that are a little bit behind large-cap, from a preference standpoint, for investors.

as it becomes apparent that the economic cycle is going to be extended, as we don't have a great due to inflation, we are going to see some of those areas of the equity market actually catch up. and those should be the outstanding areas to invest in over the course of 2022. kailey: really interesting stuff. thank you so much to tony roth of wilmington trust. the conversation brings me over to mike wilson of morgan stanley who was really out front saying we are later in the cycle than everyone thinks. that is one of the reasons he has been consistently bearish. he sees the s&p ending next year at 4400 p right now, we are trading around 4642. the 10-year yield up to basis points to $1.4823. stay with us for coverage of these quieter markets. this is bloomberg. ♪ this is bloomberg. ♪

ritika: with the first word news, i am ritika gupta. the biden administration is ramping up plans to fight the pandemic at the omicron variant continues to spread. the white house expects to take delivery of 4 million courses of covid-19 treatment. they are awaiting the green light from the food and drug administration. that authorization could come as soon as today. israel says it will give a full dose of coronavirus vaccines to people over the age of 60 and medical personnel. it is the first country to do so on such a widespread basis, as the omicron variant spreads across the globe. they are holding a nationwide inoculation drive. but there is not enough data showing the efficacy of a fourth dose. there are new concerns for anyone flying this morning. aircraft passengers are twice or even three times more likely to

catch covid-19 during a flight due to the emergence of the omicron variant. dr. david powell says business class may be safer than more densely packed economy cabins. and chinese president xi jinping told hong kong leader carrie lam the cte is developing in a good direction, days after election installed chair willis in the aging financial hub. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ this is bloomberg. ♪

pres. biden: look, i get the

question all the time, do you think there is a possibility of going back? all the things in that bill are going to reduce prices for middle-class and working-class people. senator manchin, we need to get something done. kailey: president biden feeling optimistic on his domestic agenda. can't say the markets are feeling optimistic. also can't say it is feeling pessimistic, because frankly, we are not seeing action at all, we are literally flat. not much movement in the fx space as well. not a lot of movement in treasuries, either. i'm sorry if i sound terribly unexciting. oil spill catching a little bit of a bid after yesterday's game, at $71.43 a barrel. let's bring in annmarie hordern, our bloomberg washington correspondent. senate majority leader chuck schumer convened a

group, including senator joe manchin of west virginia. annmarie: no breakthrough, but it is quite dramatic that they even had this zoom call, right? they are on break this week, leading up to christmas. i would paint the picture that this is the first step of family therapy and not a happy new reunion. there is no real breaking news out of it, because we already heard that senator schumer wants to bring the bill back better agenda to the floor next month. we heard of a revised version. potentially, everyone can air their grievances, where they are, and how they can move forward. the president said yesterday he plans to get this done, and really this is the landmark of his economic agenda. kailey: talking family therapy, family therapy is to houses, right? you have the senate and you have the house. even if joe manchin provides

that 50th vote and signs off, if we are talking a much scaled-back bill, could it run back into trouble when it gets into the house, if progressives are not getting what they want? annmarie: it certainly will be bumpy. we heard from pramila jayapal, who says she is not going to negotiate because she does not know where senator manchin stands at this right. they are going to take what they can get and use the remainder of their wish list in the wishlist in november. we were able to get some of what we said we would get done, but we are going to take the rest of that -- more climate, potentially an extension of child tax credits, they are going to take that to the voters next year. anna: annmarie, if we could pave it to what president biden was talking about yesterday, has plans around covid and omicron, something he did not actually mention, though, the announcement this morning that the biden administration

purchased four doses -- 4 million doses of covid treatment. antivirals seem to be the new strategy. interesting to me that we got an announcement from the on this exact subject, talking about the u.k.'s orders of antivirals. of course the booster program was the thing he wanted to talk about yesterday. annmarie: yeah, and i got my booster yesterday, so i check mark for me in the president's book. [laughter] i think yesterday was really about his final pitch ahead of christmas. we are going to make more robust efforts in hospitals on testing and vaccines, and really trying to get those that are unvaccinated, a reminder of the country, 62% of the country vaccinated. the ones that are not, get vaccinated. if you are not vaccinated, get your booster. it seems like the administration is saying well, we are not getting rid of covid anymore. we want to make sure businesses and schools stay open, so now we are going to live with it, and

they are just going to try to get ahead with merck, pfizer, glaxosmithkline, any of these antibodies or these viral treatments to help individuals that do become infected with covid. anna: on the international agenda, we have been hearing a lot about president putin and russia, a lot of talk about what he wants to see from nato, his kind of demands when it comes to nato. at a busy time. annmarie: it does seem like this will be top of the agenda next month. we heard from the assistant secretary of state for europe, talking about they will have these negotiations. what putin really wants is a new dialogue on security, and at the helm of that, would be that nato withdrawals to the line from 1997, before nato started to include the former soviet satellite states.

that is likely definitely not going to happen. we heard from secretary of state antony blinken yesterday, basically giving his final wrap up speech of the year, saying those spheres of influence, that idea needs to be relegated to the dustbins of history. but certainly this conversation between putin, nato, that will come to the forefront here. the kremlin saying it is a positive note that the united states wants to have this security dialogue. gina: speaking of the global agenda, what is the latest on biden's relationship with china? i know several months ago, biden was talking about china wanting to "own" the united states. is there any new information they are or likely to emerge in the next couple of months? annmarie: well, certainly information will emerge in the next couple of months. you see so many of the foreign policy decisions the administration took this year was about pivoting toward china, withdrawal of afghanistan, where

the funds go? we want to make sure that is one of the top priorities. it is also a top priority in congress. they have bills talking about semiconductors, how to boost american infrastructure in the wake of this competition with china. it has been quiet on the front since president biden did have that xi jinping summit a few weeks ago, but i imagine this is going to be top of the agenda as well for next year. how do they deal with china? the ministry should has consistently said they want to be competitive with china, but they don't want to have this competitive relationship. difficult at the moment -- combative relationship. difficult at the moment is a number of warplanes going into the taiwan airspace. also this year, one of their main foreign policy items was, of course, the nuclear submarines. that has gotten the backup of xi jinping. kailey: all right, annmarie hordern in washington, working through her post-booster pain.

tylenol asleep, that is what i recommend to you. it certainly helped me. anna, even vaccinated and boosted people do not aim to have protection necessarily -- seem to have protection it necessarily entirely against the omicron variant of covid-19. anna: yeah, this new kind of breakthrough infection and we heard it from president biden, anthony fauci, those here in the u.k. as well, that it does seem it is milder if you have had all of that protection. that is the science that lies behind the urge to call and to get vaccinated. as annmarie was saying, if you were not vaccinated, go do that, is the message from both administration's on either side of the atlantic. kailey: absolutely. that is the message president biden has repeated time and again, and i do not think we will stop hearing at any time soon. coming up, we will talk about the economic impact of the omicron variant. we will speak with our guest on

that. s&p 500 at the moment, no real action, 4642. the 10-year yield at 1.4771. this is bloomberg. ♪ oomberg. ♪

kailey: if you were hoping for a little peace and quiet in this holiday trading week, you are finally getting at this morning. welcome to "bloomberg surveillance." after a volatile monday and tuesday to start us off this week it is pretty quiet here we go nowhere on the s&p 500 futures, sitting at 4641. nasdaq a little bit lower. you are getting more action in the small-cap space, .4% move on the russell. we see yields moving higher across the curve. if about a basis point relatively smaller news, but on the longer end of the curve, 30-year yield, a few basis points to 1.8838.

broadly in the g10 space and the euro which has seen a seven spike against the dollar, by more than 1% -- more than .1%. anna we were seeing this in the previous hour, you are seeing more volatility in rates then you are seeing in fx at this hour. anna: we were supposed to see more, apparently, fx than we have. certainly the start in bond markets and work its way through into equity markets, and now you see maybe a little bit in fx. maybe next year is the year for fx. even the turkish lira is pretty stable this morning. joining the conversation, season loomed -- susan lund, vice president of economics at the international finance corporation. you have got a report talking about a two track recovery. 90% of economies, you say, will

wreak a by 2020 two. that is nice for us in developed economies. where does this leave the rest of the world? is that the lack of the vaccine in poorer? countries? susan: it does have to do with the vaccine, that is for sure. many countries were left behind your some countries are seeing strong growth, like china and india, but when you look at much of southeast asia, africa the many low income countries, they are barely growing. you look at investment levels, infrastructure, manufacturing, and housing, and it has not recovered at all, where in advanced economies, it has bounce right back. so it has not been a strong recovery at all, and a lot of that is because of lack of access to vaccines, and the mutation of the covid-19 virus, that continues to push emerging economies back. they also face downside risks as

we look ahead to 2022 and 2023. anna: speaking about those risks, susan, do you put a stronger dollar in that camp? if that is something we are thinking about when we talk about the way emerging market economies, developing market economies will perform? susan: yeah, i do. it is changing the stance of monetary policy, which is fine for us, but that has ripple effects on emerging markets. first of all, their influence gets much more expensive, and capital flows saw their currencies depreciate. and so that is exporting inflation, and we have already got inflation, but there are the same supply chain woes affecting emerging markets as well. so we have got inflation issues. we also have highly indebted governments in many countries. we don't actually know -- there's not a lot of transparency, frankly, on sovereign debt in many countries because of some of the bilateral

loans, but we know that many countries are heavily in debt, and with our economies barely growing, if interest rates globally go up, we could see some of the countries shut out of the global capital market, and that could create significant financial disrupt, if not financial crisis, and that could ripple through the banking system. that creates downside risk, in addition to what these countries will face in the next year or two. gina: let's talk a little bit about maybe some upside risks, so policy measures we could take to encourage growth, to improve emerging markets. one of the eggs you highlight in your 2022 -- one of the things you highlight in your 2022 outlook is trade. there does seem to be pretty strong correlation between trade commissions and performance in these economies. what can we do to encourage greater trade? what can we do to help improve the trade landscape, to help

improve the process for emerging markets? susan: well, there's a lot that emergency -- emerging economy policymakers need to do. we have a new africa continental free-trade agreement that opens the door to a lot of regional trade that has not existed before. so there are certainly policy changes. but i think that emerging markets also, when i look ahead, there are some bright spots, and we call it proud a new development roadmap. so in some ways, where we stand today may mean that low income countries have opportunities to develop in ways that previous generations of companies -- countries that moved up the income ladder did not. one is just their domestic market. we are working a lot at the ifc of manufacturing a vaccine.

two years ago, nobody was talking about manufacturing vaccines in africa, and now, two years later, we realize that is not a luxury. each region has got to be able to produce its own essential, critical goods, because in a global pandemic, what we saw was supply chains were disrupted. now suddenly this has opened the door to a lot of manufacturing opportunities that did not exist two years ago. another place i think that we see bright spots, of course, is the digital transformation. just like we saw in advanced economies, people with smartphones and internet access in the emerging world have really adopted a lot digital forms of activity. fintech and mobile payments are the most, you know, notable example, and that has been adopted very widely in low income countries, skipping that traditional banking account and checking account like we do in the u.s. beyond that, we see different

platforms, like trade depot in nigeria is an e-commerce platform for small retailers to connect with suppliers, and they can buy in bulk. we see tweeta in kenya connects farmers with market vendors, and that allows farmers to see what the prices are, and it helps them reduce post-covid waist. there are good opportunities for investors, but also you might see them develop in different ways than we saw in asia. gina: i'm glad you brought up agriculture, because that immediately takes my mind to what happened in latin america, in particular in brazil come over the past year, being a dark spot in emerging markets, performance-specifics, anyway. do you see anything that might improve for emerging markets at large?

susan: well, and latin america, they have struggled with many things, but again, the tech is the one bright spot. when you look at uniform startups in latin america, it is surprising. when you look at venture capital flows in latin america, it is second really only to india at this point among emerging markets. so there are potentials, and we will see what happens with agriculture. of course course commodity prices have been volatile. kailey: susan, as we look more holistically at the world economy as a whole, we saw throughout the pandemic they're being this handoff from monetary policy to fiscal policy. now you're seeing fiscal policy going the other direction, monetary policy, dipping on where you are, going in the other direction as well. what is it going to take to take the mantle? is it going to be the private sector? susan: we know that government spending and monetary policy can only stimulate economies for so long, until you run out of runways, actually going to do

more. in the emerging economies we are talking about, in advanced economies, i think we have run out as well, as we see inflation that is transitory, but it depends on how long you define transitory as. i think we will see growth flowing in the next few years, but of course that is coming off very fast from 2021, as we are climbing out of this recession. kailey: everything is relative, right, susan? thank you so much for joining us this morning. susan lund of ifc, thank you so much for joining us, especially on a holiday week. anna, it raises an interesting question, when we are talking about recovery, it raises different things depending on whether you're in the west or developing world, especially as it relates to the omicron variant. vaccinations are key. anna: yeah, vaccinations are

key, but what we saw from south africa was interesting, policymakers and health care professionals really have to get the grips on that conversation. there was not a shortage of vaccines and africa at the climb of the omicron variant, it was people making the case for vaccines, because the vaccination rates in south africa were lower than some places in the west. so it is complicated, isn't it? it is interesting to talk about the threat to emerging markets as we see this big pivot to developed markets, higher interest rates, higher inflation, and what that does to the dollar obviously has a real impact on the ability of some of the companies in emerging markets to service their debt. kailey: this is something jonathan ferro has brought up on the show time and again. i will channel him now, gina. he has said repeatedly we have already been in the hiking cycle in emerging markets. they have lifted off. they are doing the work. is a developed markets that is the year 2022? has it been handed off now? gina: i think so, and inflation

statistics, when you look at it, we are looking at strong inflation globally, but most of it is strongly concentrated in the developed market, in particular u.s., germany, many countries in europe, even canada, some australian inflation starting to creep up. lots of developed market inflationary conditions would suggest that the developed markets need to get on the case of sort of tamping down what could be getting to the overheated conditions. kailey: the perennial question -- are western central banks way far behind the curve? coming up, we will focus more on the virus with an associate professor of emergency medicine at johns hopkins university at the market weighs the omicron variant. futures unchanged when it comes to the s&p 500. ritika: with the first word news, i am or to a group debt. the biden administration is

ramping up plans despite the covid-19 -- to fight the covid-19 variant. they have purchased 4 million courses of a treatment by the end of january. it is a trio of pills awaiting green light from the food and drug administration. that could come as soon as today. president biden will host a meeting at the white house later this morning to discuss global supply chain bottle not ask covid-19 pandemic. the white house says members of the president's team will be on hand, as well as citizens from the private sector, including the ceo's of fedex and gap. treatment for alzheimer's disease has failed to receive backing from japan's health admits ration panel. this after the jump -- admits ration panel. this after germany declined to approve it last week. some have expressed skepticism about its efficacy.

a vote likely to be delayed after parliamentary committees said holding it friday would be impossible. local media site of the head of the election commission and officials at the organization have resigned a made a failure of holding a vote on time. talks aimed at ending a decade of conflict that have ravaged the country. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am right at the group debt -- i am ritika gupta. this is bloomberg. ♪ this is bloomberg. ♪

>> i think we have to start to think about, what are our goals

with this pandemic? what are our goals with covid-19? our goal is to decouple cases from hospitalizations. when you look at cases occurring in vaccinated individuals and boosted individuals, they are mild. they usually don't even require a call to the doctor. that is the good thing. that is the victory. kailey: what is our goal in this pandemic, and what is the appropriate response to that goal? that is dr. amesh adalja, from johns hopkins university. in germany, they have been a bit more restrictive, but the health minister saying it is inevitable that the omicron variant will spread there, too. anna: yes, you see them trying to put barriers between the u.k. and their borders, because they did not want the omicron variant -- well, they don't want it at all, but if anything, they would like to delay its arrival. you saw tough policies taking place to fight the delta wave,

even before we were saying the word omicron or working out how to say the word omicron. as a result, policies after the delta wave, they have managed to inadvertently delay the arrival, the onset of omicron. this gives medical professors a bit more time -- professionals a good more time to administer the boosters. that is the message we are getting from france a little early run. kailey: if the u.s. behind the u.k.? that is the answer i want. to answer more questions, we have dr. bhakti hansoti, associate professor of emergency medicine at johns hopkins university. dr. hansoti, we heard president biden focusing instead on therapies, on testing, on shoring up hospitals. they also reportedly are looking at shortening the quarantine period for people who test positive but are fully vaccinated and boosted. is that something that would be an appropriate policy response given what we know? dr. hansoti: absolutely.

with the unvaccinated come up with the alpha variant, those transitions we know have evolved. with every single variant that has come after. we feel once you are vaccinated, you have tested positive, you are asymptomatic, your risk of transmitting to another individual is significantly decreased past seven days, so a 10-day reduction of quarantine seems appropriate. kailey: that may be good news for people who want to travel during the holidays. for travelers who are fully vaccinated, boosted, want to go see their families, we also see that the vaccine does not necessarily prevent you from a positive case. we are hearing from advisors to airlines, and medical advisor saying you are twice to three times as likely to get covid-19 on an airplane with omicron as you were with previous waves of the virus and previous variants. would you feel comfortable, vaccinated and boosted, traveling this holiday season? dr. hansoti: this holiday season, i actually canceled my

travel plans, however i just returned from an international trip. if you're going to travel, thank shorter distances. do think about getting tested day of travel, that way you know what your risk is once you arrive at your destination. also, think about traveling at times when the airport is likely to be less busy, and ensure that once you travel, that you decrease the number of stopovers. for each stopover you are, again, likely to unmask, eat or drink, and that is when your risk of transmission is the highest. travel as safe as possible will be my recommendation. if travel is avoidable or if someone in your party is unvaccinated, as an illness, is elderly, or immuno compromise then definitely rethink travel.

anna: i was hearing more about airlines a staggering mealtimes to avoid a situation where the whole plane removes the mask at the same time. let me ask about our ability to treat covid-19, and any of its forms, any of its variants. how much less safe is it to going to hospital with covid now versus where we were at the start of the pandemic? because with these antivirals, we see announcements from the u.s. government and the u.k. government today about big purchases of antivirus -- antivirals. dr. hansoti: at the start of the pandemic, we were in a very different spot. many of the sick and dying were people with covid who were elderly. a large proportion of the population, those who the highest numbers of comorbidity, terminal illnesses, and/or elderly have been vaccinated and successfully boosted. in addition to that, we also have some new therapies that have just been put on the market. we have two oral therapies that

are available to individuals at the onset of symptoms. we have studies on monoclonal antibodies, which have proven to be effective. so together, these tools will decrease the number of those who need to be hospitalized. it does not mean people will not end up in the icu, but once you do end up in the icu, our knowledge is better. gina: dr. hansoti, i'd like to talk a little bit about the symptoms of omicron, specifically, because, anecdotally, it seems like a prior variants were really focused on upper respiratory symptoms, sinus symptoms. now i am hearing more about gastrointestinal, stomach symptoms, with respect omicron. is there a difference in the symptoms just in terms of us looking out for potential infection? dr. hansoti: they would say that every single variant we have is

slightly different, however, we do not have quantitive data to tell us if it is markedly different with omicron versus the previous. in the medical community, we use influenza-like illness symptoms, which includes a gamut of things, like fever, headaches, shortness of breath, fatigue, diarrhea. those are the symptoms that we would say, like, please consider getting tested for covid. consider reaching out to your primary care provider. gina: thank you so much for providing us some answers, as we have so many questions. dr. bhakti hansoti of johns hopkins, thank you so much. kailey: in terms of symptoms, it also raises the question -- how do you know if you think you might be positive and transmitting into other people? then you have to rely on testing. gina, i don't know if you have been walking around bloomberg headquarters or anywhere around new york city, there are lines incredibly long. hours long. testing is hard to get done right now. gina: it is a scramble. even getting a test in new

jersey took us more than an hour at a free testing facility. we are getting tested again today. it is actually quite the game to try to find a testing facility, which, you know, really speaks to identifying the symptoms. this particular variant is so new, moving so quickly. and it totally symptoms -- anecdotally, symptoms may be different, but any symptom, you think you might have covid commend that is what we will struggle with the next couple of weeks. kailey: the biden administration trying to address this, going to start mailing tests. is it going to happen soon enough? anna: you making the point yesterday, kailey, that other parts of the world have been mailing out, where tests have been made available to be mailed out, so we will see. i am also keeping a close eye on what the u.k. health security agency says about how mild or otherwise the symptoms of covid-19 with the omicron variant are. that could be something we get news flow in on the next 24 hours or so.

it is something the markets are focused on. kailey: the markets are trying to figure out what to do, ann we area unchanged, right around, $46.43. where we go from here? chris harvey from wells fargo thanks not much further. this is bloomberg. ♪ this is bloomberg. ♪

>> this is a fed focused on meeting both its mandates. >> the market needs to revisit the risk of policy error at this point. >> the day fed raises rates for the first time, that is it. >> i think the economy is going to be able to handle rate hikes. i am just not sure the market is going to be able to handle it. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. kailey: good morning and welcome to "bloomberg surveillance." kailey leinz, gina martin adams, and guy johnson in for tom keene, lisa abramowicz, and jonathan ferro. it is quiet out there relative to earlier this week. guy: i think it is harder when it is quieter, but definitely big shoes, particularly in the