return to classes after the winter break despite the surge in covid cases, staffing shortages, and no testing requirements. he told msnbc that schools are the safest place for our children. he reiterated that message in an interview on bloomberg. the city's seven-day positivity rate surpassed 32% on the summer 30 and hit almost 45% in parts of the bronx. ivanka trump and donald trump, jr. have been subpoenaed by the new york attorney general as part of the state's probe into their father's business dealings. the attorney general is investigating whether former president trump's real estate business manipulated the value of key assets for tax and insurance purposes. mr. trump suit attorney general james last month saying she is investigating him for political purposes. a winter storm sweeping across the mid-atlantic is dropping heavy snow on washington, d.c.,

today. the severe weather has forced the closure of schools and federal offices and knocked out power to more than one million people. the national weather service says the region from the southern appalachians through the nation's capital and into southern new jersey could get 48 inches of snow and up to one foot is possible in some areas. the brazilian president was flown to a hospital today, cutting short his beach vacation after suffering from abdominal pain. he is said to be in stable condition and undergoing evaluation. president bolsonaro has expressed a series of medical issues and has had several surgeries since he was stabbed in the abdomen on the campaign trail in 2018. global news 24 hours a day on-air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg.

taylor: it is 1:00 in new york, 2:00 a.m. in london. welcome to bloomberg markets. here are the top stories from around the world. covid cases surge with a record 10 million people diagnosed in seven days worldwide. the push to return to the office derailed again, forcing executives to rethink their plans. the u.s. wants to postpone the 5g rollout worried about the impact on airlines. a new era at bridgewater. david mccormick quits. all that and more coming up. let's take a look at where the markets are. it is quite an interesting session. volume doing pretty well.

at the open, you had a decline in the equity market. then it was buy the dip and we pushed higher. it was in everything cyclical rally. the s&p up .1%. financials, energy, consumer discretionary doing well. you are also looking at some airlines and cruise lines. the losers of last week doing well. we have the 10-year yield up 11 basis points. a huge move in the bond market. big underperformance on the long end. that is helping the kbw index. you would think if you saw a rally in the yield u.m.c. tech fall off -- you would see tech fall off. that is not the case. we will see if that can continue. i want to talk more about the bond markets. what do you make of the rise in yields today? >> i think we are playing catch up.

going into year end, you see the market is cautious. now, it is game on for the fed as far as rate hikes. the market is starting to rapidly price in three hikes for this year, maybe two the first half of next year. this is getting priced in. that is translating into higher yields across the board. what is interesting today is you see the selloff led by the backend of the curve. alix: it was more the front end, we would assume it is replacing -- repricing rate hikes. on the backend, what we make of that? >> we start to see arising real yields and inflation expectations. i look at this with a tengion of optimism -- tinge of

optimism. policy is still very accommodative. the fed will be purchasing assets in the first quarter. rate hikes should not make a big difference in the performance of risky assets generally speaking. alix: i feel like that is what we are seeing in equity markets. you have a huge rise in yields but tech outperforming. this that speak to positivity in growth? >> absolutely. i think what the bond market is pricing in is more normalization of policy, not so much tightening of policy. that will come when the fed has gone beyond 1.5% on the funds rate. that is not happening this year. policy generally will be accommodative. there is a ton of cash still on the sidelines. they are so purchasing assets. i think as long as conditions

remain accommodative, you will see risk-taking. alix: what is your call for the 10 year? we love looking at his 10 things for this year. he sees 2.75% by the end of the year. what do you think about that? >> he is definitely more optimistic than i am. we thinking we get to 2.25% by the end of the year. i think the repricing will be gradual. today's price action seems like déjà vu from last year when we saw a quick frontloaded repricing higher in yields and at the end of the year nothing happened. i feel like there is still a lot more room for yields to rise given the trajectory for growth and inflation. we are looking at 3.8% growth this year. that is a robust fundamental picture which means yields

should continue to rise over the year. alix: that is your call, 2.25%. where do we see the biggest re-rating? >> the front and has moved dramatically. two-year yields are close to 80 basis points. that feels like it is priced in for this year and next year. where i see the repricing higher is on the backend where 10-year yields should start to rise and the curves of modestly steepened. i think it will be a challenge in the first quarter because the fed is still active buying assets. when the fed steps away, i see potential for the curve to steepen out. alix: jobs friday will not be an indicator of omicron but will give us a sense. where does this position us? >> the jobs report, generally

speaking, i think employment has been very strong. the outlook for employment is quite robust. we are probably going to be around full employment sometime this year. i don't see the jobs report moving the needle. what we will be focused on is the wages component of the jobs report as well as inflation in january because that will dictate when the fed starts tightening rates and how fast they need to hike to fight inflation. alix: we are also seeing the loan market continue to go gangbusters. there is a great piece that talks about how the leveraged buyout boom is going to flood the market for months. what is your outlook for the loan market in the credit market as we enter this interesting year?

>> i think it is a tough call. credit generally has gone really well. this might be the year we see perhaps widening in spreads. it will be tough to make that call because policy is very accommodative. high-yield has done really well. today, we have seen new issuers issuing debt. i think the market remains robust because there is a lot of cash on the sidelines. alix: to that point, what is the level where we see that in the bond market? on any big spike where you see buying? >> i think we will see support

levels where you see some buying when the gets around 180. what dictates that demand will be the global yield differential between bonds as well as treasuries. when that spread starts widening meaningfully, you see foreign demand for 10-year yields. we see robust domestic demand. with higher yields on the backend, you will see some demand from pensions and insurance companies. alix: it was really good to catch up with you. now to something that caught everyone's eye, the world's largest hedge fund has new

leadership. bridgewater named nir bar dea and another after david mccormick stepped down. they struggled with secession since ray dalio stepped away. by 2015, at least five people had held role at various times. we will break that down in the next hour. give covid continuing to soar with a record 10 million people diagnosed in the past seven days. we will get more insight from the professor at ucla. this is bloomberg. ♪

alix: this is "bloomberg markets." i am alix steel. omicron is driving covid cases to a new record. joining us this christina ramirez from ucla. we are seeing kids go back to school. testing questions remain. they are worried covid tests are undercounted. do we have the capacity to test the way we need to? christina: i hope we do. hope is not really a strategy, but i do think testing is a way to show if you are infectious now and to be able to slow the spread. i am a big advocate of rapid testing and testing sequentially to keep the virus out.

we have seen having just vaccinated only is not sufficient to keep the virus out. i think there are at least 92 cruise ships having cases. the infamous norway christmas party, the wisconsin wedding. we have a lot of cases in fully vaccinated areas, suggesting that unlike previous variants the vaccine is not as able to reduce the spread. alix: we have data to suggest the current testing, the at-home rapid tests, for example, do they detect omicron the way they need to? i have read it is in doubt. christina: the data is looking good. but you find 0% of the cases that you don't test for. we cannot let perfect be the

enemy of the good. in my own family, these rapid tests have prevented us from being exposed because somebody in my family woke up with a sore throat and took a rapid test and was positive for covid. these things work best if you can test sequentially on day 1, 2, 3 after exposure. if you have the virus, please isolate until you are sure you do not have it. then make sure you not exposing other people. maybe you could get the pcr tests. alix: if we look at what happened is south african terms of spiking fast and coming down just as fast, did we learn the peak in the u.s. is going to come at the end of the month? christina: modeling is very difficult. looking at the dynamic, it is

looking like that could be the case. south africa is a little bit different than we are. look at many different countries. south africa has a lower vaccination rate. i follow a lot of countries. israel has good data. denmark has good data. looking at the dynamics there, and iceland, there are quite a few countries that have good data. omicron seems to be very fast in south africa. what is encouraging is the hospitalization rate seems to be much lower for omicron. we are seeing this in denmark, the u.k., south africa. let's hope that it stays true here. early testing, early lab data is showing omicron tends to prefer

the upper respiratory tract. this is associated with decreased pathogenesis. hopefully, omicron has a decreased ability to put people in the hospital. and that we will be good. alix: france is looking at over 67,000 new cases in the last 24 hours. deaths rose to 124,000 plus in the last 24 hours. we saw ontario basically shutting down. if we do see more of a rapid peak in cases, is there an argument to be made for shutting down for three weeks when the testing system does not seem to be fast enough to get all the cases and reopen in three weeks? christina: there are other externalities to consider for shutting down that need to be

carefully weighed. member, delta is still there and has a much higher hospitalization rate than omicron. in denmark, omicron is taking over and hopefully we will see reduced burdens in terms of hospitalizations. we know npi can help slow the spread. it is hard. there are a lot of externalities that we are seeing in terms of education for young kids. i do think there needs to be a massive focus on getting rapid testing. everybody should have access to tests. and also, a real strong push towards early treatment. if you can treat people early, they will never end up at the

hospital. test early, treat early. i think it will be a way to deal with covid in the long term. we need to focus on good testing, good early treatments, and other treatments as well as our other tools that we have. alix: it is hard to get the rapid tests. thank you very much. christina ramirez, professor at ucla. coming up, here comes 5g. why airlines are warning of delays. plus, cancellations continue. now the latest excuses the weather. we will break that down. this is bloomberg. ♪

alix: this is "bloomberg

markets." i am alix steel. over the weekend, thousands of flights were delayed and canceled. now you have another potential problem for airlines. verizon at&t rejected a call to delay the 5g rollout because of possible interference in aircraft electronics. now, airlines are warning of flight delays. joining us now is todd shields. what is the problem with 5g? why are airlines so freaked out? todd: 5g has been rolled out for some time. but this is 5g on a new set of airwaves that were used until recently by satellite companies. now, at&t, verizon, and other companies are going to use the airways for 5g signals coming from a tower you might see out of your neighborhood.

but is more powerful than the satellite signals. the airlines say the stronger signals might interfere with our altimeters. that is very important when you're trying to land a jet, especially in lousy weather. they are worried there will be interference and the pilots will not be able to tell how far they are above the ground. there we go, delays around the system. alix: the pilots union says the fcc ignored its request to discuss 5g safety. this is not a new thing. this did not happen overnight. are these groups not talking to each other? what is the problem? todd: this has been a subterranean bureaucratic fight for a long time. i wrote about it late last year. it went quiet for a while. on the brink of the service being introduced, the f.a.a. under the biden administration becomes more vocal. it could be a case of a deadline . the service is to begin january 5. this is not something that will

happen months down the road. they have got to solve this soon or we could have flight disruptions or the mobile companies -- alix: do you have any idea of what airports might experience the bigger issue? todd: 46 big markets representing most of the u.s. population, the new york airports, houston, other major airports like that may be affected. alix: can the sec address concerns in the next few days -- can the fcc address concerns in the next few days? todd: they could accept a petition from the airlines to put an emergency state in place to stop the wireless providers from going ahead. but the fcc has been enabling all along. now the faa says it is not fine. we are at a little bit of a loggerhead in washington. alix: thank you, todd shields.

we are going to look at what to expect from the fed. we have andrew levin joining us. we have jobs data on friday. we are still waiting from the fed announcements to fill seats. and you get the first time indicators of the economic data tomorrow at 10:00. in the markets, we are ignoring omicron risk. the nasdaq up .8% despite the fact that bond yields are having a move to the upside, up by 11 basis points. the s&p up .3%, off the highs of the session. but it is the cyclicals in charge. this is bloomberg. ♪

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mark: i'm mark crumpton with bloomberg's first word news.

u.s. regulars have cleared pfizer's covid-19 booster shot for younger teens aged 12-15. the food and drug administration said immunocompromised children aged 5-11 can receive a third shot 28 days following their initial two dose immunization. the move widens access to additional doses as parents seek to protect their kids from the omicron waves and school officials try to keep classrooms open. the u.s. capitol has seen an explosive growth of coronavirus infections. more than 13% of those tests turning up positive over seven days. dr. ryan moynahan, a chief doctor for congress, told lawmakers in a letter obtained by bloomberg news that hundred to have been infected, urges people to work from home and use masks in public. he adds most cases at the capital are people who are fully vaccinated. senate majority leader, chuck

schumer, plans to use the first anniversary of the january 6 insurrection act u.s. capitol to push for changing the senate filibuster rule. in a letter to fellow democrats, schumer said last year's attack on the capital by a mob of former president trump's supporters underscores the risks to democracy if more constraints on voters are put in place by states. new details are being unveiled in the jeffrey epstein sex trafficking case. according to a previously confidential settlement unsealed today, epstein agreed in 2009 to pay $500,000 to a woman who said prince andrew assaulted her when she was a teenager. the agreement was made public as part of a suit against prince andrew, who she claims was one of several powerful men to whom epstein "lent her for sexual abuse." 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 mark crumpton. this is bloomberg. alix: this is bloomberg markets. happy new year. i'm alix steel. the nasdaq continuing to outperform, up by .8%. the highlight is apple, yet again, $.50 away from the $3 trillion market cap. also the outperformer in the s&p. you are also seeing some bigger movers -- crews guys, norwegian cruise lines doing well, holding up that portion of the index. a ferocious rally to the upside -- the five year yield up, 10, 30 year yield, up by 11 basis

points. the whole curve moving higher, but the two year yield not moving as much. we will get to what that means in just a moment, but for now, it is a risk on field -- risk on field despite those heels. still waiting on president biden's remaining picks for the federal reserve. we get the fomc minutes on friday. we get the real first time indicators of how the economy is dealing with omicron tomorrow. i want to bring in andrew 11 and our policy correspondent michael mckee there is a lot to digest and a lot we will find out -- can you give us a lay of the land as to what we are looking at? michael: i will throw two numbers at you for people trying to figure out where we go from here. you have to take every data point with a big you don't know

what's happening with omicron caveat. the fed minutes probably won't mean that much because we already know what they are planning to do at the end of january and there is no meeting in february. the bet is we are going to start raising rates in march, that's not likely to change given the data we will get. but jobs friday always very important to the markets. it will tell us something about the progress the economy is making solving the labor supply problem. we will see how may jobs are created, were created in december and we will see what kind of pressure it is putting on earnings. it is still taken early in the month, so it may not show as much of an omicron effect. the number that will be most interesting in terms of where we are going is the isn numbers for services because we will see whether some of the things that were going right in the economy continue to go right into

january. supplier deliveries and inventories were going in the right direction. backlogs were going down,'s -- prices have stabilized. if that turns around because of omicron, this is a more timely indicator. that will tell us about the outlook for the rest of the month. alix: i'm looking forward to that on the 10:00 show tomorrow. professor, it is good to get you on the program. when you look at the pool of data we will be getting, what do you think will be the most important? i think we are trying to figure out how does omicron affect the economy? how do you determine that? andrew: i think the supply chains we were hoping would get untangled six months ago -- i would say it's not insight and

omicron is not an issue in the united states, it's around the world and there are a lot of concerns in east asia that the supply chains are nowhere close to being resolved. what i'm paying attention to closely it is -- is what is happening to nominal wage growth. for the third quarter, it was up at around 6% annual growth rate and it will probably be close to that again. the hourly average earnings are high five or 6%, but inflation is running at that level, so workers don't feel like they are getting rich. they feel like they are just trying to keep pace with the increasing cost of living. it is what is called the weight-price feedback loop. i'm a little prickly to respond to it. michael: a lot of people are saying the fed should move quickly, but analyze the inflation problem in terms of

what the fed can do. it is a -- is it a supply problem or demand problem? if the fed moves too quickly, people worry we could go into recession. if it moves too slowly, it's not going to necessarily help supply because the number of people who want to work is in influenced by the interest. andrew: these are great questions. a good place to start is neutral. the neutral monetary policy stance is where the money market rates are roughly aligned with underlying trend inflation rates. when inflation was running at 1% or 2% over the past decade, it made sense that normalizing was going to bring the federal fund rates target around 1% for 2% and that is what it did. challenge they are facing now is underlying inflation is 5% and that means getting to neutral doesn't mean if you were to have

rate hikes, raising the federal funds rate may be 4% or 5% is what it's going to take to get it just to neutral. then once it is at neutral, we can start to debate supply and demand that you are suggesting. but i think neutral is a defensible play but the fed has a long way to go to get to neutral. alix: that would be a really aggressive hiking move. how fast do you think the economy can handle that? andrew: macroeconomists understand it. what matters is the level of interest rates relative to inflation. but if inflation is at 5% or 6% and inflation rate is close to zero, it makes a good deal to buy a car or to buy house. mortgage rates are still low, the construction business is booming. the car has been hindered by

supply chain problems. moving interest rates up to the level of inflation is not aggressive, it's not contractionary. it's not even hawkish, it just brings the monetary policy stance to a neutral incident accommodative as it is right now. michael: it sounds like you are team more secular in terms of inflation as far as it -- rather than transitory. andrew: that's a great question. but we are seeing in the consumer surveys, this would be the new york fed, one of the best surveys of consumers there is, that survey indicated the consumer expects inflation to be running 5% or 6% for the next several years. if those families are having discussions with their employer about what kind of wages they need to get to keep up with the cost of living, they think it is reasonable to get a 5%, 6%, 7%

pay raise. not because they are greedy, they just want to keep up with the cost of living. when we think about supply and demand, we need to build in the expectations that now that consumers are sure that they've seen a year of high inflation and our expecting other years worth of high inflation and they are probably right, that's a challenge for the fed. it means the neutral stance is very different than we thought a year or two ago. alix: we are still waiting for those seats to be filled on the fed. does that change the calculus in the way the fed is headed? andrew: the wall street journal has reported bill reston, lisa cook are likely to be among the three candidates. i have high respect for them and i worked closely with raskin and she's amazing, superbly qualified for that position. having a diverse group at the federal reserve, these are tough

challenges ahead and they will have a tough year ahead of them. that team of seven, they are going to have two grapple and figure out the right way forward. alix: i would definitely not want to be at the fed right now. we definitely appreciate it. thank you very much. coming up, wall street goes remote again. more on how banks are handling the covid wave this is bloomberg. ♪

>> it is needed to do mandates for certain reasons, we would do so and come back around. this is the new reality. the city and school system must open. we must continue to focus. we can't lose two more years of education for our children. alix: that was the new mayor of new york city, eric adams. for what it's worth, he doesn't want to just keep schools open, he wants to see new yorkers come back to the office. unfortunately, that's going to take some time. wall street banks are pushing for workers to stay home this month and goldman now eyeing january 18 for a return and jeffries is looking at the end of january. jp morgan and citibank

encouraging people to work from home at the start of the new year. all of this depends on if schools wind up staying open or return to a remote environment. can we stave it off or is it coming? time for our stock of the hour and tesla, another record for this company, blowing away wall street estimates. it's shares soaring in response top kriti gupta is here to look at the numbers. what was surprising is the number but they did not get weighed down by the same kind of supply issues other automakers had? michael: look at them -- kriti: look at the number years over here -- look at the numbers year-over-year compared to 2020. analysts were expecting a big beat but not quite as big as this. alix: let's bring this -- apple

finally hits the $3 trillion in market cap value. the magic number was 18286. we hit it. it's just a round number but it has climbed 38% since the start of 21. kriti: tesla and apple are the two index contributors not just this week but these were the two major stocks that helps the s&p 500 put those double-digit gains. on a percentage basis, the energy names outperformed, but there is no other comparison to tesla and apple to what we are doing in this economy. tesla for the ev boom and apple for consumer spending, especially on luxury goods. alix: how owned are these names? what could really bring the market down? kriti: tesla is getting there,

tesla is a key piece for everyone's portfolio, that trademark value peace. a lot of people look at it as a must-have in a portfolio. tesla is the newbie here. they are a tech stock recently classified as a big tech stock. bringing their software and engineering and house in a way that their competitors in the ev space have not done. alix: i wonder where this leaves netflix and google and groups like that that we have to watch out for? kriti: apple has a bigger macro proxy. even tesla, more people are buying electric vehicles. microsoft is different. it represents business spending in terms of cloud infrastructure. alphabet and facebook are more of a social media name with a

risk on recovery trade more correlated with advertising and spending. alix: here's what i found interesting -- this comes on a day when we see that 10 year yield, 30 year yield up 10 basis points and usually you would see the opposite you have a corresponding selloff in rogue stocks. kriti: tech has warned several different hats. when it's more sensitive to the yields as you saw for a chunk of 2021, you saw it has a long duration, it's not a must-have in an environment where the recovery trade is outperforming. these big tech names play the role of an inflation hedge, haven, pushing the stock market to a record high. right now it seems it is playing the inflation hedge haven role where we see a rally alongside yields were alongside treasuries

more than anything else. alix: fair enough. i just wonder what kind of volatility we can see in these safety names as we see the rise in bond yields. kriti: that's a good point. volatility you started to see -- i just looked up the nasdaq index and looking at the 21 handle, which is a handle we have not seen since early november. a lot of volatility in these big tech names and the nasdaq probably is actually coming down a bit. i don't know what the word is here -- volatility -- urgency is the word i'm looking for that you saw earlier in the year. it has calm down a little bit, reinforcing the idea that some of these big tech names are part and parcel to everyone's portfolio and that's the kind of thinking we are going into in may 22. -- in 2022.

alix: we are now off that just a touch -- emily chang joins me now. we had it for a brief moment -- $3 trillion. it's a round number, but i feel like it speaks to the enthusiasm of the market. emily: absolutely. apple made intraday history and we will have to see where the markets close. going into the beginning of this year, analysts are seeing demand outstrip supply for the new iphone. there's no sign of demand for apple devices waning. it's a testament to it steve jobs and tim cook built in this company, and ironclad supply chain and new devices that don't need to be totally new iterations on the a riddle -- on the original product, just slight changes year after year that keep customers buying. alix: to that point, have to

wonder how much of this is apple front running the ship to services they've been trying to highlight and make and how much is based on them selling a lot of stuff? emily: i think it's both. if you look at hardware and the iphone, they make up almost two thirds of apple revenue. the company is shifting to services, but that's going to take time and it's still not even close to the amount of money their hardware devices are bringing in. so yes it is a software and services company, at the core of the apple, it is a hardware company and that is what customers keep buying. alix: fair enough. emily chang, bloomberg technology. i want to get katie wright and feld on the news as well. a $3 trillion market cap, historic day for the market.

i'm thinking more like a bitcoin thing? it doesn't seem like apple hitting that $3 trillion mark is giving much love to tech-like assets. if you look at the price of that coin, it's in the $1200 range. down 1.1%. but if you are looking for a guiding light, you should keep an eye on the 200 a moving average. that's just a hair below 48 housing dollars. bitcoin has been glued to that line since the better part of a month, so if it does definitively break above it, that might given to the s&p back to bitcoin, but it was a really rough december. alix: a really rough december, hitting that market cap. it feels more like a safety play versus bitcoin. when you look at the etf landscape, how does apple hitting $3 trillion feed into

any reshuffling of the index? kriti: -- katie: that is one of the biggest etf's out there and you can see it is breathing some light into that etf, up .8%. it's turning into a day where tech is outperforming which is interesting, because as we have been talking about, you have bond yields spiking across the curve. but apple hitting that market is the bigger factor there pushing tech higher. alix: thanks a lot. one other story we are watching is grid wire associates naming to co-ceos. to -- they are now in charge of the world's biggest hedge fund, opening a new chapter at the firm. i want to bring in catherine burton who covers hedge for bloomberg.

what was your take away from this? catherine: it's interesting because they have one person who is pretty much an outsider and he is 65 years old. and then, the insider is someone who has been at bridgewater since 2015. so it is interesting they have this insider, outsider mix. alix: does it change the culture of the company or what is going to be the impact? kathy: that's very hard to tell, but bridgewater has put in a board recently and that suggest the culture will remain the same , that there's not going to be a big change as our is the

culture, which as everyone knows, is quite peculiar at bridgewater. alix: peculiar, distinct also. very interesting to see how that is all going to play out over the next year. just to reiterate, apple hitting the $3 trillion market cap. we are just shy of it. it is a round number, but a historic number for the stock from new york, i'm alix steel. you're taking a look at a market still rallying. apple hitting $3 trillion will help that sentiment when it comes to tech, coming on a day when we see a big move in bond yields. the back end of the curve up double digits, tech holding onto that lead. i'm alix steel. this is bloomberg. ♪

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mark: i am mark crumpton. new york city might expand its vaccine mandates in april to

require booster shots. the mayor spoke with bloomberg television on justice thursday on the job. >> needed to do mandates for certain reasons, let's adjust and do so. this is the new reality we must face. our city and school system must open. we can't lose two more years of education. mark: public sector employees are required to be fully vaccinated. a private sector mandate requires employees to get a second dose before they can enter their workplaces. a winter storm sweeping across the u.s. midatlantic is dropping heavy snow on washington, d.c. and has forced the closure of school and federal offices and knocked out power to more than a one million people.