i am tim stenovec.a worsening property slump. let's bring in been curtis, who leads fx rates and emerging markets coverage. ben, what exactly do the people think china is doing to stabilize growth next year? ben: thanks for having me. it is important to think it is not just china. they have taken some measures already. they have allowed the banking sector to unleash some extra credit into the system by cutting lending rates by a few basis points. they've also reintroduced their lending program. the important thing is it is not just the people's bank of china, it is all the ministries, the administration is a whole working in a coordinated effort to ensure not only growth next year but i stabilization of the current situation. i think that is what is most important for the chinese administration. there were headlines this year about evergrande and things going a little bit awry. a long shot from the double digits we saw a while back. more importantly, engineered in a climate and economy that is good for

now with tim stenovec and kriti gupta. this is hour three. nited states, deaths are declining even as cases continue to rise. what exact week is going on? officials suggest the omicron variant may cause less suffering than other strains. we will chat about the virus in just a few minutes. you are watching -- go ahead. romaine: we talked about the decline in some of those severe cases. that has to be encouraging, right? that's what a lot of people said. tim: dr. amos adalja said we will all get this omicron variant. romaine: we are here all day. this is bloomberg. ♪ david: your book is an interesting book that he came from a series of lectures he gave named after somebody who was an ideological opponent of some of your views, justice scalia. where you are friend of his even though you had ideological differences? justice breyer: we would debate those differences and i thought we had a wonderful debate. in lubbock, texas, they had never seen a supreme court justice. we talked about our differences. i say if i had your theory, don't you think geo

romaine bostick alongside kriti gupta and tim stenovec. tim: we are off to a pretty strong start. this is the official start of what could be considered a santa because -- santa claus rally. kriti: liquidity is still higher from the levels in october. is that for the standard rally that everyone is expecting? romaine: traditionally a low-volume we care. i guess at the end of the day it doesn't matter. that is going to be a record high. you're looking at the nasdaq composite. about 23 points away from its record high. and the lira. certainly something to keep an eye on. a week ago monday you were paying about 18 lira per dollar. abigail doolittle has more perspective on what's going on in the u.s. markets. a lot of people thought we would rally, but not necessarily this much. abigail: it's pretty amazing what's going on here. the s&p 500 up 26%. the seventh double-digit gain for the s&p 500 over the last 10 years. of course you have had fed support accommodation. the 69th of the year topped only by 1995 when there were 77. some of the other

tim stenovec put on a tie and he's been bragging all day about the return he got on the semi500. ng in eliza. this was probably one of the best years for distressed markets. what drove it this year? >> just a few standout cases. the problem for the stress investors for several years has been that due to an abundance of symmelus and strong economic growth there hasn't be big enough pool of distressed trades to play in. and they make their returns there when more traditional investors don't and they get to grab stuff at a discount and ride its improvement. that's been lacking for the past grew years but this year there were a few standouts because once they got out of bankruptcy, their rebound was really robust because of everything that came into play later. tim: i'm wondering what 2022 looks like and what your sources in reporting have told you what to expect. people we talk to every day say the economy is going to continuing to recover in 2022. what does that look like for distressed trades? >> distress investors are contrarians. so they're excited about the inflation development

i am tim stenovec.d bloomberg radio. the uber u.s. treasury index reporting a loss of 2% in 2021. that is his first anyone loss since 2013. let's bring in alex harris. typically when we see a down year and treasuries, we tend to see a rebound the next year. what is your reporting telling you about why that may not happen in 2022? alex: i think there are just so many wildcards. thinking about the fed potentially raising rates. the market has priced in three times in 2022 and three times in 2023. some inflation. after rate hikes, you have the balance sheet. you have all of these things pointing to why the treasury yield should be moving higher more than pushing it to the downside. that is not to say that we cannot see it and treasuries should we get some other geopolitical event, but more people are seeing a second straight year of losses for treasuries. there is so much more upside risk for yields. romaine: when you look at history and you look back at some of the other big downturns we have had with reg