for reasons of equity. rather than saying, well, we should prioritize latino or native american or black americans, but no, the risk is from exposure. we need to prioritize those. one of my concerns is -- and it is getting better, it is definitely getting better. one of my concerns is states are not looking at this. they are not looking at vaccination rates by race and ethnicity and other factors, they could be missing places where there are resources available that could be addressing these needs. chelsea: dr. besser, i don't know where you are. i mean, i know where mayor garcia is, i know where dr. ozawa is. [laughs] but here in new york, because we have had disaggregated that data, it painfully highlighted how inequitable the first few weeks of our vaccination campaign was, and it enabled the state and the city specifically, to make different decisions about how certain sites were prioritizing based on neighborhood or based on essential-worker status. and yet, we also had to have an effort to sue our gov

and european equities futures.hat is as investors weigh the impact of the recent climate bond yields and the chinese officials warning about asset bubbles. let's talk with mark cudmore, our managing editor in singapore. good morning to. let us start with these warnings. what kind of messages are intended from these warnings around bubbles domestically and internationally? mark: i think there's a real kind of step change in the rhetoric today. we know they have been worried about asset bubbles for some time. they have been tightening. one of the few economies in the world that has been able to try tightening liquidity at the markets -- margins. that is taken fraught out of the markets. they are trying to allow a few more debts in a slightly controlled manner. the fact they are saying we are still worried about this even after some of the recent price action is showing they are really committed. that has made the markets a little more nervous, especially with other reasons for volatility. i think this is something th

or do you focus on equity and fairness? >> that question just drives me nuts. >> me too. >> i may not be as politically correct as you have to be when i say the question drives me nuts. equity and efficiency are not at opposite ends of the same spectrum. nothing without equity embedded into it will be sufficient. >> this is also my answer. we have to be able to do things with speed and efficiency, and we have to be able to do it in an equitable fashion. i think about our work with federally qualified health centers, many of your audience may be familiar with the community health centers. there's about 1300 of them across the country that provide services to about 30 million people, two thirds of whom are racial and ethnic minorities. we are engaging directly with community health centers to make sure they are getting vaccines into their clinics so they can deliver them into their communities, two people who've been disproportionately impacted by the pandemic. we started with 250 of these clinics serving about 12.5 million p

with equity of course. what exactly is equity? and how is it different from equality.quality being the essential principle of this was founded on . it designed to challenge power, equity by contrast is designed to protect power. equity is what the british monarchy had, equality is what the american colonists wanted. equality is where allowed inder jackson to rise from poverty an make it all the way to the whit house. andrew jackson was tough, smart and energetic. he lived a remarkable life and america rewarded him for it. that is equality. people like that rising to the top right equity is the opposite . equity allowed kamala harris th privilege child of two phd's to stay privileged. in the end to become one of the most powerful people on that planet despite having this huge nothing impressive or worthwhil over the span. inder jackson and kamala harris both democrats, one the child o equality, the other a child of equity. so to recap, equality challenge power, equity protects power. that principal has never been o starker display than in the cas of the teachers union w

equity is the opposite.ity is what allowed kamala harris the privilege child of 28 phds to stay privileged. in the end, become one of the most powerful people on the planet despite having achieved nothing impressive or worthwhile over the span of 56 years. if andrew jackson and kamala harris, both democrats, one of the child of equality, the other the child of equity. that is the difference in a nutshell. to recap, a quality challenge is power power. that principle has never been on starker display than in the case of the teachers unions, which are some of the most powerful institutions in america. you're using the term equity to justify their own prerogatives as they hurt the week, in this case, school children. last night we told you what the president of the los angeles teachers union, and equity promoter called sisley cruz. for months, parents whose kids need education and los angeles have been begging to open the schools. how has she responded? by demanding that those parents shut up immediately. those

that is why it is an equity risk and equity return.e of this directional aspects are interesting. you do have the redemption rights to get your money back as an investor in case you do not like the acquisition. if you buy in the aftermarket at a higher valuation, the risks are higher. the real question to me is more about the de-spacing. at the moment, anyone can raise a spac. what will differentiate the good from the bad is their ability to -- anna: this raises interesting questions around governance. if you are going to invest into these facts, pick things you will like to pick, you are not going to have any assurance the end investment is going to meet investment criteria you might have. this is a bit of a ed winter for some types of investors. >> you have the ability, if you don't like the investment the spac is making, to redeem your catch. you are protected big picture against that. once that has happened, it is like any other ipo. some deals will perform and some will do less well. that is something every investor has to evaluat

it's an equity issue. it's complete bullshit that you're going to have equity in restaurants, but you're not going to have equity in nursing homes. you have got to solve that problem immediately. it's kind of ironic that commissioner chow says you're doing a marvelous job with vaccines, but i'm here to tell you, you're doing an absolute shit job, not a marvelous job, on the rights of residents to have indoor visitation. get off your butts and get it done. you don't need to study and develop guidelines for another damn day. get it done. >> clerk: okay. thank you, caller. i will move on to another caller because i see another hand. caller, let us know that you're there, please. >> hi, can you hear me? >> clerk: yes, you have two minutes. >> so i'm here to advocate for visitation rights for those in assisted living. it's been over a year since lockdown. there are some very dependant residents that need oversight from their families. it is a real crime that you locked the families out. they are the ones that p

equities today as well.ow does that rally sustain itself when you have higher yields, you did not have an easy be over the last two weeks buying bonds in their pepp program? what is the case for european equities? seema: it is a really tough one to make. we are concerned about european assets in general. look at the backdrop, and it is not performing as well as i think many people were hoping. the vaccine rollout has been disappointingly slow, and doesn't show many signs of acceleration that we have been seeing in other countries. the tightening in u.s. financial conditions also means that european conditions are also tightening. europe simply cannot afford. it doesn't have its own kind of fiscal stimulus package. so i think we do have a lot of hesitation with regards to european equities right now. guy: what about internationally focused european investments? you have a cheaper euro at $1.18 today. you have a global economy picking up quite nicely. anyone with exposure to the u.s. economy should benefit in

a lot of economic equity. and then finally, i think we're doing basic important things a lot of cities should be doing. we spent down $50 million of our reserves, which we haven't done, replacing those before the next pandemic, before the next emergency. but all of it done through an equity length. this is replicated in cities across the country. everybody is doing their own version of the american rescue plan. and long beach recovery act. so, we're very grateful and excited about what's next with infrastructure and whatever the administration is planning on. chelsea: great. enormous amount of gratitude for all three of you. and for any of you joining us, if you want to learn more about dr. ozawa's work, you will find her at the unc school of pharmacy. if you want to learn more about dr. besser's work, you can look at their impressive portfolio of programs. clearly, long beach is so lucky to have mayor garcia's leadership, especially in a year i know has been so personally devastating with you and your family

so workforce and health equity.we have work currently in both areas and as we know we have room to grow in both areas. in this particular budget we will be asking for funding for new training. policies anddata tracking resources, those are all required by the racial equity action plan . some of that we have in place . we certainly have basic trainings in place but we don't have the extent that is being asked at all levels of staff. and in some of the areas that are being asked so we need to expand their. policy changes and data monitoring will require something to be put in place doesn't currently exist , in particular data systems around professional development , around the hiring process and promotion, those things are reviewed but not tracked in any kind of consistent way and that will require some things to be dealt . establishing more consistent community engagement standards . it is asked for in the racial equity action plan, it is not as detailed as some of our own internal goals but we need to put resources

it's an equity issue. it's complete bullshit that you're going to have equity in restaurants, but you're not going to have equity in nursing homes. you have got to solve that problem immediately. it's kind of ironic that commissioner chow says you're doing a marvelous job with vaccines, but i'm here to tell you, you're doing an absolute shit job, not a marvelous job, on the rights of residents to have indoor visitation. get off your butts and get it done. you don't need to study and develop guidelines for another damn day. get it done. >> clerk: okay. thank you, caller. i will move on to another caller because i see another hand. caller, let us know that you're there, please. >> hi, can you hear me? >> clerk: yes, you have two minutes. >> so i'm here to advocate for visitation rights for those in assisted living. it's been over a year since lockdown. there are some very dependant residents that need oversight from their families. it is a real crime that you locked the families out. they are the ones that p

if you look at it empirically and the distribution of equity returns, the best yields for equities, 20, those were yields -- years in which bond yields were rising aggressively. there a much stronger reflationary expectation rather than correlation. jonathan: doesn't matter where you are in the equity market? greg: absolutely. rotation is a big thing. what we saw after the u.s. election was this bullets rotation -- bullish rotation. we had this net inflow. what we have seen since the middle of february, when the yield have started to accelerate, that has morphed. value is outperforming, but we are seeing actual growth. i think at the moment, the rotation is a more powerful story than a directional story. we have more conviction in rotation from growth into value and fiscal rotation then we have directionally. lisa: does big tech continue to lose value or underperform the more cyclical aspects of the equity market. greg: i think they are very finely balanced. if we see the rates continue, we run the risk that we see outflows from tech and negative returns. that makes a difficult environ

it's an equity issue. it's complete bullshit that you're going to have equity in restaurants, but you're not going to have equity in nursing homes. you have got to solve that problem immediately. it's kind of ironic that commissioner chow says you're doing a marvelous job with vaccines, but i'm here to tell you, you're doing an absolute shit job, not a marvelous job, on the rights of residents to have indoor visitation. get off your butts and get it done. you don't need to study and develop guidelines for another damn day. get it done. >> clerk: okay. thank you, caller. i will move on to another caller because i see another hand. caller, let us know that you're there, please. >> hi, can you hear me? >> clerk: yes, you have two minutes. >> so i'm here to advocate for visitation rights for those in assisted living. it's been over a year since lockdown. there are some very dependant residents that need oversight from their families. it is a real crime that you locked the families out. they are the ones that p

do you do with equity when you get the equity news out there.e are going to begin to seek guidance from corporations, and then indeed, we see q1 earnings announcements as well, and that is going to be a changed landscape. jonathan: you've nailed it this week. tom: i've done great on the tots. jonathan: not just the football. when it comes to the data, when we see what we all expect. how will we react to it? tom: we are going to stop the show right now and do this because our next guest is a fancy guy -- guy with a cfa and all of that. a bunch of latin mumbo-jumbo is the courage to get out front versus the courage of acting after-the-fact. i'm sorry, but, what was reaffirmed this week was expos. people wait to see, including jerome powell, what the data is. wait and then act. jonathan: let's set the scene this friday morning. good morning to you all. we look like this in the equity market. s&p 500 futures up 13, 0 .3%. tom and i talk about stability this morning in the bond market. a little look north of 1.75 percent in yesterday's session. in th

equity strategist. do you stick with it? david: the answer is yes. from a tactical point of view, the companies that lost money last year but are actually recovering this year, that is the benefit of a tailwind for better economic activity. the vaccine, fiscal stimulus that we anticipate that can get pass relatively soon. all of that benefits some of the cyclicals. that is not to say some of the tech heavy specular growth companies will not perform well, but just from a relative near-term perspective, probably cyclicals will lead the market. jonathan: it takes me straight to the mechanics of the benchmark come of the s&p 500. the overweight waiting of international technology -- overweight weighting of international technology and growth stocks. if that is the case, how do you get to the headline? david: 25% of the s&p 500 is technology, so that has certainly got to be a core part of the portfolio. you are getting very strong revenue growth from a lot of these companies. relative to pre-endemic profits

udc private equity debt and real estate -- you do see private equity debt and real estate, a real divergencehad a real bounce back after scary times at the end of march. assets are really lagging behind here. you have seen returns in and of itself when you look over a longer horizon. those returns are much bigger, which is really the a lower. outsized returns above the s&p 500. you have a lot of debate about what those returns really look like. these are opaque asset classes. if you look at it in terms of internal rate of return, it could be upward of 300% over the last 10 years. if you look in terms of private market equivalents, and some cases it trails the s&p 500. the other big concern is will these returns stick overtime? there's a lot of concern they will be pressured over the next decade, and it won't be as good as the last decade. alix: wonderful set up. thanks so much. now we have someone who plays in that market, david miller, morgan stanley had of private equity and private credit. what he does is provide capital mainly to middle-market companies for minority stakes in growth busi

deep equity is to produce real school improvement for equity and social justice.n other words, not to teach children facts, but to brainwas them. according to deep equity come a the point is to adopt a transformational's white identity we're white folks are attempting to come to terms wit raised in a railway and questio systemic issues that have cause waits to be in a much superior position. in schools they are teaching this. teachers are given white allies agenda items. quote see raise, listen to and learn from people of color. acknowledge the reality of racism acknowledge that reality of white racial privilege. educate other white people. confront racist behaviors, attitudes and practices. use your privilege to work for racial and social justice. we are going to look back at this and see it for what it was race hate. but deep equity has been used all over the country, even in places that probably didn't wanted to. in zip codes that are overwhelmingly. voted for donald trump by 25 points in 2016, but of course deep equity as part of that county's training. they m

those tools of the tools we have to achieve racial equity and other forms of equity and housing. the disparate impact doctrine is 1 of the most important civil rights tools that we have. policies that drive harmful impact because it allows us to address structures that don't appear to be discriminatory, that may seem neutral but a deeper examination of those policies revealed very harmful impacts onul protected groups of people. the law requires those policies to be completely eliminated or to be replaced with policy that have no discriminatory effect or a less discriminatory effect. the most effective tool that we have for addressing systemic racism. once administration fixes the role we are reliant on the mistress and fixable right away because we have lawsuits. we have cases pending in court that are hinging on the s disparate impact rule but that's got to be fixed right away. and then the administration has applied the doctrine to the federal government policies and programs to exact change for it we have rule on the book of we are not using them. to the federal government ha

i think the equity turns are now -- it is a very good time to be invested in equities. it's going to get tougher. tom: there has to be a timeline. when you dovetail with ellen zentner's work in the united states, and frankly for the rest of your team, what is your visibility on q3 and q4 of this year? andrew: like i said, i think the market is rallying in anticipation of that very good gdp numbers, i think the market will start to fade those numbers. i am solidly in the cyclical value positioning camp. i think we will get another crack at it, but i wonder whether we begin to fade that later this year from an equity positioning. the area that has done horribly this year, as much as everyone is talking about growth, the area that has done horribly this year is -- as an equity manager, i've got to think about whether i want to increase my exposure to some of those defensive stocks later this year. lisa: there was also a question underlying this, which is a theory that higher rates affect big tech, affect some of the most loved stocks. it doesn't really affect them of the u

equities and treasuries went down.f the consequences of this traditional allocation where you would have a 60-40 portfolio, it no longer works. you cannot reduce your volatility. governments today are debating their currency, issuing more debt, and this makes government bonds a return for a risk investment. there are few places to hide. what we are doing is creating strategies that can hedge or less invested in these periods where valuations are high and we expect higher periods of volatility. anna: if we see too much asset correlation, and you say that means we are asking questions about traditional safe havens, no doubt you have found some havens or hedges. where are you looking instead of the more traditional safe zones? alberto: the answer is rather than mixing risky and risk-free assets and a way that -- in a way that bonds. here we are having more liquidity. the opportunity cost of having cash is low. the other thing is there is a lot of assets which have been manipulated by central banks which are very negativel

so workforce and health equity.we have work currently in both areas and as we know we have room to grow in both areas. in this particular budget we will be asking for funding for new training. policies anddata tracking resources, those are all required by the racial equity action plan . some of that we have in place . we certainly have basic trainings in place but we don't have the extent that is being asked at all levels of staff. and in some of the areas that are being asked so we need to expand their. policy changes and data monitoring will require something to be put in place doesn't currently exist , in particular data systems around professional development , around the hiring process and promotion, those things are reviewed but not tracked in any kind of consistent way and that will require some things to be dealt . establishing more consistent community engagement standards . it is asked for in the racial equity action plan, it is not as detailed as some of our own internal goals but we need to put resources

equities up -- an important conversation. equities up, yields lower. this is bloomberg.nouncer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me, it works 100%. (announcer) think it'll break on you? think again! even a jeep can't burst it. give the aerotrainer a shot. pain and stress is the only thing you have to lose. get it and get it now. your body will thank you. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. ♪ jonathan: from new york city, this is "bl

and that is not the equity market. -- that is what the equity market will worry about especially. annmarie: we will get to equities in a moment. i want to stay on the 10 year treasury. this is a note that has been tracked around the world, that hasn't locations for every asset. we are at 1.7% this morning. how quickly could we see 2%? guest: you know, our feeling is 1.7% to 1.9% is a good equilibrium level. whether it over shoots, i don't know, but there will be a point where it will be quite advantageous to borrow short and buy long. but where we reach that equilibrium, the timing, is very hard to pinpoint. annmarie: you mentioned equity, and we saw the big names selloff yesterday. i was a little bit more surprised about what we saw in commodities, because usually commodities are a good inflation hedge. do you think this is recalibration in the equity market, or is this potentially the end of the super cycle and the full and of looking at -- the full end of looking at growth stocks? guest: oh no, i don't think it is the end of looking at growth stocks. we are going into a period

this in a new ranking by equity. making sure women are not disadvantaged when they have children, including paid parental leave. that is the business flash. anna: so it is international women's day today, and looking at gender parity and financial institutions around the world, we have a long way to go. fewer than 1% of leading global financial institutions have achieved gender balance, that is according to a new survey. for the first time in includes commercial banks. we are going to bite on fifth's -- by on the fifth's chief economist. you widened the institutions you represent. i had to get to page two of the release defined real progress but there is some. below the top, more women appointed to senior positions. how does this year stack up in your view? >> it is good to be here celebrating international women's day. unfortunately, international financial institutions and policy making institutions are far from gender balance. we've been doing the gender balance index for eight years, this is the eighth addition,

when minutes to go onto the start of cash equity trading. doubt and equity to record highs.tures trade higher. europe's vaccine campaign and turmoil. suspending the use of the astrazeneca vaccine. volkswagen targets one million electric car sales this year as it looks to beat tesla as the dominant e.v. maker. let's take a look at equity market futures right now. they have been pointing to the upside. ftse up by .6%. we are expecting to see some gains this morning. european equity market playing some catch up compared to the u.s. yesterday where we saw new records coming for some u.s. indexes. the asian equity session, buying stocks and buying bonds. a little bit of a drop down in treasuries. treasury yields on the rise but not moving that quickly. it is the pace that matters so much, still around 1.6%. european equity markets getting out of the gate and opening, as you can see. european equity market up by about one quarter of 1%. ftse up .6% despite the negative oil prices which could weigh on the large energy businesses. european equity market opening to the upside. that i

not just the equity asset classes.ators are increasingly concerned credit is not flowing to the real economy where it is needed, but into the asset classes creating bubbles. we need to differentiate how much credit expansion can translate into gdp growth versus creating asset bubbles. annmarie: we have heard the chinese already signoff about bubbles. not so much in their backyard but they talked about the rest of the world. how do we know credit is starting to hit the real economy? >> we will know when we see the consumption data is starting to pick up. we will know for example if we start to see a much more strong recovery momentum is being felt across different sectors, not just those led by infrastructure investment. also across the nation because we are feeling the recovery is slightly imbalanced when it comes to region to region. local governments have a great role to play. although the fiscal stimulus will start to be unwound this year, the local government debt quota will still be very large. we will continue to

the equity session in europe looking pretty positive. u.s.looking to stage a rebound from friday as well. all the major indexes are up more than 1% in the futures markets. israel has reached another important milestone on its path to subduing the pandemic. it has now vaccinated half of its population with at least one dose. it is good news for prime minister benjamin netanyahu, who is counting on his world leading vaccination record to carry him through another election in march. joining us on the program, senior advisor to the israeli prime minister. very good to speak with you. thank you for joining us. i wonder, we were talking about the successes israel has had in terms of vaccinations, and if you could give us more insight that would be helpful. what is the government doing to get vaccine holdouts, those who have not been vaccinated yet, to comply, to come forward, to accept having the vaccine? what is the plan of attack there? guest: we do have a plan, but look at the data. we have had 50% of our total population vaccinated, but if you

or chinese equity markets.ut all of a sudden, these are all of the stocks we want to own, so it is value, it is very cheap. if you look at the financial sector trading cheap even to the normal discount we see in the broad market, you have a lot of these great cyclical drivers like high capital ratios of banks that are very well-capitalized. if anything, we are going to see stock purchase programs, may be outside of some of the few names mentioned on the show, but on a broad sector basis, a lot of attractive valuation. europe has been the most closed down, so once we finally get these vaccines to be rolling out in the second quarter, we expect 40% of the populace never europe will have a shot in the arm by the end of the second quarter. what that means is the pop in growth is going to get stronger than elsewhere. alix: how long is that trade for? mark: obviously a lot of this comes back to that valuation equation, so how much of a discount do we want to put on some of these fundamental crates? -- fund mental tra

equity market.t will feed into sentiment, it is difficult to argue that given the stock concentration issue, the u.s. equity market is a more risky investment than it was 5-10 years ago when you had lower stock concentration. we do have a barbell approach as well. we also like some of these reopening trades, travel and leisure. we see the value side as well. anna: making the most of both of those themes. the me ask you about retail investment phenomenon. we talk about it a lot in the u.s. with a gamestop phenomenon and read it, it was easy to that. i wonder much retail investment you are seeing here in the u.k. are we seeing a role pick up in the amount of interest from those driven, because they have more time on their hands, and the stock market? justin: the u.k. households have 150 5 billion pounds on their balance sheet. a very similar theme, not to the extent of the u.s., but we are seeing a similar phenomenon. one platform said they sought two times more driven trade in 2020 than they saw in 2

i want to underscore the equity list we have seen, equities making almost all the way back of what we saw after what i will call the powell collapse yesterday. dow futures are what i am following the most, up 265 points after the 300 point declined yesterday. the vix comes in almost two sticks, nowhere back to the calm of 22 or 23. right now, for global wall street and what we really take pride in at luber, his careful analysis of things that are difficult. -- pride in at bloomberg, is careful analysis of what things are difficult. a possible exception of lewis grendel at icap, jersey owns behind ground. you have it optimism that the tea leaves of the repo market will heal by march. how will they do that? >> what tends to happen is when people are short, people are selling bonds and they are getting short treasuries, you run out of things to borrow. in order to perform those trades. repo rates go way down and you wind up having to pay people more and more to borrow those bonds. this often happens and had happened for the better part of a decade, when yields were going up in the mid to

european equity markets made gains.erhaps we need to unwind a little bit of that in today's session. a big focus for markets going forward, we will be talking more about the archegos story. the infrastructure focus is going to loom large later on. what are you seeing on the gmm this morning? mark: the gmm, the equities column is seeing that broad weakness across asian stocks today. that is one thing. there are more interesting things. one is, the japanese yen has weakened substantially again. we talked about this yesterday on the show. it broke the 110 level as the show started. we had some very large strikes. most people thought we would break 110 and not run away. we have gone further today. it is fiscal year-end in japan. that is causing sweeting -- squeezing for a lot of investors. the other thing to watch is weakness in the commodities column. it's more about a story from yesterday feeding through to today. overall, you have seen quite a broad weakness in commodities. not just oil prices. we are seeing the lowest l

one minute to go until the start of cash equity trading.and delivered, biden makes good on his stimulus bill. as president, he promises to speed up the vaccine rollout. u.s. yield sends risk off rippling through markets. futures are in the red after the s&p hit a new high. concerns over blood clots in the astrazeneca vaccine. we bring you all the details. let's look at the futures as we wait for the start of the european trading session, nasdaq futures moving lower. they are continuing to move lower through the asian session. down 1.1%. the asian session using ground. european equity markets opening this friday morning probably down. we are expecting a little bit of weakness, this comes on the back of a decent session yesterday. strong session stateside. we saw the u.s. up yesterday, europe up yesterday. futures in europe and the u.s. are negative this morning. in the u.s. the nasdaq is moving in contrast to the dow. european equity markets opening to the downside as a spike in u.s. yields sends risk off rippling through markets. the stimul

equities down, yields higher.onathan: ian posting moment -- tom: ian publishing moment to go say now watch. you wonder if we will see a reset of that 2%, to and a quarter percent. jonathan: the chairman was comfortable with 1.60. the outlook is getting better. these higher yields are consistent with a better outlook in america and also consistent more broadly financial consistent -- this fed has not changed its message. tom: they look at what they do with the federal reserve, understanding that there can be exhaustion's shocks. the president of the united states had words of the leader of russia. kevin cirilli joins us. our chief correspondent in washington. did you see this coming? did you see his comments to stephanopoulos coming? kevin: i did not see it coming. this was a marked escalation in the rhetoric that president biden used to address russia. it comes at the most pressing week so far in his administration on geopolitics. the nation's top diplomat is traveling on his first actual traveling trip as secreta

what a move, futures higher, asian equities much higher.f you look across the board, especially in japan and hong kong, the 10 year, 1.4%, far away from the 1.6% last week. i put the pound dollar in there to show you we're back below 1 .40. you can stop fretting for the moment. this reflation trade all well and good. what's going on in fiscal policies in the united states? [no audio] >> we can finally get ahead of this virus. we can finally get our economy moving again. manus: this comes as johnson & johnson's one-shot vaccine is cleared for distribution after the cdc formally recommended adults of 18 and older should receive it. rick, cio over at state street. rick, always great to get your perspective. respectfully, sir, you and i have lived through, along with annmarie, dislocations in the bond market. 1994, 2013, 1997, there's is a variety of them. your assessment of what took place last week in the bond market. is it a pure regime shift or just a blip? rick: i think it's a little bit more than a blip. it's a catching up, accumulation o

-- broader goals of equity? solomon: thank you, sarah. thank you for hosting this important, timely discussion, and thank you, secretary castro, for your service and leadership and kicking us off is crucial to emphasize at the outset that public policies at all levels of government played in creating segregation and racially concentrated poverty we see today. part of the research is understanding our history. i do think it is related to the role of research, and increasingly we are seeing research and historians documenting not just what the policies from redlining through urban renewal, the impact those policies have had today. it is important to emphasize this because it demonstrates that the patterns we teach are not driven by individual choices, the natural sorting mechanism, but the government had a really important role to play. while that is disturbing, it should give us some hope, because the government will have a role to play in unwinding these patterns. to get there, we need the political will to act,

for equities, we have been on the sidelines.entioned cap in these banks, so maybe europe is not the focus. nomura is down by more than 60% as a result of this one hedge fund getting itself into trouble. now they are talking about a loss that might result from their exposure. does this give you concern for the banking sector as an investor in that sector, with high expectations of when it can return? this is a stunning example of how exposure to one client can derail things. guest: i think one of the difficulties of investing in financials is there are pockets of exposure to certain entities in the ecosystem that are hard to understand before you make an investment. i think the big picture on this is it is going to be a small bump in the road. it is a reasonably significant player, but i do not see the reason for stress. at the moment, markets are down in caution rather than an expectation of the major issues. i think the picture is one of underlying improvement in fundamentals across a range of financials. you see higher interes

and i wonder if we are beginning to see signs that the private equity investors are beginning to get cold feet and are saying, look, given how expensive things are trading, we would rather sit out on this one and look for a better entry level >> good morning. actually, the story is quite the opposite this year has started full of energy and enthusiasm in the private equity industry. the first two months of 2021 are 60% up on the average of january and february over the last five years. so, the industry is going full tilt. >> what is the expectation of returns looking ahead, though? if valuings are so high, does it go hand in hand that you can expect lower returns in the future >> it's an interesting one we've probably been saying this for the last several years that returns must be under pressure given the prices that are being paid if you look at the sectors where private equities have been investing, they've been careful in areas investing in areas benefitted by what's going on with covid or immune to what's going on with covid but will benefit what's going on with digital and will

equity . do we have an equitable distribution of funding in the first phase and subsequent phases of the program and are we protecting those community assets such as affordable housing that really reflect the commission's commitment to equity? propositiona schedule and program. does the work that we're looking at and proposing fit within the program and the schedule that we broadcast to voters? and, then, finally, in a specific location: do we already have a development partner who's planning rehabilitation efforts or existing tenant that's seeking a lease extension who may want to make a significant investment and is there therefore another source? can they undertake the work that we're proposing to do in that area and still meet that all-important financial feasibility test for development? so these are the funding guidelines that we're proposing as a draft to the commission. we can, of course, revise these as we move along, but this is our first stab at this and our guidance that we're requ

line 15, office of digital equity, and page 2, lines 7 and 8 as well. page 2, line fives, delete sros and replace, permanent housing sites. and add with moacd serving. and page 2, line 10, after city-wide, including by tell -- telephone. and resolve the board of supervisors at the city and county san francisco, recommend 5.4, 5.5, 5.6 of the october 2020 task force report and the board of supervisors urges the department of technology to provide the board by june 1, 2021, with a written estimate of the cost implementing recommendations in sections 5.4, 5.5, 5.6, and further resolve the board of supervisors urges the department of technology to provide by the board by june 1, 2021, with review of the efforts put forth by the city to close the digital divide over the past 20 years. that's it. thank you, mr. chair. >> thank you for that amendment. supervisor safai. duly noted. supervisor haney. >> thank you, chair mar, and thank you supervisor safai and to all the presenters. much appreciated. that was very informative and supporting however i can. one que

anna: where in the equity market universe then -- you were a portfolio manager for european equities, we are seeing questions about whether tech can continue to lead. the nasdaq nearly lost its gains for 2021. if it is not tech, where is it? it is the cyclicals, i am guessing. david: short-term, cyclicals have been a good place to be, and through the recovery of the pandemic. i have seen it continue pretty well. for the longer term, the businesses you want to be in in our high return, stable businesses that can reinvest in themselves. we typically see these in europe, like the luxury sector, for instance, very robust. it would be seen across all industries, but high-quality businesses that are global leaders in what they do. anna: good to speak to you. david lambert, ceo for portfolio management at rbc global management. laura: a germany financial watchdog has shuttered greensill bank. the parent company is filing for insolvency as it tries to find a buyer. the cage and around is cutting the bonus pool at its investment bank -- by 28. sources say the market unit sought even bigger red

racial equity.my style, that's not my m.o. i physically have to tell the truth, right, so we know what we're actually working with, and i will continue to do that work and to work with our other truth tellers and folks who are -- i think this past year has been really important for our community with our black uprising last summer in the aftermath of the murders of george floyd and breonna taylor and ahmed arberry. we need to come together and hold that close. that is the path that we walk, that we uplift. i also want to say black futures matter. you know, who are we doing this for and who are we doing this with? like i said, yeah, being unapologetic, being bold, lifting up that black lives matter, it's not just a tag line, it's a spirit. it's our lives, right? and we did have our contributions and futures to be respected and treasures and honored, and i will walk alongside anyone who wants to do that work. it's not easy, but it's necessary. >> thank you so much. we appreciate your time. just by eve

jonathan: the bid is back in the equity market.rk city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up 36. we advance about 1.4%. tom: we've got a lot of said talk -- a lot

equity is guiding our response. as we move forward looking at fema policies, grant programs, equity is the guide of what we do. it will take a lot of work and intentional action. if we are able to be successful for future disasters, we will protect those who need the most support. thank you. >> the first thing that touches on the supply chain issue, our domestic manufacturing capability needs to be reevaluated. perhaps along the lines of defense industrial base or what capacities we need domestically to ensure the safety and well-being of all americans. towards emergency management, we can build policy and addict ability and consistency -- policy and predictability and consistency. and across regions, mike counterparts and i talked about how fema policies are applied and interpreted differently from region to region. after what the director said, the staff needs a comprehensive review and probably an overhaul. it is 35 years old at this point. it is time -- we have learned a lot about emergency management in the las

equities are rolling over. wti down 3%.isa: after yesterday's pop with the suez canal being blocked, people are going back to the narrative of slowing because of covid numbers and recovered. jonathan: a lot of people were looking to energy as a barometer , an indicator of the global growth story, the cyclical improvement. it has faded more recently. lisa: it has. at the same time, there is a sense -- with respect to crude, the idea that will are less mobile than they had been earlier in the year. as the virus numbers plateau or go higher, people are not going around much and spending money on services. how long this lasts is a big russian. -- is a big question. how much is boiled a real barometer and how much is it an unequal corollary? jonathan: your price action in the equity market down 17 on the s&p, up on the nasdaq. softer on the euro, euro-dollar-1.18. all the way up from 175 down to a clean break of 160 on the u.s. 10 year. crude, down about 2.86%. a real turnaround in the bond market. we can't up recently with -- w

only an equity consultant and homelessness equity consultant and we're in the process of developinga racial equity roadmap which takes our internal current racial equity plan and expands it to the homelessness response system we're actively hiring for a equity officer prioritized and have resources to implement this work . hsh has nothad resources and staffing on equity until now . on the providers side we were pleased to advocate for a $10 million bonus from low-wage provider staff through the proxy funds released by the board in december and we'vebeen through procurement have expanded our provider network . additionally our deputy director of programs meets monthly with hsh's providers of colorto understand their obstacles and what technical assistance and support are needed to elevate their work . from a system of care perspective on equity we know people experiencing homelessness in san francisco are disproportionatelyblack . according to the last time count 36 percentcompared to fewer than six percent black people in the city . tragically this is the case nationally not only in

equities are steeper, bonds are stronger. anna: one of our colleagues pointing out that people do not want to sell bonds to central banks right now. that is how much they want to hold onto them today. that is part of the narrative in that new zealand session. you are not seeing classic risk aversion in stocks and bonds, you are also seeing in fx markets. mark: that is right. the dollar has been strengthening on this idea that the u.s. recovery is going amazingly, yields are higher, that is dragging the dollar higher. a world of positivity that has seen dollar strengthen. that means we have seen that yen weekend. that has been one of the best risk adjustments. in the last 24 hours, 40 eight hours, you have seen a shift. dollars have stayed wrong but we are seeing again strength. they are returning to those traders and currency dollars. perhaps most noticeable is the euro, that has been kind of slumbering for the last couple months right now, it started to break down this week. anna: we mentioned in our headlines about the cana