. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and the cigarettes -- and lisa. jonathan: i am jonathan ferro, tom keene is away today. in the equity market, futures down. the nasdaq up 1.7. lisa: it is almost like a response. the nasdaq is underperforming other equities. it raises the question i would like to explore which is does this correlation between bonds and tech stocks make sense? jonathan: that is a conversation he will have later today. the president is pushing forward with reopening plans, aiming for something close to normal and pushing states to allow everyone who once vaccine to get one by may 1. there are several things he can do and several things states will say yes and rings they will say no to. lisa: it reminded me of oprah. you get a shot, you get a shot. everybody gets a shot on may 1. there is a question about how much optimism people have and how you tempered that by saying stay home, wear your mask. people are done and if you go outside you get a sense the pandemic is over. jonathan: the governments are done too. that is the number you ne

double ultimately keep the fed on the sidelines. >> this is bloomberg surveillance with tom keene, jonathan ferroamowicz. jonathan: it is over. good morning morning, good morning, this is "bloomberg surveillance." alongside tom keene and lisa abramowicz, i am jonathan ferro. s&p 500 all-time highs in america.

alongside tom keene and lisa abramowicz, i'm jonathan ferro. equity futures down 11 on the s&p, -0.3%. increasingly i feel like we are going to have this conversation around u.s. exceptionalism for a while now. tom: it is very lonely, the success of the united states and all of the medicine we heard from dr. adalja of johns hopkins a moment ago. the tape at 6:00 was grim, and it has simply gotten better here as we try to digest that hughes -- that huge move in the dow yesterday. jonathan: i will push aside that down move. a big session. tom: the russell 2000 moving as well. jonathan: they all are. the compare and contrast between the united states and the rest of the road right and was fascinating. europe struggling to roll out this vaccine. early bad news, and not just about the supply. it is now about the acceptance of the astrazeneca vaccine in the population. in china, pushback from the regulator about bubbles. then the you have the u.s., pedal to the metal. tom: overnight, ed morse publishing new ranges on oil, but is a range about idea? i

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: the build up payrolls friday starts now. good morning. this is bloomberg: surveillance live on tv and radio. i'm jonathan ferro. the adp report tomorrow, payrolls friday. tom: it will be critical, john. we see a better u.s. gdp, a better payroll statistic, and it folds into a market that has a bid. jonathan: as we inch toward that report, that estimate creeping higher. 190 five the median view. tom: citigroup with 410,000. you wonder where it will go off adp. mike mckee said the link name --may not be so tight. the fed speak could be tangible. jonathan: i agree. we will catch up with jp morgan later with their view on the labor markets. yields violently hired this session. -- higher this session. the 10 year yield, 143. governor brainard pushing back. that may put a lid on things. tom: exactly. i am single little bit less negative, higher real yield this morning. i want you to compare and contrast the job owning of american fed speak versus the bloomberg article on ecb speak.

think the economy is going to heat up a lot. >> this is "bloomberg surveillance" with tom keene, jonathan ferroz. jonathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your yield a little earlier today north of 1.77%. right

i am jonathan ferro. tuesday morning.e is our price action on s&p 500 shaping up as follows on the snb. future is down 14, -0.4%. yields higher by three basis points. the yield, 1.445%. tom: thap three basis points. maybe 1.45. i will call it a constructive backup after the festivities of yesterday and we are waiting to see how the markets take it. will there be a bit on equities? tom: -- jonathan: what we saw yesterday, was by everything. tom: the one thing that sticks out is the -59 on west texas intermediate. that is interesting. $60.58. we heard from the vice president, she spoke to bloomberg. nelson, rockefeller, 1975, he was the last vice president to tell the rule maker what to do in the senate. we are going to see that with that lady from california? >> it does not appear so. the progressives are citing examples like rockefeller and i believe hubert humphrey did the same at one point, but the moderates have decided they are going to stick with the parliamentarian's rolling on what counts as a budgetary and build t

on jonathan ferro. -- i'm jonathan ferro.ost pandemic highs going into that term and powell news conference. tom: his forecast adjusted by the fed, we are seeing it with market economics like -- it was a day ago deutsche bank and peter huber going up to 2.25%. by the end of the summer -- there is no summer in london, but summer happens soon in new york. jonathan: 2.25% at deutsche bank. yields are high going into this news, rents. the chairman -- this news conference. he has threatening 170. -- he is threatening 170. tom: how many times are we going to hear " transitory" today? jonathan: that is a drinking game for later. [laughter] jonathan: no real drama here yet. this is going to be the big issue for the federal reserve later. show me your forecast. now show me the doppler. lisa: this will be the key question in the bond market. my key question is how are bond in esther's lining up -- investors lining up? they are going against consensus where you have deutsche bank and j.p. morgan higher prognostication of higher yield. a

. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: it is over. good morning morning, good morning, this is "bloomberg surveillance." alongside tom keene and lisa abramowicz, i am jonathan ferro. s&p 500 all-time highs in america. not my words, the words that come out of the bank of america global fund manager survey that this crisis is over. that view is consensus. tom: we are seeing all sorts of research pieces this morning. 20.13, it is not that there is a bid right now with the dow and the nasdaq, there is no ask. they refused to go down. jonathan: yields are higher. the outlook for growth's getting better and better. now we have to talk about how well priced their story is. lisa: how much does that affect what is going on with equities. -- equities? we have shifted away from the recovery and now we are entering the second phase. what will that bring? at one point to higher yields because a further decline in equities? jonathan: that was a quote, it is over. that is not my view. lisa: why do you think it is over? jonathan:

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your yield a little earlier today north of 1.77%. right now, 1.76%. yields are higher by five basis points. tom: we've got red and green on the equity screen, but all said and done, the markets exceptionally resilient. you roll into wednesday and thursday with claims, and then jobs day friday, and you wonder whether it is the first inkling of that 8%, 9%, or even 10% boom economy. jonathan: payrolls. you keep going, these numbers are huge. tom: ethan harris will join us, of bank of america. what is important is where the survey migrates wednesday, thursday, friday. if we go 6.50% to 6.75%, that is the kind of trend -- if we go 650,000 to 675 thousand, that is the kind of trend. lisa: will there be enough investors, especially as you do get this question mark about how much the fed will allow that long

chance that can be exported elsewhere as well. >> this is "bloomberg surveillance" with tom keene, jonathan ferro abramowicz. jonathan: this is a margin call. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro. lisa abramowicz is off today. we are discussing the forced liquidation

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: from new york city, good morning. this is bloomberg surveillance alongside tom keene and lisa abramowicz. equity futures down 1.5%. that is the number of the morning. tom: it is the morning. a second leg up off the press conference. the landscape changes. if i had to look at one statistic, it is the real yield. the real yield has moved out two full standard deviations to a new lesser negative yield, -.59. that is a huge deal. jonathon: it is no longer forecast-based, it is outcome-based. before, they were coming in early. now, they might come in late. tom: i did that yesterday when i looked at outcome-based. i grabbed onto that single sentence from the chairman. to me, it is massively exposed. the late great allan meltzer of carnegie mellon, they are going to wait and wait. the cover this morning says 2024. jonathon: goldman is with the ft e on 2024. he had a good news conference. lisa: i will say this. what we are seeing right now is a resetting of expectations about what th

is higher than it was this time last year. >> this is bloomberg surveillance with tom keene, jonathan ferroabramowicz. jonathan: the build up payrolls friday starts now. good morning. this is bloomberg: surveillance live on tv and radio. i'm jonathan ferro. the adp report tomorrow, payrolls friday. tom: it will be cr

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. -- alongside lisa abramowicz, i'm jonathan ferro. tom keene will be back on monday. your yield on the u.s. 10 year up 10 basis points to 1.61%. lisa: when do higher yields not necessarily mean lower equity valuations? now that we have jabs in the arms promised by may and checks in the mail this weekend, perhaps we are getting closer to the end. jonathan: cyclical outperformance has been the story over the last couple of months. now you have to look at what you own. the number four weighted stock on the russell is gamestop. [laughter] a lot of companies on this particular index, and number four gets you 0.15% of the overall benchmark. but that at the story right now. what do you own? lisa: tom keene took the day off , i believe, to decide how much to give to gamestop. again, is this ownership

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: are we hitting pause on the cyclical trade? from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene back with us on monday. your equity market back up. we advanced 0.3%. we are still reacting to that move we saw in the russell yesterday, lower at 3.6%. lisa: a big decline there. mona mahajan mentioned this, talking about the retail investor being really involved last year. i really want to emphasize how much we are seeing retail investors perhaps take a pause themselves as they can actually spend money on things like airplane tickets. maybe not in europe, but certainly in the united states. they can actually go out and use their cash. this to me as one of the biggest swing factors in the next couple of months. jonathan: it plays into the broader theme. the cliche, you buy the rumor, sell the news. this is between peak expectations and peak growth. want to mak

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: payrolls friday. good morning. this is "bloomberg surveillance ." alongside tom keene and lisa abramowicz, i am jonathan ferro. off by 2/10 of 1% on the s&p 500. there payrolls report two hours, 30 minutes away. tom: the jobs report -- what occurred overnight is the plumbing -- a word we will hear a lot of today -- the plumbing of the fixed income markets as seen in the overnight market -- paper markets, and the repurchase market, the so-called repo market. we have a great set of people to drive forward the joint conversation of the jobs report and challenges of liquidity. jonathan: and throw in a little chairman powell. is he stuck between a rock and a hard place or what? tom: truly a lose-lose position. and if it is chairman powell or chairman greenspan, it does not really matter. looking at salvation from the chairman of the federal reserve system, there's only so much he can do. i believelisa's reading the entire document on the floor -- jonathan: she is -- lisa: 700 page

jonathan ferro, lisa abramowicz, and tom keene. lots of stories today. john, i have to go to the 10 year yield. the litmus paper for chairman powell through 1.67. jonathan: this is a new post pandemic i've. several weeks back the chairman said it was a statement of confidence that the yields were higher at the long end. the key when a session will be fascinating later this afternoon. tom: it's that forecast adjustment, michael mckee is in attendance. and against us as the atlantic divide as the vaccine disaster is discussed. it's tangible. tom: but -- lisa: but who are they blaming? are they saying the vaccine does not work well enough or that it has not ramped up production enough? the european union considering emergency measures to ensure the vaccine supply. this comes at the same time as a slowdown in distribution of the astrazeneca vaccine despite dr. hama should all just saying they are wrong. tom: john, i need you to explain this. you have lead on this end it's not just the partition of europe and america, but of europe and the united kingdom. jon

i'm jonathan ferro. new price action this wednesday morning looks like this.grind higher by not even a 10th of 1% in the fx market, euro-dollar stable. even with a move in the bond market. yields up by three basis points. tom: we are getting used to it. well said. two-year with some stability. i would note after the big day yesterday the fixed average 24 on 23.49. jonathan: excuse the cliches one day is not a trend. we talked with blackrock and talked about symmetrical risk around treasuries after this massive move. blackrock sticking with us. tom: there'll be two hours of debate. two hours of debate today in the house. festivities in the house today, emily wilkins her to give us a brief. i know it starts at 9:00 a.m., do we need to tune in or is this boredom personified? >> we will have two hours of debate for the actual vote on the bill. these are taking longer because you cannot have 435 people packed into a room during a coronavirus pandemic. but we are expecting the bill to pass the house today. we heard yesterday from democratic caucus chair akeem jeffri

announcer: this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning, this is "bloomberg surveillance" live on bloomberg tv. your equity market up 43. the s&p, advancing a little more than 1%. tom keene, yields are higher. tom: yields are higher on a relative basis. it is a stasis and a path to normality. we have all the fed speak coming up as they reset. what is important here from a fed angle is they do this after australia was very aggressive in saying enough. jonathan: pushing back last week and pushing back again. do you know the move last week on a treasury yield? seven basis points after a massive rally on friday. it was volatile. tom: i was off on sabbatical. it was an arduous friday for me. it continues today. the equity markets, 12 months trailing, coming off the depths of the pandemic. standard & poor's up 29%, nasdaq 100, jon, i wish i was not triple leveraged, all caps, up 54%. jonathan: the snapback has been unreal. lisa: the question in my mind is morgan stanley last night, where they said in general real rates wher

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: good morning. this is "bloomberg surveillance ," live on tv and radio. your 10 year yield in and around 1.62%. nasdaq futures off their lows, -0.25%. lisa: there's a question about yields going higher, especially after the ecb tried to ease policy yesterday. really interesting to hear kit juckes talking about 2% is the goal, and until we get there, it is going to be rocky. jonathan: the meeting march 17 -- the federal reserve meeting march 17. 5.2% is the median view in our survey right now for growth and -- for growth in america for the year. lisa: how much does that hinge on the infrastructure plan getting past? does this just account for the 1.9 trillion dollars stimulus that just made its way through congress, an addition to the reopening? the better that growth gets, how much more emphasis will there be on getting other material changes to policy that could prolong the growth? jonathan: that has been a big debate over the last couple of weeks, and that really got going wit

jonathan ferro and tom keene back next week. g surveillance. ♪ jonathan: testimony on capitol hill. from new york city, good morning. the countdown to the open starts right now. 30 minutes away from the opening bell with equity futures down nine. -.25%. the push and support for an unprecedented spending spree. >> these numbers are big. >> $3 trillion. >> coming off a huge influx of fiscal support. >> the nearly one point $9 trillion package. >> 2020 to 2024. >> trillions of dollars worth of debt. >> this is simply a u.s. government that has lost their fear of debt. >> driving the u.s. economy by a boom in gdp. >> and the focus of monetary policy. >> they want to grow their way out of this problem. >> we care about what the fed is going to do, we care about

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market taking a dive on the nasdaq, off by 180, down by 1.5%. the outlook gets better. the data gets better. that's bad news for big tech. tom: the tape is marginally better over the last 90 minutes. the vix tells me a lot at 27. we are not at the 30 level. jonathan: the data is better, the outlook is better. through on top a $1.9 trillion plan out of d.c. lisa: although this is not stemming necessarily as much from inflation as much as real yields. real yields rising, still negative, but there's a question , how much the fed will cap any yield rises as people give any outlook to the global growth -- any outlook on the global growth outlook. jonathan: on the s&p 500, down 21 on the s&p, -0.6%. in the bond market, 1.5907%. in the bond market, euro with a $1.18 handle. that dollar has made

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: some bond market stability. from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro. lisa will be back with us on monday. tom: i got to see a bounce on the screen, but to me, the immovable force was 31 on the vix, and now after a choppy week, we are only at 21.01, so that is at the compliment over the last couple of weeks. jonathan: the nasdaq up by about 0.6%. for this moment going forward, this is about growth expectations. the conversation through the week, others expectations peaking? did they peak with the federal reserve? are we there yet? tom: what we are going to hear from equity players, including our next guest, is the basic idea of what do you do with equity when you get the equity news out there. we are going to begin to seek guidance from corporations, and then indeed, we see q1 earnings announcements as well, and that is going to be a changed landscape. jonathan:

alongside tom keene and lisa abramowicz, i'm jonathan ferro. uity futures up 36. we advance about 1.4%. tom: we've got a lot of said talk -- a lot of fed talk. these are better than good markets, with some stability and bonds, even with a higher yield right now. equities are on a tear to reset new record highs. jonathan: yields are up for the right reasons. is that what we would say? tom: i think that as well said. we begin to firm up really good economic growth into this second quarter. that is the expectation that is out there. the mystery out to the third quarter, we've got a guest coming up, one of the most nuanced equity calls on the street. jonathan: up five basis points on 30's, up two on tens. lisa: you did see -- again, this raises the question, when does this start to rise in a fundament away? that is unclear -- in a fundamental way? that is unclear. are we seeing another 2013 taper tantrum? if that is the case, you don't want to have anymore exposure to duration. tom: then you click in with price down, yield up, whatever you are looki

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: this is a margin call. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro. lisa abramowicz is off today. we are discussing the forced liquidation over at -- tom: another very careful derivative article as we are all learning about total return swaps, contracts, the way this is done in the hedge fund world, and once again, leverage fail. jonathan: how you can build a position in a company without needing to disclose that position because you don't need to know the underlying. we will discuss that any moment. but i just wanted to take a moment to do this. compare and contrast how this story is being covered this morning compared to gamestop, which led to all kinds of conversations about having meetings in d.c. and hearing to figure out exact a what happened and whether there is any systemic risk. after gamestop, were we discussing credit suisse down by 13%, 14%? were we talking about tomorrow -- about nomura? why is it

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: powell and yellen testify. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene off all week. lisa: the bearish feel is in bonds and stocks, and that is very interesting because it goes against what we have seen recently. higher nasdaq means lower yields. higher yields means lower nasdaq. we are assessing the potential for a third wave in europe. jonathan: the contrast between europe and the united states is phenomenal. we have been talking about it in markets for about three months. i am wondering whether we have fully priced that story just yet. euro-dollar has had a move down to one dollar 18 cents. have we reached the inflection point where we have both peak optimism in the united states a look of to peak pessimism in europe? lisa: there's also a question of whether people are fast forwarding too much. europe will recover. there will be enough

alongside tom keene and lisa abramowicz, i'm jonathan ferro.e price action, up call it 46 points higher on the s&p favre -- s&p 500. we are absolutely flying on the nasdaq. real turnaround from the last 24 hours. yields up and yields lower, down seven basis points. this great rotation all started with the first headline on the vaccine at the start of november. since then, to borrow a phrase, small caps truly to the moon. tom: and again, i want to emphasize in the last hour of our simulcast, we have seen a nice lift to the market. right now and the headline i'm sure all of you saw yesterday, from the cdc of atlanta, amateur doll john joins us with johns hopkins. i know the cdc was a cool place to work million years ago, they did malaria out of world war ii and built out the excellence of america in microbiology and virology. that headline yesterday when you saw yesterday, how did you respond? >> i thought this was something well anticipated that people wanted to get guidance like this. i expected cdc guidance to be cautious, and i think they wer

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: brace yourself for a ton of fed speak. from new york city this morning, good morning. this is "bloomberg surveillance" on tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene back with us next week. the fed speak this week is overwhelming. chairman powell today and tomorrow. a lot more still to come. lisa: what are they going to communicate? they kind of hit a homerun last week. if you take a look today, all is calm on the ball in front -- on the bond front despite the fact the fed is taking a new stance on inflation. they are letting it run hot no matter what. jonathan: we know what emerging markets would like to hear. i'll earlier i with a move of about 10% -- dollar lira with a move now other about 10%. how often have we seen this move, the car crash in turkey, and then people buy back in every single time? lisa: it is a casino. federated hermes is saying this is perhaps so bad it is good, given the fact that there is so much money lying around in deposit a

with tom keene, jonathan ferro, and lisa abramowicz. ondon and new york, for our audience worldwide, this is "bloomberg surveillance." live on tv and radio. alongside lisa abramowicz, i am jonathan

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: an ecb rate decision 45 minutes away. good morning. "bloomberg surveillance "bloomberg surveillance this is, -- this is "bloomberg surveillance," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we are flying on the nasdaq, up by 1.6%. up about 0.6% on the s&p 500. president lagarde a couple of hours away. tom: the ecb front and center, but i want to talk about what is not happening this morning. yesterday we got a whole bunch of corporate announcements that were very worthy for the stock market to move higher. we don't have that today. can you imagine what this tape will do if we start to get constructive resets by america's big companies? jonathan: companies are confident for a reason, because we are talking about higher gdp growth this year. a 7% over at morgan stanley for 2021 gdp. tom: to me, it is the blunt instrument of economic growth that overwhelms that. i am really watching those dynamics. ian shepherdson last hour came in

chairman is going to get a little uncomfortable. >> this is "bloomberg surveillance" with tom keene, jonathan ferroicz. jonathan: brace yourself for a ton of fed speak. from new york city this morning, good morning. this is "bloomberg surveillance" on tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene back with us next week. the fed speak this week is overwhelming. chairman powell today and tomorrow. a lot more still to come.

we are still officially in a recession. >> this is "bloomberg surveillance" with tom keene, jonathan ferrobramowicz. jonathan: some bond market stability. from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene, i'm jonathan ferro. lisa will be back with us on

good morning, alongside tom keene lisa abramowicz, i am jonathan ferro.at 174 and your equity market is taking another leg lower on the s&p 500. the nasdaq down 30. from new york city, current on bloomberg radio and seen on bloomberg television with yields higher and equities going much lower. this is bloomberg. ♪ >> a russian legislator is demanding that president biden apologize to let me putin, -- two president putin. saying this is a watershed in relations and unacceptable. president biden could meet with china's president jean jinping -- xi jingping. bloomberg has learned that beijing would like the summit to take place around earth day on april 22. the ideas to show that the two leaders can focus on combating climate change. oil is on his longest run in decline in over a year. this is the fifth day in a row and the concern that the demand for recovery could stall after several european countries halted the rollout of astrazeneca's vaccine. more fallout at credit suisse. the swiss bank has added the asset management had. credit suisse was first to su

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: there is a monster plan in washington. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. the price tag, $1.9 trillion. it goes to the house later. tom: we get voting at noon into the 1:00 p.m. hour. you wonder within this churn this morning, when do we pick it up again with rising gdp estimates? jonathan: morgan stanley's ellen zentner, who really kick this off, goes again, looking for a 7% handle. tom: jp morgan, goldman sachs also talking about the global effect of what nancy pelosi has brought. jonathan: lisa, what next? that is the question being asked in washington now. lisa: in other words, what other stimulus are they going to come out with? are they going to have an infrastructure plan? how long-lasting will the effects from this stimulus be? when we were coming into this year, people were talking about $1 trillion. no one was think

are nowhere near that point at this stage. >> this is "bloomberg surveillance" with tom keene, jonathan ferroz. jonathan: it is all about politics and policy. from new york, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene back on monday. on the

on jonathan ferro. -- i'm jonathan ferro.ighs going into that term and powell news conference. tom:

from new york city, i am jonathan ferro.his is "bloomberg surveillance ." ♪ ritika: i am ritika gupta. the senate is not likely to approve president biden's coronavirus packets into the weekend. lawmakers are waiting on an official cost estimate of the latest version. democrats are tweaking the measure that was passed by the house. the president agreed to moderate demands to tighten eligibility for the $1400 stimulus checks. president biden is struggling to head off a potential crisis on the southern border. a spike in migrant crossings, especially by unaccompanied children is threatening to overwhelm government shelters. republicans and some democrats and the president's policies have caused the surge. he says it is not a crisis. live posted a record loss for the year. it says it will struggle to break even before the end of 2021. the pandemic is forced europe's largest airline group to dial back capacity plans to a level where it is unlikely to make money. here is lufthansa's ceo. >> we are convinced it is time to replace

live on tv and radio alongside tom keene, i'm jonathan ferro.in on the drama of what is happened from friday to monday. nasdaq in by about .1%. russell off .75%. we did end up with a week of gains. it was not just about the long that had to be covered, it was some of the shorts as well and a lot of people saying maybe that was what the big grandpa to the close was on friday. -- the big ramp into the close was on friday. it is far more complex. look for the word material from the banks. if they say may be material, we are down 15%. if they say not material, or allude to the idea that maybe does not material, we get stability. goldman, morgan stanley, goldman off 2.5%. morgan stanley, still waiting for clarity. that is the unknown. how has this been handled. the exposure and what is left unwind. tom: staying on 2% down versus 4% down. are you done? jonathan: you have permission to continue. tom: we are making up it as we go on this monday. 6.56 on remember the. a little bit of foreign-exchange movement. david kelly of jp morgan will not talk about

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: yellen and powell testify, day two. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene is off today. we advance zero point 3%. the nasdaq up 0.7%. they go in front of the senate banking committee. lisa: the range of issues here is phenomenal. you have the stimulus, how it is getting deployed, how much has been deployed. then you have taxes, how much they support raising taxes on a variety of constituents. then you have inflation, and of course, international relations. one thing we have underplayed today is janet yellen coming out in support of an imf fund in support of developing nations that former president trump actually shut down, raising questions about the international collaborations on that front. jonathan: a range of issues. let's sit on the domestic story for a moment. the push to maybe hike taxes going forward from here, we talked about the bias for this market to focus over womanly on th

jonathan ferro, lisa abramowicz, and tom keene. thrilled you are with us here at lots going on, and a major theme has to be a bullish tendency pandemic coming to an end. jonathan: today show is brought to you by the numbers 8 an 4. 8% gdp growth quarter and quarter. 4% unemployment. there are the goldman forecasts for this year in america, and it is said to be very good. tom: one of these things does not act like the other things, and that would be the pendulum of doom. the gloom crew is getting pushed aside, aren't they? jonathan: nine months ago, so many people got this so wrong, and i was part of the conversation, too. you have to be humble about what has taken place. have gone from a position of sitting here saying it will take years, maybe even a decade, to recover, and now we're talking about regaining all of it and then some in the first two quarters. that was unthinkable months ago. tom: it is simple, apple, from the top, down 16%, 17%. who is counting? or is it apple off 114% from the march bottom a year ago? lisa: question

alongside tom keene and lisa abramowicz, i'm jonathan ferro. the details coming later. tom: and into a booming economy, as we heard from ed hyman of evercore isi. s&p will do better in this american economy. jonathan: we are talking about one million payrolls on friday. france said to consider a national lockdown due to the covid spike. compare and contrast europe and the united states. there's the headline for all to see. tom: we saw from merkel yesterday for the day before. what is interesting is the bet on the street. at deutsche bank woman's ago, an expert on fx minces no word. he's optimistic on europe amidst this gloom. lisa: you really start to wonder at what point this divergence has legs beyond just this moment. this idea that europe is lagging behind the u.s., but people saying later on in the year, the pandemic will end. at what point does this lag time create frictions, create problems that create slower growth going forward, and that bifurcation only widens. jonathan: better data still to come, and out of europe, it is a struggle. we looked at this on the s&

. ♪ jonathan: i'm jonathan ferro. time for the auction block.n europe, the busiest week since january. 27 issuers. 2021 sales 5% behind last year's pace. in the united states, high-grade debt sales with bigger estimates despite selloff in treasury markets. volatility slowing down the high-yield debt market. within $2 billion of the previous march record. back with us is frances donald, robert tipp, and kathy jones. it was supplementary leverage ratio and expiring. it has not seen a big move in the bond market to close out the week. what was your take on that decision over at the fed? frances: we have been talking about it. the high rates driven by the reopening and all good things and that is the reason rates are moving. it hasn't all been the reflation, otherwise it would be driven by real rates. some of it is expectations. kathy made a good point that this market makes their is more inflation than a lot of what the fed is telling us. the slr has been one of the reasons we have seen this and it has created volatility. today, positioning towards

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. nathan: it is all about politics and policy. from new york, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene back on monday. on the nasdaq, up about 0.4%. the politics, the policy. eu summit a little bit later this afternoon, and president biden with a news conference. lisa: very much a focus on china-u.s. tensions, which appear to be rising after the confab in alaska. now we are having talks between the european union and the united states. really, the question you have raised, how much support will the u.s. and european union provide their companies to offset any negative ramifications from china's pushback to measures from the west? jonathan: we've got to talk about the relationship within the west, within the developed economies because that spat between europe and the u.k., there is a risk its bills over to the united states as well, over vaccinations.

alongside tom keene and lisa abramowicz i'm jonathan ferro.equity market comes in a single point. stable on the s&p 500. let's bring in michael mckee. michael: this will be the most important release of the month next month. this month is the month before we get to the base affects, which will be pushing inflation way up. we do not see a big jump europe rate cpi on a month over month basis up .8%. -- we did not see a big jump. cpi on a month over month basis up .8%. the headline up 1.7% on a year-over-year basis. that was forecast. gasoline, one of the big culprits, up 6.4% in february. it accounts for half of the increase. you can expect that to bleed into next month because oil prices continue to rise. food up .2% in february. we should see services rise on a regular basis once we start to see the economy open up. right now services, less energy, up just .2%. the number we look at as a substitute for housing, that is up .3%. that is the biggest gain in some months because it is at .1%. rents may be stabilizing around the country. tom: we do

i am jonathan ferro. tom keene is back with us at the end of the week. who knows?look like this on the s&p 500. we are down about half of 1%. up by 17 or 18 points. stocks are softer, even on the nasdaq. yields are about five basis points. this risk off move, if we can call it that, reflected in the fx market. the aussie weaker. you can see the spill over the commodity market. some important levels on crude. a move is there for all to see. a bit of risk aversion. lisa: the narrative is less consistent and that is what you are picking up on, and rightly so. it is not all about yields or inflation expectation or about how much policy, how much money the federal government can pump into the economy. it is about something else. can we get the proof and the actual numbers? will this be a buy the rumor, sell the news kind of event? jonathan: i want to see some data. show me 2022, show me what gdp looks like. that will inform me of the deceleration and i can start thinking about deeply about what happens with yields in the growth story. talking about the spending plans in

with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from london and new york, for our audience worldwide, this is "bloomberg surveillance." live on tv and radio. alongside lisa abramowicz, i am jonathan ferro. the s&p 500 is up 0.3%. lisa, the first news conference with president biden. could he make it any more obvious where the next push is in d.c.? lisa: i don't too. [laughter] he basically was reading from a script that said infrastructure, infrastructure, infrastructure. you want to talk about china -- infrastructure. the main question is, how big of a spending plan can they get unilaterally with just democrats. it seems the bipartisan effort has gone off the table. jonathan: even something as sensitive as gun control pivoted to infrastructure. we all witnessed that. [laughter] we saw that play out in the last 24 hours. . the other thing we heard about consistently was unity. and then we heard something else -- i am unifying even if i can't unify congress. sounded really loud and clear to me, "we are going it alone now."

year that main street beats wall street. >> this is "bloomberg surveillance" with tom keene, jonathan ferroowicz. jonathan: yellen and powell testify, day two. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside lisa abramowicz, i'm jonathan ferro. tom keene is off today. we advance zero point

jonathan: alongside tom keene and lisa abramowicz, i am jonathan ferro.surprise from retail sales. the price outlook dominates the market worldwide. this is bloomberg. ritika: with the first word news, i am ritika gupta. a bipartisan group of senators wants to revamp the law covering tariff used on national security grounds. section 232 of the trade expansion act imposed to duties without a vote by congress. those tariffs have been challenged in the u.s. and by the wto. the proposal would give congress more of a role. top u.s. officials are trying to rally asian allies around a common approach toward china. secretary of state antony blinken and defense secretary lloyd austin went to tokyo. blinken accused beijing of using coercion and aggression in places including hong kong and taiwan. more potential problems for the boeing 787 dreamliner. bloomberg has learned the company is looking at the flight deck windows of some of its 787 after it found out a supplier modify the production process. manufacturing has delayed the delivery of the marquis jetline. vis

we don't slow down at all. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa jonathan: 2.2 $5 trillion. for our audience worldwide, good morning -- $2.25 trillion.

. >> this is "bloomberg surveillance," it a jonathan ferro, tom keene and lisa abramowicz. jonathan: good morning, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i am jonathan ferro. the s&p 500, all-time highs. tom: we will drive the conversation forward with our gas. you see the fervor right now, this march versus 12 months ago. tesla this morning, jon ferro, he is the techno-king of surveillance, as elon musk changes titles around. it is an effervescence. it is out there, everywhere. jonathan: what is the techno-king? tom: it is you on the dance floor. lisa: pictures. jonathan: move it on. [laughter] jonathan: trying to make this as awkward as you possibly can. tom: radio and tv worldwide, it is a 7% american economy. jonathan: maybe 8%, maybe unemployment down toward 4% at year end. these are numbers the fed did not see coming. most people are lining up to send those forecasts we got back in december, so stale. lisa: market participants think the fed will not project rate hikes for the beginning of 2023, ye

jon ferro, it makes the yield move higher. jonathanoutlook improves and when it does the nasdaq is allergic. yields are up 10 basis points. equity futures down, off 1.65%. we are familiar with the story playing out again this morning. tom: absolutely. what we are seeing is our team at bloomberg surveillance trying to get is the best guess on the moment. on inflation, it is david rosenberg, who claimed the partition of inflation, the subsectors of inflation. david rosenberg has been heated in his disagreement on the certitude of higher inflation. he joins us this morning. david, in our comments before this interview you went right to the heart of the matter, which is it is assumed supply will come on in a boom economy. you disagree. david: i actually think the supply with a lag will come back. obviously demand. we had a demand implosion last year. as the demand cratered much faster than supply did. now demand will come back at a faster rate than the supply side will. it is all very temporary. i do not think supply chains have been in di