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tv   Bloomberg Surveillance  Bloomberg  November 9, 2021 6:00am-7:00am EST

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normalization. it is slow. >> central banks are not getting bullied by the market, are not getting bullied by inflation risk. >> the fed is your friend during this period. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: the race for the fed chair. from new york city to our audience worldwide, good morning. this is bloomberg surveillance live. i am jonathan ferro. eight today winning streak into tuesday, futures basically unchanged. we find out some fantastic reporting down in d.c. from the team at bloomberg. tom: on a calendar basis, now is the time. you have been talking about this for weeks.
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i have been saying weight. wait is right now and you see it in the stunning bond market move across the fixed income complex. 30 year bond cut 1.85%. jonathan: other people say the time is three months ago. does governor brainard make a difference if it is no longer chairman powell? tom: it is a change and i refer to the former governor. he says the chairman matters and the process matters. it is hard to believe the powell process will be the same as the brainard process. . jonathan: how much daylight when it comes to financial regulation? lisa: daylight is important and it goes to the idea of what terminal inflation rate is acceptable to be fed chair. lael brainard may be ok at
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inflation at 2% rather than 3% for longer. jonathan: there has to be some big push back. you might have missed this because you were away. yesterday, it was mentioned that we could have a hand -- a3 handle unemployment in america by q1 next year. for many people, that was unthinkable. tom: i would suggest that mr. bullard does not want to try to put an interest rate out on a time point. that would be hazardous. jonathan: he did yesterday, penciling in two for 2022. futures unchanged on the s&p 500, the longest daily winning streak of the year so far. futures are positive by 0.03%.
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on crude, up about .5% this morning. lisa: i am watching this most closely. we get the u.s. price index, the idea of inflation for factory makers and manufacturers. it has climbed year-over-year. we are looking at above 9%, 10%. can we hit a new high? how much is this a problem for factories? peak -- speaking to consumer price inflation, that is running at a faster pace than wages. at 9:00 a.m., we have jay powell speaking at a symposium. we are watching any prognostication on rate hikes. does it matter if he is not leaving -- leaving the fed? we have lael brainard speaking with president biden, potentially interviewing for the
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fed chair nomination. you said, does it matter there are hawks that will give pushback to a potential fed chair lael brainard? how much of a concern is it to markets that there will be more disagreements among fed members? how much uncertainty does this bake into markets. the short-term energy outlook expect to give insight to how dire the situation is and release some strategic petroleum reserves. gasoline is the key issue into the midterm elections. can they keep it from climbing too much? jonathan: bitcoin, all-time highs approaching 70,000. do you want to do the why on bitcoin? lisa: the overarching idea is it is a macroeconomic bet. you see the debt to gdp ratio
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skyrocket and real yields go lower. it is replacing gold. that has been the overriding concept. that is the most logical reason for the overarching rally here in jonathan: your turn. tom: tiffany's is going to sell a bitcoin bracelet? you take a coin and molded into a bracelet? jonathan: does that work for you? tom: i had to take a remedial course on metaphors yesterday. jonathan: how did that go down? tom: it went down well. jonathan: let's start here. this race to be the next fed chair, does it make a difference to you if it is chairman powell or chair brainard? >> it makes a huge difference. this is a complex issue. there are three issues that are part of this.
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one, inflation is rising sustainably. it is not transitory. inflation is still going higher. you have cpi coming out this week that will confirm that. we have a significant change in fed policy announced last week. the tapir is going to start now. it will be completed by next june and then we will start rate increases. we think there will be one or two hikes in the second half of next year and three or four more in 2023. the third issue is this looming leadership transition issue. we are not just talking about powell versus brainard. there are four open slots on the federal reserve board of governors out of seven. i think president biden should have made these announcements in august or september, october. here we are in the middle of november and he has to thread the needle.
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he has to sate two different constituencies. powell has done a good job and deserves reappointment. he also has to sate the progressive wing of the democratic party. that is where lael brainard could come in. she is going to get a significant promotion here. it could be into the chair job. it could be in banking supervision. tom: have we ever seen a brainard as chairman? in 1952 -- she is original in terms of our chairman history, correct? philip: certainly. we have had a woman before, but she is a progressive thinker. i think she is brilliant. the question from the market perspective is if there is a remaking of the federal reserve perhaps in a more dovish tone at
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such a critical inflection point in terms of sustainability, inflation, and the fact that we have launched a change in policy. does the market have any concerns about whether a new board of governors, a more progressive or dovish board of governors, is going to follow through on the policy changes that the fomc laid out last wednesday? tom: the fomc laid it out wednesday. what is going to be the difference in a brainard chairmanship? i mentioned larry meyer years ago saying the chairman matters. what you discern to be the difference in process under chair brainard? philip: let's make the heroic assumption that brainard becomes the chair and we have three other more dovish members of the board of governors that replace the folks coming off. will that more dovish board of governors follow through over
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the course of the next two years in terms of completing the taper and starting to hike interest rates? will we have interest rates 150 basis points higher but the end of calendar 2023 with the taper completed? if the answer is no, and we believe the fed is already behind the curve in times of the -- in terms of this issue, does that raise the prospect of a potential need for policy response down the road? the market is going to have to come to grips with that question once we know who the players are. lisa: do you end up saying for now buy equities and if you get a progressive and dove us -- dovish federal reserve that just means they will keep the pedal on for a longer period of time? philip: our equity target for
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the s&p was 4800 this year. there is no need to come off our overweight in stocks. the nuance on the bond market in terms of the inflation question is a tricky one. you may have a situation where bond yields go higher, prices down, because the market is more concerned about inflation and more concerned the fed is not going to do the right thing in terms of withdrawing and getting his hands around inflation. that is a question that is still open. jonathan: philip orlando on the situation. when it comes to the politics of all of this, this is contentious now between democrats and republicans. as sharp as the mind of governor brainard is, five years ago there was a donation to the hillary clinton presidential campaign, which at the time was controversial. it will be difficult to get the
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republicans to go with governor brainard. lisa: this is a key point. there needs to be a confirmation process and we are running out of time. is there enough time to get all 50 democrats on board, kamala harris as the deciding vote, with no republican votes? jonathan: we know how senator warren feels about the current chair. lisa: -- tom: there is the distinction between the certitude of senator warren and other people saying about what kind of leader do we want forward at the federal system? not everybody out there against powell thinks he is a dangerous person. jonathan: we are inching toward a decision at the white house. your equity market, unchanged after an eight day winning streak. this is bloomberg. ♪
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ritika: bloomberg has learned that president biden has interviewed lael brainard for the top job at the central bank. she visited the white house last week. jay powell's current term ends in february. spacex has returned after knots from the international space station. the crew two mission touchdown monday, completing 199 days in space. the agency was forced to alter its launch and lending schedule due to disruptive weather over the past two weeks. a government advisor says the city must finish negotiating over borders with mainland china and boost the vaccination rate here in hong kong and china are the only places still pursuing a covid zero strategy.
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a fourth consecutive term after jailing his most popular opponents. president biden is pledging to use diplomacy. electric truck maker prices is ipo today -- its ipo today. if the shares are sold at the top of the market range, it will be the seventh largest u.s. ipo on record. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i ritika gupta. this is bloomberg. ♪ >> president biden's
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infrastructure deal will become the law of the land. it could not come at -- it is also the largest investment in public transit ever. jonathan: that was pete buttigieg, the transportation secretary. it deserve it victory lap after passing that historic bill. good morning. your equity market, unchanged after an eight day winning streak, a record-breaking rally and all-time high after all-time high. as you keep pointing out, real yields are granting lower, to all -- grinding lower come to all-time lows. lisa: i wonder if that is the story driving the longest consecutive rally going back to 2019. another day of gains on the s&p 500 makes the longest straight consecutive gains since november 2004. -- since november 2004.
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jonathan: can we make it nine? what is happening in d.c.? >> it is time for the victory parade here. passing something on the middle of the night on a friday. they are holding off on a ceremonial bill signing to show what has been done. the president is going to hit the road along with members of his cabinet. he will be in baltimore tomorrow. $17 billion in modernizing ports. the whole debate around obamacare, one thing joe biden learned from barack obama's if you have to pass something you have to sell people on it. one of the regrets obama had was he did not spend enough time on the salesmanship. i would be prepared for more of that as we could have a potential vote on the social spending bill next week. lisa: it makes it harder when there is so much noise.
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there is so much noise in washington. jon led the show talking about the fed chair nomination, which others said should happen earlier. how noisy is it in d.c.? has focused moved on from infrastructure spending to fed chair nomination? joe: that is true. you could argue tension was away from the fed because of this debate over infrastructure and reconciliation. i would point people to the position of vice chair supervision. it is entirely believable that president biden interviewed brainard for the top job, but the fact that that announcement happened yesterday gives the president a potential opportunity to elevate brainard to a position of enforcement, make the progressives like senator warren happy who like to call jay powell a dangerous man, or at least she does, and also maintain continuity in the markets by keeping powell where
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he is. this could be an approach by this white house to reshape the fed and add more people of color. an announcement is expected by thanksgiving. the white house is not answering -- was not answering questions on this yesterday. lisa: is it better for president biden to cater to progressives or moderates? joe: that is a question whose answer changes by the hour. if this goes to a vote in terms of social spending, they still need to see cbo scores. you could be using this whole situation, the decision-making around the fed, as a potential point of leverage in managing this standoff that apparently is going to be a hallmark of this administration. jonathan: there is a home bias on wall street. this is what we care about. i wonder if this is big on the radar in washington. is it discussed that much? joe: no.
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this is a conversation happening in financial circles. you are going to read about it on bloomberg because it is of great importance, but the mainstream media and regular folks covering the capital and white house are really just catching up with the story. this is going to become a bigger talking point. you will see it on more front pages in the next couple weeks, especially if they get reconciliation done. we have a debt ceiling and government funding problem on december 3. the noise is really the story. jonathan: there is a spread between the financial press and mainstream media. on saturday, the president took a dig at the media for not covering supply chain issues correctly. everyone in financial news were, no way. did you not read what we have been writing about? there's always the spread between what we care about and the rest of the world cares about. lisa: i wonder how much fed literacy there is on a broader
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level. when it comes to the mood with respect to inflation, this will be a big talking point into next year. at what point does president biden use this as a tool to cater to progressives versus saying, i'm concerned about inflation. i am keeping the same person in the seat appointed by president trump? jonathan: always talked about this year's supply chains. is it within their control? i'm trying to understand how far down into local supply chain issues we are grappling with right now. joe: ask annmarie hordern how that news conference went to saturday. i think she had a couple things to say to the president. there is a terminal at the white house. they could look into this. the white house -- there's not a lot the white house can do. the entire supply chain is controlled by private companies. adding more truck drivers on the
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road would help, but the white house is watching this while it is engaged -- it is watching the outcome from the sidelines. jonathan: on supply chains and more, joining us from the cop26 summit is the ceo of daimler. we can talk about bigger issues where you are now. on the supply chain, are you starting to see things improve? if you are, what specifically? >> we have been mostly affected by the semi conductor situation and believe the quarter three was the quarter that was most effected -- affected. we are seeing improvement in quarter four and into next year. there is an element of uncertainty. the main chip suppliers said there will be restrictions throughout the year 2022, so we are not out of the woods yet.
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we like to believe we have seen the worst behind us. tom: it is interesting to see dime are -- daimler run by a gentleman to the north. there's a shift in america as well led by maryborough at general motors. -- mary barra at general motors. how do you perceive america catching up with you on electric vehicle engineering? ola: the whole auto industry is in a major transformation as we speak. ultimately, we will go to a world with zero emission mobility. that is what dime or has committed to through our ambition 2039. we want to go co2 neutral not just with the product but across the whole value chain. we observe old and new
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competitors moving in the same direction. tom: what is the technical constraint? i remember over 10 years ago at the detroit auto show staring at what you were doing and powertrains. -- in powertrains. what is the constraint forward to get this done? ola: there has been a massive development on the technological side, much better energy dozens the -- density on the cells. we are on the verge of having mass electric mobility possible. that is where we are making our bet and investing from 2025 forward in our new vehicle architectures, going electric only. for the whole market to transfer into zero emission electrical, what needs to go hand-in-hand
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with this effort on the product side is infrastructure. we as an industry are investing in that as well but this is a bigger one. across industries need to work with each other and governments to build up an infrastructure everywhere for electric mobility. that is the thing that is going to also decide the pace of this transformation. lisa: last year, he said in the next 10 years you expect the biggest growth for your company to be in china. has that changed given the covid policies, given the infrastructure challenges the country faces as it tries to curb leverage and spending? ola: covid has been a stress test for the industry in supply chains. we are clear in our belief that china in terms of market growth in this decade represents the
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biggest absolute growth potential. that does not mean we are not going to focus on other markets that we have, north america, europe, so on, other important markets for us. especially sustainable luxury mobility. we see promising growth potential in this decade, but we have to go through this transformation at the same time. at the forefront of our investment effort is to put in capital into innovative technologies and build up software architectures, the car as a service, subscription models, tapping into new revenue that we have not had before. jonathan: matthew miller wants to know how long the waiting list is for the electric wagon. do we know? ola: we announce it at the munich auto show. i was overwhelmed with messages from friends and fans of the
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mercedes brand. everybody wants it. we are going to launch it in the first half of 2024. better sign up early. jonathan: great to catch up. i can see matt in the electric wagon. can you see him going around with that? does he have one already? i thought he had one in berlin. lisa: do you think an electric one? you asked a great question, the idea of the supply chain disruption. and the response being we expect them to abate. i wonder how long it is going to take because we hear different things from auto manufacturers, something it looks like it is going to persist into next year. jonathan: demand has been great. stock has been tremendous. quite a run. lisa: there were no cars, may be
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and the entire lot. jonathan: 0.04% of the s&p 500. eight today winning streak. fantastic line up this morning, discussing the leadership of the federal reserve. who is nine says the fed chair? ♪
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jonathan: three hours away from the opening bell this morning. good morning. equity futures are unchanged. a day winning streak on the s&p 500, the longest winning streak of the year so far for 2021 on the year. absolutely flying. we just stall out a little bit. that is the equity picture. here is the bond market story. the yield looks like this. on 30's, we are lower by three basis points. this big conversation about who will lead the federal reserve chairman -- chairman powell or a chair brainard. for the bond market, real yields keep grinding lower.
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maybe that is supportive of what we see in the equity market and elsewhere more broadly. i want to finish with economic data. in america, this is the supply index for american data. the american u.s. economic data. we have just started to turn positive. that means we are starting to see positive economics prizes in america. that is important. the data over the last week has been impressive. tom: we have been overcome by events, which means you need a supple leader of the federal reserve system. the general electric company will split. this was announced moments ago. we will do more on this through the day with our industrial team. the headline is draw dropping -- jaw dropping. ge plans to form three public
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companies focus on growth. it shows the innovation of the american economy. we are thrilled that claudia sahm joins us today, one of the most articulate voices and what i am going to call the social policy of the fed. should we pick a fed chairman based on politics and social belief? claudia: absolutely not, but the federal reserve is in washington, d.c.. it is impossible to escape politics. all of those positions are political appointees. i disagree with people who have been advocating for biden to have his chair, knocking powell out just because he was a registered republican and trump
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put him in place, but if biden wants to do that that is his choice. tom: if you look at the wikipedia for both, it is stunning, the different paths, from wessling university and princeton university. have you ever seen a separation of two candidates as we see now? claudia: i am not sure about that. greenspan was there so long. i have been adamant about -- powell and brainard are an amazing team. together, they do so much more. that could be because they come at it from different backgrounds. powell has looked to brainard for a lot of intellectual leadership. i think they would be -- really knock it out of the park. that is often a chair in waiting
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position. the fed is navigating the most difficult period in its history since the walker -- volcker era. lisa: one of the differences people appointed to between lael brainard and jay powell is lael brainard might be willing to look past inflation and increase the target more to allow inflation to perhaps see a more persistent 3%. do you agree with that assessment of her the potential for that to shift that policy? claudia: i think jay is as committed to the new framework. it has broad-based and inclusive employment. jay is the real deal on that. lael is. whether we are moving through a
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3% target is a different discussion. i do not think they are going to need to go there, but i think either of them will do what it takes and are committed to elevating the employment mandate. this is not the fed of even a few years ago. tom: we have to leave it there. we look forward to speaking to you in the coming days. claudia sahm is front and center at the changing of the guard at the fed. we will see where that goes. a lot of what we expected and some surprises along the way, but no one is surprised that immediate lee following glasgow and what we do about energy the debate as well in scotland. if you move from glasgow and go up the shore of aberdeen and north to the shetland islands, there is an oilfield.
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the first minister of scotland joins us this morning. thank you for joining bloomberg. this is an oilfield. where is the common ground and energy that you share with the prime minister of the united kingdom? >> the common ground is we are both committed to the transition . as part of that, to building up the renewable energy capacity for scotland and the u.k.. scotland has massive potential in wind energy in particular but also real potential in a new and emerging technologies, carbon capture and storage for example. perhaps the u.k. government and i do not agree on the details come up that we must accelerate the move away from fossil fuels.
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we have to do that carefully in a way that protects people who are currently employed in that sector, around 100,000 jobs, and do it in a way that is moving to the alternatives. the planets demands we accelerate the turn -- transition away from oil and gas. lisa: we had a conversation with the secretary -- tom: we had a conversation with the secretary of energy of the united states. here you are saying if you develop this field it will allow for direct investment in energy savings in the decades ahead, in climate change advantages in the decades ahead. can you contain the benefit of these wells to make wind in the shetland islands and more? tom: scotland has enjoy the
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benefits of oil and gas for 50 years. some would say we have not enjoyed the economic benefits sufficiently, but that is another matter. we have potential in renewable energy. our challenge is to develop low carbon sources of energy so we can accelerate the move from fossil fuels. we see the international energy agency and other voices that the challenge of limiting global warming, of saving the planet, means we cannot simply go on and on extracting oil and gas. for any government, it is not as simple as flicking a switch. there are careful transitions that need to be done. we need to make sure as we wind down oil and gas we are introducing reliance on alternatives and also moving people who currently work in oil and gas into alternative jobs. it is complicated.
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we need to get that transition right, but we are here. the warnings about the future or perhaps lack of a sustainable future for the planet if governments across the world do not act to limit global warming are stark and cannot be ignored. jonathan: have you voiced an opinion on the oilfield tom is referring to? >> i have. what i have said is -- let me explain for your viewers the background here. the campbell development has a license. it has had a license for about 20 years. it knows how to do a process of permission to develop the field. i have said it should not be given the permission unless it is -- there is a rigorous assessment done. i am pressing them to do that. there are voices who would say no new oilfield would pass a
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stringent assessment. at the least, it should be subjected to that test. the plan right now to simply give it a green light is not consistent with our objective to meet the needs of the paris agreement. lisa: you are concerned about getting to a greener future. we have heard confusing rhetoric into this confab. you said you hope a century from now people will look back and describe glasgow as a place which took the correct fork in the road for our planet. looking back on what has happened, do you think we can say that? >> i do not know yet and we will not know until this summit concludes hopefully friday. i do hope not just for glasgow, although that would be nice. glasgow is often described as the birthplace of the industrial revolution. it would be nice if future
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generations look back on glasgow as the point in history where the world took the correct fork in the road and managed to avert climate catastrophe. are we going to get there? there is a lot of work to be done over the next few days. over the course of last week, there was increasing optimism. that has not yet been delivered. friday, we need to see action that keeps this objective of keeping global warming to 1.5 degrees alive. that means near commitments that will have -- halve global emissions. we need to see the commitment made more than a decade ago to climate financing so the developed world starts to help the developing world, which is experiencing the impact of climate change and has done so. these are key tests of success
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and i hope we get there. i do not underestimate the work negotiators have to do. jonathan: this is the first time we have spoken and not talked about brexit. it feels good for me. thanks for being with us. that is the first time for me. it feels good. talking about something different with the first minister of scotland. tom: time is marching on. the irony is unbelievable. glasgow and the first debates on oil fields the backyard. -- in the backyard. jonathan: ge aviation, ge healthcare, and power to become three industry-leading global investment companies. we have been waiting for this. tom: there is and it is still a
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shock. i do not mean to be romantic about massachusetts, but this is textbook lawrence call. what he has done here is spend them off. ge will be ge aviation. he will be the chairman of ge aviation. what he looks were here is domain knowledge and excellence. it is a new world. jonathan: we are up by more than 10% in premarket trading. from new york city this morning, good morning. your equity market futures unchanged after an eight day winning streak on the s&p. this is bloomberg. ♪
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>> viruses can adapt and escape from some of these antiviral treatments.
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what looks good and one clinical trial now might not look good a year from now is the virus mutates. it is in some respects easier to mutate away from a vaccine. i would not take my foot of the accelerator. jonathan: from new york city, good morning. your equity market, unchanged on the s&p. eight day winning streak on the s&p 500. yields come in three basis points, a big debate on who the next fed share will be. on crude, $82.29, up by .4%. your stock mover of the hour is ge, splitting into three and ending the conglomerate for good, up by 10.9%. tom: it is amazing to go back six years to the peak of employment.
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much larger than some of our larger banks and a global financial platform as well. from three hundred 30,000 down to 170,000 right now. you wonder where that will be in five years. jonathan: and with the companies want to look like. tom: we will have much more coverage on that in a bit. senior scholar with johns hopkins on the pandemic, on covid, and the good news of 33 countries opening borders or beginning to move around. is there a risk in our airport of foreigners coming in? i had a debate on this last night. are we supposed to fear foreigners? >> we should not be fearing foreigners. when it comes to infectious disease, emergency travel bans have never been successful.
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they end up creating stigma and give people a false sense of security. our travel bans have not kept covid-19 out of the united states. many of us are get against them when they were started. this is a welcome change and i think it is long in coming. we have tools to control covid-19 with vaccines, so this is nothing people should fear. this is a sign we are starting to move into the post-pandemic world. tom: where will we be on the first of 2022? dr. adalja: many more people will have been vaccinated, especially the five to 11 group. we will be in a place where we do not see many hospitals having crisis from covid-19 but they will still have cases in the hospitals. there will be a baseline number of cases. we may have antiviral pills to treat people. that will be something that will
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be an exciting development. we will be at a point where people understand that covid-19 is with us and we have to adapt behavior to keep ourselves safe but realize if we are going to have a life or do things similar to what we did before the pandemic we are going to have to learn how to accept that risk. we probably will be in a better place where a lot of harm reduction is in place. lisa: thursday was a watershed moment with kids age five to 11 able to get the vaccine. i tried to schedule an appointment for my son. i could not. i tried many pharmacies. are we doing this rollout correctly given that we knew this moment would come? dr. adalja: this is a repeat with what happened with adults in december. this is something that should have been anticipated because we knew a third of parents were
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going to aggressively want their children vaccinated and all going to want it that day. this could have been better planned. it should have been easier. it took time for big pharmacy chains to get rolling. it is difficult. you have to look around. i had some of my friends call me for their children. i directed them to rural places where there may not be as much interest in the vaccine. it is doable, but it is an unforced error you could have predicted was going to happen here in the vaccine cannot be reformulated. you have to have vials with smaller doses and strangers. they could not just -- syringes. they could not just take the adult dose. it takes time and it is a logistic problem that should have been anticipated. lisa: a host of nurses and doctors did not want to get vaccinated, creating a public relations nightmare for health
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care centers. what your colleagues feel about getting their children vaccinated at a time when many say we need to wait to see more studies, to see the potential widespread side effects? dr. adalja: that is what a lot of people say. i think that is a false way to think about the vaccine and not accurate because we have a lot of data on how well the vaccine works. if you are an adult who has been vaccinated, it is unlikely you are going to have your children vaccinated. we saw the uptake is not high because there is more vaccine hesitancy with children that adults. it is important to remember we have seen how well the vaccine works. it is not untried. the program has been going on since december of 2020. hundreds of millions of people have been vaccinated. we see with the benefits look like. you can prevent your child from having an illness like covid-19, why would you not do it?
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we vaccinate for things like chickenpox, which has mild mortality risks to children, because we do not want children to get sick because we are trying to keep people healthy. we know children are usually spared from severe consequences, but it is a disruptive event. i think that is the message we have to try to get to parents. we need to get that to adults because we do not have enough adults vaccinated. jonathan: thank you. i wanted to get to ge quickly, just a look at what is happening with the stock, up 10% in the premarket, up by 12% as i see it. planning to form three global public companies focused on aviation, health care, and energy. that company splitting into three. lisa: do you remember the time of companies acquiring one another?
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it seems in the industrial space we have seen the opposite, the breakup of some of these conglomerates. it is rewarding of that breakup in the equity markets. i wonder what that means in terms of having focus on a specific business. tom: you have aviation and corporate companies -- the founding company will be ge aviation. power is the big headache. then health care is interesting. he founded some parts of the family have shares -- it is amazing that the operating income is about twice the size of ge health care. you have to ask the question, is he setting up ge healthcare for a merger? jonathan: i thought you might
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tell us he owned a stock just then. tom: i am all-cash. jonathan: more coverage still to come on bloomberg radio and tv. this is bloomberg surveillance. ♪
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>> there is something bigger going on in the bark market -- in the bond market than just the inflation story. >> portfolio managers have a very different view of inflation. >> central banks are not getting buoyed by inflation risk that seems to be persisting much longer than anyone forecasted. >> the fed is your friend during this period. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: rinse and repeat. starting today at all-time highs. good morning. this is "bloomberg surveillance: early edition," -- this is "bloomberg surveillance," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. into tuesday, it is an eight-day winning streak. tom: can we say that this morning, we are on the edge

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