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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene Jay Leye.

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Speaker 1: We bring you insight from the best in economics, finance,

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Speaker 1: investment and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,

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Speaker 1: Bloomberg dot Com and of course on the Bloomberg. Joining

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Speaker 1: us now, Peter Robenheimer of Godman Sachs. Peter, always fantastic

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Speaker 1: to catch up with you, the chief global equity strategist

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Speaker 1: the UK. Beginning the huge vaccination program that's going to

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Speaker 1: grip this country in the world, I hope in the

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Speaker 1: coming months as well. Top of the line in the

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Speaker 1: notes I've got for you, Peter by the UK by

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Speaker 1: the foot see why Peter, Well, look, I mean very

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Speaker 1: exciting news about about the vaccine um and uh. But

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Speaker 1: separately from that, I think the UK economy has been

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Speaker 1: one of the worst hit from this pandemic, partly because

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Speaker 1: of the makeup of the economy very heavily geared towards services.

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Speaker 1: Retail services fall of about eleven percent in GDP this

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Speaker 1: year would be the worst annual downturn since the early

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Speaker 1: seventeen hundreds, But at the same time we're expecting a

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Speaker 1: very strong rebound in the US economy next year over

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Speaker 1: seventh cent and at six percent or so alongside that,

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Speaker 1: we should get quite a strong rebound in earnings. It's

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Speaker 1: a very cheap market. It trades now at a discount

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Speaker 1: to the US market on a twenty four month forward

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Speaker 1: basis of about thirty you know, and uh with with

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Speaker 1: a sort of strong cyclical recovery and a market that's

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Speaker 1: heavily geared towards commodities and other cyclicals, and we're bullish

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Speaker 1: of commodities. We think it should have produce rebound. They

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Speaker 1: just brilliant. Peter Appen I might noted today of the

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Speaker 1: w E I screen the basis point difference between standard

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Speaker 1: and porters five hundred in the foot see okay, by

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Speaker 1: straw hats in winter? You and I read our baroque

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Speaker 1: We know that phrase, Peter, Where are the straw hats

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Speaker 1: in Asia? Where is the foots? The equivalent opportunity on

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Speaker 1: the Pacific rim. Well, we we've been very bullish for

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Speaker 1: China for a long time. We're still overweights to China,

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Speaker 1: but of course that's more of a growth orientated index,

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Speaker 1: being a very heavily geared technology like the US, so

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Speaker 1: we'd be tilting wa towards other parts of North Asia

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Speaker 1: career for example in particular, you know, very cyclical would

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Speaker 1: benefit a lot from a global economic recovery, and Japan

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Speaker 1: too for that matter. U. These are markets that have

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Speaker 1: tended to lag their more value orientated, more cyclical, and

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Speaker 1: more sensitive to global growth. And for that reason, as

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Speaker 1: you go into this inflection point of strong growth for

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Speaker 1: the first time for many years, we should see the

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Speaker 1: leadership shifting. So this is the macro story. I'm wondering

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Speaker 1: the technical story, Peter. The composition of US equity indexes,

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Speaker 1: have they made them less full of potential for gains

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Speaker 1: based on the domination of the main company. Is the

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Speaker 1: fact that it's so concentrated at the time. I'm looking

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Speaker 1: today for example of Tesla's as they're going to sell shares,

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Speaker 1: Tesla's shares fall pre market, and so does the entire

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Speaker 1: SMP because now it's included in it. Yes, so in

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Speaker 1: some senses, you know, the concentration of the market, which

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Speaker 1: has been to its advantage because it's generally been led

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Speaker 1: by very fast growing, very large companies, particularly in technology,

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Speaker 1: which has been the dominant leading sector for so long,

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Speaker 1: in a sense, becomes a little bit of a handicap.

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Speaker 1: We're not negative on technology, we think it will still

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Speaker 1: do well, but it doesn't have the same leverage to

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Speaker 1: a positive inflection point in the global economy that we're

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Speaker 1: expecting to see. So those value parts of the market

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Speaker 1: that have been very depressed with higher dividend fields, those

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Speaker 1: areas which are much more geared into economic growth, would

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Speaker 1: tend to recover more quickly, and they tend to have

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Speaker 1: a bigger waiting in other markets. Interesting for example, if

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Speaker 1: you look at Europe, which has just had its best

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Speaker 1: month ever, we saw Europe in November outperforming the US

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Speaker 1: by about six percent. That the best relative performance since

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Speaker 1: two thousand and nine, when we were last coming out

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Speaker 1: of a very deep recession. So again a similar sort

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Speaker 1: of pattern playing through and peter ugably with the data

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Speaker 1: going in the wrong direction as well, with premys deeply

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Speaker 1: stub fifty in the low forties and in some places

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Speaker 1: in the thirties as well. How you expect that relationship

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Speaker 1: between the economic data and the market to evolve well,

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Speaker 1: when we look at the way that equity cycles evolved,

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Speaker 1: the first phase of a new cycle, what we call

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Speaker 1: the hope phase, is really all about expectations. It nearly

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Speaker 1: always starts during a recession when profits are still falling,

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Speaker 1: but for some reason investors start to get a little

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Speaker 1: bit more optimistic about a recovery, usually because of policy support.

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Speaker 1: In this case, it's been a combination of policy support

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Speaker 1: and of course the very positive news on vaccines. But

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Speaker 1: what we've seen since March is a big expansion of

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Speaker 1: valuations across all markets. That's pretty common in that first

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Speaker 1: hope phase of the cycle. Once we actually start to

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Speaker 1: get the economic recovery coming through at a p m

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Speaker 1: I data, stronger profits actually growing, I would expect the

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Speaker 1: improvement in equities to slow a lot and valuations to

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Speaker 1: start compressing. So many ball markets very front loaded. You've

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Speaker 1: got to be in early as that expectation or shift

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Speaker 1: really drives valuations higher, and then we would expect to

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Speaker 1: see slower returns as we move forward, particularly when you

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Speaker 1: consider that valuations are quite high and we're not going

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Speaker 1: to have the tail wind in this cycle of ever

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Speaker 1: lower interest rates, which we saw as a very dominant

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Speaker 1: factor coming out of the financial crisis. We found that

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Speaker 1: shift last month in a massive way. Peter Fans Acid

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Speaker 1: of catch Up sa as oh I send up set

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Speaker 1: a team at Goldman Peter Uppenheim, and had the chief

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Speaker 1: global equity strategists. The great things we say with the

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Speaker 1: vaccinations as they begin in the United Kingdom said against

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Speaker 1: the fact that we haven't seen the worst of it

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Speaker 1: yet in many places around the world, including the United States.

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Speaker 1: Well we're here in the United States, and again the

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Speaker 1: three factors, folks, are cases which I'm not a big

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Speaker 1: fan of the mathematics there, but certainly the certitude of

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Speaker 1: death and the reality of a hospitalization. Boston is one

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Speaker 1: of the great hospital capitals of this nation. He is

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Speaker 1: the mayor of the City of Boston. Martin walshon were

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Speaker 1: thrilled that he could join us this morning. Marty Walsh,

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Speaker 1: we get loads of things to talk about. Let me

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Speaker 1: cut to the chase you needed from Washington long ago

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Speaker 1: and far away, people like Joe Mowkeley or Tip O'Neill

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Speaker 1: and Republicans like minded like them, maybe like Senator Burke

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Speaker 1: and others were able to do money from Washington to

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Speaker 1: help beleaguered cities. Why can't we do that now? It's

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Speaker 1: really unfortunate, you know. Mitch McConnell has has made statements

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Speaker 1: that um City should go bankrupt. You can't have that.

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Speaker 1: I mean, I was on a conversation last night with

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Speaker 1: Mays from around Massachusetts and the need for federal investment

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Speaker 1: in in Boston and in the region of the Kalma.

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Speaker 1: The Massachusetts is really incredible. But you and I talked

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Speaker 1: to our fair about businesses being shut down, hotels not

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Speaker 1: being open. We have the same thing here in the

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Speaker 1: city of Boston. We are heading to what I think

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Speaker 1: is looking like a second search. We're looking at potential

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Speaker 1: for the pullbacks here in the city, in the comma

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Speaker 1: the Massachusetts and around the country. And when we do that,

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Speaker 1: quite honestly, your show is about business Boomberg business, the

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Speaker 1: businesses in our city, in our state, in our country.

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Speaker 1: Quite honestly, I'm not going to return from this. So

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Speaker 1: the federal government needs to act now. The Senate needs

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Speaker 1: that now. They need to stop playing politics. They have

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Speaker 1: to stop playing partisan politics. Put the American people for us,

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Speaker 1: put the American businesses first, put everybody first. And they're

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Speaker 1: not doing that. My well, shall want to understand, and

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Speaker 1: I want you to paint the picture really clearly. What

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Speaker 1: you need from the federal government, not just money dollar amount.

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Speaker 1: What you need from the federal government and what happens

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Speaker 1: if you don't get it in the next few months. Well,

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Speaker 1: first and foremost, we need directions in the federal government,

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Speaker 1: I mean the Biden Harris administrations put together at COVID

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Speaker 1: nineteen task for us. We need clear direction on which

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Speaker 1: way we should go to push back and not pushed

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Speaker 1: back on the COVID trices, but to address the COVID crisis.

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Speaker 1: Most cities and states around the country have been on

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Speaker 1: their own from the very beginning, whether it's been on testing,

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Speaker 1: whether it's been on surche whether it's been on hospitalization.

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Speaker 1: So in Boston right now, what we're experiencing is we

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Speaker 1: can't call it necessarily a second surgeon. We're seeing increased

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Speaker 1: numberge significantly increased numbers in Boston, Massachusetts. We are not

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Speaker 1: seeing yet increase in hospitalization. We're seeing a number that

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Speaker 1: hospitalization is going up, but not to the point where

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Speaker 1: it was back in April and May and June where

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Speaker 1: we had to cancel all elective surgeries. We're not seeing

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Speaker 1: complete shutdowns where we shoul out our businesses down, where

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Speaker 1: nobody's working anymore. But we are headed towards that again,

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Speaker 1: and this is a failure in the federal government. So

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Speaker 1: what the federal government needs to do is come up

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Speaker 1: with a policy and what we need to do moving

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Speaker 1: our country forward, working with experts like Dr Foci number one,

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Speaker 1: number two. The federal government, what they need to do

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Speaker 1: is come up with an economic stimulus package that that

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Speaker 1: millions of Americans that are going to run out of

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Speaker 1: unemployment benefits, small businesses that are gonna have to shut

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Speaker 1: their doors permanently. Unless they come up with a package,

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Speaker 1: we're gonna lose these businesses and they're not going to

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Speaker 1: come back overnight. So the implications of what the coronavirus

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Speaker 1: is going to do long term, the long term impact

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Speaker 1: is going to have on a city like Boston could

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Speaker 1: be detrimental. And it's not just question. You just take

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Speaker 1: any city and you plug in the name. And that's

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Speaker 1: the challenges that we're all facing across this country. May

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Speaker 1: or it's not just the federal government, it's also closer

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Speaker 1: to home. For example, your governor, Governor Jollie Baker coming

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Speaker 1: out and actually not putting on some of the restrictions

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Speaker 1: that people are suggesting are necessary to prevent that increase

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Speaker 1: in hospitalizations that you talk a out, do you feel

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Speaker 1: like you're being thrown under the bus to take preemptive

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Speaker 1: measures that could be accused as being anti business in

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Speaker 1: order to stave off to spread because of this political

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Speaker 1: hot potato that perhaps isn't being dealt with in other places. Well,

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Speaker 1: that's not how I'm not operating that way, and I

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Speaker 1: want to be as pro business as possible. But I

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Speaker 1: think that it's very important for me here in Boxton.

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Speaker 1: We're gonna put the help of people first. But I

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Speaker 1: had a conversation with the governor last night. We talked

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Speaker 1: a lot about what the next steps need to be.

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Speaker 1: We talked about the increase in numbers that we're seeing

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Speaker 1: in the state. In Boston we're seeing again in Boston

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Speaker 1: hospitals we're not seeing We're not at the capacity level

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Speaker 1: where's concerning yet, but that that could change tomorrow. And

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Speaker 1: so I'm expecting the government, working with the government, that

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Speaker 1: it will come out and make some recommendations or some

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Speaker 1: pullbacks pretty soon. Mayor want you to speak of the

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Speaker 1: schools nationwide, whether it's the Mathers School, the oldest elementary

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Speaker 1: school in this nation in Dorchester, or the Newman's School,

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Speaker 1: and that red flag on Newberry Street that you know

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Speaker 1: so well. Mayor, I want you to talk right now

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Speaker 1: about are you the Blasio in six Republican mayors in

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Speaker 1: the Midwest, how you're dealing with this virus and these schools. Well,

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Speaker 1: thank you for giving a shout out to my my

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Speaker 1: high school, Alm Out of Nomen School on Marvel Street.

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Speaker 1: I appreciate that in the maths school right down the

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Speaker 1: street from my house and dort sister. What we're doing

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Speaker 1: right now in Boston is we have about a d

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Speaker 1: eighty the highest needs students inside schools. We'll put a

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Speaker 1: lot of lots of safety precautions from even the beginning

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Speaker 1: when we opened schools, and then we had to shut

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Speaker 1: them down. And we anticipate in the next week or

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Speaker 1: so to bring other high needs students back into our

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Speaker 1: district before the Christmas break, before the Christmas holidays, and

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Speaker 1: then we're gonna come up with a plan for after Christmas.

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Speaker 1: We get these numbers down after the holidays, they should say,

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Speaker 1: we get these numbers down to try and get all

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Speaker 1: most of our kids back into school. These are challenging times.

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Speaker 1: Two thirds of our buildings we'll build previously to World

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Speaker 1: War Two, so we don't have all of the safety

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Speaker 1: ventilation that people would like to have in the building.

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Speaker 1: But it is so important in the city of Boston

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Speaker 1: that we get our kids back to school. I mean,

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Speaker 1: most of our kids have been out of school since

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Speaker 1: my sixteen earlier this year, Um, many of those kids,

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Speaker 1: I mean, the achievement gap falling behind it is just

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Speaker 1: gonna be detrimental for themselves. Infant educational system. We don't

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Speaker 1: get them into school soon. Well, so gotta leave it that.

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Speaker 1: Just getting some promising news from the FDI. Gotta let

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Speaker 1: you go busting Matt Mossy Walsh, please come back soon, said,

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Speaker 1: thank you very much. Any number of topics to speak

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Speaker 1: of of Washington, John and Lisa right now, Leslie, Vinjamuri

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Speaker 1: joins us some Chatham House with a very smart outlook

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Speaker 1: from London on American politics. Leslie, We're at the point

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Speaker 1: in every new administration where all their supporters figure out

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Speaker 1: there's X number of slots and way, way, way more

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Speaker 1: than x number of people that want those slots. How's

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Speaker 1: that managed? What do you do when you've got only

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Speaker 1: so many high visibility cabinet and the other jobs and

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Speaker 1: everybody wants to climb on board. Well, and especially I

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Speaker 1: think in this admin of Storation, where of course, people

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Speaker 1: four years ago thought that they were coming in with

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Speaker 1: Hillary Clinton and that didn't happen. They've been waiting in Washington,

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Speaker 1: and of course there's certainly a lot of you know,

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Speaker 1: moderate Republicans that wouldn't work for Donald Trump, that probably

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Speaker 1: would like it. It doesn't look like that's happening. But

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Speaker 1: what we are seeing is, you know, those disciplines being made.

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Speaker 1: We heard the announcements earlier in the week about the

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Speaker 1: economic team. Now it's rumored um that we are seeing

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Speaker 1: in the Secretary of Defense and nominee coming soon, Lloyd Austin,

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Speaker 1: who would be the first African American Secretary of Defense.

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Speaker 1: Remember Tom, that forty three percent of America's active duty

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Speaker 1: troops are people of color, and so that would be

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Speaker 1: symbolically very important. And as Biden's looking ahead, he's thinking

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Speaker 1: about and having experienced people there are plenty of those

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Speaker 1: on offer, but about balancing women and men in gender

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Speaker 1: and race and all those very important dynamics that have

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Speaker 1: been central to his campaign. You mentioned the president elect

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Speaker 1: looking ahead. Is his timeline different in a first term

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Speaker 1: because of his age, because of the pieces that it's

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Speaker 1: perceived he's picking up from President Trump. Is this first

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Speaker 1: year the honeymoon and then after the first year, Is

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Speaker 1: that timeline unique? I don't think, you know, usually we

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Speaker 1: think about the first year the certainly the first one

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Speaker 1: days being a honeymoon period. I don't think that we

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Speaker 1: can even conceive of American politics in the same way

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Speaker 1: anymore than four years of a lot of disruption, a

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Speaker 1: lot of dysfunctionality. And now we're looking at the tragedy

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Speaker 1: of more than two thousand Americans dying every single day,

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Speaker 1: the virus not under control, the need for an economic recovery,

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Speaker 1: this very significant question of when the vaccinations will be

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Speaker 1: rolled out, So there's no honeymoon period for the Biden team.

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Speaker 1: I think they're moving ahead very quickly UM And as

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Speaker 1: you know, the Democrats and the Republicans remain in campaign

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Speaker 1: mode because those January five elections in Georgia will determine

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Speaker 1: and who controls the Senate, and that will be absolutely

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Speaker 1: crucial to Biden's ability to govern. So I think it's

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Speaker 1: really moving ahead very quickly, not only with the appointments,

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Speaker 1: but also with UM beginning to get the agenda up

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Speaker 1: and running. And I think we can see we will

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Speaker 1: expect a number of very significant announcements on that January

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Speaker 1: twenty a, President Biden taking the US back into Paris,

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Speaker 1: back into the w h O, possibly back into the

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Speaker 1: Iran Deal. And then there's a big question, of course,

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Speaker 1: of how he manages the US China confrontation, and that's

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Speaker 1: something that he has a lot of bipartisan support behind

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Speaker 1: being very tough. And if Congress is not the Senate

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Speaker 1: is not in his hands, I think China will be

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Speaker 1: the foil for perhaps getting a lot of domestic legislation

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Speaker 1: through the on the basis of the need that America

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Speaker 1: needs to invest in its domestic economy to make it competitive. So, Leslie,

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Speaker 1: let's be clear about this. This sounds very familiar, sound

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Speaker 1: like what we've experienced over the last few years. Do

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Speaker 1: you see a big difference between the approach of this

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Speaker 1: administration and the next administration on the issue of China. Absolutely.

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Speaker 1: I mean, you're right that people want to be tough

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Speaker 1: on China. More than sevent Americans have an unfavorable view

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Speaker 1: towards China. Nobody wants to go back to free and

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Speaker 1: open trade and thinking that China is going to change.

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Speaker 1: But I think we will see a different approach We're

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Speaker 1: going to see a tougher approach. We're going to see

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Speaker 1: a Biden administration that is going to push far beyond

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Speaker 1: tariffs on structural reforms and market access, on questions of

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Speaker 1: I P and technology transfer, all those things that we've

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Speaker 1: been hearing about but not seeing a lot of movement on.

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Speaker 1: And of course, as we've seen with those appointments of

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Speaker 1: Tony B. Lincoln and Jake Sullivan, these are people who

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Speaker 1: care a lot about the democracy question, the values question.

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Speaker 1: B Lincoln talks about techno democracies and techno autocracies, and

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Speaker 1: so that question of technology and the standards and rights

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Speaker 1: um and norms that surround the use and exchange of

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Speaker 1: technology is going to really one of the key items

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Speaker 1: that I think that the Biden team is going to

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Speaker 1: take on over the next four years. But even in

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Speaker 1: the in the first in the first year, let's be

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Speaker 1: great to catch up. We appreciate your time, and I'm sorry,

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Speaker 1: it's sure. Let's leave Inja Murray, the channel house head

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Speaker 1: of US and America's program. Do you realize you've got

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Speaker 1: radio listeners nationwide turning off the station because you've done

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Speaker 1: more Brexit in the last six seconds than you have

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Speaker 1: in the last week. That's why I'm going to move

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Speaker 1: on straight away rate with Michael Clotty of UBS. He's

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Speaker 1: the head of US rate strategy. Michael, great to catch

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Speaker 1: up with this. Walk me through this treasury market. I

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Speaker 1: have to say, the division into next year isn't that great?

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Speaker 1: Once twenty on a ten year yield seems to be

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Speaker 1: the average forecast out there at the moment. Where are

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Speaker 1: you on things, Michael, Yeah, I think we're gonna get

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Speaker 1: a little cheaper than that. So one twenty isn't too

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Speaker 1: far away from way the markets priced in right now. Um.

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Speaker 1: And uh so we think we're going to get up

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Speaker 1: closer to the one fifty by the end of the year. Um.

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Speaker 1: I think that will get some you know continued. Uh.

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Speaker 1: Good news on the vaccine front um. That's going to

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Speaker 1: allow things to be bright enough for the Fed to

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Speaker 1: start tapering. We lose a little bit of support to

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Speaker 1: the back end of the curve and so we sell

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Speaker 1: off a bit more than the forwards, but not a

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Speaker 1: colossal sell off. Here are you hoping to get a

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Speaker 1: green light from the Federal Reserve next week? So the

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Speaker 1: big question with the Fed is whether they extend the

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Speaker 1: maturity next of their purchases. So this year when the

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Speaker 1: FED started buying, the treasure market was really broken. FED

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Speaker 1: had to come in and buy shorter maturities to help

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Speaker 1: with leave some of the same and the treasury market. Um,

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Speaker 1: they're continuing to buy very short maturities, which doesn't make

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Speaker 1: a lot of sense. Um. You know. The way that

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Speaker 1: chewee helps is you're taking a asset with a longer

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Speaker 1: maturity out of the market, You're replacing it with a

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Speaker 1: reserve chat an overnight maturity um, so that it's really

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Speaker 1: a maturity transfer. The way it's working well, you know,

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Speaker 1: buying two year notes instead of ten year notes big

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Speaker 1: difference than that maturity transfer. Um. You know. The question

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Speaker 1: is when the FED stops buying the short stuff because

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Speaker 1: the treasury market is not broken anymore, and starts focusing

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Speaker 1: on the longer returnities, how much michael have longer term

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Speaker 1: yields been well behaved because of the expectation of FED buying,

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Speaker 1: in which case FED buying won't actually tip the tide

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Speaker 1: in any way or make a difference. Yeah, I think

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Speaker 1: you're right that. I think this is what's been holding

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Speaker 1: us below one here. Expectations that the Fed will help

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Speaker 1: next week, UM, you know, so I think that, you know,

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Speaker 1: hard to achieve en up beyond one until we get

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Speaker 1: past that meeting. And then as we go into next year,

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Speaker 1: you know, even with a little bit of a maturity

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Speaker 1: centerm the Fed, you know that what the Feds buying

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Speaker 1: is still peanuts relative to what the Treasury issuing. You know,

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Speaker 1: this year we've got a new twenty year note, massive

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Speaker 1: increases and kind of thirties UM, So the fits taking

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Speaker 1: out it's still tiny relative to what the Treasury is

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Speaker 1: putting in. So we think, you know, he'll you'll still

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Speaker 1: see that upward pressure on Michael Clady. Good morning, Tom Keenan,

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Speaker 1: New York. It's outlook time where people have to game

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Speaker 1: out movement of the tenure yield and use you know,

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Speaker 1: with your legendary experience, everybody always gets it wrong. What's

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Speaker 1: the color of getting it wrong this year? Is it

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Speaker 1: undershooting or once again just gaming out higher interest rates

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Speaker 1: that don't happen? So I think that, you know, I

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Speaker 1: guess it, It depends. I think the greater pain in

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Speaker 1: the rates world would be that we rally back down

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Speaker 1: UM and get back to very low yields UM. You know,

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Speaker 1: you can see a lot of stress on insurance companies,

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Speaker 1: banks um in that low yield environment. Uh so I think,

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Speaker 1: you know, for them, the risk is that uh you know,

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Speaker 1: things are are not as good and we rally back.

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Speaker 1: I's gonna get with today on some of the headlines

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Speaker 1: us in the Bloomberg. It comes from the FDA. The

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Speaker 1: FDA has posted the briefing documents on the FISER beyond

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Speaker 1: Tech COVID vaccine. This is the report available available ahead

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Speaker 1: of the December tenth Advisory Panels. So in a couple

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Speaker 1: of days time, tom they take this report and they

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Speaker 1: could possibly make a recommendation as to whether they will

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Speaker 1: approve this vaccine in the same way that the UK

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Speaker 1: has done. So that report has been posted by the FDA.

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Speaker 1: They go on to say that FISER has given adequate

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Speaker 1: information on vaccine quality according to this staff report. And

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Speaker 1: some of these headlines are gonna dribble through drip, drip

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Speaker 1: drip of the next hour or so ahead of that

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Speaker 1: December tenth Advisory Panel meeting, and that's the important date Thursday.

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Speaker 1: But we might get an indication as to where there's

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Speaker 1: heading from the headlines that come in the next couple

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Speaker 1: of minutes. A huge pressure to get this out. I'm

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Speaker 1: sure Mr Trump is speaking of that is, as is

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Speaker 1: Mr Biden as well. John, I would suggested, coming out

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Speaker 1: of the nineteen fifties, there is a legendary heritage of

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Speaker 1: the United States being patient in waiting and waiting to

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Speaker 1: be sure and safety and ever, le's see if the

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Speaker 1: therapy whatever you're talking about. And certainly they've spent up

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Speaker 1: that clock here in the last number of days. Yeah,

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Speaker 1: and hopefully we get the news everyone wants to hear

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Speaker 1: this coming Thursday. So the report has been posted. We'll

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Speaker 1: go through that. People much smarter than me. They'll break

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Speaker 1: down the headlines for you, and I'll regurgitate that for you,

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Speaker 1: which they come through on the Bloomberg terminal. Michael, clock

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Speaker 1: to if you bs you're still with a surge. A

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Speaker 1: final question on the vaccinations. First ones begin today in markets.

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Speaker 1: You know they're saying it's cliche it's always better to

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Speaker 1: travel than arrived. The vaccination started to date in the

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Speaker 1: United Kingdom. What does that mean to you, Michael from

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Speaker 1: a sentiment position the financial markets, so I think you

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Speaker 1: know it's it's certainly been helpful. I think the big

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Speaker 1: question here is the distribution. Um, yeah, we have a

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Speaker 1: whole bunch of different vaccines along the way in development.

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Speaker 1: I think I think everyone's assuming that we'll get some

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Speaker 1: vaccines at some point. Distribution is a monumental undertaking, So

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Speaker 1: the question becomes how fast can we get these things out?

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Speaker 1: And I think that's what people are really befault us

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Speaker 1: on for the next few months, is speed of speed

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Speaker 1: of progress. We all agree, mom clocks of ubs, thank

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Speaker 1: you such thanks for listening to the Bloomberg Surveillance podcast.

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Speaker 1: Subscribe and listen to interviews on Apple Podcasts, SoundCloud, or

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Speaker 1: whichever podcast platform you prefer. I'm on Twitter at Tom

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Speaker 1: Keene before the podcast. You can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio.