john authers is with us relative good -- is with us. volatility is relatively good but with this breakout, what do you think it signals, getting about 40? some sort of nerve in his -- nervousness in my market? >> it has been very noticeable. in a perverse way, it has been a -- ish sign that the people vol has knock on down to the typically comatose level of the qe era. despite financial conditions suggesting things are easy as they have ever been, but to some extent it shows you people are not quite as alarmingly complacent as some of the numbers might show. virus, i haveant parents, family and so on, where you are. it sounds pretty alarming to me. it is only right to be worried about it. the great worry is that it is more infectious rather than more deadly. that's the right way for it to humanutated as far as the race is concerned, but it brings a new element that needs to be understood and causes uncertainty until we understand what we are up against. joe: it was interesting, you talked about the low level of the volatility up until e

john authers said consensus -- what is consensus? it is when it becomes overwhelming.arian is him is impossible. let's take a look at the quote board. while it is generally good to have animal spirits return, positivity can become dangerous when it degenerates into groupthink and you know, it is almost, you know, you cannot fight this consensus trade, can you? that is the risk. if you try and fight back against the consensus trade, you are fighting the oncoming steamroller. we have not got the quote. ok, listen, let's have a look at the markets, because we can pursue this thought through the morning time. asia stocks are rising. is there a deal? a fiscal deal to be done? keepingconnell is everybody in capitol hill until a deal is done. what will the fed give its guidance on? how long they will remain at $120 billion? will they do immaturity change? -- a maturity change? is there a brexit deal? let's talk about the ecb because they have lifted their ban on bank dividends. one imposing strict limits on the payout level. they are saying they should keep buybacks below 15%

.> that's an interesting story john authers pointed out yesterday that it's almost becoming consensus about consensus risk right now. what we are seeing is something thatdifferent than what side is saying. there's a lot of consensus risk. similareeing something in the cyclicals. this should be a year about repairing the damage that was done last year and that's an infrastructure trade, industrials, materials. i still think tech does well. the investment, managers, they are actually not overweight the cyclical trade yet so even though there is this idea that we are becoming too consensus, the way investors are positioned is not consensus. there is plenty of room to build positions in this new world we are moving into, in a vaccinated rebuilding world that has support of monetary policy capitalt and private that is chasing a bid to move those risk assets overweight again. you are seeing a broadening out of that trade beyond north asia. of marketthat a lot participants as well as economists are overpricing or overdoing their enthusiasm on china's recovery. those china still remain the an

is part of the notion -- shery: i think we just lost john authers.ur bloomberg opinion columnist. he was talking to us about what is happening on the brexit front. haidi: yep. and of course sticking with the eu, emmanuel macron is self-isolating after becoming positive for the coronavirus. we spoke with johns hopkins university nursing professor about whether the public change their behavior when they see high-profile speakers catching covid. >> the short answer is no. in the united states, it actually emboldened people who is notook, the virus really serious. the president bounced back quickly. and ultimately received treatment that would not be available to the general public in doing so. so it is hard to say. i think with boris johnson, we saw the public pay close attention, particularly in the united states. that caught everyone's attention. with emmanuel macron, it will be interesting what the french people feel after they see his recovery period. >> how are the vaccines doing in the u.s.? ? we had a couple of people reacting badly, because they