francine: what kind of trend are you expecting?ur forecasts, they are built on two rate hikes over the next three years. that has inflation just at target. is your next move tightening? andrew: our forecasts don't validate the markets in that sense. we use the market profile to construct a forecast, which is then used in the positive process. what i would say is it is quite interesting. we publish a constant rate for the forecast condition on constant rate side. the current setting of policy. the difference in inflation terms, at the terminal points of the forecast between the market path and the constant path is pretty fall -- small. i would not interpret the points about the market curve. but to reemphasize, it is a convenience for us to use the market curve. i thing it is helpful. but it does not determine policy in the sense that it is not mechanical. francine: how do you manage market expectation? is that something that you worry about, given where we are? andrew: obviously we do think quite hard about how policy will be inter

francine: what kind of trend are you expecting?r forecasts are built on to rate hikes over the next four years, and that has inflation target. is your next move tightening? gov. bailey: our forecasts don't validate the markets in that sense. we use the market profile to construct forecast, which is then used in the policy process. what i would say is it is quite interesting, and we also publish a constant rate forecast positioned on constant rates for setting policy. the difference in inflation terms at the terminal points of the forecast between the market path and the constant path is pretty small. so i wouldn't over-interpret the point about the market curve. but it is convenient for us to use the market curve, and i think it is help, but it does not determine policy in the sense that it is not mechanical. alix: how do you manage market dictation -- market expectation? is that something you worry about, given where we are? gov. bailey: obviously we do think quite hard about how policy will be interpreted in that sense. we went t

frankly francine -- excuse me, i had francine on the brain because francine got a lovely dog.look at bitcoin, it has moved 30,000 to 42,000. lisa: that is impressive. it is also impressive how you can toggle between france eads dog and bitcoin -- between francine's dog and bitcoin. how can this asset move so much, 30% in a day? tom: we will get to that but we will rip up the script and get to that with troy gayeski. i will give you a window into wealth management. troy, wealth management is razor thin bond margins, almost razor thin equity margin, and everybody is dashing around looking for what used to be called a 6% business. a 6% business is some set of transactions where you actually make real money like the old days and that works around alternative investments in wealth management. troy, you deal directly with morgan stanley and wealth management. what does it mean to your world to see andy saperstein received the accolade he has received today? troy: it is tremendous. morgan stanley is our largest client. we think the world of the team. it is so rewarding to see the str

. ♪ francine: i'm francine lacqua and welcome to "bloomberg's front row." we are talking to daniel pinto. he is a top executive at jp morgan and a chief lieutenant to wall street titan jamie dimon. softer spoken than his boss, he helps run the bank from his office. a native of argentina, he started as a currency trader and worked his way up to emerging-market desks, navigating financial blowups from brazil to russia. he is used to crises, but not what 2020 had in store. touted as a potential successor, last march he found himself at the reins at the height of the coronavirus pandemic

>> not so much. >> reporter: francine knows her generosity has to be limited.s she's often questioned by agents roaming and surveilling the area even on her own property. >> i just always feel like i'm the target, and yet i'm always out here. >> reporter: this year alone, border patrol in the tucson sector has detained thousands of migrants within the reservation. the extreme heat of the sonoran desert can be fatal for migrants trying to cross. last year was the deadliest on record in this region. it's not just migrants. agents are also chasing drugs. >> you can definitely smell it. >> yeah. >> reporter: francine showed us the bag of marijuana she found the night before. we were there when a border patrol agent arrived to pick it up. >> she could be prosecuted for having an illegal substance on her property. she could be criminalized in that. >> reporter: has that happened? >> it's happened to many people. we end up being the bad guys. we end up being interrogated when we're just trying to help the cause. >> reporter: verlon jose is francine's cousin and the fo

francine lacqua out on social getting one level of vaccination. i are showing up in warmed over lululemon. francine lacqua shows up dressed for the oscars. lisa: you have any lululemon? have you put on yoga pants. i would buy you drinks. i would buy everyone drinks. tom: i would need a drink if i tried. lisa: look at those markets. tom: how about those markets? -22. dow down 142. the 10 year yield through 1.59. 1.58 53 confounds the higher yield crew. on the pandemic, the governor of new jersey tonight. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >> everything you

i'm francine lacqua and here is what's coming up.

francine did a beautiful thing on champagne in london. a great -- jon: that was a great interview. tom: it was a great interview. jon: i've never heard of that? tom: madonna gave it to me. jon: the sheet still live on the -- does she still live on the upper eastside? tom: she does. jon: retail sales about an hour 30 way. i don't think i'm ever allowed back in that room again. that was fun for 10 minutes. equities up .6% of the s&p 500. bond market. i'm jon ferro. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aer

with francine lacqua. francine: good morning. welcome to "surveillance: early edition."

francine: welcome to "bloomberg surveillance: early edition"

. >> this is bloomberg surveillance: early edition with francine lacqua. everyone. welcome to bloomberg surveillance: early edition. here is what's coming

the number one thing is to get vaccinated, like francine lacqua did this weekend.l said, tom. he is officially the biggest bull on the street. he joins us next. tom keene, lisa abramowicz, and jonathan ferro. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body

. >> this is "bloomberg surveillance: early edition" with francine lacqua.and welcome to "bloomberg surveillance: early edition." tuesday, the 25th

. >> this is "bloomberg surveillance: early edition" with francine lacqua.elcome to "bloomberg surveillance: early edition" this thursday. here is what is coming up. the executive businesses

. >> this is bloomberg surveillance; early edition, with francine lacqua.bloomberg surveillance: early edition, this monday the 10th of may. here's what's coming up. the pipeline hack. will fuel prices

i am francine lacqua in london and here's what's coming up. biden's $6 trillion budget.

announcer: this is bloomberg surveillance: early edition with francine lacqua.omberg surveillance: the early edition on this wednesday, may 12. here's what's coming up. waiting for inflation. the fed

tom: andrew, everyone listening with pets including francine lacqua can go the other way, if we get covidit to our pets or for that matter animals of the agricultural persuasion? andrew: excellent question there is evidence that companion pets can be infected. that is probably a result of their owners being inflected. there is not much evidence of the virus moving in on -- the other direction. that is one good thing. when it comes to animals, i think we have seen there are a number of animals that can be susceptible to infection. we have not seen huge outbreaks in those populations, but those are populations we have to worry about, make farms in europe and the u.s. were one example. we have to pay attention because anytime the virus enters another host, it gives it a whole new area to adapt and the virus that comes out of the host may or not be better at infecting humans. matt: it makes sense that coronavirus that started at a market in wuhan might have come from the coronavirus lab down the street in wuhan, and it is also understandable why you wouldn't want to immediately discuss that.

in 2019, and i was able to make it into a room with francine mazla, the casting director for "undergroundlling me it was a call-back and barry wanted to meet me the next day. >> trevor: barry jenkins. >> barry jenkins! and i'm like, first of all, how-- i don't even know. i was emotionally, mentally, like just, yeah. so i met barry the next day. at the end of it, he actually looked at me and he said, "you are the character. i'm not saying you've got the role, but..." >> trevor: wow! >> and in those two weeks between meeting barry and the test shoot, i read the book twice in preparation for that. i was like, you know, what? i want to do this, but i don't know if i have it in me to serve the character as authentically as she needs to be served but i'll just do my best and the rest is up to barry. >> trevor: so what makes the story so difficult to tell is you're talking about one of the most painful periods in american history, and that is slavery. when you're playing this character, it must have felt strange and yet familiar to be an african woman playing a story about africans who are displ

tom: jeff currie will be out on digital with francine at the 5:00 hour. the idea that copper is the oil of 2002. it is like oil, it has a life of its own. it has massively different investment issues versus peak oil and the ability to bring on shale. there is no shale for this copper. jonathan: there is no shale. there is no dogecoin for this. that is a great elon musk impression. tom: i don't have a checkbook. jonathan: you should do s&l. we would all love that. tom: the only way i would get away with it. there is dr. weinberg. jonathan: let's start with payrolls monday. what explained that massive mess? carl: i think we were too optimistic. people saw the growth in demand and thought supply was going to grow. what do we do? we look for alternative sources of stuff. part of it is bidding up prices of the stuff we have. going back to david hume, we are going to see an increase in imports. we are seeing an increase in imports in countries and its stimulus and monetary policy to bridge this gap. that is where we go. stuff becomes a little more expensive for

this morning with francine lacqua, we featured one of the great market calls of all time, david malpassthe end of deflation in japan. it was one of the truly great calls at the end of the last decade. he is now president of the world bank. you have always been one to say let markets act. the market for manufactured vaccines is out there. is it a legitimate market, or is it held up now by politics as so many nations are desperate for vaccinations? david: they are desperate, and i think it is really important that the countries that have access free up -- have excess free up those excess so they can go to those countries with vaccination programs. we have 50 countries by midyear that are ready with the personnel standing by, ready to put shots in arms if the world will only let the vaccines flow. so it is not really a market. it is control other various governments in the options they took out. that was good because it got supply going, but now there's a chance to really distribute the supply worldwide. tom: who is your most important phone call to washington or london to get this done? d

jonathan: that was the bank of england governor speaking to francine lacqua on what it would take foryond this year into 2022 at the bank of england. good morning on this payrolls friday. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures up 10 on the s&p. we advanced 0.25%. yields unchanged, 1.5647%. in the fx market, euro-dollar, $1.2072. crude down about 0.25%. the numbers, you are familiar with them now. the median estimate on payrolls is a nice, round number, one million. tom: about five times what a good month was long ago and far away. really looking forward to where we are here in 40 minutes. yesterday we announced the death of david swenson of yale university. he changed how all of us think about what do you do with a portfolio, what do you do in balance between sectors, this odd thing called factor investing, all devolving down to growth in value. dave wilson drives forward the conversation this morning. there's value and there's growth. dave: that's right. either you buy the stocks that are relatively cheap, or you b uy the companies with the fastes

jonathan: i hope francine lacqua asks that question as she catches up with the governor. lisa: really important. jonathan: clearly vital. 8:00 a.m., alan ruskin of deutsche bank. later, joseph stiglitz of columbia. looking for to that, too. equities advanced 0.1%. this is bloomberg. ritika: president biden says he is open to compromise on raising the corporate tax rate. the president has called on congress to boost the rate from 21% to 28%, but he now says he doesn't have to be exactly what he says. democratic senator joe manchin has said he could support a 25% corporate rate. the u.s. will support a proposal to waive intellectual property protections for covid vaccines. the u.s. once better access, more manufacturing, and more shots and arms. drugmakers are opposed. they say few countries have the capacity to make the vaccines even if they use the formulas. there's a change at the top of ab inbev. the ceo is stepping down after 32 years. he will be replaced by the head of ab inbev's north american operations. this comes after the company posted a blowout quarter. spacex

francine -- so i have to drive. lisa: the semiconductor chip shortage is interesting.k about transitory inflationary assets, how does this bear into the cost going forward if it is not transitory? tom: you and jon have been better than this on me. the whatever is becoming more serious. lisa: there are chips in everything. washing machines. everything. there is a chip in me. [laughter] it is malfunctioning right now. tom: i have one right here. lisa: i need to replace some at home. tom: when are you coming home? ok. stay with us. this is bloomberg on radio, on television. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exer

jeff currie was here with francine, of goldman sachs. i like what you said about iron ore, which is quoted in shanghai, and singapore, i believe in australia as well. iron ore is sort of the china commodity that really indicates this boom. jonathan: the aussie doing nicely as well in the fx market. cable up by 0.8%, through $1.40. tom: that surprises me. all of a sudden, we pop up three big figures. one dollar 41 cents, even $1.42 in the last few minutes. in the yield space, just as importantly, that dynamic between longer-term yields, what they did, and shorter-term yields, what they did not do is key. tom: the fed going nowhere -- jonathan: the fed going nowhere anytime soon. on the s&p 500 would look like this. in the bond market, coming in almost a basis point now. prude, $65.19 -- crude, $65.19 on wti. you mentioned this over the last couple of weeks. when does the noise really start? tom: sooner than we think. i think people were humbled last time around. stronger euro, what does that mean for the europe export juggernaut? jonathan

what i would say now is within the stasis, the word i used with francine a couple of hours ago, there is almost a jumble to the correlations on my screen right now. it is odd. jonathan: diversification the keyword here. just 60-40 offer you that right now? tom: no. lisa: at the moment, it doesn't. i am interested in the idea that increasing allocation to private markets could create more volatility in public markets because what do you sell when there's a bout of volatility or news? you sell what you can. that is what we see on an ongoing basis. jonathan: treasuries, liquidity, the most liquid market. tom: it's a haiku. treasuries, liquidity. [laughter] jonathan: thank you. from new york, equities are down about 14 on the s&p, negative about 0.3%. on radio, on tv, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. in iran, president hassan rouhani says world powers have agreed that economic sanctions on his country's oil and other industries would be lifted. they are trying to revise a troubled nuclear deal from 2015. rouhani says they have taken a major step. th

find out the impact it would have on both the men's and women's game fee for president johnny and francine also denied the organization. had colluded with any of the clubs involved in the fail. european super league, but believe there's a need to make football a more globally competitive sport. a thief, we have to put a dangerous of every one and that's what we need to speak to everyone. we need to speak about everything. and i close. i don't close the doors to any discussion with anyone, never about new formats, new ideas, new competitions. i'm ready to listen to everyone. this is my job is my functions. this is the way i live, the presidency of fever, and i have been elected by 211 members associations unanimously in order to defend their interest. not only of a few, one to criticize of all the entire world. just a day off, the columbia were stripped of their co hosting rights of the copper america. the paraguayan governing body is said to them and simply must go ahead who still we are . is the power going f, a school start record as well as a former national theme goalkeeper. he says th

speaking to bloomberg's francine lacqua, governor andrew bailey also said the bank of england would need negative shock before it would consider expanding qe next year. >> we have been clear and we have not changed -- what we have changed is the pace at which we change. we have not changed the end date. we frontloaded it somewhat because in november we were in the midst of an upsurge in covid. we were concerned about financial markets and the situation and their performance at the short end of the financial markets. they continue to be robotically -- robustly performing. we now are idle point where it makes sense to move that to a flow. >> given how the markets initially reacted, what does that tell us about market positioning or market exuberance or how much focus will be on any tapering? >> i fully expected to have conversations like this. it is reasonable for the markets to ask the question. >> what are your expectations for qe next year? i don't have any expectations at the moment at all. the current policy session was appropriate. what kind of trend are you expecting? inflation is j

the bank of england spoke with francine lacqua about those changes. >> we have not changed.ave changed is the pace. but we have not changed that and dates. we frontloaded it somewhat. we were concerned with financial markets. it made sense in terms of market efficiencies. >> you made that very clear given how the markets initially reacted. what does this tell us about how much focus will be on that? >> i fully expected we would be having discussions like this. there is this point they are bringing out. they are different in that sense. >> what are your expectations for next year? >> i don't have any expectations. >> what kind of trend are you expecting? if you look at your forecasts? is your next move tightening? >> our forecast stone validate the market. we use the market profile to construct a forecast. what i would say is it is quite interesting. the difference in inflation terms is pretty small. i would not over interpret the point of that market curve. it is a convenience for us to use the market curve. but it is not policy in the sense that it is not a canticle. >> how

francine: well good morning and welcome to "bloomberg surveillance: early edition."megan media merger. at&t is looking to combine them with discovery.

. >> this is bloomberg surveillance early admi -- early edition with francine lacqua. >>