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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Along

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Speaker 1: with Jonathan Ferrell and Lisa Brownwitz Jay Leye, we bring

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Speaker 1: you insight from the best and economics, finance, investment, and

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Speaker 1: international relations. Find Bloomberg Surveillance on Apple podcast, sun Cloud,

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Speaker 1: Bloomberg dot com, and of course on the Bloomberg Terminal.

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Speaker 1: Liza and Saunders joined us now the perfect guest to

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Speaker 1: discussed this with char Schwab, the chief investment strategist. Liza

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Speaker 1: great to get your time on this program this morning.

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Speaker 1: Just your reaction. Listen to the news of the last

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Speaker 1: twenty four hours that we were talking about through much

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Speaker 1: of yesterday afternoon into this morning. Yeah, what was interesting

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Speaker 1: yesterday is how many headlines I read or saw or

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Speaker 1: heard that said, you know, Biden will be raising the

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Speaker 1: capital gainst text and that's obviously not how legislation works.

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Speaker 1: So um, it's the proposal. This has been telegraphed. Clearly

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Speaker 1: a little bit of a shock yesterday obviously in terms

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Speaker 1: of market reaction, but it's a trial balloon and uh,

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Speaker 1: much like with with any proposal, you tend to get

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Speaker 1: it watered down as you go through the sausage making

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Speaker 1: in Washington, and there are some moderate Democrats that are

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Speaker 1: not necessarily in favor of significantly higher taxes. So what

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Speaker 1: ultimately this looks like when um it whatever that is

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Speaker 1: broadly on taxes, not just kept gains, is probably something

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Speaker 1: different than what sits in the proposal at this point.

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Speaker 1: And then historically it's it's just a mixed bag. Really

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Speaker 1: hasn't had a significant impact on the market cap of

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Speaker 1: gainst tax changes in either direction. I'm not here to

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Speaker 1: say don't worry about it. It's it's good for the market,

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Speaker 1: but there's not a lot of indication that it causes

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Speaker 1: serious damage in and of itself to the market. But

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Speaker 1: love to say there's a lot of our listeners and

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Speaker 1: viewers don't know that you've had a real interest in

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Speaker 1: public policy, including your service to various administrations on fiscal policy.

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Speaker 1: Let me give you a William Gale question over at Brookings.

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Speaker 1: If we've raised the capital gains tax, is it possible

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Speaker 1: will bring in less revenue. Well, so that's the theory

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Speaker 1: out there, some of the math that's been done, and

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Speaker 1: of course it's going to be biased depending on if

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Speaker 1: you're you know, part of an institute that's more on

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Speaker 1: the right leaning side of the left leaning side. But

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Speaker 1: you know, there was some data out yesterday on an

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Speaker 1: assumption if it goes all the way up to the

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Speaker 1: forty three and change, that that would actually be a

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Speaker 1: revenue loser. That there is some point on the scale

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Speaker 1: that maximizes the revenue. And if the goal is to

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Speaker 1: increase revenue, then you should focus on whatever that percentages

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Speaker 1: if it's an egalitarian goals, And that's a whole different bloax.

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Speaker 1: When it comes to the market sol is in a

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Speaker 1: lot of people were saying that some of the highest

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Speaker 1: bid stocks or bitcoin for example, would suffer the most.

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Speaker 1: On an ongoing basis is people try to get out

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Speaker 1: solidify their gains ahead of these capital gains to access.

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Speaker 1: Do you think that type of selling has legs that

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Speaker 1: it will continue or do you think that it was

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Speaker 1: sort of a knee jerk reaction and frankly, is a

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Speaker 1: buying opportunity. Well, I think it's sort of yes and yes,

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Speaker 1: and not so much the buying opportunity. It was a

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Speaker 1: kne jerk reaction, but that doesn't mean that all the

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Speaker 1: selling is done and that that one day gives you

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Speaker 1: an entry point. I think I think sentiment has been

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Speaker 1: so froughthy and so stretched, and we've talked about this

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Speaker 1: before in this program. In and of itself, that doesn't

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Speaker 1: suggest a contrarian move in the economy, but it increases

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Speaker 1: the risk of the extent there's some sort of negative catalyst.

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Speaker 1: That's what happened to a large degree last year. Were

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Speaker 1: really fraught the sentiment in January and February, and then

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Speaker 1: of course we got the mother of all catalysts with

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Speaker 1: covid um. I think this could represent one of those

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Speaker 1: catalysts that could increase choppiness. And to your point Lea's,

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Speaker 1: I think it does put downward pressure on real momentum

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Speaker 1: is the greatest where gains are most lofty, and you

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Speaker 1: do see that in history. You see some churning, you

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Speaker 1: see it dumping in momentum um, you do tend to

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Speaker 1: see a bit of a weight on some of the

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Speaker 1: higher value stocks, and and any selling that occurs in

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Speaker 1: anticipation of that, of course, tends to be focused in

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Speaker 1: stocks that have the biggest, biggest games. Well listen, putting

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Speaker 1: aside the capital gains taxes for just a moment, we've

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Speaker 1: gotten earnings that have beaten on average pretty significantly they've

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Speaker 1: been very good. What is the market looking to fundamentally,

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Speaker 1: If yes, it is perhaps getting a bit of a

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Speaker 1: hit from this proposal, which is not going to necessarily

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Speaker 1: get get past as it is. What does that tell

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Speaker 1: you about what's driving the market right now? Well, here's

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Speaker 1: here's the funny history about earnings and stock market performance.

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Speaker 1: We know they're connected, but there's more of a lead

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Speaker 1: lag situation than I think people generally understand. If you

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Speaker 1: go back the entire history of the S and P five,

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Speaker 1: you break earnings into various zones. Maybe no surprise, the

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Speaker 1: worst market performance has come when earnings are in total

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Speaker 1: plunge mode, down more than but once the market starts

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Speaker 1: to price in the inflection point back up, the best

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Speaker 1: performance comes when earnings are still down between negative and

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Speaker 1: negative ten percent. It's acceleration off the lows that gives

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Speaker 1: you the huge pop in the stock market in anticipation

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Speaker 1: of the improvement. By the time you get to more

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Speaker 1: than twenty earnings growth, you're down into the very low

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Speaker 1: single digit return territory because at that point the market

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Speaker 1: has priced in the third So I think a lot

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Speaker 1: of that is what you're seeing. You've seen a market

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Speaker 1: that over the past year, so extraordinarily well in part

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Speaker 1: pricing in the earnings growth we're now experiencing. What's your

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Speaker 1: SPX level up twelve months? I mean give us the

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Speaker 1: Saunders levels. You know I don't do that. Nobody's watchings

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Speaker 1: have no value to individual investors. I don't know where

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Speaker 1: the markets come close today. And see dem I can

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Speaker 1: see the value of that exercise, and they sound thinking

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Speaker 1: of him. You know, I've done this routine with not

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Speaker 1: for years and he's still asking you that questions on

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Speaker 1: this that shall chief investment strategists Sarah House where us

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Speaker 1: with Wells Fargo. Their senior economists were thrilled that she

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Speaker 1: could join this morning or work at two Lane in

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Speaker 1: the London School of Economics. Sarah, Um, I really want

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Speaker 1: to go to one part of your note which takes

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Speaker 1: me back to John Taylor Stanford, and that has anchored unanchored.

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Speaker 1: How close are we to unanchored inflation? Well, I think

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Speaker 1: we might be closer than the FED really thinks right now.

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Speaker 1: And I think importantly in terms of how much lead

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Speaker 1: time that the Fed has regarding whether inflation expectations are

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Speaker 1: actually getting away from them. It's short, it's it's very

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Speaker 1: very short. They don't have it doesn't inflation expectations, for

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Speaker 1: all the focus the FED gifts on them, isn't a

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Speaker 1: very reliable indicator in the short term of of how

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Speaker 1: quickly inflation is This new mean it's very much informed

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Speaker 1: by the current inflation environment, which means, as we continue

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Speaker 1: to see inflation heat up over this year, expectations could

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Speaker 1: get away from the FED rather quickly, and then we

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Speaker 1: get language from a central bank. I guess tapers the phrase,

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Speaker 1: but I'll let you decide what the languages Russia's central

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Speaker 1: bank moments ago job boning up a rate increase out

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Speaker 1: there ruble moves fractionally from a seventy five point five

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Speaker 1: zero downbreaking through seventy five stronger Russian ruble. When what

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Speaker 1: kind of language do you expect to see from an

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Speaker 1: American central bank when and if they have to go

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Speaker 1: with the anchor the unanchored. I'd say I think in

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Speaker 1: terms of FED chatter and what the Fed's communicating right now,

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Speaker 1: I think that all eyes really are are on what

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Speaker 1: constitutes substantial progress right now. So you know, Chirpal and

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Speaker 1: other members have been pretty clear that the next step

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Speaker 1: on this path to normalization is going to come from tapering,

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Speaker 1: and they've been in many ways more vague about what

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Speaker 1: constant toot what they need to see for substantial for

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Speaker 1: their progress relative to what they've actually seen towards the

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Speaker 1: FED funds rate, and so um we're looking in terms

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Speaker 1: of whether they're still keeping keeping that phrasing around on

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Speaker 1: track for substantial for further progress, and really it comes

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Speaker 1: down to, I think more so, what's happening on on

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Speaker 1: the labor market front. We know we're going to get

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Speaker 1: this pop in inflation this year, but that is not

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Speaker 1: the Fed's primary concern. It's really coming down to what

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Speaker 1: we're what we're seeing in terms of the labor market

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Speaker 1: and if that's moving along nicely enough as farage wage

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Speaker 1: inflation were months from wage inflation, aren't we totally That's

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Speaker 1: why we're not going to have a conversation about right

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Speaker 1: and interest rates for a long time. And this will

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Speaker 1: come down to the balance sheet. So, Sarah, is this

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Speaker 1: just a case of ce you in June? I think

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Speaker 1: next week's meeting very much so. I think it's going

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Speaker 1: to be going to be very quiet non event I

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Speaker 1: don't think we're going to get really any change in

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Speaker 1: tone at all. Coming from the FED as much as

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Speaker 1: Chair will be pressed in his press conference. And so

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Speaker 1: I think in in you know, every meat FED meeting

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Speaker 1: is important, but some more so than others, and and

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Speaker 1: this is just not one of them. Tom's right to

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Speaker 1: bring up the wage issue. Let's talk about the compositional

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Speaker 1: story that I think we'll spend a lot of time

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Speaker 1: on over the next couple of months. What will the

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Speaker 1: wage picture look like with that in mind, Well, I

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Speaker 1: think the wage picture is actually firming a lot faster

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Speaker 1: than than people expected. So yes, we're down about eight

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Speaker 1: and a half million jobs relative to where we were

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Speaker 1: before COVID, but there are pockets that are are really

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Speaker 1: struggling for workers right now, and in fact, we're already

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Speaker 1: seeing wage growth firm. Look at what's happened with the

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Speaker 1: e c I in terms of manufacturing, in terms of transportation,

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Speaker 1: in terms of construction, and we get e c I

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Speaker 1: data next week for the first quarter, and I think

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Speaker 1: that will show that we were seeing wages on that

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Speaker 1: measure which does control for composition. You know, we're increasing

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Speaker 1: you know two and a quarter, almost two and a

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Speaker 1: half percent, that's you know, almost a full percentage point

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Speaker 1: about above what we saw coming no out of the

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Speaker 1: Great Recession, and so we actually are seeing more more

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Speaker 1: wage pressures. Then then we have an in prior period,

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Speaker 1: so there there's more um in terms of labor inflation

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Speaker 1: coming then I think um people are appreciating right now perhaps,

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Speaker 1: but the question is for how long? Right because there

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Speaker 1: are these frictions that people talk about, whether it's leisure

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Speaker 1: trying to bring back workers in mass who perhaps have

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Speaker 1: child care issues or other things that aren't coming back,

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Speaker 1: or just manufacturing jobs that have ramped up that are

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Speaker 1: going to wane as people go back to experiences. I mean,

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Speaker 1: how much is this temporary and how much is this

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Speaker 1: permanent wage inflation that's structural and speaks to perhaps less

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Speaker 1: slack in the labor market than people have expected. Well,

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Speaker 1: I think, you know, we tend to see wages move

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Speaker 1: move pretty slowly. There's not you know, in terms of

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Speaker 1: the trend, it's it's not terribly volatile. So I think

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Speaker 1: the fact that we already seem to find a floor

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Speaker 1: in that trend, it does suggest that will continue to

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Speaker 1: see gradual upward pressure. And then I think it also

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Speaker 1: comes back to what we talked about at the start

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Speaker 1: of this conversation. Expectations, and so if we are seeing

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Speaker 1: stronger inflation and it does take more for workers to

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Speaker 1: come back, then then I think you could see that

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Speaker 1: wage trend continue to move higher. Meanwhile, we're dealing with

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Speaker 1: a proposal from the Biden administration with respect to higher

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Speaker 1: capital gains taxes that does shift the focus of where

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Speaker 1: the taxes go that basically push people into spending more

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Speaker 1: on people on things rather than just putting their money

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Speaker 1: into capital markets. Do you have any modeling for what

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Speaker 1: this would do to growth? What this would do to

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Speaker 1: investment is already precedent for this type of proposal. Let

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Speaker 1: think in terms of how this could potentially affect the

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Speaker 1: outlook and the fact that it could help stabilize that

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Speaker 1: the deficit. You know, we saw the deficit actually increasing

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Speaker 1: before COVID, and that was really driven by more entitlement

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Speaker 1: spending than than anything else. So to the extent that

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Speaker 1: we are seeing um plans for spending that actually might

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Speaker 1: go to factors that boost product productive capath a city

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Speaker 1: in the economy, I think that has a very different

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Speaker 1: implication um in terms of how that spending manifests and

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Speaker 1: if you are actually trying to meet some of that

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Speaker 1: with with actually bringing bringing in stronger, stronger revenues as

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Speaker 1: as well. So I think it really depends on on

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Speaker 1: how we are spending whether that raises the productive capacity

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Speaker 1: um in terms of that that deficit outlook. And I

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Speaker 1: think when it comes to the focus on corporations right now,

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Speaker 1: it's it's really a matter of following the money. Labor

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Speaker 1: share of income has been declining since the seventies, and

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Speaker 1: so I think if we are looking at at ways

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Speaker 1: to potentially stabilize that that deficit picture, you are going

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Speaker 1: to have to shift more towards the corporate side, serve

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Speaker 1: very quickly or what do you see on Capex? What's

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Speaker 1: the Wells Fargo prediction of what companies actually do. I

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Speaker 1: don't buy for a moment there's a Capex plan. When

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Speaker 1: I see the share buy back tone of the first

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Speaker 1: earnings reports, well, I think we've we've already seen a

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Speaker 1: lot of CAPEX in many ways pulled forward at lea

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Speaker 1: when it comes to the the high tech CAPEX that

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Speaker 1: has helped. You know, so many of us work work

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Speaker 1: from home. But I think as we continue to see

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Speaker 1: some of these supply constraints affecting more of the good

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Speaker 1: side of the economy, you are seeing some of that

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Speaker 1: that more traditional cat bax um come back, as as

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Speaker 1: companies are thinking a little bit more about expanding capacity

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Speaker 1: because right now, for many companies they're losing out on

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Speaker 1: sales because they cannot meet demand. And so I think

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Speaker 1: that helps underpin the capex recovery that's already well underway. Sarah,

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Speaker 1: We've gotta leave it there, Sarah House of wild Stark

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Speaker 1: on the US economy and the outlook with the Federal

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Speaker 1: Reserve mating just next week. Right now, on the fixed

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Speaker 1: income space, John, I want you to bring in pre

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Speaker 1: a misrab with TV securities because on a full faith

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Speaker 1: and credit basis, we are at a surprising point this later, Yeah,

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Speaker 1: a really difficult point that people are ready struggling to read.

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Speaker 1: Let's bring in pre Amisra of TV securities. Pre A

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Speaker 1: the data is better, yield to lower and everybody stretching

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Speaker 1: their head trying to make sense of it, right, and

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Speaker 1: you know that's been the biggest question, is the move

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Speaker 1: over or we would argue if you look at if

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Speaker 1: you decompose the decline in rates to all being led

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Speaker 1: by real rates. So I think the market has finally

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Speaker 1: hurt the Fed that the FED is going to be

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Speaker 1: extremely patient that they're going to see act actual data,

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Speaker 1: not just forecasting data. And so therefore, with the FED

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Speaker 1: controlling the front end, not even talking about tapering, I

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Speaker 1: think that limits how much rates can rise. But when

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Speaker 1: we look ahead, you know, there's a lot of supply,

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Speaker 1: we have auctions next week, we have data that's going

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Speaker 1: to continue to look better. Um, we do think that

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Speaker 1: rates are going to continue to head highest. I'm still

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Speaker 1: looking for two percent on the tenure by your end.

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Speaker 1: So you don't think we've tested the tolerance really of

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Speaker 1: this market, this economic wants seventy five, seventy seven, No,

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Speaker 1: I think no, particularly when we look at real rates.

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Speaker 1: Real rates were not that high even in the movement.

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Speaker 1: Much of it was inflation expectations. So therefore, and and

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Speaker 1: and you look at broader financial conditions, I mean that's

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Speaker 1: what the Feds looking at. Broader financial conditions are still

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Speaker 1: extre really easy. So when you talk about testing, I

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Speaker 1: would look at real rates closer to zero on the tenure.

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Speaker 1: I think that's a level where the economy shows signs

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Speaker 1: of stress and financial conditions start to tighten. That's when

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Speaker 1: the FED will step in. But We're pretty far from there.

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Speaker 1: Contin your treasure yields rise to those levels you're expected

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Speaker 1: to percent by year end. If we don't get a

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Speaker 1: commensurate move of any sort over in Europe, over in

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Speaker 1: Japan and other words, can the US go it alone

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Speaker 1: with rates increasing on the longer end without a similar

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Speaker 1: move elsewhere? Great point. I think you know, global rates

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Speaker 1: do provide sort of a soft ceiling on the tenure,

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Speaker 1: but how wide can that spread go. We do expect

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Speaker 1: bonds to sell off a little bit, but we expect

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Speaker 1: treasuries to really underperform. I mean, but but there's a limit,

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Speaker 1: right because if the Japanese investors can come into treasuries,

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Speaker 1: European investors will find better yields and treasuries. So I

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Speaker 1: think it's important to look at global rates. We are

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Speaker 1: a little heartened by the fact that the pm I

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Speaker 1: data is coming a bit better, the pace of vaccinations

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Speaker 1: up in Europe, So expecting some lift in those European

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Speaker 1: rates over the course of the year, and that's going

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Speaker 1: to allow treasuries to continue to rise. And you needs,

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Speaker 1: on a technical perspective, we've seen the institution's pensions have

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Speaker 1: been rebalancing into treasuries. You've had buying not only from

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Speaker 1: overseas but also internally to try in the US, to

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Speaker 1: try to capture these yields, to lock them in ahead

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Speaker 1: of what some people think is going to be turbulence

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Speaker 1: in risk assets. How much does that buying suppressed yields

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Speaker 1: and sort of act as a cap, at least in

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Speaker 1: the near term, to how high rates could go. I

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Speaker 1: think there is some of that. Absolutely, We've seen treasury

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Speaker 1: stripping data going up, and so I think if in

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Speaker 1: in isolation, that would have potentially put a cap to

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Speaker 1: how steep the curve could get. But here's the issue.

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Speaker 1: The U. S. Treasury is issuing twenty year, thirty year

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Speaker 1: to any year. They're issuing a lot of long and paper,

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Speaker 1: and we don't think they're going to start to cut

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Speaker 1: back any of that, particularly if you're gonna get another

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Speaker 1: four trillion of overall fiscal package. So you know, I

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Speaker 1: think the pension buying helps, and it limits how steep

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Speaker 1: the curve can go and how high long and rates

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Speaker 1: can go. But I don't think it's enough to offset

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Speaker 1: all the treasury supply that we're that the market will

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Speaker 1: have to take down over the next few months. We've

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Speaker 1: been wrong so far on a big move in inflation

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Speaker 1: and a big move in rates. What will be the

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Speaker 1: catalyst to finally get rates move? Is it something about

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Speaker 1: economic data or is it more about the financial system.

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Speaker 1: I think it's about sustainability. I mean, it's the key word.

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Speaker 1: It's how transitory. Is this what the market I think

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Speaker 1: is trying to grapple with. Is we know this economic

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Speaker 1: data is great, this is all reopening physical stimulus. How

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Speaker 1: much does behavior change? We're all becoming behavioral scientists, you know,

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Speaker 1: does behavior change? Do we all start using up uh,

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Speaker 1: you know, pent up savings? And is that reopening related

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Speaker 1: pickup in growth? Does that translate into a sustained increase

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Speaker 1: in demand and a sustained increase in inflation? And that's

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Speaker 1: what the FEDS watching for as well. You know, we're

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Speaker 1: a little skeptical that you'll get this massive pickup and

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Speaker 1: catch up service spending over the next year. You know,

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Speaker 1: if you didn't take a single vacation last year, do

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Speaker 1: you take four vacations this year or six vacations? Unlikely? So,

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Speaker 1: you know, we still have a bit of a muted growth.

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Speaker 1: But I think that's the key questions trying someone's trying

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Speaker 1: to get four vacations this year. Securities glob will had

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Speaker 1: a right strategy to catch up right now. This is really, really,

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Speaker 1: really important because they were out front and early, David

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Speaker 1: Riches at Mount Sinai, his leadership with Mount Sinai Queens

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Speaker 1: as well, and they've been out front of the pandemic

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Speaker 1: with the sirens on the upper Upper east Side, with

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Speaker 1: the agony of their staff getting through the last fourteen months,

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Speaker 1: and now the celebration that we're beginning to see that

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Speaker 1: yes things are better, Yes thing their quote almost over.

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Speaker 1: Dr Rich joins us for an update. David Rich, what

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Speaker 1: is the almost over measurement right now as we go

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Speaker 1: into a wonderful spring weekend. Can you call pandemic ending soon?

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Speaker 1: I'm not quite that optimistic, Tom, but I think we're

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Speaker 1: moving in a great direction here. The peak that we

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Speaker 1: saw in the New York region in the second wave

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Speaker 1: in January has gradually come down, but it's coming down

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Speaker 1: at a much slower rate than what we see previously.

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Speaker 1: What we're seeing in our health system is that now

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Speaker 1: they're between two hundred and two hundred and fifty patients,

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Speaker 1: the number of various a little bit day by day,

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Speaker 1: and the peak was somewhat over five hundred in January,

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Speaker 1: so it is a very slow decline, but we're learning

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Speaker 1: to manage and to live with this disease in our

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Speaker 1: health system as we try to do everything else to

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Speaker 1: maintain the health of New Yorkers. Dr Rich, We've been

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Speaker 1: talking about CDC guidance around people who have been vaccinated,

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Speaker 1: in guidance in terms of what they can and can

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Speaker 1: not safely do, and there is a question of whether

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Speaker 1: their decision is being driven from a scientific basis or

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Speaker 1: whether it's being driven from a political basis to get

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Speaker 1: people to do things in a certain way to message

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Speaker 1: that there isn't a bifurcation and the haves and the

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Speaker 1: have not. What's your view on sciences role in dictating

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Speaker 1: based on both the science as well as the political

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Speaker 1: and ethical methods that are going on. I think that

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Speaker 1: the role of science is to provide data, but also

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Speaker 1: let's not forget that there is a branch of medicine

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Speaker 1: medical ethics that also has very important things to say.

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Speaker 1: And I believe that medical science medical ethics can inform

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Speaker 1: public health officials, including the CDC as they as they

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Speaker 1: make very important decisions. I was impressed by reading the

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Speaker 1: New York Times article I think just yesterday about a

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Speaker 1: concept of a two out of three rule where we

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Speaker 1: consider indoor versus outdoor settings, vaccination, status, distancing, masking as

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Speaker 1: very important ways that we can move forward. And I

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Speaker 1: expect that we'll see evolution in the way that our

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Speaker 1: states and our frankly the federal guidelines evolve as a

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Speaker 1: greater proportion of the population is vaccinated. The rich. I've

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Speaker 1: got to go to your direct skill because it's really

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Speaker 1: important right now, and this is, of course the hematology

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Speaker 1: of Thomas Jefferson, the Cardesa Foundation. Your opinion please on

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Speaker 1: the blood study of the Johnson and Johnson vaccine. The

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Speaker 1: blood I'm not sure which blood clot the clouding, the

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Speaker 1: clotting worries of the j J. My fault. Yes, this

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Speaker 1: is a very very rare phenomenon. It's actually interesting. As

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Speaker 1: a cardiac and acesiologist, we know a variant of this

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Speaker 1: type of problem very well over the years. A syndrome

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Speaker 1: called Hepern induced thrombocytopenia, which is where a drug that

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Speaker 1: we use to thin the blood and prevent clots uh

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Speaker 1: to facilitate heart surgery causes a rare iman a logic reaction,

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Speaker 1: which is the same thing antibodies to a type of

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Speaker 1: plate that receptor p F four, and when that happens,

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Speaker 1: it's a paradoxical thing because it causes clots, as we've

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Speaker 1: seen some very severe clots in the brain UH and

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Speaker 1: potentially in other parts of the body. But it is

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Speaker 1: so exceedingly rare that I'm very optimistic that the c

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Speaker 1: d c ASIP, the group that advises the ccon UH immunization,

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Speaker 1: will probably proceed with a warning saying there is a

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Speaker 1: very very rare risk, but the real risk of dying

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Speaker 1: from COVID probably vastly outweighs the risk of this very

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Speaker 1: rare hematologic problem, perhaps, you know, by a millionfold. We'll

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Speaker 1: have to see exactly what the scientists that advise the

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Speaker 1: CDs come out. So in the in the times of

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Speaker 1: past of diphtheria and typhoid, we just said, shut up

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Speaker 1: and take the vaccine, take the medicine, take then about it. Whatever,

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Speaker 1: What will be your prescription for our viewers and listeners

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Speaker 1: once we get done with the CDC study, well as

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Speaker 1: as someone who's followed this, I am an advocate for vaccination,

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Speaker 1: and I think that although it's always challenging in society

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Speaker 1: to make things mandatory, perhaps in certain employment settings, especially

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Speaker 1: where there's higher risk, we may as a society decide

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Speaker 1: that mandatory vaccination is a reasonable thing to do in

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Speaker 1: certain circumstances. Already, certain educational institutions are thinking about what

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Speaker 1: it means to come back onto campus for students and

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Speaker 1: potentially requiring vaccination for all students. So I think we

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Speaker 1: already see examples of that in society. Doctrus, thank you

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Speaker 1: so much with Mount Sinai this morning, of course, with

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Speaker 1: his expertise and imatology is well. This is the Bloomberg

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