Chairman of the Federal ReserveJerome Powell is right now explaining why his committee has left near zero rates untouched. Our fed panel is monitoring every single word of what he sees and says as far as stresses on the economic system. Speaking of stress, tensions are still running high from arizona to pennsylvania. This video just in as crowds form in two states, where the administration is launching vigorous challenges. All right, heres the current electoral picture vote. Weve got four states, the key to the presidency. Nevada, pennsylvania, georgia and north carolina. They are still up for grabs on the path to 270. Biden leading 264 to President Trumps 214. Weve got new numbers in nevada showing that joe bidens lead has expanded to 12,000 as team trump seeks legal action there. But keep your eye on the dow and on the markets here because weve got team fox business standing by with up to the minute developments inside both the trump and Biden Campaigns. Blake burman live at the white house and Hillary Vaughn is in wilmington, delaware. We will start with blake at the moment, where the white house has turned the fire hose on and specifically the Trump Campaign pointing legal actions in multiple states, somewhere i guess the president wants the ballot counting to stop and others where hes demanding the counting to continue. What are you hearing . Reporter a lot going on. Lets start in the state of nevada because there was an announcement there by the Trump Campaign today, a press conference saying they intend to be filing lawsuits in that state. As they want to be able to get a better access to oversee the ballot counting process in that state. Similarly, shift all the way east to another state of utmost importance to that campaign and that is pennsylvania. The Trump Campaign there actually won a lawsuit or won a court battle earlier this morning allowing them to get closer to the ballot counting processes. However, the Trump Campaign is saying at this point that what is happening in pennsylvania still is unsatisfactory to them. As for the president himself, he is continuing to claim that the election can be illegally won. Here is what he said in part today. He said quote, if you count the legal votes i easily win the election. If you count the illegal and late votes, they can steal the election from us. Listen to the Campaign Legal adviser within the past hour. This is all about election integrity, charles. The president just issued a statement that said if you count every legal ballot, i easily win the election. If you count illegal and late ballots, they can steal the election from us. That is exactly it. It is all about election integrity. Reporter liz, the president tweeted out today at one point quote, stop the fraud. He also tweeted out stop the count. It is important to remember at this point that the Trump Campaign for all of the talks they have made and the lawsuits that have followed, the Trump Campaign to this point has not yet provided evidence of widespread voter fraud. By the way, on to the campaign for a second, they are still very confident about what will happen when all is said and done in arizona. They are also very confident about pennsylvania and they believe the president and Vice President will cross 270 by weeks end. Liz . Liz okay. We are watching all of it. From blake we go to hillary in wilmington, delaware, where shes camped out at the biden headquarters and has Biden Campaign reaction. I guess to all the Team Trump Legal wranglings. Reporter thats right. The Biden Campaign did respond to that, essentially saying they think its just a ruse, a political point to try to delay and distract from these vote tallies that were getting in intermittently from states that have not been called. There are signs today biden is back to business as usual, at least for the moment. Hes in downtown wilmington right now, getting a routine briefing with his running mate, senator kamala harris, on covid and the economy. The Campaign Says these are the same briefings that have been a part of his normal routine since march, so the return to normal is a sign that biden is very comfortable and confident with where he stands. He stopped just short yesterday of giving a victory speech but did say he believes he will be the winner once all the votes are counted. The campaign today, though, is slamming those lawsuits that the Trump Campaign has filed in key battleground states like pennsylvania. The lawsuits are meritless. They are intended to give the Trump Campaign the opportunity to argue that the vote count should stop. It is not going to stop. I have gone through some of the silliness behind these claims momentarily but i want to emphasize for their purposes, these lawsuits dont have to have merit. Thats not the purpose, is not to bring bona fide claims before the court. It is to create an opportunity for them to message falsely about whats taking place in the electoral process. Reporter liz, on what blake mentioned about what the Trump Campaign is calling a massive victory in pennsylvania, in their court battle to try to get their Campaign Representative closer to observe the actual ballots being counted, the Biden Campaign perspective on that is that they really dont care how close the Trump Campaign gets to the workers that are processing these ballots and counting the votes. They just want to make sure that the votes are counted. Liz . Liz hillary, keep us posted. We will go right back to you if there are any developments. Same with blake. In just a moment, we need to tell you we are going to take you live to nevada, where ballots are still being tabulated as we speak. Speaking of as we speak, we got fed chair Jerome Powell just issuing a warning as covid cases in the u. S. Clock a single day jump of 100,000. Hes taking questions from reporters right now. Thats what you are seeing on your screen. The zoom event. So with a backdrop of an election battle that remains tense and tight, were about to tell you what jay powell said and what he plans to do. Closing bell, we are about 52 minutes away from it. The claman countdown coming right back. Our Retirement Plan with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Any idea how much it will cost . [doctor] i recommend goodrx. You get free coupons to save on your prescriptions. Goodrx, smart. [announcer] stop paying too much for your prescriptions. Thanks. Download the free app today. With regard to Interest Rates, we continue to expect it will be appropriate to maintain the current zero to one quarter percent target until Market Conditions have reached levels consistent with the committees assessments of maximum employment and inflation has risen to 2 and is on track to moderately exceed 2 for some time. Liz that was the good news. Federal reserve chair Jerome Powell just weighed in on how the fed plans to keep Interest Rates low for quite some time until, of course, the criteria for the labor market inflation is reached. Lets bring in our experts. Nat Alliance Securities andy brenner and global cohead of economics, michelle gerard. To you first. What jumped out at you here . He is continuing to beat the drum saying we need stimulus, we need stimulus, and you are looking at the stock market and looking at a recovering economy and thinking, at least im thinking, do we really need that injection of a sugar high at this moment . Well, you could see that even the fed chair was, when asked about why wouldnt you provide perhaps more stimulus, you know, you see him suggesting that they are quite comfortable with the current stance of Monetary Policy. I think that theres been the question was raised if were unlikely to get as much fiscal stimulus as perhaps the market had thought given the fact we will still have a divided congress, might that mean the Federal Reserve has to step up and do more, and you can just continue to see the fed chairman suggesting that at the moment, they are quite comfortable with their current level of purchases, they are not looking, if they need to, of course, they will monitor and make adjustments, but theres nothing in anything they are seeing that makes them think this is the time that the Federal Reserve needs to be thinking about doing more asset purchases like we saw, for example, the bank of england announce today. Liz yeah. Andy, one of the things that jumped out at me, we teased this, we said he is issuing the warning and the warning is about the coronavirus. He said he is very concerned that more stimulus will be needed and we are indeed seeing a spike. We just clocked a oneday jump of 100,000 new cases and he sees something on the horizon that really is disconcerting to him. Theres no question about it, liz. I think even europe is in worst shape. But you know, the reality is the fed since march 15th has bought 1. 9 trillion of treasuries. Money supply since march 16th is running at a 32 annualized rate. The feds Balance Sheet over the last year, year over year, is up 74 , 75 . Its not like the feds not doing stuff. They are doing stuff that sometimes takes some time to get through. I think the fed is very much on it. They are still all in. I dont really see a lot of new programs that they are going to do. The 13. 3 programs have worked at least for corporates but they really havent used very much of them. I think they should finetune all of them and try to make those better. But yes, i dont see where it needs fiscal stimulus but we are going to get it regardless, so we might as well live with it and see what happens. Its going to ruin the dollar but i guess thats something we just have to live with. Liz yeah. The dollar has certainly gotten weaker but michelle, we were just showing intraday, the dow, the s p and not intraday, one week, the oneweek picture is stunning. Equities are on a charge so nothing seems to be shaking this market right now. What do you make of that . Well, i continue to think that the market has focused on the potential for the Federal Reserve or Monetary Policy having to do more rather than fiscal policy stepping up. There was concern that you might have had a huge much more expansion in fiscal policy which could have put upward pressure on Interest Rates. Now youve got a situation where that threat seems to be less and the market is saying okay, were back to this world that were used to, that we like, where its really more about Monetary Policy, if we need more, the fed will keep rates lower for longer, they will shift and buy more assets. One of the things, all of the purchases they have made, you talked about how big the Balance Sheet is, all of it has not really been about getting the economy up. They all couched these purchases in the context of market functioning. They havent yet stepped up to say we are actually buying more assets to boost the economy. So again, if thats on the horizon now that we are not going to get fiscal stimulus, i think thats something that contributes to the rising asset prices. Liz andy, youve got to interpret something i am seeing right this moment in the markets. Number one, the vix or fear index is plummeting. We see it dropping about 6 . It was down yesterday. So there appears to be a calm, cool, collected attitude among at least the futures traders in the fed funds futures pits here. Weve got the volatility at 27. 76 and yet the tenyear yield overnight dropped to i believe it was your key resistance level of. 72 , which to me is a screaming fear trade, is it not . Interpret that. Liz, theres a lot of stuff going on. A lot of crosscurrents. There are a lot of trades that have been put on on the expectation that it would be a true blue wave and even though the senate still seems to be a little bit in doubt, i still see it going republican. I think that is that fear turning around. There are huge shorts out there, there are lots that got flushed out. You went from 76 down to, i dont know, 56, you had the tenyear, believe it or not, election eve got to 94 basis points and as you just said, it just got to 72 less than 48 hours later. I mean, theres a lot of just bad trades that are getting basically getting out. People that were short treasuries, people that were short the nasdaq 100. They are all clamoring to get back to where they were. I think this is going to end in a few days. I really dont think these are sustaining trades that we are seeing the last four days. Liz okay. Because weve got did i explain it . Liz a very tense situation with the president ial election, michelle. Biden leads right now with, of course, with Electoral College votes and President Trump is behind and yet there are all kinds of lawsuits that we have talked about. Lets just say this thing drags on. What does that do to markets and the Overall Investment picture, with biden at 264 and trump at 214 . Well, i think youre right, you know. We just referenced the fact that the senate is undecided. I think for the markets for awhile now, the key has been about the outcome of the senate and whether or not you would have a United Government or not is hugely important for the markets. The way its looking, it might come down to the two races in georgia and both of those may end up not being decided until early january. So we may not get the answer definitively until january. So it could drag out. But i think we come back to the expectation that markets do have that probably the senate will stay in republican hands and as a result, you do have this divided government. I think at the moment, markets are not viewing the legal challenges as having significant merit and so in the end, theres this conclusion that you are likely to have a little bit of a status quo. Were not going to get the massive fiscal stimulus that perhaps treasury markets had been concerned about and in that sense, i do think while we have uncertainty, theres a grounding here in terms of the markets keeping things sort of calm that we think we liz michelle are going to have a divided government again and that will make a big difference in terms of the outlook. Liz michelle and andy, thank you. Michelle just mentioned georgia. We need to take you live to georgia, where we have an official speaking right now. If we can take that shot. We can listen in for just a moment. We do know the Trump Campaign had lost at least one election lawsuit after two witnesses called by republicans admitted under oath they didnt have evidence of late ballots being mingled with ontime ballots. Lets listen in. [ inaudible question ] there is a possibility. Now, the likelihood is not all 8,000 is going to show up. I understand with the close nature of especially the president ial race, those could become vital and important. But there is a cutoff time. Thats why we have laws. Thats why we have certification times. The reason that we have those is so we can get to an ending. As i stated before, we have to certify this election by november 20th because under law, we have to get the federal runoff ballots or the Senate Runoffs out by saturday the 21st. So we cant have anything get in the way of our timelines on this. So its going to be difficult for us to make it as it is. Our poll workers, election directors, election staff, center for elections, they are going to be putting in a lot of long hours to bring democracy to people in georgia. Reporter time line on provisional numbers, when we might have a sense. The only one we have right now is because we [ inaudible ] 3900. I dont have an answer. We are working to get a handle on how many they have. Obviously they have to be cured or verified by tomorrow. I dont know the codes on any of these. Right now, i really put a lot of work into the elections directors right now to answer questions. Thats one i will leave for a little later. I would like to know the answer but they are really focusing on getting the last ballots done. Reporter can you briefly sum up and recast the difference between this morning [ inaudible ] that have taken place . Frankly, i dont remember the number i gave this morning. I think it was 62,000. We are a little over 47,000 now. But theres changes even inside that number. The numbers from the one scanner, absentee and in person. While i have everybody here, just to clear a few things up, people get confused. Early voting, they go online and look for it, early voting, in person, is what they call absentee in person. That is what they have done. They voted absentee in person. I know theres confusion out there. I want to clear that up. We feel like we are in a very good position to have most of it done, heck, weve got most of it done now. We are down to the final percent or so which when a race is this close, obviously everybody wants to know whens it going to be over. We have certification deadlines. Reporter what answer do you have for the president who keeps insinuating [ inaudible ] in this process . My short answer in this state, with these elections directors, they are doing the b