Skip to main content

tv   Bloomberg Surveillance  Bloomberg  January 12, 2022 6:00am-7:00am EST

6:00 am
expectations. >> every sector and component of the inflation metric is moving higher. >> if you see the hot commodity start to question, that's when markets will have a problem. >> the fed is worried about inflation, feel they might have lost control of it. >> i think they should go faster than what's priced in the market. >> this is bloomberg surveillance with tom keene, jonathan farrow and lisa. >> it's c.p.i. wednesday live from new york city for our audience worldwide. good morning, this is bloomberg surveillance. your equity market futures up eight, advancing a little more than .10%. data a few hours away. tom: i love how we're making every day of the week something, retail thursday, c.p.i. wednesday. china a little bit of a pullback. you notice thed three year
6:01 am
auction and lisa will bet that to death. futures up green, we're all going to die, 7% inflation. jonathan: take a break. calm down. deep breath. lisa, 7%, 40-year high in inflation is what we expect. lisa: the underlying components is what will be interesting because people are looking to what jay powell said yesterday at senate testimony where he expects supply chain disruptions to ease. then the question becomes wages and how much does it allow people to go ahead and actually buy things at a higher price and goes to these other actors in services and not the goods that have driven most of the inflation. jon: then the political backlash as well. i caught up with a series to preface what i am about to say. they haven't seen the number ahead of time but what they wanted to focus on was the positive labor mark trends in
6:02 am
this economy. the hope is that is sticky and the goods based price inflation we've seen fades for the year ahead. lisa: before the program you said only economists worry about higher wages a bad thing. the issue is wages that are higher are good if they give people more ability to go out and buy things. the big question is the wage spiral that lindsey was talking about. are people canning for higher wages to keep up with the prices they're paying which causes companies to pay more and leads to a spiral. jon: tom will turn down his pay raise and turn around to management and say i don't want to step this to destabilize the economy. tom: i'm sure they would say that's a brilliant idea. i want to say it in terms of the wage spiral near. inflation adjusted truman minimum wage is $24 an hour. we are so far from labor share of labor angst, of a wave spiral
6:03 am
that's months and quarters out there. we're just -- the moody, jon, the first 10 days of the trading year has been bizarre and the markets had a nice recovery and future with a pop this morning. jon: fears about higher wage growth up. whose fears? equity up nine and mass tech up 52 on the nasdaq 100 advancing .25%. lisa: all eyes at the c.p.i. data the month of december. retail friday, how much does it speak to the consumer buying power? we're expecting a 7% handle. the idea of the highest inflation going back to the early 1980's, 40 years. underneath those components will be most interesting, how much are we looking at a shift to the services side of inflation? how much are rents going to drive this given the fact rents by independent measures have risen 10% or more the past 12
6:04 am
months. at 1:00 p.m., tom, the u.s. is planning to sell $36 billion. tom: every day it seems. lisa: yesterday's three year note sell was interesting and was the highest going back to february of 2020 but the demand was really good and the lowest tick town by dealers going back seven years. how much messier is the 10 year yield given the fact the longer term inflation outlook is so uncertain, the longer term of rate increases and tighter fed policy, highly uncertain in a precedented moment. at 2:00 p.m. the fed is releasing the beige book, the lease exciting point out there and it will be more exciting based on the data. the small business survey came out yesterday. inflation ranks number one concern for 22% of respondents, the highest share going back to the early 1980's and the second issue they've been looking at is the quality of workers. jon, how much does this
6:05 am
anecdotal evidence pervade throughout the nation and how much does it speak to the stickier nature of these other aspects of inflation? jon: tom is excited about inflation, you think he'll get geared up for the beige book later? tom: with great respect for the late richard yamerone invented the orange book said the beige book is important and a lot to glean there. i'll take your point jon on a regional basis the beige book can give us color but before the show, you said the employment statistics are good and only economists, market participants are wringing their hands about it. the best anecdote i have is paul sweeney of bloomberg surveillance was at some mall somewhere where he lives and said it was absolutely jammed like christmas. jon: the global head of strategy at r.b.g. let's start 8:30 eastern time, what are you looking for in the inflation number a few hours away?
6:06 am
>> it's interesting the last year or couple of years we've had a very strong reaction function and outside surprise frankly for the u.s. dollar next for equities and positive for u.s. yields and i think it will be more of the same today. i think the shock factor has diminished particularly saints surprises we saw last year. elsa: when i look at the forward curve for u.s. we're prying in a lot for 2022 but there's room to price things in for 2023 where i look for more market repricing to occur. tom: how do you play the dollar or do you walk away from it and play emerging markets against each other? what do you do with a true dollar call? elsa: as you know, tom we were bullish u.s. dollars last year and was a hard call heading into 2022 because bullish dollars is a consensus call and we looked at the dollar and might extend to 2022 but were very clear to
6:07 am
set two exit criteria. i think the dollar will be more of a long-term story and probably where we dip most in the markets and people are looking for a short term upside for the u.s. dollar and longer term looking for it to reverse and now we're sticking to r.b. trades. m. like you said and within g-10 and the dollar longer term trajectory will be a 202 22 story. tom: crude 0 .85 and getting to the 86 and 87 print would be a big deal. how do you play a burgeoning brent crude price? elsa: we've got long stocky the swedish krona against the canadian dollar breaking through technical levels and looking a tad higher and is a consensus
6:08 am
trade and various ways to play it. across the board you'd be most worried about the countries most reliant on energy. lisa: yesterday we caught up it mark mccormick talking about the mobility daya and how it's featuring into his view on fx strategy and how it gives the sense of the economic momentum of different nations. has it factors into your calculus at all? elsa: we've been trying to take a lead out of the bank of canada's book and we can get caught up with the short term noise around omicron and the impact it has in terms of short term restrictions on connectivity but i think if we all hope we look 6-12 months from now we'll be in a different place as far as the virus is concerned. we're trying not to get too bogged down in the day to day noise and kind of looking at the countries with the strongest underlying fundamentals and the ones best placed for economic policy. jon: the front end of the curve
6:09 am
is getting interesting. steve majors of hsbc said valuations the front end have priced in the hawkish outlook from the fed, this is our preferred segment of the curve. i wonder if others feel the same way? tom: no direct tradeoff from the balance sheet and rate hikes. past estimates cannot apply today, expect as you mentioned jon the bracketing under 1% and also again it doesn't affect lower or longer secular theme. with all the angst of the first 10 days, overbalance sheet, overrate dynamics of the fed, are we overwrought right now and critically elsa, is that an opportunity? elsa: yeah, and i think you saw that earlier this week, the start of the week really tense and the sell-off by tech and a sharp recovery. sometimes it pace to take a holiday in january and let people squeeze into positions
6:10 am
and can back in february and put in the longer term trade. the conversation we've been having with clients is what you think about the longer term outlook. i come back to 2023 when we've been discussing this with clients, they don't really believe the fed will be able to deliver and where we think there's more room to reprice. jon: thank you. ahead of the inflation number later this morning, bob michel had things to say. tom: i saw that. jon: of jp morgan, he said without the central bank purchases and cash offering yield let's see how willing investors are willing to purchase long duration government debt at significant negative real yields. he seems to make the argument to sit in cash, have a pocket of cash just for a little while. #. tom: or bring the duration in. i thought we did a great job with the tweets out, take steve majors is saying, this whole idea for lower for longer will be tested at 8:30.
6:11 am
jon: the fed protested, too, part of the argument of others. lisa: jay powell in his senate testimony seemed to calm markets because he said yes, he didn't try to push back on a march rate hike and didn't push back on a balance sheet reduction later this year. however, he seemed to indicate it wasn't necessary to go to a tighter monetary policy or get to the end rate. i do wonder if the data will call that hand and that i think is what michael was referring to. jon: that's where the hope is. every time they talk about rate hikes, the phrase's removal of accommodation, not tightening, removal of accommodation, a bedtime story for equity bulls. lisa: comforting. jon: for so many people. lisa: not me. jon: how dare you keep lisa up. . >> with the first word news, the u.s. consumer price index coming
6:12 am
out today is expected to show inflation climbed to 7% and would be the most since 1982 and would keep markets attention on a fed rate liftoff as soon as the policymaker's meeting. the c.p.i. data released 8:30 "new york times." meanwhile the federal reserve chair jerome pole is trying to ensure they can bring down the inflation without damaging the economy. the fed is not past reducing the balance sheet and raising rates. the rapid spread of the omicron variant led to a spike of the number of people missing work last week according to analysis for bloomberg news, employee absences rose 18% compared to the same period in 2021. in all it is estimated that 3.1 million brits were affected last
6:13 am
week. in australia, novak djokovic has broken his silence and admitted he attended a newspaper interview and photo shoot last month when he knew he was infected with coronavirus and blames human error for an incorrect travel declaration earlier this week an australian court caught the cancellation of his visa allowing him to play in the australian open. bloomberg news 24 hours a day and on bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries. i'm lee angaraens, this is bloomberg.
6:14 am
6:15 am
6:16 am
6:17 am
>> you want to solve climate change you need to do it with nuclear power and microgenerators so the outlook is extremely positive just from a fundamental perspective. >> tighter regulations impacting the volatility of the markets. bloomberg enterprise solutions deliver powerful end to end support for your commodities work flow. gain deeper perspective on our planet's valuable resources from data analysis to price discovery and beyond. tap in to the world's most advanced commodity solutions. ♪ >> if we see inflation
6:18 am
persisting at high levels longer than expected, you know, then if we have to raise interest rates more other time, we will. we will use our tools to get inflation back. chair umpire: powell going to print 8:30 eastern time and could be a number we've not seen for 40 years and could have a 7 in front of it, tom keene, lisa abramowicz. the nasdaq around a 1/3 and yields unchanged 74.10 and euro-dollar at 113.62. we have a lot to cover but have you seen the latest with tennis star novak djokovic. tom: no. jon: clarity from the time line from the man himself who wants to address the misinformation out there. on december 14, he attended a basketball game. after which a number of people reportedly tested positive for covid. he had no symptoms so he tested
6:19 am
with a rapid test, negative. out of an abundance of caution he took a p.c.r. test as well. the following day went for a tennis event with children and later that evening he got a positive test, tom, on the p.c.r. from the evening before. and then the following day he went for an in-person interview, an in-person interview and said he was masked and socially distanced where he had to take his mask off for the photo. this is phase 16 the whole ordeal. on top of that they ticked the wrong box on the entry form and calling that admin straightive error and up to the immigration minister whether he stays in the country or not. we still don't know whether the world's best tennis player will play in australia next week. tom: this is a real uproar and to be honest plays into australian politics like the election. jon: a number one issue. tom: the headline for viewers is it has rivetted the nation.
6:20 am
jon: it's become a main political issue. tom: the cold of new york is nothing like the cold you see across the nation. in fargo, north dakota, where lisa spent years and years umaineous 10 next week. on a celsius basis, jon, is minus 23. to go to emery, it's a sideshow but nevertheless important the dakotas, including fargo and south dakota are in the same page, rounds of south dakota and north dakota said basically enough to former president trump. how big a deal is this within the republican party or just something to talk about in the cold? emery: something to talk about at the moment. at the same time you see republicans, many of them pay tribute at moments to president trump or not talk about the
6:21 am
issues he will continually talk about like he will this weekend when he gives the rally which he was supposed to talk about january 6 and punted that to the 15th regarding his still unsubstantiated claims on election fraud. there are a number of republicans who will not touch this and are keeping very much so at arm's length or more. tom: the other thing on thune and rounds inflation. how will the white house spin inflation? annmarie: good question. we'll probably hear about the same the last few months, the fault of meat conglomerates and corporate greed and the false of opec plus countries and friends, saudi arabia and russia we have higher prices on our grocery bills and higher prices at the gas pump. tom, there was a great "washington post" piece this week by katherine rampel i think got to the heart of what many find frustrating. many know the president doesn't
6:22 am
have control over inflation. at the same time he does have control over shaping the federal reserve and yet we still do not have those three picks from the president. the federal reserve, it's their responsibility to keep prices stable and that's where the president has power over how he shapes that leadership. jon: i spoke to a source ahead of the number and they told me they haven't seen the print itself but they wanted to focus on the positive developments in the labor market. from the people you speak to whether we could see a twist and whether they focus on the positives of the economy more and get away from the narrative like corporate greed, etc. annmarie: they are approaching it the wrong way, running an economy hot means having better and higher employment numbers but higher consumer prices. they now can potentially make that turn especially, jonathan, as you mentioned a number of
6:23 am
times on the payroll today, the unemployment rate is at 3.9%. and we do see higher rages -- wages from the latest report. this is something potentially the white house can pivot on. at the same time, consumer prices does paint and high consumer prices does paint very much so a dark cloud on this administration and it is fuel for the republican party. lisa: annmarie: how does the latest shift where the labor market is sharp and get paid more into the democrats wish to push forward an agenda that calls for hiring more people who are not available? ann marie: if you're talking about build back better, their response of that would be of course the fact build back better and the money they'd be putting to this for so many of the policies would happen over the next 5, 8, 10 years. it's the foundation to being able to what they would say tamper long term inflation. it's a very good question
6:24 am
because you're also hearing about potentially another covid relief stimulus bill attached to the funding they'll have to extend in february to keep the government open. this would be targeted towards businesses currently suffering and suffering in this latest wave of omicron but as you mentioned, really struggling to get employees in. i went to a store yesterday thinking i'd go shopping and they were shut. and i asked the similar store across the street, why are they shut? and they said they're dealing with labor issues. tom: wait, gucci was shut yesterday? ann indictment marie: it wasn't gucci but intermix. they do might sell gucci. tom: i don't mean to interrupt. annmarie: i'm not going gucci on tuesday. jon: we'll get t.k. back another time. thank you, we appreciate it. quote of the week came from united airlines from scott kirby
6:25 am
the c.e.o., this line here, in one day alone in newark, nearly 1/3 of our work force called out sick. one day 1/3 of your work force calling out sick at newark. for anyone outside of america, newark is a massive hub for united headlines. tom: i looked at all united flights coming out of newark and it's tons and tons of flights. we're all living this and all our viewers are listening, this folds into the instability right now. i want to emphasize data dependency and on c.p.i. wednesday at 8:30. tom: pleased we're on the same page 30 minutes into the program. jon: when it comes to the economic data some expect the search handle to be the 3 u2, 1 and they expect the federal reserve to hike. this is the federal reserve show me why i should not hike? show me what the numbers should be, how do you stop the fed from
6:26 am
hiking in march? lisa: how do the inputs have to remain hot, not only the supply chain but rents and other issues seeing inflation. jon: lisa abramowicz, tom keene and jonathan farrow. this is bloomberg. is bloomberg.
6:27 am
6:28 am
6:29 am
6:30 am
jon: five-day losing streak, we snapped it and snapped it nicely on the is s&p this morning. futures up, advancing more than .10% and up .20% on the russell. i want to talk about the airlines. take a look year to date the last couple weeks or so advancing on united airlines by more than 7%, american by almost 6% and delta by 5.5%. we're looking at a lot of this omicron variant stuff to start the year in the airline sector even with that quote from scott kirby united airlines. tom: interesting. jon: one single day at newark, 1/3 of the staff, 1/3 of the work force did not show up. this is a market looking through a lot of these difficulties. tom: i did not know this, folks.
6:31 am
this is where farrow comes in handy even on c.p.i. wednesday. jon: appreciate that, tom, sounds so sincere. let's get to the bonds market. steve major over at hsbc, everybody on top of the note, lisa leading the way on twitter. steve major, hsbc raising the question to whether we might have fully priced in that federal reserve pivot. is this it at 90 basis points on the front end? tom: we're there. we're there within the central tendency of steve majors looking at and is a nuanced point out of hsbc securities out of america, jon. even an important note even for the people looking for the higher yields. we have to read that to intellectually battle it. jon: i'm back. carry on.
6:32 am
tom: jon left, table for two. this is important, steven roach joining us, senior fellow at yale university. we'll talk about the fed and what we're doing in america. i've got to go back to the heart of your work on asia and the fact is you get off cathay pacific at terminal 1 at hong kong international airport and the big morgan stanley sign you personally put up there as you came down the ramp at terminal run. those days are gone. your new view on the new china? >> well, those were the days, tom. i probably will never go on cathe pacific again, sadly. look, china is clearly embracing a different type of approach to the balance between ideology, policy and economic growth than
6:33 am
at any point since i've been covering the country. ideology is the dominant force under ping and what has been disturbing and shocking is how he uses the ideology for what had been the most dynamic sectors of the chinese economy, the internet platform companies and at the same time he's doing that, he's got this income redistribution, wealth redistribution program called common prosperity and so it's a begin pincher movement on the dynamism of china. we all know the growth rate has slowed. i'm not concerned about evergrand, i think they can definitely manage that. their zero covid policy is also rerestrictive on a short-term
6:34 am
basis but can get on that as well. i'm more concerned about the medium to longer term china and i've been positive for decades and much less so today. tom: you helped build the modern hong kong, what should be the western bank's response and how does the western bank adapt and adjust to hong kong? stephen: being in hong kong now and in the future is like being in mainland china, there's no functional difference between hong kong as a chinese city and operating in shanghai or beijing. so to the extent that western banks are comfortable operating in greater china, hong kong still has a good deal of attraction to them. i understand that there's a lot of concern because of the dramatic shift from what hong kong had been to what it is right now. you have to look at it as another big chinese city. lisa: you said you were much
6:35 am
less optimistic now about china's trajectory going forward than you have been in decades. can you play out what the ramifications are at a time you see inflation is becoming more entrenched and we see supply chains that originate in china become more and more disrupted? stephen: the supply chain issue, lisa is clearly critical to the inflation outlook and so much of the global supply chains run through china that any disruptions there as we've seen have a critical bearing on the supply-side of most large goods producing markets around the world. but i wrote about this a few years ago when i first warned of stagflation. but little did i know what would happen on the demand side. the supply-side was fragile to
6:36 am
be sure but the demand side went into lockdown and the post lockdown snapback fueled by the fed now desperately behind the curve really overstripped what a limited supply-side could produce. so the result is very high inflation rate and the lowest real fed funds rate in recorded history. a federal funds rate today that is further into negative territory than it was in the 1970's and early 1980's when we had a terrific -- i should say a horrific inflation problem, so to say the fed is behind the curve is putting it very kindly. lisa: to build on that and go back to your idea where you said the demand side was rather unexpected and plays to this elegant mea culpa you wrote last year in august in the project syndicate where you talked about your call for a double dip
6:37 am
recession didn't come to fruition because of this. how do you gauge the potential for forecasting errors at such an unprecedented time the fed is grappling with as well? stephen: fair point. look, you can't even forecast the forecasting errors, lisa. they're so far off the map. i was reading an article a few minutes ago about how some of the best real time high frequency forecasters missed the employment numbers last friday by a factor of two, three and four. forecasting is always hazardous especially as yogi told us when it involves the future but this time is ridiculous. tom: steve rog, the forecast at morgan stanley was nailed. and lisa talks about the miscalls made in the pandemic. we need to look forward.
6:38 am
you own the high ground on the macroeconomic analysis of savings. when you hear people talk about we have an abundance of savings or they talk about we're using our savings up too quickly, how do you respond to what it means for 2024? stephen: i'm looking at it again right now, tom. what i prefer to look at is the overall domestic savings rate which is the sum of business, household, and government dissavings reflecting these large deficits. i look at it in net terms because i want to take out the depreciation that goes to the wear and tear of capital stock so i look at the net domestic savings rate as a gauge for how we can domestically fund economic growth going forward. and you know, it's exceptionally low. it's running about 2% over the last years ticked up a little
6:39 am
bit to slightly above 3% in the third quarter of last years but that's less than average the domestic pay rate in the 20th century. lack in saving and wanting to invest and grow we have to input savings from abroad and run these massive current account deficits to attract the capital and that will eventually not last year as another bad forecast of mine, incorrectly felt the current account would put pressure, downward pressure on the dollar but that's coming. hold on, you'll see it. jon: stephen roach, great to catch up as alzheimer's at yale university. a difficult economy to forecast and call, tom. this cycle is moving exceptionally fast. tom: i wish they were more like steve roach, as lisa mentions,
6:40 am
dr. roach wrote that project syndicate article where he said it was the biggest blown call of his career. jon, we've got to see more of that. it was the high road by steve roach and others struggled with the extinction. jon: to call for a dollar collapse is more than a call. tom: the call for a dollar collapse is out there and it's been wrong, wrong, wrong. we mentioned steve major, let's continue with the late david bloom of hsbc. the answer is, you'll get there at some point but at some point it doesn't actually help the people in the game. jon: i can confirm he's still alive and kicking, there is life after hsbc. tom: tile 1, 800-benladler and ask. jon: he's with us, too. it takes a moment to get set up and back in position. i apologize for 10 minutes ago. tom: that wasn't your fault. i thought we were continuing our good discussion here on c.p.i.
6:41 am
wednesday. it's important today on the word, the letter u is not in the right position. jon: is the letter u in it? i didn't realize how fired up people get. tom: amazing. lisa: let people have their wurtle and don't undermine their pocket of joy in a day. as somebody who loves boggle and those word games. tom: i hated it boggle. lisa: i love it. jon: i don't know what boggle is. tom: you're a better man for that. jon: 8:30 eastern time, inflation in your america. 7% is the estimate. tom: c.p.i. wednesday. i'm jonathan farrow. this is bloomberg. ♪ ♪ leigh-ann: with the first word news, people lee ann gerrans.
6:42 am
inflation is building along with inflation. the fed seemed pretty far behind the curve when you consider wage growth and the central bank may be able to raise interest rates to 1.5% before it inflicts economic pain. the u.s. inflation numbers are out at 8:30 a.m. new york time. now an omicron outbreak and china is sending the jitters through global supply chains, manufacturers and schippers are bracing inside the world's biggest trading nation. two chinese cities are locked down and more facing disruption. policymakers will have to decide how much to increase restrictions. in u.k., the so-called partygate scandal concerned members of boris johnson's conservative party and worried whether he can survive pandemics of parties at his office. two polls out show johnson should resign and they'll
6:43 am
continue making playstation consoles because of supply disruptions that limited output of the play station a 5 and the newest version is in short supply since released more than a year ago and it uses less advanced chins and simpler to make. a federal judge revised the trade commission anti-trust complaint against facebook and said it abused its dominance and should be broken up. the same judge dismissed the case in june but now says the agency established facebook exercises monopoly power and it will reveal the weakness of the government's case. global news 24 hours a day and on bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪
6:44 am
6:45 am
6:46 am
6:47 am
>> a stintive market. if you look at our nfl season it's been successful and consumers love those products. consumers love those products. ♪ >> looking ahead in the context of the inevitable continual emergence of new variants, the
6:48 am
importance of developing a pan coronavirus vaccine namely one that would be effective across all variants and ultimately against all coronaviruses becomes even more apparent. jon: a difficult time on capitol hill the last 24 hours for dr. anthony fauci, the white house chief medical adviser, from new york with tom keene and lisa abramowicz, going into a c.p.i. report, futures seven points higher by .1% and up some. tom keene, yields unchanged at 1.7393 and euro-dollar not doing much. and crude headed towards 82. tom: i'm watching it carefullily. a print of 87 would be a huge deal. a grab of gas, triple-a unleaded is about 13 cents under the peak price of autumn. that's the gap of how we've come
6:49 am
back on a gallon of unleaded. an associate professor of emergency medicine at johns hopkins university. a completely unfair question but came up i think three times yesterday, what is your time line of when omicron ends, is it weeks, is it months, is it all of 2022? what's your scope of the x axis of omicron? >> if you look at south africa, 30 days. however, we've peaked much higher and our population is inherently different and i'm really thinking months. i'm not thinking this will affect my summer plans and remain hopeful we'll get past the peak. tom: you think omicron will be piped away -- wiped away by the fourth of juvenile? >> absolutely. tom: how do you get to that certitude? >> when it peaks so quickly we
6:50 am
expect it just to be the significance. we're seeing in new york and washington, d.c. that there is now a reduction in cases which is very, very early but it makes me hopeful. we're looking at south africa and united kingdom, south korea -- south africa from the first to the peak was around 30 days. the transmission cycle is smaller which makes us more hopeful this will end sooner. lisa: as we're more hopeful the pandemic will add more broadly and become endemic we're left with a health care system that's been transformed. i'm struck by the number of employees have left the profession, about the wage increases they're demanding in order to stay there. how much does this health care sector look completely different from what we saw two years ago? >> i think it's just one piece of the puzzle. the health system in the united states is extremely complicated,
6:51 am
what is the role of insurance and how they've supported the covid response. now we're also hearing some insurance will start covering covid tests which is helpful for future pandemics but will they be the number and what is the power of the health system, up to the hospitals for preparing a third prepareness plan. there's a lot of learning to be done and talking about after action reports and hopefully there's a new way of thinking how does the health system support in a more unified totalitarian manner. lisa: what's the answer to getting people in the doors of the hospitals at a time we see massive vacancies frankly a lot of health executives said are unprecedented? >> i don't think money is the only answer, very easy to say, we'll pay you more. you need to make the work
6:52 am
environment kinder. health care workers are human beings and have the same needs and talk about what it means to have children as a health care worker and looking after patients who are infected. how do we manage leave and give people time to recover and what services are available? it's really not just more money. that's a stopgap measure but we need to look at the work force as a whole and think how is this the kind of place people want to work and how do we bring back the passion of medicine? jon: can i squeeze in a final statement from novak djokovic the tennis star who tested positive with a p.c.r. test and the following day on december 18 went to his tennis center in belgrade to make a long-standing commitment for a feet ashoot and felt obliged to conduct the interview and socially distanced and wore a mask except when his photograph was taken. for someone in your industry now, how do you react when you hear something like that? >> i just think it's cognitive
6:53 am
disdense, right? they haven't seen the worse of the pandemic. the worst of it silts behind i.c.u.'s behind common doors and treats it as a common cold which is why we're here, individuals that make decisions like that. i think i had my eyes roll over to be honest. and i think -- i hope he just doesn't come here for a test and good luck. jon: thank for you being with us, the doctor from johns hopkins university. tom keene, it's difficult now to like novak djokovic. tom: i'm staying out of it, jon. the opinion of what i think about athletes is something but i just don't understand why they get a favored status here. what i'm far more concerned about, jon, is thousands of people in georgia, alabama, when i look around and the streets are empty, it's unique. i assume english football is the
6:54 am
same way. jon: how many people knowingly went to the game with a positive p.c.r. test, i would hope not. tom: i think you're hoping wrong. i think a lot of people did. jon: you think they knowingly went? tom: yes, absolutely. absolutely. look at -- jon, i don't understand this. if the top score two goals, they're still behind. jon: tom, what you just said was highly speculative. we know what novak djokovic did. i don't know who is turning up no a game or not. i think if you're negative and tested and have no symptoms you can go to a sports stadium. lisa: there's a larger point. to break in here and the doctor was saying this cognitive disdense where a lot of people treat it as the common cold and in the emergency room people are seeing it different. how do you think people are taking a laissez-faire attitude of covering up and not exposing
6:55 am
people because they see it as something minor versus something they can get. and it comes to how can we communicate? it distance have to transfer to a severe illness to have an impact on society. [. jon: what is the message when one of the world's biggest tennis players behaves like that? lisa: i think it's completely irresponsible and people would agree and that's what the outrage is about at a time when people are conflating personal responsibility with freedom and there is a difference between the two. jon: i should disclose i'm a massive raffa fan. just to throw that out there. lisa: that totally undermines everything you said about him. jon: it's fair so people know, too. tom: who is raffa? tom keene and lisa abramowicz and john farrow. lisa: is he kidding? jon: i don't think so. the nasdaq 100 up 39, yields up a single basis point and your
6:56 am
economic data out. 8:30 eastern time. your estimate has a seven handle, 7% inflation, the range 6.8% to 7.2% in our bloomberg survey. from new york, this is bloomberg. ♪
6:57 am
6:58 am
6:59 am
7:00 am
>> the fed is signaling that they don't like these entrenched inflation expectations. >> every component of the inflation metric is moving higher. >> that is when markets are really going to have a problem. >> the fed is worried about inflation, feeling like they might have lot control of it. >> i think they should go faster than what is priced into the market. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: 90 minutes away from economic data in america. good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market up two or three, not even 0.1%. a big get a drop in 90 minutes. tom: a "surveillance"

4 Views

info Stream Only

Uploaded by TV Archive on