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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom keene Jailey.

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

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Speaker 1: 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 Right

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Speaker 1: now to get the conversation started on radio on television.

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Speaker 1: To help you prepare for that you aren't. In the

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Speaker 1: equity market, Gregg Bottle joins US with BMP Perry, Head

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Speaker 1: of Equity and Derivative Strategy, Greg what does the derivative

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Speaker 1: markets say the Greek letters? What does it say about

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Speaker 1: developing confidence towards two thousand twenty one. Well, I think

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Speaker 1: it's an interesting story in the In the volatility market,

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Speaker 1: we've seen the VIX come down considerably and twins, as

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Speaker 1: you point out, has been a bit of a low

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Speaker 1: for the last six months. All of you as though

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Speaker 1: it's likely to go lower into the new year. We've

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Speaker 1: seen a huge amount of money and be put to

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Speaker 1: work in the equity market, but we haven't seen the

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Speaker 1: same type of return to short volatility strategies that we

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Speaker 1: saw pre COVID, So we think that could be a

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Speaker 1: big story for Q one next year. We get some

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Speaker 1: notes whenever a guest comes on the program, and the

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Speaker 1: guest quite kindly sends over their thoughts. And I'm looking

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Speaker 1: at these notes right now. Jonathan Farrow laughed at me

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Speaker 1: the last time I was on for my quote, more

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Speaker 1: virus and sellers are likely to drive the market. Since then,

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Speaker 1: we have seen massive inflows into US equities. Wasn't doubting you, Greg,

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Speaker 1: wasn't doubting you. Just thought the line was a bit cliche.

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Speaker 1: You've expected more inflows, Greg, Well, we think the rate

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Speaker 1: of piece of inflows is going to slow considerably now.

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Speaker 1: So importantly, we don't think we're going to see outflows

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Speaker 1: from the US equity markets, but we do think we've

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Speaker 1: seen a huge amount of money be put to work.

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Speaker 1: We've seen big inflows in the CFTC data for the future,

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Speaker 1: We've seen multi year highs in terms of the inflows

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Speaker 1: into the E t F universe, and importantly, some of

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Speaker 1: the quantitative strategies that we tracked have really re levered.

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Speaker 1: So we think that massive pace of inflows we've seen

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Speaker 1: over the last six weeks is going to slow considerably,

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Speaker 1: But we don't think we're going to move into an

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Speaker 1: environment where we're seeing net outflows, so we think that

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Speaker 1: could just be supportive of a slower pace of equity

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Speaker 1: gains going forward. Greg, this is actually out of consensus

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Speaker 1: a little bit in terms of people saying that the

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Speaker 1: retail investor is now actually getting more confident to put

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Speaker 1: cash into equities and that you hadn't seen that full

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Speaker 1: rotation until very recently and that will gain steam. Is

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Speaker 1: that your sense as well that other people kind of

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Speaker 1: have too much faith in this cash coming off the sidelines.

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Speaker 1: I put in quotes because I know that that's a

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Speaker 1: contentious phrase. Yeah, I don't necessarily think so. I do

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Speaker 1: think more money can potentially be put to work. I

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Speaker 1: just don't really think it can continue in the pace

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Speaker 1: that it has over the last six weeks. A lot

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Speaker 1: of these indicators we see are really at the highs

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Speaker 1: that we've seen over a multi year period, and normally

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Speaker 1: these things mean revert So you know, as I mentioned,

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Speaker 1: I don't think that means you necessarily see a reversal

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Speaker 1: in those flows, but it's just much slower rate of pace.

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Speaker 1: And the interesting thing it's almost every indicator we look

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Speaker 1: at core positioning is extremely stretched. E t F flows

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Speaker 1: are extremely stretched. Futures positioning is very stretched, quantity of

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Speaker 1: strategies are very stretched. So really I think that there's

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Speaker 1: not as much of a wall of money on the

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Speaker 1: sidelines to step in as maybe there was six weeks ago.

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Speaker 1: I got this really strange dynamic at the moment, though,

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Speaker 1: Greg where By, typically in the future there's always something

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Speaker 1: to worry about, but at the moment in the future,

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Speaker 1: there's something to be hopeful about, and in the near

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Speaker 1: term there's something to worry about. Brick walk me through

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Speaker 1: how unusual that might be for you, and how the

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Speaker 1: markets capturing that story. Yeah, I think equity strategists often

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Speaker 1: talk about it in terms of climbing the wall of worry,

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Speaker 1: and that you know, one of the reasons to be

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Speaker 1: optimistic about equities is when everybody else is worried, and

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Speaker 1: when you can get past those events, potentially that can

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Speaker 1: drive a bullish catalyst for markets. I think when we

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Speaker 1: look to next year, one of the things that we

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Speaker 1: are probably a little bit concerned about is that argue

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Speaker 1: that we're going to see a cyclical reopening in the economy,

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Speaker 1: me the market will perform well. Value outperformed growth is

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Speaker 1: probably something of a consensus call now, So that's probably

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Speaker 1: one of the key risks. But I do think those

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Speaker 1: drivers are very strong, and I do think that can

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Speaker 1: that can play out next year. There's gamma, acceleration, convexity,

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Speaker 1: whatever word you want to use for it. It's at

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Speaker 1: acceleration folks within markets. The ambiguity of gamma Is it

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Speaker 1: good for our viewers and listeners are not? If we

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Speaker 1: get an acceleration of good news or a continued acceleration,

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Speaker 1: is that good? Does it matter about gamma right now? Well?

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Speaker 1: I think when we look at the options market, the

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Speaker 1: thing that we see is that VIX is often used

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Speaker 1: as a barometer of fit, and one of the things

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Speaker 1: that we haven't seen is a return to the pre

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Speaker 1: pre February, pre March levels of volatility. We think we

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Speaker 1: could see a new volatility regime in Q one next year,

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Speaker 1: whether VIX breaks through twenty doesn't go back to low

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Speaker 1: teens levels, but does trade in the mid teens high

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Speaker 1: teens levels, and that could see some of the short

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Speaker 1: volatility strategies really start to put money to work again.

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Speaker 1: What that typically does is have a self reinforcing impact

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Speaker 1: of depressing volatility and equity markets, and that's generally a

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Speaker 1: positive thing for risky assets. So Greg, just to sort

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Speaker 1: of tie this all together, you see with consensus in

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Speaker 1: terms of the positivity, but perhaps uh not with some

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Speaker 1: of your colleagues who anticipate some pretty big gains next year.

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Speaker 1: What are you looking for in terms of the potential

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Speaker 1: returns on the SMP and where you expect the biggest gains.

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Speaker 1: So we think that there could be single digit gains

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Speaker 1: on the SMP. I think we're going to see really

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Speaker 1: strong earnings growth that's going to be offset somewhat by

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Speaker 1: some multiple compression. So I think we can get mid

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Speaker 1: to high single digit gains from the broader equity market

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Speaker 1: in terms of rotation. I already said that, you know,

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Speaker 1: we like the value versus growth story, but we do

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Speaker 1: think it's a somewhat kind of consensus view. Where we

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Speaker 1: differentiate ourselves on that view is we think the value

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Speaker 1: sectors that have led lead lead the value urgents in

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Speaker 1: the last six weeks, energy and financials, we don't think

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Speaker 1: are going to be the sectors that are going to

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Speaker 1: drive the value resurgence next week. I think the banks

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Speaker 1: in particular at risk of being a valued trap next

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Speaker 1: year given the rate environment that we still find ourselves

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Speaker 1: in greg great final thought to leave it on. Thanks

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Speaker 1: for anathing this year. Enjoy the sparring great battle of

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Speaker 1: being preparable. Thank you, sir, Thank you very much. Jeremy

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Speaker 1: Stretch joining now with c IBC on this historic moment. Jeremy,

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Speaker 1: there has always been a distinctive feel to Switzerland. There

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Speaker 1: has always been the pressure of the gnomes of Zurich

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Speaker 1: in their nation that they have to protect themselves from

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Speaker 1: the wall of money coming in that would form outright deflation.

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Speaker 1: Is this an unfair statement of manipulation to Zurich and

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Speaker 1: the people of Switzerland. Well, of course, this particular issue

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Speaker 1: has been brewing for some time, and coleardly the Swiss

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Speaker 1: of very mindful of that, and indeed the SNB have

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Speaker 1: increased their visibility visa VI their intervention in order to

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Speaker 1: try and pocate the U s treasury. So in a

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Speaker 1: sense they were kind of anticipating this risk would come,

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Speaker 1: and unusually correctly say the Swiss are often recipients of

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Speaker 1: a wall of money when there are periods in episodes

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Speaker 1: of uncertainty. What the SMB have been attempting to achieve

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Speaker 1: is to maintain currency competitiveness with their primary trading partner,

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Speaker 1: and that is a FURS Germany, and also to limit

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Speaker 1: disinflationary deflationary tendencies um. And it is very much the

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Speaker 1: case that they've been utilizing the policy of the currency

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Speaker 1: as a means or a mechanism to do that, other

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Speaker 1: than perhaps following some of the other benchmarks we've seen

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Speaker 1: from other global centiment in terms of asset purchases. So

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Speaker 1: it's it's it's it's in a sense the SMB have

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Speaker 1: been pursuing a very different policy which has ended up

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Speaker 1: with them getting into the crossheads of the U. S. Treasury.

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Speaker 1: I'm not sure necessarily it's you know, the treasury sort

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Speaker 1: of doctrine is going to really sort of change the

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Speaker 1: dynamic for the SMB. And of course it's very interesting

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Speaker 1: that the reporters come out today when the SMB will

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Speaker 1: been making their latest policy decision tomorrow. Is if one

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Speaker 1: would expect them to continue to argue that was frank

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Speaker 1: is still highly valued and they will continue to intervene.

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Speaker 1: So it's it's very much the case of the two

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Speaker 1: sides are I think highlighting the sort of differential positions,

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Speaker 1: But I'm not sure necessari is going to change the

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Speaker 1: game that much. The SMB says it doesn't engage in

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Speaker 1: currency manipulation. They also say they're willing to intervene more

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Speaker 1: strongly in the FX market. These two words are important, Jeremy,

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Speaker 1: manipulation and intervention, and I want to sit on that

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Speaker 1: just for a moment. I was lucky enough to spend

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Speaker 1: a lot of time in Switzerland to visit the Swiss

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Speaker 1: National Bank. I was in the meetings. I would sit

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Speaker 1: there and talk to President Jordad after the meetings as well,

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Speaker 1: and he would often talk about intervening in the EFFECTS market.

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Speaker 1: He wasn't shy about it. But manipulation is a different word, Jeremy.

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Speaker 1: Is that just the technicality or is that important? I

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Speaker 1: think it is important because, of course, manipulation implies a

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Speaker 1: degree of sort of almost malevolence. I trying to gain

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Speaker 1: an implicit advantage at the expense of your competitor over

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Speaker 1: your counterpart um, and that is always seen as a

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Speaker 1: very retrograde step. But I think in the context of

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Speaker 1: the SMB and other parties who are aiming to intervene

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Speaker 1: to try and maintain economic stability or to maintain, as

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Speaker 1: I say, a competitive degree of competitiveness. V. Two B

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Speaker 1: trading partners, then there is a different interpretation. So I

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Speaker 1: think there is a material difference between the intervention and manipulation,

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Speaker 1: and I think the question is whether the U. S.

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Speaker 1: Treasury are prepared to extep that differential when it comes

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Speaker 1: to those negotiations going forward. But clearly the the SMB

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Speaker 1: do meet the criteria as laid out by the U. S.

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Speaker 1: Treasury in terms of being labeled a manipulator. But as

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Speaker 1: I said, I think it's not a malevolent process that

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Speaker 1: the Swiss are embarking upon. And I think about an

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Speaker 1: important distinction, Jeremy, other than name calling, does this have

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Speaker 1: any significance for actual trading action? I think probably not.

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Speaker 1: I mean we, I mean this report is one that

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Speaker 1: we've often wait off, wait for and get excited about,

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Speaker 1: but then when it comes, we debated and discussed it

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Speaker 1: for a few minutes, and then we move on to

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Speaker 1: other issues. And I think of the context what you've

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Speaker 1: been discussing in the course of the last half an hour,

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Speaker 1: I think there are much bigger fish to fry in

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Speaker 1: terms of the tortuous discussions regarding the stimulus process in

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Speaker 1: the US and other broader dynamics. In terms of the

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Speaker 1: COVID response mechanisms, So I'm not sure necessarily this report

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Speaker 1: in itself really adds too much to the to the narrative.

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Speaker 1: As I say, the timing is interesting in view of

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Speaker 1: the SMB decisions tomorrow, but I think it's one which

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Speaker 1: we will we will move on from relatively quickly. And

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Speaker 1: of course, you know, the U. S. Treasury sectory is,

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Speaker 1: you know, task with this negotiating with the counterparts. But

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Speaker 1: of course that U. S. Treasury Secretary will be also

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Speaker 1: changing relatively quickly. So I think the you know, the

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Speaker 1: moon music or the you know, the the nate of

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Speaker 1: the news cycle will move on very quickly. The other issue,

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Speaker 1: of course, is that the Swiss just haven't been that

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Speaker 1: successful at this since early addressing the FX market. Jeremy.

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Speaker 1: Great to catch up, sir, Jeremy Stretch of C I

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Speaker 1: B C patients this morning. Roshall Meyer, Bank of America, Michelle,

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Speaker 1: thank you so much for waiting for this moment. Are

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Speaker 1: we in recession? I look at the e CEO screen

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Speaker 1: and McKee tells me to bring up negative revision and

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Speaker 1: retail grim retail. Can you call any BR recess n

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Speaker 1: B E R recession? Certainly not um I think what

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Speaker 1: we're seeing is a bit of a payback after exceptionally

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Speaker 1: strong growth in retail spend and in good spending in

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Speaker 1: general the last several months. And remember also in November,

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Speaker 1: this is going to get a little wonky. But the

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Speaker 1: seasonal factors tend to be very large. When you're looking

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Speaker 1: at month ever month changes um for retail sales on

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Speaker 1: a seasonally adjusted basis, do you have to account for

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Speaker 1: the fact that you typically have these really large seasonal

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Speaker 1: adjustments in November in sto stem as a result of

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Speaker 1: the holiday season, and there's this is not a normal environment,

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Speaker 1: far from it. So the way people are spending, the

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Speaker 1: timing of the spend has really shifted, which is probably

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Speaker 1: making these these these kind of month over month comparisons

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Speaker 1: that much more difficult right now, that much more difficult,

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Speaker 1: meaning that perhaps it paints a worse picture than is

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Speaker 1: actually the case. Is that what you're in saying here, Michelle, Well, potentially,

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Speaker 1: I mean if you look at more high frequency data,

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Speaker 1: so that gets spending on a daily basis from a

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Speaker 1: variety of different sources, what you see is that you know,

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Speaker 1: typically Black Friday, UM Cyber Monday, there's a big increase

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Speaker 1: in spending really Thanksgiving and Black Friday with doorbuster sales,

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Speaker 1: people go to stores and they buy. That didn't happen

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Speaker 1: this year as a result of COVID, so you don't

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Speaker 1: have that in person UM thrust of sales around a

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Speaker 1: two to three day period UM, which historically when you

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Speaker 1: seasonal adjust the data, you're looking for that type of increase,

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Speaker 1: particularly things like clothing and department stores. Is Mike just

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Speaker 1: mentioned um, So yes, I think it's eight that that

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Speaker 1: that there was a weakening this month relative particularly to

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Speaker 1: what you typically see in a holiday season. But again,

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Speaker 1: part of that reflects these seasonal adjustments, and part of

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Speaker 1: it reflects the fact that there was so much momentum

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Speaker 1: heading into this period that some softening, you know, isn't

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Speaker 1: that surprising. Are you ready to pencil in a negative

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Speaker 1: print for pyrolls for December, Michelle, I don't think the

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Speaker 1: data is quite pointing that yet. UM. We have to

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Speaker 1: continue to monitor claims. I mean, the claim status looked weaker,

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Speaker 1: realizing again the noise and the weekly data, but there

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Speaker 1: has been some concerning signs for claims UM. Some of

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Speaker 1: the other high frequency data points that we monitor, so

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Speaker 1: survey data, UM, monitor data on small businesses from home

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Speaker 1: base and the like. Um, it's so some softening, but

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Speaker 1: certainly not a collapse. So I think it's it's very

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Speaker 1: likely that relative to even the November weakening for jobs,

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Speaker 1: we will see further softening in December. But it's not

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Speaker 1: obvious yet that will be a negative current. We have

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Speaker 1: to just wait and see what the rest of the

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Speaker 1: data shows up. Well, let's think about lessons learned over

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Speaker 1: the last couple of months the Michelle and trying to

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Speaker 1: apply them to Q on Q two next year. The

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Speaker 1: tail winds is obvious, the vaccinations have started. The head

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Speaker 1: winds are obvious. New York could be locked down within weeks.

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Speaker 1: We're seeing the same thing in California and elsewhere across

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Speaker 1: the United States. It's kind of got a case study

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Speaker 1: on how this economy responds going into lockdown and coming

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Speaker 1: back out. Michelle, what have you learned about that and

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Speaker 1: how are you applying that thinking to wordly next year? Sure,

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Speaker 1: so it's a big deal. I mean we shunt over

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Speaker 1: a look the near term challenges for the economies. Was again,

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Speaker 1: the data is showing um and and and I think

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Speaker 1: a lot of it does reflect the fact that the

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Speaker 1: rising corby CAS has has been significant and the responses

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Speaker 1: from governments have been significant in terms of the restrictions.

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Speaker 1: And that's playing and it's making you know, an impact

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Speaker 1: in the data. But it's very very different than in

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Speaker 1: the spring. In the spring when we had lockdowns, there

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Speaker 1: was an extreme collapse of economic activity. This time around,

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Speaker 1: it there's a greater ability to navigate these restrictions. People

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Speaker 1: can move back to more virtual workforce, they could shift

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Speaker 1: back to buying more online. Um. There's a more dynamic economy,

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Speaker 1: which I think is helping to buffer some of the pain.

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Speaker 1: Doesn't stop it. There still is a softening and we're

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Speaker 1: only looking for one percent GDP growth in Q one,

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Speaker 1: so we're forecasting this moderation and growth. Um. But but

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Speaker 1: it's very different this time around in terms of those

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Speaker 1: restrictions than it was back in the spring, given how

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Speaker 1: the economy has been able to navigate it. If you're

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Speaker 1: just joining us on Bloomberg Radio, on Bloomberg Television Michelle

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Speaker 1: Meyer of Bank of America Securities, Head of all of

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Speaker 1: US Economics, you'll continue where this. We're following not three,

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Speaker 1: but now four stories. Let me get to the quick

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Speaker 1: one Bitcoin over twenty dollars extraordinary. It has been a moonshot.

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Speaker 1: We'll have some more on that through the day as well.

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Speaker 1: We have stimulus in Washington. We're gonna have that on

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Speaker 1: in a moment. Here we're looking at retail sales with

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Speaker 1: Michelle Myers, and of course currency manipulation by Vietnam and Switzerland.

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Speaker 1: What you need to know is yields our set high

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Speaker 1: or here uh this morning with futures up six down,

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Speaker 1: futures up a fractional fourteen Michelle Meyer. The oddity here

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Speaker 1: are these huge swings of March, the huge recovery bounce,

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Speaker 1: and some of the vectors here right now are a

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Speaker 1: little bit uncertain. How does stimulus presumed affect your world?

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Speaker 1: How does stimulus affect retail sales? Well, it has a

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Speaker 1: strictly direct leak through the consumer um. When you think

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Speaker 1: about the ability and the willingness of the consumers spend

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Speaker 1: the extent that they're getting more money in through stimulus,

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Speaker 1: they have a greater ability to spend. Now, of course,

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Speaker 1: with restrictions, with lockdowns, that limits how much they can

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Speaker 1: engage in the economy, how much they can spend. You

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Speaker 1: can't go to stores as much, they can't go to

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Speaker 1: restaurants as much they can buy a lot online. Um,

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Speaker 1: So it changes the composition of spent. But if stimulus

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Speaker 1: is coming in, if funds are coming in, as of

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Speaker 1: course the purchasing power of the consumer. And that was

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Speaker 1: extremely clear back in the middle of April, when stimulus

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Speaker 1: funds first start to be distributed, even with the economy

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Speaker 1: still largely in lockdown, we saw consumer spending turnaround as

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Speaker 1: people went out and started to spend those stimulus funds.

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Speaker 1: And then once the economy reopened, it unleashed quite a

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Speaker 1: lot of spending, so so so the it was much

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Speaker 1: more extreme turns back in the spring, from you know,

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Speaker 1: economy that was essentially shut down to one that was

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Speaker 1: you know, brought back to life very very quickly and

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Speaker 1: very very abruptly in some ways because of that stimulus

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Speaker 1: and because of the reopening. UM, the turnaround this time

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Speaker 1: is gonna be much much more more modest, despite restrictions

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Speaker 1: being put in place as a result of the COVID rise. UM.

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Speaker 1: It's the economy has been able to really kind of

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Speaker 1: work around that in a way that is much much

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Speaker 1: different than the spring. So you're not going to see

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Speaker 1: those big swings this time around. And our review Michelle,

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Speaker 1: there is this question though, especially if this nine billion

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Speaker 1: dollar plan as reported by political goes through that would

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Speaker 1: include direct payments to individuals that's considered by some to

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Speaker 1: be more inflationary. How much could that increase your inflation

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Speaker 1: expectation for next year? Should it be a past as

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Speaker 1: we seem to be seeing the parameters? Sure? So, I

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Speaker 1: mean if you think about just looking at cash held

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Speaker 1: on hand in banks or you know, just money suply

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Speaker 1: measures or the savings rate, there's a lot of cash

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Speaker 1: floating out there already um and with the stimulus likely

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Speaker 1: to be enacted and potentially with direct payments to consumers,

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Speaker 1: that's going to just add to those cash piles um

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Speaker 1: over time it's spent that creates a nice, healthy response

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Speaker 1: through the real economy, and if that really builds on

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Speaker 1: itself and gains a lot momentum, than sure it is inflationary.

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Speaker 1: But it really important link is that the real economy

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Speaker 1: has to pick up. People have to use that money

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Speaker 1: and push it into the economy. It's not just inflationary

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Speaker 1: because it's been created and and this is so important

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Speaker 1: John Farroll. In terms of the inflation dynamics, we see

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Speaker 1: Switzerland battling deflation, their arch fear for folks pushing five

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Speaker 1: years with their currency. Interview mentioned that we have seen

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Speaker 1: and johnet goes to the disinflation worry and the heritage

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Speaker 1: of United Kingdom real wage declines that were seen across

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Speaker 1: much of the twentieth century. John Ferroll, what's the inflation

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Speaker 1: wins in the United Kingdom? Given what Ms Meyers says

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Speaker 1: about inflation dynamics in the US? What a lot of

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Speaker 1: what we've seen over the last several years has been

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Speaker 1: currency driven. I think in the near term now we're

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Speaker 1: just trying to work out what on earth is going

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Speaker 1: on in this labor market, which is basically levitating at

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Speaker 1: the moment, suspended from the forces of gravity. Lastly, because

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Speaker 1: of what has been going on the fiscal side, Michelle

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Speaker 1: has been really difficult to get a read on these

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Speaker 1: labor markets because they've been so well supported by fiscal policy.

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Speaker 1: How's that going to change through twenty one? So I

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Speaker 1: think for the you know, the labor market hasn't received

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Speaker 1: the same degree of support as the consumer. For example,

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Speaker 1: right when you think about how the stingles was designed

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Speaker 1: in the US, there is much more around direct payments

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Speaker 1: to make sure that consumers have money to spend and

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Speaker 1: that they can help to lubricate the economy. But in

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Speaker 1: terms of the labor markets, there were extreme losses. You know, um,

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Speaker 1: over twenty million people lost their jobs. Were more than

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Speaker 1: halfway back in terms of recovery UM. And a lot

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Speaker 1: of sectors are fully recovered, but there's a lot that aren't.

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Speaker 1: A lot of the services leave your hospitality workers that

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Speaker 1: were employee prior to COVID are still out of work

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Speaker 1: going on almost a year um that they will have

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Speaker 1: not had employment. So um. You know, there's still a

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Speaker 1: lot of healing that has to be done from the

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Speaker 1: labor market. And I think where stimulus plays a role

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Speaker 1: is actually it creates a bit of a gap between

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Speaker 1: income which is elevated and job creation which is still

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Speaker 1: at levels that are pretty low and pretty recessionary UM.

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Speaker 1: So the stimulus is really bridging that gap and hoping

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Speaker 1: that it can help generate and buy enough time for

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Speaker 1: the labor market to fully heal itself and then you

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Speaker 1: get income creation naturally through the labor market. But that

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Speaker 1: hasn't fully happened yet. Michelle always fantastic to catch up

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Speaker 1: with you. What a morning for it right now, I'm

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Speaker 1: the pandemic and we've really taken pride of a cross

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Speaker 1: section globally of physicians and surgeons looking at the medicine,

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Speaker 1: and of course the medicine now is to deploy the vaccine.

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Speaker 1: Catherine Baumgarten is a the Oxener of Louisiana, Director of

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Speaker 1: Infection Control and Prevention, and joins us about the real

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Speaker 1: world of getting the vaccine out. Dr Baumgarten, I know

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Speaker 1: you and Dr Emery down there on speaking terms, but

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Speaker 1: there's got to be a lot of stresses about actually

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Speaker 1: getting the vaccine out. What have you learned? What is

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Speaker 1: the critical stress of moving the vaccine forward? Is it

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Speaker 1: nothing more than the temperature of the shots? Well, there's

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Speaker 1: a lot that goes involved into getting the vaccine from

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Speaker 1: the shipper back to a patient's or a person's arm, honestly,

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Speaker 1: so there's lots of steps. We've been working on this

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Speaker 1: for months. Actually. We have a multi disciplinary group UM

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Speaker 1: consisting of pharmacy, communications, are on earthing, staff, administration, UM,

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Speaker 1: all of us working to get this vaccine from point

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Speaker 1: A to point B, which is to get it into

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Speaker 1: people so that we can start to have some helpe

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Speaker 1: and some relief from this pandemic. Um. The cold storage

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Speaker 1: is quite a challenge and that has been amazing to

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Speaker 1: watch in terms of getting the freezers, getting the case

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Speaker 1: from Viser, from the shipping company, and then unloading it

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Speaker 1: properly and making sure that then it is thought properly

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Speaker 1: for the person to receive the vaccine. So all those

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Speaker 1: steps are critical, all of them are important, and so

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Speaker 1: every single one of them is not taken lightly. We

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Speaker 1: prepared um. We actually have done a trial with Viser,

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Speaker 1: so had some trial runs on how to do this,

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Speaker 1: how to do it, but making it large scale was

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Speaker 1: a challenge as well. Okay, so you're unloaded the dock

433
00:22:47,040 --> 00:22:50,920
Speaker 1: and then you get the vaccine up seven flights of stairs, etcetera, etcetera.

434
00:22:51,160 --> 00:22:54,040
Speaker 1: Do you just assume over the hours, the days and

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00:22:54,080 --> 00:22:57,919
Speaker 1: the weeks that all of us by definition are going

436
00:22:58,000 --> 00:22:59,879
Speaker 1: to have to go to hospitals. We're not going to

437
00:23:00,000 --> 00:23:04,159
Speaker 1: do this in the doctor's office. Well, um, we have

438
00:23:04,680 --> 00:23:07,919
Speaker 1: basically set it up in hubs, so we have freezers

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00:23:07,960 --> 00:23:11,399
Speaker 1: stationed throughout our health system and then we are able

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00:23:11,440 --> 00:23:17,040
Speaker 1: to transport the vaccine safely um to our other site

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00:23:17,520 --> 00:23:20,800
Speaker 1: so it is given currently at our facilities. We have

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00:23:20,840 --> 00:23:25,080
Speaker 1: clinics and hospitals in which we have stationed hubs to

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00:23:25,200 --> 00:23:29,359
Speaker 1: basically give the vaccine um. The good news though, is

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00:23:29,520 --> 00:23:34,640
Speaker 1: the MADERNA does not require such as as precise cold

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00:23:34,720 --> 00:23:39,800
Speaker 1: storage criteria, So in Louisiana at least, they are talking

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00:23:39,840 --> 00:23:43,200
Speaker 1: about distributing the Maderna to places where might not have

447
00:23:43,320 --> 00:23:48,159
Speaker 1: these cold storage capabilities or these freezers. So there is

448
00:23:48,200 --> 00:23:50,879
Speaker 1: a plan in place. If that vaccine does get FDA

449
00:23:50,960 --> 00:23:54,280
Speaker 1: approval later this week, then that would be an option

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00:23:54,359 --> 00:23:57,919
Speaker 1: for maybe those areas that don't have the deep freezers

451
00:23:57,960 --> 00:24:00,880
Speaker 1: that we do. Dr. Baumgarten, the new is great. We're

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00:24:00,920 --> 00:24:03,040
Speaker 1: all so excited to think about the bridge to the

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00:24:03,080 --> 00:24:04,920
Speaker 1: other side and getting to the other side where we

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00:24:04,960 --> 00:24:08,800
Speaker 1: don't have to wear masks, etcetera. Just on a qualitative level,

455
00:24:09,160 --> 00:24:11,600
Speaker 1: based on how it's being rolled out right now, based

456
00:24:11,640 --> 00:24:13,959
Speaker 1: on the willingness of the people you work with and

457
00:24:14,080 --> 00:24:18,280
Speaker 1: perhaps even your patients to get inoculated. What is your

458
00:24:18,359 --> 00:24:20,919
Speaker 1: sense of how this is going and the speed of

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00:24:21,000 --> 00:24:25,639
Speaker 1: which we will reach some sort of critical mass immunization. Well,

460
00:24:25,680 --> 00:24:29,760
Speaker 1: if if our institution is any indication of what's happening,

461
00:24:30,080 --> 00:24:32,679
Speaker 1: it has been incredible. All of our health care workers

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00:24:32,720 --> 00:24:36,480
Speaker 1: are prioritized, especially those that are working with COVID patients

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00:24:36,480 --> 00:24:39,120
Speaker 1: on our COVID units we have dedicated COVID units here

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00:24:39,680 --> 00:24:41,840
Speaker 1: um and those that are working in the front line

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00:24:42,000 --> 00:24:44,880
Speaker 1: um such as in our emergency rooms and urgent cares,

466
00:24:44,920 --> 00:24:48,400
Speaker 1: and everybody has really been so excited about this vaccine.

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00:24:48,520 --> 00:24:50,879
Speaker 1: It really gives us a sense of help. You know,

468
00:24:50,920 --> 00:24:53,119
Speaker 1: twenty has been a little bit tough for us, and

469
00:24:53,160 --> 00:24:55,640
Speaker 1: we've had a lot of stresses on our health care.

470
00:24:55,680 --> 00:24:59,000
Speaker 1: We've done great, we've been prepared, we've taken care of patients,

471
00:24:59,040 --> 00:25:01,600
Speaker 1: but we've also seen our colleagues ill. We've also seen

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00:25:01,640 --> 00:25:04,480
Speaker 1: our patients become ill and die, and so to have

473
00:25:04,640 --> 00:25:08,240
Speaker 1: this hope, to have this science, to have this resource

474
00:25:08,240 --> 00:25:11,399
Speaker 1: so quickly has been incredible and there's just a sense

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00:25:11,400 --> 00:25:14,760
Speaker 1: of relief around our institution from Monday. We started vaccinating

476
00:25:14,760 --> 00:25:17,840
Speaker 1: on Monday, and you could just feel that sense of relief.

477
00:25:18,359 --> 00:25:20,680
Speaker 1: The other good news was how great the vaccine is

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00:25:20,720 --> 00:25:23,879
Speaker 1: in terms of its efficacy, and so that was also

479
00:25:24,040 --> 00:25:27,280
Speaker 1: a hopeful moment when we found out how the vaccine

480
00:25:27,400 --> 00:25:31,199
Speaker 1: is nine set effective and it has minimal side effects

481
00:25:31,240 --> 00:25:35,159
Speaker 1: really when we talk about vaccines, so we were just

482
00:25:35,240 --> 00:25:38,679
Speaker 1: thrilled we cannot wait to get it out to the

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00:25:38,760 --> 00:25:41,840
Speaker 1: other healthcare providers and then the community. In terms of

484
00:25:41,880 --> 00:25:45,240
Speaker 1: when that might happen, we're talking about the spring, the summer.

485
00:25:45,800 --> 00:25:48,119
Speaker 1: We need people to take this vaccine. That's going to

486
00:25:48,200 --> 00:25:51,399
Speaker 1: be the key here. If we're talking about we need

487
00:25:51,480 --> 00:25:54,119
Speaker 1: to continue to wear masks at this point, but if

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00:25:54,119 --> 00:25:56,760
Speaker 1: we're talking about having a Christmas that may be a

489
00:25:56,760 --> 00:25:59,040
Speaker 1: little more normal, that you may have a little bit

490
00:25:59,640 --> 00:26:02,560
Speaker 1: larger the moralogy is at next year. It is critical

491
00:26:02,760 --> 00:26:05,880
Speaker 1: that people get the vaccine, and that's what our focus

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00:26:05,920 --> 00:26:08,680
Speaker 1: is on at this point. Dr thank you and thank

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00:26:08,680 --> 00:26:10,320
Speaker 1: you for all the hard work being done in your

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00:26:10,359 --> 00:26:13,600
Speaker 1: industry right now. We're incredibly grateful all of us. Thank you,

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00:26:13,720 --> 00:26:16,119
Speaker 1: Dr Catherine bomp Goden. That on the latest with the

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Speaker 1: vaccination effort. 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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00:26:25,880 --> 00:26:30,200
Speaker 1: whichever podcast platform you prefer. I'm on Twitter at Tom

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Speaker 1: Keane Before the podcast. You can always catch us worldwide.

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Speaker 1: I'm Bloomberg Radio