is this bull market probably does have some legs. >> we are underestimating the earnings story. i think the everything rally continues. >> as long as we did not go too far the equity market can hold in. >> the fed and the powell put are very real. >> this is bloomberg surveillance with tom keene, jonathan ferro comment lisa abramowicz. jonathan: good morning. this is bloomberg surveillance live on tv and radio alongside tom keene and lisa abramowicz, i am jonathan ferro. your equity market unchanged on the s&p 500. hong kong going in a very different direction to the united states. tom: the pandemic front and center for team surveillance. we are all dealing with it in our own way. what to me is interesting is the cultural overlay. when you see carrie lam say this is a critical moment, that is a different tinge than what you

would see in new york. jonathan: 22% of the over 80 population is vaccinated in hong kong. that is why we are seeing the flights banned from the u.k. and the u.s. and seeing the jim's close again and sing the bars close again, that is why they are going in a very different direction. lisa: a very different phase of the pandemic. the big question for 70 people is how long can china and others retain these zero covid policies in the face of an endemic virus that you cannot stop by closing your borders. jonathan: we started the week with eurasia group. the zero covid effort of china, the zero covid effort of hong kong will fail. that is their big call for this year. tom: it runs into our bloomberg world. the basic idea is will we see some form of fiscal drag that may be diminishes economic growth into 2022?

what i have heard in the conversations, including with ian bremmer, is the jury is out. there is great uncertainty about how this pandemic story fulton into what we see across equities, bonds, currency, and commodities. jonathan: and what it means for supply chains with china and hong kong living in 2020 and the trying to get back to work. before we go through the equity market we need to talk about the value/growth split. lisa: the biggest gap between value and growth going back to 1995. 1.5% gap. it is too early to say this will be the year of value. we are seeing a reflation trade very much take hold. i wonder how long this can last? it has been ahead fake year after year. jonathan: nasdaq futures down 46.

on the s&p 500 down about two. yields not doing much at 1.6438. crude unchanged. euro-dollar, little bit of euro strength. euro-dollar positive .2%. lisa: so much as a countdown to friday's jobs report. what will be looking at are the tea leaves ahead of that. we get the adp report at 8:15. i'm always confused about how to read this. the survey calls for 410,000 new jobs. this is unreliable. i have been focused on how difficult it is to read a jobs market where the churn is unprecedented. yesterday jolts figure quit rate coming in at an all-time high. the churn unprecedented. then at 2:00, this is the big event, the fomc meeting minutes. you have seen in the two year

yield and the five year yield people bringing forward the rate hiking expectations. to me everyone will be looking at any hawkish rhetoric around the balance sheet. how much motivation is there to start shrinking a balance sheet that has reached nearly $9 trillion given the fact it is more unpredictable, the impact on the underlying market. this is significant based on what we were talking about earlier. the china pmi services data will be coming out. it is the first indication of the services sector dynamism in the world second-biggest economy at a time when they are pursuing a policy ian bremmer said is not feasible given omicron and a lot of analysts are starting to ratchet down their expectations for gdp in the nation. jonathan: a ton of data this week. payrolls on friday. 424,000 the median estimate. let's get straight to hugo rogers. i want to start with this

divergence between hong kong with china and the rest of the world, particularly the u.s. and the u.k.. your thoughts on that and what it means for how you deploy capital geographically? hugo: the performance of the developed markets over the last 12 months against the emerging markets has been massive. the outperformance has been massive. the returns generated by global equities primarily driven by the states. we expect that to continue this year. the divergent in terms of absolute growth because of omicron, that will be significant. for us the most important consideration is the consideration you mentioned a moment ago, the supply chain issue. is this wave of delta inflationary because it affects supply chains or is it deflationary because it hits demand. our view is there is a short demand hit and that it sustained

some of the supply chain bottlenecks, meaning inflation continues to be problematic. we are not seeing a wage price spiral. we are not seeing core inflation spiraling out of control this year. we need to watch out for that risk carefully. tom: what i find fascinating with what i call a more centrist view of deltec is the idea should i buy more apple. the arch idea of those with the centrist tone as you outperform by basis points, and the solution is to buy more apple, are you going to buy more apple and apple-like apples? hugo: not apple but we have a lot of large-cap stocks with strong cash flows, excellent market position, high barrier to entry.

microsoft is one of our largest positions. we have a large position in alphabet. we do like those sorts of stocks. we very much want to balance that by having a tilt towards cyclical value. we also have a lot of energy stocks come in have industrial stocks. as lisa just highlighted, the rotation and reflation trade is an invite to repeated whipsaw, and we saw that last year. how may times reflation trade and the value trade reversed, whether it was a new wave of covid. it is very difficult route to navigate. we have never dated by having a tilt towards value -- we have navigated by having a tilt towards value in having a large position in some of those core

large-cap tech behemoths. not the cash burning stocks, but some of the stocks like apple you just mentioned. lisa: when due lead against the reflation trade? i hear what you're saying which is a hedge against a flip back to what we saw in 2021. at a certain point how much you bet people have priced in too many rate hikes and people of thrown out growth stocks too much and you start to go overweight? hugo: that is such a pressing question. everyday day we ask that question. we ask is now the time to lean into value more? omicron is a perfect example of when you might want to ask that question. if the effect on demand is, even when it was first labeled a variant of concern, if you think

the economic impacts of subsequent waves sarlacc each wave we see -- if we think subsequent waves are less -- the answer is we are bleeding in -- we are leaning in each time a little bit more but we are not fully valued and allowing the portfolio to be dominated by that value because we think we are not completely out of the woods yet. we spoke about the supply chain, we spoke about china. it is a slow reduction of liquidity the fed is managing. at some point in time, as we advanced through the cycle, we need to lean into that value trade even further. jonathan: vegas us all depressed. where are you? hugo: i am currently in italy. jonathan: where in italy? hugo: turin. jonathan: enjoy yourself.

get in touch with me if you find some and i might flat with you and leave lisa and tom behind. are things getting better? when you look at the economic data in america, are there signs things are getting worse? i would say there is not an "i". maybe you cannot say -- lisa: things are not getting materially worse at a time when a lot of people are homesick. this is a reason people are getting optimistic the more they see omicron spread. there are people who are taking self-isolation time. in the city you can feel it. there are a lot of people not working with subway delays and everything else. however, you are seeing this feeling that it is perhaps two weeks and then we will be done commit if this is the worst we can get through it. jonathan: dimension value versus growth, the banks are up almost

up -- you mentioned value versus growth. there is a feeling are we going to see the head fake again? we saw this at the start of 2021. yields higher, banks off to the races, then things stalled out quickly. tom: i think it is the uncertainty. the jobs report on friday will give us a view on the future of the economy. i like what kit juckes of socgen, we are trying to get our feet on the ground in terms of euro and dollar dynamics. you can take that across the market. brent crude $80 a barrel. jonathan: wti just short of $77. equities down, -.1%. from new york city this wednesday morning, good morning. this is bloomberg. ritika: hong kong is imposing

strict new virus control measures for the first time in nearly a year as omicron seeps into the community. carrie lam says the city will ban inside dining after 6:00 p.m., close venues, and scrap large-scale events. officials are also barring flights from eight countries, including australia, india, the u.k., and the u.s. singapore says booster shots will be required to maintain vaccination status as the city prepares for an omicron wave expected to be bigger than the delta wave. the health ministry says singapore will lean on home recovery and testing. officials say singapore will share its statistics with the cdc after the u.s. said it had insufficient data for singapore and urged americans to avoid traveling there. goldman sachs says bitcoin at $100,000 is possible. u.s. bank estimates that bitcoins adjusted market cap adjusts for 1/5 of the global

store of value market and the digital current she -- if digital currency rose 50% over the next five years that could seat 100,000. a stretch of the interstate in virginia has reopened. hundreds of drivers were stuck in their vehicles monday night into snow and freezing temperatures along a 50 mile section of the highway. a wreck involving multiple trucks triggered the mask. there were no reported deaths or injuries. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

>> once the covid shot passes

and it starts to go back to normal, i do not see any reason the economy would not revert back to the low-inflation regime we have been in for 20 years. jonathan: neel kashkari, the president of the minneapolis fed, writing a really interesting blog, worth a read as he starts to pencil in two hikes for 2022. good morning. with lisa abramowicz and tom keene, i'm jonathan ferro. your equity market is down three. in the bond market, yields unchanged at 1.60 portray one on tens. this headline from the washington post. u.s. lawmakers held early talks on new covid relief. that is the initial headline. we will try to get more details. tom: let's stop the show for an important moment in yesterday's "bloomberg surveillance" where jon ferro ended our discussion

on the debate of the moment, which is the efficacy of the pcr tests. i was stunned at the language. jonathan: i am stunned by this lead paragraph in the washington post. democratic and republican lawmakers have held discussions about another round of coronavirus to be was spreading as they seek to blunt the fast spreading omicron variant. that is the lead paragraph. the headline leads lawmakers begin early talks of another round of coronavirus relief targeting businesses. tom: that seems to be the habit of the pandemic. we will have to see. we see lesser case trend in the united kingdom. better news there. the selective good news in america as the country slows down. let's diverge. you can always do that with annmarie hordern. from sea to shining sea, annmarie hordern has an understanding of geopolitics. kazakhstan.

let's go there. the video we have seen has been extraordinary. the protests. the summary is 81-year-old former soviet leader, retired. now we have someone new in. an upset, maybe over fuel prices. how does vladimir putin adapt to this new tension in kazakhstan? annmarie: stunning pictures this morning out of kazakhstan. we should note it is a fluid situation on the ground in the country. it is a great question. this could be a headache for the kremlin and vladimir putin at their southern border. they are already preparing for talks with united states. yesterday we learned the deputy secretary of state will be leading the talks with russia on strategic security concerns. putin is dealing with building up arms on the ukraine border, at least 100,000.

this could form a headache for him. the kremlin does have a strong relationship with kazakhstan. lisa: this highlights the potential destabilizing nature of oil prices, particularly in eastern europe and throughout europe. how much does this dominate a lot of geopolitical conversations as president biden heads overseas? annmarie: you cannot talk about what is going on with russia and ukraine without talking about how this relates and is interconnected with what is going on in the natural gas market. you had deputy secretary sherman talking about that. they want to make sure those gas supplies from russia continued to flow. i would note that what we are seeing right now in europe is what is helping them in terms of natural gas is actually shipments from the united states into europe. the supplies from russia have been very low.

if you ask a russian official they would say they are fulfilling all of their obligations, but as rbc recently said, president putin never lets a good crisis go to waste, meaning he will likely use europe's need for those natural gas supplies to his advantage, one when it comes to security concerns and talks with nato and the united states, and two and making sure nord stream 2 gets over the finish line. lisa: meanwhile it is not just a european issue. this goes to the idea of inflation being destabilizing this goes back to what jon was pointing out about the story about potential additional rounds of stimulus as the omicron variant paralyzes a lot of businesses. how much appetite is there given people felt the previous round of stimulus checks helped ignite

disinflation a lot of people are concerned about. annmarie: i am surprised about this headline from the washington post. especially this week, the news from the hill -- even build back better is being benched -- that was clear from senator joe manchin of west virginia yesterday when talking to reporters. this week was supposed to be about voting rights. tomorrow marks the one year of the january 6 riots at the capital. democrats want to use that moment to talk about voting rights. senator chuck schumer has put a genuine 17th deadline to get voting rights and how they're going to potentially alter or modify the filibuster rule to do that. now you see them talking about what might be needed in this latest wave of covid cases. the covid news in d.c. has been incredibly confusing, especially

if you look at the latest cdc guidelines. for workers and families many are talking about the fact the child tax credits have run out. you could see modest movement given what families are facing and consumers are facing. this is something joe manchin has said this is what he wanted to bench build back better. he wanted to focus on covid, inflation, geopolitical concerns. jonathan: the latest guidance from the cdc? after five days if i want to get a test i have access to a test? annmarie: i have the document in front of me. if an individual has access to a test, the best approach is to use an antigen test. if you can get access to one, sure. it is incredibly confusing. i am sorry. it is confusing and many people who were criticizing the cdc said much of what the cdc is doing lines up with what

businesses and corporate america wants to see, less so with the science. that is a criticism they are facing. many people are frustrated and confused by the cdc guidelines, which continues to change. jonathan: thank you very much. i want to offer additional clarity on the washington post story. the talks are early and the focus is targeted. "the early efforts have focused on authorizing billions of dollars to help an array of businesses, including restaurants, gyms, and minor league sports teams." this is not about additional stimulus checks, but focusing on the businesses that have been hit over the last month. tom: i will go with that. let me do this. on the antigen test, they stick that thing up my nose about this far. for those on radio, you are lucky you are on radio. for the pcr tests they stick it up to about right here.

as you mentioned, we are moving towards an antigen testing space. jonathan: we appreciate the demonstration. keep in things focused on the backup of this hour with tom keene, lisa abramowicz, and jonathan ferro. from new york, this is bloomberg. ♪

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♪ jonathan: we are geographically diversified with risa abramowitz in paris, tom keene in an undisclosed location and jonathan ferro in the studio in new york city. futures are negative 1/10 of 1%. nasdaq futures down 68, .4%. one of the first three trading days of the year, the vergence -- the vergence between big tech -- look at the outperformance on the banks, s&p 500 banks index up 700 index -- 700 points. are we about to see a repute of q1 last year -- repeat of q1 last year? 1.6438, unchanged.

behind of last year was the end -- the high of last year was the end of q1. are we about to revisit those levels and experience the same old narrative of getting back to normal like we saw in q1 2021? tom: we are going to watch the real deal dynamics more than anything and also what we see in the spread market. give you coverage throughout the day and the jobs report on friday. conrad dequadros joins us, thrilled he could be with us. on the american economy, do you and john riding have to adjust your numbers because of omicron? conrad: i don't think so. we haven't had the fourth quarter gdp yet toward the end of this month and omicron hit too late to affect that. looking at somewhere around 7%

real gdp. obviously, there is obstruction with the high -- disruption with the high-frequency numbers. it didn't show up in the ism but the commentary suggested there might be more effect with workers being out, etc. but this is hitting early enough in the month, early enough in the quarter if we do follow the kind of path of say, south africa where we had the spike and it tempered to, i don't think that we will see a dramatic impact on fourth-quarter gdp. it is early in the quarter. -- first quarter gdp. it is early in the quarter. where are we compared to pre-covid? we are looking at growth getting back to that, unemployment rate

at 2.4 percent, probably going to dip a bit in december getting close to the rate that the fed thinks is full employment. the economy is getting back to normal and might more slowly because of omicron but we are making progress. tom: at brean capital, do you have to fold in an adjustment for the fiscal change? jonathan ferro mentioning targeted covid support to businesses. do you measure the fiscal drag or dare say a fiscal stimulus for this year? conrad: it depends on the character of that support if it were to happen and i'm kind of skeptical that we will actually see anything because the reluctance to come to any agreement on larger fiscal support. i think it is probably going to be some challenges in getting agreement on how to target fiscal support and i also don't

think at this point it is really needed. it would depend on the character. if we are likely to see anything at all, it will be modest so it is not something we are considering in terms of gdp forecast for the first half of the year. lisa: this dovetails into a question about the fed and how supportive or hawkish they will be. what are you looking for in today's minutes that could indicate the balance sheet is very much on the table? conrad: i think that's a key question. the market has made this adjustment in terms of expectations for the fed funds rate and now looking for a sooner list off the fed funds rate. you mentioned neel kashkari's comments and the fact that in that essay he is saying he thinks we would achieve the maximum employment by april and he's the most dovish member. the market is correct that march

is a live meeting and that's the signal we've had from other beneficial's. the question becomes, how quickly and how aggressively does the fed start to move towards normalizing the balance sheet? that's the part i'm not sure is being fully appreciated. we wrote a note back on december 20 on a sooner and faster balance sheet line down and we were saying that a couple months after the lift off, the fed will start to move towards reducing the size of the balance sheet and it will probably be far more quickly in terms of the lag of the lift off and the balance sheet by all -- buyout. the caps are likely to be larger because we are looking at a balance sheet that is larger than is needed. we can see that in the reverse repo program with $1.5 trillion per day.

given where we are in the economy with inflation way above the target with the unemployment rate pretty close to the full employment rate, i think that's going to be the key and what people are looking for in the minutes, for further clarity on the plans for the balance sheet. i think it will come sooner and will be more aggressive than last time. conrad: this has raised -- lisa: this has raised so many questions and i spent the evening thinking about how the fed can accomplish quantitative tightening after the failed attempt in 2018 and given the fact that we are probably going to see some decline in inflation as they tighten rates and raise rates throughout the year, so do you actually believe that the fed can tighten materially, shrink its balance sheet, or is it basically tightening through rhetoric but won't be able to effect this without significantly disrupting markets? conrad: a couple points i would make.

yes, i think inflation will come down but from what levels? next week we will get the cpi probably above seven. cpi is above five and it will come down but probably not get anywhere near the fed's forecast of 2.7% on core pce. we do need to see some moves on monetary policy and i hesitate to use the word "tightening" because the size of the balance sheet and excess liquidity created, the level of the fed funds rate, there has to be a significant adjustment before we actually have a tightening of monetary policy. the fed is still easing policy and will probably do so for the next couple of months. those are the considerations. what happened last time, we had some disruptions with the funding markets. this time we have the standing

repo facility which goes a long way to offsetting those issues in the funding market. there are issues in terms of the macro data, unemployment and inflation in terms of how the markets are positioned with still very accommodative monetary policy, and also in terms of the additional facilities the fed has to address any issues. everyone remembers that quote that was made, moving the punch bowl when the party get started, but included in the quote was the notion that you are not expected to like this. if this is not problematic in any way, the fed has not tightened policy. how do you adjust monetary policy without a tightening of financial conditions? i don't think that's possible. the fed has to tighten financial conditions if it intends to set policy in a less accommodative standing. jonathan: that final point is so

important and holds the key to performance in this equity market. conrad dequadros of brean capital. there is a difference of removal of accommodation and a tightening of monetary policy. when you have a deeply negative real interest rate, even if you shift that a whole lot higher, you still have a negative real interest rate. that's the idf or investors, a difference between removal of accommodation and monetary policy. can you achieve what the fed is trying to achieve, which is to bring inflation down, without tightening financial conditions? if you want to tighten financial conditions, how much work you have to do? that has got to be the debate in 2022. tom: i 100% agree. i am bored by the fed parlor game and yes, we will be here for important fed coverage through the end of january.

what's interesting is everything you just said wrapped against the societal reality that washington is dealing with, which is a huge perception that america is unemployed, we are talking about fully employed america and the politicians are focused on a large unemployed america. can we ask the fed to fix that? absolutely not. jonathan: neel kashkari wants it to and that essay is really interesting. "the cost of ending up in the high inflation regime are likely larger than the cost of ending up in the low-inflation regime." his base case is the latter but the risk is the former and he wants to do something about it. a member when we used to talk about an ounce of prevention is worth a pound of cure. it is turned around. we are using that line to justify hanging interest rates, that's the risk. lisa: and one of the issues that

a lot of people aren't fully understanding is how quickly is that transmission mechanism. how quickly does that crimp inflation? that's the point mohamed el-erian was making yesterday when he was saying they need to get ahead of it now and that's one school of thought, versus those who say, don't you remember what happened the last time the fed was worried about inflation? jonathan: a lot of people are writing to lisa to inflation -- to clarify, she is not in paris. she is in manhattan. lisa: you guys make omicron sound so romantic. jonathan: she's not there. tom: some light rain. jonathan: is it dark at midday in paris? futures down four, -1/10 of 1%. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta.

ford surged to a 20 year high after doubling capacity for the lightning pickup. it is a sign that electric vehicles could grow to 10% of the u.s. market this year. ford will start taking orders this week after receiving about 200,000 nonbinding reservations. -- is making a bet on office space in new york city, taking over space -- black rock signing a 15 year lease for roughly 400,000 square feet in new york, one of the biggest deal since the pandemic. china mobile has started its first day of trade. it was removed from the u.s. market last year. one of the targets of an investment man -- ban by former president donald trump. tencent cut its stake in a

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♪ >> if you are using a lot of rapid tests and have a fully

vaccinated workforce, you are in a good position. if you have zero tolerance for covid-19, there is no path for opening your office. pcr tests should not be used for screening of asymptomatic individuals. jonathan: just fiery, the johns hopkins center for health security. tom keene, lisa abramowicz, and jonathan ferro. down not even .1% on the s&p. the nasdaq down about 61 prayers -- points. the cdc cut the guidance for isolation from 10 days to five days, got a ton of pushback. they also have some additional clarity. "if an individual has access to a test and wants to test, the best idea is to use an antigen test at the end of the five-day isolation. if your test is positive you should isolate until day 10. if your test is negative, you

can and isolation." tom: the confusion worldwide and in the united kingdom, working off "the telegraph," as they consider pcr testing -- i thought dr. adalja was wonderful yesterday. what should the cdc do? should they say apd cr, we tried it, doesn't work -- pcr, we tried it, doesn't work and we need to look at rapid testing? dr.bhakti: the messages we just don't have enough tests, access to tests -- rapid tests are expensive and not available to a major part of our society. if you are symptomatic, you should isolate the full 10 days.

after five days from the outset, most people will be on infectious but about 31% will continue to be infectious and there is a risk they will continue to transmit the virus onwards. tom: you are a claim -- your acclaim worldwide, i don't think that describes america. how did we get in a spot where we don't have enough rapid tests? dr. hansoti: we had a lot of tests available within the facility. the consumer market, rapid tests were approved by the fda. a number of tests -- there was over 400 tests approved that are not rapid tests but there is distribution, marketshare, and the pricing of the tests which

really can cause delays in making sure everyone has access to a test. lisa: doctor, what is your sense of the cdc's guidelines? it is clear as mud that if you have a test, you can take it. if not, don't worry about it. is this more harmful and will it undermine trust in a health system that has struggled to get the right message across? dr. hansoti: that's been the story of this pandemic. we agree that the pandemic has evolved but guidance also needs to evolve. the messaging has been frankly confusing. it leaves employers i'm sure what to do with their workforce. can symptomatic -- symptomatic, isolate five days. how do i get a test to you? when do you make the decision to isolate or go back to the workforce? and if you return back to the

workforce, how do you ensure that does not put others at risk? i think the guidance has been challenging to implement. conrad: which is -- lisa: which is frankly the reason why companies have gone to pcr tests which is the most extreme to prevent outbreaks from offices. at what point do you see that becoming a moot issue? dr. adalja yesterday said this is a wrong test. will it be phased out in the future? dr. hansoti: rapid tests are wonderful tool. they are extremely specific. if you have a positive rapid test at home, there is no reason you should go for further testing. pcr's do not make sense for asymptomatic individuals.

symptomatic individuals who need to know for certain if they are positive or not and don't have access to a rapid test are the only ones that should be getting a pcr. jonathan: wonderful stuff, wonderful work, dr. bhakti hansoti of johns hopkins. confusion on the guidance of the cdc and which test to reach for and when just continues. the authorities are confused giving guidance and companies have their own guidance -- corporations have their own guidance. tom: pcr tests in asymptomatic people really do not work. i sent you that "telegraph" in london and they are in the same conversation. jonathan: in the u.k., the conversation is different in subtle ways. there's a push to normalize a positive case. we haven't even began that effort, have we, to normalize a

positive case? two years ago if you had a positive case it was petrifying. with this variant, it is a different story and people are starting to treat it differently. i think society particularly in the developed world are demanding governments to treated differently as well. you can feel this slowly happening through 2022. tom: we are watching the dynamics again on icu and hospitalization. headlines out of singapore, they have flat out said, we are not seeing icu pressure but we are seeing covid and we are going to take a set of steps including buried in the headlines, singapore suggesting a booster will be part of fully vaccinated. jonathan: is that booster three or four? you can see the direction of travel in places like israel. lisa: some people saying a fourth booster will materially increase your antibodies. i am just hopeful that getting a

case of the virus counts as a fourth booster. have you seen the piece about french president emmanuel macron? jonathan: would you like to read that verbatim in english? lisa: so the translation is he wants to piss off people -- can we say that on air? when in france, when in paris. he was saying he wants to make life as uncomfortable as possible for people who are unvaccinated and this a sickly should not be the status quo. he was using a word which means to annoy. when in paris. jonathan: he wants to piss off the unvaccinated and the brits as well. futures down three. on the bond market, yields 1.6456 on tens.

euro-dollar -- the euro showing some strength. oil down to 76.92, short of 80 on brent. with tom keene lisa abramowicz and tom fair -- jonathan ferro, this is bloomberg.

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>> the good news for investors is the whole market probably has some legs. >> i think the so-called everything rally continues. >> as long as we don't go too far in terms of yields, there is liquidity out there for at risk appetites. >> this is "bloomberg surveillance" tom keene, jonathan ferro and lisa abramowitz. >> good morning. this is "bloomberg surveillance." your equity markets down three or four points. the banks on wall street are off to the races. tom: when they move there some real dispersion out there. the everything