let's get some perspective from jonathan miller. obviously it's a combination of things between employment and mortgage rates. just the fact that inventory seems to be on the market for a pretty short amount of time before it gets gobbled up. >> one of the biggest challenges to the u.s. housing market is inventory supply is still going to be chronically low. inventory is so low right now that even if we see a pop in inventory, it is still going to be significantly inadequate. that's why 2022 we are going to continue to see price growth. maybe not 40% or 25% numbers in different parts of the country but certainly will above long-term norms. taylor: is the great migration south real and is it still happening? >> i think the way i would look at the migration story is i think it was exaggerated but still significant. from the new york city perspective got the impression that there were going to be five or six people left in manhattan by the time the dust settled. and that isn't the case. but you are seeing -- one of the missing narrativ

jonathan: matt miller, kailey leinz, jonathan ferro. ink misses miller did not think it a great investment at the time. [laughter] a lot of men right now telling their wives, let me get it. this is bloomberg. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. ♪ jonathan: more of the same. this is "bloomberg surveillance ." up 13 on the s&p. the nasdaq 100 up 5/10 of 1%. the russell does not sit this out, up six. the story for many people the relationship between the equity market and bond market. let's talk about that. switching to the bond market for just a

jonathan: coming out swinging. from new york city this morning, good morning. kailey leinz, matt miller, jonathan ferro. really small move in yesterday's session, we bounced back five points. a single basis point to 149.45. some bad news for you, matt miller. jordan rochester joining us later at 7:30 eastern. he is looking for 1.10 on the euro-dollar. kailey: 1.20 would have been your happier place. matt: anything above 1.20 would have been strong for me. it is what it is. i am moving back in nine days and i will have to transfer the small amount of euros i have into dollars when i do that. it is not a material number. jonathan: i look forward to a balance line of questioning for jordan rochester. one thing left on the agenda for me down in d.c.. we have to wait from -- for the fed picks. >> it was supposed to be early december, and then before christmas. i don't know when it will become a but it is later that it was expected to be. their way -- the way i am looking at this, they will skew toward the progressive end of the spectrum. it is fair to assume the michigan state professor will be one of those t

jonathan: looking for some fed picks before close out the year. with kailey leinz and matt milleri am jonathan ferro. your equity market picture looks like this. yields coming back in after pushing through 1.50 in yesterday's session. 1.5307 on 10 year. crude, 75.99. we are down $.60, down .75%. the euro-dollar, 1.1320. negative about .25%. joining us, tina fordham. picking up on your line, the geopolitical trifecta of russia ukraine, taiwan, given the perceived weakness of the west. tina: from where putin is sitting at in beijing, they look at the west and the pandemic, very high death toll, vaccine skepticism, internal tension and polarization, and have concluded the pre-pandemic narrative of a west in decline has been accelerated. this is something that global investors have failed to appreciate, that there was this existing narrative that the west was in a slow decline in the pandemic, as a crisis accelerating trends, has sped that up. the point i want to make is that possibly changes their political calculus when it comes to making mischief in geopolitics. kailey: when we tal

jonathan: dr. chris beyrer there. good morning. kailey leinz, matt miller, jonathan ferro. we advance one third of 1%.om and lisa abramowicz will be back with us at some point. maybe they will wait until the new year. euro-dollar about 0.1% down. a brilliant just now to talk about the fortis ugo -- about the pharmaceutical companies, geoff meacham. i want to talk about mrna technology. it felt like a huge step forward 12 months ago. i wonder how things stack up 12 months later. geoff: that is a great question. mrna technology has shown durability of affect. the pfizer and moderna vaccines look like they do their job, limit hospitalizations, prevent severe infections, prevent death and a lot of patients, but the question is still unknown whether they will be as infectious as flu or cardiovascular diseases. kailey: when we talk about those vaccines that exist for covid-19, talking about a third booster in israel, how much are they revenue generators for companies like ours and moderna? geoff: for the most part, -- it is perfectly normal to have antibody levels go down over time once someone is vaccinate

jonathan: a very good experience with very fly. from new york city, with matt millereinz, i'm jonathan ferro. this is bloomberg. ♪ >> the biggest risk is the fed. >> we will see slow -- growth slowing. >> what we need to see is thanks raise interest rates. >> i think there is more confidence in terms of tightening. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the final week on the calendar for 2021. from new york city, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside katie lyons and matt miller, i am jonathan ferro. all-time highs back, even as we throw tighter monetary policy, omicron at this market. kailey: granted, it has

jonathan: kailey leinz, matt miller, jonathan ferro.bloomberg surveillance ." ♪ >> we could end up with a good year, not a great year, in 2022. >> the markets are underestimating the fed's capacity to tighten. >> there's a lot of room for good news priced into the dollar. -- >> the cycle easily carries to the middle of this decade. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, good morning. this is "bloomberg surveillance ," live on tv and radio pete alongside kailey leinz and matt miller, i am jonathan ferro. equity

jonathan: good morning. this is "bloomberg surveillance" live alongside kailey leinz and matt miller. i am jonathan ferro.rt with the cdc decision. a sigh of relief as the covid quarantine gets cut from 10 to 5 . kailey:

lisa: jonathan miller, thank you so much for being with us on this pivotal moment, discovery processets at all-time highs in the united states. in the united kingdom, caroline hyde, i am glad you are here. looking at gas isis in the u.k., do people still talk about this in the streets and family dinners? is this a point of concern? caroline: if we are able to gather around the christmas table, is that gas prices that will dominate the conversation? it comes from increased tensions with russia and ukraine, people are worried about the safety and it very much dominate. how much will that dominate conversation come thursday when we anticipate to be left hawkish. lisa: it is a great concern of inflation running hot with a slowdown in the economy. coming up, professor emeritus at the wilson center at 12:00 new york eastern time, getting a sense of the road ahead in washington, d.c. from new york and london, this is serve." -- this is "bloomberg surveillance." ♪ jonathon: from new york city, for our audience worldwide, good morning, good morning. equity market with a lift, all-time highs.

jonathan: coming up, the conversation matt miller has been waiting for on the fx market. an rochester of nomura. that is next. this is bloomberg. ♪ jonathan: it has been a year of the unexpected in this market come across asset. from new york city, live on tv and radio, this is "bloomberg surveillance." your equity market up about 0.1%. on the russell, up 0.07%. that's the equity story. up almost 30% on the year on the s&p 500, around when he percent higher. much more bullish than the biggest bullish call out there 12 months ago. it was 4400 on the s&p year-end this year. that was the call 12 months ago from mr. kostin out of goldman sachs. here we are looking at 4800. if i told you where cpi would be year-end, would you tell me that 10-year gilts would be at 1.4928%? probably not. yields are higher by is in go basis point. the curve a little bit steeper with the front end coming and almost a basis point to 74 basis points on the two-year. in foreign exchange, the story of the year. the beginning of 2021, when we saw 1.23% on euro-dollar, some people out there thought that

jonathan: that was senior portfolio manager at invesco. with kailey leinz and matt millernathan ferro. all-time highs yesterday in the equity market and set for more of the same in one hour. yields higher by almost one basis point. euro-dollar unchanged at 113.29. a big change in the last 24 hours for the united states. the cdc issuing new guidance for isolation for anyone who has covid-19. it will be five days not 10. for the airlines this is what they wanted. helene becker joins us now. you can tell something was coming and it came big time. how important is that move from 10 days down to five? how big of a difference would it make? helene: thank you for having me. i think it is very important. it is cutting that time in half meaning they can get cruz back in the air quicker. as the new variant is going through the u.s. it is affecting everyone including airlines and they don't want to be stuck in hotel rooms either. getting them back in the air quickly is hugely helpful. matt: personnel costs are high. i don't know if they are number one or number two, fuel would have t

jonathan: great range of guests to close out 2021. with matt milleriley leinz, i'm jonathan ferro. the s&p advancing a little more than 0.1%. the nasdaq 100 advancing 0.15%. yields lower by two or three basis points on tends to 1.5238%. a big feature of 2021 has been the discipline of commodity players. typically over the last several decades, they will dig a hole, pumped more crude, extract more copper. it is different this time in many ways. we want to discuss that with jeanine wai, senior e&p analyst at barclays -- senior enp analyst at barclays. can you build on that line for us, please? jeanine: sure. inflation concerns continue to be rampant. in the last segment, i know you talked a lot about it. it is really going to put a spotlight on both capital discipline and efficiency. most investors think inflation will exceed the 10% to 15% that our companies have been talking about on our last earnings call. higher inflation equals higher capex, and that is clearly bad. but the name of the game in energy is still capital discipline, and therefore we ju

jonathan: closing out the year with matt miller and kailey leinz. jonathan ferro. -.4% on the s&p. coming up, margo patel will join me in about 20 minutes time. from new york, this is bloomberg. ritika: there is more evidence the fast spreading omicron variant leads to milder symptoms that other strains of the coronavirus. the u.s. as it seems to be triggering a lower possible as asians. the number -- a lower rate of hospitalizations. elon musk is closing in on his goal of reducing his stake in tesla by 10%. the world's richest person has sold another billion dollars worth of stock in the company. he is selling shares. bitcoin is that for its worst month since the cryptocurrency route in maine -- inmate. -- in may. it is down roughly 60% after hitting an all-time high just a month before. in new york, awarding from the judge in ghislaine maxwell's trial. the judge says the spike in cases could lead to a mistrial if jurors fall ill. she told lawyers she may have jurors to liberate through the holiday weekend if they do not reach a verdict by new year'

jonathan lemire. and former chief spokesman for the justice department, matt miller. dear friends of this program. jonathan, let me start with you. the omicron wave is hitting this really sort of fatigued and agitated country maybe for the first time settling back into the concept of a return to a new normal. what do you make of the precarious spot we find ourselves in and the task of the white house who i'm sure would like nothing more to turn the corner on the pandemic? >> it's a herculean task. i talk to white house officials all the time and of course they're fatigued, too, but they also recognize this is the central premise and promise of the biden administration. he was elected, sure, to get rid of donald trump, but to also gain control over this virus. and now this is the second time where the nation just as it seemed like we were starting to return to some normalcy, first over the summer and now we've been crushed by a new variant. delta and now omicron. they are, the white house is of course privately recognized they were caught off guard by just the pure speed of omicron and how that's wh

jonathan: sarah house, senior economist at wells fargo securities. with matt miller i'm jonathan ferro. the s&p advancing 0.1%. yields in a couple of basis points, down to 1.5324%. you have two days left of trading in the united states as we close out 2021. i know there are some complaints out there. why are we open for trading, never mind tomorrow, but the whole of this week? this story stipulates that the exchange will be closed either friday or the following monday if the holiday falls on a weekend. good news, unless "unusual business conditions exist, such as the ending of a monthly or yearly accounting period." for that reason, we will be at work tomorrow. matt: sounds like those rules were written up in 1892. jonathan: i agree with you. matt: it is so arbitrary. i want to reiterate, i am happy to be here at work, and i am thankful for this job. [laughter] kailey: he's hoping management is listening. jonathan: who is that message for this morning? you know management are off too, matt. matt: although yesterday i was complain about working during this week and go

jonathan: or is matt miller said, you just don't like it. maybe they just don't like the phone. m: i am still paying for afterthought's lost airpods, the things that go in your ears. jonathan: apparently the kids are going back to the wired headphones. tom: we are doing that. vet bill has a set now. you've got to have the little dingy-dongy thing. jonathan: technology updates, that's what people tuned in for. [laughter] subadra rajappa of socgen joins us. the curve is flatter. what is your message for clients at the moment? subadra: the messaging is very pessimistic. the market generally speaking seems to be holding up fine. equities are doing ok. but the yield curve flattening as much as it has is somewhat troubling. as you pointed to earlier on in the segment, where do we go from here? this is where we are starting from, and the fed is about to deliver may be four or five hikes in the next year. what happens to the curve? will the fed actually allow the curve to flatten too much and policy ultimately lead to a recession? that is why i'm struggling with how flat the curve is. to

jonathan, at trial miss potter told the jury she can't remember that interview with mr. miller.s credibility. >> mr. miller, a psychology expert retained by the defense and the question from the jury was what was the date of the potter interview with dr. miller? paul butler, thank you very much for coming back to the "reid out." and trying to trump confident judges with judges from more diverse backgrounds. why this is so important necked on "the reidout." stay with us. "the reidout. stay with us don't pay for water. pay for clean. it's got to be tide. firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin. do i need to pretreat my laundry? nope! with tide pods, you don't need to worry. with no sticky feeling. the pre-treaters are built in. tide pods dissolve even when the water is freezing. nice! if it's got to be clean, it's got to be tide. as a professional bull-rider i'm used to taking chances. but when it comes to my insuran

artificial from a medical standpoint, jonathan, was capricious and a gut punch to listen to one of the justices the other day. >> dr. kavita patel and dr. benjamin millery appreciate it. have a great weekend. >>> still ahead, how omicron and the new restrictions with it are impacting the economy. "way too early" is coming right back. economy. "way too early" is coming right back better skin from your body wash? try olay body wash with skincare super ingredient collagen! olay body wash hydrates to improve skin 3x better, from dry and dull to firm and radiant. with olay body, i feel fearless in my skin. people everywhere living with type 2 diabetes are waking up to what's possible with rybelsus®. ♪ you are my sunshine ♪ ♪ my only sunshine... ♪ rybelsus® is a pill that lowers blood sugar in three ways. increases insulin when you need it... decreases sugar... and slows food. the majority of people taking rybelsus® lowered their blood sugar and reached an a1c of less than 7. rybelsus® isn't for people with type 1 diabetes. don't take rybelsus® if you or your family ever had medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2, or i

. >> along those lines to put miller in broader context you have to remember it wasn't until bill clinton's administration and the materials were actually sent to jonathan c. smith which was a black university and vetted and then sent to a committee of historians, and this is for the army's seven african-american soldiers who would be awarded the medal of honor who had received anywhere from distinguished service crosses to silver star in order to elevate these men to the medals of honor they deserved. and in many instances the reason that they were awarded the medal was because their white superior officers, the captains and majors who had fought with them refused to give up the effort repeatedly being denied, denied, denied. and they were relentless about it because they knew these men deserved the medal of honor. so that's critical, but it took until then. one of the things that will come up tomorrow is that there has never been the review of the first world war. and the declarations board was known to be racist in both world wars. if you look at the history of the military before, hey, medal of honor. not in world war i or world war ii. wasn't going

anyway, shannon, cynthia miller, masha, gessen, i'm out of time but this topic could go on and on. we appreciate all of you. >>> a sneak bit of a little news. jonathan dooents confirmed that letitia james is seeking a deposition of donald trump on january 7th. it's part of a civil investigation to whether the trump committed a fraud in reporting on properties. moments ago, as part two of this breaking news, james announced she is dropping out of the new york governor's race to campaign for reelection as attorney general. trump's business faces a criminal investigation headed by the manhattan district attorney. >>> up next, a somber day on capitol hill as the nation mourns bob dole. i'll speak with his former chief of staff to discuss the lessons of his life and legacy. >>> and day two of police officer kim potter is under way in minneapolis as the girlfriend op daunte wright takes the stand with some emotional testimony. firefighter maggie gronewald knows how to handle dry weather... ...and dry, cracked skin. new gold bond advanced healing ointment. restore healthy skin, with no sticky feeling. gold bond. champion your skin. want your clothes to sme