tv Bloomberg Surveillance Bloomberg July 30, 2021 6:00am-7:00am EDT
going to stand by. >> there are consequences, the banking system is potentially awash in reserves. >> most important is the labor market data. >> having cash to deploy and opportunities to sell is a good idea. >> great expectations are coming off. this is what we need going into the second part of the year. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowitz. jonathan: good morning. this is bloomberg, surveillance. i'm jonathan ferro alongside lisa abramowicz. tom keene is taking a long weekend, we have kailey leinz. we declined by about eight tense of 1%. we have a tech heavy weight, amazon. lisa: the projection going forward was disappointing. the expectations for the
pandemic softening as people do other things than stay home and shop online. you do wonder how significant this is with amazon. jonathan: here's a line from the cfo. i would count on weight pressure for the immediate future. how many other cfos do you know are thinking about the same thing. lisa: quite a few. other companies have to compete to get workers. to give you a sense of how quickly they are hiring, they increased their labor force by 52% in the past year to well over a million people. just to give you a sense of their cloud. jonathan: and their cloud in the benchmarks. -- clout in the benchmarks. to some extent, the six lanes i we are down today. kailey: dropping hard on the nasdaq futures this morning. i think this speaks to a theme broadly across big tech, the
idea that gross has -- growth has peaked. what will this be for high-growth names going forward? we have been seeing a rotation as markets get more defensive. i wonder if this changes. jonathan: the nasdaq futures are down by more than 1%. good morning, outside of amazon and the equity market it feels like a friday area let's hope it stays that way. the u.s. dollar is unchanged. down on the week by a couple of basis points here on the week. the u.s. dollar at 1.18, 94 and change. it feels unchanged outside of the equity market. lisa: you said it feels like a summer friday, i could picture tom keene going ehh. jonathan: could we go three hours without those voices -- those noises. lisa: i literally heard it in my
head. coming up, we do have economic indicators. at 8:30 we get june pce, this is the key inflation metric that the federal reserve looks at. but it might be the least important of the data. we also have personal income and spending and the expenditure data. the salaries that people are getting paid. it might give some indication for how things are pressuring companies to lift wages, forcing them to pay up. you get the university of michigan and the idea is how much will we see a deterioration . we have not seen it that greatly in the past few readings. but this is where people are looking to see how much this is dragging. at 8:30, the fed will speak on rebuilding the post-pandemic economy. this takes on new significance. jay powell indicated that we
will hear from individuals and officials and guidance on how they plan to taper. on how they plan to think about substantial progress when it comes to the labor market. i think these speeches could be informative. jonathan: i thought you were going to call the fed chair lael brainard, which is a separate story. she is part of that conversation which is why i mentioned that. lisa: she is one of the key contenders should jay powell not keep his seat. her comments will take on that much more significance, given that backdrop. jonathan: 127.6 three is where we closed out. the yields are lower on the week now. we are down a couple of basis points this morning. we are bringing in wells fargo. jay, let's talk about the week.
the downside of gdp a, the upside on initial jobless claims supply-side complaints exist. how long will they persist? jay: maybe a few more months. i think we have to get visibility around covid. our kids going back to school in the fall? that's a crucial question. if they don't i think you will continue to see some labor market strength. this story will be with us for the next few months until we have visibility on what's happening with the delta variant. >> we are going to get a slew of economic data. it is starting to feel cleaner with respect to year-over-year comparison and there is the unemployment cost index. do you think this may be a good indication of how much wages are starting to pressure themselves up? jay: i think so. keep in mind that this is for the second quarter. the year-over-year comparisons will be distorted. going forward, with the average
hourly earnings next friday and the labor market report, we will start to get some stats on a sequential basis with what's happening to wages. i would expect in the near term you will see some upward pressure. as you are pointing out earlier. businesses continue to have to pay up for workers. i think you will see that on a sequential basis. kailey: aside from the wage side of the equation, is the recovery in terms of jobless claims going to get bumpy because of the delta variant? jay: that's a good question. when we look at the july number coming out, i don't think you are going to see it right there. this is mid july, and this has not accelerated much. going forward, you could potentially see more bumping us -- bumpiness.
the labor market that is week is leisure and hospitality. things that were really shut down. people were spooked and not travel, go to restaurants, and you could see some pullback in hiring in those places that have really boosted ointment. -- boosted employment. jonathan: my mind is on friday, 9.25 is the median estimate. lisa: to reason this'll be important is because fed chair jay powell indicated that this is where we are going to get an indication of substantial progress. should we get a massive market reaction if the number is a big v. jonathan: this is all about policy, how the federal reserve will respond. they used the word meetings, plural. if it is several months of data they need to make a decision on
tapering. jay: i think so. but i think the first thing you're going to do is the statement. you could see this as we go forward. i really don't expect to see a formal announcement of this going until later. i think although they are starting to hit in that direction, until we see the tapering begin, i think we are looking at this later this year and arguably early next year. kailey: details matter. there's a question of once they start tapering, does this necessarily mean rate hikes within 12 months. how important is it, in your view, for the fed to distinguish
these two measures? to say we can be flexible in how taper we sting -- how we taper the stimulus and what that means for hikes down the line. jay: i think most market participants understand the distinction. if you go back, there's an interesting playbook. this is eight years ago or nine years ago. they ended this at 2014. i still believe we are a long way away from that. there's another communication device called the dot plot. the majority of members don't think there's going to be raising rates before 2022. we had this before. the bond market is spooked given where 10 year yields are. we are a long way from --.
jonathan: good to catch up. thank you. the blows are down about 31. here's the headline to get your attention. the fcc has stopped ipo registrations for china companies. for companies from china. i know the reaction of some people will be, finally. lisa: but this really comes as the pressure ramps up on both sides with this question over the authority of data, basically. how much control to chinese authorities have over data that could potentially have exposure to the u.s. and vice versa. you have to wonder how much this ramps up the tension. jonathan: this follows the episode around --. it's been drama, drama, drama. kailey: is this potentially looking at going private or not? the story from reuters about the
u.s. response to this and the china response is interesting. the bureau said they are going to tighten oversight of overseas listing, not specifying what that means. but clearly this is a space nowhere close to a resolution and both the u.s. and china are taking a look at it. jonathan: speaking of drama, scarlett johansson. she is suing the walt disney company over the release of black widow. the walt disney company, the lawsuit is especially sad and distressing in its callous disregard for their horrific and prolonged global effect of the covid-19 pandemic. do you think pr needed to have a word with legal? kailey: matt miller called that a copout. lisa: i think that scarjo is great. that's it. i think it's a complicated issue that's really sensitive and it will be interesting to watch.
coming up -- jonathan: coming up, the goldman sachs chief economist downgrades u.s. growth. in new york, this is bloomberg. ♪ >> it appears that amazon's pandemic past is saving. and shoppers have started to venture out. the biggest online retailer gave a forecast that fell short of expectations. this is the first time that amazon has given more details since 2018. shares of dd global are falling. china intends to have antimonopoly supervision of ride-hailing companies. beijing is considering serious penalties for them. and the parent of british
airways is looking at the assessment of its prospects for summer. i.e.d. also running a second order operating loss. the earnings have held -- were held back by the uk's coronavirus travel limits. and the founder of electric vehicles is pleading not guilty to charges. he is accused of misleading investors about his company. prosecutors say that he lied about almost every aspect of the business. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪
we don't know what exactly is in the bill. we don't know how they will pay for it. it's $1.2 trillion. i don't want to raise your taxes. we have to live within our means like every family does. this record spending is causing inflation. jonathan: that's one side of the debate down in washington, d.c.. senator rick scott of florida. good morning, i'm alongside kailey leinz and lisa abramowicz. i'm jonathan ferro. its price action in the equity market, we are down 7/10 of 1% and a decent chunk of this is going to amazon. the market is at two or three basis points. we have news from 10 minutes ago from reuters, reporting that the u.s. sec has stopped processing registrations of u.s. ipos and other securities by chinese companies with new guidance for disclosing to investors the risk
for new crackdowns by beijing. this is according to people familiar with the matter. kailey: so it's not a wholesale eradication of ipos, but you are seeing the alibaba adr following this 2.5% on the heels of this headline. there is ramped up pressure between the u.s. and china when it comes to ipos, and frankly sharing financing of the biggest and most powerful tech companies. jonathan: some people would say it's pretty slow. kailey: that started a month ago, when this company came to the u.s. company markets. we know that story about it potentially going private or not. and this is obviously for new listings, but what's going to happen to the chinese companies already listed? we know that the penalties reported include having to do list. jonathan: speaking of slow, the
president of the united states is looking to stop evictions in america. a last ditch efforts. the numbers are incredible. this is from our team. an estimated 3.6 million households have fallen behind on their payments and are somewhat or very likely to face eviction over the next two months. this is according to the latest census bureau, if that particular decision expires. lisa: that raises the question as to why president biden hasn't taken action on this point before now. now he's trying to take emergency action how much support does he need from congress and how effective can he be in a short period of time. it raises questions. jonathan: let's go to d.c. and checkup with emily wilkins. why so late? emily: that was a question we heard a lot from lawmakers, wondering why it took the white house along to issue this directive to congress, asking them to come up with a way to extend the moratorium set to
expire on july 31. there is frustration around up at the house is trying to move quickly. we are seeing bill out -- bills out this morning. there's a possibility will come to the house floor today but there are questions about what will happen in the senate. it's not clear that this will have the bipartisan support it will need. there are still a lot of questions even in the house chamber. there are moderate democrats i spoke to yesterday who have concerns. they don't necessarily want to see people evicted from their homes but they are also cognizant that there are small landlords who really rely on these payments. lisa: does the moratorium come along with financing for the smaller landlords? emily: there's a large package within the covid relief finance package. we saw other measures earlier this week that president biden took to help those who are paying a mortgage. there are some types of aid.
but this moratorium has gone on for so long at this point that there is some concern being raised about smaller landlords and mom and pops, if you will. there has been a giant push from activists to extend the moratorium. congress is currently extend -- considering extending it until the end of the year. i think it's going to be a matter of how good the whip operation in the houses, if they can get everyone on board and that huge question on whether democrats can get 10 republicans to join them when the senate is already passing as much as they are. kailey: on the pandemic front the u.s. seems to be going backwards. lisa: -- on the pandemic --lisa: on the pandemic front, we seem to be going backwards. this was supposed to be an area of progress for the biden administration.
something they have been touting until the july 4 holiday when they missed the goal of 70%. as the president losing political capital? emily: he has given republicans a huge talking point. president biden said if you were vaccinated you would not have to wear a mask. here we are having to put masks back on. the president pointed out that circumstances have changed. the earlier iterations are not the same as what we are dealing with with the delta virus. vaccinated people can now get and pass covid. but with republicans there's a large amount of frustration with the mask mandates that we are seeing going back in some areas, including the u.s. house of representatives. this comes at a time when the white house was already struggling to get the unvaccinated population vaccinated and try to figure out what message they could send to encourage those people to get those shots. jonathan: speaking of frustration, congresswoman alexandria cassio cortez on the
eviction issue said the following. we are scrambling but it could've been avoided with better communication and more forthright leadership from the white house. there's a problem not just on that front but also the infrastructure and. there's a big issue in the party to get something big done. emily: there are lingering questions on the bipartisan infrastructure plan. we are talking about a vote but we have not actually seen any text of this bill yet. and now there might potentially be issues. it seems to stop and start. and even if this gets through there's major concerns within house democrats on this bill and what it does and does not contain. democrats in the house, speaker pelosi has made it clear that if the senate gets a bipartisan infrastructure deal, that's great. but the house is not moving in until they also move on a three point $5 trillion budget reconciliation package still in the works -- three point $5
trillion budget reconciliation package still in the -- 3.5 trillion dollar budget reconciliation. we have a long way to go. jonathan: there is work to do. lisa, what do you make of that quote, we are stram -- we are scrambling but it could have been avoided with better communication. lisa: i think there's a lot of agreement on that even though aoc tends to be a pretty divisive character. this is crucial. people say $550 billion for infrastructure seems like a no-brainer. on a bipartisan level it is. so much is hinged to the $3.5 trillion plan which is being crafted by senator sanders and their needs to be agreement in the democratic party on that. jonathan: and who decided 3.5? lisa: do think they are going to go to for quest -- 24?
jonathan: live from new york city, good morning. here's the price action on the s&p, declining, -6/10 of 1%. underperformance of the nasdaq 100 with futures down. some of the blame, much of become down to one name, amazon. disappointing on sales growth. we are decelerating through the year. amazon is down by 6.41 percent. responsible for about 4% of the s&p 500 and about 8% of the nasdaq 100. huge numbers. big weights on that one single name. going to the bond market, that story of decelerating growth, the cf oh -- the cfo of m's on about wage pressure lingering.
-- the cfo of amazon on wage pressure lingering. we could see a little bit of risk aversion on summer friday. if you basis points at 1:30 -- at 1.3. but this is the theme, the supply-side response to the labor market. how will it develop in september and into q4? what will that mean for how tight or not the labor market is in the policy of the fed? lisa: it has become a faith-based market. a lot of people don't know the answer until we see it. at what point are we getting closer to being behind the curve ? especially if the labor market is tighter than the numbers suggest. jonathan: it is disingenuous to have confidence about how q4 will lift -- will look. especially with the way this country could look. in november, i don't know. i have looked at the trending
curve, there might be reasons for confidence but this is the conversation. lisa: i am living a faith-based life when it comes to getting the kids back to school. i am praying they go back to school. literally every morning i'm like please, do not say we are going back to remote schooling. and for me you are hoping that we end up in that sort of scenario. is that all you got? let's -- i will let you sit down. but there is a question about labor market tightening and the balance of risks. this is something jay powell has been talking about and indicated the risk to an upside surprise in inflation does seem to be picking up. somebody covering it all and talking with clients to figure out how big of a concern this really is, how much they are hoping to hedge against this is the global head of investment solution who joins us now. what is your sense of
inflationary concerns and the direction of them? are they more worried or less worried? >> i would say very much at the top of the agenda virtually every time we speak. as with all of us, the dead as what we are looking at. we heard jay powell talk about how inflation is continued to be transitory. but we are still getting some very high and potentially very concerning inflation in the near term. our view, is as we look through the next few months, as the supply chain starts to unwind a little, we will see those inflation measures coming down. i think your point about the unemployment rate and the labor market is intrinsically linked to this.
we are seeing a lot of improvement. we do see higher wage pressures. at the same time we have not recovered almost 7 million of the jobs that were lost at the start of the pandemic. when we talk about the unemployment rate, we are talking about the headline measure. when we look at broader measures of unemployment, such as individuals who are underemployed, we have even more people who are potentially going to take up those job opportunities. and perhaps ease those pressures . but it's all about the data. we are going for a situation that none of us have experienced. lisa: we are not necessarily getting the data for another couple of months based on the fact that we have not seen a full reopening and concerns. what's the best hedge? in terms of the balance of risk,
we are in a black box when it comes to how fast recovery will be. what do you recommend for clients? >> a couple of things. when it comes to the inflationary measures over the long-term, equities and growth assets are very effective to hedge against inflation. over the near term, when you get those surprises, typically we will look to commodities to give a direct hedge. you see that coming through for the energy market. we look at equities, not just public equities, we are really thinking through the exposure. when we look at the international market, particularly in europe, they have less concentration and technology. that's why they have not done as well but they have gotten more exposure to industrials and materials.
those more typical sectors of the economy that help provide more of a cushion. jonathan: where are you on u.s. versus international right now? we have bank of america this morning saying recovery is done in europe do you agree? >> i do not agree. we see year of opening up with tremendous growth numbers from france and italy, germany has disappointed but they were impacted from --. but we have to remember, when we think about international, let's think about europe, those economies have only started reopening. and they are not really as open as the economy in the u.s.. and we think about the psycho --
the border economic cycle. those types of exposures are cyclical and stronger in europe. we do expect to see that some of those economies and markets can perform pre-well. we continue to be positive on the u.s., but there are opportunities outside of the u.s.. >> do they include china? when investor says what my supposed to do with china, what do you tell the? >> china is an enormous market, important for the global economy. within our broader allocations we like the growth prospects, and we do think that pockets of asia will be very attractive.
we are getting concerns about the regulation area risk. we see the impact on the u.s. listed names and a number of those large chinese entities. there is more on the corruption and control of our companies. we are watching. jonathan: we will leave it there. it's good to catch up. thank you very much. this is from bank of america, saying we no longer see further upsides for the euro zone pmi for the 20 year high as the delta variance spreads. lisa: we have seen the patchwork of different vaccination rates and opening and reopening and shutting back down. who is going to lead the way out? it was supposed to be the u.s..
how much does this push back the european recovery, given that the leader seems to be stumbling? jonathan: i know you have seen this story, the u.s. cdc warning in an internal document that this particular variant can cause more severe illness than other versions and spread as easily as chickenpox. this unpublished internal document obtained by the washington post goes on to say the vaccinated people infected with the delta variance may be able to spread of the virus as easy as on vaccinated people according to one published data scientist and a federal presentation obtained by the post. some headlines that i get your attention. kailey: this comes to the cdc guidance on wearing masks and doors. people who are vaccinated can pass it on. is this putting too much of the burden on protecting the end vaccinated on people who have taken responsibility and tried
to protect themselves against the delta variant. we know those who are vaccinated are way less likely to be hospitalized or die even if you see those breakthrough infections. they just aren't as bad. jonathan: it will be interesting to see how the administration leads a response to this story. lisa: did you listen to the press conference with joe biden? it pushed between carrots and sticks to get more people vaccinated, trying to guilt people into it saying you could save your neighbor and yourself, you don't have to be at the hospital and people have regrets in the hospital, and then talking about working on some sort of mandate which is highly opposed by a lot of people. how does he move forward without setting himself back in public opinion? especially among people who think it's a matter of public freedom. the idea of freedom being able to not get vaccinated, how does this go over to the public held mandate of public trying to get people to not get sick so
businesses and schools can reopen? jonathan: they were hoping i think that private companies will make the decision for them. the more we have seen from the likes of alphabet and washington post. lisa: because the doj directed basically indicated it was legal for companies to mandate that. joe biden said it was unclear whether the federal government could make a similar mandate and whether they have the authority. they would love if private businesses took the lead. jonathan: our guest will join us next on this conversation. you don't want to miss it. down 27 on the s&p with negative six of one pretense. -- 1%. yields are down by two basis points. together with lisa abramowicz and kailey leinz, i'm jonathan arrow, this is bloomberg. ♪ rg. ♪ >> the u.s. treasury department
has stopped processing ipo registrations for chinese companies according to reuters. the exchange commission is relying on new guidance in its -- with new regulatory crackdowns by china. and the -- is going to avoid breaching the u.s. debt limit. congress has not come up with a way to avert a default. today the treasury will use the first of its so-called extraordinary measures. and the u.s. navy has charged a sailor with arson in the fire that destroyed a warship last year. the uss lawn on richard was -- von home -- the ship was docked. he will face a hearing determining whether he will face a court-martial. in hong kong, a protester has been sent to prison for nine years in the first ruling
involving a sweeping national security law. the man was convicted of crashing his motorcycle into police officers while flying a protest flag. and in the u.k., the so-called pink pandemic is starting to ease. that includes the tracing avenue that pings workers and tells them to self-isolate. it's might -- it may be one reason coronavirus infection rates are falling. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i amber to could cooped up -- i am rich could cooped at -- riddick -- this is bloomberg. ♪
lives to get back to normal. fully vaccinated workplaces will make that happen quickly, and more successfully. every federal government employee will be asked to attest to their vaccination status. if you want to do business with the federal government, get your workers vaccinated. jonathan: it's been an important week for this conversation. that's the president of the united states. good morning, alongside lisa abramowicz, i'm jonathan ferro, together kailey leinz. good morning. futures are down 27, and -6/10 of 1%. i keep calling this a quiet summer friday. that's where my head is at. no indication where the market is at. it is interesting area the yields are lower by a couple of basis points. down on the session, the euro-dollar is just approaching 1.1897. some news is out this morning, a
story was published in the washington post. here's the quote that will get a lot of runtime today. vaccinated people infected with the delta variant may be able to spread the virus as easily as on vaccinated -- as unvaccinated people. lisa: the question i have is, why did the federal government not release this data publicly when they were re-implementing massed mandates? recommending masks, you could get people to do it if they understood what the logic was behind it. if that's the case, why is there more clarity? lisa: -- jonathan: let's get some clarity now. andy, good to catch up. it's hard for me to get you to comment on an internal document you haven't seen. does this reconcile with your experience? >> what we have been hearing, anecdotally, is that there have been cases of delta in vaccinated people. the other thing to emphasize is
as case numbers increase, the number of exposures that vaccinated people have to delta virus increases. we would expect to see some slight increase in cases in vaccinated people. the critical thing we are learning now is how much more dangerous the delta variant is compared to other variant strains. it seems like the data that was first coming out in unvaccinated people is being amplified in that population. this virus is incredibly more contagious. if you get infected you get more virus in your system after infection. what follows as you become more contagious. even if vaccinated people have a 10 to 100 fold lower amount of virus a could still push them over the limit of when they could show symptoms. jonathan: what does this mean for restrictions? just because you can spread it
as easily as the unvaccinated does not mean you are more likely to be infected that's not the case. what would this mean for restrictions? andrew: if the cause for concern . i have my mascot again today. -- my mask on again today. we are reinstituting masking policies among unvaccinated people because we, as an institution, need to be careful about potential infections and the spread of infections here. this goes to your local situation. if you are in a place where delta is spreading fast, precautions need to be put in place. but let's be clear. if we had a higher vaccinated population in this country, these concerns will be relieved. that comes to the core issue. masking vaccinated people helps. the critical thing is to increase the number of vaccinated people and do it rapidly. lisa: what's the latest on the
rate of preventing infection among vaccinated individuals from the various vaccine? andrew: the numbers i have seen so far is that efficacy has dropped from about 90% to somewhere in the 70% range with the delta variant. but that data is a couple weeks old. we know the virus has been surging. we have been waiting to see more reports. efficacy is maintained relatively high in vaccinated populations which is a good sign. the emergence of delta should not make people more hesitant about getting the vaccine. the opposite. if the best tool that we have right now to prevent infections. delta should be a warning to people and more of a motivation than anything else to get the vaccine. lisa: what can we learn from the other regions in the world that have seen this? in india you saw biggest i -- big spike in delta cases which
went way lower. same in the u.k.. is there a reason to believe the u.s. won't follow that path? emily: we -- andrew: we will, the question is what's the magnitude of the number of cases. infections move in peaks and valleys. vaccines and public health interventions can lower the peak so we don't have as many serious cases and deaths. that's what we are trying to work with these policies now. lower the peak. don't let it get to an uncontrolled stage. and then we can recover faster and have less cases and strain on the hospital system. jonathan: the original goal was to and the health care system in this country but elsewhere as well. the u.s. has led the way on vaccine distribution. they are going on to give a third shot to the over 60. will we see more of that
elsewhere? emily: i did -- andrew: i do. if everything continues on the trend, what we are probably going to see is that the elderly are going to have a more waning antibody response reduced buyback -- induced by vaccination. with a more transmissible virus, that population becomes the most important to focus on. it would not surprise me if we saw a booster vaccination come out specifically targeting those high-risk populations. jonathan: interesting. it's good to see you. thank you for your hard work. lisa, the goal was always to find a way to live with this. authorities around the world are struggling to find a way to live with this. lisa: and vaccine hesitancy has really slowed things down. offering $100 in new york city
for people to get vaccinated. jonathan: i'm looking for thoughts on this. share them. lisa: president biden came out and pushed against the criticism, saying i know you feel bad if you did not get $100 for getting your vaccination but we all benefit if people get vaccinated. we can all get back to our lives. is that really what has been people back from getting vaccinated? that they didn't get paid? i wonder how this will be effective. there is a study that shows it's effective, but really. jonathan: i think we all understand the positive externalities. the frustration is not that other people who got a hundred dollars. it's the nature of things in this country. there are other nations that would kill to have the vaccine supply this country has. lisa: joe biden talked about that. but it goes to how much gilding people will work versus paying them hard cold cash. it's not a moral question of the best way to parent your child. at this point him being the
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>> they want to start eyeing equities -- start buying equities, i'm not sure the fed is going to stand by. >> there are consequences of the fed. the banking system is potentially awash in reserves. >> what is most important in the market right now is the labor market data. >> having the cash and looking opportunistically for selloffs is a good idea. >> this is what we need to be attuned to heading into the second half of the year. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: let's get you to the weekend. live from new york city, for our audience worldwide, this is "bloomberg surveillance." alongside lisa abramowicz, i'm jonathan ferro. together with kailey leinz. tom back with us on monday. front and center through the morning, amazon. lisa: