i sat down with michael morgan to talk about this.about this.a. >> michael it is great to see my friendi have been good. i have a pretty good time all things considered. >> during the pandemic tell me about how the oakland symphony has figure during the last 13 months or so. >> i have to say that because we have very understanding and generous donors people have really understood that in order for arts to come back and this is over people have to help us now to stay alive. i have been encouraging everybody. >> this has been terribly hard on musicians of every strike. has very -- it has been a very painful process. as an organization it is a challenge but he have done relatively well thanks to your understanding. individual musicians have had a hard time. >> a very hard time. we reach out to them. we have gotten some of the help like the ppp money from the government. we have gotten some of that. that has helped some but it doesn't replace what we were doing before. psychologically nothing replaces actual dealing conflict. now that there is a light at the end of the tunnel it is better f

let's bring in michael zezas, morgan stanley head of u.s.research and chief municipal strategist as well. those numbers at morgan stanley, how on earth do you come up with them? joe: fair enough -- michael: fair enough. you mentioned about $4 trillion of spending. when we break down the components of that, we try to count the votes that are out there in the senate and the house of representatives. almost all of that spending is pretty viable. it is really the taxes that we think aren't viable, at least all of the taxes. by our estimate, there's probably about $1.8 trillion or so of tax increases that are viable, including some corporate taxes, some personal income taxes. so your left with a deficit, which we don't think is particularly problematic, or is probably what is ultimately going to bridge the gap here. ultimately i think next year, you would be looking at a year one deficit hit of around $500 billion. that continues the fiscal expansion we had, continues to underwrite the v-shaped economic recovery, and increase the demand in the ec

michael kushma is with morgan stanley. somebody with perspective. he weekend, i saw a massive we rationalization worry. what is the outcome when you see so many people worrying about our collective set of worries? michael: it is quite interesting. globally, the number of positive cases are rising, india has problems. turkey has issues. the united states has had the largest vaccine rollout outside a few small countries. that is one reason why the u.s. is doing better now. things are looking up and up, except for bonds, which are looking down. jonathan: equity markets is one of our focus is, but you work in fixed income. we have seen this yield a lower move, price up, you'll down. is it treatable? michael: we still think longer term the trend yield is higher, i'm not sure how much higher. we were talking to percent longer-term rate for 10 year treasuries. in the short-term, we had positive news on the economy. a surge of positivity in terms of the data in march, and the market got ahead of itself in terms of predicting when the fed would move. at one p

there is no one better than michael kushma with morgan stanley, their global fixed income cif. w is your view -- fixed income cif. how are 0 -- fixed income cio. how is your view different? michael: there is the rollout of a much more aggressive fiscal strategy then was anticipated. there are raised expectations, and in likelihood, we will see extremely fast growth this year and likely sustained into 2022 in terms of above trend growth throughout next year as well. that was not in the cards at the end of last year. tom: your research note, and what i've heard from mike wilson as well, is tangibly optimistic. i want you to link in an equity market view with the boom economic statistics we are going to see over the next year. how do they correlate? michael: they are going to correlate in terms of topline revenue growth, likely very strong at the consumer level, at the government level in terms of these fiscal initiatives that play out over the next couple of years, not just the next couple of quarters. in addition to corporate picking up -- corporate capex picking up, we should se

michael kuchma of morgan stanley in the 8:00 hour. stay with us on radio him on television.his is -- on radio, on television. this is bloomberg. ritika: with the first word news, i'm ritika gupta. republicans may be willing to support a much smaller infrastructure bill than president biden is proposing. senator roy blunt says he could see bipartisan support for roads and other items only if the administration cuts back the proposal by 2/3. the u.s. is moving ahead with plans to retaliate against attacks against companies like amazon and facebook. shares of gamestop falling premarket. that is the videogame retail chain that says it will sell up to 3.5 million shares in and out the market offering. gamestop is the roller coaster stock that has been championed by reddit traders. jordan says it has uncovered a plot to destabilize the kingdom. the former crown prince has reportedly worked with unnamed entities and is under house arrest. an executive shakeup may be on the way at credit suisse. bloomberg has learned the swiss bank leaders are discussing whether to replace the risks

tom: we are at the beginning middle of what jp morgan and michael feroli say is a 7 million job creation. we've got to do that before we start adding the jobs off of february of a year ago. jonathan: we got to work our way through this international pandemic as well. forgive me for jumping from one story to another. japanese prime minister suga recommending lockdown right now. this is the story right now. tom: korea doing much better. all of this wrapped around how they approach the olympics, and i believe it is 93 days. jonathan: tony dwyer joins us now, canaccord genuity chief market strategist. guest: just about everybody has gone to an air show, and they see the plane screaming across, and elevate sudden it pulls straight up, the engines are cooking, and all of a sudden it gets up to a certain part and just stops going up, no matter how much power is added to it. you just lose lift. that is our call, our analogy for what could happen in the market. we know that the fundament of backdrop is very positive. you know how optimistic i have been and continue to be on the macro backdrop of

jp morgan financing this transaction. we are thrilled michaeloul joins us with market field as it management. his great affection for one of those super league teams, manchester united. i want to bring this in of the ark of the asset boom we are in. is the super leaning -- the super league of european football and other symbol of the global financial is asian of the times -- the global financialization of the time. michael: one example. it has accelerated. the covid period has crystallized the needs of the largest clubs to make sure they can continue to increase their share of whatever revenue is available. jp morgan was the bank that financed the leveraged buyout of manchester united in 2005, which was a transaction that nobody thought could get done. jp morgan has had a hand in the commercialization of english football back to that period of time. i would look at that as one of the key moments which got us to this sad story today. jonathan: we have been familiar with this conversation for two decades and this feels very different. as i read th

. >>> just ahead, the government cracks down on fake covid cures, michael finney has details. dei'm morgan-- more love,... more adventure,... more community. but with my hiv treatment,... there's not more medicines in my pill. i talked to my doctor... and switched to... fewer medicines with dovato. prescription dovato is for some adults who are starting hiv-1 treatment or replacing their current hiv-1 regimen. with... just 2 medicines... in 1 pill,... dovato is as effective as a 3-drug regimen... to help you reach and stay undetectable. research shows people who take hiv treatment as prescribed... and get to and stay undetectable... can no longer transmit hiv through sex. don't take dovato if you're allergic to any of its ingredients... or if you take dofetilide. hepatitis b can become harder to treat while taking dovato. do not stop dovato without talking to your doctor,... as your hepatitis b may worsen or become life-threatening. serious or life-threatening side effects can occur, including... allergic reactions, lactic acid buildup, and liver problems. if you have a rash and other symp

"nicky morgan, not up to much." "michael" that is quite a long quote. "mike penny, what a dumbo." "nadine dorries — mad mad." "james not—so—cleverly. shameless neophyte". i can see why the publishers were keen to publish it! was there a moment where you thought, hmm? i get that these were your authentic thoughts in the moment, and that is the joy in reading it, that contemporaneous account. but did you think, "maybe some of these, i would like to have something to do with in the future"? 0r or maybe not! in the book, it blows hot and cold about boris, . because it's the same with everybody. - sometimes he is exasperating and sometimes he is brilliant. j and i always pleaded with him tojust knuckle down, - be serious and be brilliant. i have one regret which is that in the frustration of _ the period, i used language i which was perhaps excessively critical of theresa may. where, you know, i was a total supporter and it was _ frustration _ rather than criticism. i said "come on!", you know? i felt she was being outgunned, bad

tom: as michael feroli mentioned yesterday from j.p. morgan, it is still 7 million bodies returning to the workforce. are we talking about job growth or actually just pandemic healing? jonathan: i think we are thinking both, and that is the issue going forward. q2, q3, show me the money. lisa: that is going to be the key question. one of the key question marks has been what people are going to do in the united states with more than $2 trillion of excess savings. how are they going to spend it as they can go out? leisure travel is rebounding with a vengeance. people are calling this revenge travel. people just want to go away. jonathan: what did chris harvey call this at wells fargo, i don't spring break? -- wells fargo, adult spring break? lisa: we need it. jonathan: let's get to the markets. equity futures up by 11. that might be an april fools. yields come in on tens after breaching 1.77% earlier this week. we had a monster move in treasury yields through the first quarter. foreign-exchange stable. $59 handle on wti, up about 1.3%. lisa: tha

morgan. there was a picture of a michael c hall. that portrays dexter morgan on showtime. >> did you think you are finding the actor himself? >> sure,. you know. >> what attracted you to? dexter >> what i love about the show and the books, is how he is able to explore the dark side and rationalize that it's okay to kill somebody because this person deserved it in a way. >> we flirted back and forth, then i kept asking him, who are you? really tell me who you are. because i wanted to see the man behind the mask. >> finally rene's facebook friend relented. no he wasn't the actor michael c hall. his name was, mark twitchell. once he told me who he was a check them out. i did a lot of research on. line and found out he was legitimate, and he was up and coming. >> and for rene, the would-be filmmaker, it seemed like her big break. >> and then he express interest to, me in my riding style. and my ideas. and how we would be able to work together. >> what's the like about your writing? style >> he never said specifically. he just said i thin

. >> i mean the multi billion dollar beats that michael talked about and so forth, they were present over there at jp morganow, now it is a question of both of those firms, of course, avoided any of the problems with archegos both of them continued to grow their book to the affluent markets that they serve. obviously jp morgan extends that through the credit cards and the rest and just, you know, i think you've got to own some jp morgan, which i do, but i aggressively write calls we're at 164 in the ten-year right now. so i think it is plenty, but i think we are likely to see the steeper yield curve kick in again, scott, over the next several months i think that's another reason to continue to hold both stocks. >> stock is up, as is jpm, 20.5% year-to-date we will take another quick break as we wait for first trade from coinbase there it is, $375, the indicated price. we are back right after this this is the gap, that opened up when everything shut down. ♪ but entrepreneurs never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter wh

back to life according to morgan stanley and upgraded to overweight on what they see as a fast, strong recovery is it time to roll the dice on casino stocks? mark stepper, michael have you both on tell me why now is a time to invest in mgm resorts seeing a big outperformance in the stock? >> vegas is coming back. we have seen the miami spring break videos and that's what's heading towards vegas but with more money to spend. airline tickets right now from cleveland to vegas have quadrupled my boots on the ground research informs me that the pool party staff at the hotels have been rehired so they're getting ready for an influx of people? i'd be buying mgm. i have been. you have a great sports book exposure fantastic properties you've got pricing power coming back and a ton of pent-up demand to vacation, socialize and just have fun. >> you think you are in vegas by your suit jacket do you agree with the thesis what does it mean for sports betting, a beneficiary of the pandemic betting from the phones at home. >> yeah. look i think they're a beneficiary of the reopen trade. everything is opening faster than expected and such pent-up demand socially and from a busi

michael brainard kate von andrew bowen josh hogan tim graham and peters fellows. frankenstein the stage adaptation adapted by a. s. peterson are formed by joe reinfeldt henry o. arnold kim breton morgant austan olive and garrett wimmer. >> and the winner for audio drama is. >> dr. who, stranded one by david kay barnes lisa: mellon and john ernie performed by paul mcgann nicola walker padding warhead rebecca roots pump price and tom baker. >> next up is original work which is a growing category. here the script is not developed from a book. this ears finalist for original works are. >> a rock obama 60 minute interview by steve cross narrated -- barack obama and steve kroft. the confederacy, truth and reconciliation written and narrated by t-bone burnett. the end of my heart by gayle forman narrated by diane krueger, gabriel bond elizabeth evans josh hurley amanda rowan county emily bauer neal of your and jesse einstein. getting started with sourdough from flower to one great loaf written and narrated by chad robertson and jennifer latham. when you have finished saving the world by jesse eisenberg, narrated by catherine deaver and jesse eisenberg. >> and the winner is. >> when you fini

michael: but rocky and pinky's families didn't see each other again... all: ...until now. david: more than 100 years later, ancestry helped connect us to our ancestors and each other. i'm morgans more to me than hiv. more love,... more adventure,... more community. but with my hiv treatment,... there's not more medicines in my pill. i talked to my doctor... and switched to... fewer medicines with dovato. prescription dovato is for some adults who are starting hiv-1 treatment or replacing their current hiv-1 regimen. with... just 2 medicines... in 1 pill,... dovato is as effective as a 3-drug regimen... to help you reach and stay undetectable. research shows people who take hiv treatment as prescribed... and get to and stay undetectable... can no longer transmit hiv through sex. don't take dovato if you're allergic to any of its ingredients... or if you take dofetilide. hepatitis b can become harder to treat while taking dovato. do not stop dovato without talking to your doctor,... as your hepatitis b may worsen or become life-threatening. serious or life-threatening side effects can occur, including... allergic reactions, lactic acid buildup, and liver problems. if you have a

morgan stanley? you brought up payrolls a little bit earlier. payrolls, 1.2 5 million dollars is their estimate. right now, the median, $900,000. tom: this is so important. we are going out to michaeleroli, we will find 7 million employed over the summer. lisa: does this count for jay powell? bully address that? -- will he address that? jonathan: we will figure that out later today. equity futures unchanged on the s&p. he is so upset now. [laughter] have you got a late afternoon, tom? looking forward to the show. tom: what about the "surveillance" nap? jonathan: you can take it in the pantry. isaac boltansky coming up next. this is bloomberg. ritika: tonight, president biden will unveil a $1.8 trillion plan to expand education opportunities and childcare for families. it will be paid for in part by the largest tax hikes on wealthy americans in decades. amongst the legislation provisions, pre-k and community college will be free, and the child tax credit would be extended. meanwhile, fund managers would lose their carried income tax provision, and the top rate for individuals would go back to 39.6%. fed chair jerome powell is expected to maintain aggressive support for the economy.

morgan stanley, goldman sachs, tesla, paypal and the list goes on and on with michael strategy sayingy would pay some executives and bitcoin if they chose to, so crypto growing fast and long and that also means a bullish prediction bitcoin getting higher so this morning i saw 400,000 per coin in the next year according to one analysis. that's how bitcoin controls inflation meaning they reduce the supply so supply if it goes down that means prices go up in 400,000 is a long ways from here stuart: would you get paid in bitcoin if you are offered the chance? susan: depends on how many bitcoin on getting and if it's too bitcoin an hour, yeah i would think about it but if it's too bitcoin a year, no thank you. stuart: well said. hold on a second. president biden and vice president harris will meet with lawmakers on both sides of the out today. susan, what are they talking about? susan: and lot of money, to an a quarter trillion dollars in the structure plan, but only five or 6% will go to exley building roads, bridges and ports and also questions on how to pay for it with the biden adminis

morgan stanley and citigroup reporting. david want to get your thought on expectations for earnings season. this would just be the first quarter but as michaelhe biggest star of the first quarter, it's going to show consumers are getting out and spending more. it will be good for banks. banks have been flush with cash. hopefully we'll see some of the banks are releasing reserves. it's a compelling case for buybacks for financial as well. looking backwards i think financials will be a big winner. looking forward, i think the tech selloff due to interest rates was a little overblown. if interest rates can stabilize, i think the story for tech in the next quarter is very compelling. we just made one of our largest allocations to pay pal, if you look at a stock like pay pal, it's down almost 20% from the highs. it's hard to say there's value in tech, but compared to the last quarter i think investors should take a second look at tech. i think it could do well in the next quarter. americans are flush with cash. we don't know 100% if they're going to get out and spend or of save. i think they're going to spend, should bode well for earnings. i'm v