and matt miller i'm jonathan ferro. -- with kailey leinz and matt miller i'm jonathan ferro. ritika: being infected with the omicron variant can strengthen against delta. the likelihood of someone infected with omicron being reinfected by delta is limited. shortening the recommended isolation for people with covid no longer experiencing symptoms. the new isolation is five days, half of what it was. the cdc said after isolation people with covid should still wear our mask for another five days when around people. goldman sachs standing by its office return plan despite steady infection rates in new york. the firm will make vaccination booster shots compulsory. goldman told its u.s. workforce anyone entering offices must get the booster by february 1 if eligible by that date. kathy woods missing out on the christmas spirit in etfs. it is down 22% and a for its worst performance since 2014. the price of bitcoin fell below $50,000 today. bitcoin still up roughly 17% but investors have been pulling back from the most spectacle corners of the market. global news 24 hours a day on a

matt miller, kailey leinz, jonathan ferro. from new york city, on radio, on tv, this is bloomberg. ♪ jonathan: futures up four on the s&p 500. on the nasdaq 100, up 21, advancing a little more than .1%. record highs, record closes, the most since 1995. kailey: 26 years, we haven't seen highs like this. jonathan: yields up six or seven basis points yesterday. this morning, a couple of basis points. bond market, a bit of a snooze compared to what we had yesterday. euro-dollar right now, 1.13. i thought it was interesting the last couple of days to hear from the austrian central bank governor and the governor of the central bank of the netherlands. two hawks. the hawks have the data to back up the argument. you have the austrian central bank government saying let's get away from negative interest rates. other saying maybe it is time for a hike. this is 12 months away. we have not had this conversation properly for about 10 years in europe. maybe the data might backup the argument. matt: they also will have cover from the boe an

kailey leinz, matt miller, jonathan ferro. a really small move in yesterday's session, we bounced back five points. a single basis point to 149.45. some bad news for you, matt miller. jordan rochester joining us later at 7:30 eastern. he is looking for 1.10 on the euro-dollar. kailey: 1.20 would have been your happier place. matt: anything above 1.20 would have been strong for me. it is what it is. i am moving back in nine days and i will have to transfer the small amount of euros i have into dollars when i do that. it is not a material number. jonathan: i look forward to a balance line of questioning for jordan rochester. one thing left on the agenda for me down in d.c.. we have to wait from -- for the fed picks. >> it was supposed to be early december, and then before christmas. i don't know when it will become a but it is later that it was expected to be. their way -- the way i am looking at this, they will skew toward the progressive end of the spectrum. it is fair to assume the michigan state professor will be one of thos

alongside tom keene, i'm jonathan ferro coming together with kailey leinz. -- jonathan ferro, together with kailey

i'm jonathan ferro. your equity market up by .1%, another all-time high. kailey at the close yesterday. kailey: 60 this year, will we make it 70 today echo we are dancing around -- today echo we are dancing -- today? we are dancing around the 40 degree yard. how far we have come and how far above or rethought where we would be. jon: do know with a high estimate yesterday was going back 12 months? goldman at 4400. that was the high. you remember people said 4400 is ridiculous? what were we, 35, 3600, something like that, felt like way out there. do you think there is a similar attitude toward the forecast coming for 12 months now. -- now? kailey: there is why diversity in the area still. was interesting is i was talking to eddie vendor bell earlier, he says there is so much uncertainty going into 2021 and a lot of that has cleared up 2021 into 2022 so we have a better understanding of what happens to us although that has not formed into any consensus. jon: i think over the last 24 hours, we have taken a baby step toward normalcy. the cdc saying you don't ha

with matt miller, kailey leinz, and jonathan ferro, this is bloomberg -- i'm jonathan ferro. this is bloomberg. ♪ ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. jonathan: a sprinkle of economic data to close out the year. initial jobless claims any second. live on tv and radio with kailey leinz and matt miller, i'm jonathan ferro. futures up six. 198,000, below 200,000. the median estimate 206,000 come the previous read 205,000's. they are the numbers we want to see. 198,000. kailey: that is the lowest we have seen in decades. this is the week that ended december 25 so there is holiday imp

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

tom keene, lisa abramowicz, and jonathan ferro. your equity market fading a bit, then bouncing back 0.4 percent. nasdaq 100 futures slightly negative, down by about six points. we are -0.03 percent. yields are higher by not much now, by two basis points to 1.40% on tens. you're stuck mover of the morning's apple in the premarket. reporting here at bloomberg, the company telling component suppliers that demand for the iphone 13 lineup has weakened, according to people familiar with the matter. $160.40 in the premarket. your big bull on the street right now is dan ives of wedbush at $200. tom: we look at the opportunity right now. also want to point out we are looking for a miracle press conference out of germany, which could be of interest. tom forte joins us, d.a. davidson. let me cut to the chase. do you buy the dip? tom f: you do, although i worry that the $160 price of apple is on a growing assumption that they will enter electronic vehicles. but if you look at multiyear upgrade cycles for 5g, i think that is still intact. poten

jonathan: dr. chris beyrer there. good morning. kailey leinz, matt miller, jonathan ferro. we advance one third of 1%. tom and lisa abramowicz will be back with us at some point. maybe they will wait until the new year. euro-dollar about 0.1% down. a brilliant just now to talk about the fortis ugo -- about the pharmaceutical companies, geoff meacham. i want to talk about mrna technology. it felt like a huge step forward 12 months ago. i wonder how things stack up 12 months later. geoff: that is a great question. mrna technology has shown durability of affect. the pfizer and moderna vaccines look like they do their job, limit hospitalizations, prevent severe infections, prevent death and a lot of patients, but the question is still unknown whether they will be as infectious as flu or cardiovascular diseases. kailey: when we talk about those vaccines that exist for covid-19, talking about a third booster in israel, how much are they revenue generators for companies like ours and moderna? geoff: for the most part, -- it is perfectly normal to have antibody levels go down over

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 inflation, larry summers. how do you make sense of that? 8:30 a.m., we get ppi data. the expectation is for it to continue to surge. how much

alongside tom keene, i'm jonathan ferro coming together with kailey leinz. -- jonathan ferro, together with kailey leinz. lisa back tomorrow. tom: the market pricing of what is going on in china is tangible. it is off the radar this morning, but it is real. evergrande paper south. jonathan: a cpi report and america. wells fargo suggesting 6.9 pi. -- 6.9% cpi. tom: i think 9% is my monday mass. that is something we have never seen before. that is the uncertainty that we have right now. jonathan: david kostin and that he met goldman looking at 5100 on the s&p next year. if things get dicey, can the fed doing thing about it -- do anything about it? kailey: even in the face of the market clearly being upset about uncertainty around the omicron variant, the fed maybe playing catch up era's we are faced with these kind of numbers in the u.s. jonathan: throw in the things kailey is talking about, you wonder how much the fed has got ahead of it to slow this economy down with him economy with a 69 handle on the ism. tom: the partial differentials is you want to bring the inflation component ove

jonathan ferro. the s&p advancing on the way to an all-time high, .2% on the s&p. yields not much on tens. the euro-dollar, fx market unchanged. crude negative more than 1%, down $.82 on the session. the word from the vice president is i am not giving up and the president is not giving up and the stakes are too high. kailey: the white house has been trying to strike and optimistic tone after joe manchin was a no on bill back better. but what does the path forward look like? will it be as robust as the biden administration had envisioned or what is the final warm going to look like and how much money is going to cap put into the u.s. economy -- is going to be put into the u.s. economy. jonathan: mohammed is joining us. the approval rating of leadership, is it as simple as saying it is going and one direction, heading lower? hamed: it is stuck and we don't know where it is going. this team started off with a promising approval rating, especially on the pandemic. six in 10 approved of how they were hand

with kailey leinz and matt miller i am jonathan ferro. all-time highs yesterday in the equity market and set for more of the same in one hour. yields higher by almost one basis point. euro-dollar unchanged at 113.29. a big change in the last 24 hours for the united states. the cdc issuing new guidance for isolation for anyone who has covid-19. it will be five days not 10. for the airlines this is what they wanted. helene becker joins us now. you can tell something was coming and it came big time. how important is that move from 10 days down to five? how big of a difference would it make? helene: thank you for having me. i think it is very important. it is cutting that time in half meaning they can get cruz back in the air quicker. as the new variant is going through the u.s. it is affecting everyone including airlines and they don't want to be stuck in hotel rooms either. getting them back in the air quickly is hugely helpful. matt: personnel costs are high. i don't know if they are number one or number two, fuel would have to be up there

alongside tom keene and lisa abramowicz, i am jonathan ferro. a two-day losing streak. tom: many people say this is the most significant meeting we have seen in years. i like what you said, jon, i think there is an emphasis shift out there. jonathan: he is looking for the news conference. it is really important. has the baseline shifted that much more chairman powell? tom: what does this mean before jon goes off and sees west ham -arsenal in the middle of the press conference. this is about dollar dynamics. the u.s. wins, the dollar wins. jonathan: i asked him whether he will be watching the game. tom: it was a bloomberg app appeared you can do that anywhere. jonathan: that is the promotion taken care of. that news conference will be important. lisa: i wanted to know what the answer was. [laughter] lisa: that might actually inform my opinion. it is a really important press conference. it is the first formal discussion jay powell will give us after his sharp pivot. many people do not fully understand. what is the main driver? political? was there something that tipped hi

jonathan: kailey leinz, matt miller, jonathan ferro. this is "bloomberg surveillance ." ♪ >> we could end up with a good year, not a great year, in 2022. >> the markets are underestimating the fed's capacity to tighten. >> there's a lot of room for good news priced into the dollar. -- >> the cycle easily carries to the middle of this decade. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, good morning. this is "bloomberg surveillance ," live on tv and radio pete alongside kailey leinz and matt miller, i am jonathan ferro. equity

this is "bloomberg: the open" with jonathan ferro. jonathan: from new york, we begin with the big issue. a taste of things to come. >> heightened volatility. >> a lot of uncertainty. >> equity appetite. >> a wacky market environment. >> the fed is taking away the punch bowl, possibly. >> uncertainty around the fed reaction function, around covid. >> saying it is time for them to exit the market. >>

this is "bloomberg: the open" with jonathan ferro. jonathan: we begin with the big issue. a massive spread on wall street. >> a wide range of views. >> an extremely wide band of probability. >> 4400 year end target. >> we have a 5300 target. >> this is not normal. we are in an environment where it gets tricky. >> this qualifies for the risk on trade. >> there is a lot of uncertainty. >>

alongside kailey leinz and matt miller, i'm jonathan ferro. 1.49 percent on tens. yields higher by a single basis point. the story of the year, inflation, the t word, transitory, no. kailey: we thought we would be looking at something like to present at the end of this year. instead we are 50 basis points below that, well below the peak that came in the first quarter. is it because the fed is still active in this market ? i don't think anyone knows. jonathan: that is the struggle going into year-end and starting 2022, trying to work out what the data means for the bond market. if we are going to have inflation through q1 at seven sent, do we have numbers pushing 1.80% on tens? right now we are 30 basis points south. matt: the basics i learned 20 years ago in mark gilbert's bond class is that when you expect the central banks to raise rates and therefore issue new debt with higher interest rates, you don't buy the ones that are out now with the lower rates. that is just a six. i also wonder, what is your take on the style issue with which we should treasuries? when

alongside lisa abramowicz and kailey leinz, i am jonathan ferro. tom keene is back with us next week. advancing one third of 1%. yields 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

this is "bloomberg: the open" with jonathan ferro. jonathan: from new york, we begin with the big issue. over to you chair powell. >> fed chair powell. >> it has to be the fed. >> it does raise the stakes for the december meeting. >> the fed is behind the curve. >> if how decides to speed up the pace of tapering. >> the extent to which powell elaborates on this. >> the added rhetoric may be the big surprise. >> may be getting hawkish when

-- 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

caroline hyde in for jonathan ferro. we are thrilled to extend our pandemic discussion today with lauren sauer of the university of nebraska medical center. her heritage in baltimore, maryland noted. thank you for joining us. i am seeing headlines from pfizer and i'm not asking you to translate them for us. one headline is -- when we hear the booster talk, when we hear booster talk, or the kids talk on vaccines, how important is that versus the blunt instrument of getting everybody vaccinated? lauren: when we think about boosters, we have to consider the global population that needs their first and second toast of some of these vaccines. boosters can be important and i think we will see we will start to need boosters regularly as this becomes more of a seasonal virus we deal with. right now the blunt instrument is getting everyone vaccinated is the most important tool we have. looking for ways to reach populations not getting vaccinated yet, having important conversations between health-care workers and people still unsu

with lisa abramowicz, i'm jonathan ferro. this is bloomberg. ♪ this is elodia. she's a recording artist. 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. jon: the first three new winning streak on the s&p 500, going back about a month, close to all-time highs into thursday. good morning. we are -16 on the s&p 500, down .3%. -.4 percent on the nasdaq, and the russell also lower, up by .5%. a range of outlooks have come through in the last couple weeks. morgan stanley, 4400, at the top end, be more at 5300. and rate hikes as well. that is where we have consensus. it is 2022. in the bond market, twos, tens, 30's, short of 70 after breaching that level a couple of times. 0.6757%. we talked about morgan stanley look

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. the birthday boy will be back next week. happy birthday, tk. the people making fun of the 2022 5000 targets for next year where the same people making fun of 4000 targets for this year. michael: that seems to be ash michael: -- lisa: that seems to be the flow of what we are getting. people thinking perhaps we are just not bullish enough. jonathan: credit suisse, farther margin outside, a pickup and buybacks, and a favorable discount rate despite fed tightening. that is the view from jonathan golub. that is what i want to build on throughout the next hour. lisa: this goes directly to your question. which part of the curve matters to equities? is it the two-year yield, or the 10 year yield hovering around that 1.5% level? if it stays that low, do we get a material selloff and a lot of assets that are really pegged for the discount rate to that 10 year yield? j

this is "bloomberg: the open" with jonathan ferro. jonathan: we begin with the big issue. it is decision time. >> this may be a very different powell. >> the fed has been pushed in a corner. >> they are walking a fine line. >> they do need to act. >> the fed does need to tighten. >> we will likely see the fed accelerate their tapering. >> double the pace of tapering. >> tapering is coming. >> we are penciling in two rate hikes for 2022.

alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market 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

taylor: i am taylor riggs in for jonathan ferro treasure -- jonathan ferro. fueling a rebound in junk bonds ahead of the holidays. we begin with the big issue. how hawkish is the hawkish fed? ? looking at a more hawkish fed. >> it is all about what the fed is going to do. >> short-term economic concerns are picking up. >> what regime are we going into next year? >> there is a prospect of monetary tightening. >> the question is, will the fed be hiking -- will the rates move 5 -- higher? >> we will not get anywhere near an inverted yield curve. >> what is the fed's reaction function? >> joining us now in our -- it is this push and pull in the market that is a big debate. how are you thinking about a hawkish fed? ? going to see a lot of inflation. we are going to see all that, but it will not be soft. they have to keep washington happy. they will be slow to hike. >> interesting. do you agree? >> the mindset of the market is decided inflationary. this is a complete regime change for the fed. i think the fed is going to respond to the inflation pressures. this is

alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market 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 we've got on the zeitgeist. brazil is going to come out with data. turkey is going to come out with data. the u.s. is going to come out with data at it: 30 today, and we will all move forward. the market is up. jonathan: the market is saying, we don't know. yet they are willing to say 2020 to two liftoff is just off the corner and then some. lisa: jay powell basically gave them that signal when he talked about the taper. this with a game changer. the interesting thing is, as tom said, the market is up. we are not seeing a tightening in financial conditions even if you see -- even as you see people pricing in rate hikes for 2022 and 2023. jonathan: the optimism of q1, and then we look at q4 and rollover. tom: i am going to talk about the duration. everyone is short-term two years. you learn a lot from the 30 ye

tom: martin walsh, jonathan -- jonathan ferro in conversation with the secretary of labor. he has a really interesting mandate with bloomberg intelligence as chief industry economist and joins us this morning. i am loving your research note where you allude to the fact that this declining unemployment rate is different than the last time we had a declining unemployment rate, why is 4.5% now different than 4.5% x years ago? >> the difference boils down to labor force participation and we have not seen this rebound of participation that many people were expecting around labor day on the unemployment benefits expired and a lot of the schools reopen for in person learning. it simply did not happen, and normally if you are creating jobs at a pace of 150,000 to 200,000 per month that is enough to keep the unemployment rate stable. we are talking about easily doubling that. until we start to see that rebound of participation which, for the reasons that we think are underlying that, that is something that will be resolved during the winter months with a new variant on the rampage a

tom: our personal soap opera is that we are catching up with jonathan ferro. i have a respect for what you and others flying out of heathrow have had to put up with. jonathan: away from the extreme stories, which are absolutely ridiculous. there is zero support, but people have felt that. very aggressive over the masking. clearly, they feel at risk and they feel like they have to enforce these policies. it creates a natural tension. it is kind of the elephant in the room right now. it's tom: -- tom: everybody has their own anecdotes. we were talking about jetblue earlier. john, you and i got in and lisa was already talking about jetblue. jonathan: as they start on that core door -- on that, it is like they are ryanair of american airlines. i think it exists to a certain degree. it has been absolutely fantastic. tom: there was a great interest in united airlines. we are united in the value. he was truly in the trenches and this pandemic. the lift in the market, two days in a row -- it is one single news article that says omicron tilts towards being a cold. what

trading, this is bloomberg, the open, with jonathan ferro. jonathon: from new york, we begin with a big issue, it is fed decision week. >> fed chair powell fed meeting. >> the fed doesn't need to tighten here. >> clearly they are starting to act. >> may be getting hawkish when inflation is ready to crash. >> they have made it clear they are going to accelerate the pace of taper. >> the taper is coming. >> they are giving themselves the option to hike faster in 2022 should the data support that move. >>

i am jonathan ferro. advancing 1.3%. we are adding some weight yesterday's rally. tom: yesterday, i thought was led by the dial. today, nasdaq 100 catches up. katie calls $200 on apple. maybe that is the highlight today. jonathan: we will discuss that later. some numbers and data. phase three trial data. here are the numbers. 75% efficacy against delta variant. still to be seen as to how it stands up against omicron. that data is still to come. tom: i will deal with a great pharmacologist that we have. there is an urgency to distribute them worldwide. lisa: especially as people struggle to understand whether the issue is getting fit or going to the hospital. when is there going to be a shift in focus. jonathan: just in reaction to that, it is up in the market. this market is to percent away. we keep going back to this. it has felt so much worse than this. the index is down 2%. tom: a very strong equity. what they are both going to say is that it is not there. what the bulls will say is so what? jonathan: looking at the bond market. unchanged there. lisa: that is wh

this is bloomberg, the open with jonathan ferro. we begin with the big issue. >> they do need to act. >> they need to tighten. >> we're likely to see the fed accelerate their tapering. double the pace of tapering. >> i think they have to do it. >> it is more aggressive than expected. >> they're trying to buy some optionality. >> there wanting to move faster in 20 22. >> they can do it.

matt miller, kailey leinz, jonathan ferro. your equity market unchanged. from new york city, this is bloomberg. ♪ jonathan: the bond market just woke up. up four basis points to 1.5186. a lift across the curve, five basis points on 30's. the curve a bit steeper. the two year down half a basis point, on tens, 1.52. in the fx market, euro-dollar 1.1311. unchanged in the equity market as well. in the commodity market, $75.87 crude. great guests, the cofounder and cio of cumberland advisors. david, you are the perfect guest. the lessons of 2021 as we approach 2022. before we get into 2022, what is the number one lesson for you? david: it is the ignoring of the history of pandemics. they are different. you are talking about the fed. i listened to the show this morning. the morning session you do in the 7:00 hour is the one reporting the status of this pandemic. when you hit the history of all pandemics, they are a lesson. this is not a business cycle that is typical. that is being missed. we are too much in the weeds. we have lots of historical evidence to gu

at 9:45, southwest airlines ceo will join our own jonathan ferro. how much can the bridge the gap for employees who will just not stay in the seats with them? this is also a major problem for bank of america, as we heard from brian moynihan yesterday in an interview with david westin. how much are they able to address this, and how much does this disrupt some of the service? it is hard to get an airplane ticket sometimes. 10:00 a.m., we get the consumer sentiment survey. people are not feeling great about the outlook. we are hearing about how it almost doesn't matter what the economic data means. if people don't feel good, that is not good. the issue of these higher inflationary reads, are they bleeding into deterioration and some of the consumer sentiment gauges? jonathan: this from goldman, downgrading southwest on inflation concerns, cost pressure. analysts making a move this week. kailey: the consumer seems to be worried about inflation. we see that showing up in retail sales and consumption data, and they are really confident still about their

. >> 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

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. kailey: good morning on bloomberg tv and radio. this is "bloomberg surveillance ." kailey leinz, gina martin adams, and guy johnson in for tom keene , jonathan ferro, and lisa abramowicz all week because it is the holidays. people are at the office, -- are out of the office, and that means volumes is light. guy: i think monday was an exception. saw a huge amount of turbulence. i think we are definitely winding down into the christmas holiday. a lot of people i think are just isolating. a lot of people don't want to go out at the moment. that probably is restricting their desire to trade as well, or their ability to trade. so the volume story has been tapering off. i'm here tomorrow. i will hate to see what it looks like then. kailey: i will be right there with you. this just seems to me like a market that is looking for a catalyst. the question is, is it going to get another one by the end of the year? gina: it seems unlikely, but the calendar would favor equities right now. this is t

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: from new york city, i'm jonathan ferro. this is bloomberg "real yield." sales of new bonds topping $10 billion this week. the bank of nova scotia meeting to me with the largest euro covered bond of the year. u.s. junk bond sales spring back to life with two debut issuers coming to market. back with us are lisa shalett, jim keenan, zach griffiths. anything to worry about from credit? you are there every day. what do you see? jim: credit is the more important part of the markets right now. it's a pretty solid foundation for credit markets the last couple years, fundamentals have remained strong. general deleveraging that you have seen across the markets as you see the recovery in earnings was pandemic. next year, really solid foundation from the demand side of the equation, both at the household level and business investment as they start to compete. you will see some volatility but dispersion is a bigger story. that is volatility caused by some of the cost inflation in some sectors. that will hurt some sectors, benefit others. fundamentals are strong. as l

lisa abramowicz, caroline hyde, jonathan ferro. tk back with us for fed decision day and a couple of days. up about 10 on the s&p 500 and up 0.3% on the nasdaq 100. another 2% higher on the s&p. senator lindsey graham saying this is a one-two punch to build back better. he was was bonding to inflation -- he was responding to the inflation printed america. lisa: the one-two punch might just be that democrats can't get on the same page on anything. the fact that we are still talking about salt deductions, capital gains taxation, how much this gets applied, this tells you what you need to know for 2021 passage. jonathan: it is all in the sentence there for senator lindsay graham, a republican senator invoking the words of, cap. -- of a democrat. lisa: inflation is going to be probably one of, if not the key debate issue when we head into the 2022 midterms. jonathan: emily wilkins joins us of bloomberg government and washington, d.c. the inflation print is still shaping the conversation, isn't it? emily: absolutely. right now, everythi

this is bloomberg. ♪ jonathan: live from new york, i'm jonathan ferro. this is bloomberg "real yield." increasing volatility limiting issuance this week. total sales nearing 4 billion euros. and even quieter week for junk bond issuance in the u.s. a single offering from starwood properties raising close to $400 million. sticking with credit, earlier this week, bob michele said ditching government bonds and get back into corporate credit. bob: this is an opportunity to get rid of any remaining government bonds you have, and then go back into the credit market, go back into investment grade and high-yield. there may be some headwinds from the omicron variant. we will see over the next couple of weeks and months but for now corporate profitability looks good. i want to be a part of that. jonathan: bob is still with us along with frances donald and krishna memani. build on the why, when you have a rally on the screen. why rotate out of that and get back into credit? bob: i will take a page from frances' book. three hours ago, it looked good, maybe three hour

keith -- tom keene, jonathan ferro, and lisa abramowicz. a massive two-day gain on the s&p, a two-day part of the year so far, and the bond market is lower by four basis points. from 10 to 14342. this is led by the u.k.. seven about an hour ago. it is the end of the euro -- yield curve. sterling is weaker as well. 131 91. potentially new restrictions coming out government. we really with at this point. i think of three things to watch. sterling is absolutely a key issue. and also, the vix. if we have a true continued multiplication, can we get it fixed. >> i cannot call this an equity market. over the last few weeks, we have seen a criminal high. 2/10 of 1% away. >> i was in shock. it is been absolutely -- >> --. >> the nasdaq is doing pre-well. >> i don't know. it is awed. i would center on inflation reports, and friday, to confirm 7% from wells fargo. 69 for friday, 68 for the region estimate. 7.1 as well. what stagger. the calendar states very clearly that michigan state will be going to the peach bowl. washington better get their act to

this is "bloomberg: the open" with jonathan ferro. jonathan: live from new york city, we begin with the big issue, questioning the fed put. >> i do not think it is durable at all. >> the fed put should be questioned when you have inflation. >> the high levels of inflation. >> the fed has only started talking about inflation. >> it is very messy. >> it is clear central bankers want to remove accommodation. >> the fed is in a position where they can accelerate the taper. >> and a step back from the current policy

this is bloomberg the open with jonathan ferro. romaine: we begin today with a big focus oprah 2020 one, gearing up for 2022. >> the timing question is a big open question. >> the fed is going to be more aggressive. >> does the market pullback late 2022 as the tightening happens? >> inflation is super over heaps and will force the fed's hand. >> early next year with inflation at peak levels -- >> the problem will be the story of 2021 -- >> because we have inflation -- >> will it come down fast enough to prevent the fed from going for a rate hike -- >> critical for market outcomes next year -- >> we have a lot of facts t

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, 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. 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

jonathan ferro lost somewhere over the atlantic. caroline joins us. this is always an important day to set up for the holidays and set up into 2022 and then, the calm of the markets, there is a real turmoil about where we are heading. lisa: an hour the markets really going to stay so calm? how much of this is just people solidifying profits. how much is this people realizing we have a shifted tone that the central banks? tom: in the pandemic fund. you are living in london. we have it in america, but i find just extraordinary that france has decided caroline hyde cannot have a beverage at harry's bar here in a couple of days. caroline: a christmas tradition for me. i am heartbroken. our producer managing to get across the border. amid this eu summit that has been going on, all of these countries acting alone. tom: this is important. for america, this is extraordinary that italy alone in greece alone. what is the strength of brussels in this pandemic? do they have the strength of washington? caroline: from a federal perspective, that has always been the

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: payrolls 90 minutes away. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, " live on tv and radio. your equity market totally unchanged going into that print. tom: we are waiting for 8:30 this morning, and the richness we see from the two major employment reports. as you mentioned, onto an inflation study next week. what i would note is the omicron effect on this market. you see it with a solid one of three on euro-swiss -- solid 103 on euro-swiss. you saw news from germany yesterday. i wonder if that is an overlay on this american jobs report. jonathan: we go into next week looking for cpi in america the week after the federal reserve. you mentioned omicron. how omicron dependent is that federal reserve meeting? tom: i think that is what is different about this jobs report. i thought andrew pekosz was brilliant on this. it is a different pastor 8:30 -- a different path to 8:30. lisa: especially because it seems as though the job

alongside matt miller and kailey leinz, i'm jonathan ferro. your s&p advancing 0.2%. it has been all-time high after all-time high. kailey: the most since 1995. we could see another today, possibly even tomorrow. it has been quite were markable. this equity market up the better part of 30%, far above where we thought we would be coming into this year. jonathan: is the beginning of the end of easy money, or is it just the story of easy money getting less easy, but still remaining easy? matt: we don't know the answer to that. we look forward to seeing the fed in march, what is likely to be a live meeting, but most don't expect a rate increase in march. the question is sequencing. how will we see the balance sheet unwound if they feel like doing that at all? these are all things that affect financial conditions, and we will be following on the terminal very closely. jonathan: you sound extremely excited about the new year, just like me. [laughter] matt: you know what? i was so pumped when i came in on monday. we had three days of a big rally. we rallied hard. i know it w

do not miss it on this new year's eve and also jonathan ferro's birthday. this is bloomberg. >> with the first word news, the kremlin says that russian president vladimir putin is satisfied with the outcome of talks with joe biden. the phone conversations at the stage for three sets of negotiations on european security next month. the white house said that president biden urged putin to de-escalate with ukraine. the president warned that the u.s. and its allies will respond decisively if russia invades. the omicron variant is setting some grim records. for the first time the number of daily new cases of coronavirus went over 2 million. it was the fourth day in a row of one that -- of more than one million cases. more fallout from the search in covid cases. one of the staunchest advocates returning to the office is off visiting employees. jp morgan is not changing its long-term plans but allowing more flexibility in the first two weeks of january. citi group has asked for employees to work from home for the first couple weeks. the port of los angeles will ch

kailey: this is something jonathan ferro has brought up on the show time and again. i will channel him now, gina. he has said repeatedly we have already been in the hiking cycle in emerging markets. they have lifted off. they are doing the work. is a developed markets that is the year 2022? has it been handed off now? gina: i think so, and inflation statistics, when you look at it, we are looking at strong inflation globally, but most of it is strongly concentrated in the developed market, in particular u.s., germany, many countries in europe, even canada, some australian inflation starting to creep up. lots of developed market inflationary conditions would suggest that the developed markets need to get on the case of sort of tamping down what could be getting to the overheated conditions. kailey: the perennial question -- are western central banks way far behind the curve? coming up, we will focus more on the virus with an associate professor of emergency medicine at johns hopkins university at the market weighs the omicron variant. futures unchanged when it comes t