Christine lagarde, president of the ecb, moderated by Francine Lacqua. Francine what a great pleasure to be here with Christine Lagarde, president of the European Central bank, and welcome to the forum here at bloomberg. Everyone is talking about the vaccine. How will that actually change your forecast and the economy if we do get a vaccine early next year . Ms. Lagarde it is lovely to see you and to participate. To your question, i am not sure it is going to be a major game changer for our forecast, simply because what we had anticipated in our baseline was that some stage in the first half of 2021, there would be a vaccine, and that it would be rolled out in the course of 2021. So it might be a little back celebrated a little bit accelerated given the news we are receiving from the various horizons, germany, the u. S. , but i dont think it is going to be a game changer, so to speak. I think that our forecast is being revisited all those times we speak, and we will be releasing on december 10, so i dont want to anticipate what the outcome will be. Had this great news about vaccines, we had some pretty negative news concerning the second wave that came about earlier than anything we had anticipated, and together with that second wave, we have also that list of containment measures in lockdown measures that have affected one country after the other in the euro area. We had a combination of those developments that affected negatively the situation, and that also has an impact on the outlook. Francine what kind of economy do you see for europe and the world because of the extra restrictions . Is it a doubledip . It is something that is so uncertain at the moment that we dont know exactly what shape it will take or how consumers behave . Ms. Lagarde i dont want to downplay the very good news that the vaccines were, but i think that as a central bank, we have just thedful of not short term the news impact, we have to be mindful of the overall situation. In that vein, i think the second wave we saw prevents risks. The first risk i would point out is the fact that consumers and employers do not regard the pandemic as a oneoff, this vshaped that we all aspired to, but i something that will recur over the course of time, and would lead them to completely change their behavior. In other words, how about if they start saving again for precautionary purposes . How about if they continue to freeze and hold investment plans because of the uncertainty generated by this situation . The second reason i see is this real financial spillover which we have managed to avoid so far. We have not had the financial amplifying the downside that has weighed on the real economy, and we need to really stay clear of that because that would be an aggravating factor. What suppresses you the most in the economy given the pandemic . Is it productivity . Is it how quickly people actually started working again when some of these lockdowns were lifted . Ms. Lagarde what surprised me most from this part of the world how in have relocated is the face of this massive, exalting us this massive, exogenous shock, all of these players up to their game. I think we were first out of the gate, putting together a very large package in the first half of march, and we were soon followed by the european commission, the decision to apply the escape clause, to remove the state aid qualifications, the decision to but on the table a massive package that was agreed in july. That surprised me because i had ofe through a lot procrastination and laborious process 10 years ago, and the speed at which we moved certainly surprised me. That was a strong encouragement in working together, which we did. Francine you have been pretty blunt about using asset purchases, but also longterm loans, to provide stimulus in december. Which is your preferred tool . [laughter] ms. Lagarde back in march, we decided to use two key tools, one that was specially designed for the special circumstances, and that was the pandemic emergency purchase program, and a second one, which was not as innovative because there had been longerterm refinancing operations, but certainly we changed the terms. We focus particularly on making sure that the credit channels would stay open and would continue to flow credit to the economy. We had those tools that were intended ultimately to make sure that we would stabilize financing, and that we would make sure that credit was stable, the second, which was really intended to but look what he and mick sure available liquidity was available to sustain the economy despite the heavy shock. Those were the key tools added. N the collateral front those came off the back of an existing situation which all of your listeners im sure know better. Clearly, as we have indicated after the last Monetary Policy governing council, we will be repaired to recalibrate in the second wave, and i have indicated last week that just as pepp and tltros, which are the two tools i have just described, had been efficient in midmarch and then later on in june, when we recalibrated pepp and increased its volume and expanded its maturity, that those tools would be certainly regarded as essential come but that everything would be debated and this recalibration and dynamic recalibration would be discussed in the governing council. Francine given what you have just said and your speeches in the past, because duration is so important, is it your way of signaling that there could be stimulus extended for longer than the market currently expects . Ms. Lagarde i think what is really important is that the stable,g conditions are are conducive to economic recovery as it comes, and the economic operators not only know that the level of financing is going to be there, but that it will be available for a period of time that will last long enough to actually cover the period during which the pandemic and the various waves will affect the economy. Likely to see that second wave affecting the economy well into 2021. We will be looking at all of these options, which have to do with levels, which have to do with durations, and which will take into account the specific benefits of the tools we have and that we have used to good effect under the unusual circumstances we faced in march, and that we are still facing today. Last week you get a pretty powerful speech about the coordination between fiscal and Monetary Policy. How confident are you that more can be done . Ms. Lagarde you know, i think what has really been extraordinary during that crisis how fiscal is actually operated fast and big and focused. I think what is remarkable is that the first package of 540 billion was rapidly agreed, and has already been rolled out under that first set of supports , and how that additional one, the next generation eu, which the recovery and Resilience Fund for a period of time, how that actually was combined, together with the monetary support that our Monetary Policy provided. It is not a question of one leading over the other on who was first out of the gate, but it is a question of how we were capable of supporting on the monetary front, and how fiscal was able to give a very strong message, and the joint borrowing is a clear, strong message that europe is together on that, and that the fiscal arm can actually operate in a much more targeted and much more efficient way in that regard, given that the recovery was anything but solid, consistent, and even. It was uneven, fragmented, and incomplete, and the fiscal arm in that regard is clearly operating to better effect than the monetary arm, which has to be around and supporting them. Francine then again, you have been in charge for just over a year, and in that we have had the pandemic and quite a lot going on. What surprised you the most about the european economy or european institutions trying to come together to find a solution . Are certain there things that did not change. , tould say the long nights a degree, the laborious process that it takes. Waswhat surprised me nonetheless, the efficiency that was divvied out among 27 member ,tates with 27 sovereignties and understanding that we had to face the situation altogether. Re were some pickups situation all together. There were some hiccups, but it was a sort of coming together of europe at that point in time that was, in my view, exceptional. Francine does climate reporting ms. Lagarde sorry, i missed the beginning of what you said. Francine i was going to ask you about climate change. I know you have been a big proponent on trying to get companies to do better, but does disclosure have to be mandatory if we are going to see real change . Ms. Lagarde this is a personal position, not the ecb, but i think disclosure should indeed be mandatory, and i am very pleased to see how progress is being made in terms of reporting requirements, in terms of normalization of principles, the way in which the way in which the imf is coming on board, Accounting Firms are moving along, and the ngs, the network for the green the ngf, the network for the greening of finance, is involved in that, and the chair of that and work that network is going to join the executive board of the ecb. It is certainly going to enforce our capacity to analyze and to where, withto see our objective of price stability, we can actually include permanent change imperatives in both how we measure price and inflation, how we define the room that we have, depending on whether the natural Interest Rate is moving as a result of climate change, and how we can better analyze the situation in terms of the climate impact. But actually, it is being done at quite a rapid pace. Is this the good thing that comes out of the covid pandemic, that actually a lot more has been done on green sustainability . Ms. Lagarde i think in many ways, covid19 has accelerated trends that were there that were latent, that were slowmoving. Certainly the momentum about climate change, the imperative to participate within the remit of our respective mandates, that has been xl rated. I have no doubt about it. That have been accelerated. I have no doubt about it. In a way, that has been a blessing in disguise. Francine do you think the mandate to only focus on inflation is now too narrow, given everything that is happening around us . Francine our mandate at the ecb is not inflation. It is price stability. I think that we have to be smart about the components that go into price stability, and how we define inflation, how we analyze the situation, how we determine the room that we have two maneuver. All of that requires that we have a larger horizon then simply looking at harmonized index consumer prices. That is something we will be debating is part of our strategy review, but price stability is more than just that, and i hope we can explore all of that in the weeks to come. Francine francine what is your central x petition for 2021 your central expectation for 2021 . A seconda danger of wave getting bigger, a third wave . How do you view the world . Ms. Lagarde i would suspect that we will have a little less uncertainty than what we had in 2020. I would hope that progress, technology, biotechnology discoveries are going to help going forward, but i still believe that 20 to anyone is isng to be that 2021 going to be a difficult certainly first half of the year, and we will not have caught up to where we were prepended before the end of the year. Francine Christine Lagarde, thank you so much for joining us today. That was, of course, the president of the European Central bank. Guy that was Christine Lagarde, and conversation with bloombergs Francine Lacqua at the Bloomberg New economy forum. You can continue to follow those panels taking place throughout the day. On youro to live lagarde had to say. Ecb forecasts are quite gloomy at the moment. The ecb is prepared to recalibrate measures. And tltros have been an efficient way of providing support. Joining us is stephen king, hsbc senior economic advisor. Nice to talk to you. Over the last few days, Financial Markets have completely repriced on the back of both the pfizer news and the moderna news. Christine lagarde says the vaccine is not a major game changer for ecb forecasts. Can both of those two things be right . Stephen just about, i think. I think what Christine Lagarde is getting at is that the forecasts they have for next year imply a quarter by quarter recovery during the course of next year, and if that is the case, then they have already effectively secondguessed the idea of a vaccine coming through. I think it is important to remember that most of the forecasts, whether from the ecb, from other international bodies, most of them would think there is going to be some sort of vshaped recovery going through into next year, and the reality of lockdowns if that some of the ws, andturned into one should be more cautious about the nearterm economic outlook. But having said that, on the assumption that we have an effective vaccine, on the assumption that the vaccine is as effective as possible, one could imagine that yes, during the course of next year, things will get better. But on the other hand, it is also worth stressing that the level of activity even at the end of next year relative to what would have been the case in the absence of the pandemic are going to be a lot more depressed. So one way to thing about it as we are likely still a long way short of where we would like to be, and therefore the case will still be for continuous support at this stage is very high. Epp, just that include p and is that enough . She mentioned that being efficient, providing support. Is that going to do it for the ecb . Stephen the ecb is limited in what it can really do. I think if you go back to her speech from last week, where she was talking about the importance of physical as well as monetary support. There are limits to what Monetary Policy can achieve. Once you are into the arena of intos, qe, youre experiment or policies where into experiment or policies where perhaps things dont work so well with negative Interest Rates, and the reality is the most obvious support at the moment is really fiscal authorities. We are talking about massive pentup savings, excess savings from households. That pentup savings has created something that can very cheaply debarred at this stage, and there is room for continued fiscal expansion. Debt levels are very high by recent standards. I think the reality is not so much what the Market Forces can do, but rather whether they fixed on the limit they can achieve in fiscal policy instead. Guy why are we there now . As you say, we are entering a winter that is going to be very dark. Clearly, policy is getting bdp yields lower, assisting economies like spain and italy to be able to deliver fiscal support. Ecbhat point do using the is going to turn around and have that conversation with those governments . That is a really big moment. All it is going to take is all it is going to take one political accident . Say italian politics take a turn for the worse. Do you think the ecb is brave enough to step forward and deliver that kind of commentary . Stephen it depends on how the commentary is delivered and what the ecb promises by way of a backstop. I think if there is an agreement that fiscal policy should be used in a more aggressive way, then actually one roll the ecb could potentially play is to try and stabilize the bond market in that one of them blew up a bit. We saw the eurozone crisis was resolved in part because of the ecb providing promises and a level of confidence that hasnt. Een there previously so it has been done before. The bond vigilantes we talked , bond spreadso wont necessarily widen out in the way we might have seen five or 10 years ago because the ecb is there to provide that support. But i do think that there is no a strong sense not just in the euro zone, but also in the u. K. , the u. S. And elsewhere that it is fiscal policy that has to do the heavy lifting. Alix with that in mind, what economy recovers best . Is it u. K. , europe, and economy in europe, the u. S. . Stephen as an epidemiologist, i would not rely on my forecast too much. What we do know so far is that the cost of the covid crisis economically has all what he varied has already varied quite a lot from country to country. If you look at the European Countries compared to where they france,2019, germany, and italy arent looking too bad. They look terrible, but not as bad as others. Spain and the u. K. Look particularly poor by european also ins, and comparison with the u. S. And much of asia. Looking for who has come out of the pandemic well so far, the answer frankly is the countries that have had the best track and trace systems, the best way to of thelimit the spread virus, and that is mostly in asia. It is japan, china, south korea. They have had a mostly good experience compared with others, and it is the west which is found it more difficult to suppress the virus in recent months. Guy in terms of what happens next year, say we end up with a doestion where the ecb have a bit of more money. We will hear from the fed leader on. Does that money find its way to the right part of the economy . How do they ensure that the actions they are taking actually deliver for the people who can use the resources best . Theres 3 trillion in the Banking System that arent being used. I wonder how the ecb delivers that. Stephen that is one of the limitations of Monetary Policy, frankly. This was discovered in japan long before any problems in europe or the u. S. You can certainly fill the Banking System with money. Theres no difficulty in doing that. It might be difficult to make sure the money gets out of the Banking System into the greater economy. One reason for that might be ks not performing loans might be banks not lending nonperforming loans during the time of the pandemic. U. S. Er possibility is the alix weve got to leave it there, stephen. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Guy stocks wrapping up the day in europe. We are nearly done. Compared to the recent sessions, pretty quiet. Bouncing back. Volume relatively muted. Tradingx 600 down. 2 , 388. Most of the morning not much happening. We drop midsession. Retail sales number one of the catalyst for the midsession lull. A sideways session. Poor compared to the frenetic activity we saw yesterday and the previous monday. The ftse 100 underperforming. We are seeing more positive pound. Down around. 9 . Volume fairly strong in the ftse 100. If you take a look of the fund manager survey out of bank of america earlier on suggesting this is probably the most unloved developed market. Schroeders out with a positive call earlier on in terms of this being an opportunity at some point to put money to work. The ftse 100 underperforming the markets on the continent. The dax absolutely flat. The madrid market, big beneficiary of the vaccine trade , the virus trade, coming down. 6 today. The banks in focus in that area. The pound is certainly something we want to be talking about today, picking up on the cable rate, trading 132. 55. One of the reasons for that is the more positive story around the brexit story. Where anticipating we are anticipating news next week in terms of getting a deal done. The new seems to be big in the market. You get the pound up, the ftse down in trade, which has become mechanical since brexit took place. Imperial brands talking about returning to profitability. That up very strongly. 7. 38 . One of the prime drivers to the upside of the ftse 100. Abodell continuing to stay higher. Factng a moment ago on the she does not see m a as a route forward for her bag but certainly inorganic story. The mad rush to consolidate in spain seems to be carrying on fairly aggressively. I just brought up iag, one of those beneficial stocks of the vaccine news of late. The Airline Sector are not feeling it today in europe, giving back some of the gains, but not by much. Down 2. 61. That stop up. Up. Hat stock the Airline Sector in the u. K. Firmly in focus. Guy lets stick alix lets stick with the. Easyjet following, projecting a loss of 1. 1 billion, the companys firstever annual loss. Earlier today bloombergs anna edwards asked the easyjet ceo about current passenger demand. Europely flying across in its totality, e. G. Debt iet we predict flying also think it is fair to say it is definitely an underlying Strong Demand for travel. We saw that when the canary [indiscernible] went up with close to 900 . For everydayme and the travel restrictions are in place, it increases the pentup demand. News of the vaccine is also very helpful because we will ultimately give customers more confidence to make future travel plans. Nna Bank Analysts have said november could be as bad as it gets for the European Aviation sector. Is that your working assumption as well . Johan it is fair to say we are taking a number of steps throughout the pandemic to reduce our position. We got access to liquidity and i we see more good news in terms of the vaccine but also further development on how the quarantine can be more effective with we see developments in testing. Once again, just the announcement of the vaccine, the news of that, we saw an increase in bookings. It shows the underlying demand is there, and hopefully we can see a strong recovery very soon. It is fair to say nobody knows exactly what is going to happen. What we do know is the recovery will be strong when it comes because ultimately people want to travel. Flying do you want to do around christmas. His winter a lost cause or are you still optimistic you can see an uptick in visiting friends or family over that period . Johan we know customers would like to travel and would like to make arrangements for christmas and the new year. It all comes back to what the travel restrictions will be. The travel restrictions is a consequence of how the infection rates are developing. Hopefully we are getting testing in place and we will see refinement of the travel restrictions. In the quarantine we can also see there might be an update as soon as christmas and the new year. Easyjet ceo talking to anna earlier on on bloomberg. Lets wrap things up in europe. We are just through the auction process. A little bit higher through the option. Opposite a little bit higher through the auction. The ftse 100 down. 9 . It was astrazeneca and glaxosmithkline that from a points point of view did much of the damage. Hsbc also dragging the market down but certainly the Health Care Stocks under pressure in the london market. We will talk more about those in just a moment. We will continue the analysis of what happened in europe at the top of the hour with the cable show. Jonathan ferro and i will take you through that hour. We are live on dab Digital Radio in the london area. This is bloomberg. Ritika this is the european close. Coming up later today, michael summerfield. That is at 1 00 new york, 6 00 in london. This is bloomberg. Time for the Bloomberg Business flash. A look at some of the biggest business stories in the news right now. U. S. Senators are challenging the ceos of twitter and facebook today. They renewed their accusations that jack dorsey and Mark Zuckerberg are failing in their roles as moderators of online speech. The lawmakers call the changes to Legal Protections shares of tesla are soaring. The electric car maker will join the s p 500 next month as its largest ever new member. Before today, tesla shares have risen fivefold this year, given the company a market value of almost 390 billion. Amazon is making its biggest push into selling prescription drugs. The Worlds Largest online retailer is launching a digital pharmacy. Shoppers can pay using their Health Insurance and prime members who do not use their insurance are eligible for a discount on the amazon site at about 15,000 pharmacies. That is your latest Bloomberg Business flash. Alix lets get more take on amazons move to sell prescription drugs in the latest vaccine news. Joining us is Bloomberg News Senior Editor for health care. We look aboard where you have the drugstores getting beaten up. Cvs is down 8 , walgreens down almost 9 . Rite aid is down. How much of a bite does this take out of the stores and how successful can amazon be . What is going on as a move that has been telegraphed for years by amazon but finally they are going ahead and doing it. Acquisitionp by the which brought them pharmacy licenses in all 50 states, and now they are going directly after them. They are doing it at a time when we are in the middle of a pandemic, people are ordering all of their stuff online. , oneve rising covid cases excuse after another for people not to go shopping outside of their house. I think it is a combination of long telegraphed moves happening at the worst possible time if you are brickandmortar retailer. A lot of those stores do online delivery for pharmacy. Leverage giant amazon everybody is scared of forever is now finally happening. Does this ultimately take them into pharmacies, or does it take them further . Drew that is a good question. The big thing is is this amazon taking a bite on the edge of the health care industry, or is it a larger entry where you begin to work your way up the chain . Liketimate of this feels it is the first, not the second. Amazon already made this effort with Berkshire Hathaway and j. P. Morgan to try to change round health care and do things that benefit, and that seems like it has stalled horizontal hold or abandoned. This does feel more like a retail play that is within their wheelhouse and going after one more part of the corner drugstore after doing lots of other parts of the corner drugstore, brickandmortar retail, rather than a wholesale entry into the health care space. Guy before we let you alix before we let you go, i want your take on where we are with the vaccine news. Was theda moderna story yesterday. Schools can still open in new york, but much of the other parts of the country and locked down. Drew i was making notes around what was happening around the country. California, the emergency brake with new restrictions. Kentucky is probably announcing new restrictions tomorrow. Detroit is closing the casinos. , one out of every 2000 people in that state is in the hospital right now with covid. We have 10,000 cases a day in wisconsin. Hospitalization records, things are not great right now around the country anywhere you look heading into a holiday season. This will probably only see continued acceleration of these cases. Alix guy it we fascinating to see what the number looks like two weeks out of thanksgiving. As of now there are 14 vaccines in clinical testing according to a tracker. Vaccine one of the two showing the most promise at this stage. We spoke yesterday after the company unveiled the results. What is very important is we have a vaccine stored in a regular fridge. Hasou know, every pharmacy that capability. We think it is an important game changer. The other thing to keep in mind is our vaccine does not require dilution. Guy lets carry on the conversation and talk about how the vaccine story is affecting the health care story. Now toield joining us give us her take your family, as you look across the stocks you cover, which of these companies are going to come out as winners from covid19 and which of them will come out as losers from covid19 . Thinking about the vaccine itself, we are not factoring any vaccine profits into any of our forecast of the lead prayer in vaccines is astrazeneca. We are not forecasting i would say the vaccine coming out of covid that it is good for the whole industry because i think while the entire space was premuch able to maintain 2020 guidances, which were all issued before the advent of the pandemic in the u. S. And europe, particularly in the third quarter, we did see an impact on new patient starts across the state, which hurts Companies Launching new drugs. I think that why we think of health care as a somewhat defensive industry, that is true, i think 2021 will be a better year for earnings for these companies after the vaccines are rolled out. Help me understand how the vaccine plays into it. On the one hand you would think the stock would get a boost from sentiment. On the flipside, are these Companies Going to make any money . They devote so Much Research into this. To they make money on these vaccines . Emily astrazeneca has been quite vocal thing they will not make a profit on the vaccine in 2020. There will be very little of the vaccine available given we have not gone into approval, and they have also said they will not make a profit during the pandemic. Be onpectation is it will a basis to essentially cover costs. What could be beneficial to the in devoting sot much time, energy, effort, and resources could buy some political capital, particularly in the united states, where while it does appear a split government could lift pressure on the potential for drug pricing legislation, that is a looming structural threat investors are concerned about, particularly as it relates to the u. S. We talked to the moderna ceo yesterday. He was talking about the fact that what they are doing on the messenger rna product they are producing for covid, that is accelerating some of their other products as well. Is this true with other vaccines . The astrazeneca vaccine is much more traditional. Doing is a so doing is also more traditional. Emily i would say that while different parts of our coverage such as astrazeneca and inxosmithkline are involved vaccines as part of their base businesses, these are such broader diversified companies and they are for the most part rna involved in this m technology, and what would be remarkable about the success of these first mrna vaccines is it is a landform technology and that is adaptable to new and novel viruses. Thehe Covid Vaccine is first proof of concept these are successful platforms, that would be a benefit to those directly involved in the technology, as it would indicate if we do get into other pandemic situations down the road, they will likely be able to develop vaccines at a very rapid clip given the adaptability of this technology. Alix such a good point. The moderna ceo said just that. They can adapt it much more quickly if there is a mutation. For the companies you do cover, how much longer will it be spending on the vaccine before they put a lot more money into other stuff . Emily astrazeneca is the last of the lead three candidates we are waiting for data on. They should have data by the end of the year. Be able to be stored at standard storage. It does not look like they will have to put in Additional Resources that some of the other vaccine manufacturers may have to do make the vaccine more convenient. I would say that for the most , the large part of the investment has already been laid out. I think there is so much learning from this. There are 40 vaccines in development. That will eventually be a multiplayer market spread amongst a number of players, and with each iteration the second wave will have the Johnson Johnson vaccine, which will likely just have one shot. We will get so many improvements from this first wave that a significant amount of the investment has already been spent. Guy one quick question from me. This is a sector known for m a. Does m a make a return next year and who is most likely to be doing that and how will they pay for it . We do have some companies in our coverage that have laid out m a capital recently. There was much larger transactions on the u. S. Side with gilead buying immuno maddox m astolmyers buying is central to the strategy of the larger pharmaceutical companies and i would expect given most of our companies do have clean Balance Sheets and are always in need of pipeline assets, i would think m a would be a significant part of the pharma story in 2021, given more of the u. S. Companies acted on that message a year ago. Perhaps more next year. Guy we leave it there. Great to see you. Emily field of barclays. This is bloomberg. Ritika lets check it on the bloomberg first word news. Sent republicans are trying to push through the president controversial nominee for the president for the Federal Reserve board of governors, judy shelton. A third republican says he opposes the nomination, Lamar Alexander of tennessee. That means approval could depend on whether all republicans who support shelton could shop for about. A procedural vote is set for today. Learned the two sides are edging closer to agreement on the biggest sticking points. The urgency is ramping up on the with britains departure from the eu Single Market on december 31 fast approaching. Agreement, millions of consumers will face the return of quotas and tariffs for the first time in a generation. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am ritika gupta. This is bloomberg. Guy . Guy a bit of breaking news when it comes to saudi aramco. The Company Needs to issue bonds to pay for its dividends and we are getting details in terms of the size and scope of that. Saudi aramco set the size of its dollar bond offering, 7. 5 billion. Powellt an hour, jerome will be speaking at the Bay Area Council Award Ceremony. Joining us is michael mckee, numbered International Economics and policy correspondent. This is a late addition to the schedule. David what are people expecting . Michael it is not expecting or hoping, people are wondering whether the fed would take action in december to add additional stimulus to the economy. It does not look like we will get anything in terms of the physical help people had hoped for. Help people had hoped for. We got bad economic numbers today. How is speaking at the Award Ceremony and being asked questions. It is possible he could Say Something that would lead people to believe they could add to the weighted average maturity of their holdings. Buy more stuff at the long end, trying to bring down the longest end Interest Rates. Well keep an eye on that. Alix thanks. Looking forward to that 1 00. Bloombergs michael mckee. That wraps it up for me and guide in new york and london. Coming up in new york, frank luntz will be joining balance of power with david westin on Bloomberg Television and radio. Lets get a quick check on the markets. A lot of nothing. The bank of america fund manager fully saying they are bull. Even nasdaq is a hard time holding up. This is bloomberg. Are you frustrated with your weight and health . Its time for aerotrainer, a more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form and allows for over 20 exercises. Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Build your upper body with pushups. Work your lower body with the aerosquat. The aerotrainer is tested to support over 500 pounds. It inflates and deflates in less than 30 seconds using the electric pump. Head to aerotrainer. Com now. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. David from Bloomberg David from bloombergs World Headquarters in new york to our tv and radio audiences worldwide, i am david westin. Welcome to balance of power, where the world of politics meets the world of business. We start, as we do every day, with the check on the markets. Abigail doolittle is here. A little bit down on the equity markets, but i do not see a lot of movement. Abigail i would agree. Earlier today on the open there was a bearish tone. The s p 500 down 1 , now down about. 3 . It feels as if stocks are in a holding pattern, investors waiting for more information. Where we have more action as the faang index. It is slightly higher, and that comes on tesla. Tesla, the news came out yesterday that that stock is finally being added to the s p 500. At the highs, tesla up about 13 , its best day since july. In the nasdaq 100, the faang index, interesting around tesla, they are considering breaking it up into two addings in december
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