Council of economic advisors obama. Resident its an hour. [captions Copyright National cable Satellite Corp 2020] [captioning performed by did national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org] [captions Copyright National cable Satellite Corp 2020] here today as as part rebuilding the Global Economy project. A major initiative, not just in time for a u. S. Administration or a new term of an old depending on what happens, but in time for the stock taking going on and the on how to open the World Economy when the u. S. Has ehaved as it has for the last four years but also, equally importantly, if not more so, hen were all facing the vulnerabilities that came out of the pandemic. Before introducing my colleagues who will be speaking today about memo to the white house, economic council, the c. C. E. A. , and the u. S. China trategic dialogue let me say a couple of words about the rebuilding project. Were very excited about this an
Guest, ajay mehrotra, who will discuss his very significant and timely book, making the modern american fiscal state, law, politics, the rise of progressive taxation 1877 to 1929, published by Cambridge University press. We will resume this top, these talks, on january 15th. We will have rebecca edwards, professor of history and the former chair of mass or college. Her top is titled sex on the frontier, fertility in americas antebellum empire. Rebecca edwards is a very imminent historian who would expect to get quite a draw. But the presentation of that title, i think this is something that should not be menaced. The professor is the associate dean of research, professor of law, and i is a professor of history at Indiana University. He received his j. D. At university of georgetown law center. He has served as the codirector of the Indiana University center of law, society, and culture, and before arriving at Indiana University, he was a doctoral fellow at the American Bar Foundation i
Four days of losses is about to become five. Are down 7. 5 over the previous four days. Cross assets, we look like this. A bid into the bond market briefly in treasuries. It did not stick. It was a treasury market selloff. This morning, it is about yen strength. Dollaryen coming down on 0. 3 . Again. Rude is down 0. 9 mark wheret is that you have these massive producing countries like russia and saudi starting to worry. These are very hard prices to deal with when you try to balance your books. It all comes back to demand. Everything is about demand right now. When you have france and germany going into lockdown, that does not bode well. Euroyen is striking me this morning. I feel that for the first time it is acting like a haven. It is her membrane what it is supposed to do. Jonathan a bit of yen strength. Chancellor merkel giving a wakeup call to her fellow eu leaders. They failed to act quickly stop the pandemic. For more, our western europe managing editor joins us. Walk us through
Good morning on bloomberg radio. Good morning on bloomberg television. It is extraordinary to be the beginning on global wall street of the holiday season, and i can never i can never think, even the tragedy of 9 11, i cant imagine how much of a tragedy this holiday will be with the pandemic. Jonathan the numbers are terrible. We talked about it an hour ago. We started this month with daily infections in and around 80,000. That has doubled in 11 days. If Health Care Capacity gets tested, they will start to introduce more restrictions. Heres the critical issue. Who is going to step in . Where the fiscal policy maker . Bridgewaterf says we have a mismatch between the length of the pandemic and the willingness of fiscal policy makers to do something in equal length. Tom it has widened out, without question. What is so important here is to gauge the pandemic, and we are all doing that on a local basis. You and i, we hear more sirenss again in new york city, and we are all dealing with the
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 reso