Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene Jay Leye.
Speaker 1: We bring you insight from the best in economics, finance,
Speaker 1: investment and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,
Speaker 1: Bloomberg dot Com and of course on the Bloomberg. Joining
Speaker 1: us now, Peter Robenheimer of Godman Sachs. Peter, always fantastic
Speaker 1: to catch up with you, the chief global equity strategist
Speaker 1: the UK. Beginning the huge vaccination program that's going to
Speaker 1: grip this country in the world, I hope in the
Speaker 1: coming months as well. Top of the line in the
Speaker 1: notes I've got for you, Peter by the UK by
Speaker 1: the foot see why Peter, Well, look, I mean very
Speaker 1: exciting news about about the vaccine um and uh. But
Speaker 1: separately from that, I think the UK economy has been
Speaker 1: one of the worst hit from this pandemic, partly because
Speaker 1: of the makeup of the economy very heavily geared towards services.
Speaker 1: Retail services fall of about eleven percent in GDP this
Speaker 1: year would be the worst annual downturn since the early
Speaker 1: seventeen hundreds, But at the same time we're expecting a
Speaker 1: very strong rebound in the US economy next year over
Speaker 1: seventh cent and at six percent or so alongside that,
Speaker 1: we should get quite a strong rebound in earnings. It's
Speaker 1: a very cheap market. It trades now at a discount
Speaker 1: to the US market on a twenty four month forward
Speaker 1: basis of about thirty you know, and uh with with
Speaker 1: a sort of strong cyclical recovery and a market that's
Speaker 1: heavily geared towards commodities and other cyclicals, and we're bullish
Speaker 1: of commodities. We think it should have produce rebound. They
Speaker 1: just brilliant. Peter Appen I might noted today of the
Speaker 1: w E I screen the basis point difference between standard
Speaker 1: and porters five hundred in the foot see okay, by
Speaker 1: straw hats in winter? You and I read our baroque
Speaker 1: We know that phrase, Peter, Where are the straw hats
Speaker 1: in Asia? Where is the foots? The equivalent opportunity on
Speaker 1: the Pacific rim. Well, we we've been very bullish for
Speaker 1: China for a long time. We're still overweights to China,
Speaker 1: but of course that's more of a growth orientated index,
Speaker 1: being a very heavily geared technology like the US, so
Speaker 1: we'd be tilting wa towards other parts of North Asia
Speaker 1: career for example in particular, you know, very cyclical would
Speaker 1: benefit a lot from a global economic recovery, and Japan
Speaker 1: too for that matter. U. These are markets that have
Speaker 1: tended to lag their more value orientated, more cyclical, and
Speaker 1: more sensitive to global growth. And for that reason, as
Speaker 1: you go into this inflection point of strong growth for
Speaker 1: the first time for many years, we should see the
Speaker 1: leadership shifting. So this is the macro story. I'm wondering
Speaker 1: the technical story, Peter. The composition of US equity indexes,
Speaker 1: have they made them less full of potential for gains
Speaker 1: based on the domination of the main company. Is the
Speaker 1: fact that it's so concentrated at the time. I'm looking
Speaker 1: today for example of Tesla's as they're going to sell shares,
Speaker 1: Tesla's shares fall pre market, and so does the entire
Speaker 1: SMP because now it's included in it. Yes, so in
Speaker 1: some senses, you know, the concentration of the market, which
Speaker 1: has been to its advantage because it's generally been led
Speaker 1: by very fast growing, very large companies, particularly in technology,
Speaker 1: which has been the dominant leading sector for so long,
Speaker 1: in a sense, becomes a little bit of a handicap.
Speaker 1: We're not negative on technology, we think it will still
Speaker 1: do well, but it doesn't have the same leverage to
Speaker 1: a positive inflection point in the global economy that we're
Speaker 1: expecting to see. So those value parts of the market
Speaker 1: that have been very depressed with higher dividend fields, those
Speaker 1: areas which are much more geared into economic growth, would
Speaker 1: tend to recover more quickly, and they tend to have
Speaker 1: a bigger waiting in other markets. Interesting for example, if
Speaker 1: you look at Europe, which has just had its best
Speaker 1: month ever, we saw Europe in November outperforming the US
Speaker 1: by about six percent. That the best relative performance since
Speaker 1: two thousand and nine, when we were last coming out
Speaker 1: of a very deep recession. So again a similar sort
Speaker 1: of pattern playing through and peter ugably with the data
Speaker 1: going in the wrong direction as well, with premys deeply
Speaker 1: stub fifty in the low forties and in some places
Speaker 1: in the thirties as well. How you expect that relationship
Speaker 1: between the economic data and the market to evolve well,
Speaker 1: when we look at the way that equity cycles evolved,
Speaker 1: the first phase of a new cycle, what we call
Speaker 1: the hope phase, is really all about expectations. It nearly
Speaker 1: always starts during a recession when profits are still falling,
Speaker 1: but for some reason investors start to get a little
Speaker 1: bit more optimistic about a recovery, usually because of policy support.
Speaker 1: In this case, it's been a combination of policy support
Speaker 1: and of course the very positive news on vaccines. But
Speaker 1: what we've seen since March is a big expansion of
Speaker 1: valuations across all markets. That's pretty common in that first
Speaker 1: hope phase of the cycle. Once we actually start to
Speaker 1: get the economic recovery coming through at a p m
Speaker 1: I data, stronger profits actually growing, I would expect the
Speaker 1: improvement in equities to slow a lot and valuations to
Speaker 1: start compressing. So many ball markets very front loaded. You've
Speaker 1: got to be in early as that expectation or shift
Speaker 1: really drives valuations higher, and then we would expect to
Speaker 1: see slower returns as we move forward, particularly when you
Speaker 1: consider that valuations are quite high and we're not going
Speaker 1: to have the tail wind in this cycle of ever
Speaker 1: lower interest rates, which we saw as a very dominant
Speaker 1: factor coming out of the financial crisis. We found that
Speaker 1: shift last month in a massive way. Peter Fans Acid
Speaker 1: of catch Up sa as oh I send up set
Speaker 1: a team at Goldman Peter Uppenheim, and had the chief
Speaker 1: global equity strategists. The great things we say with the
Speaker 1: vaccinations as they begin in the United Kingdom said against
Speaker 1: the fact that we haven't seen the worst of it
Speaker 1: yet in many places around the world, including the United States.
Speaker 1: Well we're here in the United States, and again the
Speaker 1: three factors, folks, are cases which I'm not a big
Speaker 1: fan of the mathematics there, but certainly the certitude of
Speaker 1: death and the reality of a hospitalization. Boston is one
Speaker 1: of the great hospital capitals of this nation. He is
Speaker 1: the mayor of the City of Boston. Martin walshon were
Speaker 1: thrilled that he could join us this morning. Marty Walsh,
Speaker 1: we get loads of things to talk about. Let me
Speaker 1: cut to the chase you needed from Washington long ago
Speaker 1: and far away, people like Joe Mowkeley or Tip O'Neill
Speaker 1: and Republicans like minded like them, maybe like Senator Burke
Speaker 1: and others were able to do money from Washington to
Speaker 1: help beleaguered cities. Why can't we do that now? It's
Speaker 1: really unfortunate, you know. Mitch McConnell has has made statements
Speaker 1: that um City should go bankrupt. You can't have that.
Speaker 1: I mean, I was on a conversation last night with
Speaker 1: Mays from around Massachusetts and the need for federal investment
Speaker 1: in in Boston and in the region of the Kalma.
Speaker 1: The Massachusetts is really incredible. But you and I talked
Speaker 1: to our fair about businesses being shut down, hotels not
Speaker 1: being open. We have the same thing here in the
Speaker 1: city of Boston. We are heading to what I think
Speaker 1: is looking like a second search. We're looking at potential
Speaker 1: for the pullbacks here in the city, in the comma
Speaker 1: the Massachusetts and around the country. And when we do that,
Speaker 1: quite honestly, your show is about business Boomberg business, the
Speaker 1: businesses in our city, in our state, in our country.
Speaker 1: Quite honestly, I'm not going to return from this. So
Speaker 1: the federal government needs to act now. The Senate needs
Speaker 1: that now. They need to stop playing politics. They have
Speaker 1: to stop playing partisan politics. Put the American people for us,
Speaker 1: put the American businesses first, put everybody first. And they're
Speaker 1: not doing that. My well, shall want to understand, and
Speaker 1: I want you to paint the picture really clearly. What
Speaker 1: you need from the federal government, not just money dollar amount.
Speaker 1: What you need from the federal government and what happens
Speaker 1: if you don't get it in the next few months. Well,
Speaker 1: first and foremost, we need directions in the federal government,
Speaker 1: I mean the Biden Harris administrations put together at COVID
Speaker 1: nineteen task for us. We need clear direction on which
Speaker 1: way we should go to push back and not pushed
Speaker 1: back on the COVID trices, but to address the COVID crisis.
Speaker 1: Most cities and states around the country have been on
Speaker 1: their own from the very beginning, whether it's been on testing,
Speaker 1: whether it's been on surche whether it's been on hospitalization.
Speaker 1: So in Boston right now, what we're experiencing is we
Speaker 1: can't call it necessarily a second surgeon. We're seeing increased
Speaker 1: numberge significantly increased numbers in Boston, Massachusetts. We are not
Speaker 1: seeing yet increase in hospitalization. We're seeing a number that
Speaker 1: hospitalization is going up, but not to the point where
Speaker 1: it was back in April and May and June where
Speaker 1: we had to cancel all elective surgeries. We're not seeing
Speaker 1: complete shutdowns where we shoul out our businesses down, where
Speaker 1: nobody's working anymore. But we are headed towards that again,
Speaker 1: and this is a failure in the federal government. So
Speaker 1: what the federal government needs to do is come up
Speaker 1: with a policy and what we need to do moving
Speaker 1: our country forward, working with experts like Dr Foci number one,
Speaker 1: number two. The federal government, what they need to do
Speaker 1: is come up with an economic stimulus package that that
Speaker 1: millions of Americans that are going to run out of
Speaker 1: unemployment benefits, small businesses that are gonna have to shut
Speaker 1: their doors permanently. Unless they come up with a package,
Speaker 1: we're gonna lose these businesses and they're not going to
Speaker 1: come back overnight. So the implications of what the coronavirus
Speaker 1: is going to do long term, the long term impact
Speaker 1: is going to have on a city like Boston could
Speaker 1: be detrimental. And it's not just question. You just take
Speaker 1: any city and you plug in the name. And that's
Speaker 1: the challenges that we're all facing across this country. May
Speaker 1: or it's not just the federal government, it's also closer
Speaker 1: to home. For example, your governor, Governor Jollie Baker coming
Speaker 1: out and actually not putting on some of the restrictions
Speaker 1: that people are suggesting are necessary to prevent that increase
Speaker 1: in hospitalizations that you talk a out, do you feel
Speaker 1: like you're being thrown under the bus to take preemptive
Speaker 1: measures that could be accused as being anti business in
Speaker 1: order to stave off to spread because of this political
Speaker 1: hot potato that perhaps isn't being dealt with in other places. Well,
Speaker 1: that's not how I'm not operating that way, and I
Speaker 1: want to be as pro business as possible. But I
Speaker 1: think that it's very important for me here in Boxton.
Speaker 1: We're gonna put the help of people first. But I
Speaker 1: had a conversation with the governor last night. We talked
Speaker 1: a lot about what the next steps need to be.
Speaker 1: We talked about the increase in numbers that we're seeing
Speaker 1: in the state. In Boston we're seeing again in Boston
Speaker 1: hospitals we're not seeing We're not at the capacity level
Speaker 1: where's concerning yet, but that that could change tomorrow. And
Speaker 1: so I'm expecting the government, working with the government, that
Speaker 1: it will come out and make some recommendations or some
Speaker 1: pullbacks pretty soon. Mayor want you to speak of the
Speaker 1: schools nationwide, whether it's the Mathers School, the oldest elementary
Speaker 1: school in this nation in Dorchester, or the Newman's School,
Speaker 1: and that red flag on Newberry Street that you know
Speaker 1: so well. Mayor, I want you to talk right now
Speaker 1: about are you the Blasio in six Republican mayors in
Speaker 1: the Midwest, how you're dealing with this virus and these schools. Well,
Speaker 1: thank you for giving a shout out to my my
Speaker 1: high school, Alm Out of Nomen School on Marvel Street.
Speaker 1: I appreciate that in the maths school right down the
Speaker 1: street from my house and dort sister. What we're doing
Speaker 1: right now in Boston is we have about a d
Speaker 1: eighty the highest needs students inside schools. We'll put a
Speaker 1: lot of lots of safety precautions from even the beginning
Speaker 1: when we opened schools, and then we had to shut
Speaker 1: them down. And we anticipate in the next week or
Speaker 1: so to bring other high needs students back into our
Speaker 1: district before the Christmas break, before the Christmas holidays, and
Speaker 1: then we're gonna come up with a plan for after Christmas.
Speaker 1: We get these numbers down after the holidays, they should say,
Speaker 1: we get these numbers down to try and get all
Speaker 1: most of our kids back into school. These are challenging times.
Speaker 1: Two thirds of our buildings we'll build previously to World
Speaker 1: War Two, so we don't have all of the safety
Speaker 1: ventilation that people would like to have in the building.
Speaker 1: But it is so important in the city of Boston
Speaker 1: that we get our kids back to school. I mean,
Speaker 1: most of our kids have been out of school since
Speaker 1: my sixteen earlier this year, Um, many of those kids,
Speaker 1: I mean, the achievement gap falling behind it is just
Speaker 1: gonna be detrimental for themselves. Infant educational system. We don't
Speaker 1: get them into school soon. Well, so gotta leave it that.
Speaker 1: Just getting some promising news from the FDI. Gotta let
Speaker 1: you go busting Matt Mossy Walsh, please come back soon, said,
Speaker 1: thank you very much. Any number of topics to speak
Speaker 1: of of Washington, John and Lisa right now, Leslie, Vinjamuri
Speaker 1: joins us some Chatham House with a very smart outlook
Speaker 1: from London on American politics. Leslie, We're at the point
Speaker 1: in every new administration where all their supporters figure out
Speaker 1: there's X number of slots and way, way, way more
Speaker 1: than x number of people that want those slots. How's
Speaker 1: that managed? What do you do when you've got only
Speaker 1: so many high visibility cabinet and the other jobs and
Speaker 1: everybody wants to climb on board. Well, and especially I
Speaker 1: think in this admin of Storation, where of course, people
Speaker 1: four years ago thought that they were coming in with
Speaker 1: Hillary Clinton and that didn't happen. They've been waiting in Washington,
Speaker 1: and of course there's certainly a lot of you know,
Speaker 1: moderate Republicans that wouldn't work for Donald Trump, that probably
Speaker 1: would like it. It doesn't look like that's happening. But
Speaker 1: what we are seeing is, you know, those disciplines being made.
Speaker 1: We heard the announcements earlier in the week about the
Speaker 1: economic team. Now it's rumored um that we are seeing
Speaker 1: in the Secretary of Defense and nominee coming soon, Lloyd Austin,
Speaker 1: who would be the first African American Secretary of Defense.
Speaker 1: Remember Tom, that forty three percent of America's active duty
Speaker 1: troops are people of color, and so that would be
Speaker 1: symbolically very important. And as Biden's looking ahead, he's thinking
Speaker 1: about and having experienced people there are plenty of those
Speaker 1: on offer, but about balancing women and men in gender
Speaker 1: and race and all those very important dynamics that have
Speaker 1: been central to his campaign. You mentioned the president elect
Speaker 1: looking ahead. Is his timeline different in a first term
Speaker 1: because of his age, because of the pieces that it's
Speaker 1: perceived he's picking up from President Trump. Is this first
Speaker 1: year the honeymoon and then after the first year, Is
Speaker 1: that timeline unique? I don't think, you know, usually we
Speaker 1: think about the first year the certainly the first one
Speaker 1: days being a honeymoon period. I don't think that we
Speaker 1: can even conceive of American politics in the same way
Speaker 1: anymore than four years of a lot of disruption, a
Speaker 1: lot of dysfunctionality. And now we're looking at the tragedy
Speaker 1: of more than two thousand Americans dying every single day,
Speaker 1: the virus not under control, the need for an economic recovery,
Speaker 1: this very significant question of when the vaccinations will be
Speaker 1: rolled out, So there's no honeymoon period for the Biden team.
Speaker 1: I think they're moving ahead very quickly UM And as
Speaker 1: you know, the Democrats and the Republicans remain in campaign
Speaker 1: mode because those January five elections in Georgia will determine
Speaker 1: and who controls the Senate, and that will be absolutely
Speaker 1: crucial to Biden's ability to govern. So I think it's
Speaker 1: really moving ahead very quickly, not only with the appointments,
Speaker 1: but also with UM beginning to get the agenda up
Speaker 1: and running. And I think we can see we will
Speaker 1: expect a number of very significant announcements on that January
Speaker 1: twenty a, President Biden taking the US back into Paris,
Speaker 1: back into the w h O, possibly back into the
Speaker 1: Iran Deal. And then there's a big question, of course,
Speaker 1: of how he manages the US China confrontation, and that's
Speaker 1: something that he has a lot of bipartisan support behind
Speaker 1: being very tough. And if Congress is not the Senate
Speaker 1: is not in his hands, I think China will be
Speaker 1: the foil for perhaps getting a lot of domestic legislation
Speaker 1: through the on the basis of the need that America
Speaker 1: needs to invest in its domestic economy to make it competitive. So, Leslie,
Speaker 1: let's be clear about this. This sounds very familiar, sound
Speaker 1: like what we've experienced over the last few years. Do
Speaker 1: you see a big difference between the approach of this
Speaker 1: administration and the next administration on the issue of China. Absolutely.
Speaker 1: I mean, you're right that people want to be tough
Speaker 1: on China. More than sevent Americans have an unfavorable view
Speaker 1: towards China. Nobody wants to go back to free and
Speaker 1: open trade and thinking that China is going to change.
Speaker 1: But I think we will see a different approach We're
Speaker 1: going to see a tougher approach. We're going to see
Speaker 1: a Biden administration that is going to push far beyond
Speaker 1: tariffs on structural reforms and market access, on questions of
Speaker 1: I P and technology transfer, all those things that we've
Speaker 1: been hearing about but not seeing a lot of movement on.
Speaker 1: And of course, as we've seen with those appointments of
Speaker 1: Tony B. Lincoln and Jake Sullivan, these are people who
Speaker 1: care a lot about the democracy question, the values question.
Speaker 1: B Lincoln talks about techno democracies and techno autocracies, and
Speaker 1: so that question of technology and the standards and rights
Speaker 1: um and norms that surround the use and exchange of
Speaker 1: technology is going to really one of the key items
Speaker 1: that I think that the Biden team is going to
Speaker 1: take on over the next four years. But even in
Speaker 1: the in the first in the first year, let's be
Speaker 1: great to catch up. We appreciate your time, and I'm sorry,
Speaker 1: it's sure. Let's leave Inja Murray, the channel house head
Speaker 1: of US and America's program. Do you realize you've got
Speaker 1: radio listeners nationwide turning off the station because you've done
Speaker 1: more Brexit in the last six seconds than you have
Speaker 1: in the last week. That's why I'm going to move
Speaker 1: on straight away rate with Michael Clotty of UBS. He's
Speaker 1: the head of US rate strategy. Michael, great to catch
Speaker 1: up with this. Walk me through this treasury market. I
Speaker 1: have to say, the division into next year isn't that great?
Speaker 1: Once twenty on a ten year yield seems to be
Speaker 1: the average forecast out there at the moment. Where are
Speaker 1: you on things, Michael, Yeah, I think we're gonna get
Speaker 1: a little cheaper than that. So one twenty isn't too
Speaker 1: far away from way the markets priced in right now. Um.
Speaker 1: And uh so we think we're going to get up
Speaker 1: closer to the one fifty by the end of the year. Um.
Speaker 1: I think that will get some you know continued. Uh.
Speaker 1: Good news on the vaccine front um. That's going to
Speaker 1: allow things to be bright enough for the Fed to
Speaker 1: start tapering. We lose a little bit of support to
Speaker 1: the back end of the curve and so we sell
Speaker 1: off a bit more than the forwards, but not a
Speaker 1: colossal sell off. Here are you hoping to get a
Speaker 1: green light from the Federal Reserve next week? So the
Speaker 1: big question with the Fed is whether they extend the
Speaker 1: maturity next of their purchases. So this year when the
Speaker 1: FED started buying, the treasure market was really broken. FED
Speaker 1: had to come in and buy shorter maturities to help
Speaker 1: with leave some of the same and the treasury market. Um,
Speaker 1: they're continuing to buy very short maturities, which doesn't make
Speaker 1: a lot of sense. Um. You know. The way that
Speaker 1: chewee helps is you're taking a asset with a longer
Speaker 1: maturity out of the market, You're replacing it with a
Speaker 1: reserve chat an overnight maturity um, so that it's really
Speaker 1: a maturity transfer. The way it's working well, you know,
Speaker 1: buying two year notes instead of ten year notes big
Speaker 1: difference than that maturity transfer. Um. You know. The question
Speaker 1: is when the FED stops buying the short stuff because
Speaker 1: the treasury market is not broken anymore, and starts focusing
Speaker 1: on the longer returnities, how much michael have longer term
Speaker 1: yields been well behaved because of the expectation of FED buying,
Speaker 1: in which case FED buying won't actually tip the tide
Speaker 1: in any way or make a difference. Yeah, I think
Speaker 1: you're right that. I think this is what's been holding
Speaker 1: us below one here. Expectations that the Fed will help
Speaker 1: next week, UM, you know, so I think that, you know,
Speaker 1: hard to achieve en up beyond one until we get
Speaker 1: past that meeting. And then as we go into next year,
Speaker 1: you know, even with a little bit of a maturity
Speaker 1: centerm the Fed, you know that what the Feds buying
Speaker 1: is still peanuts relative to what the Treasury issuing. You know,
Speaker 1: this year we've got a new twenty year note, massive
Speaker 1: increases and kind of thirties UM, So the fits taking
Speaker 1: out it's still tiny relative to what the Treasury is
Speaker 1: putting in. So we think, you know, he'll you'll still
Speaker 1: see that upward pressure on Michael Clady. Good morning, Tom Keenan,
Speaker 1: New York. It's outlook time where people have to game
Speaker 1: out movement of the tenure yield and use you know,
Speaker 1: with your legendary experience, everybody always gets it wrong. What's
Speaker 1: the color of getting it wrong this year? Is it
Speaker 1: undershooting or once again just gaming out higher interest rates
Speaker 1: that don't happen? So I think that, you know, I
Speaker 1: guess it, It depends. I think the greater pain in
Speaker 1: the rates world would be that we rally back down
Speaker 1: UM and get back to very low yields UM. You know,
Speaker 1: you can see a lot of stress on insurance companies,
Speaker 1: banks um in that low yield environment. Uh so I think,
Speaker 1: you know, for them, the risk is that uh you know,
Speaker 1: things are are not as good and we rally back.
Speaker 1: I's gonna get with today on some of the headlines
Speaker 1: us in the Bloomberg. It comes from the FDA. The
Speaker 1: FDA has posted the briefing documents on the FISER beyond
Speaker 1: Tech COVID vaccine. This is the report available available ahead
Speaker 1: of the December tenth Advisory Panels. So in a couple
Speaker 1: of days time, tom they take this report and they
Speaker 1: could possibly make a recommendation as to whether they will
Speaker 1: approve this vaccine in the same way that the UK
Speaker 1: has done. So that report has been posted by the FDA.
Speaker 1: They go on to say that FISER has given adequate
Speaker 1: information on vaccine quality according to this staff report. And
Speaker 1: some of these headlines are gonna dribble through drip, drip
Speaker 1: drip of the next hour or so ahead of that
Speaker 1: December tenth Advisory Panel meeting, and that's the important date Thursday.
Speaker 1: But we might get an indication as to where there's
Speaker 1: heading from the headlines that come in the next couple
Speaker 1: of minutes. A huge pressure to get this out. I'm
Speaker 1: sure Mr Trump is speaking of that is, as is
Speaker 1: Mr Biden as well. John, I would suggested, coming out
Speaker 1: of the nineteen fifties, there is a legendary heritage of
Speaker 1: the United States being patient in waiting and waiting to
Speaker 1: be sure and safety and ever, le's see if the
Speaker 1: therapy whatever you're talking about. And certainly they've spent up
Speaker 1: that clock here in the last number of days. Yeah,
Speaker 1: and hopefully we get the news everyone wants to hear
Speaker 1: this coming Thursday. So the report has been posted. We'll
Speaker 1: go through that. People much smarter than me. They'll break
Speaker 1: down the headlines for you, and I'll regurgitate that for you,
Speaker 1: which they come through on the Bloomberg terminal. Michael, clock
Speaker 1: to if you bs you're still with a surge. A
Speaker 1: final question on the vaccinations. First ones begin today in markets.
Speaker 1: You know they're saying it's cliche it's always better to
Speaker 1: travel than arrived. The vaccination started to date in the
Speaker 1: United Kingdom. What does that mean to you, Michael from
Speaker 1: a sentiment position the financial markets, so I think you
Speaker 1: know it's it's certainly been helpful. I think the big
Speaker 1: question here is the distribution. Um, yeah, we have a
Speaker 1: whole bunch of different vaccines along the way in development.
Speaker 1: I think I think everyone's assuming that we'll get some
Speaker 1: vaccines at some point. Distribution is a monumental undertaking, So
Speaker 1: the question becomes how fast can we get these things out?
Speaker 1: And I think that's what people are really befault us
Speaker 1: on for the next few months, is speed of speed
Speaker 1: of progress. We all agree, mom clocks of ubs, thank
Speaker 1: you such thanks for listening to the Bloomberg Surveillance podcast.
Speaker 1: Subscribe and listen to interviews on Apple Podcasts, SoundCloud, or
Speaker 1: whichever podcast platform you prefer. I'm on Twitter at Tom
Speaker 1: Keene before the podcast. You can always catch us worldwide.
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