Economic damage can be avoided. Speaking today, the ecb president Christine Lagarde said there is no doubt the pandemic will have a longterm impact on the global economy. It is clear that covid19 will cause lasting changes to our economies. Ourill not necessarily suck economy potential, if we act powerfully. But it will cause sectoral and societal shifts against which we have to guardian be prepared. Mark according to a new ecb report, governments and Central Banks face a tricky balance between shocking the economy if they and the pandemic support to soon and undermining it if they keep measures in place to long too long. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. President elect joe biden and vp elect Kamala Harris are expected to name officially some choices for their incoming administration. We will bring it to you. Hour, tom mcgee, ceo of the International Council of Shopping Centers on what this Holiday Retail reason will look like for brickandmortar stores. As we begin the Holiday Travel season, one estimate has combined 157g a billion. First, lets take a quick stock of the markets. Since we hit down 30,000, we have only been going one direction. The s p is higher by 1. 6 . Best buy is the worst performer. The 10year yield up to 88 basis points. A weaker dollar index. Also a calmer vix. Joe biden planning to elect janet yellen to serve as his treasury secretary, according to all reporting. We asked some guests about the pic. She is obviously somebody who knows washington pretty well, chair the council of economic advisors, chaired the fed, now secretary of the treasury. I am hoping she takes a page from good treasury secretarys like jim baker, robert rubin, aen alexander hamilton, get musical play named after her. She would be inheriting this position in a really difficult time for anybody in that position. These are sobering times for banks, for the markets generally, individuals and corporations. Much more subject to the political whims of washington. For all of her esteemed accomplishments, i dont know how well she can navigate those political waters. Banking, regulatory, these have never been her forte. She is a university of california berkeley trained labor economist, and that is where the greatest appeal is. Vonnie we welcome jeremy kress,. Ormer attorney he is currently the assistant professor of business law at the university of michigan. Our own sonali basak is with us as well. The treasury has all sorts of responsibilities. When it comes to the overlap between treasury and the banking sector, what should we know . Next treasury secretary has a normas challenges in front of him or her. The good news is janet yellen is better equipped than nearly anybody to tackle those challenges. In terms of nearterm priorities vonnie specifically on the intersection between banking and treasury, as opposed to the sec or other agencies . Jeremy the treasury secretary occupies a unique role in that he or she coordinates with the other regulatory agencies. What their regulatory policies are likely to be. The treasury secretary chairs the Oversight Council set up vonnie we may have to jump in. Im terribly sorry. We will come back to you but we have to get to the president elect joe biden on cabinet choices. Nationalelect biden security positions in my administration. It is a team that will keep our country and our people safe and secure. A team that reflects the fact that america is back, ready to lead the world, not retreat from it. Once again sit at the head of the table, ready to confront our adversaries and not reject our allies, ready to stand up for our values. Calls from World Leaders i have had about 18 of them im not sure the exact number, in the weeks since we won the election ive been struck by how much they are looking forward to the United States reasserting its historic role as a Global Leader both in the pacific as well as the atlantic, all across the world. The team meets this moment, this team behind me. They embody my core beliefs that america is strongest when it works with its allies. Collectively, this team secured some of the most defining National Security and diplomatic achievements in recent memory, made possible through decades of experience, working with our partners. That is how we keep america safe , without engaging in needless military conflicts, and our adversaries in check, and terrorists at bay. That is how we Counter Terrorism and extremism. Control this pandemic and future ones. Deal with climate crisis, nuclear proliferation, cyber threats, the threat of authoritarianism, and so much more. While this team has unmatched experience and accomplishments, they also reflect the idea that we cannot meet these challenges with old thinking and unchanged habits. For example, we will have the first woman lead the intelligence community, the first latino, and immigrant, to lead the department of homeland security, and a groundbreaking diplomat at the united nations. We will have a principal on the National Security council who fulltime job is to fight Climate Change for the First Time Ever that will occur. And my National Security team will be coordinated by one of the youngest National Security advisers indicates. In decades. Fresh thinking and perspective and an unrelenting belief in the promise of america. I have long said that america leads not only by the example of our power but by the power of our example. I am proud to put forward this Incredible Team that will lead by example. State, iary of nominate tony blinken. He is one of the better prepared for this job nobody is better prepared, in my view. He will be the secretary of state who previously served in top roles in the white house, capitol hill, and the state department. He delivered for the American People in each place. Or example, leading our double medic efforts in the fight against isis, strengthening americas alliances in the asiapacific, guiding our responses to the global refugee crisis with compassion and determination. And he will rebuild morale and trust in the state department, where his career in government began. He starts off with a kind of relationships around the world that many of his predecessors have had to build over the years. I know. I have seen him in action. Tony has been one of my closest and most trusted advisors. Family,im and his immigrants and refugees, a holocaust reviver who taught him to never take for granted the very idea of america as a place of possibilities. Tony is ready on day one. Secretary of homeland security, i nominate alejandra mayorkas. This is one of the hardest jobs in government, a gigantic agency. The dhs secretary needs to keep us safe from threats at home and job thatnd it is the plays the Critical Role in fixing our broken immigration system. After years of chaos, dysfunction and absolute cruelty at dhs, i am proud to nominate an experienced leader who has been hailed by democrats and republicans. Ale, as he goes by, is a former u. S. Attorney, former director of citizenship services, and a former dhs beatty secretary. Help to implement doc, preventing attacks on the homeland, enhanced hours cybersecurity communities recover from national disaster, combated ebola and zika. While dhs affects everyone given its Critical Role in immigration matters, i am proud that for the First Time Ever the department will be led by an immigrant, a latino, who knows that we are a nation of laws and values. One more thing. Today is his birthday. Happy birthday, man. He is 21. [laughter] as a director of national intelligence, i nominate avril haines, the first woman to ever hold this post, to lead our intelligence community, i didnt pick a politician or political figure. I picked a professional. She is eminently qualified. Cia,r director of the Deputy Director to president obama, and an advocate for telling the truth. Nothing unnecessary. I know because i have worked with her for over a decade. Brilliant, humble, can talk literature and theoretical physics, fixing cars, running a bookstore cafe, all in a single conversation, because she has done all of it. Gets if she gets word of a threat coming to our shores, like another pandemic or foreign interference in our elections, she will not stop raising the alarms until the right people take action. People will be able to take her word because she always calls it as she sees it. I believe we are safer with avril on the watch. She will make a great contribution. As United States ambassador to nominate Linda Thomasgreenfield , a seasoned and distinguished diplomat with 35 years in the foreign service, who never forgot where she came from, growing up in segregated louisiana. Her dad could not read all right. But she said he was the smartest person she knew. First in the family to go to graduate from high school, then college. The whole world literally ahead of her, as her mom and dad taught her to believe. Switzerland, pakistan, gambia, nigeria, jamaica, liberia, where she was known as the peoples investor. Willing to meet with anyone. Student, always treating everyone with the same level of dignity and respect. She was our Top State Department official in charge of african policy during the ebola crisis. She received overwhelming support from her fellow Career Foreign Service officers and cabinett status status because i want to hear her voice on all of the major Foreign Policy discussions we have. My National Security advisor, i choose Jake Sullivan david a once in a generation intellect with the temperament for one of the toughest jobs in the world. When i was Vice President , he served as my National Security advisor. He was a top adviser to secretary of state clinton. He helped lead the early negotiations that led to the iran nuclear deal, help to broker the Gaza Ceasefire in 2012, played a key role in asiapacific rebalancing, and in this campaign for the presidency, he served as one of my most press trusted advisors on foreign and domestic policy, including alpine we develop the covid19 strategy. Jake understands my vision, that Economic Security is National Steer whatnd to help i call the Foreign Policy for the middle class, for families, like his growing up in minnesota, where he was raised by parents who were educators and taught him the values of hard work, decency, service, and respect. To win theeans is competition for the future, we need to keep us safe and secure and build back better than ever. We need to invest in our people, sharpen our innovative age, unite the innovative might of our democracy to grow the middle class and reduce inequity. Do things like counter treaded predatory trade practices. Our finalalk about person today, let me talk about this new position. For the First Time Ever, the United States will have a fulltime limit leader who participates in ministerial level meetings. That is a fancy way of saying he will have a seat at every table around the world. For the First Time Ever, there will be a principal on the National Security council who can make sure Climate Change is on the agenda in the situation room. For the First Time Ever, we will have a president ial envoy on climate he will be matched with highlevel coordinator and policymaking structures to be announced in december. That will lead efforts here in the United States to combat the climate crisis, mobilize action to meet the existential threat we face. Let me be clear. I do not for a minute underestimate the difficulties of meeting my bold commitments to fighting Climate Change. At the same time, no one should underestimate for a minute my determination to do just that. , if i had man himself a former secretary of state who helped negotiate the Paris Climate Accord or a former president ial nominee or former leading senator, or the head of a leading Climate Organization i would show my commitment to the United States and the world. The fact that i picked the one person who is all of these things speaks unambiguously to my commitment. The world will know that with one of my closest friends, john kerry, he is speaking for america on one of the most pressing threats of our time. No one i trust more. To this team, i thank them for accepting this call to service, and for their families, i think you all for your sacrifice. Not do this without you come in my opinion. Together, these Public Service will restore america globally, Global Leadership, and its moral leadership. It will ensure our service, diplomats, and intelligence professionals can do their job free of politics. Alsol not only repair but reimagined american Foreign Policy and National Security for the next generation. They will tell me what i need to know, not what i want to know. What i need to know. Thise American People, team will make us proud to be americans. As more states certify the results of this election, there is progress to wrap up our victory. You know, i am pleased to have received the ascertainment from the gsa to carry out a smooth and peaceful transition of power , soever teams can meet the challenges at hand, to control the pandemic, to build back better, and to protect the safety and security of the American People. To the United States senate, i hope these outstanding nominees received the prompt hearing and that we can work across the aisle in good faith to move forward for the country. Lets begin that work, to heal and unite, to heal and unite america as well as the world. I want to thank you all. May god bless you, god bless our troops. Now i turn it over to our new Team Starting with our next rick perry of state, tony blinken. Secretary of state, tony blinken. So we get my mask on dont get in trouble. Clean the podium. Tony good afternoon. Mr. President elect, Vice President elect harris, thank you for your trust and confidence. It confirmed by the United States senate, i will do everything i can to earn it. Mr. President elect, working for you, having you as a mentor and friend has been the greatest privilege of my professional life. So many people have brought me to this day, from college classmates to bandmates, my colleagues in the clinton and obama administrations, in the senate, and at the state department. I think them all, and i ask forgiveness for my insatiable appetite for bad puns. Mostly, i want to thank my family, sisters, sistersinlaw, brothers, nieces and nephews, my wonderful inlaws the ryans, and especially my wife evan ryan, and our children john and lila. They are truly my greatest blessings. Family, as for so many generations of americans, america has literally been the last best hope on earth. My grandfather, Maurice Blinken led pilgrims in russia and made a new life in america. His son, my father, donald blinken, served in the United States air force during world war ii, and then as a United States ambassador. He is my role model and hero. Lincoln, fled communist hungary as a young girl, and helped future generations of refugees come to america. Are,ther, judith ps builds bridges between america and the world who and culture. She is my greatest champion. In my late stepfather, samuel pizar, he was one of 900 children in his school in poland, but the only one to survive the holocaust after four years in concentration camps. At the end of the war, he made a break from a death march into the woods in bavaria. From his hiding place, he heard a deep, rumbling sound. It was a tank. Instead of the iron cross, he saw painted on its side a fivepointed white star. He ran to the tank, the hatch opened. An africanamerican g. I. Looked at him. He got on his knees and said the only three words that he knew in english that his mother had taught him before the war. God bless america. That is whate are, america represents the world, however imperfectly. Now, we have to proceed with equal measures of humility and confidence. Humility, because as the president elect said, we cannot solve all of worlds problems alone. We need to be working with other countries, we need their cooperation, we need their partnership. But also confidence. Because america at its be