Jon ferro in london, tom keene and Lisa Abramowicz in new york. It is a Fourth Quarter with an election in it. I love what Kevin Cirilli said. Is it going to be not election day, but election month . We will have to see, harkening bush gore. Tower hudsonf looking for a melt up. Jonathan right now i think we are playing headline roulette around fiscal talks. There is still a gap that is apparently narrowing a little bit. One thing we dont know, one thing we cant figure out, is whether this is just posturing ahead of the election, or whether both parties actually want to nail down a deal this week. House democrats delaying a vote on that plan to see if talks today actually generate something positive. Tom we will have to see as well. Opening up here with the markets, futures up 32, dow futures up to 34 in a nicer lift up 234 in a nicer lift. Ive got to go to a conversation with Speaker Pelosi that david westin will have in the noon hour, and i wonder if she will want to negotiate. Jonathan jonathan it really sets the stage for the talks ahead. Who has the biggest incentive to move the dial . The democrats to come down, or the republicans to come up . I think the headlines of the last 24 hours, for anyone in government, are not pretty first of the pretty from some of the Biggest Companies in america. What we had months ago was a shock to this income market. The fiscal assistance, and the minds of many, still very much needed. Tom we need a one hour conversation with our guest to open this. Bloomberg across the state of new jersey. He is a financier with a career at goldman sachs. He is a diplomat, with his Public Service to the nation as ambassador to germany. But now he is in the trenches as the governor of new jersey. We are thrilled phil murphy could join us this morning. What do you need from President Biden when he shows up in january . Gov. Murphy good morning to you all. We need it before january. I cant say enough good things about Speaker Pelosi. I think Stephen Mnuchin is a smart guy and interlocutory. We need a deal before january, and that has to include state aid. Obviously, extending unemployment, help for small businesses, all the needs we know about, but we need a big jolt of state aid. I think if it becomes President Biden, and that is where my support is, i would suspect we will still need more of that. My guess is whatever deal we get may not fit the bill, and big investment is not just talk in infrastructure. Things like the gateway project, the most important Infrastructure Project be done in the United States. Tom you grew up in massachusetts, where you learned the marginal value of a red sox victory. You went to harvard and dead economic, were you learned marginal ash and did economics and did economics, where you learned marginal dynamics of economics. 10. 7 above one million. You got the 2. 44 property tax, and a lovely sales tax as well. Theres no incentive. What are you going to say to the millionaires that watch Lisa Abramowicz every morning . Gov. Murphy you will appreciate i dont see it that way, and i have been holding my breath on the marginal value of many red sox wins this year, given the season they had. We were successful in asking the wealthiest in our state, the biggest corporations to pay a few more pennies on their top dollar to help us continue and historic reinvestment in our middleclass. That is good for everybody. People inthat chokes new jersey, the thing we lose are the retirees whose kids have graduated from our number one , hisl system in america property taxes. That is why our budget has a direct dose of property tax relief. New jersey is the state to raise a family. We want to keep it that way. We are also a quintessential middleclass state, and asking the wealthiest among us to help make those investments is good for the middle class. Tom governor, the movers are moving out. They are not moving to massachusetts. They are not moving to connecticut. They are moving to the nine states with no sales tax. What will you do to turn those moving vans around . Ov. Murphy its very simple it is the best state in america to raise a family. If you have kids who are schoolage, if you care about health care about health care, we have the Number One Health care system in america. If you care about talent for your business, theres no better state in america. You get what you pay for in new jersey. Jonathan in 2015, you will remer the you will remer the headlines. Is he coming home . Gov. Murphy ive not spoken to him personally, but i have heard the same as you have. We welcome them back. Our number of millionaires over the past number of years is growing, not thinking, notwithstanding the noise around moving vans. Our state is actually growing, including among the wealthiest. Jonathan where else will you be able to raise taxes . Weve heard again and again about the prospect around doing something around cannabis. Is that just a low hanging fruit for you now . Gov. Murphy it is on the ballot on november 3 as a referendum item. I wish we could have gotten it done through a legislative process. We just couldnt find the last few votes, so it is on the referendum. First and foremost, for social justice reasons, lowend drug crimes are the biggest reason by far that we have Young Persons of color, especially young men of color, in our criminal justice system. Beyond that, this is a potential significant overtime revenue item for the state, and a source of job growth, which is also positive. I hope we will see it pass in november. Lisa for the tax on electronic trading, are you going ahead with that . Gov. Murphy we are taking it seriously. We did not score it in the budget because there is too much uncertainty around it. It is something we are taking very seriously and studying very seriously. Lisa the virus is continuing to spread, and we are seeing worsening numbers in new jersey. What is the threshold at which you will shut down in person schooling and go back to all remote. Gov. Murphy one of the blessings we have in new jersey is got hundreds of school districts. We reviewed each and every one of their plans when we shot in march, and each and every one of them when we when we shut in march, and each and every one of them when we reopened. The backtoschool for us so far has been very successful. We had only 11 outbreaks in schools, out of over 3000 touching students and educators. But that is well within any expectation. I hope we never get back to the point where we were in march, when we have to make a statewide move to shut everything down. Tom one final question, if i could. It is a question of delicacy within this pandemic, as you have confronted it, and Governor Cuomo confronted it earlier on. We now have a touch point of a new pandemic which crosses over to religion, where you need to work with these small communities, and this case with orthodox judaism. How are you going to dovetail your Pandemic Response with the need for religious freedom . How do you execute that in the coming days in lakewood, new jersey . Gov. Murphy i think we have been able to do that from the getgo. We clearly had a period beginning in midmarch where we had to shut everything down. When we did that, we were in close contact with the leadership across the whole spectrum of religions, including the leadership in lakewood. As we have been able to reopen and get back to worshiping first upside, and now inside, it has been done under strict limits. Capacity limits, face masks, social distancing, all of the stuff we all know. We have been in very close contact with the leadership of the community over the past couple of weeks. I am going to be in ocean county tomorrow, where liquid sits. I cant say enough good things about the cooperation of the elected leaders and faith leaders there. But we are having issue with cooperation down to the man on the street. Weve got to be aggressive about it. Tom i am not going to mince words. This comes in from michael barr in Bloomberg Business sports. Is it your fault the giants, jets are as bad as they are . What are you going to do . This is a state embarrassment. First of all, they are the new york jets, new york giants. You on them, god love you you owned them, god love you, but they are in new jersey. They are terrible. What are you going to do . Gov. Murphy they are owned by great families and great organizations, but they are off to a tough start. Theres no other way to put it. Tom the governor doing the math. He is the governor of new jersey, phil murphy. We are thrilled he could join us this morning. Jonathan just for the record, the governor prefers english football over american football, and if he were still with us, he could confirm that. Tom i find that unamerican. Lisa with the way the jets and the giants are playing, it is not unamerican. Tom you nailed that, lisa. Lisa nailing it every day. Jonathan price shaping up as follows. Tom this thing with the taxes im sorry, 10 point percent is way bigger than nine1 point 10. X is way bigger than 9. 1 . If youve got to pay taxes, guess what . Tom is jon bon jovi going to leave new jersey . Jonathan probably. Tom John Bon Jovi cant leave. Jonathan my favorite part of this show is when you and i just talk past each other for several minutes and dont listen to each other. Lisa thats everyday. The mute button, there it goes. Jonathan everyday. Seriously, i am going to get a mute button for christmas. If someone can send me a new button, i would love one to use right here on bloomberg surveillance. Ritika with the first word news, im ritika gupta. President trump signed stopped legislation stopgap that will keep the government operating at current spending levels. The governments current Spending Authority expired at midnight. Neither democrats nor republicans want today shut down weeks before an election. Nancy pelosi and Steven Mnuchin say they made progress on a compromise stimulus bill. They plan to continue negotiations. Mnuchin says he sees an agreement costing as much as two. Extended as much as 2. 2 trillion. Of has extended its halt buybacks. It says the banks need to preserve capital. Jp morgan had already indicated it wanted to resume buybacks. Actionhas started legal against the u. K. Over brexit, accused of breaching the terms of the agreement and breaking international law. It is the first step in a process that could end up in a lawsuit at the european court. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. They are positive numbers still, but if you look at total payrolls, they were 4. 8 million in june, 1. 4 million in august. So if you get Something Like 400,000, people will extrapolate about the possibility that we get a double dip in the Fourth Quarter. Jonathan payrolls one hour and 12 minutes away. That was jim osullivan, Td Securities chief macro strategist. The were report is about 24 hours away. Equity futures shaping up as follows, shifting higher on the s p 500. Futures up by around 1 this morning. In the bond market, yields to 0. 6988 . Foreign exchange, eurodollar breaching 1. 20 very briefly off the back of the happy talk in europe. Happy talk came to an end last week. Aboutollar advancing by 0. 6 . Even sterling catching a bid with the brexit mess. First time i have mentioned the word brexit this morning. That will be the last time, too. Look at new york crude, 39. 50 on wti. Tom that is when i really loaded the boat on triple leveraged allcash. Jon did you do in march, what did you do in march, jon . Jonathan didnt go outside. What did you do in march . Tom that is what we have done. Jonathan quarantined, took some time off. Tom come on, 2020. We are all worried about realworld pandemic things, and the markets move on and on. Gaurav mallik is with us, of state street global. Were you as lousy as me . Bad. V not that [applause] [laughter] not that bad. [laughter] toward certainly biased gold assets. We did Start Building incremental hedges, and our economist, i know she has been , theoomberg a few times portfolio did better than expectations with a bias towards growth assets, although i will say that has come in. As we get into the election sayon, still i would overweight equity, still spread to corporate bonds, high yields, and amd as well. In andk growth came continues to towards q4. Lisa lets go to toms mainstay. Lets talk about cash. What is the appropriate amount of cash to hold . Gaurav it depends a bit on where you are in terms of your aggregate growth assets, how much you want to build around that. I think as we get through the we deal withhs, if covid, you want to make sure you can shift in your portfolio, make sure supplement to assets can be added on. So i think holding cash is important. I would think many of our active funds are probably somewhere near the higher end on cash, keeping in mind that we do want some dry powder. Lisa it seems like the consensus right now is trying to thread this very narrow needle or people are looking at nearterm volatility and a lot of uncertainty, but longer term, a lot of people think we are at the beginning of a bull market. Is that your view as well . If that is the case, are you barbellling it . More cash, but also riskier assets on the credit side . Gaurav yes, we do take a view that investors should be biased in assets. I think earnings will drive that direction, and one thing we should keep in mind is you can ask anybody, and they tell you valuations on the s p right now are at high levels. We normally tend to take the perspective on valuations that , and thenpe spikes up you wait and see until the earnings catch up to that. So i think equities is a good place to be, but we do need to see how 2021 earnings shape up, because that will tell us if earnings are catching up to the pe are not. Tom with where we are with the nominal yield across fixed income, does that lead you to a more or less diversified approach . Gaurav i think that one question that is always on the mind, one thing we have observed is that the u. S. Dollar and u. S. Rates have been a big factor in driving a whole range of assets. Growthtake a look at assets, anything in the cyclical space, anything in the value space, there is high rates areon with what doing and how they are behaving. So it does make sense to diversify another assets. At em looking incrementally, trying to find pockets within that universe with the not be dollar. Those things are good for investors as you look to build out a more diversified portfolio. Jonathan just a quick one from me, if i may. Is the dollar at the mercy of Risk Appetite, or is Risk Appetite at the mercy of the dollar . To somei think dollar, extent, is at the mercy of Risk Appetite. I think what you are looking at isht now, one thing for sure things that were holding the dollar up, yield schemes as an example of that, the expectation perhaps that u. S. Is going to do better, those supports are gone now. On a longterm basis, you dont have a yield support, which is a bit of a Risk Appetite in some ways. You will see investors rushed to the dollar. I think on a longterm basis, we do see it cutting into the dollar. Jonathan you can come back anytime. Mallik of state street Global Advisors outperforming tom keene. Lisa honestly, these are the Big Questions here as we go forward. The question you asked about the dollar is key. A lot of people looking at it as the driver, but i think it is a haven right now. Tom you make jokes about it, in the way you to beat up on me. I get it. But it is just amazing, the missed opportunities of not per dissipating in the market. Lisa he is not participating in the market. Lisa he is just waking up to this now. [laughter] tom it is one lifetime event, another lifetime event. Jonathan do you know the kind of messages i get from people feeling sorry for you, asking why i am being mean to you . ,isa for the people on radio tom has a mute button on him, and he is just a killing wildly. Tom there it is he is gesticulating wildly. Tom there is. I dont have the mute button. Ferro has the me button has the mute button. Jonathan this is bloomberg. Jonathan equity futures positive. Initial jobless claims just second away. From new york and london, good morning to all. With your economic data, here is michael mckee. Michael good morning. Looking at initial jobless claims a little bit lower than forecast. These are the seasonally adjusted numbers. They change the way they calculated it. Last week. Onth a big decline. 850,000 was the forecast. The number we really want to see to get a better, more accurate description of what is happening with unemployment claims is nonseasonally adjusted. 786,842 from 827 205. The headline number from the seasonally adjusted is a decline of 36,000. Good news in both cases. Pandemic employment assurance insistence insurance assistance, the stuff put in place by the cares act, that rises by 35,000 to 650,000. Still issues with that according ,o the analyst who look at this whether it is completely accurate. The number of people getting 485,000 toes up by 26,529,000. What you would say about this report is it status quo. Awful lotll seeing an of declines overall. One other number this morning, personal income down 2. 7 but spending rises 1 . Both of those much weaker than the prior month. Tom i took some fancy math on your study. We have the correct chart up on bloomberg television. On Bloomberg Radio, all you have to know is if you take claims log you get a gorgeous Straight Line from june 5. Why is that . Whys it so well behaved from early june . Michael i think it has been a consistent decline in the jobless numbers. If youre using the seasonally adjusted numbers, it is difficult because you did get a break about a month ago. The nonseasonally adjusted numbers show we have seen steady declines for the most part. A couple of weeks were up but we are still well above the 800,000 numbers and we stay in that range. A lot of analysts now think there may be something wrong with the statistics. California has altered some of the reporting as they wait to figure out whether or not it is good or not, whether the data are good or not. It is something to keep in mind. The income and spending number, what of the interesting aspects of the number from august is that we saw the decline in incomes of 2. 7 . That likely reflects the end of the 600 a week additional unemployment insurance. That startn is does away on consumption . Is your impression the labor market is in place then the doomed crew like myself may give credit to that we get these tens of thousands of layoffs . Michael i will go with you and your gloomy outlook. We can get together under a black cloud later today. The issue for analysts is a lot of people have come back to work because restrictions are being lifted in many states. Then one of two things happen. They find out their company has gone out of business or companies, particularly in the service industry, try to reopen and find they do not have enough customers because people are not going back or they are capacity constrained and they close down again. That will be the issue going forward. The airlines are a perfect example of this because they took government money, they stayed open, they had to keep people on the payrolls until september 30. Now it is october 1. They do not have the business. They are getting rid of workers. Jonathan take the cash and resize. I hate the phrase right size. Resize much better. Equity futures still elevated. The move in the bond market gets your attention. Not a huge move, but relative to the nothingness, yields up two or three basis points. Approaching 1. 50 on the 30 year. On the 10 year, we have breached the 70 basis point level. The move is there for all to see. Tom James Sweeney with us with Credit Suisse. We keep track of the town of our great guests. James sweeney hugely optimistic on european recovery. He has gotten cautious about the American Economic experience. James sweeney, i am thunderstruck by the percent of companies firings. It is not 3 or 4 , it seems to be a much bigger number. Is that surprising to you . James it is not surprising. There are three categories of problems for the labor market. Is that you have companies with damage to their earnings and Balance Sheets. Their labor demand is lower. Second you have Companies Whose sales outlooks are still impaired because they know the economy is weak and they know the pandemic is still going. Their labor demand is lower. Just, you have companies from using zoom or other changes to Technology Use or pandemic life changes, have maybe recognized they could get by with fewer workers from a longerterm perspective, which might be a productivity boost overall, but that leaves lower labor demand now. I do not think all three of these factors have been fully activated through the pandemic, the layoffs you are seeing now is Companies Responding to their particular circumstances and their particular mix. This is a big issue. What it means is labor income now has a big headwind when you add to the fact that extra unemployment income has been taken away at the beginning of august, and the fact that state and local governments are straining, and may be reducing workers as well. You are losing quite a lot of income support under consumption , which as recently as a few months ago was extraordinarily well supported by policy. The Momentum Shift happening in the economy is large. Lisa lets build on this. The idea of amendment to him the idea of oh update Momentum Shift away from the lower workers that were initial victims to the higher income workers. Bank cuts are on pace to top what we shot what we saw last year. Insurance companies are cutting. Energy companies are cutting. As these higher paid jobs get eliminated from the system, is the trickledown effect, is that weakness being adequately accounted for in the current projections . When i think this is why you talk to a lot of economists, including myself, you will get a cautious tone about the speed of the further decline in the unemployment rate. You will not hear a lot of people say we will have 5 unemployment within 12 months or anything like that. I would take it back to those three factors i mentioned. Some of this is forwardlooking, some of this is backward looking , and some of it is tweaking and trying to gain efficiencies, maybe some efficiencies that have been realized, but were not recognized before the crisis, and we will have a lot of this at one time. Return of 12the million to 13 million missing jobs we have in the economy overall. That lowers income, and if you add to that failure to get a fiscal stimulus done, the government is not helping anymore on that incremental income, then spending will have a real problem. Me, but academic of looking a few years further out, what you expect the Participation Rate in america to look like given the shifts we are seeing in some of the permanent changes . You hear government throwing ground words like training, and i sit here and think you first. You go away and learn new skill set. It is not that simple. What you think the Participation Rate looks like in america . James i think it will rebound nicely. If youre looking at big shifts in participation over last 10 to 15 years you have to account for demographics. The fact that baby boomers born after 1945 have started turning total2010 meant participation for the economy was destined to move lower as that cohort moved out. If you adjust for that, you would find nonparticipants. Injured parts of the labor market going through that 2008 experience and may be experiencing social troubles intensifying at the same time. A lot of progress has been made on those things and on demographic adjusted participation measures we have gotten back to decent longterm levels accounting for the aging. Now you have this, and you have this 12 million jobs. Even if we have a decent rebound in the employment rate does get back to respectable levels within a year or two, we probably will have groups, cohorts which are damaged, where there have been skills atrophy, disconnection with firms, and people with persistent difficulties in resuming. I would expect mean reversion participation over time, but i would subtract a little bit of that due to longterm consequences for particular workers. Jonathan a final one from me. I am thinking about a busted as specific cohort, maybe late 60s and the journalism business. Wearers . Wtie jonathan those kind of people. You expect them to retire anytime soon, or will that be difficult . James honestly, i think we are stuck with them. Jonathan ok, james. Thank you. Lisa perfect answer. Jonathan James Sweeney, Credit Suisse chief economist. Wyatt do why do you look like we are talking about you when i are with us. Did you hear him slam . No one can afford to retire. Ive been predicting this for years. I get asked about this on an hourly basis. Give it up. You cannot. Nobody is retiring nowadays. Why would i want to retire . Lisa what would we do without you . The tshirt like biden had made off trump. Jonathan what would we do without tom . Lisa he nails it every day. Tom the tshirt says hit the mute button. Jonathan from new york and london. Tom when you go to your next property . Jonathan in a minute. I can go now if you like. Ritika with the first word news, i am ritika gupta. The president ial format will change in the wake of tuesdays chaotic showdown. The commission that runs the debate will not say what changes will be made, but it says it wants to ensure a more orderly discussion of the issues. Joe biden says candidates should be allowed to speak uninterrupted. The Trump Campaign says the changes are moving the goal post. The next president ial debate is october 15. Joe biden hammered President Trump the economy during a train trip across the rust belt. Biden was speaking in seven cities through eastern ohio and western pennsylvania. President Trump Campaigned in minneapolis. The president signed an executive order aimed at expanding Domestic Production of rare minerals. That may help with minnesotas socalled iron range and would decrease dependence on china. American and United Airlines will start laying off thousands of workers the next few days as scheduled. Both promised to reverse the furloughs if the government agrees to provide additional payroll aid. Americans plan to lay off 19,000 workers. United will cut about 30,000. Tolsroyce plans to raise up 6. 5 1 million in new financing. Beenet engine makers have shrinking because of the collapse in demand for the plane shares of rollsroyce are down more than 80 this year. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika gupta. This is bloomberg. One of the blessings we have been new jersey is we have hundreds of school districts. We review each and every one of their plans when we shut in march and each and every one when were you we are open in september. That will be a local specific decision and that is what is playing out. Back to school for us has been very successful. Only 11 outbreaks in School Buildings out of only 3000. 43 kids and educators. We take every one of those seriously. That is well within every expectation. Jonathan the governor of new jersey on bloomberg surveillance early this morning live on bloomberg tv and radio. Your equity market shaping up as follows, equity futures elevated , a game of deal or no deal on capitol hill except it is not a game. Futures up 28. We advance. 1 . We will get the view from chris harvey of wells fargo on q4 after 2021. Tom a number of people lined up. Real caution i heard this morning as well. If you need real caution, there is no other place to look than real estate. Maybe not selected suburbs booming as people leave cities, but in commercial real estate the operative word is grand jury Rebecca Rockey is grim. Rebecca rockey keeps score. Rebecca, good morning. I love your report in the mathematical acuity. Let me go to the price dynamic. Why arent rents going down or do you predict they will plunge . Rebecca good morning and thank you for having me and thank you for that feedback. For rents in the commercial property market, it takes time for asking rates to start to move. That is not unusual. It happens at different paces in different regions we cover in the report, but certainly in the United States what we see in the aggregate is it takes a few quarters for landlords to be willing to move that price. What does tend to happen sooner as we start to see increases in concessions, in free rents, in those sorts of things which serve as a precursor to movements in the rate. Lisa which is how you are forecasting the spirit and your report, you predict it will take office rates get back to where they were prepandemic and rents will decline 11 over the next two years. What about the coastal cities in the United States and how much more will office rents decline . Rebecca when you think about where there is more risk versus less, it is not necessarily coastal versus noncoastal. I think where we will see a greater potential rent correction is possibly in markets that have higher levels of construction coming to the markets relative to the size of the market, where we also are potentially expecting greater declines in demand. That is not just markets that may have construction headed their way, there are number of markets that do not have the democratic the demographic backdrop to support job growth other key markets have. Lisa this is key, and i apologize for breaking in. Everyone seems to think the biggest cities will empty out and become ghost towns of Office Buildings that are relics of another era. Different. Ying is i would guess you are talking about secondary and tertiary cities that have been building up. Those might be the hardest hit. In my right . Am i right . Rebecca i do not think we know the answer just yet. There is a lot of noise in residential beta. In the margins we have seen some movement. How temporary versus permanent that is is a big question mark. Most International Borders are shut down. It is typical of los angeles, boston, new york, d. C. , miami, to have International Migration serve as a source of population growth in the cities. This is not unusual. Tom i want to go back to the Balance Sheet and the income flows of commercial real estate. Cushman and wakefield with venerable history across the 20th century. Will this be worked out on a Balance Sheet where there is bankruptcies and things clear and loans are written down, or will it be worked out on the income statement with reduced cash flow, reduced rents . Which way will that cut . Rebecca i think it may be a little bit of both. We are certainly working with our landlord clients to protect those cash flows. In the event that is not necessarily something that can be done, it will certainly be idiosyncratic in nature, we may see it play out a different way. Tom what is fascinating to me, and lisa and i live this, i know there is class a, class b, class c property as well. When you drive down the street of any city in this country and you see the retail apocalypse because of amazon, because of the pandemic, how does Rebecca Rockey think you clear that market . All of those empty storefronts. Rebecca the way you clear markets is for pricing to adjust. I think that is something we are witnessing. Tom i do not mean to interrupt. Lisa interrupted so i get to interrupt. We do balancing interruptions. What are we waiting for to have those rents come down . Rebecca we are waiting for transactions. It is a frozen market at this time and there is still a lot of uncertainty. ,hen we are talking to clients they are doing an exercise of information gathering, they are figuring out and waiting, very likely until we have some degree of certainty, and that is hard right now because unlike other recessions or down cycles where it was truly marketbased shock, we are dealing with something that is fundamental ambiguity. A medical crisis. Trying to figure out how that translates into the economy, real estate, fundamentally more difficult exercise. Jonathan tech tom thank you very much. Rebecca rockey with cushman and wakefield. I do not understand when you and i go down lexington or any street in new york, boston, washington, what are we waiting for to clear the market . I do not get it. That there was a theme some of the Real Estate Investors were allowing those shops to remain vacant so they could write them down as a tax break. There is some theory about that. Now that is not going to work. I wonder what kind of shops will you feel in those places . Will it be another bank branch . Is that what we are getting . Tom the jury is out other than the fact i see more and more cardboard boxes every day down at the lockup. It is serious stuff. Let me do a data check. Apoplectic,erro is the bond. Abramowitz taking massive losses. Yield. 71 . Is this a yield lisa lisa break out . This is stop the present is this a yield break out . Lisa this is stop the presses. We are getting movement. Tom excitement on the first day of the Fourth Quarter. The interview of the day across all of bloomberg on politics, david westin with the speaker at the 12 00 hour. Stay with us on Bloomberg Radio and bloomberg television. From new york and london for our audience countdown toment with the big issue. Indicating they have come up from 1 trillion, nancy pelosi indicating they had a detailed exchange and those conversations will continue, pushing democrats to hold off voting on a 2. 2 trillion aid package, with Mitch Mcconnell suggesting it is full of poison pills, all of this leaving investors facing down another trading session leaving headline roulette. The focus is on stimulus. Getting fiscal stimulus going. I do not think we will get it right it could be in 2021. If we do not
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