tom: anybody else who used to work for ethan harris, please send us your e-mails. ybody who thinks ethan did not pay them enough, please let us know. and also, what do you think, should we audit the fed? ♪ olivia: good morning. this is "bloomberg surveillance." i am olivia sterns here with tom keene and brendan greeley. it is decision day for chicago's mayor rahm emanuel. he is in the running against four other candidates to hold his position the survival of his career is that state. -- is at stake. "in the loop" anchor betty liu is here. does it look like rahm is going to win? betty: it looks like he may squeeze out a victory, but this is smaller than he had in 2011 when he won 85% of the vote. jim reynolds will be joining us, one of the big bankers in chicago, a personal friend and supporter of rahm emanuel, but rahm has had a really hard time in chicago in the last four years. he is doing what he said he was going to do, which is clean up the finances of the city. he closed several schools in chicago, which was extremely unpopular, launched, essentially created a

. >> where's ethan harris on u.s. growth?eed a short-term. 25% s&p 500 spending is energy-related. $1.6 trillion junk-bond market, 16% is energy-related. oil prices stable of $50, that stock is trading $.70 on the dollar. it will go to $.30 on the dollar. we think there is not question the drop in oil prices europe -- is bullish in the u.s.. the jury is still out. >> we are going to be talking about the grammys. brendan likes sir mix a lot. good news the man who will oversee the production of that track is coming up next to talk about why dr. dre is a better businessman and mick jagger. -- better businessman than mick jagger. ♪ >> good morning. in our next hour -- what should companies be doing with their cash? brendan grilli has our top headlines. >> china had a record trade surplus. analysts surveyed expected a drop of 3.2%. the government may step up dashers to stimulant the economy. -- step up measures to stimulant the economy. the at -- nigeria's national security advisor wants to buy the military some time to be back bo

ethan harris will join us. dr. harris is with bank of america merrill lynch.him about janet yellen. we will talk about global deflation. london and washington separated from the other economies. global deflation is front and center. john silvia from wells fargo will join us as well. also, gideon rose will join us from "foreign affairs" magazine looking at the domestic affairs of the united states. we will talk about race and racism in america. a lot coming up, francine. >> looking forward to it. thank you so much. tom keene with "bloomberg surveillance" in 25 minutes. >> we are going to be speaking exclusively about structured capital. >> you are also looking at pictures of mark carney talking about inflation. that is not mark carney. he is offering a question to mark carney. [laughter] the impact of the euro crisis does have an impact on the u.k. he has been talking about divergence in terms of inflation. >> the inflation story is interesting. they expect inflation to return to the normal area of policy within probably a year. dr. carney continues to give tes

: we notice a jpmorgan saying do not give us money, do not give us money, for whatever reason, ethan harrissterday with bank of america merrill lynch talking about a global deflation. does david zervos think deflation can become a problem? david: i think the fed is concerned about that. i am not as concerned. i think the fed is concerned about the strength of the dollar. it is not that long ago that the euro was at $1.40. now what is flirting with $1.10 . that strength brings on pressure. your ways, my ways looks different than it did a year ago. it becomes an interesting -- tom: they will not replace as over there. [laughter] david: i am just throwing that out. tom: jon ferro, are you my friendenemy or enemy? brendan: you make banking sound so exciting, like they are out downing jell-o shots. i thought that was in berlin. david: it is, but frankfurt is where draghi is. we have got to entertain and inform. it has been a great run in the u.s. we learned a lot about qe. the europeans have turned a lot about what we have learned taken the mistakes we've made adapted in their qe, and that is a