. >> jeff rosenberg is with us. we will go do some work with you this morning.o see some on. it's good for a bull market. >> it is emblematic. it tells you where you are in the cycle. you don't have big m&a without confidence in the ceo suite. from a macro perspective, it is where we are midcycle type of economic recovery adding -- gaining some woman him. >> in your equity market belief, started in september? i will answerlly that question by way of the united states. what you have is a very strong in strengthening economy. report, every other report is very strong. you have a strong economy. you're bolstering and building confidence. can the stock market absorb the change in the fed interest rates? >> ge should by the boston red sox. >> we'll see. you so sweeney, thank much. a new world bank report says global leaders need to start digitizing payment. who really benefits? we discuss, coming up on "surveillance." ♪ >> good morning, everyone. "bloomberg surveillance." i am tom keene with scarlet fu and adam johnsosn. what a jobs report. a lot of the different thi

we've got jeff rosenberg, he's going to make sense of it all. all, the change in the rate forecast. this is where you get the hawkish idea here which is they raise now -- they're using eighths now. i think it's roughly comparable. add a quarter point to 2015. add -- what is that? .375, .4 to 2016. then 2017 we didn't have before but it's .375 which is the long run. and as we'll see in a second, despite yesterday's bump up, if you guys roll the futures chart. you can see we've got about six or eight basis points. what did you see yesterday, jeff? it's 80 now for the december 2015 fed funds futures. that's up five from where it was. so there is some, but still well below. >> there was a little reaction, but nearly not as much relative to the new change. there's a big gap there. >> the market is still not pricing in enough. so i've done additional math for you which is if the fed's going to try to get to 1.3 in 2015, when do they have to start? i want to thank the wealthy and smart investor who doesn't want to be named who turned me onto this conce