♪ >> we are going to have a volatile but trendless market. >> we are in a rising rate environment. >> i think corporate america can handle higher yields. >> markets for the first time in quite some time are facing less liquidity and tightening economy overall. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the mood improves for now. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market higher by more than 1% on the nasdaq, up 0.8% on the s&p. tom: 19 on the vix would be a big deal back to january 14, but right now, 20.73 on an early morning vix. i would note nasdaq puts it on

in the last hour, up 1.1%. jonathan: how big a deal will it be if governor hochul backs down from that mask mandate later today? tom: it is a huge secondary story on what governors are doing. i know it devolves down to counties. we will see what new york city does in this case, but it is a bigger deal than people are putting on. jonathan: it is the conclusion of the last few weeks, moving on from omicron. lisa: are we there yet? how will we know we are there yet? here's your big chance. you can tell everybody, jon ferro. jonathan: i am not going to do that. lisa: i think governor hochul is trying to signal that move towards endemic versus pandemic, which leads us to what does the post-pandemic economy really look like. i think we are seeing higher entrenched inflation than people expected. jonathan: i think when the cafe

doesn't behave like the tsa, maybe we have moved on. lisa: what cafe do you go to? jonathan: i'm not going to tell everyone, but you have to show your passport if you don't have a state id or driver's license. that's all i've got, so i show my past port -- my passport, and a look at it for 15 seconds. it is quite an experience. on the nasdaq, up a little more than 1%. you can see i am very bitter about taking my passport out for coffee. yields in four basis points on tens. and yes, it is decaf. decaf coffee. euro-dollar, 1.1413 come up 0.1%. lisa: your heritage, i just would think you would have espresso. we are focused on some of the fed speak we are going to get. michelle bowman and loretta mester are planning to speak at 10:30 and 12:00 noon

respectively. curious to hear how they set the cpi report we get tomorrow. how do they respond at a time when wages are not keeping up? real wages are near the most negative going back to 2008 because people's salaries are not keeping pace. how does the fed parse out the lower income tears most heavily affected by inflation at a time when they want a broader mandate with respect to the labor market? at 2:30 p.m., president biden is meeting with a number of utility companies to talk about different priorities in terms of spending, and terms of the green agenda. don't expect them to say build back better because right now, that is a sore subject considering the fact they have not been able to push it through. aftermarket, disney is planning to report earnings. the ceo is going to speak on bloomberg television at 5:00 p.m. how are they dealing with the streaming wars and the

consideration that netflix is not seeing the growth that they had been? are they winning, or are they seeing the same kind of slow down? jonathan: it is a very important question. many of us have too many streaming apps. i knowtom, -- tom, i know you are in that camp. tom: i just don't understand where the long-term profitability is. let me know when you find it. we mentioned the movie dog something doing so well in the nominations. it is $208,000 a box office. it is a whole new world. jonathan: dog something. tom: i don't know. jonathan: greg staples joins us now, head of north america fixed income at dws group. before someone screams in my ear and tells me to get there. you think chairman powell is a plastic hawk. you have told me that before. you say we still believe powell by nature is deliberative and dovish. let's talk about that second word, dovish. what convinces you that is the case? greg: i just think it is part of

his dna. he's not the kind of guy that is going to be preemptive and shock the markets with a 50 basis point hike in march. right now he's got that dual mandate of the fed in his sights between lower unemployment and lower inflation, and inflation is revving up. i think his tendency is going to be to support lower unemployment, even if it means accepting higher inflation. i think that is what is going on in global central banks. lagarde has the same situation right now. she talks about being complacent, but she's not going to be rest into a process -- going to be rushed into a process. she's got 5% or 6% inflation. i think that is the way they are being pushed. jonathan: where are you in terms of rate hikes this year? gregory: interesting question. i think that is the way to be right now, but i think the market is stabbing a little bit in the dark. you've got inflation that is out

there, and how many stabs does it take to slay it? right now it is five, but we really don't know. we will have to look at real-time indicators, things like commodity prices, real-time economic data like jobless claims, financial conditions overall, and it might take two or three to do it. it might take six or seven. i just don't think five is a robust figure. that is where we are at, but not something i will bet the house on. lisa: if you believe jay powell has hawkish talons, do you believe they are not going to go far enough to stave off a more entrenched kind of inflation than the market currently is expecting? gregory: what they are probably going to do is be more deliberate. the data we are seeing real-time is going to be inconclusive. friday's jobs print notwithstanding, introducing a lot of revisions in jobs prints, that is a number that is going to be in pencil and can be erased.

consumer spending is down a bit, and the decision framework for that march meeting is more complicated. in the face of potentially softer data, which we think we will see, it is not out of the cards that they will pause for a while, see how things play out, and that might end up running out the clock, and we could see three or four hikes in 2022 forget it is going to be very much data-dependent. very hard to lock it in right now. lisa: do you think we will see less of a risk of a curve in version then many people expect because of this hesitation from the fed? gregory: we are very much a believer in that. i don't think we are going back to the 2% pre-covid inflation environment. i think that was something that was through the teens and is not going to be the way the market works through the 20 20's. we are going to be accepting of inflation perhaps at two point 5%, 3%, and this is really fundamental as the labor force

gets more assertive in terms of the demands, in terms of wages. i think u.s. manufacturers and importers are going to demand more robust supply chains at the expense of the lower-cost supply chains, and all of that i think leads to higher core inflation. moreover, the fed has indicated they would like to see a steeper yield curve as well. i think that gives more policy flex ability -- policy flexibility. esther george laid it out very clearly. after the march hike, we probably look at a steepening of the yield curve. that is the way the fed wants it to go. tom: to rebecca patterson an hour ago, she said we will meet 5% on inflation, and that is what you are talking about, above 3%. how do markets react to that? do you just price in bond prices

south, yield up, bond bear market? gregory: what we are actually doing we are believing that the tips market is still something you can take advantage of. the market, the forward market for inflation is still very subdued. if you look at five-year inflation five-year forward, it has not moved over the past six months, so the market still believes that inflation is going to come right back down to pre-covid. we are not so much convinced of that. we still think inflation can be high. we do think that real rates are going to continue to trend more positively. the way we are playing that is buying the tips market, but i so would -- but actually had you not -- actually hedging out some of that real rate. jonathan: got to leave it there. thank you. these headlines coming from boris johnson, the prime minister, in the house of commons addressing a q&a session

in parliament, saying that covid restrictions will be lifted at the end of february, and he will announce a plans for living with covid on february 21. jonathan: i have no idea where that phrase came from, but that is the heart of the matter. the prime minister, whoever came up with that phrase has nailed to the endemic nature of this. you wonder if we will see that from the governor of new york state today. jonathan: getting away from these research in a fuller way. lisa: your question about politics versus health policy is prudent for this one as well. i wonder how much this is because he is highly embattled. yes, there's a real scientific reason for why to lift this. at the same time, you are not hearing the same sort of message from a lot of health officials. i think it will be interesting to see whether people absorb this the way that they want them to. jonathan: the very fact you are asking that question this morning, is it the politics or the science, isn't that a problem in and of itself?

lisa: it is a problem that basically, they have mixed the politics, science, saying we didn't need masks when it was really that they did not have enough masks at the very beginning, and just a series of issues that leads people to question what the motivations are and what they should do, and sort of taking their own cues. jonathan: that question has been asked this morning of democrats. is this about the science and the data? when you look at the data, things have improved dramatically, but they are suffering in the polls, too. tom: it is 2/3 of the way through the plague where society falls apart. that's where we are. it is about politics. it is about science. it is about all of the above. jonathan: your equity market looks ok this morning. better than ok, up 0.9% on the s&p. on the nasdaq 100, up by 1.3%. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta.

the u.s. congress is split over imposing sanctions on russia. senate republican leader mitch mcconnell is skeptical whether sanctions would sway decisions on ukraine. mcconnell says the nord stream 2 pipeline should be blocked, and that president biden already has the authority to enact sanctions. russia has denied it has any plans to attack ukraine. hong kong reported a record of more than 1100 new coronavirus cases today. many were linked to family gatherings during the lunar new year. emergency services are said to be overwhelmed. here in new york, the state reportedly will drop its stringent indoor mask mandate, according to "the new york times." demand it requires businesses to ask for proof of vaccination or require mask wearing. protesters blocking traffic between canada and detroit are further stretching and auto supply chain that is already worn thin forget automakers indicate there's been little impact so far, but the situation could get worse within days.

the demonstrators are showing their opposition to those vaccine rules. media mobile breyer and allen is preparing an effort that would making the first majority owner of a football team. he says he would be making a bid for the denver broncos. an investment group could pay as much as $4 billion for the team. 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 in the senate and the house are working to pass bipartisan legislation to make it absolutely clear that if putin invades ukraine further, he will face punishing economic sanctions. jonathan: united front in washington, d.c. from new york city this morning, good morning. tom keene, lisa abramowicz, and jonathan ferro. your equity market up 0.9% of the s&p. on the nasdaq, up 1.3%.

yields come in four basis points on tens. crude backs away as well, down 0.4% $88 90 seven cents. bdp yields coming in. euro-dollar, 1.1440, positive 0.2%. tom: not much information. the really old churning before to mark the real yield churning -- the real yield churning before tomorrow simply should -- for tomorrow's inflation report. maria tadeo joins us. brief us on macron and putin, how it folds into french domestic politics. who at home was macron playing too as he met with vladimir putin? maria: i don't think he is actually trying to speak to his domestic audience. he knows there's an election coming up, but he knows this is not going to change the debate in france for the average french

person. this was really about what he thinks is giving europe a voice. he has been very clear if we don't speak for ourselves, someone else will. that was the whole point of this meeting. two things that i think are very important to highlight here. on has to do with the language. there has been a lot lost in translation over the last 24 hours, particularly when it comes to finland. it emmanuel macron suggest that ukraine should be like finland? he says that he never did. the other point is what did he get on paper. the french say nothing on paper, but they point to the slide that means there's no escalation, no degradation of the situation. the time being, that is good enough. jonathan: i am pleased you translated that for tom, justin --, just in case he tried to say it. let's get back on the rails.

how united is the front in washington? annmarie: we are waiting on the sanctions package. while this was a sense of urgency to get something across the finish line, it is starting to fade because they are still hammering out the final points. one of them has to do with nord stream 2. senator mcconnell yesterday said there is going to be a sanctions package big enough to deter putin, and said that the adminstration is to take action on nord stream 2 now. it does seem everyone is on board in terms of sanctioning, but should they sanction now, or should they wait? should they be prospective or strict deterrence? that is what they are waiting on. and it has to go to the house, so you are looking at weeks because they are going on recess in a few days. lisa: what is the latest on nord stream 2? we have been hearing about that from president biden, with no denial from olaf scholz. how much is germany really on board with saying if you aren't

going to play nice, we are not going to accept your oil through nord stream 2? maria: this is very important because the germans feel there's a lot of misconceptions about foreign policy, and there is a reason why olaf scholz went on cnn to speak to everyone. they are not sending weapons, but they are sending billions to ukraine. when it comes to nord stream 2, this always gets put down to a yes or no question. the reality for the germans is much more complicate it because this thing is built. it is huge. the contracts are out there. the german government knows that one way or another, the taxpayer is going to have to pay. for them, it is not a yes or no answer. it is pretty clear that if there is invasion into ukraine, there's no way the german regulator is going to approve this. so not to give too much credit to all of schulz, but the point the germans make, nord stream 2, this is not a black-and-white question, and we are not going to approve it for the time

being, it is actually very factual. lisa: how much has the u.s. done towards releasing reserves and shoring up other reserves elsewhere that could get directed to europe in the case that this does escalate to some sort of fissure in the connection between russia and europe? annmarie: we are already seeing it overnight, talking about how japan is starting to divert some of those shipments. they were going to take on lng in case of an invasion into ukraine. the administration and eu officials going around, talking to lng producers as well as customers, is starting to take effect. when it comes to maria's point on nord stream 2, i will say in washington it is definitely more when you talk to senators a black-and-white issue. they think either you sanction it or you don't. but before all of schultz cane income of this administration struck a deal with chancellor merkel on her final visit to washington, basically saying we are going to allow the pipeline, but if there is further invasion of ukraine, oil and gas from

russia is on the table. jonathan: ann marie down ndc, along with maria tadeo -- annmarie down in d.c., along with maria tadeo. tom: someone emailing and says tom, lose the french. she speaks like eight languages. jonathan: she set up. the french, the danish. just move on from foreign witches, tom. tom: i will degree. jonathan: let's not -- i will do greek next. jonathan: let's not move on from this market. yields yesterday close to that 2% line in the sand, down four basis points. today, 1.934%. lisa: we have really not emphasized enough the shift in tone, saying that the fed will not move quickly enough to stave off inflation. inflation is going to be much

higher in the longer term. this is the debate. right now, markets have weighed in not in the transitory, but kind of on the transitory side, basically saying it is going to fade, and either growth is going to slow enough or we will go back to a real weight of growth where we will see sub 2% treasury yields. are they right? jonathan: that view does not strike me as a contrarian one. i hear that from so many people. you at market pricing come you tell them bank of america, even harris's at seven, and they go, that is not going to happen. lisa: people do not believe you are seeing entrenched inflation. tom: can i bring it over to the real world, which is what patterson said about high nominal gdp, which will maintain demand and corporations will somehow survive and move forward into the bowl case -- the bull case? earnings may actually be ok. jonathan: that is a discussion of 2021. will that be the description of

2022? tom keene, lisa abramowicz, and jonathan ferro. teachers up 0.8% on the s&p. on the nasdaq come up 1.2%. up with the gsk ceo, emma walmsley. this is bloomberg. ♪

♪ jonathan: two hours away from the opening bell. live on tv and radio, here's the price action, up 0.8% on the s&p 500. on the nasdaq 100, up 180 at -- up 1.8%. can we sit on the bond market for a minute? we back away from the recent highs read yesterday, getting close to 1.97%. yields in now 1.90 fifth 2% -- now to 1.9252%. lisa: just to give some perspective, people were saying that the bigger surprise would be a downside surprise to the number, and the reaction would be more significant in markets. i have to think people are trying to get ahead of that at a time when so many do not see the united states growth rate,

frankly inflation, breaking up so materially over the longer term. jonathan: 7.8% is the median estimate going into tomorrow. if we switch up the board, let's get a flavor of europe this morning. for seven straight sessions, italian yields higher. then italian yields come back in. the euros deposited positive by 0.2% to 1.1437. this is the call from morgan stanley. we expect eu equity outperformance to continue given the fairly benign macro backdrop, bullish macro trends, and p/e ratios that have largely normalized already. we stay over with the financials, the commodities come of telecoms, and the ftse. that call on the banks in europe, just unlocking a positive yield, can that actually happen at some point in the next 12 months? tom: let's mark this second week of february. it will be fascinating to see in october or early into next year, was that the right call? jonathan: on the year, up by

13.60%. that is the price action. let's get you some movers and welcome in kriti gupta. kriti: let's talk about the earnings stories, because they are coming in hot and heavy. cvs top of the leaderboard. cvs actually beat their earnings. so why is the stock lower? a lot of this has to do with their cash flow. this is going to be a key metric to look at. they slashed their cash flow outlook. they are dealing with a 1.1 $4 billion charge when it comes to store related closures. the vaccine traffic they got not offsetting what is coming for that company. if pop another downside ashley k-pop -- lyft another downside story. $20 million was the estimate. i think the most interesting story is chipotle, up 6% in the premarket. they hiked prices in december by 4%, and they are able to offset some of those rising costs in terms of labor, meet, and even

avocado prices, which have been skyrocketing. to boldly being able to offset and pass along those costs to the consumers. i think this is the most fascinating story when it comes to margins and how much the customers can digest. let's talk about the other side of the trade which is going to be this tech companies. another story of a chi pmaker really raking in those earnings. the industry is just not prepared. they have not added that capacity to absorb the demand currently here and that is coming. microsoft is the other story in the deals space. mandy and -- mandy at -- mandiant is higher off a deal that they might be interested in the security company. tom: i want to roll off the story of many banks into one bank. yes, it is gsk, but it is

essentially a pharmaceutical and consumer roll up that is challenged. emma walmsley is of l'oreal, and of course, is the chief of glaxosmithkline. dame walmsley is under a bit of distress. jonathan: thank you for that. fantastic to have you on the program. it's look through the earnings we got this one. the near is good. citi came out with this in response. "jace k's -- "gsk's path remains dependent on the higher growth rate." what is going to satisfy this people? dame walmsley: first of all, thank you for having me today of the back of announcing strong performance for 2021, an excellent quarter, and showing momentum across the business as

we are building into this landmark year in 2022, when, as you know, we are separating into two exciting growth oriented companies, and delighted to be guiding for this year for new gsk biofarma with a 5% to 7% topline growth rate, and 12% to 14% operating margin growth. that excludes any contribution from covid solutions. it is also the first year of the five-year outlook we have given of growing at more than 5% and more than 10%, which is a change in delivering for gsk. at the heart of that is the progress in innovation. when you look back at 2021, we grew on new and specialty products by 26%. that is very important momentum. we look forward in vaccines, obviously adult vaccination hit by the prior vaccination of covid vaccines, but we see the

product doubling for us by 2026. across our total r&d pipeline, we have 64 assets, 22 of them in pivotal stages and seven with big milestones, in rsv, rheumatoid arthritis, and hep b. jonathan: reading at the press conference from j.p. morgan, when it comes to oncology, i find it depressing how that lifted that area of health care has been over the last two or three years. just fixing that is omicron fades, how much of a tailwind is that for you? dame walmsley: oncology is one of the areas of specialty medicine that gsk has reinvested in. one of the most important strategic shifts we have been driving is towards vaccines and specialty medicines. gsk got out of oncology completely, and over the last four years, with new talent, some business development moves, and homegrown assets, we have shown really good growth in

ecology -- in oncology and and exciting pipeline, too. diagnoses and surgery rates are down a lot. we have tremendous medicine for women facing a really difficult cancer diagnosis, and surgery rates are down 20%. so we are all hoping that is dependent moves into an endemic stage, we are going to see further growth fueled through that, and mainly a real impact for patients. jonathan: we hope we can fix some of that soon and quickly. let's talk about how you are going to do that. you've got a plan. unilever has other plans. have you spoken to the ceo about the bid? emma: we have been very clear and very public since the news of this emerged in our price release -- in our press release statements that obviously, gsk's

priority, in fact, since we announced 2d emerge -- announced to demerge, it has been about transparency. we did reject them unanimously, alongside joint venture partners as well, just for fundamentally undervaluing what we have built in this pure play consumer business, and particularly its future prospects for growth. we've had a lot of support, some of it very public, from our shareholders, who we listen to and talk to a lot, about continuing with the plan forward , and we have a great capital markets day coming up on february 28, when we are going to bring a lot more visibility to the above market growth prospects for this business, sustainable margin expansion, and the unique portfolio manager and great portfolio team. jonathan: is he aware of what

your price is? i don't expect you to negotiate with me now, but does he know what the price is? emma: we have been extremely clear that our priority is shareholder valuation. our focus is on ma -- is on making sure that we unlock the balance sheet for gsk, and absent a better offer, we are going to stay very focused on executing that successfully. jonathan: you know what elliott management thinks. this is what they put out in a letter last year, last july. "this is a firm with a poor record of operational execution and value creation, leading to skepticism about the company's future and under appreciation of its true potential. for some people, you are a ceo under pressure at the moment. it is almost five years of the top, five years which have delivered negative returns for the stock. how are you going to keep people like elliott management happy? emma: we are all very focused on

listening to our shareholders and talking to them. i was brought into address perennial underperformance for this company, and over the last four years, we have been addressing in a comprehensive way a wholesale transformation of reprioritizing investments in r&d and strengthening the pipeline. we have been completely reset, the group structure with this path forward into separation into two new companies, and most importantly, we will see all of that translating into meaningful growth. we are incredibly excited that this year is going to be the first year of that delivery of more than 5% topline growth and more than double digit bottom-line growth. whilst allowing for continued investment and a prioritizing of the pipeline with a great leadership team that is completely committed to delivery for that. jonathan: i look forward to

seeing that step up and performance. thank you for being with us. , walmsley --, walmsley -- emma walmsley, the ceo of glaxosmithkline. when you take over this company, you are inheriting someone off his pipeline. it takes a long time to reshape the business. now it is about results. tom: the struggle of pharmaceuticals and consumer goods is timeless. we sought in the merck conversation another day. glaxo has been clumsy from the get go with many mergers. you wish them the best of luck into 2023. jonathan: this is the year you hope it gets fixed. from new york city, most tom keene, lisa abramowicz, and jonathan ferro, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. a new york judge has granted bail for two people charged with trying to launder billions of

dollars worth of bitcoin. the cryptocurrency was stolen in a 2016 hack of a finance currency exchange. the government says they have seized about three point $6 billion of cryptocurrency from the couple. china came up more than 1/3 short of its purchase commitment for goods in the deal with the u.s. that was reached during the trump administration. u.s. government data showed the biden administration has said it would hold china accountable. in the u.k., prime minister perez johnson trying to shore up support within the conservative party. -- minister boris johnson trying to shore up support within the conservative party. he is attempting to write out the political storm from a series of scandals. 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. ♪

>> i think the debate that has been out there is not changing just because we have been pricing an aggressive fed tightening. we still have a low terminal rate. is there a lot of good academic work on what the channel really is? no jonathan: -- no. jonathan: alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up 1.25% on the nasdaq. on the s&p, of 0.9%. yields backing away from recent highs, down three basis points on tends to 1.9288%. i should not have a go at for his french when i am struggling with my american. maryland, not mary land. have i corrected that? to the people of maryland. i have done that right now? thank you. tom: like when i call the spurs the tots, the take a little offense. jonathan: i just want to make sure things are right.

we are here with a market lift. we look at the majors, the big stocks, some of the little stocks, and we look at the greater of equities, bonds, currencies, commodities. we ignore em at our peril, given these central-bank instabilities. damian sassower is here, chief emerging markets strategy at bloomberg intelligence. his jerome powell, mr. bailey, madame lagarde, are they central bankers to the em world? damian: they are starting to look like it. the markets are definitely reacting to what is going on with the easy be -- the ecb. tom: how is indonesia reacting? damian: indonesia is going to announce tomorrow. they're going to get changed. the big moves this week are going to be mexico and russia. mexico is going to go 50 on wednesday. they are so far ahead of the curve at this point, many of these curves are flattening. some even inverted.

i think a lot of it might be priced in. people are looking through to slower growth. tom: they always lag. what is em slowing? damian: there's no question. there are certain pockets of the market. here's the thing. everyone is saying central-bank's are raising rates in emerging markets. you expect currencies to rally. we are late cycle. the brazilian stock market is up nearly 13% your to date. in nigeria you are seeing much the same thing. people are saying a stronger dollar -- sorry, rising u.s. yields should mean a stronger dollar. i think that is more the stronger rotation we are seeing in value equities. a lot of these flows pushing into the late cycle economies are really what is driving the currency moves here. lisa: how much are you concerned about the second half of the

year end of china does abandon the covid policy? if we get a slow down a pboc that lacks some of the ability to contain all of this with drastic easing measures? damian: if growth returns and the pboc does start to cut rates, isaac that is good for emerging markets. china does not seem to be abandoning zero covid, and at this point it seems very political to me. i don't expect a lot of help from the pboc. maybe we are expecting 50 to 100 bps, but i think it will be frontloaded. you have to look at small and medium-size households because that is a reflection of the market -- the mortgage market in china. lisa: they are easing while everybody else is tightening. is it just china, or are there other regions that will benefit from an easing cycle amid the tightening of the rest of the

world. damian: we look at the philippines, indonesia. certainly on the fixed income side, it is all about the yuan relative to the dollar. u.s. and china three year yields , is now 68 basis points. dollar-yuan tracks the china u.s. yield spread differentials very closely because that is your a fetid kerry in moving your money offshore to a place like china. that is compressed significantly. i don't really see china being the play because i see tougher times ahead for the yuan. jonathan: can you track the plunge protection team for us and talk to me about how significant that is? typically when state bound funds going to the market, you get a ton of snark in response to it. using there is some signal there. can you walk me through it?

damian: the protection came into the market on monday. they were buying energy, utilities, financials. it is what are they buying and what aren't they buying to support the market. they are not buying technology, not buying jd.com. that tells you a lot, but you need to be prepared that when the equity market is off to .4% intraday, it is bear market territory. you kind of expect the national team to come in and smooth performance. tom:tom: i look at the nigerian equity etf, nothing has cratered over the last eight or nine years. no shock, the nigerian courtesy -- the nigerian currency has cratered as well. how does a mere mortal make any money in your world? damian: i am a nigerian savant,

so the deal with nigeria is when you invest in nigeria, you have to get your capital import tax on the way and so that you don't get hit on the way out. it is very difficult to move money in out of nigeria because the currency is not very liquid. it is the nigerian offshore. it is kind of like the dallas thing you have going on with jonathan and lisa, but it is up 13% year to date. it doesn't really say all that much and it is not that investable, but from a frontier market perspective, a lot of investors have money parked there. jonathan: damien knows so much about 70 things and some new places. damian: can we talk about sunday? lisa: the alternative asset class. damian: right.

i like the rams. a lot of people -- look, defense wins championships. the rams have a better defense. burrow has been sacked more than anyone the season. they are playing at home. you've got snoop dogg, eminem, mary j. blige. i like the rams. jonathan: snoop dogg is a wide receiver for the rams. [laughter] it is going to make a massive difference. thank you, damian sassower. tom: should i mortgage the house on this? jonathan: i suggest you should not mortgage the house on anything. tom: bloomberg has a great betting story come on nfl embraces fast growing pool of 100 million batters -- 100 million betters dumber than sassower. damian: it is about the prop bets. it is not going to happen.

tom: is snoop dogg on the offense or the defense? abigail: wide receiver for the rams -- jonathan: wide receiver for the rams. i told you that. from new york, this is bloomberg. [laughter]

>> if inflation does continue to build and wages respond to it, the question will be due central banks play catch up. >> inflation is starting to rise more precipitously. that is not a healthy consumer. >> a soft landing would be if you start to see these inflationary pressures come down . >> the fed needs to move quickly. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: