we can see the morning light with james sweeney. james sweeney with us with credit suisse. number of call a number of years ago. he joins us, chief economist for credit suisse. should we fear inflation? james: i do not think so. i think we may get it. i think the risk of higher inflation down the road are going up with all of this policy. i'm not sure there's anything to fear. tom: not the fear, but then there is the rate of change in the analysis of all of this. i do see the vector of five-year, five years. it is an impulse for higher inflation. do you see a rate of change that causes concern? james: i do not. i think where the global fixed income market is leaves supply and demand supported for lower long-term yields. i think they will go up but not 100 basis points or enough to imperil housing recovery. jonathan: i assume you read the piece from larry summers and the huge debate everyone is having. can you weigh in on that a bit more, your take on where you sit on this discussion? james: i've been looking for the package to come down from $1.9 trillion. 1.9 is very large

james sweeney of credit suisse was brilliant on this, with the worry about deflation in continental europehree or four years ago. he said come on, it is not going to happen. it didn't happen. lisa: i am not saying it is going to happen. i am just saying it is a worse outcome then potentially inflation, and that they get what they want. you were asking worst case scenario. i can go there. jonathan: ok. enjoyed that. [laughter] coming up, julie norman joins in. tom: they play jethro tull like nobody else. jonathan: was that the 1950's, tom? tom: a little later than that. boulder, colorado. jonathan: with futures negative, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. there's never been a day like this in the senate. donald trump faces an unprecedented second impeachment trial beginning today. it will start with a debate on whether the proceeding is constitutional. tomorrow, house impeachment managers and trump's defense team will each get up to 16 hours of presentations. the former president is virtually assured of an acquittal. it would get a 2/3 majority to get a