victoria fernandez of crossmark. the last time many people thought monetary policy was too tight was the back end of 2018 p it our experience there was credit spreads aggressively wider. when you look at real yields back then, it was positive 1% through that level. right now, -1%. kailey: as long as that remains the case, does that mean assets can actually continue to do ok, even as we are entering into a period of policy normalization? until real yields become more of a problem, maybe it is not that much of a problem for equity investors. jonathan: can you make a case for struggling goodie market with real yields where they are now? matt: to be bullish in an equity market? i guess there is no alternative because you will lose money if you invest in bonds, lose money if you hold in cash. you could take your chances with commodities, but after the runoff they have seen, it is just as concerning as equity market. jonathan: "bloomberg surveillance "bloomberg surveillance this is a" christmas special, isn't it? matt: i d

and chief market strategist of global investment victoria fernandez. victoria, good afternoon. scott, how are we feeling about the markets as we wrap up 2021? >> not a bad gift from santa claus, actually if you go back a couple three weeks ago, three weeks ago everyone was panicked coming into the new year, i mean, this will be the big unwind as you mentioned with the big rally we have had an that's frankly because that's typically what happens in markets is when people start to call for the experts quote unquote calling for the great rollover, it doesn't happen in the market goes back in their face so i think we should be relatively full of gratitude with what happened because the market has shown itself to be resilient and being able now pushed her a lot of these same old problems that we have laid out with say the covid variant, with promises of tax hikes and things the federal reserve that is scary for the market and seems to not scare us anymore and there's a lot to be positive about 2022 in my opinion. ashley: victoria, we have had a lot of analysts say you can expect hig

coming up, victoria fernandez. woody futures this monday morning. -- -- futures this monday morning. what a beautiful new york it is. this is bloomberg. ♪ ritika: i'm ritika gupta. u.s. top medical provisos warned not to get complacent. anthony fauci said the cases could overwhelm hospitals despite symptoms being less severe. an increase in coronavirus cases in the u.s. led to shortages of airline crews on one of the busiest travel periods of the year. 2800 flight cancellations over the christmas weekend. knighted, delta, and jetblue canceled 12% of flights. -- united, delta, and jetblue canceled 12% of flights. online shopping jumped. sales were up 21%. justin trudeau says china has been playing the nations against each other. he told global news that democracies should present a united front. canada joined the u.s. and other western allies in a diplomatic boycott of the beijing olympics. a south at three and -- a self african -- died he won the nobel peace prize in 1984. desmond tutu was 90. global news 24 hours

i want to bring in three of the best, victoria fernandez, luke lloyd.uke, you're the hashtag buy the dip guy. so were you buying the dip in the last few sessions. >> charles, you know me, if you invest in the s&p 500 and nasdaq, you should us a be looking to hashtag buy the dip. i. one problem i haven't talked about about. if you invest in the s&p, only do what eight megacap stocks do. 30% of the s&p is made up by eight names. i don't think the s&p is as reliable as index it used to be because of the influence they have on it. s&p 500 is barely off all-time highs while many small and mid-cap stocks are down 50%. i think it is very possible the indices will start to underperform here real soon. the real value add to the portfolio comes from small and mid-cap stocks. that is why we're sitting on 15% cash right now. we have a big santa shopping list. we are looking to deploy that the next several weeks. charles: i will come back to see what you are nibbling that because santa is flying around looking pretty good. victoria, you never waiver. you are mostly

the numbers cross, and also speak about the company's views on shipping delays and shortages victoria fernandez research joins the conversation and come to you first for your take on what we've seen this week clearly, a nice bounce yesterday but weak today down sharply for tech stocks >> i think when people think the fed might act more aggressively it cause as bit more of a rotation, but frankly, i'm bullish on equities. i don't think there's a lot of evidence if they raise interest rates the stock market goes down frankly, i don't think they're going to raise the three times that might currently be priced in plenty of things you could buy on weakness. >> katie, what do you think in the short term is the sector you want people to avoid most of all? >> you know, in terms of avoiding a seconder i would say probably industrials and communications services. those still are in down trends relative to the s&p 500. and i keep looking for some signs of downside exhaustion they're not quite there yet. encompassed, of course, industrials, the transports which look a little better than average, but those

we will likely hear a similar commentary joining me right now cross chief market strategist victoria fernandez, and what you heard yesterday, from the chairman of the federal reserve. your thoughts? >> yes, you know when we listened to what powell said yesterday we spoke after november meeting taking about yes 15 billion tapering in place wouldn't be surprised to hear them talk about starting to speed that up maybe december meeting maybe in january. so there was talk about this prior, to what powell said yesterday but i think the fact that you combine that with omicron variant concerns does that mean not getting people in labor force does that mean supply chains continue to have issues so we have that push on inflation where we thought maybe some would come back down, combine all that together, and you've got a curve that is flattening remember that short end of the curve is more about fed policy, the longer end about expectations for inflation, so we're seeing that flattening right now people anticipate the fed might move quicker than before. maria: i was really struck by him saying it is tim

francisco cuevas >> qué talulio vaqueiro muy buenas noches en los ángeles vicente fernández vivió sus mayores victoriass han hecho recordar sus familias sus tradiciones no solo a los inmigrantes mexicanos era de todo el mundo hemos hablado con salvadoreños todos crecieron con música tenemos una persona de jalisco qué significa estar aquí señor >> orgulloso de darle la despedida a una persona querida por todo el mundo >> qué representó vicente fernández para usted >> una buena enseñanza para todo el mundo por sus películas y felicidades a don vicente fernández >> muchas gracias y te quiero decir julio vaqueiro q habrá un esfuerzo para hacer una estatua en el este de los ángeles y se darán a conocer en los próximos días regresamos con ustedes al estudio a jalisco >> oye paco eso será interesante ver la estatua de vicente fernández solo tiene una aquí en guadalajara en la plaza del mariachi y una en el este de los ángeles estaría estupendo para la comunidad mexicana >> el esfuerzo es que mucha gente done las llaves para que sean fundidas y hacer la estatua del charro de huentitán mucha gente puede ser par

victoria. paola: llegamos al final, los dejamos con el noticiero nacional. cuenta con nuestra aplicaciÓn, descÁrguela gratis en el celular"primer impacto". ♪ ♪ presentadora: lunes 13 de diciembre y estas son las principales noticias.vicente fernÁndezcausa la agresiÓn de estudiantes a un adolescente con autismo. empresas internacionales invertirÍan $1,200,000,000 en centroamÉrica para fortalecer las ec

victorias. siempre puedes detectar a un primerizo. gain flings. ♪ ♪ alien goddess el nuevo perfume mugler at macy's, el destino para fragancias >> gracias por continuar con nosotros en despertÁ amÉrica homenajeando al gran vicente fernÁndezomo dicen que es". y yo le digo que quÉ tal si conseguÍamos firmas. miles de firmas de parte del pÚblicodel Área de los Ángeles que conste que si es tan popular como dicen. bueno, nos dimos a la tarea de conseguir mÁs de 50.000 firmas. eran las 5:00 de la maÑana en un dÍa y en esa esquina, de hecho, daba la vuelta a esa esquina, las filas y filas de cola y nadie se lo imaginÓ. como no reconocÍa la popularidad lo reconocieron con tiempo todo lo que ocurrirÍa. habÍan helicÓpteros de noticias, de seguridad, habÍan llamadas telefÓnicas constantemente, sus managers y preguntando que quÉ hacÍan. ellos mismos dicen que nunca lo habÍan visto y creo que hasta ahora sigue siendo un rÉcord. Ésa noche una cena vip donde Él se le complicÓ cÓmo seleccionar 500 personas que venÍan de todo el mundo, artista de los mÁs importantes, de sus grandes amigos, juan gabriel, marco antonio solÍs. bueno, tantos artistas que pudieron estar ahÍ y Él le tocÓ la tarea de decidir de las 500 personas para esa cena ta