Mccain in arizona. You know the state. There was a lead for biden that seems to be narrowing. A lot of pressure on the ap and fox about the early protection they made. What do you think is going on in arizona, will that projection hold . Have done our own independent analysis of where we think these ballots are coming from, what they look like. The vast majority of them are coming from the republican rich territory of Maricopa County. Won though joe biden has Maricopa County writ large, actually stole a republican county, which is driving his lead in arizona, the ballots remaining are coming in slightly advantaged to donald trump, so different from almost every other state still counting ballots. In arizona, the remaining balance seem to favor trump. Advantage thatte joe biden had at the start of the day will be whittled down, but i believe by the time all of these percentages, if they hold, based on what we know, netnet, biden will finish out the victory in arizona by maybe 50,000 votes. David lets go to nevada. If arizona holds, if nevada goes for joe biden, it will be right at 270. What is going on there, particularly with clark county . Maricopa, they are the two largest counties in the u. S. By population. They have been two of the largest growth counties for decades in the u. S. County,tics in clark like maricopa have changed over time. Nevada is different from arizona, seems to have advantaged joe biden. The votes coming in now, which are almost all absentee ballots, seem to have an additional margin of addition to joe bidens current lead. Arizona, theke real strength of the Donald Trump Campaign has been the rural counties. Enoughse that dont have votes to make up any kind of margin. If the trend continues along the lines it has in the bad, the the mores nevada, votes that are counted, the bigger lead for joe biden. The opposite in arizona. David if arizona holds and nevada goes to joe biden, joe biden wouldnt need pennsylvania. We just had ed rendell on. He predicts an 80,000 vote majority for joe biden when the accounting is all done. Rick you have to flip the script in pennsylvania, where trump currently leads. In these other two states, biden is protecting his lead. In pennsylvania, trump is trying to protect his lead. The governor is right. It looks like the counties coming in are really those around the philadelphia and its pittsburgh,reas urban areas, democratic voters. The question is, are there enough votes left . Certainly there are over all, half a million to be counted, but the question is how many will go to biden, and can he make up the difference . I think governor rendell is right, that there will be just outgh to have joe biden eek a victory in pennsylvania, but we will not know that until probably friday afternoon, evening, could roll into next week. The donald trump folks want continued voting to happen in arizona, there were protests there last night from their people saying count the vote, but in pennsylvania, they are doing exactly the opposite. They are trying to do legal maneuvers to get them to stop counting because the more they count, the less likely they will win pennsylvania. David you know what they say about a foolish consistency. That is rick davis. News organizations may think they have a clear picture of where this president ial election are going, but President Trump has a different point of view, and he is putting his trust in the judiciary to give him the victory that he thinks he has already won. To take us through the legal challenges is noah feldman. Thank you so much for joining us. Give us your assessment of what the legal strategy is. Is this a legal strategy or a Public Relations strategy at this point . Noah it is starting to look more like a Public Relations strategy than yesterday, when there was a chance of it looking like a legal strategy. The centerpiece would go to the Supreme Court, as President Trump said he wanted to do wednesday morning, and ask it to say that there will be no more counting of votes received in pennsylvania after 8 00 election day. The thing about that, the president may actually win that claim it would be a close call but it is not clear that that would solve any of his problems. As the difference between the candidates narrows in pennsylvania, it is at least possible and maybe even probable that in the end, even without those votes, biden will still have won. It is also possible that, depending on what happens in other states, it doesnt matter what happens in pennsylvania. That leaves the president with his other strategy which is filing suits locale by locale, challenging individual ballots, trying briefly to stop the counting. As you mentioned, the president doesnt want to stop accounting anywhere where he needs to catch up. To stop accounting where he is behind. Those kinds ofsuuits usually dont have much in the way of legal legs. They are not very powerful. We do have some feeling at least i do right now that these are more setting the groundwork for the president to say that the election was stolen from him, rather than actually blocking counts that would enable him to use legal tools to win. David to emphasize your point about pennsylvania, it could still come up to the Supreme Court, but this is different from bush v. Gore. It was clear those votes would determine the presidency. We have to go through several steps to determine that those votes coming in after election day in pennsylvania would determine who the president is. Noah correct. And what is more, Supreme Court, a lot of them will not want to touch this case regardless because there is no way to come out looking good, no matter the outcome. They really will not touch this case unless it looks like the outcome in pennsylvania is determinative of the country, and the votes that they would be debating, would be the ones that determine the outcome. That looks less likely with each passing day. So we may actually see the Supreme Court spared the agony of having to go into that. David drawing from your writings for bloomberg, i daresay, i not sure a lot of justices would say i would love to do bush v. Gore again. They did not come out of that covered in glory. But we have the president coming out and already declaring the read. If anything, that puts more pressure on Supreme Court getsces, if the case there. Noah if i had been one of Donald Trumps lawyers and i heard him say those words, dont do that to us. Not a good look for the team. The justices would want to have cover, be able to say that they were reaching a decision not motivated by partisanship. The president has made that a lot harder when he said we have knewdy won, when everybody , including fox news news, that he had not won the election. And then he says, we are going to go to the Supreme Court to deliver the outcome. David and one of those justices was just confirmed by the congress. Lets talk about fraud allegations coming out of the trunk campaign. Trunk campaign. I have not heard many specifics. Normally, you have to have some specifics, affidavits, so the judge thinks there is something there. Of theemarkably, none lawsuits filed thus far by the Trump Campaign have included concrete allegations of fraud back by any evidence, like an affidavit. You are right. What i see, not in court, but in protoConspiracy Theory accounts of what must be happening given that the trends for trump are closing. That is not surprising, we were accustomed to this kind of Conspiracy Theory and innuendo. Apparently, some people were ate outside of g the arizona headquarters, but that is different from any sort of edible allegation. If the Trump Administration had that, they would be putting it forward in their legal proceedings. David it struck me that the best counter for that kind of conceived conspiracy or people doing going on, whether left or right, is basically for our institutions to do their jobs. After all the anticipations of the problems we would have, by and large, i see Election Officials doing their job, working hard, and the courts are taking it up and down, not coming into the political contest at all. Noah i appreciate you mentioning that, and i deeply agree. When i see the fate of this election resting in the hands of tens of thousands of people whose names we dont know, well never know, who are ordinary Election Officials, lots of them retirees who show up once a year or a couple times a year to election, iin an actually have a feeling of great faith in the capacity of those people to be honest, to do their jobs deliberately, slowly if need be, but to get the job done. Sign of at least one aspect of democracy, counting the votes, working the way it is supposed to work. Thus far, the courts have also been doing their jobs carefully and rationally. You dont want to always guarantee that it will continue that way, but it looks that way now. David a delight to have you with us, harvard law professor noah feldman. Coming up, jason furman talks about the fed, jobs, and what a difference President Trump may be able to make despite a Republican Senate. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im amanda lang in toronto. Im david westin. Return to Mark Crumpton for bloomberg first word news. Mark joe biden could be on the brink of winning the white house after wins in michigan and wisconsin. Biden is six Electoral College votes shy of the 270 he needs to win. His best chance may be in nevada, where new numbers show he holds a lead over President Trump of about 1 . The president s campaign is suing in michigan and georgia and says he plans to do so in nevada, but mr. Trump could still be reelected. He would have to wind all about a states not yet called. Nearly 60 people were arrested here in new york city overnight as peaceful demonstrators turned into heated confrontations with police. Demonstrators took to the streets to protest President Trumps challenge to vote counting in several states. Some set fires and clashed with police. The United Nations will hold a summit on the covid19 pandemic next month to respond to the spread of the disease around the world. The General Assembly voted 150 today with the u. S. 1500 today with the u. S. , israel, and armenia jobs, global trade, and travel. 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 Mark Crumpton. This is bloomberg. David a quick update. Election officials in clark county, nevada, the most populous, are holding a News Conference at the moment. We are still awaiting more results, we will bring them to you as they come. Aboutnow, joe biden is up 12,000 votes in nevada. In the middle of all of this backandforth, we also have the fed decision in less than one hour from now, and the october jobs number report tomorrow morning. For a read on the economy and what will shape it for the next few months, years is jason furman. Served as chair of president obamas chair of the council of economic affairs. Give us a sense, we dont expect much out of the fed today other than to say we need more stimulus. Probably will add jobs but have not replaced them all. Where is the economy . Jason we are 11 million jobs short. Pretty confident we will not get them tomorrow. So we will still be something in the range of 10 million jobs short after tomorrow. The virusn is, one, is researching. Two, fiscal stimulus has gone away. Three, the pace of job growth is so slow, it will take us much longer than it should to replace those jobs. David that brings us to the fed. Is there anything they can do at this point . Have they done what they can do . Little thee is very fed can do anymore. They could increase their asset purchases, change what they are buying, but Interest Rates on almost everything are quite low right now. This is really the main thing that chair powell can do. He has used all of his political skills, as he has, to do the right thing, which is fiscal measures on their side. David not too much avail so far, but in some reasonable amount of time, we could have an answer on who the president is, as well as what happens in the house and senate. Lets assume we get a President Biden replacing trump, but the Senate Remains in republican hands. What does that mean for the prospects of substantial stimulus, or do we have to take what we had before, and maybe it will not be in the trillions . Jason i expect Something Big to happen. Made, imcconnell thought, one of the best statements i have heard him made on this topic. Maybe it will happen in the next month or two, maybe it will take a President Biden. The other thing is, i have been in the room with then vice President Biden and majority leader mitch mcconnell, and they can work well together. There is a give and take, you have to do something in exchange for something else. I suspect he will figure out how to thread the needle. President former vice had some pretty bold plans in terms of investment in infrastructure, green energy, a whole range of things, trillions of dollars matched by tax increases as well. How much of that survives the Republican Senate . Jason if the Republican Senate is republican and there will be two runoffs, but not an unreasonable assumption to make then you will get a lot less of that done over the next two years. You fight to define the issues, you figure out where there could be a trade. Things like infrastructure, both parties have been interested in. You can get these things done in the next two years, but not everything that he proposed in his agenda. David you are an economist, not Public Health official. I wonder if the most important thing that we face right now is the Public Health crisis. Is there much the administration can do about that, or does the virus get to do what it wants to do . Jason one im most excited about, that is the most positive change from President Trump to President Biden would be testing. President trump hates testing. He thinks the more you test, the more cases you have. President biden would understand that testing is the absolute key to getting ourselves back on track before the vaccine and with an imperfect vaccine. I get tested once a week so i can come and work here at harvard. That is something every american should be able to do. Every american should be able to do it more often than that. That is the winwin situation. More activity and saving lives. That would be the massive change under biden. David something that they are doing for us here at bloomberg as well, weekly testing. Thank you so much, always a pleasure. Jason furman of the Harvard Kennedy school. Stay tuned for the fed decision special coverage beginning at 2 00 eastern time today. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Time to get a check on the markets. Here with us is abigail doolittle. Where are we now . Abigail we still have this rally going on, huge search for stocks, despite that we dont know who the next president will be. Investors are all in on stocks. Up like 2 w, nasdaq or more. And nasdaq heading for its best week since april. Today, bonds are down slightly, so it is a true risk on tone. What is surprising is the degree of certainty investors are rushing toward stocks. They think they knew who the winner of the president ial race is, and making it even more interesting, signs that the markets were leaning one way, now side that they are leaning another way. You the way, stocks are going up. Interestingly, we have the s p 500 trading in a range. It will make a big break once the bulls or bears take over, depending on a true economic picture. The morempta ranges the 10year yield. It is stuck in this range. Right now between 75 basis points and 1 , that is the reflation growth side of the range. You could make a strong case that that would be risk off or haven, suggesting there could be some big surprises ahead. Very quickly, to revisit what we were talking about yesterday. Pot stocks. On pace for its best day ever. On the thought that if joe biden is elected, he would decriminalize. Also, legalized in some states. Those stocks on fire. David some may think the senate is changing, too, where you could get that done. Up next, gm was out with strong earnings this morning. We will hear from mary barra, the chairman and ceo, about how the election may or may not change its prospects. This is balance of power on Bloomberg Television and radio. Io. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save hundreds on your wireless bill. Plus, get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at your local xfinity store today. David this is balance of power on Bloombe