Does october start most interesting. As you well know, the president of the United States at walter reed hospital. He has been tweeting actively this morning, almost as much as jon ferro. In the markets, i would say weve got a bit of a celebration. Futures up 21, dow futures up 184. What do you make of the markets this morning . Jonathan a strong correlation between the president s health, his tweeting activity, and equity markets. We hope we avoided the local crisis, the chaos that many people were thinking about last friday. Up 0. 6 on the s p. In the bond market, this is where things get interesting for treasuries headed into election day. If the polling remains the way the polling looks right now, at a national level, the 14 point lead joe biden at the moment, at some point you do start to think about prices in the fiscal stuff. The key risk at the moment, i am catching up with Henry Peabody a little later tom on one of your other properties. Jonathan his view is that the risk the
History in the United Kingdom as they extend the pandemic watch out to march of 2021. Jon ferro, theres no other headline for me this morning. All of us dealing with this pandemic, and Boris Johnson sets us a new timeline. Jonathan jonathan new restrictions on the u. K. Economy being announced today. We will hear from the Prime Minister addressing the nation at 8 00 p. M. Local time. Those restrictions could last a solid six months. Lets get straight to the price action to give people a feel of how things have turned around in the last 30 minutes or so. Equity futures were positive, now slightly negative. In the fx market, the pound was positive. It is now slightly negative. In the bond market, yields were up by almost a basis point. 0. 67 . Y are unchanged at it is a subtle shift, but a reminder of the difficult moment we have ahead of us as we go deeper into the end of the year. Tom so much going on here. We welcome all of you on Bloomberg Television and Bloomberg Radio across americ
And lisa abramowicz, im jonathan ferro. Is one of the worst charts in the world. With the Stoxx Bank Index hitting a record low, you wonder where that folds into the system. Jonathan theres a line i remember from the former ecb president mario draghi, when he turned around and said rates have to be lower and out to be higher in the future. It was 2014. They just went negative. They are still there. Will we generate an economic recovery on the continent that leads to higher Interest Rates . The answer right now is not any soon. Tom bring up that chart. It is really an elegant chart. This is the thing that we were talking about. It is the xaxis of all of this. Whether it is the european back malaise pushing back 12 years, even 14 years, it is the duration of these agonies we have to focus on. Jonathan weve just never recovered. This week, the equity benchmark , the daxurt, germany since then, we are down, we are down almost 6 . Tom how do you measure the mystery of what is going on and w
Nation. Just coming in, images of the sunset you and i observed last night. Imagineom, you cannot the change across this america. Forget about economics, finance, and investment. It looks like man delorean out there, lisa. Lisa really depressing to watch that orange sky over in the west and seeing the smoke come toward us. It is a political smoke, as well. Everything becomes that much more political in this year of 2020 as we head toward november. Tom jon, you nailed it on the United Kingdom earlier in the fictitious nature of our Unemployment Rate and the fed meeting tomorrow. I am going to summarize the backdrop, double digit unemployment. Jonathan unemployment and the u. K. Just north of 4 officially. It Means Nothing to anybody me living in the u. K. Right now. There is a Furlough Program tying a lot of people to the government, and that expires at the end of next month. A huge conversation on whether it. Xtend if it does not get extended, unemployment will go much higher very quic
Valley yesterday and bank of england came out now, and they look like a normal central bank, versus the rationalization we saw for decision off 300 out points and down we went as the press conference went on. Jon dont you think it is absolutely ridiculous . Allow me some time here. The chairman of the federal forrve show the forecast 2023. All of the economists turned around and said i thought you were going to target africa target inflation to percent but nothing north of thats. I will draw the line from kick tricks. They said please, can i have some more. The only one that matters are the forecasts. Jon yes, tom yes, and i alluded to morning america, i dont know how you get to morning america that was perceived in 2023. Mickey was great, it had flout the best question at the press conference. Jon every single News Conference. Tom not all. Jon futures down. Lisa abramowicz, claims in america. Lisa we will be getting jobless claims data at 8 30 a. M. Eastern time. Curious to see the in