Transcripts For BLOOMBERG Bloomberg Surveillance 20240712

Stocks are up, all of that to do with powell. The dollar weakness also to do with powell. Real trends in the euro and the pound. Tom no question about that. Right now our first word news in new york city, here is riddick gupta. A Ritika Ritika the longestserving Prime Minister in japans history is resigning after eight years because of health reasons. The government has provided few details. News reports that he has been undergoing treatment for a chronic digestive condition. He plans to stay on the job until his party picks a successor. President trump made his case for a second term and last nights Republican National convention. He promised to cut taxes, and create 10 million jobs in 10 months and turn the u. S. Into a manufacturing superpower. In the new term as president , we will again build the greatest economy in history, quickly returning to full employment, soaring incomes and record prosperity. Ritika the president also warned that joe biden cant be trusted to deal with the coronavirus pandemic or heal the nations racial divisions. Chair Jerome Powell of the fed says the fed will allow inflation to run above the 2 target. But the fed has to confront multiple forces that are holding down inflation. And hurricane laura left chemical fires, wrecked buildings and flooded roads in its wake in louisiana. There could be more than 50 billion in insured losses. 700,000 customers were left without electricity. The hurricane has now been downgraded to a tropical depression and will through arkansas overnight. Global news, 24 hours a day, on air and quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika good. This is ritika gupta. This is bloomberg. Tom thank you so much. Equities are up. Nice lift as you would expect. The dollar is weaker. , as you would expect. In the young space, it is simple nominal yield is up. Real yield, inflationadjusted speed. S on that shows the dynamic of nominal yield and Inflation Expectations. Now a story that has been front and center after four days of the rnc. Here is the president of the United States. Years, wee next four will make america into the manufacturing superpower of the world. We will expand opportunity zones thank you, tim scott bring home our medical supply chains, bad things, we will go right after china. We will continue to reduce taxes and regulations at levels not seen before. We will create 10 million jobs thehe next 10 months president of the United States. Kevin cirilli, off eight days of conventions. He is with us this morning. Kevin this week and we are anticipating President Trump will go to the gulf coast to tour the damage with regards to hurricane laura. I am hearing from my sources that hurricane laura could provide more intensive for republicans and democrats to get to a deal on what has been an elusive fiscal stimulus. Meanwhile in the shortterm, all the talk on the sunday shows, i am told by several sources on the left, are going to be related to kenosha, wisconsin and racial inequality in america. I was saying this last night, honestly, i think more of an impact on this race in the past two weeks has been hurricane and kenosha. Anna why the hurricanes . Why is that going to have an impact on the race, kevin . I am fascinated by what did not appear yesterday. The virus did not seem to be talked about at all. There was an enormous audience for President Trump speaking. Why do you think the attention has been taken off that into other areas . Kevin i think the ratings decline from both conventions. In terms of how americans are consuming these two political conventions, they have suddenly lost their muster as it relates to conventions of yesteryear. To your point about the crowd in the audience at the white house last night, it was completely in contrast to the images that we saw with democrats one week prior in which they were in parking lots and flashing their blinkers and be much more socially distant than what we had seen. I think it really speaks to a tale of different competing ideological narratives. Why i think the hurricane and Race Relations will have more of an impact is because this has been brimming under the surface for some time, especially for some of the lawmakers and the locations on the gulf coast, they might flip and support fiscal spending right now because of the hurricane. Question, fox, playing it only two seconds the senator for kentucky, walking last night walking the streets, accosted by protesters with the protection of the washington police. This has to be played by both parties it goes to the attention of kenosha, in the attention of the law and order message from the president as well. How will that play for the weekend . Kevin i think it is going to continue to play. Anecdotally speaking here in washington, d. C. , mayor bowser had to come out and urge that there be peaceful protests because of there were some protesters who were captured via social media who were screaming at patrons in restaurants, so i think the mayor here in washington, d. C. , mayor muriel dynamicis aware of that. Even the Biden Campaign had to come out a couple of days ago to urge useful protesting. So i think it is a new intensity to the Race Relations conversation in this country. Tom kevin cirilli, thank you so much for your work in the last two weeks. It has been extraordinary. Our chief convention correspondent. Right now, Bloomberg Contributor at iona college, jeannie joins us. I am fascinated by the ron paul video and the memories back to 1968. Of this lee, there are no parallels including the lack of smokefilled rooms, but tell me how law and order is addressed by both parties in the coming days. It was a fascinating view. A trump speakingnk and in the background you could hear bullhorns and sirens. And after senator paul spoke, there was that video you referenced. It goes along with what we have been seeing at the convention all four days, which has been grappling with the unrest going on particularly now from wisconsin. With protests around the country. Republicans have talked an awful lot about it the last four days, we heard the president talk about it last night and it will continue. I think what struck me was the very different realities, kevin reference to this a moment ago, from the democrats versus the republicans. It was almost like they are worlds,n two different not just about the issues going on in wisconsin and the unrest, but also about the pandemic. It was stunning to see a gathering of 1500, 2000 people in the park, very few masks. Contrast that with what the democrats were doing just a week ago, it was the most as if the pandemic is, as larry kudlow suggested a few days ago, something in the Rearview Mirror for republicans. Quite a stark contrast between the two parties. At anna stark contrast. Good morning to you. What about what we are hearing, conversation with the professor in the last few hours who was saying, previously, the conventions used to be about the economy and now we need to replace that and make it about the culture. Is it about the culture this time around . Jeanne it is still about the economy, but culture is doing big the economy is doing well. You heard President Trump trumpeting his economic successes, but that was all precovid. He kept saying, we will restore the economy once again. I suspect the president will try to have a vaccine in place before the election or at least by the end of the year, then he said he will be working much more on the economy. Absolutely, we have high unemployment, all the things we talk about everyday, they are really focused on these culture wars. And republicans field that the social unrest is something that the people in the suburbs, who they desperately want to vote for them, are getting tired of. That they were sympathetic and butthetic to george floyd, they are also not concerned about the violence and the rioting. Republicans want to make the case that if joe biden is elected it will be more of the same, but that ignores the reality that donald trump is president and has been for three and a half years. So what happened in wisconsin tom final question. Your new book is brutal. Do the democrats know how to be brutal, can they toughen up against a president who love to be tied off, tough, tough . Jeanne so glad you asked that. I was sitting there last night thinking this was going to be a brutal 60plus days as we move into november. Yet. t know we heard joe biden saying he will be out on the campaign trail despite covid. Yesterday Kamala Harris and joe biden, out trying to contrast the response to the messages coming from republicans. An hour lastr over night with the president who threw everything at them including the kitchen sink. It is a lot to respond to and i think the area to see how they i think we are yet to see how they will do that. Anna thank you, Jeannie Zaino for your contribution. Really good to speak to you today. Let me take you to some lines coming through from germany. Chancellor Angela Merkel speaking right now, has been speaking for more than half an hour. She is saying the crisis is a challenge for german financial capacity. That is the headline across the bloomberg. Interesting, because of all the European Countries that have fiscal capacity, germany is usually described as up there and able to cope. Interesting to see what she means by this line. She also says we dont need to change our policy toward russia, another line that stood out to me earlier on. This is bloomberg. This is bloomberg. Statement indicates that we will seek to achieve inflation that averages 2 . Parentse, following when inflation is running below 2 , through Monetary Policy, we will likely aim to achieve inflation moderately above 2 for some time. Tom bloomberg surveillance. Good morning, everyone. Anna edwards is in from francine lacqua. And i am tom keene. One of the most important speeches in my lifetime. I want to go to. Stanley before we bring in matthew luzzetti. Here is standing in a scathing note. An incredible shift fed policymakers have fully embraced the prevailing economic views of the 1960s that eventually brought us the great inflation of the 1970s. This all is the approach leads to what monetary historians call stopgo policies. The fed has moved to freelunch economics. Eventually we are all likely to pay for it. Speaking, i was thinking of the giant of ucla economics and the battle over huge inflation of the 1960s. Do we risk a walter inflation . Matthew thanks for having me. It does raise questions. We have seen an historic shift in the fed, telling us they are actually trying to engineer and overshoot inflation and also telling us they are only responding to short calls on the employment mandate. It is certainly not going to preempt any inflationary measures by tightening as we have seen in the past. There are certainly challenges to what we saw in the 1950s. This fed benefits from going through the volcker era, having anchored Inflation Expectations on the past several decades, having gained the credibility of that experience. Also, looking back to the 1960s, you had Health Changes which led to a big surge in health inflation. I do think that there is a shift. But there are differences between the 1960s and now. Tom i agree, there are clear differences. One of them is the mystery of effect. Nology do you and your team look at the technological revolution of the last 15 years as something that diminished growth and diminished productive labor where we have a new labor economy, in you slowgrowing economy that everyone has to adapt to . Matthew certainly, we do have lower potential growth going forward, that is one of the key elements powell raised yesterday as one of the key things at jackson hole. That is leading to a lower neutral rate, which is causing problems for the fed and giving them less monetary ammunition. In addition, it is having disinflationary pressures. It continues to weigh in and will continue to weigh on a going forward. Will theuestion is, fed be able to achieve it . I am worried about that than i am abou worried about refuting the 1950s and 1960s. Anna are you think it will, matthew . Voices have been critical about a lack of detail as to how they will get to the problems they describe. What you might do if you have inflation, or what you might do if you see a tight labor market . But we dont have inflation nor a tight labor market right now. Matthew what we heard yesterday was nothing about what they will do to achieve it. We have certainly heard from john lehman and other fed officials in the past that they need to use deeds, not just words. We anticipate you will see policy action to prove this commitment. In september, i think you will get enhanced forward guidance, i think you get some shift in their policy, likely extending duration of purchases. I think it is an open question whether they will be able to achieve their new higher inflation mandate. If you look back over 2019, we had unemployment a weak dollar, leading to inflation, and we were not even able to get the 2 inflation, so there are monetary factors in play. Anna we have very little the us we had very low unemployment in the last few years and we did not manage to great inflation. When you look back at the last 10 years and the inability to generate inflation by central banks, are we looking the wrong place . Has this got to be more about the fiscal side, and what are your expectations o there . Matthew it has to be about the fiscal side. From historical experience, if you do have both monetary expansion,nd fiscal that continues as the labor market tightens and the economy tightens and that can produce inflationary pressures. That is the key question going forward. I think those that have been looking for this as being an inflationary shock, are expected to continue to see significant fiscal stimulus even as the employment rate falls. The breakdown in fiscal talks is challenging that narrative a little bit. Tom matthew luzzetti, thank you very much. Features are futures are down. Dow futures are up. Dollar is weaker. Coming up, as we spoke to mr. Bullard of st. Louis yesterday, Ronald Kaplan of dallas at the 8 00 hour. This is bloomberg. Ritika this is bloomberg surveillance. I am ritika gupta. Lets get you Bloomberg Business flash. Credit suisse has dismissed is europebased banker, said to have forged documentation on an overthecounter for african with management. Bloomberg learned that lead to a loss of about 1 billion for credit suisse. Softbank will so 12. 5 billion asshares in it japanese unit part of recent asset sales that have helped boost the conglomerates stock. In addition to selling assets, son has been buying back softbank shares. It is a sign of Strong Demand for personal computers for both students and workers during the pandemic. Both dell and hp beat estimates. Dells quarterly revenue jumped 18 . Meanwhile, hp said it shifted a cs in 18 million ip the third quarter. But is it for your Bloomberg Business flash. Anna thank you very much. European markets have been fluctuating all morning. 600. 5 on the stoxx a lot of reaction coming through to chairman powells statement yesterday. Anticipation of a steeper curve. All banking stocks in europe are one. R apart from just we see strength coming through from the euro and the pound. And a lot of dollar weakness. Tom hugely important insight from anna edwards, the European Bank stocks are up off their hugely discounted value. You wonder if financials pickup in the u. S. , what that will do to the equity markets, right now cap six points on the spx, 34 91. Showing vix, more agitation and volatility versus where we have been. The dollar is weaker than the euro, 118. 89. David rubenstein is next. This is bloomberg. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. Tom bloomberg surveillance. Good morning. Extraordinary news flow here. Anna edwards in london, thrilled to have you with us. Joining us now is David Rubenstein from carlyle group, author of a new book, how to lead. Testament toing the quality of his interviews. I cant say enough about interviewtointerview the way David Rubenstein approaches it. This book is a triumph of cutting to the chase. There is a lack of media blather and an immense amount of direct questioning of people successful. Mr. Rubenstein, i must start with my favorite interview you have ever done with the always mysterious jeff bezos. What did you learn from mr. Bezos . David jeff is an unusual person, he has built one of the most valuable companies in the world in an enormously short. Of time. He makes no decisions before 10 00 a. M. He doesnt like to make decisions late in the afternoon. He likes eight hours of sleep, he thinks if he doesnt get eight hours, he cant focus well. He wants to make certain that he hears ideas from other people, he doesnt think all his ideas are necessarily the best ones. Relatively speaking compared to what he has accomplished, his demeanor is quite modest and he has an incredible sense of humor. Tom this is so important, and i say it with immense respect to for your philanthropy to america. There has been criticism, including marc benioff on bloomberg the other day, over the philanthropy of these tech giants. Right now bezos is a pinata, over 15 an hour, 20 an hour, 30 an hour. The you advise some of these voices in your box to get more like David Rubenstein and be more philanthropic . David that is not what i try to do in the interviews. The interviews are done on peertopeer on bloomberg, basically an effort to get people to say what made them successful. In the book, i try to talk about the qualities that made people successful and how they become leaders. I am not really trying to give them advice. Privately, i might ask them if they are interested in certain things, or they might ask me certain things about philanthropy. Jeff bezos has given away a fair amount of money, it is just but compared to his net worth it might seem small. But it is staggering so far. Anna david, good morning to you. You have interviewed during peertopeer,. You have interviewed people from such different backgrounds and different fields. Is it possible to find a common thread, something that makes all these people good leaders regardless of the field in which they operate . David yes. A couple of qualities i talk about in the book, one is they are focused on doing whatever they want to do, proving an idea or a concept. They have failed at some point in their life because they recognized failure probably helps, so failure has helped them. They also are very persistent. They also learn how to persuade other people. The key to life in getting people to do what you want is persuading them. Most of them are actually fairly humble. Every leader is not humble, we know of some leaders who are not humble, but generally, these are people who are quite humble. They also keep learning, read, read, read. They have an enormous amount of integrity, and they also are people who share credit. They dont think theyre the only ones responsible for their success. In the end, most of them will say they had a lot of luck. Anna that is really interesting, too. They are all humble on tv, david. , i wonder what they say to you behind the scenes. Yourself. Business what have you identified about your own leadership journey by doing this series of peertopeer interviews . David i think in my own case, i got lucky. I really was not supposed to be a businessperson, i thought i was a lawyer. I changed, i got lucky. I feel many times and i learned from that. I do think sharing credit is important. One thing i did not mention a minute ago is rising to the occasion, leaders have to rise to the occasion. It is ok to run a company in normal times, but when something bad happens, like a pandemic, when you rise to the occasion, you are a good leader. Tom i need to go back to your public savers. Public service. You served with president carter long ago. There are echoes this morning of the 1960s and 1970s as a central bank, recalibrate, how recalibratey to the economy from growth. You lived during the Carter Administration with very high inflation. The uc echoes or shadows of that time . David if we can get inflation to a 3 or 4 , it wouldnt be the worst thing in the world. We had double digit inflation. We didnt have anonymous amount of low income products coming in from china. It was an economy where 25 of the workforce was unionized. Although not a bad thing, today you have less than 10 unionized, so the pressure from wages is not as great as it used to be. Then you have the outside world producing products and services at a much lower price than the United States. I dont think the situation is replicable. Tom senator paul from kentucky last night was accosted on the streets of washington, with echoes of 1968, etcetera. How would you suggest, mr. Rubenstein, that the idiots provide the best that the elites provide the economy labor is asking for . David i think companies that employ lots of workers should be sensitive to their needs and should pay them a respectable wage. Plus health care benefits, they are extreme important to people and not all employers provide them. We should recognize the dignity of workers. In some cases, that is overlooked. But on the whole, i dont see a situation where we will get massive inflation. Inflation would probably help us a bid in paying down our enormous debt, but i dont see that happening. If the fed can get 2 or 3 inflation, i think they would be quite happy with that. Anna having written a book all about leadership, on the day that we find out the japan is looking for a new leader, i dont know if you ever met shinzo abe or had the pleasure of spending time with him, but he certainly managed to last a long time for a japanese Prime Minister. The ones who came before him, it was sort of a revolving door. In terms of the politicians you have met and talked to that have stayed the course, you have Something Special . David i have met Prime Minister abe. I spent one time in his office talking about the value of private equity to the japanese economy, not sure if that persuaded him of the value of private equity. But i did spend some time with him and it is unfortunate he needs to step down. Politicians are different from Business Leaders, they have different considerations. I had a. N interview of president bush and president clinton together. It is quite humorous how they get along. They have a pretty good relationship. Politicians, though, have much different considerations than businesspeople. It is harder to be a political leader and survive than a Business Leader and survive in my view. My favorite person throug to be interviewed by is to, you. [laughter] aside from that, the persons i have interviewed, i think the jeff bezos interview was extraordinary. He had quite a sense of humor. We had 2000 people there. Terrific. She gave a master class on how to be interviewed, and she said the key to her success has been listening to people when she does interviews. Warren buffett and bill gates were also quite good. I dont think theres anybody i great,like, yoyo ma was Ruth Bader Ginsburg had an incredible crowd of people cheering for her. She is a real rockstar. Tom one final question, what is your first question to President Trump in a peertopeer interview . David i have interviewed him before he was president and he told me he was going to run for president. I was surprised, i didnt think you would really do it, but he did. If i interviewed him today i would say, in the end, what surprised you about the presidency . Did you anticipate it would be harder or is he a than it was, and why do you want to do this for another four years, because it could really taxi you and you can do so many other things it can really tax you and you can do so many other things . Why do you want to go for another four years . Tom thank you, David Rubenstein. Massive success. Massive win for bloomberg, peertopeer conversations of mr. Rubenstein. How to lead is the name of the book. As david said, folks, if you have to pick one interview, the jeff bezos interview is just magical. Coming up, he is set up like bezos, mark mobius of mobius capital, and the stability of north asia and all of the pacific rim. Futures are up seven points on a very busy friday. This is bloomberg. Tom bloomberg surveillance. Uneventful friday. Anna edwards is in for francine lacqua. Tom keene in new york. The weaker dollar. On the e. M. Front, turkish lira. Erdogan with a terrific week. Strength, downa to a. 32 right now. This is truly a joy, the gentleman from the Massachusetts Institute of technologies. He redefined emerging markets for sir John Templeton over the years. We are thrilled that mark mobius could join us. And a and i are actually jealous. I believe he is in portugal this morning anna and i are actually jealous. We have to rip up the script and speak about the effect of japan upon the pacific rim and on asia emerging markets, and what will come after shinzo abe. Mark you know, shinzo abe, in my view, is one of the greatest accomplishments that we have seen in terms of proper governance in japan. He pushed for better Corporate Governance among the Big Companies in japan, and i think that was a terrific accomplishment during his reign. Now, of course, the business of getting rid of inflation was a losing game from the very beginning, i am coming up with a book about the whole issue of inflation, which i think is globally. I dont blame him for not defeating inflation. But i think he has done a terrific job on Corporate Governance. The other thing i think he tried to do was selfdefense policies, in other words, building the Japanese Military so it would not only be selfdefense, so that it could be more aggressive against the growing strength of china. I think he moved that in the right direction, but of course, a lot more has to be done. Mobius, so important some of the powell speech, the idea that the new strategies of central bankers, much of it heartening back to the 1960s and 1970s, will be constructive market. The u. S. Human asset inflation with his new strategies . Mark yes, of course. With the situation we have had up to now, you are having acid inflation bigtime. Now asset inflation bigtime. He is talking about doing away with low Interest Rate policies. I think it is a good move in the right direction. Someurse, we will have damage on equity prices, on that front but i think you have got to move in that direction. It is reasonable and makes a lot of sense. Anna market, good morning to you. We see also in the market one of the reactions is a weakness in the u. S. Dollar. Does that threaten to push off any of the emerging market currencies the are watching closely, is there a danger for the e. M. World . Mark it is interesting to see what is happening in turkey. Some of these other countries, currencies in a number of the emerging markets are stronger against the u. S. Dollar. In our view, that is very good for investing in emerging markets as well as the bigger concerns people have about emerging markets are the currencies, so when you see the currencies getting stronger against the dollar, it gives them confidence. On the other side, expert earnings could get hit. Generally speaking, i think it will be positive for emerging markets. Anna i was discussing with against earlier on how difficult it is to operate with the term emerging markets now, given the divergence between eastern europe, between asia, between latin america and africa. It is just not granular enough. Where are you most excited about within this huge realm . Mark about india, actually. With the u. S. China trade war, of course, we are not riding on china, china is still important, but i think india will be coming up. It is interesting when you look at my portfolio, india now is at the top. Two months ago, china was at the point. That says a lot about appreciation in the indian market. I think india is very exciting. Brazil now is a question mark with regards to recent talk about spending more and going beyond the limit set by the constitution. But india is certainly at the top of the list. Anna mark, thanks very much for your time. Mark mobius of mobius capital, cofounder and partner. We apologize for the background noise. Thank you to mark for joining us. Up next, dr. Andrew pekosz of Johns Hopkins University Bloomberg school of Public Health, professor and the religionist. We will ask for his perspective professor and virologist. We will ask her his perspective on the changing guidelines from the cdc. This is bloomberg. Anna i am anna edwards in london. With tom keene in new york. You are watching bloomberg surveillance. As we continue to track the coronavirus, bloomberg has developed a unique partnership with Johns Hopkins, which has been at the forefront of the international response. We are joined by Andrew Pekosz, Johns Hopkins University Bloomberg school of Public Health professor and meteorologist. Perfect voice professor and virologist. Speak to. Ice to the cdc, changing its guidance with regards to testing. When you have been exposed to a case of coronavirus but you are asymptomatic, the guidance is now that you dont test. What do we know about asymptomatic transmission that we need to understand when evaluating this change to be honest, this is a . Dr. Pekosz bit of a head scratcher to many of us in the Public Health field. We know from the data that asymptomatic infected individuals are responsible for a large amount of the virus spread in the u. S. And globally. So the new cdc guidelines sort testing aasize population that we think is incredibly important in terms of the spread of the virus. The reason we recommend Wearing Masks is to limit asymptomatic individuals from spreading the virus. So it is still not clear what science is truly recommendation, it suddenly seems to be country to many Public Health individuals. Anna one of the other things we have learned a bit more about this week is around reinfection. There has been a muchreported kong. E in hong is not the only case and if it is, does that suggest reinfection is not usual, fairly of normal . What do we know fairly abnormal . What do we know about the risks of that . Dr. Pekosz the hong kong case has been more characterized. It is a very unique case in that they were able to have samples nasals individuals swabs from the first infection as well as the second infection from intensive screenings at the airports in hong kong that allowed them to capture this person second infection. Seems like the second infection was asymptomatic, the person was not suffering any symptoms. What is still unclear is whether or not the person was able to transmit virus from this second infection. There are now two other cases, one in the netherlands and one in belgium of similar situations. So we are just starting to scratch the surface of what reinfections are happening and what we will call their is. Ogenesis it is important so we know how immunity from infection and from a vaccine will protect us from reinfection. It is also important to know that even if you are infected, you will probably get more mild symptoms. The question we need to answer is even with those milder, asymptomatic infections, can you spread the virus . Because that will affect all of our Public Health interventions right now. Anna what clues do we have from other viruses, if they are at all relevant, as to whether it is likely that you can spread a second infection . Dr. Pekosz we know with some viruses, and i will use influence as an example, that when you get infected, you have some pretty strong immunity that prevents you from getting infected a second time. We also know from work on the common cold viruses, which cause very mild disease in humans, there in trinity from reinfection last a small period intime their immunity from reinfection last a small period of time and you can actually get reinfected. So if these covid19 kisses are mild, we can look to the common cold viruses in humans as to what immunity from reinfection will imply, and that is our concern. Anna professor, as we see a lot of communities sending their children back to school already or will do shortly, what do we know about symptoms in children . There has been some work in the uk that suggests we may see different symptoms of the virus in children that we need to watch for when sending children back. Dr. Pekosz it certainly seems like for the vast majority of children, symptoms are much milder than for adults and valerie. They are able to produce for adults and the elderly. They are able to produce virus. Transmission within children and from children to adults is really the area that is our primary focus, because that is going to tell us much more carefully about the spread of the virus among School Communities and those kinds of things. We certainly know from cases here in the United States at universities that the spread of the virus in young adult populations can occur very easily, and you can see that from multiple universities here that have tried to open up and subsequently gone to completely Online Learning because of the spread of the virus during those first few weeks and them being open for onsite learning. We need to go to the younger population and understand that. Anna yes. Andrew, thank you very much, Andrew Pekosz of Johns Hopkins. Thank you for joining us. E sure to check out virus there is a certain in the logic there is a certain logic in the markets doing better than the economy here. We are looking for continued improvement in the economy, but the pace will probably slow down now that weve had this quick rebound. The fed has been thinking about changing its Monetary Policy framework for a long time. This trend in the dollar could 10 , 20 over a 10 year period. This is bloomberg surveillance, with tom keene, jonathan ferro, and lisa abramowicz. Tom good morning, everyone. An extraordinary august i can only parallel to 1998. We got about a seven hour program we are going to squeeze into two hours today. Jonathan ferro still on sabbatical. Keene onmowicz and tom this friday. Theres little anecdotes along the way. The trump speech, chairman powell, on and on. And theres cocacola in the real world