tom: right now, tony rodriguez joining us, head of fixed income at nuveen.e is steeped in the supply and the demand, and cross -- demand coming across. what is the robust search for yield you write about? there's a massive demand for yield. how is it that you question the move we see in full faith and credit this morning? tony: good morning. it is difficult to quench that thirst for yield given the very low treasury yields we are getting, trending no 1.20% this morning. the really important point i think is that the search for yield is going to continue to be a broader support for the fixed income markets. one of the main drivers of why we have these fund rates is the incredible amount of liquidity being supplied to the market. there's just a tremendous amount of global liquidity that is keeping broader sovereign meals that levels its force investors to search for that yield. jonathan: until recently, yields have been lower, equity markets at all-time highs. last week, things started to change for that just a little bit. tony: the things you are seeing right

we will do that with tony rodriguez, nuveen head of fixed income strategy.the s&p to 4271, -1.1%. yields lower six basis points points to 1.2286% on tens. heard on radio, seen on tv, this is bloomberg. ♪ ♪ >> we may once again be surprised in the second quarter to see earnings being much stronger then maybe we might have thought. >> you are going to see the economy moving to a position of excess demand. >> i think we have seen the peak in rates for the cycle. there may be another twin peaks later on -- another twin peak later on. >> you do get they sense from the federal reserve that they are looking towards tapering their asset purchases. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good mo

want to acknowledge that we are missing our -- one of our commissioners, who died last week, tony rodriguez, so if we can all just take a moment and think good thoughts for his family. i also want to take a moment to acknowledge sean buford, the president of the board of supervisors -- sherman tillman is here, as is the president of our rescue captain, paramedic rescue captains, kevin choker. if i've left anyone out, i humbly apologize. i'm terrible at thanking anyone. one person i really want to thank, chief dewitt from our support services stepped in in the middle of this project. she wrangled this together, and she's just done a great job. she's super organized, and i want to thank my sister, kathleen, the project manager. all the way through, kathleen, we felt like you had our back, and thank you for seeing this through all the way from 2015, 2016, something like that. it means a lot. and thank you to all the e.m.t.s and paramedics and 49ers who have -- just keep on going out and doing the work that needs to be done. and i know this is a great step in the right direction for e.m.s. in t

want to acknowledge that we are missing our -- one of our commissioners, who died last week, tony rodriguez, so if we can all just take a moment and think good thoughts for his family. i also want to take a moment to acknowledge sean buford, the president of the board of supervisors -- sherman tillman is here, as is the president of our rescue captain, paramedic rescue captains, kevin choker. if i've left anyone out, i humbly apologize. i'm terrible at thanking anyone. one person i really want to thank, chief dewitt from our support services stepped in in the middle of this project. she wrangled this together, and she's just done a great job. she's super organized, and i want to thank my sister, kathleen, the project manager. all the way through, kathleen, we felt like you had our back, and thank you for seeing this through all the way from 2015, 2016, something like that. it means a lot. and thank you to all the e.m.t.s and paramedics and 49ers who have -- just keep on going out and doing the work that needs to be done. and i know this is a great step in the right direction for e.m.s. in t

commissioner rodriguez, again even for me after all these words, it's hard for me to call someone tony or mark or commissioner rodriguez. he reminded me the down to earth, blue collar, san franciscan, that was so open. as far as my appreciation for all the commissioners. each one of us brings a different kind of expertise and concept and perspective. certainly, commissioner rodriguez brought that. i just wanted to appreciate that. i did get to know him a little bit. his earnest desire and being so proud to be a member of the commission for this department was unprecedented. he said i think i'm getting it. i said believe me commissioner, you're getting it. bless you all. thank you very much. i just wanted to comment and my condolences. my family and myself, i personally know the commissioner and my family. thank you very much. >> thank you. beautifully put commissioner nakajo as usual. any further questions or comments for chief velo? i'm not seeing any hands go up. oh. commissioner covington, i can see your hand. i can't hear you. is it just me? can people hear commissioner covington?

data above their target for a reasonably healthy period of time >> thank you for joining us, tony rodriguezyou. >> let's send it out of to mike santoli. >> this is a sentiment coming into today, basically the backdrop has generally been quite optimistic this is the long running investor intelligence survey and you see this is bulls minus bears, basically back up to what has been the highs of this year. it's not incompatible with the market continue to go grind higher we saw something similar leer, below the peaks of early 2018, which really was a crescendo of early confidence it does show there's not a lot of dry powder in the form of unconverted bulls that will come over to the optimistic side. maybe there's vulnerability in the market look at this measure of asset managers in futures. this goes back to 2009 this level is basically what b of a says represents sort of a complacency level, that over-optimism is building toward it, not quite there, but right off the lows, we sort of got there, as well as parts of the bull market coming off the 2009. it's not necessarily we're already there. i

commissioner rodriguez, again even for me after all these words, it's hard for me to call someone tony or mark or commissioner rodriguez. he reminded me the down to earth, blue collar, san franciscan, that was so open. as far as my appreciation for all the commissioners. each one of us brings a different kind of expertise and concept and perspective. certainly, commissioner rodriguez brought that. i just wanted to appreciate that. i did get to know him a little bit. his earnest desire and being so proud to be a member of the commission for this department was unprecedented. he said i think i'm getting it. i said believe me commissioner, you're getting it. bless you all. thank you very much. i just wanted to comment and my condolences. my family and myself, i personally know the commissioner and my family. thank you very much. >> thank you. beautifully put commissioner nakajo as usual. any further questions or comments for chief velo? i'm not seeing any hands go up. oh. commissioner covington, i can see your hand. i can't hear you. is it just me? can people hear commissioner covington?

due to the unexpected death of vice president tony rodriguez, there's a vacancy in the position of commission vice president. item a, nomination and elections of commission vice president. >> president feinstein: all right. just looking, and -- [please stand by] >> we all miss him but as we move forward it's my honor and privilege to nominate the most senior member of our commission who's been dedicated pretty much the last 25 years to this commission's departments business and to the commission is my honor to nominate stephen nakajo to vice president. >> commissioner covington, i see your finger waving. >> second. >> thank you, i had a nomination and a second. we are ready,. >>. [roll call vote] and you accept the nomination? >> with great honor. >> you will now be vice president of the fire commission. >> i want know, commissioner nakajo, i get to go first . you are teaching me. i really want to thank you for the grace toaccept this. you've been on thiscommission longer than any of us have . you have an incredible understanding of the department . the ins and outs and everything else that g

want to acknowledge that we are missing our -- one of our commissioners, who died last week, tony rodriguezo if we can all just take a moment and think good thoughts for his family. i also want to take a moment to acknowledge sean buford, the president of the board of supervisors -- sherman tillman is here, as is the president of our rescue captain, paramedic rescue captains, kevin choker. if i've left anyone out, i humbly apologize. i'm terrible at thanking anyone. one person i really want to thank, chief dewitt from our support services stepped in in the middle of this project. she wrangled this together, and she's just done a great job. she's super organized, and i want to thank my sister, kathleen, the project manager. all the way through, kathleen, we felt like you had our back, and thank you for seeing this through all the way from 2015, 2016, something like that. it means a lot. and thank you to all the e.m.t.s and paramedics and 49ers who have -- just keep on going out and doing the work that needs to be done. and i know this is a great step in the right direction for e.m.s. in the

due to the unexpected death of vice president tony rodriguez, there's a vacancy in the position of commissionem a, nomination and elections of commission vice president. >> president feinstein: all right. just looking, and -- [please stand by] >> we all miss him but as we move forward it's my honor and privilege to nominate the most senior member of our commission who's been dedicated pretty much the last 25 years to this commission's departments business and to the commission is my honor to nominate stephen nakajo to vice president. >> commissioner covington, i see your finger waving. >> second. >> thank you, i had a nomination and a second. we are ready,. >>. [roll call vote] and you accept the nomination? >> with great honor. >> you will now be vice president of the fire commission. >> i want know, commissioner nakajo, i get to go first . you are teaching me. i really want to thank you for the grace toaccept this. you've been on thiscommission longer than any of us have . you have an incredible understanding of the department . the ins and outs and everything else that goes on and you have

want to acknowledge that we are missing our -- one of our commissioners, who died last week, tony rodrigueztake a moment and think good thoughts for his family. i also want to take a moment to acknowledge sean buford, the president of the board of supervisors -- sherman tillman is here, as is the president of our rescue captain, paramedic rescue captains, kevin choker. if i've left anyone out, i humbly apologize. i'm terrible at thanking anyone. one person i really want to thank, chief dewitt from our support services stepped in in the middle of this project. she wrangled this together, and she's just done a great job. she's super organized, and i want to thank my sister, kathleen, the project manager. all the way through, kathleen, we felt like you had our back, and thank you for seeing this through all the way from 2015, 2016, something like that. it means a lot. and thank you to all the e.m.t.s and paramedics and 49ers who have -- just keep on going out and doing the work that needs to be done. and i know this is a great step in the right direction for e.m.s. in the san francisco fire de