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And that because your point on bonds. Right now we have the 10 year yield backing up six basis points on the week, up 14 basis points. The worst week for bonds going back to august. Bonds selling off. That pushes yields higher on the idea there is some kind of recovery happening around the stimulus. It is going to be interesting to see whether or not the 10 year yield can break out of this range. David we will have to watch that carefully. We knew the job numbers would not reflect all of the covid surge, but we did not expect them to be showing downward trend before the covid came roaring back. To take us through what the numbers may indicate we welcome douglas holtzeakin, president of American Action forum. He earlier served as director of the Congressional Budget Office as well as chief economist under president george w. Bush. Great to have you back with us. ....
Morning, thevember imf is direct. There is real risk to any form of international recovery. They look at the pandemic data, they look at the gdp data, and they look at the lack of fiscal stimulus nation to nation. This time is different. These headlines are original before a g20 meeting, but we got to get right to this. This is a real wakeup call of the immediacy into december. Fromhan its an echo chairman powell and president lagarde over the last few days as well. I think market dispenser quick to untangle be shortterm from the longterm, to bear their hope in the sands of in the back end of 2021. I think what policymakers are suggesting is that the shortterm matters. It can shape what the longterm looks like area when you look at the balance of risks, they are tilted aggressively to the downside. Abramowicz, this headline, elevated asset values point to Financial Stability risk, and i am surprised that is a judgment by imf ....
Furman, who was across from chair yellen years ago at the councils of economic advisors. It will be fascinating to see what she does in a very different job. The headline is she has to do with congress and the senate. Jonathan and she is conditioned by the experience of the previous cycle, and i think that is really important. This is about avoiding a premature declaration of victory. Chair yellen has lived that, and im sure she wont want to make the same mistake twice. Tom i am really focused on the department of defense after the chaos we have seen over the last number of weeks, so that will be an important announcement as well. The backdrop here is maybe the clearing of uncertainty, and look where the markets are moving. , 3600. N on the s p 500 64 off the is up march bottom. On a long chart, it is actually a very elegant chart with all sorts of good features. You really Wonder Within the debate of those good conversations openi ....
Were up, and then lifted nicely at the pfizer announcement, 1. 11, up 12. We are near dow 30,000. To me, the clarion idea is that the vix is peeling away the fear , the volatility that is out there come up with a vix at 22. 01. Jonathan wejonathan have been doing that since the election, and the move got a big boost of the pfizer news from last week. The final efficacy rating, and the number is decent. Lisa 95 , better than the initial read last week of 90 . S is the mark on brands this is the more comprehensive data. Of over 65, so preventing illness. An incredibly good display here. The interesting thing to me is that we are not seeing more of a reaction in markets. It is already baked in, and in fact, you are seeing bond yields a little lower on the day. They are just flirting with this idea that longterm, we are not changing the scenario, even with this incredibly good news. Equity futures are elevated on the s p 500. A big move in the equity market. We stayed elevated over the las ....
Thrilled you are with us on Bloomberg Radio and bloomberg television. It was not the surprise of moderna on the ratios. It was the surprise of how well they are able to get the vaccine out. That lifts markets up. Is a correlated left pop it is a correlated lift. Jonathan maybe the message is dont bet against human ingenuity. Keep the faith and the science. Last week it was pfizer. This morning, moderna. The efficacy rate, 94. 5 . It is where the rally is that gets peoples attention. It is not the big cap tech. The story that rolls up his smallcap america, and the International Value story as well. That is the great debate of this very moment, the shortterm problems, the issues across america, and the longterm hope that we get that texting. Tom lisa, what do we see we get in the vaccine. Tom lisa, what do we see in fixed income . We are not at the full faith and credit o ....