we just heard stanley fischer. mr. fischer said it's time to have consider raising interest rates.ns about the market reaction to higher rates? >> i do. i used to have a friend and client by the name of marty, may i rest in peace. and he built an entire career and had amazing performance on one mantra which was very simply, don't fight the fed. >> he was one of the ones that popularize that term. >> he was the one -- he originated that. and he built an empire on it and had amazing performance and i had great admiration for him and i'm going to follow what he said. >> bob, we are moving from an earnings-driven -- we had a pretty good result of the fourth quarter that came in okay? we're moving from an earnings driven. this next week will be ism, manufacturing on monday. wednesday is the nonmanufacturing. we have on friday the big number which will be the jobs. morgan stanley and the consensus is for about 235,000 jobs. 5.6%. the raising of interest rates is moving towards normalization, not yet tightening. we'll see whether the market can digest that or not. >> don't fight the fed,

stanley fischer weighed in with steve liesman and say that's probably the year. does that worry you or do you think the market h factored that in? >> well no it doesn't worry me. it's actually what we're expecting. we think it's going to be in the third quarter. we think that the combination of better employment and wage pressure are going to start pushing inflationary pressures into the marketplace. mr. fischer obviously talked about the fact that the commodities, deflationary forces are subsiding and wage takes over and the fed will move in the summer. >> eric let's get to some of your picks here. one, a cyber security company. the other, a victim of a cyber security hack. let's start with the security company and that is proof point. pfpt at 56.78. >> they're a small company. they're focused therefore mostly on the u.s. market. you talked about the cyber problems that a lot of companies have had. cyber security is a growing industry. proof point is growing in market share in that growing field and we think because they're domestically focused, no dollar effect

. >> this is a stanley fischer moment.rman of the fed, but do we go back to the true volatility, brennan, that you mention in 1990 evan? >> i would not have said -- in 1997? >> i would not have said this is a stanley fischer moment. that is a tom keene-ism. wechsler we look at the emerging market, we look at external versus local. external to us like it has cheapened up a bit, but when you look -- take out the problem children, the brazils, the rush is, the venezuela, argentina ukraine there is not a lot of yield left. but if you go into the local market, you are very high real yields. we will buy the bonds and heads the currency. it has worked great. >> and by muni bonds. --buy muni bonds. before we go, should the government be able to force you to vaccinate your kids? ♪ >> good morning. this is bloomberg surveillance. i'm olivia sterns with tom keene and brendan greeley. betty liu of "in the loop" joins us now. i know you're talking about china, but you also plan to discuss income inequality. >> my guess will be speaking