He said simply, this doesnt matter, and december could be green. Could be grim. Jonathan the markets are looking at the data in the second half of 2021, not 2020. Tom jon will get to the data of a market lifting and all of that. This ecb announcement a bit ago is buried, and im sorry, it just sets up the theme of extend and pretend into 2021. They are going to extend bond buying forever and ever. It is Central Banks to the rescue. Jonathan the ecb wants you to focus on the duration of the Bond Buying Program and not the size of the package they might announce this week. That has been a big push on the communications side. I imagine that will be the focus for them when they communicate with us. For us, we are all getting used to the idea that Central Banks will be there for us. Weve been conditioned by that all year. The biggest challenge through 2020 was to somehow divorce how you feel about the world around you from your view on financial markets, on where we will be 12 months out. That has been so difficult, and even more so in the past 30 days. Tom we are now getting into december, and you really wonder in four weeks where we will be. Weve got the jobs data. I know leasable talk about the stimulus. Is it certain i know lisa will talk about the stimulus. Is it certain now . Do you read the zeitgeist in washington . Jonathan hopes are increasing. Is that what we say . Optimism is building. Lisa optimism is building. The changes are increasing. He talks about talks about talks getting more intimate. 8 30 a. M. , i am going to be watching those Sales Numbers that dont matter. We are expecting to see a bit of a slow down, with 475,000 new jobs added, down from 638,000 in the prior month. I want to see the momentum. I also want to see whether there is any structural shift. National Economic Council director larry kudlow is speaking on Bloomberg Television with somebody we know very well, jonathan ferro. Very curious to see what he has to say about whether president thep will back 900 billion stimulus package being put together by a Bipartisan Group of senators. We have not heard from much. Really curious to see whether there is any openness to this new plan. 10 00 a. M. , you also probe her factory orders. U. S. Factory orders. Still looking to that hope of 2021, not so much the misery of 2020. Jonathan the payrolls report certainly matters to the policymakers, and the debate that will play on capitol hill in the coming weeks and days come on lets hope it is days and not weeks. We have a bipartisan proposal. Within that proposal, theres 160 billion of state and local government aid. Within mcconnells proposal of 510 billion dollars, zero. That is the story. Maybe we will get some clarity later from larry as to whether that is a redline for the white house. State and local government aid. Tom we did it with francine all morning. We dont need new do brexit now. But its no different than the red lines of fishing rights between france, the netherlands, and the United Kingdom. They just got to decide what is the political expediency of getting a deal done in a lameduck period. A lot of people want this done. Jonathan brexit freezone i hope for the next couple of hours. Lets get to the price action this friday morning. We set up as follows. Going to brush away any suggestion we will talk about fishing rights on this program. Features up 11. We bounce back up a bit. Eurodollar near the highs from the year. Treasury yields bleeding a little higher as well, up to basis points on tens to 0. 961 . On the markets, joining us now is priya misra, Td Securities head of u. S. Rates strategy. The number, does it matter to you . Priya it does matter. Clearly the december number is going to matter more because that is when covid restrictions should show up in the data, but our economists have a much weaker number, and i think market is forwardlooking, pricing and the light at the end of the tunnel. If the tunnel is long and scary because we are heading into a period of weaker economic growth, i think the market, at least the race market the rates market, is not pricing in as much. Think the market is really pressing in this vaccine, a recovery, stimulus. What we may have to deal with a bloomberg growth environment and the fed doing more, so i think you can get a reaction. If it is anything less than 400,000, 300,000, we are tom the kids wanted a 20 foot christmas tree, so i broke the bank yesterday. What i want to know is do i step in and by fixed income, bonds, notes and bills . Because we had a nice move in yield, and now is the opportunity to look for lower yields later. Tom i think so. I dont know if it will get you your christmas tree, but i think you have to buy a lot more treasuries just because the extent of rate moves im looking for is 20 basis points. Do we get to 75, 80 basis points on the 10 year . There is a floor. We are just very low, close to zero. But i think we have sold off in treasuries, pricing and all the good news out there. Theres a key fed meeting coming up. Our view is that they are going to extend the average maturity of qe purchases. They are just going to have to do it, the market is forcing them to do it, and they realize there could be longerterm scarring. Still have so much uncertainty about the vaccine. I think rates have priced into much of that good news, and we havent cried we havent what is upon us. Lisa i want to build on the idea that the market is forcing the fed to build on the duration of its purchases. At 0. 9 160 . Why do you think they are forcing the feds hand, and what do bond yields do if they do not confirm the market expectation . I am going to say the fed is the only marginal buyer of treasuries right now, particularly in the long end. The front end is so anchored by the fed because of inflation being low, and if investors want to be in treasuries, they want to be in that front end. While, the u. S. Treasury is issuing a lot of long dated paper, and that has really only happened in the last few months that they have increased long and coupon sizes significantly. So the market right now is expect in the fed to do something in december, which is why we are at 1 . If that meeting happens with nothing, i think we are breaking through that 1. 20, 1. 25. Are we at the brink of a deeper downturn . I think the fed knows that. That is why we expect them to come in and keep conditions accommodative. Tom its away from your remit, but are we back to thousand five season ofthe silly parsing out every 100th of a basis point of Investment Grade, high yield, leveraged loan yield . Are we back to the silliness of reaching out for yield . Priya i dont know if you call it silliness, but we are in a very serious retreat yield environment. The question is sometimes dont understand the risks they are taking, but they are forced into different alternative assets. I would suggest people should do because it is mispriced in certain products, but in the Investment Sector you are not worried about default worried not about Interest Rates higher. We are seeing people selling volatility at historic lows. They are taking spread risk. They are taking effects risk. So i think youre going to have to go into other products to get that return. That is the intended consequence of qe. That is what the portfolio balance channel is. You take Duration Risk out and force investors into the risk spectrum, and the hope is that that translates into an economic recovery, and then everything makes sense. Theres a big hope in there that defectt see this between the markets and the economy. Jonathan we all hope it makes sense in the end. We spent 10 years debating whether it made sense a decade ago. Priya misra, thank you. High yield spreads yesterday, tight. 385. The tightest of the year, 315. The absolute level, and lisa will speak to this, we havent seen these kind of numbers before and many places worldwide. Tom lisa, this is your wheelhouse. This is artificial, to say the least. Lisa artificial because of why . It is because people have confidence in the economy, or they believe in a backstop from the federal reserve. If you look at all yields, 4. 5 . That is a new record low. That is basically what you are getting an Investment Grade bonds a couple of years ago. It raises the question, what does that mean for returns . Theyve got to go lower, but you are not getting compensated if some of these companies go belly up. And yet, what are the other options . Where else do people go . Jonathan i think that is the ultimate problem, that Investment Grade has become the new riskfree asset for some people. High yield has become the new Investment Grade. Wheres junk . Where you go where do you go . Tellingo to bill gross me the Procter Gamble dividend looks good. Jonathan you start to look at the equity market. Tom people may not say they do this. Block shes never not admitted she goes to Dividend Growth when she needs it. Jonathan shes wonderfuljonathan . Lets catch up with her sometime. We should do that. Tom she once said this and made worldwide headlines. I am buying Procter Gamble dividend. That is where we are in the silly season. Jonathan it is the seeley season. He gets real in about one hour and 20 minutes. Payrolls friday in the United States of america for the month of november. Futures up 10 on the s p 500. We advanced 0. 3 . Alongside tom keene and lisa abramowicz, im jonathan ferro. His is bloomberg surveillance with your first word news, im ritika gupta. The Justice Department is in talks about resolving charges against the cfo of huawei technologies. It is a longrunning dispute that has fueled a clash between the u. S. And china. Canada arrested her two years ago and she has been confined to the city of vancouver ever since. Theres talk of a deferred prosecution agreement of violating sanctions against iran. That would allow her to return to china. Joe biden says he will ask all americans to wear a mask for the first 100 days of his administration. The president elect who cnn he will issue an order the president elect told cnn he will to wear masks in government buildings and public transportation. After five days of difficult talks, members of opec agreed to ease into reducing production next year. Saudi arabias Energy Minister called the process tiring and excruciating. The priceas boosted range for its ipo and is now seeking to raise threeputt 1 billion. The biggest u. S. Food delivery 35 millionmarking shares. Doordash is part of a group of consumer based companies that have made up the ipo lineup. 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. Pres. Trump i think they are getting very close, and i wanted to happen. I believe they are getting very close to a deal. Will you support it . Pres. Trump i will, absolutely. Jonathan the president of the United States on stimulus talks down in d. C. He will support it, whatever that deal might be. We have the mcconnell proposal. We have the bipartisan proposal. From london and new york this morning, good morning. Alongside tom keene and lisa abramowicz, im jonathan ferro. ,ive on bloomberg tv and radio counting you down to the payrolls report one hour and 12 minutes away. Heres the price action for you and the equity market. People back from alltime highs on the s p 500. We wake up friday and add some weight back into the benchmark. We advanced 0. 3 . 1. 2078 is your high for the year. A stronger euro on the session and on the week as well. Worst week for treasuries going back to that week where we got the pfizer news in november. Yields up in the way the last several days. Tom the correlation is pretty apps. I am also watching weaker dollar. Chinese yuan has been stronger this morning. Pacific rim currencies simply rohwer. Right now, Kevin Cirilli is with us. The news flow and washington is extraordinary. Hes our chief washington correspondent. We will get to the stimulus in a moment. Dave wasserman stopped me last night with his popular vote update. Mr. Biden is now out front 7 million votes on the popular vote. As the president is upset, was this even close . Kevin i think it was close when you look at how the republicans made gains in the house of representatives, which will still have a democratic majority, and we are waiting to see what happens in georgia, so i think the diagnostics reports that both parties do after an election cycle are still waiting to be seen, but amongst the republican donor class and political strategist class, they feel that it was the president par 3 Election Campaign that lost the executive branch the president s reElection Campaign that lost the executive branch. Does the donor class help these two candidates who are desperate in georgia . As part of that, does the president s visit help . Kevin yes. Look, this is a deeply conservative state. Butid go for joe biden, that was the first time that president elect joe biden was able to win georgia. You have to go back to 1992 when bill clinton did it because this is a deeply conservative state. The question becomes can the referent, as well as jon ossoff, can they mobilize the far left progressives . There was a brilliant article in the New York Times that captured quite candidly that this is the type of democrat, if they are to win in this state theyull off an upset, that would have to be running a campaign much more akin to what previouswn south in runoff elections. I would even argue they would have to run a campaign more to the right of someone like a conor lamb, even. It is a joe mansion type of strategy they are going to have to put forward, and it is very different then trying to attract the Green New Deal folks, who they will need to turn out. So what is going on behind is the democrats are trying to figure out, can they really message to the activist crowds in atlanta, for example, that this is bigger than just a senator, and it is really the fate of the senate that is at stake . Can a message that to get the centrists . Lisa it has to do a lot with the fate of fiscal support package. People are looking to the georgia races as a sort of gauge of Popular Support or not for a fiscal support package. What is the Popular Support for this bipartisan bill, and how is it influencing republicans potentially getting on board . Kevin it is massive. Finally they are not talking about talking about talking. What they are doing is rolling up their sleeves and getting to work. Yesterday, the joint Economic Committee meeting with some economists, a Bipartisan Group talking about much more nuanced ways going line by line, in terms of different types of lending facilities in addition to a central bank that could be created in order to go directly to Small Businesses and directly to industries, airline, hospitality, tourism, industries that have been negatively impacted over the past couple of months. Secondly, why the sudden shift. The reason is because Speaker Pelosi is looking at the political dealings. Her majority is going to become more slim. That is giving the centrists much more of cards to play in terms of these negotiations. In addition to the Problem Solvers Caucus in the house, centrists in both parties, like in the senate that we have talked about know for a couple of days, are really going to be able to do some wheeling and dealing, so to speak, in not just the lameduck, but the new administration as well. Jonathan listening to this conversation some real confusion looking to this program and hearing the words mcconnell proposal and bipartisan proposal. Can it really be bipartisan if the leader has a different plan . Kevin it is. For Senate Majority leader Mitch Mcconnell to get the democrats to go from 2. 4 trillion down to 900 8 billion, and lets not forget they started above 3 trillion, is remarkable. And now he is saying the democrats have moved their goal posts to less than 1 trillion, which republicans like. We have seen others in favor of it. Now what leader mcconnell is doing is saying see if i can get them to go lower. Up, asn great to catch always. Kevin cirilli, bloomberg chief washington correspondent. No stimulus checks in either plan. 510 billion from leader mcconnell, 908 billion in the bipartisan proposal. It is going back to state aid. Nothing in leader mcconnells. Tom i believe the working number is 160 billion for state aid. The mta in new york alone needs 12 billion. I guess it is just get something done. That is the way its going to be. Jonathan thats what this conversation is over. The rest of the bill, there are differences elsewhere. I could go through it line by line. But the top line is this disagreement over state aid. In,ker pelosi coming compromise, whatever you what to call it. Lisa thats why people believe President Trump is not signed off on this because it is politically perilous for him to come out and allow money to go to state and local governments that he has maligned as being all blue states and not handling the virus and other fiscal issues correctly. How much does the acceleration of the pandemic in some red states affect the discussion to try to get this out more quickly . Jonathan will the payrolls report move the data on this conversation . Coming up shortly, evelyns and their of morgans Ellen Zentner of Morgan Stanley, the chief u. S. Economist. Alongside tom keene and lisa abramowicz, im jonathan ferro. Heard on bloomberg radio, seen on bloomberg tv, this is bloomberg surveillance. In a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Jonathan payrolls friday. Heres the price action. Futures just taking a little bit higher on the s p. Yesterday, a mall move lower. Up 0. 3 this morning. As i said yesterday, if the day ends in a y, youve got a record high. We advance this morning to take a chunk out of that, up 0. 75 percent. Get to bonds quickly. 30s. Ens and the payroll report 60 minutes away. The range all the way from 100,000 in our survey all the way up to north of 700,000. We will get the view from Morgan Stanley in a moment area yields up another two on the 10 year. The worst week for treasuries, the biggest pop higher for l their wayg al back to the second week of november. Eurodollar, 2020 highs, a nice 1. 2170. How uncomfortable the ecb will be will depend on how comfortable the chinese policymaker is with the chinese currency, and today, you wrote china just starting to go the other way a little bit. Let me finish on this. 0. 9033. Ling, apparently the talks are getting difficult. New information there for you. Eurosterling with a bit of a kick higher also that headline. Tom and Chinese Renminbi strength against u. S. Dollar. I am going to put it on the terminal as 9 strength in chinese you want in chinese yuan. At Morgan Stanley economics, the leadership of ellens and their has been extraordinary of Ellen Zentner has been extraordinary to try to find out the ebbs and flows of gdp and how it fills into a pending jobs report. Definition, todays jobs report really is a look back. For is the data you see now the january report . What does december look like . Ellen as we rolled forward, i think we continue to see job growth slow here. I think we do still hang onto some net job gains because the economy isnt owned broadly as we did earlier this year. But certainly with the amount of folks coming back to the labor it is going to be a difficult winter. We know this. We are married to this idea. We are all disappointed in what the winters going to look like. But these payroll reports are getting overshadowed by positive news on the vaccine front and the fiscal headlines. Tom are we going to see service is disinflation stay where it is with a slowdown in the Service Sector . Or do we get back to normal inflation dynamics between services and good . Ellen those are the two biggest drivers of our inflation forecast for next year. Goods inflation has been driving the numbers this year because the goods side of the economy has been growing. As we roll into next year and andvity starts to pick up we see activities picking up, that Services Side does come back, and that is the lions share of consumer demand, the lions share of what drives the price indices. So goods prices decelerating, but Services Prices pickup. It means inflation will be higher next year. Everyone is saying the economy will come back in 2021. It is is he to see how that could be the case. But the postpandemic economy looks quite different in terms of consolidation, of companies being stronger and bigger at the top, and the Smaller Companies that have gone out of business. What does that mean longer for the labor market . Small businesses are the driver of job growth. Part of the power over has been the rise of company density. That is something that, when you add that to the other inequities that have been exposed by covid on the household side, i think it is a heavy lift that the Democratic Party is going to focus on in terms of that fiscal policy activism that overall tries to raise the labor share of profits. That has been part of our longer run thesis on why inflations over the long run will be structurally higher. I think that is going to be the focus going forward, not just household inequities, but inequities on the business side as well. Jonathan we spent a lot of times beating up on the sell side. Lets take a moment to really talk about one of the calls coming out of this crisis, and that was from you and the team. That this recovery would be , and that was something we heard from politicians down in washington, but many people did just not believe. Wrong . D everyone get what did we learn from the lesson, and how do we play it for the months to come . Ellen for me, there is a story that is missing in that vshaped recovery. To me, when you open up from nothing to something, it is a very big jump in activity. This was not a cyclical downturn. It was a structural downturn. So the way the virus plays out, the way Vaccine Development plays out, the way the economy opens up, that is what dictated that ve shape in the economy. Where i am still greatly disappointed and where i think theres still a lot of heavy lifting to do is exec a what chair powell and the fed are looking at as well. Im looking at womens Labor Force Participation rates. I am looking at the unlimit rate of minority communities, of those that are concentrated in lowwage paying Service Sectors that are going to see longerterm damage from this. So i do think theres a great need and focus on further fiscal support. So these longerterm unemployed folks dont leave the labor market altogether. Because of that is the case, it doesnt matter that weve got a vshaped recovery. It is going to matter that longer run potential growth is damaged. Jonathan the big call from Morgan Stanley was this vshaped recovery at the headline level. The complication you are talking about is the disparity beneath. Have we already done sufficient damage that it could take years, maybe even a decade, to recover . Where can we actually do some thing about it . Ellen i think we can do something about it. The biggest way that you can help those underlying components of the labor market is by running a tight labor market, meaning a hot economy. Very easy monetary policy, nation. Targeted fiscal policies. More is clearly needed, and we expect more to come. But those kind of things can get you as tight of a labor market, so as low of an unappointed rate , as quickly as possible. We think by the end of 2022, with that kind of focus, we can push the Unemployment Rate down close to the feds goal of maximum employment. , i think thatat theres a raw body of literature that shows if you have a sluggish recovery after a deep downturn, that you do see permanent scarring to the economy. I cant stress enough that we need to be doing all of this upfront now to push the unlimit rate down as quickly as possible and get those folk back reemployed. Lisa given the highflying stocks, given the fact that equity markets are at new highs again and again, does that complicate the urgency to try to get something done on the fiscal side . Is the high valuation of equities actually hampering the fundamental recovery of the economy . Ellen hampering the fundamental recovery, no. But hampering what typically are drivers of congress to act quickly, yes. Did oldnothing like market volatility and selloffs, and really bad data coming in, to get congress to act quickly. Are trying to be forwardlooking here and call for further fiscal support before we see broad swaths of the labor market get sent back home if the virus tightens its grip over the winter and we see further shutdowns, but certainly if we got that negative payrolls print, which we are not expecting, there are some expectations for a negative number. Certainly that would impress urgency upon congress to do something. Is if itre thing today is a bad print, folks might take that as a good thing because it might Push Congress to act. Tom i want you to help your colleague mike wilson. I know he hangs on your every word, but i want you to play equity strategist right now because it is part of economics. Nasdaq 100 off the financial crisis trained is out three standard deviations. It is an exceptionally elegant , and it shows the monetary and fiscal oomph of the nation that have driven equities. Do you just assume a mean reversion of equities within a five or 10 year view . If that just part of your playbook that youve got to tell mike wilson about . Ellen i dont think i give him advice on where equities will be. Putsu know, an economist on a strategist hat, it can be pretty dangerous. I think people will be surprised at just how much economic a cavity we pick back up over the course of the year as we are rolling out the vaccine. Just aell you from personal experience, as soon as the efficacy rates begin getting reported that were so positive, you try to pick any Summer Travel place and have it with a healthy cancellation policy, and two of the top three places we wanted to go to were already booked. So i think we will be surprised at how quickly activity comes back, and i think investors are looking forward to that. Optimism from boeing and ryanair yesterday. Youn, thank you, and thank for phenomenal guidance through much of this year. Teams and their and the looking for 630 when we get that payrolls report. The median estimate, 460. Tom usually the average is 200,000, maybe 275. We are well above that. We it is about december, and will try to glean some whispers out to the first week of january. Jonathan from new york and london this morning, good morning tball. Alongside tom keene and lisa abramowicz, im jonathan ferro. Counting you down good morning to you all. Alongside tom keene and lisa abramowicz, im jonathan ferro. To theg you down payrolls number. This is bloomberg. The first word news, im ritika gupta. President elect joe biden plans to fight the spread of the coronavirus from day one of his administration. In an interview on cnn, he said he would ask americans to wear masks for the first 100 days he is in office. Biden has also asked Anthony Fauci to stay on as the governments top Infectious Diseases expert. President trump is again threatening to veto a defense spending bill unless Congress Also strips social media legal deal. A key the measure is expected to pass, despite the president s veto threat. The first u. S. State to tell residents to stay home to fight the coronavirus is about to do it again. California governor gavin newsom warns that most of the state could be ordered to shelter at home. He says he will order lockdown on a regional basis once hospitals run short of intensive care beds. California has the fastest increase in infections since the pendant began. Brexit negotiations have hit a lastminute snag. A british official says trade talks are at a very difficult point. Trade talks that were on the verge of a breakthrough descended into a fight between the u. K. And france. British Officials Say the European Union turned up with a new set of demands. They arent saying with those demands are. 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. Regions where the icu capacity is falling below 15 , we are now mandating that we are implementing a stayathome order for three weeks. When the region is placed in the bars,thome category, the personal services, hair salons and the like will be temporarily closed for that three week period. California governor gavin newsom laying out a reaction function of policymakers in the state of california on a potential stayathome order. It comes down to one thing, health care capacity. Icue you capacity capacity. Alongside tom keene and lisa abramowicz, im jonathan ferro. Equity futures up about 11 points. We advanced 0. 3 on the s p 500. Tom jobs day 8 30. Of course, looking through to january as well. As many of you know, sam fazeli, our great pharmacologist expert, we take real issue with the cases mathematics of the pandemic. It is about hospitalizations and those constraints, and it is about deaths. In the United Kingdom on a per capita basis, as we speak, the deaths are greater than they were at the worst for the United States in april or may. Again, on a per capita basis. It is a grim december. Drew armstrong, the vaccines are going to come. They are going to come later. What do we do in the meantime . Drew i think what you are seeing happen in the meantime right now is a return to some of these lockdown and stayathome orders you were discussing earlier on the program. California issuing what they expect within days is going to be a return to some of those spring restrictions, with limits on activity, capacity limits at businesses, and encouragement of people to stay home if icu capacity drops below 15 . The main thing i think is a little bit different now than the spring is that they do seem to be a little bit more regional , a little more targeted. Kind of condition based to go in and out based on how hospitalizations look. But nonetheless, it does seem like we are heading back to formalizing some of these restrictions that have been going on on and off throughout the year. Lisa theres also the change now in the vaccine, which does seem more imminent, and yet there have been numerous reports about supply chain disruptions and just how quickly that vaccine can get distributed. How do you make sense of what we heard out of the wall street journal yesterday about pfizer and supply chain delays . Drew i think the thing that is important to remember and that we have heard over and over again is that a vaccine does not do any good if it is just sitting on the shelf of a pharmacy or rolling down some factory line. It only works when you have shots going into peoples arms and building immunity around the community. Some of the reported delays in pfizer, cutting their expected global rollout this year from 100 million doses to 50 million doses because of some manufacturing its use, i frontally think it is shocking we havent seen more of this. These are new technologies being developed and absolutely record time with Global Supply chains. Think about how complex they are , with everything from very sophisticated molecular components, chemistry that has to be done, and keeping those in glass vials, and the logistics of getting them all. Ver the globe so far, most of these vaccines we have seen in final stages appeared to work quite well, but that you havent had more manufacturing pickups, theres a lot to do thats been going on , andand thats being done surprisingly little about that has gone wrong. I think everyone should be prepared for more hiccups like this, just a natural kind of expectation that this is tough to get right. Lisa especially given pretty and vicious plans for a number of governors in states across the United States, trying to say how to rollout this vaccine. How does it come pick it the matter that there isnt the necessarily same organized response as there are in other nations around the world . Drew i think that is probably correct. You look at the warp speed vaccine program, and it is a Pretty Amazing accomplishment, but also brings into rather the ratherf uncoordinated response where you bring the full might and power and resources of the american government, combined with the full might and power of american industry and science. A lot of people have rightfully asked where was the warp speed for getting schools back open, forgetting exact what Public Health measures were going to work. A lot of smart people working on those problems, but not necessarily in the fully coordinated way we saw vaccines in the United States. Jonathan president elect joe biden is talking about a 100 day mask advisory as soon as he takes power january 20. A month or so to get there. What is being requested right now from the federal government that isnt being delivered . Drew you dont hear a whole lot from the leadership of the federal government. It just doesnt seem to be a major focus. You do hear from health leaders, people at cdc, one layer down in the Health Agencies to really emphasize the messaging around these Public Health measures, staying at home, wearing a mask, doing all the things they have been asking people to do this year in anticipation that this is going to be a very tough winter delay vaccine does get here. So i think it is going to be more of the same, and in all likelihood, lots more cases, lots more hospitalizations, and unfortunately, lots more deaths. Jonathan thank you for your time this morning. Drew armstrong, senior Bloomberg Health care editor. January 20 feels like a lifetime away. To be even thinking about policy to get to january 20 feels like a long time away. Tom this could be a 15 page is in article. You are 100 right. Ofare losing sight of some the more present dates like the government shutdown, december 11, december 12. Byathan are you surprised how little january 5 has come up in conversation with Market Participants . I am. We see it in research. Not really talked about. Tom i bundled it all in together. Myjust from my spirits experience in new york, people are shellshocked by the pandemic. You see it talked about. There has been a real shift, and by no means do i say the island of manhattan is anything as serious as what weve heard from Governor Newsom at the top of the segment. Jonathan just to finish on the point of looking ahead to january 5 and beyond, it is the difference between getting a 500 billion to 1 trillion plan over the line, and adding to it in a big way or not over the next couple of years. Lisa i would argue this is one of the biggest risks for the bond market. We have seen yields really respond to every stimulus headline, almost more than anything else. Jonathan from new york and london this morning, good morning. It is payrolls friday. The payrolls of fort the payrolls report is 30 minutes away. Coming up on this program, julia coronado, Macropolicy Perspectives founder and president. This is bloomberg. Its moving day. And while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. It only takes about a minute. Wait, a minute . But what have you been doing for the last two hours . Delegating . Oh, good one. Move your Xfinity Services without breaking a sweat. Now thats simple, easy, awesome. Xfinity makes moving easy. Go online to transfer your services in about a minute. Get started today. The world is desperate for yield. The world is desperate for income. With the vaccines insight for income. With the vaccines inside, there is much hope. We still have a lot of bad news to get through over the next quarter or so. Certainly support is going to be needed going forward. We should not be worrying about 100 billion here or there. This is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. Everyone. Morning,
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