>> the fed is more likely to be positive to credit conditions. >> i know the narrative is gloom and doom right now, but we've got to step back. >> what we are seeing is a good opportunity to get more aggressive and play the economy for now. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: it is fed decision day. good morning, good morning. this is bloomberg surveillance, live on tv and radio. live along with tom keene and lisa abramowicz. the s&p up 1.4%. that fed decision a few hours away. tom: listen to every word, hang on to every word. this is a chairman we should look for him to be reading off

of prepared comments in his answers. that is how important this meeting is. jonathan: how do you think he responds to the volatility of the last couple of days? tom: he will respond as alan greenspan, aware of it but it is not part of their calculus in the march meeting. what is the calculus? what is the plan here? to the get out in front of the next meeting? how do they frame it? it is going to be an important moment. jonathan: given the current pricing of markets, any indication the fed will not be starting with 50 basis point hike might be enough to provide a floor under risk sentiment. lisa: perhaps we are seeing that bounce because people are asserting to price out that particular scenario. i love what vince reinhart said. he said they completely aboard the -- abhor the pricing market. talking but not necessarily taking big action. jonathan: the last time the fed met, do you remember what the

nasdaq did? up by more than 2%. you noted to when the minutes came out? it was down more than 3%. what should we take away from that as we go into this conference? lisa: it is unclear if they could actually frame the message in an accurate way with respect to the policy and what their forecast is. my key question is what economic data point are they watching? that'll be what the markets are watching and responding to. jonathan: many people suspect it is not the nasdaq many people do. your stock price action looks like this. up 1.43%. the dollar showing a bit of strength again. the euro-dollar -2/10. lisa: still a lot of turmoil over what is happening with russia and ukraine. before get to the fed, this is

important. canada releasing its policy rate decision. -- they're going to raise their policy rate by 25 basis points. you can see the two year yield over in canada has risen to the highest levels going back to march of 2020 or little bit after that. it is such a global dynamic right now. canada is facing the fastest pace of consumer price inflation going back to 1991 and that leads to the 2:00 p.m. fomc meeting. we will hear from jerome powell at 2:30 p.m. eastern all stop will he respond to the flattening yield curve? ongoing feelings that will to celebrate growth over the longer-term. does he talk about the balance sheet? does he give some indication of what he is looking for, in terms of a response from markets and how that bleeds into the inflation outlook in the next couple of months? aftermarket, does the tech

drumroll continue? tesla reporting earnings. interesting to see if intel will talk about the government giving them support because they want chip making in the unit it states. interesting to see the nasdaq down 13% so far, year to date. is this a buy? jonathan: names in three days that make up a quarter of the nasdaq 100. apple tomorrow, microsoft yesterday, tesla a little bit later. tom: quick as i can because chris verrone is too important. i think the coverage for microsoft was lousy. we love sexy names like apple and netflix. yesterday, a great job of distilling a hugely successful boring company. i thought this was a very important tweet this morning

from a tech bull calling it a white knuckle market with the whole street watching microsoft's earnings. i will leave it there, but microsoft killed it in terms of calming the market. jonathan: are you sure you want to leave it there? tom: i sat there for clock, i got up from the surveillance nap, and i watched how it unfolded. the fact is microsoft is perceived as boring and doesn't get the love like apple and the others. jonathan: down hard on the earnings release and down hard on the guidance. joining us now is chris verrone. chris, your line, be skeptical of rallies and weak trends. what do you mean by that? chris: we will look at the price action over the last several weeks, we've been telling

clients turn your brain off for the next couple of weeks. we've done enough on the downside, whether you are bullish or bearish. we've done enough in the near term. we look for three things in some of these technical lows. we look for stress and sentiment. second, we look for indiscriminate selling. we did $70 billion on monday, the highest total ever. third, we look for stress in price. we saw big spikes in new lows. those trends conspired to get you a rally. what i want to be skeptical of, the names that are rallying in downtrends. there is a lot of broken software, a lot of broken consumer that will be rallying to a downtrend. lisa: can you give us a sense of

who has been trading? is it retail investors? is it three high-frequency traders just pushing up the numbers? chris: i think what is interesting on the retail side is if you look at any of the retail investor surveys, they are meaningfully more bearish than the institutional surveys. let's think about why. if the retail community or the major players, a lot of those things are down from their highs. i understand why the fed has been in the retail space, significantly more depressed than what we are seeing on the institutional side. tom: i look at where we are and it is simply the measurement of catharsis. for mere mortals not glued to a bloomberg terminal, how do you know when to deploy cash? chris: number one, but we see, a

lot of these corrective lows is that indiscriminate attitude. that is why i was so fascinated with the sheer dollar value of what we did on monday. $70 billion of -- the number one tally ever. let's acknowledge how different this correction has looked, from other corrections in the quantitative easing era. number one, bond yields have gone up during this correction, the first time in 13 years we had a 10% correction and bond yields have gone up and not down. secondly, energy is outperforming this correction for the first time in a decade. we've never had a correction in 10 years where energy stocks outperformed. the character of this market is changing. we are seeing it with the leadership and rates. jonathan: what does this tell you about the cycle if anything at all? chris: we are in this awkward or

in eloquent transition from something that was early cycle tomorrow mid -- to more mid. this is never an easy process, going from extraordinarily easy monetary policy to something else. there is always a risk to the base case. the risk as we sit here in late january of 22 is utilities are outperforming, unemployment is turning to look up. you need to start looking at is there a recession on the others of this? is there something weaker, economy wise, on the back half of 22? the base case is we've got early cycle, making that awkward transition. jonathan: good to catch up. head of technical and microstrategy at strategas.

the federal reserve calling it quits early on qe and introducing some balance sheet reduction a little earlier than expected. this could seem hawkish on the announcement but if powell says they hope by going a bit farther on qe they can go a bit slower on fed funds, it would become market friendly. something to think about. tom: i will show my cards. it is the easiest way out for them because they are crushingly data dependent. i'm going to go to diane swonk and in what we will hear from her this afternoon. jonathan: simple question lisa. can run off to the bulk of the lifting for the fed? lisa: some people are saying they should not even touch the balance sheet. think about fred dudley. there are a lot of questions that they can't answer. i love what steve said in his

note earlier. it really goes to this feeling of a lack of conviction and a lack of certainty with respect to fed communication but also economic data. tom: i saw the same comment. i'm going to send a vet bill. jonathan: futures up a little more than 2% on the nasdaq 100. a bounce on the s&p 500. yields higher by a single basis point. crude positive. a time to talk about down in washington -- a ton to talk about down in washington. this is bloomberg. ♪

ritika: with the "first word news," i am rick a group to -- i am ritika gupta. -- all but certain to hold its benchmark rate near zero for now. policymakers will also discuss tricking the balance sheet in the midst of the highest inflation and almost 40 years. president biden meets today with auto and tech executives to support passing his bill back better plan. one of them is ford. >> the country needs to be competitive, we need to catch up with europe and china and to do that, we need to put -- help consumers make this transition to electric and we need consumer incentives to last for some time to help the industry because we need to go -- build batteries in this country, get raw materials. that will happen as customers go electric. ritika: you can see the full

interview with jim farley on bloomberg technology today. and the u.k., boris johnson says conservative rebels are now holding -- they say opponents and is owned -- in his own party may delay any attempt to out him. that could change with the release of a government probe which could confirm --. 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 ritika gupta. this is bloomberg. ♪

>> we have no intention of putting american forces or nato forces in ukraine, but there will be serious economic consequences. jonathan: the president of the united states from new york city with tom keene and lisa abramowicz. bouncing back on a session. down more than 13% year to date and the nasdaq. yields are higher by one basis point. futures are positive. we are higher by 1.41% on the s&p 500. here is the lead paragraph from the team. the latest with germany in these negotiations. the german government has pushed

for an exemption of the energy sector if there was a move to block russian banks from clearing u.s. dollar transactions according to documents seen by bloomberg. how to get germany fully on board with some of these big punishing sanctions if they need to be delivered. tom: the price differential with natural gas versus europe, i think a lot of americans don't understand that. it's like having brent crude right now at $110 a barrel. jonathan: and a dependency on russia which for the germans is incredibly high. tom: let's go to washington. jeff patrick joins us. can we send energy to europe? >> in some forms, yes but there is a little bit of difficulty, that is inevitable if they are going to be. -- if there will be full sanctions on russia. for years, the u.s. has brought up the idea of more energy

production, more fracking or something along those lines in europe but at this point, just moving things around, you heard president biden say last week when a lot of us were parsing his comments on a minor incursion, that he knows really following through on sanctions is going to be difficult. it is going to cause a lot of economic harm in europe, particularly it could have an impact here but i think that is sort of the underlying concern about when to take action envoy sanctions -- take action on full sanctions. tom: i have the recollection when i could shave twice a week in know i can shave three or four times a week. lng was this absolute thought out there, it wasn't even a real thing and the idea that we would move lng around based off of our political dialogue, does congress understand the

constraint on that, that we are very limited in what we can do to salvage germany or france? >> i think congress does understand that. that is why for one, you've heard senator mitch mcconnell emphasize publicly that he had been pressing the biden administration to take some sort of action early, despite inequality's that ukraine may have had with that -- despite any qualms that ukraine may have had with that. i have not heard that anybody is under the impression that if you followed through on sanctions or if there is a real flareup with russia, that you can move things around to the extent that it takes care of the problem. i don't think anybody is under any illusions that we can move things around in a way that it wouldn't hurt us and europe, if things really go south with russia. lisa: is there the illusion that

the u.s. can affect gas prices more significantly back at home? the u.s. energy department came out yesterday, talking about the latest release from its reserves and the idea that perhaps they're looking to do more? >> there is an understanding, generally in washington that there are limited options with the church egypt petroleum reserve -- strategic petroleum reserve. it could be used as a response to high gas prices, but there is pushback from republicans when biden raised that, because it does not really solve any underlying issues. talking to lawmakers about what the options are, there is an understanding that gas prices are an issue in oil prices are an issue and that the u.s.'s strategic petroleum reserve is

not some panacea for that. it may be more of a political response than something anybody truly expects to be a very successful band-aid. lisa: the political response is important at a time when president biden's approval rating keeps dropping further. how much does this shape his policy projections, his policy power in washington, d.c. versus just something that happens occasionally in the second term of a presidency with a high inflation rate? >> obviously it is rougher him. if you are trying to determine how it is going to affect the legislative outlook or any other key actions he is going to take, it may be mitigated because to be honest at this point, the next big thing the democrats want to accomplish, which is still the build back better bill is more or less out of the president's hands and it is up to if senators manchin and

sinema. the time for all the context negotiations we saw in the fall and getting into the winter, that really didn't work. i'm not sure it would make much of a difference if the president's popularity encouraged democrats to get together or made them nervous because really now, it has been narrowed down. the legislative outlook for democrats has been narrowed down sosa galley that we are talking about something much smaller. i'm not sure the president's popularity has much of an effect in the immediate term. it will obviously have a huge impact on the campaign trail. jonathan: jackets patrick, good to catch up -- jack fitzpatrick, good to catch up. any president, any administration would have difficulty uniting europe on a couple of these issues, china being one and russia being the other. did you see the story on italian business leaders holding a

meeting with the russian president? -- not to go ahead with a planned meeting with russian president vladimir putin. the event is still excited to go ahead as planned. that is how tough it is right now. never mind to get european leaders on side but to get european business on side too. lisa: it makes sense, they do so much of their business with russia and china in particular. don't we see the same thing in the united states with businesses going off in establishing offices and businesses in china even as the administration talks about a more isolationist approach? it is parallel at least. lisa: a very similar issue. tom: we have our leisurely morning in london because we start different. it is barclays old gorges headquarters. it is gone. they are in receivership. jonathan: i know it well.

tom: we tell them from jersey we are to mcdonald's in liverpool. a basic cup of coffee is eight dollars. jonathan: is net worth it -- isn't it worth it? ♪

jonathan: the last time we did this back on december 15, the nasdaq finished higher by more than 2%, and in the minutes came out and they basically told you the opposite of everything you were told in the news conference and the nasdaq finished down. futures positive, 1.3 on the s&p, the nasdaq up by 2%. the equity picture, heroes -- here is the bond market story. two year yields up 30 basis points, a big move. yields higher again by a couple basis points. it is always going to be about the rate hike conversation. we need to about balance sheet reduction -- we need you talk --

we need to talk about balance sheet reduction. topped out just short of 160 last year at the back end of q1. the distance between two and 10 narrower, to 74 basis points. it's about the dance, the playoff between rate hikes and balance sheet reduction. do they complement each other or does one replace the other? if you institute balance sheet production earlier, do you take the weight off the conversation of increasing interest rates sooner? tom: jersey did some great work on this with bloomberg intelligence yesterday, trying to calculate a unit movement of both a rate move and balance sheet move. jonathan: the numbers are huge. our next guest is looking at something like $1.3 trillion of balance sheet reduction through the end of turning 23 -- end of 2023. tom: it is absolutely original.

jonathan: what this means for risk assets too. tom: it will be an original press conference today with michael mckee leading the way. helping us is the head of global research and chief economist at jp morgan. i wanted to go back to economic growth and the ability to create jobs. you mentioned a hiccup of activity. how hiccupy is the hiccup right now? >> we think it is pretty sharp as you move into the new year. we are looking for the u.s. economy to post a 7% gain in q4 and something closer to 1% in the first quarter. that is a pretty dramatic downward move and you will see a big drop in consumption in december we get the report later this week and i think january is going to be a pretty weak month. the hope is that omicron hits hard and fast but also leaves fast and moving out toward the

end of the quarter we are turning to see the momentum off. tom: if we go from seven to one or whatever the number is, if we execute that deceleration, how does the central bank react other than to say we need to wait for the next round of data? bruce: i think generally the fed has made this decision that is pretty -- that it is pretty far behind the curve. they're looking at the economy very much the way i described, which means it is going to get hit by something pretty sharp, but it is also going to be pretty short-lived. we think by the time to get to the march meeting, the fed will be able to see signs that slowdown is starting to turn around and that is even more reason why as we go to this meeting, we don't think the fed is going to lose its optionality about what it does in march. it is going to tell us it's scheduled to start hiking in march but it will not give us a sense of how fast that phase is.

lisa: you said something that stuck out to me, that there is a risk that the fed completely stops buying bonds or any assets by february. i assume this to mean that even reinvesting, allowing the balance sheet to shrink much more quickly. what does that look like in terms of economic ramifications and the reasoning behind it? >> i think there is a risk that they move the tapering forward one month and end the purchases. i don't think they will start whining on the balance sheet as we move into march. the issue is how strong the signal is that they want to send. they know they are behind the curve. do they need to keep going here? i think it is one and four in the sense that they have not guided us towards that and actually doing that would be a stronger signal that they are going to get more aggressive. at this point, they still want to keep their optionality, recognizing they will start raising rates in march and that

is still two months away. lisa: how do you view the balance sheet in terms of policy? people are trying to game out how any rate hikes that is equivalent to. what is your view on how the fed is using this? bruce: how the fed is going to use it is easy. how it is going to impact financial decisions is complicated. we need to get going faster because we want to adjust financial conditions and also because the balance sheet has been so bloated. we're going to put it on a pace that the caps are going to be set, in when it gets to the peak at $100 billion or so a month. the issue -- the thing is the fed is going to put it on automatic pilot. they will let the balance sheet runoff, watch how both the balance sheet and rate moves affect financial conditions, but it is going to be the rate movements that will adjust if they get too little or too much response in terms of financial conditions, and their goals on

hitting inflation and growth. tom: i will go back eight years if not 10 years, your shop lead with an analysis of what the terminal rate of various economic indicators were, which was just stunning. division of a potential gdp in the vicinity of 2%. recalibrate right now, the correct terminal inflation rate. is it above 4%, which is frightening, is it at 3% or adam suggests we need a new level of inflation, or do we go back to something on the edge of verrilli? bruce: terminal inflation and where the fed needs to go, to make sure we stay in that zone. i would start with the idea that the fed tolerance level for inflation is probably in the 2% to 3% range. what they will do is set policy to kind of be comfortable that inflation stays above 2% but if

they feel like it is moving about 3% on a sustained basis going forward, then they will get more aggressive. what is the fed going to need to do? there view of neutral is 2.5%. i think it will be hard to contain inflation just getting to 2.5% and i think even though he supplied side of the economy looks weak right now -- the supply side of the economy looks read -- weak right now, it is stronger than it was and -- the same amount of restraint and perceptions over time, i would suggest the fed ultimately will have to get well above what it currently perceives as neutral before this cycle is over. tom: are they a greenspan measured shop? bruce: i think we are not going to get that message today. certainly greenspan and yellen at the start of the previous cycle in 2015 and 2004 said they

would move in a measured and gradual way. i don't think the fed is going to guarantee that at all and there is a reasonable chance that we start to feel like greenspan 1994 in terms of the way the fed begins to adjust if we can't get the inflation down. lisa: based on recent experience, the selloff we have seen and the correction in u.s. equities, how high do you think 10 year yields can get before something breaks? bruce: i would emphasize the equity market correction if it continues could be a problem but there is a big difference when equity markets are correcting because people are repricing the fed and equity markets are correcting because we have an economy that has got problems otherwise. i think you can see equity markets correct without it doing undue damage or even really driving the fed to change its path. our view is that 10 year yields are going to end at 2.25%.

-- is also going to change people's perception of how fast and how far the fed is going to go. i think there is a tension which is not at all clear. i'm comfortable with getting above 2% blue -- but we don't see a real spike in yields. jonathan: wonderful as always. bruce from jp morgan, thank you very much. some of those numbers are huge and if you -- and you asked something is going to break. something is cracking. the nasdaq is down year to date. lisa: talking about indiscriminate selling, on monday in particular. that said, it has not been disorderly. it does not feel like 2008. this doesn't feel like wholesale meltdown like some kind of mechanics of the market are fundamentally malfunctioning. that's not what is going on and for that reason, most people are saying the fed is probably not

going to take it. jonathan: we've drawn down the difference between market pricing. the fed would be much more cautious if it was breaking. these numbers are just huge, tom. here are the numbers from deutsche bank. $1 trillion of balance sheet reduction in 2023, looking at $560 billion of reduction this year. the conversation started and look what has happened around us. tom: original. let's go back to qe1, qe3. from that moment forward, it has been original. i was mentioning before went on air from duke university, wendy carlin, you look in the textbook, none of this is in there. jonathan: it is different to what we heard many years ago.

tiny financial conditions are the goal. that is where we are at now because inflation is where it is and real gdp growth is where it has been over the last 18 months. tom: and that's fine and easy to say but we are decelerating from chinese boom equivalency in the united states to something that is flat out on except double. -- flat out unacceptable. jonathan: and we are just getting started. futures at 1.5% of the s&p. the nasdaq up by 2.5. some good news out there on the pandemic. we will cover that with our next guest from johns hopkins university. this is bloomberg. ♪ ritika: with the "first word news," i'm ritika gupta. a federal reserve is in the spotlight.

policy leaders are expected to reveal plans to raise interest rates. that rate hike is not likely to happen until march. the fed is trying to contain the highest inflation in four decades. president biden has wrapped up the effort to deter russia from war. he says he considers personally sanctioning vladimir putin. president biden has already threatened some of the most severe economic penalties the u.s. and its allies can muster if ukraine is invaded. speaker nancy pelosi will run for reelection for her san francisco congressional air seat -- congressional seat. previously she has said that this would be her last term in leadership. she is 81 and has been in congress since 1987. a trade group warns that hong kong's zero-tolerance approach to covid could leave them cut off from the rest of the world until 2024. that could fuel elm -- that

could fuel a mass exodus of international workers. in hoboken, new jersey, -- the bond issue was to be issued for building a high school with an indoor ice rink. 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 ritika gupta. this is bloomberg. ♪

>> we have to start thinking about better vaccines, or universal vaccines, vaccines targeting variants if we will

want to get people confident that they can go about their lives. jonathan: always great to catch up with him. with tom keene and lisa abramowicz, i am jonathan ferro. the nasdaq up more than 2%. the s&p 500 up 1.5 percent. yields higher by a single basis point. going into a fed decision with chairman powell news conference later. on the omicron front, all signs are things are sorting to improve. on the economic outlook, we will take some pain up front in some countries, particularly germany. they cut their outlook to 3.6%, down from a previous prediction of 4.1%. that previous forecast in october, the update today. tom: talking about a 1% statistic on this quarter. right now, associate professor of emergency medicine at johns

hopkins joins us. there is a point in part four, wandering into part five, as one of the characters stays in a quarantine camp that the scene falls apart, the thinking falls apart. there is just a mess in that town on the southern mediterranean. we seem to be there right now. the cross current, my head is spinning. an op-ed in the washington post this morning, talking about three medical pros like you, saying masks in school, what do we do? what is your prescription right now in this great debate over masks? >> my prescription right now is masks in schools should remain. we are still in a surge. we are at the end of that surge but it is not over just yet. masks are protective and we are waiting to see if new variants of concern are about to emerge. right now, masks do more good

than harm and they should stay for the time being. tom: are the courts being scientifically rational, to you, or are they a hindrance to getting this society better from this plague? >> i think covid has flipped between a scientific debate to an emotional debate to a political debate. the decision about masking is very much emotional and political, masks do no physical harm to the individual wearing them. there are still children under five, many members of our society who are unvaccinated. we still don't have a curative treatment for covid. we know people who have covid can get reinfected. right now there seems to be no scientific benefit to not wearing a mask. lisa: you set a couple weeks ago that you think that by summer, we will be pretty much back to normal. based on the trajectory of the latest statistics, are we on

track? >> yes. looking at the data from south africa and the unit a kingdom, we knew this was going to be a 30 day period where we have to hunker down and be patient. we are now on day about -- we are now on about day 20 or 23 and in the next week, we should be back to that baseline infection rate. the only thing to watch right now is what happens internationally. internationally, covid cases have continued to rise and in some countries, it is the beginning of that surge and what we are concerned about is if covid cases continue to rise internationally, without cause variants of concern to emerge? lisa: based on what we are seeing right now, is it seeming like an omicron infection does provide immunity for the existing strains? >> yes there is scientific

research that shows having omicron protection protection against the delta variant. there is no evidence that omicron infection will protect you against future strains and we also know that the omicron infection, a study from germany identifies that two thirds of individuals who have had covid previously were the ones that got repeat infections with omicron. lisa: jon's face was priceless when i asked that question. tom: did you catch it on the camera? lisa: i did. jonathan: this is basically her personal segment. lisa: have any people have you told that you are basically bulletproof now that you've gotten omicron? tom: i haven't told anybody, unfortunately. lisa, jon and i insist you have the final question. jonathan: just keep giving it.

tom: i'm going to do my nails. lisa: i am curious how much higher we expect the death rate to be, not to bring it down to a morbid place. >> to be honest, you look at the death rate, we are seeing a decrease in the number of cases but the death rate continues to rise. it is rising at a steady rate and -- it is deaths from individuals from suicide, gender-based violence, strokes, pneumonia, with health and human service resources being closed down, access to services for children, vulnerable children. the death rate is a really dark

hole but it is a bigger hole than you originally imagined because it is not just about covid but the impact that covid has had on our health system as a whole. jonathan: so much to do on that front and so much to talk about in the future. the solution always brings about its own problems. lisa: this idea that the virus is potentially going to be more fatal than the flu is definitely weighing on people's minds. what are we getting into in terms of the seasonality of this virus? tom: 2300 deaths per day, 600,000 death run rate. the flu is 40,000 to 60,000, may be higher. this is way more harmful than the flu. jonathan: the important question, have we established that lisa can do whatever she wants now? have we established that now? lisa: we established that last

weekend. i'm still prudent, i still wear a mask but there is a burning question. are we done yet? if we have gotten sick, gotten the vaccines, gotten boosted, can we just end this thing? i think it is a valid question and it is for me and for a lot of people. are we done? jonathan: i will bring some headlines to you. the foreign minister in russia is saying the west is pushing for provocation with ukraine. tom: to me, the thunderstruck moment yesterday and i think that guardian in london, a chart showing a movement of russian troops from siberia all the way over to belarus. you don't do that if you are just putting soldiers in motion. jonathan: tom keene, lisa abramowicz and jonathan ferro. your equity market is positive this morning. the nasdaq 100 bouncing back by

two percentage points. tom: you look good on the bramo cam. jonathan: i like the filter lisa uses. yields higher. from new york city, this is bloomberg. ♪

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>> rates affect everything. as long as they are going up risk appetite will not be in a good place. >> the fed is more likely to be responsive to credit conditions than the s&p 500. >> i know the narrative is gloom and doom, but we have to step back. >> what we are seeing is a good opportunity we think to get more aggressive and play the economy for now. >> this is bloomberg "surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: waiting for chair -- waiting for your chair powell, good morning, good morning. i am jonathan ferro. your equity markets up nicely on the nasdaq by more than 2%. tom: a precursor to a very important fed meeting.

i have ton