Lisa is off today. Jonathan look at the goldman note, tom. Go over that. Tom roaring 20s from goldmansachs. J. P. Morgan talking about market nirvana. Lets look at where future are right now. S p 500 futures this morning, kind of chopping around. Positive. 7 of 1 . But here we are at 3567 and ldman coming out, tom, for 2020. Lut lets go with the year end 2021. 4300. 16 upside through 21. In addition to the upside in the year end. Jonathan again, its everybody readjusting hearing, yeah, its a vaccine and i know he likes the value and e. S. G. Its got to be more than the edical news. Jonathan a vaccine is a more Important Development for the economy and markets from the perspective policy of a biden presidency. This is historic for the market right now. We talked about it reapedly, this market is living in the ackhand of the 2021. The deterioration of the covid cases and a contested election down in washington, d. C. That has not been resolved yet and a senate race that has not been resolved yet. We need get through the next couple of months still. Tom the next couple of weeks as well. We can focus on the markets, john. Tom the bond markets are closed or veterans day. Its november and john, youve got to reset into your 2021 research note. Jonathan weve got to reset into the politics as well with the president refusing to concede the election. Secretary pompeo really stirring things up. There will be a smooth transition to a Second Trump Administration. Right. Were ready. The world is watching with whats taking place. Were going to count all the votes. When the process is complete, there will be electors selected. The constitution lays out pretty clearly. Jonathan secretary pomway there. Thats the fuller quote from pompeo. News organizations running the first line, a misplaced joke, bad taste. Maybe so, but its important to recognize the overall contest of that comment of what came after that. For president elect joe biden, this is what he has to say. President elect joe biden clp its an embarrassment, quite frankly, the only thing that how can i say this . Help the will not president s legacy. Jonathan that was president elect joe biden. Joining me is peter. A remarkable situation. Tom and i talking about these market notes talking from goldman, market anywhere have a vana. People are struggle covid is still a thing in america. Its becoming a bigger thing again, pete. Pete yeah, its definitely and the tear rating. We started writing a month and a half ago that we could see the economy doing much better by the end of 2021. But i think theres a lot to get through first. We really need to know were going to get stimulus, Real Infrastructure spending. And yes, we have some really positive news on the vaccine. It is going to take a while right now, im barker on the near term. Theres too many hurdles for the market to cross. Tom peter, is the Market Pricing in a biden presidency . The market is looking as john says well into 2021 and theyre not looking, i would suggest to a trump 2021. Peter i think we still have to accept that at this point it looks like its going to be biden, that its going to get through. We still have the senate race thats going to come through and i dont see how we get meaningful stimulus before then and theres so many uncertainties but i do believe we will get infrastructure spending. Markets are a little bit complacent right now, a little bit looking, you know, too far ahead. And maybe weve got to focus on the here and now a little bit more where there are contested election, there are issues and the vaccine unfortunately is not here yet. Tom with the gyrations that youve seen, have you recalibrated your sector choices . Mr. Goldman has done that. Maybe hes making some institutional easy calls and all that, but parse it out financials, cyclicals and the rest. What are you lag as being still, movable in the next year . Eter we have really liked the havenots. The sectors that we have left behind, i think those are will do very well and big tech will be challenged a little bit because the scenario of workfromhome forever is going to dissipate and youve got some valuations there and i like the financials a lot and one thing thats been missing first a lot of people talk about the shape of the yield curve. Yeshes thats just substantials but youre still having a robust housing structure which is good for the financials and financials took a lot of lone loss reserves. I think if were near the end of the pandemic, our ability to deal with it, you wont see those lone loss increase and some release. Financials could do very well. Theyre very underweight. I expect the havenot outperformance to continue. Jonathan peter, lets talk about the treasury market. 10year yields are at the upper end of the range. Bond market closed today. Here we are about 97 basis points on a 10year yield. How much oxygen is there . Peter theres a decent amount. We get towards 125 on the 10 year. Was a break through 1 , youll see more selling and people pile into the trade. I think that inflation hopes remain, especially if infrastructure talk comes out. And thats to bullish on the rate side of things we head towards 125. I dont think we get much above that because the fed will own it down. Jonathan not just the job but from the fed and how the market would respond to that too. At some point, you have to believe with the move up to 10year treasury yields starting to take a bite on a broader Risk Appetite, do you think 125 is where we get it done . Peter i think weve already started seeing that and youll see continued pressures especially on some of the names that relied on this belief that the rates will remain permanently low. I dont think sweetie see a massive selloff but it will weigh on the market. Tom is asking about the gloom thats out there. What is the level of gloom and is that a wall of worry that will help us make a move . Peter i dont think so at all, actually. The doom dissipated with the election and the speech that fold became bullish. Everyone was bullish. So thats part of why were seeing this rotation. Wear seeing some of these sectors fall down. And now the reality sits in. Lets think about it. Everyone talking about how great this is for d. C. D. C. Often struggles to function at the best of times. It doesnt feel like the best of times in d. C. Right now. Jonathan just for the record for us, lisa does not live at 15 Central Park West, just in case anyone is going to go and find lisa. Just leave her alone today, tom. Just to wrap this up, this equity market, you like the havenots but you are nervous about the next couple of months. I understand why. Where you for the Downside Protection . Where did you get it from . Peter right now, youre supposed to be 50 investments. Youre looking for a different. I think youre looking for that where the market gets disappointed and everything sells off and we dont get the rally like weve had the past couple of days where you had strength in the dow, russell 2,000 and weakness in big tech. You got a period of time where everything moves down and thats where you want to reinvest heavily but focus on loading on those havenot stocks. Jonathan peter thank you. We appreciate your time. And peter, just finally before we let you go, i know that your firm, a huge amount of veterans are working for you over at academy. Can you speak on a day like today, please . Peter , were about 80 people. Were Service Disabled veteran own. About 45 of the firm are veterans. And i also have the pleasure that we work with what we call the geo political Intelligence Group which is 14 retired generals and admirals and they provide a lot of geopolitical context. Its been incredibly helpful when weve been dealing with china and our calls on china. Everyones been great. The service theyve provided for this country has been awesome and im happy to be a part of it. Jonathan fantastic work at academy. Appreciate your time. Tom keene, we both got the same message. Tom we did. In his research, there is no gloom at 15 Central Park West. For those of you, we say this with great affection for the architecture down at the bottom end of central park here in new york. There have been what many would suggest montross cities built, high high and straight up into the air and billionaires roe. 15 Central Park West which is a really fancy address. They have a helicopter pad which is within the scale of the grandeur of middle 20th cinderella new york city. Its a very beautiful building and sits nicely there in the southwest corner. Jonathan you know more about this than any of us would, tom. Tom i just i think lisa is scoping it out. Jonathan well see. Shes not here today. Tom shes up picking out her turkey in the catskills. Jonathan ok. Well maybe after all these years, she was never barker. Bearish. Maybe shes not coming back. Well find out tomorrow. From london and new york this morning. Good morning for our audience worldwide. This is bloomberg. G. President elect joe biden calls President Trumps refusal to accept the election an embarrassment. The president wont allow his administration to cooperate in the transition of power. And biden isnt getting the intelligence briefing that president elects normally receive. Biden says the president s action wont help his legacy. And President Trump is quickly remaking the leadership in the wake of the election. A day after the president fired the defense secretary by tweet to Senior Pentagon officials sat down. Trump taking critics say that sends a turmoil in the leadership. The coronavirus back in the u. S. Cities after a couple of months of the disease being essentially a world war problem. Metropolitan areas are now averaging a daily Record Number of cases. That has meant rising cases in and around denver, detroit and chicago. The virus is mounting a comeback around boston and newark, new jersey. In hong kong, opposition members of the legislature quit after china moved to disqualify lawmakers. It is one of beijing fees strongest yet. The government outed four more makers as soon as china passed the law. Global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, this is bloomberg. Tries, this is bloomberg. We already began the transition were well underway. And the ability for the administration in any way by win. E to recognize are theres not a change of dynamic at all in what were able to do. Jonathan president elect joe biden there as the contested election down in washington, d. C. Continues to heat up. We begin with s p 500 futures shaping up as follows. We kick high by 27 points. Up by 1 . The rotation of the last couple of days fades a little bit today. Well talk about that later this morning. 119. He fx market, at right now. The bond market is closed but tom, just give you a flavor of things. Yields come back in. Down two basis points to about negative 15, negative 51. Tom turkey roars. The other one stood up and did what International Finance wants them to do, massive strong lira 7. 94 ntinued strong lira, right now. Huge move there. Right now, our chief washington correspondent here one week on from the election. I mean, kevin, i tried to imagine where we were seven days ago and i guess i didnt expect we would be here now. Let me cut on the news of last evening. How has that transition going at the pentagon . Kevin i think that the conversations that i had yesterday with sources in the intel world and over this week. What theyve suggested is theyre concerned about the message that this sends internationally to allys and adversaries around the world in terms of the confusion that this could lend itself to having. Yesterday, secretary of state mike pompeo joking in the sense when he said that hes looking forward to a Second Trump Administration but he went on to say and really, echoed Senate Majority leader Mitch Mcconnell in saying that the Legal Process of this has not impacted thus far any transition efforts, paraphrasing here, or any National Security efforts either. Tom this goes back to Barry Goldwater and this is the goldwater beyond the political election. The Goldwater Nichols act of 1986 which forever changed the pentagon. What is the responsibility of general milly and the joint chief of staff giving this political earthquake . Kevin we still have not heard from President Trump on camera. So that has been a question that republicans, and democrats are trying to sort through. The political nature of the georgia january 5 runoff in which control of the senate is at stake is very much impacting and casting a shadow over all of the different dynamics at play here to the transition process. President elect joe biden has also announced yesterday that his transitional landing teams. People like ellen hughes caron wick, the former chief economist at Ford Motor Company being named to the various economic agencies in that case the Commerce Department but all of the different agencies and departments getting their thoughts together as a result of that announcement yesterday. And the names i would note this, the names that are not on that list, tom, potentially because theyre being vetted for cabinet level officials. So if someone isnt on that list, it means they could be vetted. Jonathan ill give you a flavor of wall street after the shrug of the shoulders. Not really taking it seriously. Can you give us a flavor of d. C. . How seriously are they taking this . Kevin its pure politics at this point and thats a great point. Candidly, the Investor Community is looking more at the december 11 deadline for there to be a government funding bill to avoid a Government Shutdown and theyre looking at the relationship between president elect joe biden and mcconnell. In terms of the politics of this the republicans that i speak with are all trying to sort through what precisely President Trump is trying to create, establish, jockey for in 2024, keeping options open on that front to try to become a political kingmaker of sorts. But also, and i would carefully tornado watch Senate Majority leader Mitch Mcconnells comments this week and comments he makes over the next couple of days because he is also trying to protect jonathan, a republican majority in the senate. And that happens on january 5. Jonathan well kevin, this is what im grappling with, understand when to take this a whole lot more seriously. Are you essentially saying that if georgia was done and dusted and we didnt have what was about to happen in early january, we wouldnt be having this conversation right now . Kevin there are republicans who would make that argument. And i would also note i mean, yesterday last night, i spoke with a source very close to President Trumps political orbit and the remnants of his 2020 president ial campaign and even this source said where are the Court Documents . Where are the affidavits . Right now, there is not a cohesive legal jargon. There is no document that has made this a case that is to be taken beyond just the tweets that were seeing. Tom kevin, within the intrigue and im almost embarrassed to bring this up but we do cover politics here and for the nation and frankly for the world, this is serious stuff. What is the significance of the c. I. A. Director meeting with the senator from kentucky, translate that for us mere mortals. Kevin well, look, i would say two points. First and foremost, i mean, it is quite common for a leader mcconnell to meet with a host of different officials from the intelligence world, from the geopolitical world. And so, theres that. And as well as people, you know, like Federal Reserve chairman jay powell. But the second point that i would make here is that the timing of it is of intrigue and is of note. And so given what is being discussed both publicly and the Public Discourse fear and as well ads in the private behind closed doors fear or virtual fear and for that matter, it does warrant questions and intrigue but leader mcconnell has a long relationship with president elect joe biden. They have and in some ways, even similar biographical backgrounds in terms of how they came up in adversity that they both faced. So i think there are a lot of people in washington, tom, to be quite frank with you who are looking forward and optimistic about the relationship between leader mcconnell as well as president elect joe biden. Jonathan kevin, great work. Thank you for hearing you. Tom keene, a little bit earlier mentioned the turkish lira. Lets check in on the turkish lira. And ill bring in the comment that he made after a couple of hours ago when he said turkey is to implement the bitter pill policy if needed. The argument being that he might allow a central bank that most people assume hes had control of over the last several years to hike central rates he said interest is reason, inflation is the result. So i dont think hes completely given up on his unorthodoxed approach on economics. Tom oh, no. This is really important, but he simply believes liz politics and his representation of a turkish people is beyond International Economics and hes going to look out for them first. Today, john, i would suggest was a capitulation. Jonathan we have a seven handle on dollar lira coming up on the fx market. From london and new york, looking at washington, d. C. , this is bloomberg. You can go your own way its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Jonathan from london and new york, this is bloomberg surveillance. The s p 500 futures up around 29 is afternd this several days of nasdaq underperformance, just a little bit of nasdaq up performance, up a little more than 1 . Treasury market is closed today for veterans day. Yields in, the u. K. , germany, that one 50 basis points, was negative more than 60 monday morning. Huge repricing. The treasury market, as well. Treasury yield closing yesterday at 97 basis points, not the upper end of the 10year yield range of the last 5, 6 months. How much oxygen is north of this level, and how long before Risk Appetite is choked off . Bond market, humongous European Equity out performers over the last couple of days, yet the handle retreated, 1. 19 intraday monday all the way back down to 1. 17. We are down. 5 . I would have expected as Risk Appetite picked up globally, for the dollar to fouled away. That has not happened. Tom it has not happened, but it is sort of a discombobulated. Daniel katzive is with bnp paribas and writes detailed and complex notes for institutional wall street. We will try to put it down right now and two basic pairs. I see huge disconnect between the major Currency Pairs in the em. What does that signal . I agree, it is a discombobulated and since monday, and it is notable notable in dollaryou in. Good news for the world is bad news for the dollar. The fed was capping nominal yields and trading this dynamic where the better the u. S. Economy did, the more Downside Pressure there was on yields. Tom i want to give a window into what you do institutionally. I am going to put some greek on the screen. For those on radio, youre lucky. Received 10year in 5, 10, 30 swap. Great for me, great for you. But dan katzive, lets translate that right now. Is it time to do complex strategies or time to do the blunt instrument and go long in . Depends where your normal operating venue is. People who do complex strategies will want to do complex strategies, but they are playing off the same macro idea. Ultimately my with the fed telling you they are trying to reflate the economy, now they are going to look through a surge in the activity, leading to either fiscal activity or vaccine success, you should view good news on either front is likely to weigh on the dollar, as long as the fed is sticking with its reflation plan, and this is the best chance on the reflation front, that we get rebound activity because of fiscal or a vaccine. You mighttypically expect european equities to outperform in an environment where the euro outperforms. It has not happened. Understand how long it can persist. I think it is a bit of a pain trade because the correlations are breaking down. Equities are going up globally. Programmed tonot sell dollars on that. The fact that that playbook is not working so well, you can view it is a pain trade. Our magnets say the market is pretty plant flat dollars going into the election. There was so much shop in september and october that positioning was pretty flat. There may not be as much pain as one might think given the breakdown in correlation. Jonathan it could just be a shortterm correlation breakdown, as you allude to, or it could be bigger, a signal from the fx market. With the bond market, we look at treasuries and say, what is the bond market telling us . What is the fx market telling us this week . I think it is probably shortterm, but the key thing is to the center the fed. The fed says, you know, with the vaccine, may be the economy will recover quickly and we do not need as much accommodation, that would be bullish for the dollar. I think it is unlikely. I think the fed will say there is still a lot of risks and the economy needs accommodation and were trying to get inflation and Inflation Expectations up, and were going to stay dovish, even after getting a vaccine recovery. Do you productively trait the pacific rim . Trade the pacific rim . The risks on the trade front same lower in a Biden Administration than it did in a Trump Administration. We are not going back to the old days of view to yelp rounds and things like that, of wto rounds on things like that. But there is a little less unpredictability. Someshould help to to extent it seems like the Central Banks are more tolerant than they used to be. Tom do you assume that with a Biden Administration, the discussion of currency manipulation and the fear mongering wrapped around Foreign Exchange shifts away . I think it is going to be with us. We learned a little bit during the Trump Administration we used to think that anything the treasury said that alluded to strong dollar policy would be immediate disaster for the dollar. It seems we learned over the last four years that a lot of this rhetoric, not liking strength in the currency, things like that, has less impact than maybe a lot of people assumed. I think there will be these background issues of currency manipulation, tensions in bilateral relations with various countries relating to currency. But i do not know if it will have a huge macro impact. At the end of the day, treasuries will not do much in the currency markets, not going to do much to generate a weaker dollar. You are already seeing this intervention locally to support the dollar versus various local currencies. Jonathan that is the issue. We have spoken about this over the last several months, how the treasury can make some noise, but what are you going to do about it . Central banks and make some noise. What are they going to do about it . Them,b, eurodollar for good news, 1. 17, not approaching 1. 20 at the moment. Even if they wanted it lower, what are they going to do about it . Tom this is important. Where does europe start screaming about strong euro . Daniel katzive, where is it . I think they have already screamed a little bit. There were comments last month from the ecb where they noted the currency was a factor they were taking into account. I think they want to be careful. They want to discourage, generally, especially as they did during the Trump Administration, discourage any central bank wading policies that could get us into trade wars and things like that, wanted to be the voice for a free and open markets. So i think they want to be probably careful about what they say on fx, is my guess. As jonathan said, there is not much they can really do. They are already all in on the easing front, getting closer to be like the bank of japan where there is not a lot the market cant print anticipate market can anticipate. You can take measures to support their bonds and banking systems, but those two to help the year of more than they hurt because they reduce perceptions of systemic vulnerability. Jonathan next couple weeks going into december, there is an ecb meeting and many people expect more q. Week qe. You say it is euro bullish . Reducese extent it Systemic Risk premium, that 10 step a positive effect. The result is that we do not see a lot of fx impact from further easing. It is a bit of a headwind. I think the market knows the ecb tends to be dovish. It is one factor that should keep euro from exploding higher weakendollar starts to broadly. I think it is more of a headwind and they will not be able to engineer a lower euro at this point. Toathan dan katzive, great catch up. Dan katzive of bnp paribas. We have seen huge outperformance in the European Equity market. 4 . Nasdaq is down almost europeand point is if equities outperform against the backdrop of improving cyclical appetite, you would expect the dollar to fall away against that move. We have not seen that. Tom we have been wrong on that for a year. I wouldy, the dollar say the correlation on the equity markets today is more normal than what we have seen the last couple days. Futures up 26. Dow futures, 176. Nasdaq 100, 142. Jon, do you celebrate thanksgiving in the United Kingdom . Jonathan we do not, but i will for you. I am a minded on the u. S. Calendar that you may not be at work that day. Tom do they do the turkey thing . And the as an american United Kingdom, you might celebrate thanksgiving. Are you cooking this year . Tom i am cooking this year. We had a massive battle last night. Divorce almost ensued. Jon, i am not cooking. I am mailing it in. It is coming in. I sit in the kitchen and the boxes come in, and i take the cranberry out and jonathan i have had the smoked turkey of years before. Doing that again . Tom greenberg tragedy and texas, the wonderful Greenberg Family had a fire, major emergency. Livei am going to cook a turkey, one of these hugely overpriced things that has like lead pellets in it. It, went out and hunted whatever. People are going to leave in droves. Jonathan they are leaving this show right now. Is. Not know where lisa Lisa Abramowicz is not with us today. Good plan. Alongside tom keene, i am jonathan ferro. Not have toom does get through a divorce arlo over the holidays. I do not think i could cope through the new year. This is bloomberg. It is said attorney general william barr may make President Trump happy with his Election Fraud probe, but they say it is unlikely to change the results. Concern that the probe could undercut public support for joe biden. Mike pompeo is not acting like a lameduck secretary of state. He warns the u. S. Is not finished yet and it comes to acting tough on china. In a speech to the Ronald Reagan institute, he called the Chinese Communists Party a marxist, leninist monster that is antithetical to human freedom. President elect biden has warned british Prime MinisterBoris Johnson not to compromise peace in Northern Ireland while pursuing brexit. The two spoke yesterday. Biden reaffirmed his support for the 1998 deal that put an end to the violence in Northern Ireland. According to a british official, johnson promised that the u. K. Would uphold the peace agreement. And the Federal Reserve expected to join Central Banks set up to fight climate change. It requires numbers be signed up to the paris climate court. President trump withdrew the u. S. From the pact, but president elect biden has pledged to rejoin. And the worlds biggest shopping binges well underway. Alibaba kicked off the annual day, and it is a frenzy of conception that will serve as the best barometer of chinas post pandemic recovery. Retail in china has been down 7 for the year. Global news 24 hours a day, onair and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im ritika gupta. This is bloomberg. We are headed in the wrong quarters,the next two i am very optimistic that we are going to grow at a very strong rates, but a real downside over the next two quarters is the resurgence gets so bad, it ofces lockdowns because overwhelmed Health Care Systems throughout the country. That is what were watching for as the real risk. Jonathan that is the real risk. That was the Federal Reserve bank of dallas president and ceo. Alongside tom keene, i am jonathan ferro. We are on bloomberg tv and radio. And that right there is the problem. This market is living in the back ff 2021. We are living in this market is living in the back half of 2021. We are living in the here and now and have to get through the next few months. Tom he talked about the dallas reach out andto study hospitals nationwide, and he was grim about where we are right now. I and lisa, this is our interview of the day on the pandemic. Lawrence is with Georgetown University and is definitive on Public Health, our Public Health law, and our transition submitted pandemic. Doctor, a few statistics. Milwaukee hospitalizations up five times. The 14date National Trend of death up 23 . We are back to april 15 in terms of the hospitalizations across this nation. Is it worse now, or was it worse than . I think it is unquestionably worse now. It was a shock to our system then. We literally did not expect it. But now we are going into the. Inter we have celebratory dinners. You were just talking about thanksgiving. We have thanksgiving, christmas, hanukkah, other festivals coming up. People are going to be indoors. They are fatigued. They do not really want to do it. Frankly, the Trump Administration has basically given up and are just kind of sitting there waiting for the vaccine come and the virus is not waiting. The virus is all around us. I am very worried. Tom as an aside, professor, you forinvited to our household thanksgiving, but the cooking is a public risk. Jonathan do not go, professor, do not go. Tom when all else fails, fancy suits and ties and dresses my form a task force. If mr. Biden does a task force you can be honest, what does a task force do . It advises the president. Frankly, i know everybody on his Advisory Task force, and they are all very, very good people. And we have good people on the trump task force, tony fauci, deborah birx, cdc people. But the differences are coming from the top. Up,n is going to say mask distance, no gatherings. Whether it will have any effect, i do not know, because it is so deeply ingrained in our culture, like the mask is an icon now, either you are for it or against it. I think we are sitting ducks until we can get a vaccine. I have to say, the Pfizer Vaccine results exceeded my most optimistic hopes. I never expected to see a 90 effectiveness rate. Jonathan professor, that is the good news. We have this vaccine on the horizon. You have talked a little bit about the federal response, the state level response, for massachusetts to utah to new jersey just a couple of days ago, but more can they do, and what should they be doing . And if they do not, what trajectory do you think we are on . The states have only limited powers because people are traveling and are going to travel for holidays, as well, and they are trying to have quarantines and testing requirements for people coming into the states, but that is not always very feasible because you have them coming in by cars, means, every possible including planes and trains. So what they can do is not open bars, not open restaurants paired we should have no indoor bars or dining. We should really make sure the people understand that these indoor large celebratory gatherings are big spreaders of the virus, and there needs to be clear messaging. Thus that is basically all we can do right now. Tom i want to go back to almost a theory of medical justice, if you will, and we do not need to get all philosophical, but the great divide in america seems to be people who say at no cost, we need to frame a Public Health policy where we do not kill a lot of old peoplea versusn other peoplequ forward. The sacrifice is a bunch of old people, frankly, like you and me and not young ferro. That is the price we pay. What is it about those two . The first one, the declaration of just letting it go, letting it run wild, but just save the elderly and the i have never seen anything like it before. When we talk about herd immunity, were talking about vaccines, not about letting a potentially dangerous fatal virus spread like wildfire across the population. I really do think that the economy versus covid is a very false choice, because if you look at the economies that have started to really bounce back, mostly in the east asia, china, places like that, they have done it by keeping the coronavirus under control and having really rigorous measures there. They had locked down originally, but then they got on top of it. That is what we need to do. It is the only way were going to open up our economy. Otherwise people are going to be afraid to shop, to go to restaurants, bars, movie theaters, and we will just stagnate. And that is what is going to happen until we get a vaccine. Jonathan i final question for me, and i ask this with the greatest respect for the work you do. If the people tune into this today and hear you say things like close the restaurants, close the bars, they look at the tv, listen to the radio, and think, here we go again, someone is telling me that i cannot go back to work, cannot earn money, this is a pandemic that so far has not touched me what is your message to them . That. Otally understand my message for them is that we want the economy to go well, but we do not want to have extraordinarily high risk environments. So indoor bars where people are drinking, getting close, losing their innovations, we see it spreading like wildfire. It will go to your parents and your grandparents. So we cannot always think about me, we have to think about the us. And i can say that in countries that have done well, they have opened up their economy a lot faster. Look, what we have done in america has not worked so far. Our economy is not booming, and the reason is we have not gotten this fire is under control. Jonathan professor, we appreciate your time this morning and look forward to having you back soon. Lawrence gostin. Good morning. Alongside tom keene, i am tom ferro. With equity futures positive, this is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Probably judge this that this is no longer a contested election. Some clarity around the election and some clarity with a divided government, which i think is a great outcome for markets. I think the vaccine, in a way, should be seen as a global fiscal stimulus. Everything is going to be lower and flatter for longer. Just a lot of cash on the sidelines that needs to be put to work. This is bloomberg surveillance with tom keene, jonathan ferro, and Lisa Abramowicz. Tom good morning, everyone