surveillance. good morning, everyone. good morning. bloomberg radio, good morning. bloomberg television, good morning. an extraordinary, eventful week, it is always busy this time of year. we have got the overlay of what is going on this time in washington. the chinese president speaking earlier, the markets with all sorts of talk of bubbles. morgan stanley any moment on the bond bubble. john, an open question as you migrate back to new york, how was your sabbatical? jonathan: i read a lot about bubbles just like you did. to me, what is interesting is not the magnitude, what we don t talk enough about is the duration of the distortion. this distortion existed pre-coo vid and has persisted for the best part of 10 years. typically we think of bubbles as something temporary. in the bond market, this is the story for the last several decades largely because of policy with central bankers. they hold the keys to unlocking the bubble as well. if they step back too quickly, i don t
highs, they did it without higher interest rates. it is a really telling idea. i know lisa will dive into all of that. it is not that stocks went up yesterday it is the way they went up that was important. jonathan: lisa will run us through the events we need to keep our eye on. tom keene, the event i have my eye on, 11:00 a.m. eastern time a boat tied bow tied tom keene goes down for his first vaccination. tom: i ve had to wait because i m so young. we are going to get out front and get the vaccine. it is an important idea that worldwide the urgency is there. you heard from dr. fauci yesterday. with the release this morning, in germany, record deaths. mexico with record deaths yesterday. everybody has to get out and do it. jonathan: certainly a lot to do on the vaccination front. we could talk to that about that a little bit later. the focus on europe in 45 minutes. lisa: ecb and rate decisions followed by christine lagarde s press conference. it will be interesting to s
keene, joe biden becoming the next president of the united states. tom: jon, unity is the theme, always the thing. we got great video that we will show, as well, and across the era, it is unity until it is not. you wonder what exactly do the republicans look at 2022? jonathon: an emerging crisis, which we are still in with the pandemic. once that starts to fade a little bit more, once that vaccination rollout improves even more so, tom, how do you start to get together in d.c.? that bipartisan effort, does it fade and how quickly? i think they all think it fades ready fast. tom: there will be a lot of symbolism today on that effort. you have efforts like a bipartisan attendance and st. matthew s church by the president-elect. mr. mcconnell will be there, as well. you have the other symbolisms through the day, including president trump, heading out to florida. i believe we will have images of that in a bit. you have got to get beyond this wednesday to what they do with the imp
television. an exceptionally busy newsday, no question about that. we will look at the equity markets. same stove all here with us any moment sam stovall here with us any moment. i want to go to the thing you least want to talk about which is dinner with brexit in brussels. let s dive into it right now. why is this important for england s prime minister, dinner on the 13th floor? jonathan: let s question the premise of your question. i don t know how important it actually is. i think it is only as important as they think about where the deadline is for this. i have no idea where the deadline is. you are not going to catch me live on tv and radio talking about the 11th hour, last-minute last attempt, because how the times have we done that over the last four years? tom: let s review history. the first day after brexit, jon ferro doing a three or four hour stretch and on the three or four hour stretch and london, having the exact same conversation. the same cannot be said a
what i would like to point out, david, as you asked what stands out in terms of really not fitting with the picture, i guess this does fit with the picture but exacerbates it. transporte dow probably rolling over. over the last several days, down about 2%. this is a concern. fedex is the drag today. this is a concern because the dow transport is a little more sensitive to the economy. this is the lead back in january to the virus. in a super sensitive to the virus. there is a good news/bad news story. good news, stocks are overall higher. on the other hand, vaccine makers pfizer and moderna are down sharply on the week as the vaccines pfizer is already underway in terms of distribution. it seems that will be the case for moderna relatively soon. when you put the dow transport in line together with the vaccine makers dropping, does it suggest there could be a bearish or volatile action ahead for stocks? the answer may be yes, but going into the very light holiday weeks ahead