jonathan: are we paying people to come? tom: they pay us. jonathan: ok. [laughter] anastasia, roso -- anastasia amoroso, the chief investment strategist at icapital. how tough will that be? anastasia: i think the markets are increasingly pricing this in. the markets are really just waiting for this, and i just don't think it is going to be that hard. tom: within the equity markets, there has to be a catalyst. what we are hearing is a consensus, is volatility, a slog, if you will. do you buy it? anastasia: i think you buy it. we have to have this reset, but what happens is if you look at the nasdaq, if you look at the tech shares, we already see that the markets have priced in not four where you hikes, but potentially the next eight. the extent of the correction we have had is already accompanied for 200, 250 basis points of the rate increases. so i do think it was a little bit scary going into the year, going into november because if you look at the valuations of a lot of these stocks, they are really off the charts, but they are not today. it also happen

at about nine: 12:00 a.m., jonathan ferro will be -- at about nine: 12:00 a.m., jonathan ferro will be interviewing -- at about 9:12 a.m., jonathan ferro will be interviewing loretta mester. today, fed chair jay powell is center stage for the senate confirmation hearings. how much does he reiterated inflation as the leading issue? how much does he said they want to see a market disruption in order to transmit their policy? he talked about using tools to support the economy in a strong labor market and to prevent higher inflation from becoming entrenched. how much does it speak to the wage spiral, the wage price spiral we heard about? the treasury department will sell three-year notes at a time when yields are at the highest level going back to february 2020. how much does the international buyer come into play throughout the globe? if they do not come in in a more meaningful way, do people rejigger their sense of how negative real yields can remain for the foreseeable future? jonathan: looking forward to the conversation with the cleveland fed president. michael mckee joining me to hel

jonathan: thank you. coming up on the program, wall street's biggest banks dominating issuance in the primary market. that conversation, up next. from new york, this is bloomberg. ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." we will kick things off with another steady week of issuance. monthly sales approaching 200 million euros. america's biggest banks driving supply higher, pushing monthly sales closer to estimates. with more than a week remaining in january. the junk bond market heating up following a slow start to the week. pricing for billing dollars thursday alone. the busiest session in three months. back with us are our guests. kathy, i want to start with the credit market. you make a good point. the corporate fundamentals is something you have confidence in. you are to balance that with financial conditions you expect. what do you do in this environment? >> absolutely, that is what we are trying to do, or trying to balance the fact that, despite the fact that we know that cen

jonathan: it is bizarre. you have to go back to 2020 to see and move like this -- 2012 to see a move like this. down just north of 400. tom: president biden resetting for year two. annmarie hordern is there and we will talk about the reset of the president. joining us from geneva from st. peter cathedral looking across at the beautiful city. maria tadeo joins us. tough life, maria. what has been the surprise for you? maria: to me, the russians have a very different perception of what is happening, in europe, we could potentially go to war in ukraine. the russians see it very differently. you pick up a lot of details and anecdotes and russian officials connected to the government have told me we don't see a war happening. this is the west creating drama. the perception is very different to the tone we hear from both the u.s. and european countries. tom: is it perception different than clinton-burbage of. -- clinton-gorbachev. how is putin-biden effort? maria: when it comes to ukraine, there are many ways to lo

tom: jonathan: i believe -- jonathan: i will leave this decision to you. are we going to head to parliament? tom: you've got to frame this for us because we are worried about the senator from west virginia going across the aisle to mitch mcconnell. new do it differently in the united kingdom. jonathan: there is a conservative mp about to walk across the aisle. let's take a listen. >> thank you, mr. speaker. latest evidence and research shows the u.k. is the most attractive country in the world amongst young people across the g20. amid intense soft power competition from other countries, including china, can the prime minister assure me and other members of the british council all party group that the government will meet the british council's requirements to ensure it does not have to close anymore offices overseas, and to ensure -- tom: jon, this is inside baseball. why are we doing questions on inside baseball? jonathan: the line of questioning won't continue this way as things proceed. tom: they stand up. is it like they wave at the baseball game when t

jonathan: great point. krishna memani we'll stick with us, along with srikanth sankaran and victoria fernandez. fresh u.s. housing data. that conversation is coming around the corner. this is bloomberg. ♪ jonathan: live from new york city, i'm jonathan ferro. this is bloomberg real yield. coming up over the week ahead, china gdp figures on monday. u.s. markets closing for the martin luther king jr. holiday. central markets in japan, indonesia, turkey holding their first meetings of the year. final thought with their toy or fernandez, srikanth sankaran, krishna memani. to pick up on what krishna said, the typical playbook is the federal reserve hikes too much, kills the dreams of the future, curve flattens, cycle over. is this time different? victoria: i hate that phrase, is this time different, but i think there is an element here that is different from before. so much is being driven by the pandemic. krishna said it, we have to get out of the pandemic or we are in recession. you are looking at the yield

jonathan: tom keene, lisa abramowicz, jonathan ferro. yields up almost one basis point at 1.75. from new york city, this is bloomberg. ritika: with first word news, i am ritika gupta. curbing inflation said to be the central bank's most important task. working people around the world are concerned about how far their paychecks will go. president biden is deploying the military to help those in new york, new jersey and other states facing coronavirus surges. they will be used to ease pressures on overwhelmed health centers. 350 military medical staff have been working in civilian hospitals. in the u.k., prime minister boris johnson bought himself some time after apologizing for attending a party at his downing street office during lockdown. people are still angry and johnson's grip on power -- an official probe. u.s. aviation regulators say they have made progress reducing the risk from the5g service that begins next week. the faa is releasing restrictions. at&t has delayed their release for two weeks. global news 24 hours a day, on air and on quicktake by bloomberg, powered by m

jonathan: that was john kirby speaking to fox news over the weekend. i'm jonathan ferro. your equities market is negative. the s&p down about 7%. you have to go back to march 2020 do have a month as bad as the month of january 2022. getting some headlines from the financial times -- the u.s. has drawn up sanctions targeting vladimir putin's inner circle and their ties to the west. tom: what an odd, clumsy weekend in international relations. away from the thinking about it at 60,000 feet was the almost panic about it nation to nation. jonathan: a tough time for the administration. the ukrainians want to play down -- it down but at the same time they are asking for aid. tom: my head is spinning,, annmarie. how bad is president biden's head spinning? annmarie: a republican and democrat went on to fox news and outlined what the senate is drying up in terms of -- tom: he is going -- is there an actual plan to assist europe with oil, with natural gas and other fuels? annmarie: that is what they are working on. they would be potentially one of the sources. a lot of these natural

this is "bloomberg: the open" with jonathan ferro. jonathan: we begin with the big issue. counting down to chair powell. >> the issue is how strong a signal to they want to send? >> i am sure jerome powell will peppered with questions. >> everyone is trying to figure out what is the fed going to do? >> they give a little bit more color about tapering. >> the press conferences are more interesting than what we first year at 2:00. >> you will hear hawkish messages for the next months if not the year. >>

jonathan: thank you. let's get you some single terms. >> we will stick with the equity market for now. the big close that we had yesterday. correction territory for the ncaa. nasdaq on that. amanda down again -- a.m.d., down again. first time we will seen that on apple going back to october. to the general idea here that some folks are rotating through this market rather than pulling cash out of it, keep an eye on names like apple as well as microsoft and netflix. earnings are going to be after the bell. shares higher by .9. this stock has gotten beat pup prior to this week. a look for about 8.3 to 8.5 million net add. we did get some earnings this morning out of it. united airlines was going to surpass its 2019 capacity in 2022. now revising saying it will be below that. they said we've been seeing periods of high demands, countered by periods of low demand. alcoa reporting earnings and they were good. tom: romaine bostick with the close. that's the first techy type earnings statement. right now and this

jonathan: on -- that incline in brent crude. jonathan: unbelievable. it is 100 basis points now for march? lisa: anything is on the table, honestly. what seems likely is a 25 basis point hike. it seems unlikely they would go 50 basis points, but what they say about the balance sheet, what they say about the parameters that would push them to hike more, is really where my focus is. jonathan: thank you. oneness now, sarah hunt, portfolio manager at alpine woods capital managers. how active were you this month? sarah: we were fairly well positioned coming into this month, so we have been active in terms of what we are looking for that might have gotten hit with the rest of those stocks. we were somewhat active, but we were fairly well positioned coming into this because we were concerned about this selling into the end of last year. tom: if someone is bullish, where is the opportunity right now? sarah: there's a lot of opportunity and some of the tech stocks that got hit. i think part of that was apple saying that part of their supply chains have eased. i

jonathan: aged tang. from new york, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. president biden reportedly may drop the u.s. stance on russia and ukraine. according to "the new york times," the president is considering deploying naval craft and troops to ukraine. u.k. prime minister boris johnson is facing the outcome of an investigation into reports that he allowed rinks parties in downing street which broke pandemic rules. the result of that probe could lead his conservative party colleagues to force him out. in israel, a new study says it's fourth dose of vaccine for adults leaves people better protected than those with three shots. the great majority of people in israel have received the pfizer vaccine. an activist investor is added to the pressure on unilever's ceo, who failed in his bid to buy a conserver help -- a consumer health unit from glasser smith kline. he has built up a stake in unilever. it is unclear what his intentions are. he has a history of pushing for c

jonathan: winter is here. from new york city, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance." alongside tom keene and lisa abramowitz. equity markets up. the s&p down one third. tom keene, that line on winter from mike wilson at morgan stanley. tom: goes across equity markets, fixed income and what we see of the tensions where is winter along and eastern front of eastern europe. we will dovetail all of the politics in with the markets. i would suggest, so important is we are seeing the triangulation of the markets, gold up, dollar up, swiss franc up that is what you know about political tensions. jonathan: 10 year yields down three basis points. the team at morgan stanley and the head of the fed saying slowing growth is overtaking what the fed will or will not do. tom: i really want to see how the recalibration lays out from paul krugman's op-ed. you have elements of the 1947, the divide. it is extraordinary at the recalibration we are going to see this week. jonathan:

jonathan: good morning. this is bloomberg surveillance live on tv and radio alongside tom keene and lisa abramowicz, i am jonathan ferro. your equity market unchanged on the s&p 500. hong kong going in a very different direction to the united states. tom: the pandemic front and center for team surveillance. we are all dealing with it in our own way. what to me is interesting is the cultural overlay. when you see carrie lam say this is a critical moment, that is a different tinge than what you would see in new york. jonathan: 22% of the over 80 population is vaccinated in hong kong. that is why we are seeing the flights banned from the u.k. and the u.s. and seeing the jim's close again and sing the bars close again, that is why they are going in a very different direction. lisa: a very different phase of the pandemic. the big question for 70 people is how long can china and others retain these zero covid policies in the face of an endemic virus that you cannot stop by closing your borders. jonathan: we starte

jonathan: from new york with tom keene and lisa abramowicz i am jonathan ferro. a bounce back from yesterday on the nasdaq by 1.85%. on the s&p up 56 advancing 1.3%. tom: i don't have much to say about it off the carnage of the volatility. the vix is still angst-riven but not the 34 level that we saw the last couple of days. the information moving too much, we have to get right to it. on the lawn at the white house, on the lawn in berlin, we welcome both of them. on thursday it will be nine degrees fahrenheit in eastern, eastern ukraine. let's get back to first principles. away from nato policy why does putin want to go into eastern ukraine? what is the why? >> for many reasons. one he would say essentially what we are doing is uniting our people, we come from the same place and speak the same language and share a history. they don't and that is what is important. ukrainians will tell us it is ingrained that we want to belong in the european union and join nato. we don't speak russian, we speak ukrainian. they say the view of history that vladimir putin pretends

jonathan: thank you. i have to say, walgreens in new york city town town actually had a lot of tests yesterday. limited to four per person, but a lot of tests. they were $10 each, compared to the fact that you could get a pack of seven in the united states for free from your government. they are trying to work that out here in the united states. lisa, the reason i associate political risk with the school closures, i wonder how many parents will consider shifting conservative when they see these issues continue in places like new york, chicago, and elsewhere. lisa: a lot of people wrote in when we were talking about kids and how they have been completely scarred by the experience of being remote for a full year, and the prospect of doing it again was scarring for both kids and parents trying to deal with it and for working. the question is, at what point do we start talking about this and addressing it head on? it is something that has been a real obstacle for president biden because there's so many things

jonathan: thank you. i need to get my team out of here before the snow starts coming down in new york city. see you next week, same time, same place. this is bloomberg. ♪ mark: welcome to the bnn bloomberg audience. i'm mark crumpton with bloomberg first word news. ukrainian president volodymyr zelensky says russia's posture on the border has not escalated since last spring and that the media is making the situation appear worse than it is. >> he image that mass media creates is that we have troops on the roads, mobilization, people are leaving from places. that is not the case. we don't need this panic. mark: president zelensky says warnings of an imminent invasion by moscow is damaging the economy. russia intends to avoid invading its neighbor despite amassing thousands of troops on the border. in vienna, diplomatic attempts to revive the landmark nuclear deal between iran and world powers are entering their final stage, according to european negotiators who caution that political leaders still need t

jonathan: it is sad. i think on several issues when it comes to the europeans, they are distracted on how to deal with the chinese communist party. the chinese communist party has been fantastic at building commercial relationships with places like germany. this commercial relationships become sensitive weak spots in geopolitics. tom: it is a new germany. it is a germany that has to go up in eastern europe. jonathan: talking of tensions between the u.s. and the chinese communist party, you can find many companies who are happy to criticize the administration in america. they will not speak about it when it comes to the chinese communist party. tom: i have my boots on today. jonathan: we would sit down with oc as and say -- those ceo's and say " what do you think of the chinese communist party?" they will shudder. they do not want to talk about us. tom: -- futures down 11, down 2/10 of 1%. from new york city, this is bloomberg. >> i'm leigh-ann gerrans. in kazakhstan, security forces are restoring control

jonathan: not right now, no. the premised or is going to face some questions through the next 30 minutes or so, if in the -- and if there are any headlines, we will bring them to you. cpi in america, from the pandemic to the inflation we have seen, the estimate is 7%. lisa: how much is it going to be the 7% handle, the shock factor of seeing inflation at that have a rate versus the underlying components? how much do we need to see a transmission from the goods inflation to the services inflation in order to give rise to the stickier feel that we keep hearing? jonathan: let's get to the s&p, up a little more than 0.1%. on the nasdaq 100, up 0.2%. yields on tens, 1.7428%. yields higher by almost a basis point. joining us now, sebastien page, cio and head of global multi-asset at t. rowe price. what are you looking for? sebastien: 7% looks reasonable. that is the consensus. when we discussed in our asset allocation committee where we expect cpi to print year-over-year at the end of this year, our base case is 3%, bu

jonathan: what a move in this bond market. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance, live on" this is "bloomberg surveillance -- this is "bloomberg surveillance," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. yields on twos through 1%. tom: we are sliding into tuesday. no we are not. there is some real market action out there. it is going to cut different ways depending on what goldman sachs does, but far more the earnings tone into this week, and critically into next week, is just the key point. mike wilson of morgan stanley emphasizes that. jonathan: mike wilson looking for 4400 year end the s&p. lori calvasina saying this will dictate the rest of this year, the tug-of-war between the strong economy and the headwinds of policy in early 2022. tom: there's no question about that. this is how we make the sausage on bloomberg. i can't spell jon's name right now. how about the wilson-golub divide? we see a huge divide between the bulls and t

jonathan: i agree with you. to wells fargo, the question, zero assurance that this historic increase will level off after this year. that is what we are grappling with. we are talking about next year, the year after that. is that what we have to factor in now? lisa: especially because loan growth is a question. where are they going to grow their revenues at a time when they have got incredible competition from some of these financial technology companies, upstarts, just-in-time lending from the actual retailers themselves? how do they do this in a way that is constructive to loan losses down the line? jonathan: goldman was very careful with their language on wages yesterday. we committed to rewarding top talent. that conversation model is highly variable. lisa: even the one-time payout partners. it was supposed to be a one-time payout, but is it? jonathan: we will see. yields just a little bit higher, up a single basis point. bank of america earnings coming up very, very shortly, then onto morgan stanley to wrap

jonathan: let's do that. damian sassower, as always. -- 'bramo says there is something going on in this market. there is. conditioned maybe by the massive turnaround yesterday. lisa, you don't know what to make of this anymore. lisa: you don't know which direction is going to go, but you get the sense that people are just searching for the narrative to guide them right now. jonathan: trying to look around corners. really focused on downside risk. tens at 1.77 percent. yields unchanged. coming up shortly, geoff yu of bny mellon. did you say it was genetic? [laughter] is it really? ♪ ♪ >> i see inflation largely continuing this year >> they do not want to raise interest rates too soon and slid down the economy. >> i very much agree that the labor market is tight. i very much disagree that the labor market is strong. >> we are seeing a slowing down of the economy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. deep into 2022 come on radio

jonathan ferro, and lisa abramowicz. jonathan: earnings season gearing up. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market down a single point on the s&p. j.p. morgan numbers out 10 minutes ago. tom: and a good opening salvo of what we are going to see per you mentioned morgan stanley, and goldman sachs i believe into next week. all i can thing about as we go to this new our was ben bernanke saying the integrity and crisis of the financial system is a be all and end all. jerome powell and many others delivered in spades in this natural disaster, a banking system that was resilient and prospered. the big question is, now what? tom: the outlook -- jonathan: the outlook from these companies reflected in the reserve relief. things are better, helped out by the policy story of the last couple of years. but things are getting more expensive. that is w

jonathan: thank you, as always. over in london right now, the prime minister boris johnson briefing members of parliament on the tension between russia and ukraine. of course, the u.k. at the epicenter of a lot of this. tom: what is the u.k. position? jonathan: looking to lead in a way the french and the germans, as numbers of nato, are not right now. germany often seen as a weak link on big geopolitical issues. i think in this case, they are no different. tom: is the prime minister beholden to russia for hydrocarbons? alex: certainly not ash jonathan: certainly not -- jonathan: certainly not in the same way the germans are. coming up a little bit later, the professor of economics at columbia university is going to weigh in on this situation in the economy and the federal reserve. we will keep you up to speed on the geopolitics. futures down by more than 300 on the nasdaq 100, down by more than 2% on the, down by 1.6% -- on the s&p, down by 1.6%. lisa: is this really fears of the fed trying to get ahead of the annou

jonathan: take me to the second half then. brent: i worry more then because the second half of the year, we could be moving towards that. at the end of 2019 we had a pretty tight labor market. between now and the end of the year, we could back to where we were in 2019 at the end of that time period. a leader economic cycle market where we are out of labor market slack. then the question becomes can productivity keep up. we only have around 4 million more people to hire before we are back to where we were in 2019. that means 10 to 20 months before the labor market could potentially be tight. that is when you might have more real inflation. not the one you are having right now based upon covid and some of those abnormalities. lisa: you talk about the first half and the second half and a bifurcated nature between the haves. a lot of people have said the same thing. how do you raise a strategy where you have the flexibility to rejigger at a time when everybody is doing the same thing in response to the same inputs and liquidity is

jonathan: why did they leave spotify? are they uncomfortable with the misinformation from the joe rogan podcast. robert rosener of morgan stanley joins us right now. tom: robert rosener, senior u.s. economist. you stop when you see a research piece that is carefully considered. i did that last week as the team did a terrific essay on our fiscal debt. congratulations on the essay. really simple. you have confidence we can generate a growth rate to pay off this fiscal morass? robert: thanks for having me. it is that important point because we saw debt to gdp ratios rise. that was driven by the fiscal deficits we saw in 2020 and 2021. coming out of this year our projections for public debt relative to gdp are set to come down. they are not set to come down all of the way, but it doesn't it -- it does evidence how much a nominal rate of gdp can do to help those projections. tom: the doom crew will use that as a tool to say it can adjust fed policy. will fiscal dynamics change fed policy? robert: fiscal matters for the fed as

jonathan: really important. thank you. jean boivin joining us now, of blackrock, global head of investment. why is that important? jean: i think it is pretty crucial and important. we have seen, after stopping the economy for the virus, a restart. we have been in that process the last few quarters. it is not our usual recovery. this is not guided by the consumers, investment sentiment, and animal spirits. it is really about going back to the activity, turning on companies, turning on life. that can happen very quickly. point number two is it is a lot easier to restart demand then it is to restart supply, so that really is a mismatch. that is where inflation is coming from, and that is very indifferent from inflation we have seen. so it is pretty crucial. kailey: jon was focused in on the research line. i focused on that monetary policy cannot stabilize inflation and growth. because it is laser focused on inflation, is it at risk of hyper tightening into weakness, and therefore we are worried about a recession down the line

tom: jonathan: jonathan: a killer call to close out 2021. we had the chief market strategist with us. are you still optimistic for the year ahead. >> i love how you give credit to guys you give credit to guys get it right. this will be a year where we will end up on the plus. the problem you had is the fed is in a box with the unemployment rate throughout the middle part and into the end of last year, the reason for not raising rates are talking about talking about talking about raising rates is the unemployment rate had not come down enough. now the unemployment rate has come down further. we look at the national federation that when it moves ahead four months, the on ointment hit an all-time high a couple of months ago and that will come down even further. you have fiscal policy uncertainty as well as economic policy which is a geopolitical issue. i think we will end the year on a good note. tom: it's a great idea of partitioning sectors. it's not apple or amazon, what does big tech do against banks, tanks, shanks and cranks? >> that's fin

jonathan: tom keene, this abramowitz and jonathan ferro on this payrolls friday. yields unchanged on tens at 1.7231. the jobs report, a couple of hours away. ♪ ritika: the white house and postal service making final plans to deliver 500 million coronavirus test gets to households. officials want to begin shipping the tests the middle of this month. any announcement may come next week. -- encouraging employees to work remotely through the week starting monday broad it evaluates its next move. thank hurt workers to get fully vaccinated and received a booster shot, although it stopped short of a full mandate. and because, the president declared that order has been restored. protests erupted over fuel price increases, leaving dozens of people debt. russia and its allies dispatched troops to quell demonstrations. it has been the biggest threat to the government since independence three months ago -- 30 years ago. beijing is calling on banks to boost up lending in the first quarter. it is a key debt restriction for developers. regulators try to engineer a soft landing

jonathan: tom keene, lisa abramowicz and jonathan ferro. your equity market is positive this morning. the nasdaq 100 bouncing back by two percentage points. tom: you look good on the bramo cam. jonathan: i like the filter lisa uses. yields higher. from new york city, this is bloomberg. ♪ every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. >> rates affect everything. as long as they are going up risk appetite will not be in a good place. >> the fed is more likely to be responsive to credit conditions than the s&p 500. >> i know the narrative is gloom and doom, but

jonathan: linda thomas-greenfield, u.s. ambassador to the united nations, thank you to coming back to washington post live. amb. thomas-greenfield: thank you, jonathan, it is great to be here. happy belated new year. jonathan: thank you and same to you. to see what we have coming up, go to washington post live.com. thank you for watching. >> in march 2017, lance geiger, from the basement of his house in illinois, created a new business. however, his business can be seen all over the world on youtube. since that day in 2017, geithner has been known as "the history guy." he has produced hundreds of 10 minute to 15 minute short documentaries on his home city. he is surrounded by hundreds of artifacts, including military hats, ship models from military operations. lance geiger is always dressed in his trademark dark suit, black rimmed glasses, and a bow tie. >> on this episode of "book notes +." available on the c-span app or wherever you get your podcasts. c-span is your unfiltered view of government. we are funded by these te

jonathan: can you say that in german? tom: [attempting to speak german] jonathan: just to be clear, this is a report coming out of switzerland. the press conference -- the press office has not had a response and i'm sure many of you could not care less. [laughter] i want to talk about netflix a little bit more. lisa: please keep going. jonathan: netflix down 20%. this is not a penny stock, not a playground. tom: seriously come into the weekend, what does it mean for the confidence into the earnings to look forwards next week? jonathan: the confidence around this name has been hammered. we have seen moves like this after earnings with netflix. to see a move bigger than 20% you have to go back to 2012. it was not a $200 billion name back then. isn't it time to grow up? tom: that is exactly it. i hate the bundling of the fangs. they have $1 billion in free cash flow, microsoft have $65 billion, they are not comparative as institutions. lisa: were you talking about netflix? is it time to grow up a little bit? jonathan: i was

jonathan: final question. you have set up a strong stream of recurring revenue with this vaccine rollout. you are being insulated by government policy the world over. do you worry about the pr fallout from that, the backlash you could get, making money off of the vaccine that has now been mandated in many places, being insulated, having revenue stream insulated by governments around the world, do you about fallout from that? albert: i understand the meeting -- the meaning of insulated. if you have the belief it is appropriate for the private sector to be entrepreneurs and produce product medicines they can get some profit out, i cannot think of a company that we deserve it more to make money other than the company that did so good with the money. i'm very proud for what we have done. i'm very enthusiastic that this example will create way more risk-taking for the industry but will result in way more breakthrough products that would save more lives. jonathan: a ton of issues we need to cover in the future. we a

jonathan: the s&p 500 down 0.7%. you've heard the calls coming from goldman, from deutsche bank, and citi wanting them this morning. the risk the fed has to do more, that is the risk for people going into wednesday. tom: d significance profound on weaker ruble and stronger swiss franc, and it shows a new strong u.s. dollar. it seems like the market may be doing some of the fed's work. jonathan: classic haven flows going into the swiss franc, and the underperformance pretty clear. the dax down more than 2%. we've got detention over higher real rates in the united states into this morning, and we got detention with russia and ukraine really weighing on european equities more. . tom: if you are just joining us, we are hearing leaders speak. boris johnson commenting with some very strong language out of london. we await comments from president biden. lisa: he's going to talk later about not only the omicron variant, but more about the fact that you have to see prices go up in real wages come down. what do you do with tha

jonathan: linda thomas-greenfield, u.s. ambassador to the united nations, thank you to coming back to washington post live. amb. thomas-greenfield: thank you, jonathan, it is great to be here. happy belated new year. jonathan: thank you and same to you. to see what we have coming up, go to washington post live.com. thank you for watching. . >> at today's white house briefing, genaro psaki was joined by the infrastructure coordinator. they answered questions about a bipartisan infrastructure bill that president biden signed into law. jen: hello, everyone. take your time. we're good. ok. good

jonathan: what a mental day. from new york city, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance." alongside tom keene and lisa abramowitz. i'm jonathan ferro. a wild swing of yesterday. tom: the vix, going into a today a fed meeting. to the points made in the opening, do they care about the equity markets? i am not so sure they care about the equity markets. jonathan: we will find out tomorrow. the bulls are bullish and the bears are bearish. there is no smoking gun here that says something in terms of long-term fundamentals have changed. tom: isn't it fun. ben lail or right since 2018, -- ben lailor has been right since 2018. jonathan: if you missed yesterday, we finished positive peer nothing happened. lisa: the idea of a 4% swing is massive. the last time we saw this was back in 2008. before that, the dot-com bubble pair how much did indicate not a positive sentiment that kicks in at the end of the day, but turmoil that could continue. jonathan: let's get you up to spee

jonathan: tom keene, lisa abramowicz, jonathan ferro. i defer to you on this one, t.k. each and every time. every time this story comes up. tom: i'm not focused today. jonathan: pumped up after that spurs win. yields in three. 1.8290 on 10. jonathan: live from new york city with tom keene and lisa abramowicz, i'm jonathan ferro. up 19 points on the s&p, up .8% on the nasdaq. with jobless claims data in america let's get the mike mckee. michael: this is interesting. we see jobless claims up to 286,000 for the last week. we did have a holiday and we also have the fact that a lot of people may be out of work because of covid, especially of restaurants had to close and that might have sent people to the unemployment rolls temporarily. we will have to watch the trend to see if that is the case or if we are having a change in the labor market. hard to believe anybody would be letting workers go deliberately given how hard it is to find anybody. we will watch that. it is up from 230,000 to 286,000. a pretty big jump. we are taking a look at the philadelphia fed and the philade

jonathan: tom keene, lisa abramowicz, and jonathan ferro. your market advancing around 0.25%. from new york, heard on radio, seen on tv, for our audience worldwide, pushing all-time highs, this is "bloomberg surveillance." ♪ and there you have it. woah. wireless on the most reliable network nationwide. wow. big deal. we get unlimited for just 30 bucks. sweet, but mine has 5g included. relax people. my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one-upping itself. take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >> i would not be surprised if you do see a 7% handle when it comes to the overall rate of cpi inflation. >> inflation is probably the biggest concern for markets in 2022. >> i think we have had the peak of inflation pressures on margins. >> fiscal stimulus is being ebbed to some extent in overkill. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz.

jonathan: mr. king, you were planning on being in arizona tomorrow, the birthday of your father, long before senator sinema did what she did yesterday. why arizona? why not georgia? why not texas? why not any other state? martin: our initial plan was to be in arizona and always to be in d.c. we thought about even coming to atlanta, but we decided the timing would not allow us to do the three cities. so, since legislation has already occurred in arizona, just as in georgia, but in addition to legislation, there has been a court ruling as well. and when you look at the black and brown and most of all the indigenous community that is there, it is the right area to be. and finally, because senator sinema is there, we want her to know. her constituents have got to have some level of influence on her. maybe they haven't so far, but if it comes to a head january 15, i think that is very important. jonathan: have you had a conversation with senator sinema about voting rights? >> no. we have requested conve

jonathan: people are exhausted, big time. tom keene, lisa abramowicz, jonathan ferro. the s&p is up one third of 1%. coming up, credit suisse is looking for 5200 on the s&p 500 this year. that is 20 minutes away. this is bloomberg. ♪ ritika: at&t and verizon have agreed to a two week delay. the carriers agreed to launch many services. that was in defiance of officials who say that 5g signals might interfere with aircraft electronics, posing a safety risk. top supplier russia -- slows. 10% extending monday rally. russian supplies say -- after dropping yesterday to their lowest since february. chris redfield is in talks with investors to raise more capital according to a person with knowledge of the matter. it came after -- the capital management declined to comment. united arab emirates is said to be risk of getting on at risk -- a list of countries not doing enough to combat money laundering and terrorism financing. the financial action task force is leading toward having the company added to its a great list. that would be a big step given their position as the fina

jonathan: from new york city with tom keene and lisa abramowicz, i'm jonathan ferro. down a little more than a 10th of 1%. some headlines from the u.k., dropping pcr tests to confirm a positive rapid test. the health security agency announcing changes to covid testing. people with covid symptoms should still get pcr tests. what happens after that five days in america when your isolation cuts. for many corporations that demand you get a pcr tests to come in. it seems to be a shift away from this test in america. and in the u.k. it is happening now. tom: it's happening right now as we mentioned earlier. you wonder what the united states will do. i hope we can come to an agreement on a pcr tests but 2:45 this afternoon. i want to harken back to that goal over 10 years ago. a really remarkable goal. frankly they need a performance like that. jonathan: i'm pleased you are fired up about this. i think it has to be tennis star novak djokovic getting an exemption to play in the australian open later this month. there's been a huge amount of pushback over the last 24 hours for

jonathan: stoppage time. if there are lots of injuries, the referee can add it onto the end of the game. tom: so they added 6 minutes and this guy scored two goals. jonathan: in a couple of minutes. tom: the highlight to me is like ice hockey. they are kicking from further out. it is blocked, stopped by the goalie, whatever. it was a more american game. it was very fiscal. i loved it. jonathan: i wait for lisa to walk away from the set. now she is back on the microphone. lisa: i was going to say, can we get extra time on "bloomberg surveillance?" tom: we can get extra time. steve auth for fed rate global investment. on energy and basic resources, the underperformance in big tech, is this the flavor of the year ahead? steve: it sounds like that. we are under way to value and grows like a lot of folks here. i was saying before the break, the underperformance of value versus growth over the last five years is 130%. that is actually more than the underperformance leading into the tech bubble at the end of 1999. t

jonathan: linda thomas-greenfield, u.s. ambassador to the united nations, thank you to coming back to washington post live. amb. thomas-greenfield: thank you, jonathan, it is great to be here. happy belated new year. jonathan: thank you and same to you. to see what we have coming up, go to washington post live.com. thank you for watching. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> congress is back today for legislative work and the house is considering a bill to allow local school districts to use pre-pandemic agenda to calculate funding needs. the senate also returning at 12:00 p.m. to begin debate on a voting package that would restore provisions of the 1965 voting rights act and create mandates for early voting, ballot. boxing -- ballot drop foxes. -- ballot drop boxes. senate democrats expected to consider a change to filibuster rules. senators don't mention of west virginia and kyrsten sinema of arizona have expressed oppos

jonathan: tom keene, lisa abramowicz, and jonathan ferro. your equity market -0.2%. per our audience worldwide, heard on radio, seen on tv, this is bloomberg. ♪ leigh-ann: with the first word news, i'm leigh-ann gerrans. the biden administration and u.s. allies impose import restrictions on russia if vladimir putin sees as more of ukraine. they are discussing limits on sensitive technology and electronics. in geneva, senior american and rational officials -- and russian officials will begin talks about easing tensions later today. -- did spread inland before chinese officials detected it. that brings the very end the doorstep of the capital less than a month before the winter limits begin. officials have said that 4 million residents are not to leave the town unless it is essential. goldman sachs is forecasting the federal reserve will probably raise interest rates four times this year. the research note so says they will start balance sheet runoff in july, if not earlier. officials signaled they are preparing to move quicker than last time they tightened monetary

this is bloomberg. ♪ jonathan: live from new york city, i'm jonathan ferro. this is bloomberg real yield. in europe, the primary market starting a new year at a slower pace. sovereign debt from italy and others. u.s. blue-chip companies leading the charge in the high rate debt markets, blasting through estimates with 31 deals. royal caribbean kicking off the years junk bond issuance, weekly sales approaching $6 billion. i will never understand the cruise thing. that is a conversation for another time. subadra rajappa, jim caron, troy gayeski. subadra, i want to talk to you about the european debt market. the german 10-year yield is getting very close to zero, within five basis points. you say the treasury market will underperform what is happening in europe, germany specifically. why? subadra: that was the call in the year ahead outlook. we thought treasuries would underperform relative to bunds. it is mostly because of the differential in the policy front. the ecb will remain very cautious. a few elections coming up in italy and france. generally speaking, b

jonathan: you are look -- for the foreseeable future. jonathan: you are looking for 3%. amazing stuff. anneta markowska, thanks very much. we need to get back to microsoft eying $70 billion deal for activision. activision had a market cap of $50.9 billion, so that is your premium. tom: if you look at any discussion of activision blizzard, and particularly "call of duty," then is microsoft because, i don't other ratios in front of me, but you are playing activision blizzard, like "call of duty: vanguard" i think is phenomenal. i don't want the zombies part. [laughter] jonathan: oh yeah. tom: but seriously, basically, you've got to do it on a micra soft platform. -- a microsoft platform. jonathan: have you ever seen the tk set up at home? on one side, the bloomberg. the other, "call of duty." [laughter] this is bloomberg. ♪ ♪ jonathan: we have so much to talk about this morning. from new york city, good morning. futures down 1% on the s&p. nasdaq down 1.6%. the deal of the morning. microsoft to buy activision/blizzard for $95 a share, close to a $17 billion deal and wo

this is "bloomberg: the open" with jonathan ferro. jonathan: we begin with the big issue. the battle for talent. >> we are going to see higher wages. >> we are already in the wage price spiral. >> concerns over competitiveness. >> those hot wages will stick around. >> there is a talent war. >> he sought not only jp morgan's numbers. >> the bigger players continue to compete for the best

jonathan: i know you are. [laughter] do you think that becomes the consensus view, that we jump across from inflation scaring, the policy response, to it is going to tighten growth and hit growth hard? lisa: this is to your comment about what would your market call be. that is the real question. if you see growth and you expect it to slow down, does it make you more bullish on markets? if using the fed is going to back away from tightening, does it make you bearish because we are entering into a new cycle? perhaps it is independent of fed policy. jonathan: we are down 0.9% on the s&p. if you look at the fx market, euro-dollar negative for five straight sessions. euro-dollar down again by a little more than 0.1%. off the back of this move in treasury yields, up four basis points on tens, up a similar amount on twos. tens right now, 1.8463%. the fed is ready to go. the ecb, not so much. lisa: we are seeing slowing growth and the idea that inflation isn't necessarily driven by those checks people got because they

jonathan: mr. king, you were planning on being in arizona tomorrow, the birthday of your father, long before senator sinema did what she did yesterday. why arizona? why not georgia? why not texas? why not any other state? martin: our initial plan was to be in arizona and always to be in d.c. we thought about even coming to atlanta, but we decided the timing would not allow us to do the three cities. so, since legislation has already occurred in arizona, just as in georgia, but in addition to legislation, there has been a court ruling as well. and when you look at the black and brown and most of all the indigenous community that is there, it is the right area to be. and finally, because senator sinema is there, we want her to know. her constituents have got to have some level of influence on her. maybe they haven't so far, but if it comes to a head january 15, i think that is very important. jonathan: have you had a conversation with senator sinema about voting rights? >> no. we have requested conve

jonathan: yen, wonderful. our congratulations to you and the team on another fantastic piece of work to kick off the new year. ian bremmer of eurasia, and jane harman of the wilson center. thank u.s. well. futures up 29, advancing 0.6%. heard on radio, seen on tv as we kick off a new trading year, this is "bloomberg surveillance." ♪ >> i think we are going to see less returns when it comes to developed markets. i think we are going to see more the convergence of asset classes. that typically is the case when we enter a slowdown phase. jonathan: the year ahead with christina hooper there, the global market strategist at invesco, after the year behind us delivers a year of massive u.s. outperformance and a 20% gain on the s&p 500. futures up 25 on the s&p, advancing about 0.5%. you would's advancing on tens to 1.5291%. on twos at 76 basis points, basically the highs of the last 12 months, anticipating a move from the federal reserve. crude $75.48. matt miller, i mentioned at the top of the hour the week ahead.