jonathan: tom keene. lisa abramowicz and jonathan ferro. your equity market unchanged. tom: i tried. -- lisa: i tried. jonathan: this show has a real year and feel to it. [laughter] jonathan: a beautiful one in new york on radio and on tv. this is bloomberg. >> with the first word news, the u.s. house is voted to raise the nation's debt ceiling by $2.5 trillion. extending the government's borrowing authority past next year. congressional election -- it also averts a potential default and now goes to president biden for his signature. the biden administration is considering whether to impose sanctions on china's largest chipmaker filter in an effort to limit beijing's access to advanced technology. the u.s. reportedly will face eight more chinese companies on a military-industrial complex blacklist. one of them is dji. one of the most widely used vaccines in the world doesn't provide enough antibodies to neutralize the omicron variant according to recent data in hong kong. those findings may have consequences for millions of people relying on the shot to protect them. in

lisa abramowicz and tom keene.ro getting ready for event full 9:00 program with a new high in the two year yield off the joy of science on omicron seeming very constructive. lisa and i want to brief you on something we have not mentioned. i think this sets us up for a must pay attention to bloomberg and particular our hong kong and beijing desks this evening, new york time, which is evergrande and china real estate takes a new leg down. they have had a distressing 24 hours. lisa: people are speculating they have to restructure. they have not made a lot of payments or at least creditors overseas have not received payments owed to them. it is not just evergreen. it is also another developer in china. all of this feeding into the back shop of china realizing there is a problem in changing their tone this week about the importance of financial stability over curbing some of the leverage that put into pumping up some of the sectors. tom: we do not have the chart for radio or tv, but the log chart for evergrande is distr

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: getting your trading week started. from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio kit alongside tom keene, i am jonathan ferro, together with kailey leinz. tom: the nasdaq down 1.2% on futures. look at the roller coaster of the vix, which really sets up the week ahead, coming from a really quiescent 26 level, we explode up to 31, i believe we saw friday, and even now elevated above 30. jonathan: you mentioned a roller coaster. 10 year yields down friday by 10 basis points, up this morning by four to 1.38. what was friday about? trying to work out what all these moves are about. tom: be careful here. fankly, kailey is probably better read in than me, but the zeitgeist right now is to push aside omicron. i do not agree with that. i really people worldwide are fixated about what to do about omicron, and that has filtered into the market. italy changing their super green pass. jonathan: it is the good news --

lisa abramowicz, tom keene and jonathan ferro on this fed decision day. a two-day losing streak. ecome three. we are down four points on the s&p. 1.4428 on 10's. tom: if you are fancy, you stay in the over roy and said he went to india, it is a fancy six-star hotel. bhakti hansoti does something different. i will not pronounce names because i will kill it, but we are thrilled to have you here. what does the real india look like in this pandemic? dr. hansoti: the real india looks like rural america. fear, unvaccinated individuals, patients coming to the hospital scared. there is a fear -- they are getting prepared to be able to fight the new variant. tom: you get a cup of coffee with the leadership at pfizer, moderna, you sit down and say, here is the reality of helping the rich, poor, unvaccinated. how do you get the unvaccinated vaccinated? dr. hansoti: improving supply chain, providing vaccines, ensuring the vaccines reach the last village is really key, that includes partnerships with governments. in other higher resource settings, issues around vaccine sentiment and how do we

journalists and analysts in more than 120 countries. -->> this is "bloomberg surveillance" with tom keeneerro, and lisa abramowicz. tom: good morning, everyone. on a monday, a full and even for week ahead for us. on radio, on television, we say good morning.

kailey leinz, gina martin adams, and guy johnson in for tom keene

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on radio, on television, and incredibly busy hour. we will look at apple. we will look with michael dart at the american it -- michael darda at the american economy. claims at 8:30 gets us ready for the jobs report tomorrow. jonathan: then we look ahead to next year as well and a federal reserve meeting on december 15. there are two kinds of forecasters, those who don't know and those who don't know they don't know. which one are you as we go into next year? tom: helane becker will join us on international travel later in the hour. i look at what is going on in germany, the article that makes clear shoals is making a mark. jonathan: more testing -- clear shoals pop -- making it clear schultz pop -- making it clear scholtz is making a mark. tom: you see the vic's back near 30. what are you see in bonds, and credit? lisa: you are not seeing a material tightening in financial conditions. yes, you're seeing riskier yields go up, but it is nothing that dramatic.

lisa: tom keene writing banners on his day off.e just tweeted, "looking around the corner to the hump of inflation." jonathan: is that right? lisa: he's looking around the corner. jonathan: do you think tom might be a bit bored/hung over? [laughter] lisa: i will let you make those assumptions. i think he just once to keep up with us. jonathan: up 14 on the s&p, advancing 0.3%. it is inflation day in america. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. the biden administration is seeking to downplay inflation ahead of a data release that is sure to show a surge in consumer prices. the white house says the consumer price index won't reflect some price movements in gasoline and natural gas prices. according to a bloomberg survey of economists, the cpi probably increased 6.8% from a year ago. the number is out not long from now at 8:30 a.m. new york time. president biden has assured ukraine of the u.s. support in its standoff with russia. the u.s. leader pledged not to hold talks about ukraine's future with

. -->> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on a monday, a full and even for week ahead for us. on radio, on television, we say good morning. lots of different news flow here. china, maybe 2, 3 hours ago, but i am seeing now is a look to the inflation report of friday. jonathan: this friday, your cpi report. are we facing a repeat of 2018? the prospect of choking on the prospect of higher rates from the federal reserve. tom: we will get to that with an important guest any moment. please stay tuned for robert tipp. history never repeats itself, and the overwhelming reality now is the fiscal deficit and what washington may do. jonathan: there are some really key differences. 2% on inflation then, close to 7% now. the federal reserve was already hiking. we still got qb running north of $100 billion and they have to wind it down. there is some key differences. but the call from pgim over the last few months, they think the highs on 10 year yields are behind us, not in front of us, and this morning we are

alongside tom keene and lisa abramowicz, i'm jonathan ferro. rket advancing 0.6% on the s&p 500. rate hikes for 2022. tom: we went through it. i've been waiting for the data to come in. i'm looking at the wall of information

tom? have you ever got the mistletoe with mrs. keene? lisa: he's pretending to be deaf. saying, get me off of the set. it is too awkward. jonathan: he didn't like that. tom: my agent ken cooper says put a cork in it. [laughter] jonathan: up 15 on the s&p. we fade a little bit. this is bloomberg. . ♪ >> you can lose money slowly or you can lose money quickly. >> a lot of what is going on in the market now is pure risk management. >> the level of accommodation is so high. >> all signs point to something that looks better the cycle. >> corporate profitability looks good. i want to be a part of that. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on radio, on television, and incredibly busy hour. we will look at apple. we will look with michael dart at the american it -- michael

tom keene back wednesday for that fed decision. s&p 500 up 16 points.s are calm this morning, unchanged on a tenure at 14769 -- one point 4769. this is bloomberg surveillance." ♪ jonathon: all-time highs on the s&p 500, an important week. equity markets advancing weight 3%. -- advancing .3%. an important conversation, reach out to the team at deutsche's, the relationship to rates and multiples are just how close has it been and what does it mean we talk about higher interest rates from the fed. for all the talk you and i are having, still at 66, 10th at 147. equity market at a record high. lisa: of the rise we see at the front and. why has the stock market remained so sanguine about the rise we see at the front and? jonathon: multiples hi because rates are low or is it a classic early stage of recovery where higher rates are priced in? that is what deutsche's made in their research. lisa: lori singh 10 year yield tame. how much is that the real driver of risk appetite and not a front end? jonathon: let's do this for the fx markets. tilted heavily toward

with tom keene, jonathan ferro and a lisa abramowicz. tom: good morning.all of you on rad

jonathan: tom keene has a problem with this as well. kailey, is this something you stay up late at night and think about? i show you the treasury board and what it looks like so everyone watching on tv at least knows what matt is talking about . equities higher by three, advancing 0.1%. treasuries lower, yields higher. you will thing is in red, ok? matt: and up arrow in red. jonathan: you want it to be green? matt: yeah. jonathan: you disagree with the format of the bloomberg terminal? matt: i won't say that. [laughter] jonathan: there you go. 1.4 911% on tens. we've got to work this out, what is going on in the economy and what it means for this market because it has not been so obvious this year. kailey: of course, we saw euro-dollar at $1.13. there's a very different five between the inflation picture and what is happening in europe, where the ecb still stands by the fact that it is transitory. jordan rochester, the fx strategist from nomura, sees something that is not music to matt miller's ears. they be he sees us going up to 5000

-- tom keene, jonathan ferro, and lisa abramowicz. a lot of traders probably off, too. guy: like volume headed into christmas. -- light volume headed into christmas. my house is currently dominated by movies that seem to involve reindeer, reindeer getting lost, that sort of thing. let's talk a little bit about where we are going. the equity markets at the moment of got a lot of challenges as we go into 2022, but i have to say, i keep reading everything will day sell side reports that tell me next year is going to be good. you look at the lineup of threats to that, there are some significant ones going into next year. kailey: the consensus seems to be dead returns are not going to be a stellar as they had been. still, it is going to be a year in which you can mix a money. damian: for me, it is going to be about the second half of 2022. there's no question the comps on growth are going to accelerate. is it going to be margins, topline revenues? that remains to be seen. kailey: before we can get to the new year, we've got to finish up wh

tom keene back with us on wednesday for that fed decision.ng into that fed decision, your equity market up another zero point 2%. the s&p 500 at all-time highs. from new york city, heard on radio, seen on tv, this is "bloomberg surveillance." ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. the u.k. health minister says once again, the country is in a race between the vaccine and the virus. he has detailed plans to offer all adults in england a booster vaccination by the end of december. there is no certainty the government will be able to keep schools open. in kentucky, they are still searching for victims of the tornado that left a 200 mile path of destruction. governor andy beshear has lowered the death toll. still, he says 50 people have died. in illinois, six people were killed when a tornado slammed into an amazon delivery depot. 45 people made it out alive. flight attendants in the u.s. say alcohol is fueling an increase in in-flight violence by passengers. they are calling on airports to limit travelerss access -- limit t

tom keene back with us next week. a happy birthday to tk.han: good morning come on bloomberg tv and radio. prices down 0.3% on the s&p. we are negative on the russell, negative on the nasdaq. following a three-day pop on the s&p 500, the first three-day rally we have seen on the s&p for about a month. it has been that choppy over the last few weeks, that is for sure. a ton of calls coming through. 5200 the call now from credit suisse. the upgrade their view next year from 5k. a ton of calls coming from morgan stanley. two, tens and 30's focusing very much on the front-end for next week. twos right now just short of 70 basis points. a conversation for morgan stanley shifts from january to september 2022. where on earth are we going with the ecb into thursday next week? lisa: beats me. i find this fascinating. the news today that they are looking at possibly expanding into reinvestment of the emergency bond purchasing program to prolong it after previously talking about maybe trying to start tightening at some point in 2023, i mean, honestly.

tom keene back with us next week. still celebrating his birthday. for the fed decision. from new york city, this is bloomberg. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2 ♪ >> inflation is getting close to peeking. it doesn't mean it is going to go away overnight. >> we know that there are some secondhand effects on inflation. >> the game is to stop a wage five -- a wage spiral. if the fed wants to stop inflation, they should hike rates. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: cpi just around the corner, 30 minutes away. from new york city, good morning. for our audience worldwide, alongside lisa abramowicz, and jonathan

kailey: i hope tom keene heard that.waiting for an entry point into the market, entry point into the travel space. thanks a much to brian kelly, the points guy. gina martin adams has helped us fill in all week. thank you so much for joining us on this week. what is your number one take away from the past couple of days? gina: i think it is that everyone remains generally pretty optimistic. we have had a few bears, but most people are pretty optimistic about the year ahead. definitely balancing strong growth with inflation pressures. i get a sense of optimism from many of our guests. kailey: thank you so much. guy and i will be here tomorrow and guide will be coming up on bloomberg markets. futures negative about point -- about negative point when he 5% on the s&p 500 -- -.25% on the s&p 500. this is bloomberg. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don'

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. kailey: good morning on tv and radio. kailey leinz, damian sassower, and guy johnson in. santa claus has already come to this market. guy: he was always going to arrive at some point. it is being delivered on big volume. i think we will probably wait until the beginning of next year for we get an accurate gauge on what is happening. but the news this morning relatively positive. certainly the news around the omicron variant looks good. we've got this new pill coming from pfizer. it is expensive, but at least can be delivered at home. i think that speaks to a better outcome may be in the new year for omicron. my question is, is delta still waiting in the wings? the doctors seem to be telling me that it will be. we are not done with delta quite yet either. kailey: we know delta is still a problem in the u.s., although omicron now makes up the vast majority of cases. we have to talk about the policy response when we talk about the virus, and the u.s. not heading towards lockdowns or real

tom keene is back with us next week.inz in the sea, together with lisa abramowicz and jonathan ferro. the s&p down .4%. the euro weaker dollars stronger, 1.3150. yields back here at 150, a brief breach, 1.4939. back below that level, down three basis points to round things out. crew down .8%. 71.79. a couple months ago, evergrande, all anyone talked about, and we get the dword overnight. kailey: finally. jon: it has not been discussed. kailey: it seems like we already have known it had defaulted on this debt. it was never actually declared because this payment was due over 30 days ago. the grace period expired on the sixth, monday, and it has been declared in default, cutting its rating again to restrict a default. this has been a long time coming. it now seems the conversation has moved from the risk of the contagion effect to the maybe " china will not bailout evergrande but it will provide the necessary support to provide====---- support to prevent any sort of spillover. jon: there is the move. we have to think about

sort of high inflation era that we were in pre-pandemic. >> this is "bloomberg surveillance" with tom keene, and lisa abramowicz. tom: from berlin -- matt: from berlin, new york, and london, this is "bloomberg surveillance ," live on bloomberg television, on bloomberg radio. you can stream us on the internet. you can probably get us in smoke signals. i'm matt miller, alongside kriti gupta and dani burger.

this is bloomberg surveillance live on tv and radio with tom keene and lisa abramowicz. i am jonathan ferro. the biggest today move on the s&p is unchanged. tom: apple is lifting off some positive. i look at the mix of things. a stew. it was eventful. jonathan: the financial times is suggesting a vaccine passport is around the corner. the market move. real yields are lower. airlines are suffering off the back of his. >> we have to sacrifice surveillance christmas party last year, and that is really the -- it is bigger than the tots in london. jonathan: there is a huge amount of upset around this. the idea that the prime minister had video leaked in the last 34 hours saying that they would have a christmas party. it sounds ridiculous, but this time last year in the u.k., they were separated from each other over christmas if they follow the rules. it appears that the prime minister might've had a christmas party of his own in the workplace. it appears that other government officials to the same thing. it is a huge issue. can you imagine if the in situ rules going into this

i am watching the participation rate and i know tom keene keene is as well, how much do we see it increase? there are still so many people out of the labor market and there was a survey showing that nearly 1/5 of them are not looking for work, why are they coming back? this will be key to the federal reserve and key to determining if we will enter a hot environment. after that marty walsh is speaking with a host who has a british accent at 9:30 a.m. and president biden is ready to comment at 10:15 a.m. i am curious to watch marty walsh with our own jonathan ferro, just to see how he talks about the shift the power to labor pop --, how do we talk about the increases we have seen in wages that are not keeping pace with base consumer inflation but are running at some the past -- fastest pace as we have seen. at 10:00 a.m., the u.s. ism data for november. we will see the momentum in the services sector into the potential new variants of covid, which may or may not have lasting power. i want to see what the momentum is light. we were already dealing with the delta variant. we need to shift from

a special happy birthday to our good friend tom keene. this is bloomberg.ika: with the first word news, i am ritika gupta. a world health organization panel says it is best to get people does go doses of the same coronavirus vaccine. it -- vaccine combinations could help lowood middle income countries deal with shortages. the u.s. is reportedly ramping up the economic pressure on iran. the bided administration is tightening its economic sanctions at a time when diplomatic efforts to restore the 2015 nuclear deal with iran have been unsuccessful so far. china is taking its biggest steps to rein in the surging yuan. the people's bank of china is forcing banks to hold more currencies and reserve. in italy, the nation's antitrust regulators find amazon more than $1.2 million, fusing the company of harmful practices in the e-commerce market. the company has asked banded -- has expanded its shipping services in europe. in manhattan apartment rents rose the most on record. that is according to appraiser miller samuel. still the median rent is almost 4% below where

tom keene is back with us next week. advancing one third of 1%. higher by just a couple basis points. the highs of the year going into cpi, two hours and 12 minutes away. this came from jonathan golub on inflation. we highlighted -- he said historic lee this is offset by rising bond yields. in the current environment, however, inflation is not translating to higher rates, a huge benefit for stocks. lisa: part of the reason why he upgraded his expectation for the final 2022 target at 5100, saying that the discount rate would remain low, even as he saw stocks benefit. stocks being the best inflation had, how many times have we heard that? jonathan: a lot, and it has worked out for sure. the spread between the top and the bottom incredibly wide. kailey: almost 20% from what morgan stanley sees. interesting to see the divergence even though a lot of the calls are the same. morgan stanley has now pushed forward when the inflation call comes. but we will still be looking good for the most part. the fed will normalize. where that leaves equity market is

though you might not think you are at maximum employment. >> this is "bloomberg surveillance" with tom keeneand lisa abramowicz. tom: the bank of england raises rates. it is a great surprise. the bank of england raises benchmark interest rate to a 0.25%. the wow from the economic theorist lisa abramowicz. flat outcome of the most extraordinary wednesday-thursday of what i have done bloomberg. the fed yesterday, the bank of england now. who knows

are wrong, you find yourself in a much worse position. >> this is "bloomberg surveillance" with tom keenero, and lisa abramowicz. tom: good morning, everyone. on radio, on television, two hours of economic data. at

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: three more days left of this snoozefest. good morning. this is "bloomberg surveillance ." your equity market up seven. as we look to close out the week, still waiting for this. >> he is currently on vacation in delaware. it seems unlikely. there has been some reporting overnight on the potential of a nomination for the role. that is the one the market is focused on. jonathan: we can talk about that later. the equity market is doing well. in europe, all-time highs, reflecting what we have seen. matt: i do not think it is a snoozefest. i think there is some interesting news that investors can sink their teeth into. on the corporate side, you have the apple store with surprise bonuses. on the central bank side, the survey is out and it worked its way into the economy and supply chains, as well. on the bitcoin side, the biggest slide since may. there is a lot going on without getting to the fact we are at all-time record highs on the indexes, or near them. i am excited about thi

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. jonathan: good morning. this is "bloomberg surveillance" live on tv and radio. alongside kailey leinz and matt miller, i am jonathan ferro. kailey, you have been counting all year, number 70. kailey: the most record we have seen since 1995. the least exciting record that we were up .1% yesterday. volumes light. santa claus driving us to all-time highs. jonathan: the earnings have been great, the inflation story has not compromised. it remains to be seen how benign last year's surprises will stay for the global economy and for markets, too. even the best forecaster in the world this year might have gotten the market call wrong. matt: inflation is probably the biggest headwind in a lot of ways for a lot of different groups. we were talking to marty about how the democrats would fare in midterms. he set even if the economy is coming along, it is inflation that is the real problem for them. it could turn out to be a real problem for markets, as well. the said may have been too far -- the

. >> this is a bloomberg surveillance with tom keene jonathan ferro, and lisa abramowicz. jonathan: from new york city, this is bloomberg surveillance live. alongside lisa abramowicz, i am jonathan ferro. equity market 0.25%. lisa: are they going to make news with the taper? are they going to indicate a faster pace and a higher end target rate? jonathan: bank of america fund manager survey out this morning. that was a big discussion. the equity market is at an all-time high. lisa: people are cautious but not bearish. they are trying to wait for a better sense of whether we should worry more about tightening too quickly or look at the facts of runaway inflation. in the meantime, they think everything is going to be goldilocks as long as neither of those outcomes comes to pass. jonathan: letting some air out of an equity market coming into the week with an all-time high. 142.43, lisa, get your head around this. lisa: i cannot. we are talking about the potential of runaway inflation and looking at sub 1.5% 10 year yield. you have people saying we are at risk of runaway inflat

with tom keene, jonathan ferro and a lisa abramowicz. tom: good morning. we welcome all of you on radio, television as well. jon, buy the dip, that is what we did. jonathan: getting close to all-time highs. a rally this morning. we are advancing 1.3%. tom: 1.2%. nasdaq putting out 1.8%. and talking about apple. dan ives, we were focused on a two year yield that could speak volumes with the inflation report. jonathan: looking forward to hearing from the big bull on wall street. katie huberty of jp morgan will be joining us this morning. increasing that pride target -- price target. we are taking out the highs for the year we could have a more material conversation behind just rates in america. tom: we are serious, two hands on the wheel, please. lisa, i want you to forward a two-year to a high further year into the auction dynamics we may see today. lisa: you really set me up with something that you love so dearly, i appreciate that. $54 billion auction of three-year notes today at 1:00 p.m. what's the conviction around rate hikes after the first two? we kn

jonathan: tom keene and lisa abramowicz will be back with us in a few days. let's start with omicron. we are trying to work out what this means, the inflation debate. how does china fall into the conversation? >> we are looking at data around the world and we can see that we had a wave in south africa that was much quicker and did not have the hospital impacts we have had in previous waves. we are starting to get signals that maybe it is the same there. there is very little natural immunity there and we do not know what they have been using. everyone wert about inflation is worried about china because china remains the supply hub of the whole world. if they have problems with supply chains again, it will add to inflation pressure that everyone has been watching in 2021. matt: when i am sitting home after a big christmas meal and i see a headline that controls -- china's central bank -- i don't know how important it is. it is very complex. the political situation is different than what we are used to in the western world. i cannot put my finger on how much mov

>> the withdrawal of stimulus isn't going to be enough. >> this is "bloomberg surveillance" with tom keenethan ferro, and lisa abramowicz. tom: good morning, everyone. an eventful friday before the holiday season. russia making strident comments on eastern europe. you know the story on an ever-changing pandemic. jon ferro off today. caroline hyde on duty for us in london. it is getting restrictive to travel in the continent of europe. caroline:

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. m: good morning, everyone. an eventful friday before the holiday season. russia making strident comments on eastern europe. you know the story on an ever-changing pandemic. jon ferro off today. caroline hyde on duty for us in london. it is getting restrictive to travel in the continent of europe. caroline: yeah, i am unable to go to france unless i have family or a significant reason thereof. of course, the u.k. numbers are sensational in terms of how high we got. a record high for the entirety of covid-19. no wonder countries are going it alone. even in the eu, you are seeing eu nations putting restrictions around each other. it is getting tough. tom: ed bastian with bloomberg yesterday of delta airlines. you really wonder how this factors into travel. what does it mean for an adjustment of american economic growth? lisa: i've read this morn that just two tourists went to bali over the last couple of months. just two. you haven't seen a central bank response. you haven't seen economis

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. m: from berlin -- matt: from berlin, new york, and london, this is "bloomberg surveillance ," live on bloomberg television, on bloomberg radio. you can stream us on the internet. you can probably get us in smoke signals. i'm matt miller, alongside kriti gupta and dani burger. happy birthday, jon ferro. i hope you are sleeping still. in terms of the markets, you might as well be asleep. we don't really see much going on. for me and dani, it is almost over. in the u.s. you haven't opened yet, and it looks like you will open down. kriti: it is just getting started, so what is the word i am looking for? i am translating it in my head from what mom would tell me. don't jinx it. what is interesting to me, the vix is actually higher. we are looking at an 18 handle. i wonder if it is going to increase as we start to see a selloff. people getting rid of the positions that they do have in the market going into the last day of 2021. dani: maybe a little bit of year-end repositioning. i've got ano

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa abramowicz. tom: jonathan ferro, lisa abramowicz and tom keene. the sum of all your fears. in a moment, david costin of golden stacks -- goldman sachs. it's a bull market. jonathan: sometimes this year if there is one criticism it's you haven't been bullish enough. looking ahead to next year it's all about multiples and to what degree the federal reserve bring those down with a move. what are we expecting, we're expecting to see a couple of highs in the dot plot for next year and three more a year after that. tom: the surprise may be the emphasis in the press conference. how do we link what jerome powell says to the somewhat fragility of this great bull market. >> i think steve is so right to think about the emphasis the central bank. how data-dependent is that first rate hike. does a wrap up at the end of march or just go visit a case of inflation data through q1 assessed with a degree of deceleration in inflation and then work it out there. i wonder where he will push later in that news conferen

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. >> this is "bloomberg surveillance", kailey leinz, we are in for the others, all of of who are off today. santa claus seems to have been coming to the markets because the rally continues. anna: the rally does continue. we are up .1%. the man in red grabbing hold of the reins and taking it higher. we have good news at least at the margin and at least if you skew -- skew your view towards western economies. we have good news against the fight against omicron. we have a trio of data releases about the astrazeneca rooster and it is less good when you look at what is happening in china and that has humanitarian health implications and supply chain applications. kailey: an entire city being shut down and it shows that the covid zero policy might just impact china specifically it could have ripple effects. damian: certainly into emerging markets. i'm going to play lisa and be the bear. despite what we are seeing in equity markets this bull market seems to be struggling. i mean you have treasury yields

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz.g and welcome to "bloomberg surveillance." kailey leinz, gina martin adams, and guy johnson in for tom keene, lisa abramowicz, and jonathan ferro. it is quiet out there relative to earlier this week. guy: i think it is harder when it is quieter, but definitely big shoes, particularly in the

matt: i want to get the politics and rip up the script tom keene style.ook at your resume and i think about build back better and chances it will not pass as i think about my personal concerns the salt deduction cap will not be lifted. i look at your resume, you are the commissioner of the delaware river port authority and served on the treasury transition teams. you are a board member of the new jersey economic develop an authority. i've been asking myself why do these states, especially new jersey and new york, have such high taxes compared to other states? it seems to only matter the salt cap to the tri-state area. if we do not get that, what else can be done to lower these tax burdens that are incredibly heavy on a lot of working families in those states? david: it takes a shop and it has not happened yet. i agree with you. our company used to be headquartered in new jersey. we are now in florida. we have to change. tax is not the only reason to make the change. we are on airplanes flying to florida because of the migrations of wealth. during the pand

and tom keene us of that everyday as he looks at his cash fund.athon: very upset with tears running down his cheeks. futures up 2/10. the chief economist, stephen stanley, you have things to say. it is sounding the fed is -- it is astounding that the fed is still easing as inflation is at a 39 year high. how are they going to change this? stephen: they are working and starting to accelerate the pace of tapering. it looks like they will be done with tapering in march. that doesn't clear the decks for rate hikes beginning as early as next spring. let's not get too distracted from the main story, which is that the fed is well behind the curve and even with the step they are likely to take this week, they will remain well behind the curve and they may have fallen further behind. jonathon: looking for 5330 on the s&p year and next year and they say don't expect the fed to slam the brakes. they expect the central bank as well. stephen: that is my baseline case. i think the case that they believe neutral is white low means they don't have as far to go --

tom keene, jon ferro, and lisa abramowicz are off today.ut 27% is the year to date again we have seen on the s&p 500, and this follows a 17% gain last year, and i think i 29% gain in 2019, so we have seen some incredible gains. the s&p 500 up 134% when you include reinvested dividends over the past four years. kriti: it is really clear that a good chunk is thanks to tech and that defensive trade. how much of that really continues when you start to see decelerating growth? do you continue to see the tech trade, and that mean that we perhaps progressed past that early part of the market cycle? that is really the question going into 2022. how do you play a lot of the concerns that persist from 2021 into the new year? dani: it does just seem like the cycle doesn't exist anymore, but we could have known perfectly what inflation would have done. matt and i were talking to she manpower -- two seaman power earlier today. would you have guessed the 10 year yield would end the year at 1.5%? i would guess not. it is a market where inflation is unpredi

>> for now, corporate profitability looks pretty good. >> this is "bloomberg surveillance" with tom keene, and lisa abramowicz. tom: good morning, everyone. jobs day on radio and television , across america, around the world. it is an omicron jobs

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on radio, on television, two hours of economic data. at 10:00, ism manufacturing. in 15 minutes, will it be a better than good labor economy? jonathan: then added onto payrolls on friday, and then to simmer 15 for fed chair jay powell in this federal reserve decision. are we on a slow march, may be a quicker march, towards that rate hike? tom: is he betting on an employment economy? jonathan: that was in include -- that was the conclusion you heard in his voice yesterday. if he is considering a quicker taper, is he also considering the next step? that is the debate the market will have. tom: what will he from chairman powell today? the house is different from the senate. it is a more fractious. lisa: we will hear more posturing in terms of issues that people want to push forward. jon ferro to said he's going to be looking forward to december 15 after that decision by the federal reserve. this is new. he was going to take the year off after november. this is

. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning, good morning. this is bloomberg "surveillance" live. together this morning with caroline hyde. tk is back with us tomorrow. lisa, just pulling back further from all-time highs. lisa: you keep seeing that the year will be over and people are tepid in terms of trading ahead of the fed meeting which is the key event tomorrow. do you think we will get anything dramatic? jonathan: maybe we will, maybe we won't. isn't that interesting regardless? lisa: it is interesting regardless. what could be market moving other than the balance sheet? what benefit do they have the knock the market off course at this point? a lot of people are figuring out how far out they increase their inflation expectations, but i think the balance sheet, from what i've heard, is the only thing that could really knock markets. jonathan: that is what citi has made in their research, they made that point. the hawkish surprise would be a balance sheet

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: the bank of england raises rates. it is a great surprise. the bank of england raises benchmark interest rate to a 0.25%. the wow from the economic theorist lisa abramowicz. flat outcome of the most extraordinary wednesday-thursday of what i have done bloomberg. the fed yesterday, the bank of england now. who knows what the ecb will do in 45 minutes? lisa: jon ferro promised us a phone call if the bank of england raised rates, so we need to get jon ferro on the line with his sweatshirt or whatever it is he is wearing. we see the pound string thing after this decision, an 8-1 decision to raise benchmark interest rates. tom: of course, markets are reacting. we will go to george bory of wells fargo, but first, mark of ashworth on the turmoil. but we've got to go to caroline hyde. thrilled she is with us this morning. what this is interest rate increase mean for the people of the united kingdom? caroline: it means perhaps the bank of england isn't as fearful as anticipated. governor ba

kailey: but tom keene is smiling because he loves the historical.rsistently flattened curve, and the financials are up 33% this year which of the best performing groups in the s&p 500. kriti: that is really where you see the massive macro disconnect. a lot of folks have been saying the stock market is taking their cue from the bond market, and they were earlier in the year. now you are starting to see that dispersion. if the bond market, even on a fundamental basis, is pricing and slower fundament of growth in 2022, or perhaps the effects of the omicron variant, the stock market is still hitting record high after record high. that is something that is not just isolated to financials, but in the broader market as well. matt: is this all built off of 2022 earnings expectations? kriti: it kind of seems like it is. in addition to operating margins, if you look at how much operating margins are a prediction in 2022, the consensus seems to be that those margins will continue, the a lot of these companies will be able to pass on those higher costs on to th

jon: i miss tom too, that is the most tom keene thing you have said all year. is positive .4% in the free market. kailey: a huge weight in this equity market. let's bring in the ceo and cio at wynn crest capital. you talk about the outlook for u.s. stocks and how much of a very tech has on that. to bet against the u.s., do you have to bet against companies like apple? >> no. i think you just have to know there are better -- is better relative value elsewhere. looking at the s&p, this value has been concentrated. the joe, is there new towns, which, the company's other all-time highs, are far less interesting than the ones at the 52 we close. i would add to that, the u.s. has done so well but that means other places have done less well and to me there is more opportunity there. i prefer europe and some of asia and i think there are better opportunities there if you just want index-type performance. kailey: let's talk about the differences regionally and how central bank policy had to bearing. the fed is moving toward a hawkish stance and the ecp not so much. even

but i know you like the spurs, or as tom keene would call them, the tots.o you have any thoughts you would like to share with our television and radio audience this morning? richard: well, any spurs fan out there will know that being a spurs fan is like being sisyphus. we get to the top of the hill and then we seem to roll back down. if new yorkers think it is hard being a mets fan, the spurs are -- on one's personal psyche. guy: i've got to say, 2-2 against liverpool, i thought it was a good game. it was a fairly controversial game. richard: he's a very good manager. we will see what happens. but that's the spurs story. there's always hope. we will see what happens. kailey: richard bernstein leaving us with a little bit of optimism in the sports world. thank you so much for joining us, and happy holidays to you and yours. there's also some breaking news we want to touch on. novavax's covid-19 vaccine has gotten a positive recommendation in the eu. it just days ago got the emergency from the world health organization, but that obviously giving a nice lift t

. >> 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 just been creeping higher on really like volume, given it is a holiday week. we can debate whether the market should be open this week, but the market could be looking at a 69th record high. for whatever headwind you want at this market, it has not been enough. jonathan: just getting reporting out of the u.k., unexpected restrictions, the prime minister not expected to announce covid curbs in england. there was a feeling that, after christmas, they would announce them, but reporting suggesting that will not take place, at least right now. matt: what can you actually do when you are in england? if you want to go to dinner and a show in london, is that the easy task to undertake