tom: jon ferro, jumping on the importance of this game in london.athan: we have to let him go, but let me say thanks to kit. kit shoots of socgen -- kit juckes of socgen. this is north london darby between -- you pick a side between -- north london resident ckes has picked arsenal. over the years arsenal has come out on top in league position. competitive.r more doing a lot better than lisa's arsenal. lisa: really? tom: that helped a lot. grinlisa into the ground. does there need to be a coaching switch at arsenal? lisa: i just know i picked a losing team again after all of the new york teams. tom: you picked me and john. that is enough said. [laughter] jonathan: it is our anniversary coming up. when we do this, we are only doing this for you. audience, just for you. tom: there is an audience? jonathan: i hope. i think it is tomorrow. there's a picture of me throwing a punch at tom somewhere. from london and new york, this is bloomberg surveillance. ritika: with the first word news, i am ritika gupta. president trump is expected to sign a bill that

jon ferro is off. he's on a tear seven lockdown.'s do it at a data check right now. ,he vix comes in almost a stick 24.30. 31 was the level yesterday. i am going to say we are 70% back to the team spirit -- the team spirit of nevada of yesterday. the dow buttressed right up against record highs. all you need to know is the calming influence, if not really risk on. curve steepening a little bit, wondering up the exchange. dollar, stronger dollar yesterday. you really got crushed, though. you had a great day yesterday in your tripper levered cash. -ple leveredto four all-cash. all in all, a weaker dollar. euro gets my attention. europe has received the attention of nathan sheets in an esteemed career as under secretary of treasury, provided leadership on international affairs, with the international monetary fund. he did terrific work, and then leading the charge on international economics at citigroup. he's now with pgim and has had a terrific year melding economics into their global call on fixed income. nathan, let me go back here

it is not playing on streets jon ferro knows in london.n does washington speak wake up and listen to the nation, both republicans and democrats? first and foremost, the conversation you are seeing on fiscal stimulus is likely going to continue down to the wire, but secondly, yesterday the president-elect joe biden announcing that he is promising essentially 100 million vaccines in the first 100 days of his administration. administration is really saying that the vaccinations -- tom: i don't mean to interrupt, but this is so important. i would just talking with michael from bedford, saying, why are we counting 100 million? what are we doing about business in america? and i don't mean big pharma or big technology like bloomberg. what are we doing right now in washington speak about small business america? kevin: this is where it comes down to with the grants, as well as the loans. if you look carefully at what senator marco rubio, republican of florida, democrat from maryland, what they have been looking for my french bill from arkansas -- l

jon ferro, more than anyone i know, have done this tick by tick.s this time different, anna edwards? deal thisight get a time. we certainly have the expectation of a deal. we had a red headline across the bloomberg yesterday saying the outlines of the deal were in view, and that seemed to be code for it is really coming now. and the foreign minister of ireland talking about how he expected to see a deal today. there have been plenty of expectations, and deadlines have come and gone. let's be clear, the deadline is not 24 december, however much we wanted to be, because many people would like to see this done and dusted today so that people can think about something else over christmas. let's not forget we are in the middle of a global pandemic. but this deadline might come and go like others, but we had been a dissipating that we would get a deal, and they work through the night, fueled by pizza, to work on the deal, particularly around fish. lisa: aside from the imagery of pigeon, what is the narrative here in terms of how the deal got done? you ar

lisa: jon ferro going fully existential.onathan: we should all just cover a different story simultaneously. tom: of course. it's entertainment. other.lk over each that's the pitch. we haven't signed off on it yet. they keep letting it happen every day. i don't know if that is tacit approval. this is bloomberg. ♪ when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store. jonathan: honestly, the things i have to deal with on the show in the commercial break. tom keene asking me about "love island." equities pulling further back from all-time highs in the s&p 500. had nasda

tom: jon ferro and his entourage are going into preprint for tomorrow's "the real yield." this is a huge deal. 20 to 30 people involved in london for the planning of his show. the only thing that matters is the real yield we saw in the late summer of last year, down to -1.10%. we are getting there quickly. are we going to see a new low in the inflation-adjusted yield to an ever greater negative number? michael: that is a very good question. i think the real yield short-term and long-term is the best measure we have about monetary policy or financial conditions. the rise in yields and the back end of the yield curve reflect the rise in inflation expectations we are seeing. the real yield has not gone up, which is another reason the fed -- not adjusting quantitative easing, maturity, etc.. it will depend on the course of the data. the fed is looking through the weakness we are seeing in the sense there was a chance they may increase accommodation in some form yesterday because of the near term weakness in employment we see. the slowdown received because of increased social d

alongside tom keene, who's back in his seat, alongside lisa abramowicz, i'm jon ferro.'s get to the price action this morning. we shape up as follows. this tuesday morning, we declined by 21 points on the s&p 500, down about 0.6%. away from an ecb decision, euro-dollar coming back about 0.1%. in the bond market, after a big move friday, yields up. yields lower yesterday. toabout a basis point 0.9311%. tom: we are looking for december ferroe tradition of the method of christmas. we will decorate the tree december 23. right now, kevin cirilli on the stimulus calendar. what is the calendar over the next couple of days you are watching for proposed stimulus? 11 is when they have to pass a government funding bill to keep the government open, but if you are in washington trying to figure a partialre will be government shutdown, leader mcconnell yesterday on the senate floor said, don't worry. they are going to kick the can down the road for one week because they are looking to get the omnibus and the fiscal stimulus talks. i think in terms of a vote for fiscal stimulus, you a

caroline: romaine just facing jon ferro's message and in the show because he will be quick to say "fakeews, it is still there alive and kicking." on friday." we were talking to a guest earlier who said he is surprised that the delay had not stopped iots assent. katherine: the dollar is a tricky question. it is harder to suss out the different crosscurrents from the rising yields with the stimulus taxes, to be the push behind the recent drive higher in yields. if you zoom back and you think about what tends to drive the currency market, it is a pretty zero-sum game, and it tends to rest on growth differentials. if we do get a big stimulus package in the u.s., talking $900 billion, it is not the multitrillion dollars deal that people talked about, but it is going to create a bridge for the economy until we have the vaccine, which should help some of the still struggling labor market stocks. adp was a disappointment. if that does cushion the u.s. economy and help it rebound, the growth differentials, you are seeing the euro surge, that could come into play again. romaine: i'm sure we will

our conversation on the cable this evening, jon ferro and i will walk you through that our on radio.ve these headlines in boris johnson. and i will be on digital radio at the top of the hour. this is bloomberg. ♪ . ritika: this is "bloomberg markets:. the european close" i'm ritika gupta. ♪ we are going to focus on those most vulnerable and those on the front lines and we will progressively keep adding more and more people. be thinking in the february, march timeframe you will see more general timeframe and by the second quarter net year we will have enough vaccine for every american that wants it. that was health and human services secretary alex azar on the morning shows. in the meantime, cases are worsening across the country and dr. anthony fauci joined new york governor's andrew cuomo illustrious briefing. he expects the middle of january to get really bad before the vaccines are full throttle. joining us now, we have the air they have beend tracking the pandemic response. thank you for joining us. are we ready to handle vaccine distributions. where are the weekly -- weak links

jon ferro and i will take you through the show in london.is bloomberg. ♪ alix: this is "bloomberg markets: the european close." ceo at 2:30 p.m. in new york, 7:30 p.m. in london. this is bloomberg. in on the first word news. americans have started being vaccinated in new york. the first percent to get the shot was an intensive care nurse. over the next few days, the shots will arrive across the u.s. the 2.6 million doses will be given to health care workers and nursing home residents. the springlike temperatures are giving way to winter conditions in the east of the u.s. the new york area could get a foot of snow beginning on wednesday. this has prompted winter storm watches and advisories to pop up from kentucky to new jersey. and think of republicans and democrats will unveil a two-part coronavirus relief package, one part will include liability protections and to statesaid -- aid to states, the other will provide support small businesses. they are hoping to most can be included in a government spending bill needed by friday. global news,

jon ferro, tom keene, and lisa

everywhere else in the world still is jon ferro's birthday. carol: probably just like he likes it.ireworks for him wherever he goes. how great is that? it,: now that i think about he has grown up with fireworks that celebrates his birthday. what a spoiled bald man. we wish him well. a good friend of mine, of course. i will change into my blue suit when it is time for the open in tribute to jonathan ferro today. happy new year to everyone in sydney and audiences around the world, great to be with you today. carol: great way to bring in the new year, at least over in sydney. we will see that around the world. us, things change overnight. there is something about seeing that, that gives me some hope in terms of 2021. we could deal with some of the problems that have been hanging over us. it is kind of crazy when you look at the market trade. it has been quieting down throughout the week. we are seeing markets ending this tumultuous year on a quiet note. you have global stock indexes holding your record highs. the dollar is up as much into years. we have to think big picture as we get

her agreement to do the show without jon ferro. her agreement was that we had to rip up the script at least once an hour. >> at least twice in our, tankan tom keene. hour, tom: we are going to come back yuh jeffrey you -- geoffrey on the great call on the pacific rim. just too easy of a guesstimate a. number of ways to go. look at the headline on fish. eu says no to the united kingdom. this is bloomberg. good morning. stay with us. ♪ ♪ tom: "bloomberg surveillance." good morning, everyone. lisa abramowicz and tom keene. through the morning. what we are going to do here, we yu going to talk to geoffrey about the stimulus bill, but has comments about pacific rim are so important, we are going to continue this discussion. this is really important. ,his goes back to plaza accord massive strong dollar weakening so abruptly. you've got the rubin dollar up, here's the move back up we've had through the trump administration. what's important about this chart is it is pointy. there are solutions with countries just saying no. how close are

unfortunately, the stars of this program, tom keene, jon ferro, and lisa abramowicz are off. carol massar and i here to keep you company on this monday morning. ryding there at the .nd with his santa claus cap on i think the most important comment is, and we're hearing a lot today about the v-shaped recovery, it is not going to be a v-shaped recovery for everybody. some people are going to see things bounce rate act. or some people, nothing ever changed. for some people, a short, sharp shock. carol: we talk about this over the past few months. a big majority of americans didn't even have a few hundred dollars for a big bill that came up at some point. it is just a reminder of how on the edge so many americans unfortunately are living. it reminds us of the inequities that we are seeing in our economy. we talk about the k-shaped recovery come over so many have not felt necessarily the economic impact of covid, but there are so many that have. we talk about the fiscal cliff's so many are facing at the end of this year, whether they're going to be evicted, whether they can provid

it has been five years of contentious talks, deadlines that were false deadlines and jon ferro saying when will this be over. we have an agreement on the fishing which assumes -- which takes up zero point 15% between the u.k. and european union. what does this set us up for going forward in terms of the foundation for a new trade agreement between the e.u. and united kingdom? matthew: what it does is it avoids the very disruptive no deal alternative where there would have been a radical, sharp break between the u.k. and european union. by putting together this thin deal covering key aspects like fishing, how we are going to police the deal, like issues around equivalence, even though we have yet to see the agreements on financial services, what it does is it creates a foundation on which u.k. and the e.u. can continue to talk and develop their relationship. there will be no return to the u.k. joining the european union in the next three decades at least, if that even happens, but it provides a skeleton that the two can work around and ensure that there is minimal disruption. tariff u.

coming up on jon ferro's "the open," mohamed el-erian in these tumultuous times. this is bloomberg. futures -20. ♪ the usual gifts are just not going to cut it. we have to find something else. good luck! what does that mean? we are doomed. [laughter] that's it. i figured it out! we're going to give togetherness. that sounds dumb. we're going to take all those family moments and package them. hmm. [laughing] that works. karina: this is "bloomberg surveillance." netflixs projecting growth rate streaming services. kelly says it could have up to 300 50 million subscribers worldwide by 2024 due to an onslaught of program from marble, star wars, and -- from .arvel, pixar, first doordash, than airbnb. the two startups went public and their valuations skyrocketed. that is assigned that both companies could have raised more money than they did. airbnb opened 115% above its ipo, the biggest debut rally on record for a large u.s. listing. experts say the reason for the extreme pops was demand for retail investors and a scarcity of shares to buy. that is the bloomberg business flash. francine?

jon ferro, my colleague, is always talking about, what does the deadline mean if they keep getting pushed back? yet we are getting to a hard stop, so any progress is key at this point to prevent a hard brexit. francine: so we will look at brexit, we will talk about astrazeneca, and that little thing called stimulus in the u.s. let's get to first word news with karina mitchell. karina: hospitals in the u.s. will start getting the coronavirus vaccine today. shipments started leaving pfizer's michigan factory yesterday. over the next three days, shots will arrive in more than 600 hospitals. the doses will be given to health care workers in nursing home residents. russian government hackers reportedly have hit several u.s. agencies. according to the washington post, the attack targeted systems within the treasury and commerce departments and other government agencies. the newspaper says the agencies will breach -- members of the electoral college meet today to officially elect joe biden. some republican lawmakers have said that would be the end of president trump's attend overturn the results

jon ferro rattles off the numbers about how much debt is going to be sucked up ecb to keep price up, yield down? a broad e.u. and a now or frankfurt to being the debt market of japan? that is a topic that is talked about quite a lot, and there are parallels in the demographics, parallels in ever larger amounts of sovereign debt being sucked up by the central banks, but i think there are also differences. the ecb still has a chance to really reverse the tide of these falling inflation expectations, which the bank of japan failed to do back when, and really struggled to get them back up again. i think this is a real danger for the ecb, and frankly will be very interesting to hear how much emphasis they put on this. unfortunately, it is unlikely that they will anticipate that the concluding of their strategy review, because that would have been one way to say we are concerned about this continued decline in inflation expectations, and we want to get ahead of this and announce quickly that from now on we are going to take a more symmetric approach or whatever else they will announce at t

jon ferro made a good point at it. he is not wrong. we are still talking about fisheries.ot over. have headlines up moments ago on brexit. the united kingdom and the e.u. keep existing data rules over six months. it sounds like an agreement, but with a punt down the road to over six months, whatever that means. they could keep the data going, maybe build up some trust as well. bridge to a data accord. sterling bridges up with a little bit of activity on the bloomberg terminal. this is just breaking right now. we will see how sterling does. there are any number of things to do in the holiday season. one of the special occurrences on radio and television is to tell people on radio how fortunate they are to not see john ryding's liverpool football club sweater. and then right onto the drama of snoopy and the christmas sweater holtz -- barryck ritholz. this economy looks grim right now, doesn't it? barry: we talked about the k shaped recovery and how some parts of the economy are doing great. some parts are not doing well. we are seeing a lot of people jump online. it is not j

the cable show with jon ferro and me. this is bloomberg. ♪ >> this is bloomberg markets.uped up. coming up, michael nedra, president and ceo. that is at 3:00 p.m. in new york. this is bloomberg. alix: some breaking news for you. governor cuomo of new york saying the new york covid case is now topping 12,000. that is the most since the pandemic began. not good news for the state that is trying to avoid a lockdown. again, cases topping 12,000, the most since the pandemic began. you are looking at his daily press conference there. yorkuestion plaguing new is, will we get another shut down after christmas? that is what de blasio, as well as, have been trying to say to get people in line. of course, the hospitals have utilization capacity is what the issue is. now for a bloomberg exclusive. we want to cross over to sonali basak. of man group.tray sandy, i give you the headlines. you manage risk in that environment where we get these headlines that are consistently ignored by the market in favor --the projection of the back the vaccine in the back half? sandy: the first is it i

jon ferro, tom keene, and lisa abramowicz getting a rest because it's been a long year.he batteries for 2021. here in germany, we just started vaccinating people yesterday. the health minister does say they want to accelerate that possiblybut being the most bureaucratic country in the world, it is probably going to take a lot of time. even in countries that have started earlier like the u.s. and the u.k., i don't think experts expect the benefits to come until the early spring, so i think vaccinations are key, but right now, global markets are focused on what is going on in washington. donald trump finally signing that stimulus bill, and that is really the impetus for the risk on feeling that has rotated around the world in equities. carol: more than 4.4 million vaccines have been given, but many of the issues we have him dealing with the last couple of months, really all of 2020, --tinue to carry into 20 11 into 2021. there is optimism around the world. we will see how long that lasts. take a look at s&p 500 futures, 0.75%. about taking a look at the 10 year, you can se

we will talk about that on the cable show on digital ratable -- radio with jon ferro and i guiding yough that hour. this is bloomberg. ♪ >> this is bloomberg markets: the european close, you are looking at a live shot of the principal room. this -- the ceo of smucker at alix: let us check in on first word news, an fda committee is expected to recommend approval of a coronavirus vaccine after a long hearing. outside of visors are reviewing the trial. the recommendation will be influential on whether the fda authorizes a broad use. there is a sign that an increase in business shutdowns in terms of pandemic is leading to more job losses. applications for u.s. unemployment benefits rose to the highest level since september up 137,000 to 853,000. president-elect joe biden will head to georgia to campaign for the two democratic senate candidates in the january 5 runoff. polls indicate that john and rafael warnick are in tight races with republican incumbents, david perdue and kelly loeffler. if democrats managed to unseat both, the chamber will be flipped 50-50. global news, 24 hours a day,

just kidding, we have a deadline of the 31st, so jon ferro has to deal with this despite the fact he tried to foisted on us. tom: i just walked out of my hermetically sealed studio, and one of our staff tackled me with the brave the -- with the brexit iverage going on and really don't know. pound futures are up a little bit. 2:00 p.m.osing 1:00, as well. i thought dr. fauci was just brilliant yesterday with david westin, but the most piercing question this morning was from abramowicz. can we go bowling? [laughter] that was really an important estimate of where we are in this pandemic. lisa: i was wondering when you were going to start ragging on me for that one. everyone is looking for activities. you start wondering, what is the sliding scale of safety? is it ok to go to the park? is it ok to go to the grocery store? what are the parameters, especially if you are looking for activities? just theoretically. tom: we know across this nation, one million vaccines already been taken. we have done a lot on that. got good guests to speak to on the pandemic this morning. very quickly throug

existential mondays with jon ferro. jonathan: good morning. maybe there's a part of me that would like to see tom come back. i don't know. maybe i miss him. maybe that is what the mood is about. who knows. the pound, $1.32. we are down a little more than 1%. this is bloomberg. ♪ - [narrator] this is kate. - hey. - [narrator] she takes two prescriptions. kate's son jack, takes one too. kate works hard, and thought she had good insurance. but she still pays too much. that's no good. so kate downloaded the goodrx app. now she can compare prescription prices, to find the best discounts. she even beats her insurance price. good for you kate, good for you. goodrx, stop paying too much for your prescriptions. download the free app today. monday morning, live from london and new york, good morning to you all. let's get right to the price action of the morning with equity futures coming in at 4/10 of 1%, record high on the s&p, the nasdaq, and the russell. down to tenths of 1%, the nasdaq on a winning streak. i think about those eight days moving highe

tom: a good friend of jon ferro's over in london writing it up on the real backstory of 2020. you can't get a dog. you can't get a cat. news -- oned on cap cat news. what's the return on invested cat? i love that. costs, and this pounds,nd -- this is in a lot of money over its lifetime, including in vet bills. some people may be forced to part with their cats. [laughter] jonathan: so you have gone from dow points to 2021 outlooks to the animal you know i absolutely -- i'm not going to say it. the last time i said what i thought about cats, people called in and complained. you are not taking me there. carry-on. tom: julia coronado joins us as we look at the serious news of the moment. with macropolicy perspectives, julia coronado was dead on on economic growth coming out of the financial crisis. what is your call for the next 12 months on economic growth? julia: it is a real dichotomy between the near-term, the next six months, and the six months that follow. we have a pretty flat profile for the next six months. we get a little bit of stimulus. we are not expecting a big packa

tom keene, jon ferro, and lisa abramowicz are out this week. is a lot going on, certainly in politics. we see a brexit deal, and eu/china deal, no deal on $2000 just as checks, maybe, the rest of this year, the most important story is the virus. we did see another vaccine approved today in the u.k., the astrazeneca/oxford university vaccine, but it didn't seem to move markets much. carol: i always go to this number on the bloomberg, among our most read, the virus update. a ton of stories. we are right now i global cases of 82 million, deaths of 1.7 9 million, and in terms of the vaccine, more than 5.7 one million have been given globally. the president-elect saying it could take years for americans to be vaccinated at the current rate. he is concerned about the distribution. this rollout and distribution is key for our economies come up to get back to work, for everything to get back to normal -- economies, people to get back to work, for everything to get back to normal. we have had off to mr. gross mates for 2020 -- we've heard optimistic gro

lisa abramowicz, jon ferro. tom keene is back, if you didn't notice.bout a minute into the show, straight off the rails. coming up later this hour, ian lyngen, bmo capital markets head of u.s. rates strategy. good morning. it is great to be with you. up 72 on the nasdaq. we advance. this is bloomberg. ♪ emma: with the first word news, i'm emma chandra. president-elect biden spoke after the electoral college sealed his win. he notes he won the same as president trump in 2016. mr. biden: at the time, president trump called his election victory a landslide. by the same standard, these numbers represent a clear victory then, and i respectfully suggest they do so now. offered nodent trump public reaction to the vote. a grim milestone in the u.s. battle against the coronavirus. the death toll has now gone past 300,000. meanwhile, more than 600 hospitals across the country receiving vaccines this week. the first shots are being given to health care workers. the crude oil glut left behind by the coronavirus pandemic will clear by the end of next year. that is

the first day after brexit, jon ferro doing a three or four hour stretch and on the -- three or four hour stretch and london, having the exact same conversation. the same cannot be said about the ecb, where it has become an emergent meeting that we will see this week with madame lagarde. what do we expect? jonathan: now you've got my attention. this is what people are expecting, a bigger package and a longer plan. the package would be upped for asset purchases, may be 12 months or so. it is going to be a commitment essentially to stay in the bond market with immense >> ability for a longer time, -- immense ,lexibility for a longer time and that is what we see. is a real weight on the bond market across the curve, across europe. tom: the size of the package is so important. on stimulus in washington, due to a believer in america, the size of the package matters, doesn't it? lisa: terry haines of pangaea capital came out with a note saying he think there is now an 80% chance of a plane passing before year end. composition matters. it goes beyond size. i think the key question here is i

you have jon ferro with the shopping channel and tom keene with the cooking channel.et to the vaccine channel. the question of some of the approvals we've been getting today. the latest, pfizer and biontech seeking regulator approval from european authorities -- i say something about the trousers? you have to think about it the other way around. europeans are getting shortchanged. the closer getting more tapered and shorter. let's hope that does not happen with the vaccines. does it move the needle? expected,mething we the start of the process, violate manufacturing paperwork and other business they could have. the regulators in the u.s., europe, u.k., everywhere have been fully engaged with the company's. if it had not happened i would've started wondering what is going on. jonathan: sam, the rollout set to begin may be christmas in the united kingdom. still not clear to me where people in the groups that would not be categorized as at risk would receive the vaccination, to what level would we need to get a nation vaccinated, whether it is 60%, 70%, the work you are

jon ferro and i will be taking you through the hour.s is bloomberg. ♪ ritika: this is "the european close." coming up, an exclusive interview with letizia james, new york attorney general. that is at 3:00 in new york, 8:00 in london. this is bloomberg. live from london, i am guy johnson. alix steel in new york. this is european close. and is putting its trucking just ticks into two separate companies after looking at strategic alternatives, looking for buyers and deciding this was the right move. the market seems to like the idea. share prices rallying we welcome the chairman and ceo, brad jacobs. businessat selling the , why is this split the right way to go? year we have looked all long at what would be the best way to improve and create significant equity value. as we disclosed in january, we thought about selling or spinning four of our five business units and we looked at every permutation, and at the end of the year we came to the conclusion having a nice clean separation in our transportation business, which is everything that go

jon ferro managed to get another day off. i will say, he evidently is getting vegetables from the shipment that is now coming across. tom: the vegetables are coming in from angela merkel, lufthansa sending incongruent planes -- ascending in cargo planes to london to provide the vegetables. lisa: we are getting some shot of optimism in the market's. yesterday, the bombshell president trump dropped on twitter was notable to me. i thought it would have a negative effect on markets, the idea that he was potentially going to veto the $900 billion to millis plan. it had no effect, other than to keep things took a long long -- billion stimulus plan. it had no effect, other than to keep things chugging along. what is that about? is 8:30,early morning as the first cup of coffee, and you really don't get going until 10:00 a.m.. i am serious, lisa. you are going to see a massive recalibration coming across the morning. i know kevin cirilli and david westin are really on top of that story, including important conversations through the da

so on that note, let me hand things over to my good friend and colleague jon ferro. nathan: coming off this payroll report, a downside surprise, as you guys have been coming over. the previous number revised lowers. the read across for this market is really quite clear. an equity market at or near all-time highs and a bond market breaking down, and yields breaking out. why? they believe washington, d.c. is about to agree to a fiscal deal, and that makes this deal hot or likely. for our audience worldwide, we can get the white house reaction . i am very pleased to say that joining us now is larry kudlow, national economic council director. let's start right there. downside surprise on the payrolls report. people we speak to in the last hour, the last 90 minutes, all say this mix it more likely to get a deal down in d.c.. does it make a difference to you, larry? mr. kudlow: i just want to say, i don't think this is such a bad jobs report, ok? it may have come in a wee bit under expectations, but i don't know what that means. 6.7% unemployment rate is big news. the cbo

ferro. lisa: jon who? tom: who do you have as the guest?ls must've been breaking down to be on "the open" with lisa abramowicz. lisa: tony dwyer is joining us. one of the questions is whether we see more pain going forward as people reassess the optimism. tom: i will give you a hint. tony dwyer named his banks by the dip. lisa: thanks. [laughter] stay tuned. tom: with janet yellen taking over as secretary of the , penelope goldberg has been definitive in economics. it goes back to her tenure at the american economic review, her tenure at yale university enter public service to the world bank. penny goldberg joins us from yale and the peterson institute for international economics. you pride yourself on applied economics. to aou apply economics natural disaster like a pandemic? penny: that is a very interesting question. the pandemic was truly novel. it was something unprecedented. that means we cannot take official models for techniques and apply them to the pandemic. what we can do as economists and scientists more generally is apply the w

jon. we got this thing going where ferro and lisa read everything and i don't. that would be a complete fiction. but there is some renewal. [laughter] you look at what seema shah did in a nuanced note, where they are looking for tech to restain. it is worthk watching the real yield. jonathan: since this show has gone totally off the rails, i just heard from alliancebernstein. about 20n the phone in minutes. he made the final table into vegas in two weeks of the main event of the world series of poker. supposedly, the prize money will be 1.5 million dollars, plus another $1 million if you the international bracket. i am hoping that we can get him to talk about this. tom: that's like "the queen's gambit." jonathan: something like that come about with cars. lisa: that's where you can make money, i guess. jonathan: i hope we can get him on the phone in about 20 minutes and discuss with him, if of course he is telling the truth. this comes from gershon himself, so who knows? he plays pretty of tricks on me. lisa: maybe some of that triple leverage cash can be a tax a

jon: just like that, senator joe manchin talking this weekend. he knows it is harder than that. good morning. i am jonathan ferro, with lisa umbrella it's.kup -- lisa abramowicz. epic up on the s&p 500. the dollar a little weaker, euro-dollar, 121 through 56 just off the highs of 2020 by about 0.3%. points up onasis the 10 year. ahead of retail sales and the fed this coming wednesday, and the jobless claims once again. this is the line from senator manchin, no way we are going to leave washington without taking care of the emergency needs of our people. it must be clear, that was part of the conversation over the pasta week, 10 they can week,ing -- over the past can they get something done before year-end? lisa: may have been hoping to get a deal done for months now. can they bridge the gaps that have been perpetual? i don't know. i am still not seeing it, necessarily? jonathan: let's talk about the number of the morning, 908. kevin cirilli, bloomberg chief washington correspondent trends us now. parts, walk me through the mechanics of what is the proposed. kevin: talking with sources over the weekend, they are viewing this, as senate ma