tv Bloomberg Surveillance Bloomberg July 21, 2020 7:00am-8:00am EDT
♪ >> there's going to be a lot more unemployment coming. companies are now starting to hunker down for a longer, more protracted recovery , so they have to right side their businesses. >> not everything is going to turn on right away. we are going to find some things turn back off for a while. it is going to be bumpy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york, for our audience worldwide, good morning. we are live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. a landmark deal in brussels come up belgium -- brussels, belgium, europe. it could be the first step on the road towards fiscal integration. will this be the moment we look back on his history in the making for the continent? iy: i agree with you -- tom:
agree with you. we really can't underestimate the size of this deal. what i have learned in the last 24 hours, it is only the beginning process. a lot ofi spent time with wolfgang munchau trying to stagger the european parliament. jonathan: the signal here is important. europe is demonstrating they can borrow at the european level and distribute grants accordingly. that was unthinkable 10 years ago. lisa: they are also putting in certain taxation powers that give it more of a federation kind of feel. europe has gotten its act together. how about the united states? today we hear potential results from treasury secretary steve mnuchin and house speaker nancy pelosi discussing the proposal that mooching came to with the white house.
this will potential into payroll tax cuts, as well as potentially no state aid, which will be a problem for democrats. in the senate banking committee on nominations to the fed reserve board. then united air and snap reporting earnings. snap at the forefront of big tech's prowess so far this year. jonathan: looking at the fixed income market, the bond market doing ok. the euro slightly weaker, with euro-dollar at $1.1414. all about europe this morning. is about fiscal authorities in the united states later. crises in europe to make that happen. it has taken unprecedented crisis on the continent to get fiscal authorities to come together in a way that was something that will 10 years ago. tom: i think that is totally correct. the question is, does it take another crisis to move forward to the united states of europe?
what we heard in every conversation this morning is the idea that this is not that big a deal, given all the negotiations taking this way, that way, etc. as you well know, the sideshow here is the power between the west and the east in europe, which is almost foreign policy. jonathan: within europe, things tick along time to build. in the 1950's, no one thought that ultimately that would become the single market. when they have the single market in the late 1980's, no one thought that would become the euro zone and the monetary union. at least as quickly as it did. i don't think this is the moment where we change overnight. this is the foundation to build something in the future. tom: the other thing here is the backdrop that lisa mentions of the u.s. debate. lunch at the white house today of senate republicans. there are some similarities to what is going on in europe. they need a lot of money now
because this economy isn't going. as kevin cirilli said, i don't understand how we wait until august in the u.s. jonathan: the key difference here, and is a crucial one, for the united states. whatever they agree, that money will be deployed very quickly. in europe, that is not the case. we just heard the commissioner, that it is going to take a long time to ratify the deal that has been agreed at the leader level. then it will take a while to raise the money. then they will finally disperse the goods. in the united states, if we agree to more checks for americans, they can get that out pretty quickly. more checks for americans certain within this agreement. the price point, right now i would say it is one $5 billion, coming down from the democrat $3 billion. jonathan: we've got peter tchir with us of academy securities. it is about signal, not size.
how transformational for the continent you think this is? peter: i think this is great news. europe offers some value on the market side of things as well. say, there's been time getting this first wave through that should open the door for more going forward. we've been waiting for this for a decade, so it is really good this is happening. i think it is interesting. markets times, american seem to ignore these transformational moments in europe. i think this will gain momentum and gather strength as people stop focusing on the size of the deal. tom: take this international relations and folded over to your study of the bond market. what does it mean? what does it signal? peter: sadly, not a whole lot for the bond market. i think we will see more of the .ame it is a function of how the fed will respond.
it will be quick to add stimulus, slow to remove it. we do not want negative rates. see yield curve control. we are in this boring range on the fed side of things. lisa: sticking in europe, we are talking about how this fiscal plan isn't going to be implement it until next year. it has suppressed yield and some of the most needy areas, in particular italy, with italian bond yields the lowest since early march. do you think there are further gains on italian bonds, and potentially yields could go would lower given the backstop we are getting from fiscal, as well as monetary policy makers in europe? peter: i think we see more and more of yield compression. you will see germany give up a little bit of their negative view over time. germany and the bund really had two components. there was almost this free
would doat bunds phenomenally well. i would look for more yield compression. jonathan: tom, if you go back to 2012 and the july 26 speech from the former ecb president mario draghi, it took a while for people to realize what had actually happened. at the time, people read that speech and thought, ok. what is he going to do? it wasn't until several weeks into august where the penny finally dropped. we have a similar, perhaps more slow-moving story on the fiscal side as well. it takes time to digest the process, quite what is happening on the continent. tom: no doubt about it. i give you great reddit for being out front on the true scale of this. again -- i give you great credit front on out the true scale of this. the fiscal immediacy is extraordinary. i know peter is living out on long island lard, but the three
of us are within three zip codes within new york city. that is not america. every reporter i have has america flat on his back and europe flat on its back. these people have to do something out. jonathan: there's a lot of pain in the labor market, and we still need a lot of assistance from washington, d.c. and the federal government. there's a $2 trillion spread between democrats and republicans. nancy pelosi meeting with treasury secretary steve mnuchin later today. what are you looking for from those talks. peter: sadly, i think we see a little bit disappointment. convinced can seem that both sides come to an agreement. they have a dramatic difference to what they are looking for, and given where the stock market , given some completes about the deficit, we could see more friction than the market is expecting. i think we will get a bit of a
wobble in the markets this week, as people realize they are further apart than we would like. lisa: what about the federal reserve? some people saying the market has overestimated the fed stop of markets given the fact that their balance sheet has plateaued and even declined a bit over the past few weeks. peter: i think people have been overestimating the impact of the fed. i think the bears thought this was all the fed, but it was really all the stimulus. the fed has been very involved in the rates market. i don't think they have to do much right now because they sent strong messaging. but i think what they have done right now is more for the plumbing so that if we get another problem in the markets, they can react more aggressively. but i think we are going to plateau on some of the things, and you can fight the fed a little bit in the u.s. tom: one final question. i want you to go outside of your remit.
what do you think of the equity market? duration,ike, wicked maturity, all of the fixed income stuff. what do you make of a market with the thickset 21.49 -- with the vix at a 21.49? ? peter: it has been an incredibly confusing market. we reverted right back to the same stocks. i've seen it in the past. stock prices just become a number, lost sight of valuations. we have lost sight of market cap. everything is just a number. i think that is actually going to break. the only times i have seen that were 2007, 2008. the last rally in the credit market remind me of what we signed 2000. jonathan: peter tchir, a conversation we've got to continue. thank you.
tech absolutely massive in the last 24 hours. it is not just the number now, it is the story. we are all being told this nice story about these big tech name and why they can keep heading north. tom: that's true, but the moment they pause and we going to small coffee, one cup of we've got this back and forth. i love what mike wilson said. we need to identify when they all get together. we are nowhere near that right now. atathan: mike's message morgan stanley is that we can break some things down on the tech side, get consolidation, then rally into oops altogether. that is the story. but looking at the performance we have seen intact, and has been unbelievable. nasdaq 100 up 100 when percent year-to-date. apple and microsoft of about 35%. lisa: ibm's results after the bell confirming some of this with the cloud growth.
sarah ponczek of bloomberg said yesterday, the nasdaq was up 2.9%. the last time that happened was 2001. jonathan: much more to come on those numbers a little later. ,quity futures up 22 on the s&p zero point 7%. down in washington, we might have a new fed governor. a little bit of controversy bear. senator chris van hollen of the senate banking committee on whether judy shelton could be confirmed. this is bloomberg. ritika: with the first word news, i'm ritika gupta. european union leaders have agreed on a landmark it hundred $60 billion economic recovery fund. the fund is split almost equally between grants and low-interest loans. it will unleash vital financial aid to the southern european economies hit hardest by coronavirus and it is being paid for by hundreds of billions of dollars of common debt. that is the first time the eu has done that.
president trump's controversial pick to join the federal reserve board is set to clear a key hurdle. would still have to vote on shelton. in the u.k., more pressure on prime minister boris johnson to take a harder line on china. today, u.s. secretary of state mike pao meets with -- mike pompeo meets with senior leaders of parliament. they want to see sanctions on china. ebay has ended one of the biggest options of the year. it has agreed to sell its online classifieds business for nine point $2 billion. ebay will get $2.5 billion of cash and 540 million shares in the norwegian firm. ebay has been under pressure activist investors to sell assets. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta.
very important. we are working on it. i don't think there is too much dispute as to the level of importance. jonathan: the president of the united states would like a payroll tax cut. good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. two hours and 12 minutes away from the opening bell. equity futures adding to the rally. we had some way to the s&p 500, up another 23 points. we advanced 0.7%. in the bond market, yields bleed higher 20.60%. to 0.62%.- bleed hire not doing much. frome get that spread down $2 trillion and find agreement between democrats and republicans? tom: stimulus here, stimulus everywhere. part of that is political panic we move towards depending on the
election. rutte has to go back to the netherlands after this historic agreement. kevin cirilli, i want you to color the level of panic among republicans right now. it is 100 days to the election. what is the mixture, the level of nuance of the panic of the gop? kevin: they are essentially saying, what is the plan here? how did they get back on offense? when you look at polls in texas, and iowa, and not just presidential polls, but down ballot races, polls suggest that democrats are really inching forward, and in some cases pulling ahead, but it is still incredibly early. it was just a couple of months ago when republicans had momentum. there's no political strategist who doesn't and those that democrats seem to be having a very good summer.
but as the biden campaign continues to roll out their economic vision, here in washington, d.c., talk is all about the next round of economic stimulus. jonathan: to see the senator from ted cruz -- from texas, ted cruz, start to panic, speak to how important that moment is and what it means for policy in washington. kevin: texas has always been the foundation, and many ways, of the conservative movement, especially given its history with the bush contingency of the republican party. for senator ted cruz, a republican from texas who just eat beto o'rourke -- who just beat beto o'rourke in that very ,ontentious reelection campaign he knows a thing or two about how democrats are turning out to vote in the state of texas. for him to go on fox and say that is very crystal clear that they feel they've got to make sure that not only they are
turning out the base, but winning some key swing voters in a red state, a traditionally red state like texas. lisa: how much is that panic leading over to the white house, especially with president trump out yesterday afternoon with a twitter post of him wearing a mask, saying it is patriotic wear a mask, a sharp reversal in his stance? kevin: a massive reversal. today the president is going to continue with his daily coronavirus task briefings. this has been at the urging of some of his senior political advisors, who feel he has lost politically the opportunity to directly talk to the american people. people like kellyanne conway really pushing for him to do that, as well as his chief of staff mark meadows. i think in the next month, there thehis expectation that next round of economic stimulus will get done. the question from a political standpoint is can the president create a scenario where he is able to claim victory for
inevitable passing of this stimulus. that is the strategy at 1600 pennsylvania avenue. tom: senator van hollen is scheduled to be with us today from the good state of maryland, the land of spiro t agnew, and also the corning of the phrase silent majority. americans across the nation with the sign a majority? kevin: there was a brilliant article last week on the bloomberg terminal that most pennsylvanians think their neighbor is voting for trump, even as biden leads in pennsylvania. that is the silent majority right there, these individuals who don't identify as members of worldump base, that the and to some extent the identifies them as.
blue-collar workers who previously voted for obama and then decided that they were adding a raw economic. it is why joe biden has been so careful in how he has pitched his economic plan, a $775 billion plan to fund childcare that he is just rolling out today, that he says he will fund through real estate taxes. but it is why he is pushing this in a more moderate way, because he understands to those 70 sat -- to those 70,000 workers, that those individuals are taking a very different look from the progressive left and the far-right. jonathan: before we let kevin go, judy shelton, the senate banking committee in washington today. very busy, and some talk that judy shelton might get confirmed. several months ago, nobody thought that was going to happen. is this seriously going to happen in washington today? kevin: everyone on the senate
banking committee that i speak with is saying that this actually might happen. i think a lot of people are at the their breath treasury department, waiting to see what happens. this has been a very contentious battle, to put it mildly. should get out of committee just in time for dr. fauci throwing the opening pitch thursday night at match park. tom: rick -- at gnats park -- at nats park. tom: really? i did not know that. thank you for not having me ask a question on the governor-elect or whatever they are calling ms. shelton right now. jon, you are egging me on. jonathan: let me read out a quote from the op-ed shelton put together in 2019. "it would be in keeping with its historical mandate if the fed were to pursue a more coordinated relationship with both congress and the white
house." we could see that the executive branch needs to work more crisis, butng a when it comes from a supporter of the president, this is about central bank independence. it is not about breaking up the groupthink. i think we all want that to a certain agree. but the perception of independence is powerful and important. tom: lisa, save me. [laughter] questionk, there is a how people are going to be accepting of political interference in the federal reserve, especially with somebody who is incredibly controversial, and who has argued the idea of a gold standard for the dollar. jonathan: tom, you've got 20 seconds if you want. jon, go away.
jonathan: from new york city, this is "bloomberg surveillance ." we are live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. counting you down to the cash open in new york, two hours away in new york city. equity futures shaping up as follows. we add some weight to the s&p, up another 25 points, up 0.75%. in the fx market, a deal in brussels not enough to give us another lift on the euro. cm surrea -- seeing some real we is in the last month or so on the back of this optimism. 0.62%.u.s. 10 year, your two-year yield in italy down.
i think it is going to take a while to process exec lee what is happened in the continent. tom: it is a huge deal, and it goes to the parliament reprocess. you've got the stimulus in the u.s., but it comes back to the markets. on a cross asset basis, i really want to explain how odd what we are seeing right now is. it is almost to me the equity markets are discrete from the deepest market in the system, which is foreign-exchange. i am looking at euro-swissie. euro-dollar is stronger, but by no means a breakout. i look at e.m., peso. argentinian peso is ugly, even the black market. there are some interesting nuances out there, but it is a side. it is quiet except for that tech space. jonathan: em hasn't done anything for the last six or seven months.
that's basically where we have stayed for seven months, and i agree with you. outside of some big calls on euro-dollar, the big directional trade in g10 is something many people are struggling to find. tom: it is the depth of the market. the reason we bring this up, for those of you not schooled in this, is the
equity market, dow, spx, and all of that, and yet the deepest market is foreign-exchange. jonathan: let's get to foreign-exchange with vasileios q knock us -- with vasileios keo gkionakis- vasileios of plumb barda oda -- of banque lombard odier. definitely from both sides of the atlantic, you have strong tailwinds of euro-dollar upside. you just said before, it is really historic what is actually
happened in europe right that's right now. this is completely unprecedented. it is not so much about size, which is definitely needed. it is mostly about the signal effect. on the other cited the atlantic, you have flows into the u.s., this outperformance for so many years, but right now we are in a very messy political situation. the market has also started pricing in a biden victory, which i think always
argues in favor of a softer dollar. tom: is there clarity and capital flows, or is that messy as well? vasileios: well, that is a very good point. i think right now it has been messy this year. for the past decade or so, it was a very clear picture. everyone all over the world, they have been pouring money into the u.s. i think that was one of the things why, and the past four or
five years, we have had the intor really stepping considerably overvalued territory. you had a lot of flows, and because of the very unusual rate differentials we had based on a long history, it was very costly to hedge that. so it was a rather clear picture. i think this picture is going to start reversing, meaning that i think on a medium-term perspective, we are going to start seeing flows outside the u.s. and into the rest of the world. euro area is going to be very important destination area. lisa: this has been a consensus of sorts this year. overnight, people saying that euro is turning into a credible safe haven given the joint issuance. if the euro is lower today, weaker versus the dollar, what do you make of that? vasileios: i wouldn't read too much on it. i am pretty sure you have a number traders well-positioned
ahead of the event. now some of them will take the chips on the table, take some profits. think trying to read into these sort intraday moves is a really futile game. i think the direction of travel remains for higher your dog -- higher euro-dollar. it is not a straight path, but as i said, fundamentally, the momentum is there. i am really looking for a higher euro-dollar this year. jonathan: how much higher do you spreads can get for the euro 10 year? have you got a call there at all? vasileios: listen, as far as the house view is concerned, i think we have pretty much hit the target we set for this year. on a personal note, yes, i think we can actually converge lower. italy continues to be a source of uncertainty, but nonetheless,
as i said, the agreement we had was historic. if you were to put a gun to my head, i would say it is more likely we will see tighter italian spreads. tom: let's shift over to bonds and may be a more economic view here. is this day over where we do a cram down to extend the ration and lower the interest rate on all of that troubled debt? is that finally not? -- is that finally gone? vasileios: you mean in terms of putting a burden on the debt? tom: just debt restructuring. is it finally over with this announcement? vasileios: i wouldn't put it exactly like this. i think major is not about that restructuring area -- about debt restructuring.
it is really about sharing. us all people, especially that are very much biased into living in the european project, it is a great day, i think. honestly, i guess you can say that the pandemic, as unfortunate as it was, actually served as a catalyst to make europe put its act together. jonathan: great to catch up with you, sir, joining us from banque lombard odier. this is about redenomination risk. in 2012, what president draghi did on the monetary policy side was a road redenomination risk. he didn't abolish it completely. this has haunted this market for a long time. but if perception starts to build that if we get in trouble, we have a mechanism now to borrow at the european level and distribute really -- and distribute accordingly, i think it erodes redenomination risk. that might sound really low, but
compare it to where spain traits right now at 35 basis spanish 10 year. it gives you a sense of how much scope the italian bond market has two rally still. tom: i take your point. it is a financial exercise. i get that. is it going to pop gdp in europe? the answer is not short-term, and we don't even know if it will do a long-term. jonathan: that is a really important distinction as well. there is a difference between eroding redenomination risk on the continent and revitalizing the economy. bear in mind that this deal still has to be ratified. this fund still needs to be dispersed, and that might not happen until 2021. when it comes to reinvigorating the come -- the economy, this is more about eroding redenomination risk. the fiscal stimulus is perhaps less important than the tidy, clean reopening we have seen through the pandemic looked up to the united states. i think we have seen agreement as to why people have become
more constructive on the continent versus the united states in the market, at least. tom: this is so foreign to american viewers and listeners. we don't grow up with coalitions, for the most part. mr. rutte has to face a coalition in the netherlands. these people have to go home and get reelected. well they? jonathan: this deal has to be ratified. maria tadeo joins us on the line from brussels. great to get you on the program finally. it is a deal that has to be approved domestically. in each and every country, will it be? maria: at this point, i think it is clear that it will be. it is very unlikely a leader goes home and is unsure about the ratification. if you look at the document and the wording of it, and some areas it is very vague. this is always done on purpose so that everyone can see this is a good deal. we have value for money. this is what i've done for you. they have to speak among themselves, but they also have
to speak to their taxpayers. rutte islike mark going to go back to the netherlands and say i have been fighting for your taxpayer money. tom: well said. the gentleman from hungary, the gentleman from poland, they are going to go home as well. what is the impact of the eastern european states at this meeting, and what will be their power at strasburg in parliament? maria: that is the issue when it comes to victor or bond -- viktor orban. it is very clear the european leaders decided to give him a pass because they wanted this deal to go ahead. -- wew the democratic know that there are many questions about the direction he is taking the country. but do european leaders want to pressure them? he has a v2 on the deal -- a veto on the deal? or did they just want to pass
the deal? jonathan: we will catch up with you a little later on. lisa, a deal done. as you say, the market moved, not exactly emphatic, but i think this is a story that builds over time. a look atou take longer-term inflation expectations in germany, they are the highest and early march. not the sameit is story. still very low, but creeping higher with the virus effort, as well as the joint effort on fiscal stimulus. jonathan: up next on the program, we will catch up with carlos given us -- with carlos gimenez, miami-dade county mayor. 0.8% on the s&p 500. euro-dollar negative, and then positive by a couple of tenths of 1%. we are all over the place this morning. we inch a little bit lower on the single currency.
from new york this morning, good morning. this is bloomberg. ritika: with the first word news, i'm riddick a good -- i'm ritika gupta. a $775en has unveiled billion plan to fund childcare. the democratic presidential candidate also would increase tax compliance by high-end come earners. has nowp administration endorsed mask wearing. "it isnt trump says patriotic to wear a face mask when you can't socially distance." president'shat the refusal to wear a mask was out of step with citizens terrified ce.the virus' surgen e urgence.irus' s
sent agentsump has into portland, oregon. governors and other elected officials compared to the president's actions to authoritarianism. ubs may begin share buybacks as early as next quarter. the swiss bank reported higher than expected new net money at its global wealth management unit. the business reported $9 billion. we asked sergio ermotti what impact the u.s. will have on his clients. clients arer thinking about changing their asset allocation on the election, no matter who wins. ritika: ubs also indicated that the worst of the cost of bad loans are behind. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪
. restaurant and bar owners are going to make it bad for the good ones. most are complying. they are going through a very tough economic situation. but they are living by the rules. the bad ones who are exploiting the situation and breaking the law, by the way. jonathan: i am not sure i like the term "the bad restaurant owners." right now, this is just desperate for this industry worldwide. that is the real story playing out not just in america, but across europe, asia, and the whole of the world. this industry just punished by this pandemic and restricted from normalizing. that is the key word, restricted from reopening their businesses and trying to normalize. tom: we see clearly in new york city, and i should say in new , the desperation is
tangible. it is confusing. there is miami beach. there's miami. then there is miami-dade county. you have a mayor with experience with the city, with the county in the fire department, and the experience of little havana. carlos gimenez joins us now, the mayor of miami-dade county. i need an update. give us a virus update on this tuesday. mayor gimenez: we have a positivity rate, depending on --re you look, around 22% around 2%. we have about 300 b one ventilators. -- we have about 300 people on ventilators. the highest we've seen. but the good news is the rate of
infection has decreased. that is what is going on right now. tom: in our discussions on "bloomberg surveillance" this morning, it is in washington, going from lunch to another meeting to another meeting. how urgent is it for you to see a stimulus package now from washington? mayor gimenez: i know we need a stimulus package because i know there's a bunch of restaurants, or a bunch of businesses that may not come back. ourt now we have closed bowling alleys and casinos and places of assembly. we have a 10:00 curfew. our interior spaces of restaurants are closed. dining rooms. bars have never open since the beginning of the pandemic. those kinds of businesses really need a lot of help. so an economic package to help those who are unemployed get through this, for business owners to come back and open their business once they are allowed to open is i think very
important. lisa: your position is a nonpartisan one, but you have self identified as a republican. how do you feel about the response to the virus, both nationally by president trump, as well as more locally with governor ron desantis? mayor gimenez: i have no problem with them. we get the resources we need here. the governor has been excellent with us, actually. we have asked for additional medical personnel to help staff, and supplant those that have gotten sick with the virus, to expand our capacity. he's allowed us to have a level of autonomy down here because things are a little bit different in southeast florida than they are in the rest of the state. so i have no problem with what the governor has done. got out of hand. we had it under control, and then sometime in june, people started doing what people do, i guess.
they went out and started to party and got together. people and families got together. it is a little bit different down here. families are here, so we get together a lot more often, and it started to spread. i think we can get this under control. i think it is plateauing. really, it is up to the individual person. this pandemic is about us and the actions we take as americans and as citizens. lisa: without a doubt, it takes personal response ability. without a doubt, has to do with social distancing and mask wearing. but that said, the virus has no borders. how important is there to be some sort of nationally coordinated effort to prevent the virus, particularly migrating from one state to another, if families want to get together? mayor gimenez: the problem is that is easier said than done, number one. even closed our
hotels even though our hotels are open now. we are not getting too many people from outside. our airport is down to about 1/10 of its normal activity. it is not this cross-contamination of people coming into miami-dade. it was here, and then once the social activity started, it is a highly contagious disease. so the southern portion of the united states is getting hit because we are reversed. in the north, you are indoors in the winter and outdoors in the summer. in the south, because it is hot, you are outdoors in the summer -- outdoors in the winter and indoors in the summer. i think that has something to do with it, too. tom: in the childhood of your little havana, i am guessing no one cared about the payroll tax programs the president is talking about now. can you support your president wanting his payroll tax policy in this next stimulus? mayor gimenez: i'm sorry, i
haven't heard that on so i can't really give you a good opinion one way or the other on what the plans are. i know the people here in miami-dade need help, especially those that are on weight. our restaurant industry -- those that are unemployed. our restaurant industry, our bar industry, those have been hardest hit because they are closed. those business owners need some kind of help to get them back and employ those people, and then get to normal. the faster we get back to that normal, the better it will be. tom: mr. mayor, thank you for your straight talk. we look forward to bringing you "bloomberg surveillance" to miami-dade county, we are thinking the second week of march. enez, their mayor. i think i slipped that in nicely. when?an: march
2, 23? tom: with the vaccine debate, you really wonder when that will be. jonathan: this market is drifting away as well. it is rough for people in cash. can we talk about that, the career risk of not being fully allocated? jonathan: this is really important on the under ownership of the fancy names. talk about that x was sam stovall. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we have a deal at the leaders level in europe. will we get some kind of agreement in washington, d.c. on the next fiscal steps? your equity market, plus 22 on the s&p 500. heard on bloomberg radio, seen on bloomberg tv, this is
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>> there's going to be a lot more unemployment coming, a shift from temporary to permanent unemployment to some degree. >> these companies are now starting to hunker down for a longer, more protracted recovery , so they have to right size their businesses. >> not everything is going to turn on right away. we will find out some things that were turned on will be turned back off for a little while. it is going to be bumpy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on bloomberg radio and bloomberg television worldwide, hot and steamy in new york city. hot and