tomorrow, tom porcelli of rbc capital markets. wednesday, tom porcelli of capital markets. sa: "i love you, but i do not find that interesting." tom: then he made it interesting. my question was -- what did lisa say? lisa: stagflation. jonathan: it was stimulating. you got to the point. it was a point well made. these yields, up seven on the 30 year. 2.22. tom: i take off one day and this is the love i get. jonathan: a long weekend. did you get some rest? tom: no i did not. it was the day i took off two years ago. jonathan: you are off the rails on thursday, it was not until after the day ended that i realized why, you had friday off. lisa: i appreciate your humor. jonathan: you think he needs love right now? lisa: it was a point well made. tom: i do not want celery. jonathan: coming up, blackrock head of global financial fixed income marilyn watson. yields up seven. on the tenure, 1.44. i don't think he said i love you, john. tom: but even worse he answer the dam question. jonathan: he did. can i go? lisa: look at those markets. jonathan: from europe city, good morning. --

we saw tom porcelli -- important 8:00 hour for the wall street. we saw tom porcelli there. jonathan: the median is still just south of 200,000, but the outlook gets better. the j&j one-shot vaccine. things are getting better. tom: i'm glad you mention the ism because i forgot that. that into the jobs report and you end up resetting. do you perceive that the different equity houses will have to reset? jonathan: i think they already reset at the back of last year, and people have been surprised. the big debate is not the next double story. it is what people think happens beneath. that is why you got the likes of morgan stanley on 3900 on the s&p 500, but with this huge turn in the equity market really starting to rip. tom: some of that is the rotation, particularly into the international area. china overnight with a little bit of weight to the optimism. lisa: saying if they were concerned about bubbles, not only within the property sector, but also trying to tamp down some of the enthusiasm we have seen in rallies in the u.s. and even some european assets. i wonder how that f

number well below the consensus but says that will be inconsequential in the grand scheme of things tom porcellirkets. good morning, tom. >> good morning, frank, goold to be w-- good to be with you. >> how do you think the markets will react if your estimate turns out to be true, how do you think they should react? >> actually, i think we're lower than that. we're looking for a decline of 100,000. and so that's probably a few hundred thousand below consensus. this is one of the reports that you really want to look through, you know, from our perspective, this is really more of a technical factor that's playing out here today just a high seasonal hurdle. without getting into too much detail, and boring everyone to tears, i think the reality is last month there was a really favorable seasonal hurdle, why we actually saw an increase. this month, we're going to see a higher seasonal hurdle, we're going to see a decline all of that aside, i think the reality is once we turn the light switch on, we'll get back to the business of gaining jobs, but we're going to have to get through this one first. >> b

michael: i will go tom porcelli on you. it is about wages.there evidence of the when of wage inflation? lisa: that has been a persistent message. how do they dismiss the faster growth and say it justifies the low rate environment they are in ? this is a key question. how do they transfer the focus away from that to wages? tom: -- jonathan: better growth ahead for 2021 or 2022, and they have to lean against rate hike expectations. that will appear on the dot plot. that dot plot is often more of a hindrance than a help. i wonder if that will be the story next week? final word? tom? tom: we have to go to break. i have to cancel my order on gamestop. jonathan: i need a break. futures rebound. this is bloomberg. ritika: with the first word news, i am ritika gupta. the house takes up president biden's $1.9 trillion bill today. tomorrow the democratic chamber is expected to approve the measure. janet yellen is dismissing fears the packages so big it will cause an inflation problem. she says if it turns out to be inflationary their tools to deal with