Tom keane taking one final day off. This market ripping through the month of november, adding weight to the rally this december. Lisa up 1 on what . Nothing it seems ahead of this testimony with chairman powell and secretary ma nuche chin. Lisa tom keen is so upset hes still in triple leverage all cash funds had he to take the time out to start his own Cooking Channel on twitter which is what he seems to be doing over the past few days. There is a question how much good news is baked in. We have gotten some news about vaccines looking for approval. Yet at this point, you have raised this again and again, john, how much scarring is there from record numbers of cases of covid, as well as hospitalizations. The numbers keep breaking all time highs. Jonathan the numbers arent going to be great the next couple months. Thats a given. I dont know how much we need to see thats really going to weigh on people considering how well anchored their outlook is for 2021. Vaccinations could begin in a couple weeks. Do you want to be short going into that . It was a question before we got the vaccine news in the month of november. When do you want to sell the vaccine story . Banc of america already talking about doing it. They are talking about that in the last 24 hours. Maybe we have gotten to that moment of peak optimism. Lisa there could be a question when they start to vaccinate people and people realize it takes six weeks to get immunity t will take a while to rule out all of these vaccinations and get everybody onboard to get stuck in their arms. That might be a reality check when people are still social distancing, john, still wearing masks. I know thats what my kids worry about every day. When can we stop wearing these . Jonathan its a slow process as you point out. A really slow process. Whip through this market quickly for you. About 90 minutes away from the opening bell in new york city. Equity futures up 38. Up a little more than one percentage point. Talked about a curncy. The dollar weaker, took a while to come through in november. Slow start. Dollar weakness flushed thue there market. Cable with a breakout. The bond market yields up two basis points. Right on the average for the month of november. 0. 8586 is your yield on the u. S. 10 year. We pulled back a little bit on crude. Down about. 5 . With delaying the opec plus meeting a little bit, talks about talks, that what opec plus has been doing. They have been having talks about eventually having talks and those talks about having talks have gone well. Lisa you make it sound simple. How could i follow that . The talks and talks and talks. It is adding pressure to the price of oil. People are concerned some of the owe meck plus members might increase production. I dont know how much of a risk this is when you actually read the details. Jonathan forgive my tone this morning. I have been exhausted by the consensus use. Annual outlook after annual outlook reads the same. Pretty much every single one about the year to come. 2021 is going to be better, that makes me happy. Every single trade seems tonight same. Cyclical rotation. The beating up names through the year 2020 that are going to perform well in 20 it 1. 2021. Yields up, but not by a lot. Maybe well test that level. Then you find it boring at the moment just the same cause . Lisa i love you are seattling up our next guest, basically laying out the consensus. And asking him what his view is when he gives his consensus you can try to act excited. I agree with you, it is boring. Yet there is still a lot of excitement if you want to call it that or unknowns that are much more real about how the economy is going to do. Let alone how markets will respond, jon. Jonathan Stuart KeyserStuart Kaiser joining us from u. B. S. Great to catch up. Lay it out for me, 2021, what are you guys looking for . Stuart i think its a little more of the same. I think the risks that probably are being a little less discussed would be if we do get the vaccine introduction and the growth that people expect. What does the feds posture look like middle of the year . Thats one area where there is underlying risk that people arent focused on. From our perspective, volatility perspective, there is still a lot of risk premium in the market. I know the vix is down. Futures are still about a 25. Longer data risk premium, i. E. Like s p 500, 12 months puts and stuff like that, still do carry a lot of risk. Thats either sending you a signal its not an all clear. Or that is going to be a fairly big opportunity to invest in as those longer term risk premiums need to compress. Big picture we do expect to pick up in growth. Our rates view is similar to what you have described. We do expect tighter spreads. We do think there could be pressure on spreads early in 2021. Sort of first kind of three to four months. Beyond that, once the vaccines introduced, etc. , we do have a fairly positive view on things with the caveat that maybe eventually the fed becomes a discussion point higher than here. It does become a discussion point. Risk premium in the bond market is not as normalized as some people thifment jonathan sometimes boring makes money. I get t i dont want to insult you personally. Im close with you. When shes calls happen with clients and they speak to every single strategist and every one is staying something similar or different flavor of the same thing. What are they looking for right now . Stuart i think people are looking for the added consensus view. The big risk or uncertainty here is a lot more to do with timing. Its when do we get the vaccine introduced . When is it widely distributed . How many people take it . How long does the immunity last . Etc. , etc. There is concern of the georgia runoff in early january. The fact that the data will look probably pretty ugly for a few months. We wont probably have broad base f. D. A. Approval until late march, early april. You have kind of this dark winter period. I think we are struggling with how bad will that be . Is it bad enough that i cant just look past it . I think thats the debate. Its much more on timing than what the eventually outcome will be. Lisa do you recommend they go long and go home . Stuart i think we are probably a little more cautious than go home. In our view, talking about the quoteunquote rotation trades, i think we are more comfortable with Something Like e. M. Or Something Like global cyclicles than we are with going deep down the value hole or chasing low quality stocks. I think, yeah, you want to have long exposure, potentially you want to do that . A risk managed fashion or be a little more selective in terms of the way you go after that. I dont think we are in the position now where you just kind f close your eyes and buy data antilowest quality stocks you can find. You need to understand what the cadence of growth will be and try to identify the assets that are most leveraged to that. We like global cyclicals. Things like emerging markets within the u. S. Still favor high quality cyclicals as opposed to going into that deep value stock. Small cap is something we like. That chart is hard to buy right now. We think you should be long. Im not over excited about the low quality trade. Lisa get john more excited and talk about potential for a disruption to the consensus. You were talking about some of the catalysts, from a structural perspective, how crowded is the trade . I was looking, for example, on the dollar side there is the greatest volume of short bets against the dollar ever. Is there a similar kind of really crowded field in equity derivatives . Stuart i dont think so. Using small cap as an example because its easy. Small cap was up about 20 in november. Le massive increation and options open interest. Ending call volumes. The volumes were up much more than the open interest. Which suggests you are getting a lot of shortterm tactical trading behavior as opposed to people stepping into that trade and putting money to work. Yes, i think people have moved in that direction, certainly. But it doesnt feel i wouldnt say it feels overcrowded yet. We were come interesting a real low point. Maybe we have gotten ourselves to something thats above average. I dont think we are completely over our some of these cyclical rotation trades yet. What we go back to is people have been building this safe high quality portfolio for a couple years. Thats not specific to covid. In our view it will take more time to unwind than a lot of people hope for. And just one month isnt going to do it. I do think the position has moved to that direction. Our view is that its not done yet. I dont think people are fully invested in it yet. Jonathan its great to catch up as always. Looking forward to catching up soon in person. Stuart keyser of u. B. S. News coming out of the unite the kingdom. We have this tearingcies tefment tiers of restrictions around certain places regions. Tier 3 to tier 1. Tier 2 is london. For anyone thats interested. The Prime Minister says he thinks england and the tiers will be needed until spring. Thats the story around the restrictions, lisa. The vaccinations could start before the year is out but the tiering, according to Prime Minister, will be needed until at least spring. Any exsentiontenks will only be had by extension will only be had by a vote. An extension will require a vote. That just gives you an idea of the time frame we are working with. The vaccinations will begin in the united kingdom, we hope, before yearend. But the tiering system, restrictions around the economy will exist potentially into spring. Lisa how can restaurants survive that . Some of the small retailers and people going into offices in city centers, how can they survive . If they have hung on until now. This is the question about the scarring and economic damage in the meantime. Its going to take a while before we can go back to a new normal. Jonathan this government has put out a fiscal package again to try and help some of these companies. Individuals that have been hit by all of this. I imagine there will be more pressure to do that in the three, four months still ahead. Lisa, key question for the United States are we set to see more restrictions as well. When does the pressure build down in the capital again in washington, d. C. , to do Something Like what they did before, to help out, to try and offset and replace the losses of income. Have some these businesses, in your word, survive. Good morning to youall. Im jonathan ferro. Ignore my tone. This market is a whole lot better than it. Happy tuesday, too. I think we all want to get through december. Up 35 on the s p. Great month of november. We have some weight to it. It this is bloomberg. Le the oecd has the Global Forecast and warns the economy could get worse. The paris based organization expects 4. 2 growth next year down from 5 in september. The oecd says the economy could slow down more if governments withdraw their support too soon or fail to deliver an effective vaccine. Chairman jowl will warn lawmakers the u. S. Economy is still in a damaged and uncertain state. Powell testifies today before the Senate Banking committee. In prepared remarks he said recent news about vaccines is very positive for the medium term. Still, powell said a resurgence of the coronavirus is concerning. Pfizer and partner biontech have regulatory clearance for their vaccine in europe. That puts it on track for potential approval before the end of the year. A study of almost 44,000 people showed the vaccine prevented 95 of symtomatic coronavirus cases. Global news, 24 hours a day and on bloomberg quick take powered by more than 2700 journalists in more than 120 countries. This is bloomberg. I would say that will the bappinging industry had a Good Relationship with her. F she is elected into or voted into the seat, i think shell do a great job. I would expect that relationship to continue. Jonathan Michael Corbat on janet yellin, speaking with david rubenstein, watch that entire interview friday at 10 00 a. M. Eastern time. From london and new york this morning. Good morning to you. Im jonathan ferro. This is how we shape up this Tuesday Morning. After massive month of gains for the month of november, we had to it. Up 34 on the s p 500. 3657. We advance. 9 . Dollar weakness, euro dollar approaching 120. Through that level previously. Came back 11968. Bond market a little lift but a mild one. Up about two basis points. 0. 8553 . And the data still ahead of us. Final read of the p. M. I. , i think people will get past that quickly, get to the i. S. M. And we have claims. And then we have payrolls friday. Lisa the key is what could possibly move the needle given the enthusiasm for the world beyond now. What Real Time Data could actually change the view. I think it will be interesting to hear what we get from the fed chair as well as Steve Mnuchin trying to toe that line, being confident about the recovery, but skeptical about its continuation without fiscal support. Jonathan start this conversation with joseph minarik. Now the Conference Board chief public economist as well. Joe, lucky to have you with us. Thank you. Start with your experience working with janet yellin in the clinton administration. We have had many conversations over the last week or so about how shell find that transition from the Federal Reserve to a seat in the treasury. How do you expect her to find that transition . Joe shell do outstandingly. She has experience in the white house environment. Having been chair of the council of Economic Advisors where i saw her first hand. She was fantastic. She has the Perfect Blend of real world experience and experience as an academic economist. So she knows how to bring Economic Science to bear, to public problems in a political environment. Its the best possible combination for president biden. Jonathan lets build on that. The experience that many people have with janet yellen is former fed chair janet yellen. Successful News Conference by definition is a dry one where you dont make headlines. Many people might look at that and say this isnt someone that can negotiate with congress and get things done. Do you disagree with that . Joe i do in the sense that janet does have experience at the c. E. A. , so she has worked in a political environment. Now obviously if you could find a policymaker who had an academic background and had served at the Federal Reserve, an elected official with all that experience, that might be a little better. Lets be realistic. Shell be working with a president who formerly served in the senate, a Vice President who formerly served in the senate. And a legislative affairs team to be sure. I think she brings the pieces of the puzzle to the table that will be needed to put it together. Lisa if you could have the best people in the whole world, you got political gridlock and incredible opposition with the numbers behind it, it will be difficult to get anything done. Looking at where we are and the likelihood of a republican senate, does it even matter . How much could janet yellen or anyone else as an Economic Advisor even a treasury secretary do to bolster the economy as per joe bidens wishes . Joe you want to bring the best economics to the table. You are absolutely correct that among the most important people in the Economic Team between now and january are going to be the voters in georgia. It will make an enormous difference who has control of the agenda in the senate. That will be a determining factor. That having been said, the better the case that you can make to the senate, that it is necessary to provide fiscal support for this economy. The more likely that you can pull off one or two or three throats for a package that might be a little bit larger, that will help you out a little bit more. Its going to be a difficult environment if the president does not control the agenda in the senate. But obviously you are going to be fighting for every yard in this game. Lisa we talk about economic priorities. Theres been a lot of discussion about the diverging fate of lower income households, smaller businesses versus wealthier household, larger businesses. What is the argument longer term of the Economic Impact if these gaps arent at least started to be bridged at this point with another round of fiscal support . Joe you have been hearing the word scarring used very frequently. To the extent that smaller businesses cant keep going and have to fold, to the extent that workers are separated from their jobs, spend time idle and losing their morale, losing their skills, losing their connections to possible alternative jobs, all of those things will tend to slow an ultimate economic recovery. The better we can hold this economy together today, the stronger we will be tomorrow. And thats going to be, as you have heard from many people, thats going to be the priority of the Biden Administration and that is an important part of the formulation of this team. Jonathan quickly in the short time that we have left, can you talk to me about the debt load that this administration will be inheriting . Manager policy officials have the luxury of saying we are going to keep rates low for a long, long time. They can make it stay contingent as well. Fiscal policymakers dont have the same accommodation. How do you think they should handle the message, manage the message in the years to come around americas debt . Joe the first thing we need to do is get the economy moving again. The longer the economic slowdown goes on, the more that burden of debt is going to increase in the near term. In the long term we have got to get back to sustainability. There wont be an option. We want the economy to grow. If the economy grows, borrowers will be willing to pay more for money. If they do, Interest Rates rise. We are going to have an enormous debt which is going to provide a lot of leverage on raising the cost of government. So it will be necessary to make the case gradually as the economy improves for turning around the nations finances and doing some things in managing the debt that we are accumulating right now. Jonathan great to catch up, sir. Please come back soon. Wed love to catch up. Joseph minarik there of the Conference Board. This is a huge challenge. Not just about the economics of this. There is no pressure in the treasury market. Its about how you manage the message for the years to come around this issue. Lisa and how you set the priorities in a way that wont necessarily hamper markets, especially given more peoples positions. Jonathan coming up, on the u. S. Economy, the risk of a little dip going over the next couple months. Ethan harris of banc of america, thats next. Futures flying, this is bloomberg. Wanna lose weight and be healthier . Its time for aerotrainer. A more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time. It allows for over 20 exercises. Do the aerotrainer super crunch, push ups, aero squat. It inflates in 30 seconds. Aerotrainer is tested to support over 500 pounds. Lose weight, look great, and be healthy. Go to aerotrainer. Com. Thats aero trainer. Com. Jonathan from new york and london, this is bloomberg surveillance. Heres the Tuesday Morning price action. Ism comes out at 10 00 eastern. Futures positive, up. 8 on the s p. The nasdaq up. 8 . The outperformance in november was small caps, but on the session up again. Here is monthly performance. For all the talk about what has happened in small caps, cyclicals, elsewhere at the sector level, look at the benchmark, the s p 500, still up 11 for november. Killer month. Monster month. Whered we get the outperformance of the next 12 months . That is where the debate is. We have heard how consensus it has become about the cyclicals, the recovery, the rotation. It is about active management. The s p just had a massive month. Switch up the board and lets finish on the bond market. 10 year treasury yields. The average through november, 86 basis points. The yield right now, 86 basis points. The yield curve the giveaway is where the tenure yield is. The Federal Reserve reaction function is so powerful it does not matter how good things cap. They will not do anything with rates. , the spread about 71 to 72 basis points. A well behaved bond market even with all of this happy talk about vaccinations, 2021 getting a lot better. N. Sa i love exacerbated jo exacerbated with a fear of 2020. Jonathan i will tell you what im really upset about. I will back away from the camera. Im getting a lot of feedback and insults about the length of my trousers or pants. Leg,is a tapered trouser for the americans. In europe what we do is we take the suit and we tailor it and we take the pants and we taper it. So it cuts down into the lake from the waist. Does that make sense . Lisa i notice you are not wearing purple socks. Jonathan these are blue because i took so much criticism in the last 24 hours. You know the story. How Many Americans do know that by suits five sizes too big and they never get tailored . You know exactly what im talking about. Lisa i know exactly what youre talking about. Jonathan look around wall street. I know not many people are wearing suits. Spend five minutes looking around and look at how far the suit jacket is off the shoulder. The bottom of the pants on the shoes. Lisa you are in rare form today. [laughter] i love it. I like the tapered pants. I think they are great. Ants to debate that can continue to. You have jon ferro with the Shopping Channel and tom keene with the Cooking Channel. Lets get to the vaccine channel. The question of some of the approvals weve been getting today. The latest, pfizer and biontech seeking regulator approval from european authorities i Say Something about the trousers . You have to think about it the other way around. Europeans are getting shortchanged. The closer getting more tapered and shorter. Lets hope that does not happen with the vaccines. Does it move the needle . Expected,mething we the start of the process, violate manufacturing paperwork and other business they could have. The regulators in the u. S. , europe, u. K. , everywhere have been fully engaged with the companys. If it had not happened i wouldve started wondering what is going on. Jonathan sam, the rollout set to begin may be christmas in the united kingdom. Still not clear to me where people in the groups that would not be categorized as at risk would receive the vaccination, to what level would we need to get a nation vaccinated, whether it is 60 , 70 , the work you are doing, what are we learning about that . Sam it all depends which vaccine youre talking about. If youve a maxine if you ore a vaccine like moderna pfizer hitting at the efficacy of 95 , you will potentially have to vaccinate fewer people. As the infections raise everywhere, especially in the United States, you will have 10 to 15 to 20 of the population already have the virus. Assuming they will be immune. I think the expectation should be you will start seeing vaccinations move the needle in the Second Quarter. Fazeli, great to catch up. A serious conversation following a not so serious conversation. Getting a ton of feedback about this. About suits, whether the europeans do it better, whether americans do it better. I will come back to the United States at some point so i will not insult my friends too much. Lisa it highlights to me a lot of people are bored over a market that just seems to go up despite a reality and a scene that seems incredibly predictable despite the unpredictability of 2020. Jonathan i found the conversation about the economy far more interesting. Ethan harris joins us now. Great to catch up. Talk to me about the difficulty in the months ahead and how much better you expected to get in the year after. Ethan before i start i should point out that in this world of remote access, i have a gutter cleaning crew that just arrived at my house. It could get interesting. Jonathan we understand. We just work through it. Ethan at least im not showing my legs. Lisa [laughter] ethan there is some kind of slow down coming. We know people have learned to live with the virus, they figure out ways to get around it and continue to do economic activities. In an almost worse than spring in terms of the caseload. The shutdowns we have seen at the local level have been pretty limited, but they will be persistent because the number of cases is not going to go away quickly given the holidays and the pandemic fatigue we have. We are looking for growth to slow to 1 in the First Quarter as the last vestige of this covid crisis. From there, the vaccine story kicks in, the fiscal policy story kicks in and we are much more optimistic. Jonathan we are looking at Economic Data worldwide, not just in United States. We have had the jobless claims of last couple of weeks. Worldwide, the pmi has been terrific, particularly in asia. Do expect that as you come up a low base. Question is how difficulty how difficult is it to draw a distinction between an inventory rebuild of the back of an unprecedented shock happening on a synchronized basis worldwide, and a robust earlystage recovery. Can you make that distinction . Ethan i think what we are seeing is what you would expect from pmis to be if youre growing at 5 or 6 . That is where we are right now. This is not a surprise. It is a little bit strange that it took this long for the pmi to get to this level. Where were they in the summer when the Second Quarter of u. S. Gdp growth was 33 and pmis were at five. That is way too low. There is something strange about the way they have been lagging behind. 50s are a the high normal, healthy recovery. I do not think they will be calling in the next few months because there is slowing in europe and the u. S. And much of the northern hemisphere. I do not view this as an unusual thing to have numbers like this. Lisa meanwhile we are getting an incredible divergence between the manufacturing side of the economy and the Services Side of the economy which has led to an increased number of jobless claims. Are you seeing the likelihood increase of a negative print on this fridays jobs report . Ethan we do not expect a negative print, but the job market will be one of the sectors that slows a lot in the next few months. Restrictions on activities you can continue retail sales, you can have online spending, you can find ways around the restrictions and can keep shopping. What you cannot prevent is a very weak Holiday Hiring season, because brickandmortar is the dominant source of jobs. Some slowing in the job market is inevitable. A coupleill seeing hundred thousand gained in payrolls. Numbers byt to flat the time we get into the First Quarter. Lisa when people talk about scarring, what numbers you need to see before you talk about a doubledip recession . If we drop to the kind of Growth Numbers we have and there is no fiscal package, then you worry you will dip into negative territory before the vaccine kicks in. When you talk to people about the vaccine, it is important to keep in mind you do not need hurt immunity, you do not need everyone immunized to benefit the economy. You need to have vulnerable populations immunized to the point everyone feels comfortable but theyre taking low risk. This is something they can live with. There is increased engagement ,hat comes with a vaccine normal people and essential workers, you do not need to wait for the hurt immunity. Immunity. D we will have a bit of a dead spot into the First Quarter. The economy does need fiscal stimulus. Local governments need help. Small businesses need help. The unemployed need help if the benefits keep diminishing. It is important they get a deal done. We think they will. It is probably the only serious legislation in the next two years will be the stimulus package out of the gate because we need it. If we get split government, it is going to be solid gridlock once we get past this initial emergency funding situation. Somehow managed to pull the georgia, we will have rock solid gridlock, i think. Jonathan great to catch up. I was appreciate your insight. Ethan harris of bank of america securities. Lisa, it is intuitive, it is obvious. Can you imagine two years of basically nothing on the policy front apart from what might happen in the next couple of months . Lisa downside surprise right there. Jonathan coming up, jodie guest of emory university. Good morning. Up 1 on the s p. This is bloomberg. With the first word news, i am ritika gupta. Joe biden is setting up his first confirmation fight by naming his budget chief. Her Nomination Group swift objections from republican senators who will vote on her. Texas senator john cornyn called her selection radioactive. She has a longtime democratic operative who has frequently criticized republicans on twitter. Mitch mcconnell has set up a vote to advance the nomination of Christopher Wallace to the Federal Reserve board. Wallers Research Director at the st. Louis fed. Mitch mcconnell has taken no action to open Judy Sheltons path to the fed. That means the chances her nomination was blocked before the thanksgiving break. Exxon mobil is about to face the biggest right down in its modern history. Exxon says it will write down the value of north and south american natural gases by 17 to 20 billion. Meanwhile the company will drastically reduce Capital Spending through 2025. Exxon has been hammered by the collapse in oil prices, a Global Supply collapse, and the pandemic crash in fuel sales. Airbnb is hoping to cap the biggest year ever for ipo in the United States. The company filed to go public, seeking to raise as much is 2. 6 billion. Shares will be marketed at 44 to 50 each. At the top end of the range that would give airbnb a market value of 35 billion. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika gupta. This is bloomberg. We are working closely in the u. S. With operation warp speed. Working to make sure that within 24 hours after approval products will be out the door and vaccination can start so we can help protect as Many Americans every can. We are still on track to deliver up to 20 million doses in the u. S. Before the end of the year. Jonathan unbelievable the pace of progress. The moderna ceo and an unbelievable month in november in this market. From new york and london, good morning. Alongside Lisa Abramowicz im jonathan ferro. Coming up on bloomberg tv, i am so happy to see this man. Krishna memani back in the seat. He is now at lafayette college, cio. Looking up to catching up looking forward to catching up with him. Lisa i cannot wait to hear what he has to say with his new position. I will let you go and feel all of the comments about your tapered pants, which i am sure are flooding in. Jonathan very mixed comments. The transatlantic divide. Lisa you like to be provocative. Ill be listening to those comments, an omelette not only about your suit but also about the bond market and what Krishna Memani is doing. Lets turn to the issue at hand which is still the pandemic. The question is how quickly can we rollout these vaccinations in order to stop the pandemic and fulfill some of the hopium we continue to see in markets. Oining us is dr. Jodie guest uest, lets start with what the road looks like a head to get a Critical Mass of people vaccinated. Oft we need a lot trust in the vaccine so we need trust the science is safe behind it and this is a safe and effective vaccine we can get to everyone across the globe. I ask this is a lot of people are saying we have a vaccine to can fast forward to a better time ahead and price that in, but there is a question of how long that could take and how bad the pandemic could get. Can you talk about that process . We are heading into the winter season. We are seeing virus numbers get a record highs and we are still a ways away to that Critical Mass. Dr. Guest absolutely. We have a light at the end of the tunnel but we are not there yet. We need everyone to continue to do what weve been asking which is stay socially distant, where their mask, keep their gathering small, which is hard. We have a lot of pandemic fatigue. We are close, but we must continue to do all of those incredibly important prevention measures to keep our numbers down. They are skyrocketing across the United States and across the world at numbers we have not seen until now. Lisa who should get a vaccine . Yes we will have older individuals in Nursing Homes and health care professionals. Who next . Dr. Guest we will see a lot of frontline workers get the vaccine next. Today the cdc is meeting and having a panel to discuss what the priorities will be and how those vaccines will be rolled out. Once you have a vaccine that has fda approval you have to go into a vaccination process. A vaccine does not work until we get it to people. Todayecision will start to put together a robust plan on how the vaccines get rolled out. Think is the most effective Public Relations effort to get people to have confidence in the vaccine, seek them out. That has been one of the biggest concerns. Theguest i believe that fda, which will start reviewing the data for pfizer and moderna, they will be doing the data reviews online. Anyone can watch them. That is an incredibly important offer for us to be able to watch that. Reviewedlly the cdc who will get the vaccine and when they will get will be available for everyone to watch and that transparency is important. The vaccines have been studied quickly, but it does not mean that science has been too quick. We want to make sure everyone gets a chance to see that. I want to talk about morale among nurses and doctors. I have heard from people that is exhausting. It is draining, it is dramatic. They went through the first wave. In new york city it was traumatic for them and now they are seeing numbers creep up again. We are seeing that across the nation. How does that factor in to what we are seeing now, the structure of our Health Care System and how stretched it is getting . Dr. Guest as we think of supply chain that we have talked about a lot from covid19 because we were concerned about having gloves and masks and hospital beds, one of the things we have not spent enough time talking about is enough employees to care for all of these patients. People are working so many days in a row without days off that is exhausting. When you see high death rates, that takes an emotional toll that we cannot under described. We need to make sure we are caring for them. A lot of clinicians i have talked to are stressed about the number of patients they are caring for but also the lack of attention to the prevention messages we are constantly putting out. It is an honor to all of the people who have been working so diligently to care for those who are sick. We need to make sure we continue to wear our masks. Asked everyone this because i have a diligence to my children at home who asked when will this be over, when will this be over . Dr. Guest i wish i knew that. What i can say is we are getting one of the best modalities to help us with this, with the vaccine coming up. It does not mean we will be without her masks the minute people start getting vaccinated. We still have a lot of work to do we need to reach a certain threshold of folks who have been vaccinated before we will change those additional messages of social distancing, masking, and handwashing. It is coming. Lisa i hope so. From your lips to our ears, dr. Jodie guest of emory university. We appreciate you being with us. Certainly people are looking ahead to the better time. In markets, the s p position to open the first day of december up 1 following 10 gains for the month of november. Meanwhile we are seeing 10 year yields creep a little bit higher above the average for the past month, as jonathan was talking about, 87 basis points. The question is why the yields have been so well behaved given the hope for a brighter time. The euro creeping back up to the 1. 20 mark come up about. 5 . ,he vix index coming down people looking forward to a lack of volatility, the fed meeting on december 15 and 16th, and we are going to look for more stimulus at a time of improving economic outlook. Coming up on Bloomberg Television and bloomberg radio, roger altman, evercore senior chairman and founder talking about the m a situation, about intern of about alternative investments, about banking and Everything Else going on in the transformative year on wall street. Openith us at 9 00, the with jonathan ferro. I am Lisa Abramowicz, and this is bloomberg. From new york and london for our audience worldwide, good morning, good morning. The countdown to the open starts right now. We had some weight to the rally through november. Up 36 on the s p. We begin with the big issue. Counting down to the main event on capitol hill. Steven mnuchin and jay powell testifying before the Senate Banking committee at 10 00 eastern. Chairman powell trying to Warn Congress about the delicate state of the economy, writing in prepared testimony, recent news on the vaccine front is positive for the mediumterm. For now, challenges and uncertainties remain, including timing, production, distribution , and efficacy across different groups. Mike pence moving to ease some of the concerns, indicating the vaccine could be distributed before year end, saying we believe the Vaccine Distribution could begin the week of december 14