recall. -- a misra call.: they are all trying to adjust policy in an evolving economic outlook where one of the structural impacts of covid is, is it going to have impacts on inflation that all central banks need to adjust? it is a big question. cross market trades will make sense. you've got the ecb and the fed on one side that have run below the inflation target for so long that they can afford to be patient. then you've got the bank of england, the bank of canada, economies that we think will be forced to start that process of normalization. jonathan: fascinating trades that could come off the back of that. we would love a comment from you on what bill dudley, the former new york fed president, said in the last 24 hours. he said the fed funds rate would not top out at around 1.75%, were many people in this market think it will. granted, he believes the murkier the crystal ball gets, the further you go out. priya: that is not our call. we have the endpoint of the hiking cycle closer to 2.5%. i hope bill is

tom: priya misra's call at td securities is stunning down the road to 2023. we wanted to get perspective on the times we live in and where we are, and we can do that with michael holland, chairman of holland & co., and he knows the parlor game of waiting for who the president will pick, it is unchanging. michael holland remembers the absolute free-for-all when bush reappointed greenspan to a fifth term. the dow was at 8000 then. it is at 80,000 now. were you fully invested? michael: as were you, tom. both of us were. tom: tell us about the pressure to be in cash right now. michael: i don't see pressure going back to history. back in the 1970's, when we had a nascent inflation environment like we have showing up now, we had sir john templeton, one of the great equity investors of the time, saying the only place you can be in inflationary markets is in stocks, so get out of the way of the bond for sure. go to short dated instruments. but in the equity market, you have the opportunity that companies can figure out how to make money, so stocks are not to be aboar

mohamed el-erian over to priya misra in toronto watching the maple leafs play. the divide is between -- the divide between misra and el-erian is grand canyon wide. lisa: it means the household is unable to 19 there quality-of-life, that will slow growth at a time of elevated asset price. i think it is important to reframe the debate in that way. tom: spx down a little bit. dow up 24 points. i am not sure where the market's are going, but big tech with a two day pause in the ascent that we see. nasdaq 100 year to date larger than the s&p 500. that, some would say, is extraordinary. it is a stronger dollar with dxy 96.54. bloomberg dollar index agrees with that. euro not part of the story today , $1.1246. we had a stronger lire in the last 10 minutes out from the shock of 13.400, even 13.50. we will finish with oil, seven hicks dollars $.32 on west texas and -- $76.32 on west texas intermediate. patrick armstrong joins us now, plurimi wealth management. how do you make common sense out of this to address an investment plan going forward? patrick: there's a lot hap

jonathan: drumroll, priya misra. priya: zero. jonathan: they are looking for december 2020 three.ember 15, the federal reserve, a day later on december 16 we will hear from the ecb and bank of england too. if you could pick one that you want to know the results to ahead of time, which one would it be? priya: the boe. zach: boe. gene: it's gotta be the fed. these other ones are sideshows. jonathan: i'm surprised those two went with the bank of england. guys, good to catch up. from new york city, that is it for me. this was bloomberg "real yield." for our audience worldwide, this is bloomberg. ♪ moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. mark: i'm mark crumpton with bloomberg's first word news. after t

arun misra from hindustan zinc. in on india, let's look at the open, where we are expecting a down drop. the session started about three minutes ago. indeed we are in the red. it has been a series of losses taking place of late for these benchmarks in india. that of course after a stellar year where we have seen record high upon record high. let's not forget if you are a bloomberg subscriber, use the tv function. you can send messages to our team and our guests during our live programming. there is lots more on the way. this is bloomberg. ♪ haslinda: welcome back. let's do a quick check of the latest business headlines. sales appear slow for india's biggest ipo. it had only sold about 48% of its institutional issue. that contrasts with stronger demand from anchor investors. some analysts are raising concerns about paytm's profitability. the provider's $200 billion offering is set to close wednesday. tesla slid 12% in new york and cutting almost $200 billion from its valuation of over two days. the selloff came a

priya misra out of the back end of 2023. tom: that is something for megan greene. see megan greene in washington on seth carpenter? megan: we missed an opportunity to check in and see. tom: you want to talk about -- jonathan: a move on a currency pair, even if it is em. tom: i did a bunch of reading on this. i am fascinated by the four erdogans we have seen. i think there is a huge political unknown on how he will adapt to the broader political crisis of what he dreamed of in 2002 and the wonderful turkish boom through the 2000. that has been shattered, but with a vengeance this morning. i would respectfully suggest a seismic shift, where he has to reformulate whatever the erdogan future is. jonathan: right now the perception of central-bank independence in turkey has shifted markedly over the last several years. we have seen it happen a few times. more recently these 100 basis point cuts in the face of inflation around 20% is concerning a lot of people. lisa: independence is not the word anyone would use. it is set erdogan is running monetary policy on his own. th

they are focused on inflation, while everybody else, including priya misra, is focused on a wide set of issues. lisa: and inflation in an economy that is highly indebted -- that is highly indebted. how much do we talk about the terminal rates for policy at the federal reserve. what are we talking about where it starts to bleed into the economic momentum? how much can an economy hinged on this much debt, this is one of the key distinctions and a lot of calls. tom: we are going to get to the data right now. the brazilian dollar stronger, writing the two standard deviation real. jonathan: euro-dollar, a $1.13 handle. tom: what is the shock and awe of $1.10? jonathan: in the equity market, in and around 4700 on the s&p. equity futures positive by 0.5%. morgan stanley at 4400 year end next year. tom: we continue this year ahead view with andrew sheets, chief cross asset strategist at morgan stanley. let's start with the why. is the reason there's such a variance of opinion across the wall street simply because of this natural disaster and the boom american economy right now? we don't know

paul: that was softbank investment advisor ceo rajeev misra.tocks that should be treating underway in china, alibaba having a blowout singles' day. we were wondering if things might be subdued with the prosperity goals but no. announcing billions in sales. darling back around singles' day. it will be watched closely today, the u.s. rejected the request to launch an investigation into manufacturers. let's take a look at spacex. waiting for a hatch to open, it has been a wild but the crew three dragon should be heading through the hatch at any moment. this is bloomberg. ♪ this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. >> this is "ebony" power 100 speci

richard lee, from the stjohn ambulance service, and consultant general and trauma surgeon, nikhil misras injuries change, first need needsi would be cut. we have been... asi injuries change, first need needs to change _ injuries change, first need needs to change. today we are delighted to be partnering _ change. today we are delighted to be partnering with citizen eight, a fellow— partnering with citizen eight, a fellow charity, and the national counter—terrorism office to provide guidance _ counter—terrorism office to provide guidance to people on what they should _ guidance to people on what they should have in an area to provide first aid _ should have in an area to provide first aid for— should have in an area to provide first aid for really serious traumatic injuries. not a cut finger~ _ traumatic injuries. not a cut finger. injuries where people may bleed _ finger. injuries where people may bleed to— finger. injuries where people may bleed to death before professional help arrives. bleed to death before professional help arrives-— bleed to death before professional help arrives._