Of the council on foreign relations. Her fourth book is a revelation. Who acts next in this backandforth . Jonathan the administration has been dancing around the issue of the trade deal announced back in january. The president has stopped dancing around the issue. It means much less to me. He repeated that about three times in a News Conference yesterday, and i wonder how that message evolves in the coming weeks and months. Tom i thought it would be a lazy friday, and i was wrong. Let me give you two quick ideas. Of thew the donnybrook republicans in washington. That will be china as well. And we have statistics which speak to the summer of 2020. Honeywell is without question one of the best run companies in the world. They organic Revenue Growth was 18 . You dont need to know anything else. Jonathan we will get the earnings a little bit later in the program. Equity futures slightly negative. Gold very much in focus, approaching a record seemingly at one point this morning. Lisa it has to do impart part with the weakening dollar, also with very negative real yields in the United States. This has to do also with the european story. We had some betterthanexpected european data. Interesting to see whether we get something similar out of the u. S. , july pmi data. We are seeing the surprise index take a little bit lower. , itbaker hughes rig index is expected to increase for the First Time Since march. And then President Trump is expect it to sign orders on lowering drug prices. That isnt necessarily that interesting, but perhaps he will comment on the beeping rift within the republican best on the deepening rift within the Republican Party on the deepening rift within the replicant party on expanding on the blame it benefits benefits. Nemployment jonathan in the bond market, yields at a single basis points to 0. 59 . 0. 1 ,ollar coming in 1. 1588. Lets bring in our first guest, shall we . Peter oppenheimer, Goldman Sachs chief Global Equity strategist, joins us now. Would you believe this week is looking good compared to the rest of the world . Peter what a difference a decade makes, i guess. Obviously europe was very slow inrespond to the last crisis 2008. It suffered a series of major hurdles over the years because of that financial crisis, but it is getting its act together from the policy perspective. Isyou say, the economy recovering quite nice from this downturn. Tom youve got one of the coolest degrees in the world, auate geography degree from the London School of economics. Tell me the geography of chengdu. How far is chengdu emotionally, politically from washington and from beijing . Peter thats a great question. My geography didnt really stretch to that, but i think this is a reflection of just the growing tensions, and so far you are getting one action matched by another, but it looks as if detentions at least in the short term are going to increase. This is one of the factors i think will probably wear on markets as we move towards the u. S. Election. Lisa what is the calculation in how it affects equities . It wasnt affecting equity prices. What Going Forward will be the trigger point for u. S. Stock valuations . It is a veryk difficult thing to measure the Economic Impact because we dont know entirely what this means in terms of future trade tensions specifically, which would have a more direct effect on markets. But i think it is one of these things that just increases the risk premium, just the degree of uncertainty. We have had a tremendous run in equity markets as investors are looking through what is likely to be the worst economic downturn for 60, 70 years into a short recovery. Weve already seen that happening, and we have had the boost from very strong policy stimulus. I guess now the reality of what is likely to still be a tough geopolitical environment, which indeed was an issue that really wore down on equity markets in the first half of last year, it has come back. I think this is a bit of reality coming back to investors as they reassess the risks. Jonathan jonathan do you think they will continue to look through the Economic Data if it looks weaker from here . Are there signs that we are losing momentum in the u. S. Economy, or do you think we are rolling over again . Peter i sent there is a bit of a loss of momentum in the labor market. Rebound from q3 versus q2 is going to look very vshaped. This is the truth in pretty much all parts of the world. As you start to get easing of lockdowns to various degrees and improvement from a very weak base. But i think the question really for investors is going to be what is the run rate after this. Most economies are not going to get back to the levels of gdp they were seeing at the beginning of this year until late next year or in 2022. I think that more cautious reality, together with the geopolitics you have mentioned, is really going to be what the constraints over the nearterm. Youre constantly talking on the buy side to investors. Do you get a sense that eddie met growth, the longer that is that that anemic growth any mike growth, the longer that anemic growth, the longer that is the case, is beneficial . Are likelynal rates to remain that zero or the lower bound for a long time, and people are struggling to get a return. Where the absolute returns may come down from here, i think there is a willingness for more positive rates. Amongst global investors, there is a more optimistic view of europe specifically, which has dealt better with this crisis, but there is also surprise on the upside in terms of the coordination of the policy response. Tom the idea of index versus active may be too fancy for you, but maybe we can just say the level of diversification now within our equity holdings. Do you want to be over diversified, spread out, or do you want to make more focused bets into late 2021 . Peter i think that global investors, and certainly dollarbased investors, should be looking at diversifying more. We do think the dollar is likely to weaken further over the coming years as Interest Rate differentials narrow and deficits rise in the u. S. That is one reason for diversifying geographically. But bear in mind the last decade was very extreme in terms of differences across geographies, particularly in equities. Massive outperformance in the u. S. Was justified because the u. S. Outperformed the rest of the world in terms of profit growth, largely because of its dominance in the technology sector. It still has dominance in that sector, and that is still going to be very important, but other areas of the world are catching up a bit. They are becoming more growth orientated themselves, not least of which that is true in europe. When the crisis started a decade or more ago, banks in europe where the epicenter of that crisis. They now account for about 7 , about the same weight as the technology sector. Europe and asia are getting a little more exposed to growth and technology themselves, and i think that justifies more geographical distribution, and i think probably more focus on opportunities, so more on stockpicking and less on indexes. That youen the fact believe investors are under invested in europe, how much could it outperform u. S. Equities over the remainder of the year . Peter if we look out over 12 months and look at things in dollar terms, we would expect europe to be come from these levels, going up around 13 where weve got a relatively flat return to the s p. Part of that is the difference in the dividend. Europe has a higher yield than the u. S. Part of it is currency. 1. 25. The euro going to but some of it is a bit of a catchup in valuations. Europe still has a lower valuation gap than the u. S. Market. We think with this narrowing risk premium, that will narrow a little bit from here. Jonathan peter, great to catch up with you. Peter oppenheimer there of Goldman Sachs. Weve got to talk about the polls a little bit later in the program. Did you see the pole out of florida from quinnipiac . Peter i was quite thunderstruck by that one. Jonathan the president at 38 , the former vp joe biden at 51 . Tom what is absolutely fascinating, and this is may be from our remit, all of these ,olls color the biden response from doing something, but just as importantly, maybe if the Republican Party is having trouble with stimulus, you just sit quietly. Maybe that is what we see for the sunday talk shows. Jonathan i wonder if they color the response towards china as well. Coming up later, Richard Haass with the council on foreign relations. From new york city this morning, good morning to you all. Alongside tom keene and lisa abramowicz, im jonathan ferro. Up a little bit later, we will catch up with Richard Haass. Before that, we catch up with the eu commissioner on europe and how europe sits between the United States and china. From new york, this is bloomberg. With the first word news, im karina mitchell. Goldman sachs has agreed to settle the longrunning case on 1mdb. Drop all criminal charges. No word whether this will affect talks between goldman and the u. S. Justice department over 1mdb. Earlier this month, bloomberg reported the bank is close to an agreement in that case. Meanwhile, china struck back with its order to shut the u. S. Consulate in chengdu, and response to the u. S. Order to set the chinese consulate in houston. China says its action is a legitimate one and a necessary response. President trump has given in to worries about the coronavirus. He has canceled the florida nominating convention. That was going to be the biggest event of his reelection campaign. Florida just posted a Record Number of deaths from the pandemic. President trump says he did not want to take any chances. In the u. K. Come a lot down eased off and retail sales soared last month in the u. K. , lockdown eased off and retail sales soared last month. Sales are now approaching their prelockdown levels. And it is the latest sign that the coronavirus is wreaking havoc in hollywood. Disney canceled their august release of the highly mulan,ted also delaying future star wars and avatar projects. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. More to come. We are basically right at the edge of a huge fiscal cliff with the expiration of the 600 a week Unemployment Compensation benefits at the end of this month. If that is not replaced by something significant soon, the economy is going to actually be weaker. Jonathan bill dudley there, former new york fed president , on the fiscal debate now name washington, d. C. From new york city this morning, good morning. Alongside tom keene and lisa abramowicz, im jonathan ferro. In your equity market this morning, we shape up as follows. We come in nine points on the s p 500 after some weakness in big tech yesterday, some negative followthrough for the s p. In the fx market, the euro slightly softer, down 0. 2 . As we get a bit more tension between china and the United States, real yield is 0. 58 . Tom a little bit of Economic Data earlier from europe gave a lift to yield as well, but it is a nuanced market here on a friday. He is the most interesting politician Company FormerPrime Minister of latvia, providing great leadership. Brings hisrovskis duties as European Commissioner afternancial services exhausting meetings in europe. I have to broaden out the conversation right now to how europe approaches these new tensions with the United States and new tensions with china. Is there a european Foreign Policy . Mr. Dombrovskis first of all, as regards international intentions, including International Trade tensions, eus policy has been very clear. We are supporting and defending multilateral, rulesbased system. This is the approach which we litigations with u. S. , with china. That is why we are not supporting unilateral moves of u. S. In the area of trade. But at the same time, we share a number of concerns regarding china, including questions on intellectual property rights, forced technology transfer, reciprocity in our trade and investment relationships, so there are a number of issues which we need to addressed, but we think those should be addressed while respecting the international rules. Tom how do you adapt and adjust to the secretary of state on his tours through london and denmark, and back over to San Francisco this week . The assertive tone of the Trump Administration . Rest adapt to the that in europe . Well, first of u. S. As you know, eu and had its trade tensions. Agreementto reach an avoiding further escalation, and currently we are building on that. , but at is assertive the same time we are negotiating , and we have reached a degree of agreement. We know that initially, u. S. Were taking unilateral actions like raising tariffs. We were responding in kind in a proportionate way, but we andded further escalation reached agreement on which we can now build. Jonathan weve heard a lot from europe about the multilateral response. Can we talk about concrete steps . Youve talked about the asymmetry of Market Access between europe and china. You talk about reciprocity as well. What are you doing to get the Chinese Communist party to change . Aredombrovskis we currently negotiating with China Investment agreement, and we are currently preparing the next euchina economic dialogue to discuss exactly these issues, and we hope that we will be able to conclude our negotiations on Investment Agreement and the issues we are in theseg with china negotiations are exactly the questions of access to chinas market, reciprocity, investment conditions, nontariff barriers. So all of these issues are on agenda with our negotiations with china. Lisa how much is the European Union working with the United States as tensions increase in both regions . Mr. Dombrovskis as i said, we share in number of concerns of the u. S. , and we have similar concerns. We are working with u. S. To see how most effectively to address these concerns, but we think it should be done within a , thelateral framework framework of the wto. We are willing to coordinate and cooperate on actions the u. S. , but one should refrain from unilateral actions because it just escalates tensions further, and at the end of the day, negatively affects International Trade and the global economy. Jonathan thank you for addressing the news of the moment, particularly this morning. If we can get you to address the news of this week for europe, a massive step forward for the continent and fiscal integration , can you walk us through next steps on when we can expect debt issuance from the European Commission . When will that money be raised . Mr. Dombrovskis indeed, early this week, eu summit decided on that next seven years eu budget, 2027, and on the eu economic recovery package, so this is a major step forward. We welcome this agreement of the summit. There are further procedural steps. Currently we are starting negotiations with European Parliament because also, European Parliament needs to agree to this budget and the Recovery Plan. Europeanse, from the commission side, we consider it important that negotiations are thelize swiftly so that next eu budget and Recovery Plan can start acting as of january 1 year, and that is when the European Commission would also start this common issuance of debt in order to finance the eu economic Recovery Plan. It must be said that some elements will be going to markets already this year because here, we are talking about economic Recovery Plan, but we do lots of crisis measures in previous months, including 100 billion euros to support employment and unemployment mitigation in eu member states, and we will be going to markets already this year to finance this program. Jonathan commissioner, thank you for your time this morning. We really appreciate it. That is to breskys, eu valdis dombrovskis, eu commissioner. From new york city this morning, good morning. This is bloomberg surveillance. Jonathan from new york city, this is bloomberg surveillance. We are live on bloomberg tv and radio. Alongside tom keene and lisa abramowicz, im jonathan ferro. Yourfriday morning, heres price action across asset worldwide. Equities slightly positive on the session, off by 0. 3 . We are on record watching the gold market. Crude positive zero point 5 . Wti back to 41. 29. In the bond market, up a civil basis point. Sticky ineld is very and around the last month. Tom europe to the rescue today. We had better Economic Data out of europe, but when i walked in the door, i come in hours before you do, but when i came in, it was pretty grim. Jonathan that is the tom keene complaint that he gets up really early. But you text me on the weekend at 3 30 in the morning. Tom thats true. Jonathan and you choose to do that on the weekend. Tom thats what we do. We are reading on the weekend and trying to get smarter. We will try to do that right now. Weve got lots of International Relations going on. We will get to the shocking stimulus debate in washington as well. Right now, without question, our conversation of the day on what is going on with china and with the world at large. Richard haass has written my book of the summer. Take it and throw it at any smart Mouse College could you know, and begged them to at least read the first 150 pages, which is a Tour De Force on the western civilization we have all forgotten. Joins us nowass from the council of foreign relations. You write about war between countries. Are we now at war with china . Richard no, tom, we are not at war with china. But the entire trajectory of this relationship has changed compared to what it was. For the United States and china, they built a relationship 50 years ago. We originally worked together against the soviet union. Interactionnomic essentially became the foundation of the relationship. That economic interaction has now become a source of friction, but what you are seeing particularly on the american side is a real ramping up of rhetoric against china at a time that china is becoming more assertive in its Foreign Policy. We are not at war, but this is a relationship that seems to have , andany positive dimension increasingly marked by competition. Go to a timeou to and place long ago, about how we ed a state department, a foreign voice as americans. Please comment on the tone, the discourse of our secretary of state this week. Original really within the 20th century and this new century. Is it . Ichard i am hardpressed i am some pathetic to what youre saying. Our chief diplomat is going out of his way not just to be undiplomatic, but to be publicly provocative, insulting his counterparts in china. Essentially, yesterday at his speech at the nixon library, delegitimizing the current leadership of china. Essentially, it came very close to calling for regime change in china. The parallels between his approach to iran and the approach we are yesterday in china i thought was fast. Tom this is really important. Shanghai,over in yesterday on twitter, a photo of their acclaimed british room where Henry Kissinger slept the night before he went to beijing to change history. Are we giving up all that was accomplished in the early 1970s . Richard its too soon to say that. We dont know how much of this and thecal, political, runup to november. We will have to see what happens. This is extreme. Ironic that the speech took place at the nixon library. Nixon was willing to find common cause with china, despite all of our fundamental political and social differences. Yesterday, the secretary of state ignored the potential to Work Together despite our political differences, and instead harped on those differences. It is as if he is looking for a fight with china. And again, this relationship, anytime you have a relationship between a rising power and existing power, it is difficult. It calls for really subtle, deft statecraft on both sides. Whatever else you want to call yesterdays speech, i would not use words like subtle and deft. Jonathan what is the strategy at the moment . Can you identify what it is . Richard no, sir. Traditionally in Foreign Policy, the strategy is to change the external behavior of other countries. Goalsld have legitimate about changing chinas approach to trade. We can have legitimate goals about getting them to ease up in hong kong or not deal with the uighurs the way that they are, to stop with their unilateral claims in the south china sea. All of those would be within the traditional realm of Foreign Policy. We would work with our allies to bring it about. Instead, we have the secretary of state berating our allies, including germany, and not making clear what exactly it is we want chinas new that is ash want china to do that is in the realm what we want on it to do that is in the realm of Foreign Policy. Lisa is that the outcome we are getting towards . What are the trigger points here in the possible titfortat escalation that could be a worse an area a worstcase scenario . Richard we have had the titfortat. We closed houston. They closed chengdu. I think the most dangerous thing for the next few months would be an incident in Something Like the south china sea. China has unilateral claims. We do not accept the maritime claims. We are sending ships to the region. The idea that you could have some type of military incident that could then potentially end of potentially escalate dont think is out of the question. Then the question is, do these two countries have the ability to manage it . Do they have the desire to manage it . To me, that is the greatest nearterm danger. Lisa do you buy that the phase one trade deal is still on . Richard well, it is on in paper. It has never been close to being able meant to. To some extent ash being implemented. To some extent being implement it. Due to extent, that is the coronavirus. If President Trump were reelected, my guess is he would see a winding down of this hostility. There would be a desire for some type of deal that would increase u. S. Exports to china. That has been the centerpiece of his Foreign Policy, to essentially try to bring about trade deals that increase u. S. Exports. But for the time being, nothing is going to happen. The chinese have zero incentive to implement the deal. Jonathan i think you have touched on something really important, just reflecting on everything you have said. Typically, diplomacy is surgical. You really think out what youre doing and work out a whole range of responses. The other side might respond with. I think the one thing a lot of people are worried about is the scope for an accident in some realm of confrontation with china. Where do you see that potentially happening . Richard you are right, this is anything but surgical. Surgical would become a rather than closing the houston consulate, we might have asked privately for certain diplomats to leave, might have placed some restrictions on certain students. Closing a consulate is the opposite of surgical. I think you will see heated rhetoric for the next few months. I think the two things to look for, one is a military intro is a military incident. I wouldnt be surprised if you saw some broad sanctions against members of the Chinese Communist party. If you seerprised travel restrictions or Something Like that, basically escalating not just the rhetoric, but this attack on the Leadership Structure of china. I think that is a possibility. Want to go back to one of ambassador haasss older books. We are trying to sell them all today. You never imagined a 4 trillion or 5 trillion deficit. Granted, it is off of a national disaster. How is our Foreign Policy changed with this new massive deficit . Richard it raises questions about american competence, about the role of the dollar as the worlds de facto currency. It potentially introduces elements of american to run these, deficits with Interest Rates at historic lows. But even small moves up would totally transform the economic picture. What i think we have done is introduce a potential source of vulnerability. It is one of those things that is fine until it is not. Up alongcking it record rates, and we will be fine until it is not. But i think that will see the emergence of a world not with a clear alternative to the dollar, but where the dollar loses the nearmonopoly it has on international transactions. Jonathan that will be a conversation in the next hour. Ambassador come always ambassador, always fortunate to get you on the show. Never thought we would come out of a crisis or at least be working through one with europe looking good relative to the United States. On the policy response, whether response fiscal , i would caution that coming out of the last Global Crisis in 2007, 2008, europes bad response sewed the seeds of 10 years of underperformance. It planted the seeds for the next eight years of underperforming versus the United States. I think that is something we have to pay a little bit more attention to. The data in the United States is looking softer. Data in europe is looking better, and most people expect that trend to continue. Tom to that point, i would look for a reset this weekend of many of the investment houses as they look forward to the Economic Data. They are going to fold in the stimulus debate in washington. The overlay of the collapse of the Republican Debate in washington with the new Economic Trends we are seeing in highfrequency data is really a grim picture. I am not sure where we will be on monday. Jonathan i got a phone call last night from a guy from boston with a gravelly voice, usually wears a bowtie. He was very upset about a guy called mookie betts. Just devastated. Tom jon, you cant. Jonathan i am going to need someone to explain that to me and to us. Tom you killed me yesterday with the unamerican talk about the tots, and now with mr. Betts out from the dodgers . Lisa coming up on the program jonathan coming up on the program, the president and ceo of the red sox. Tom yes jonathan live on Bloomberg Radio and tv, this is bloomberg. Karina with the first word news, im karina mitchell. Bloomberg has learned there is a settlement in the case involving Goldman Sachs and malaysias troubled wealth fund 1mdb. Malaysia would drop all criminal 1. 39s and exchanges for billion in reparations. In other news, it is getting more difficult to get a clear picture of the coronavirus pandemic here in the u. S. The problem, testing shortcomings. Newth officials warn infections may be significant undercounted. 67 thousand cases may reported each day. The reality is more likely to hundred thousand. The caribbean is reopening to tourism, but not for americans. Authorities are afraid they will spread coronavirus. This week, the bahamas will begin barring commercial flights and passenger ships from the u. S. And there is a newcomer to the ranks of the five richest people in the world. The chairman of indias reliant industries, according to the bloomberg billionaires index, has a net worth of 7. 4 billion. He just took over from Steve Ballmer for the spot on the list. Risen almost 19 million this year. Im karina mitchell. Pres. Trump i think we have to all set examples. I think Major League Baseball is setting an example by playing in empty stadiums, and so are other sports. And they will allow a certain number in. The key is to get back to normal because no one wants to see this. Jonathan the president of the United States as the baseball season commences. Another reason tom keene is depressed. Tom oh, you saw that . We wont mention dr. Fauci throwing out the first pitch. I believe that was in washington. Right now, really special for bloomberg surveillance. It has been one of the great experiments, and i dont mean the Boston Red Sox back over the inspiration to go british. Joining us, sam kennedy with the Boston Red Sox. He was intimately involved in the acquisition of a small Football Team in the United Kingdom. Why dont you pick it up in celebration north of london . Jonathan i can tell you that having a red sox fan, anchor, that is almost unbearable , thatmes fan coanchor is almost unbearable sometimes. Sam, what have you learned from your experience in the United Kingdom . Sam we have learned a lot. Theres still a lot more to learn, as you know. It is a global club with a following like no one else, but congratulations to michael edwards, billy hogan, everyone at liverpool that put this club back on top of the english premier league. Quite an achievement, and we are very excited at fenway sports group. Now we are hungry for more trophies, as they say. Tom how do you retain talent in premier league, in Major League Baseball . Sam well, theres a common theme, and that is that we need to generate the resources on the business side to be able to go out and afford players, whether it is in Global Football or in Major League Baseball, and consistently reinvest back into our baseball and football operation. Strategybeen a 20 year , and that will continue as long as these guys own and operate these different clubs. Weve had our ups and downs. It is an exciting time right now for our organization. Excited to get going over here in the u. S. On the baseball side. Tom the dreaded Los Angeles Dodgers just unloaded a package to a player. I forget his name. Theres an economic slowdown. You are trying to get bodies in the stands. Have the dodgers set up a new war of salary . Sam well, congratulations to mookie betts. We are sorry to see him go with the dreaded dodgers. I think it is a reflection, frankly, of what a great job the dodgers have done managing their payroll to put themselves in this position to be able to make this commitment. If you are going to make a commitment like that, mookie is a guy you would want to do it with. We do wish him well. We dont wish the dodgers well, though. [laughter] lisa congratulations to all of baseball for starting a curtailed season yesterday, but sort of a disappointing game. It turned out long. Lets just put it that way. Do you think that baseball as an industry had a missed opportunity getting this off the ground earlier, given the fact that this is not a contact sport . Sam i think we started right at the right time. Of course, you always love more baseball, but in terms of dealing with the virus and looking at the schedule and the calendar come the different markets in different areas, the commissioner just are they to just deserves a tip of the cap for coming together and getting an agreement together to move forward on health and safety protocols. This is an experience. It is a high wire act, to be sure. But the players are taking it seriously, we are taking it seriously in our facilities, and now we have to execute. 60 games, now an expanded postseason. It will be great for baseball fans around the world. Jonathan youve got a relationship with legendary stadiums, fenway park and field. They are going to be empty for the for siebel future, and surely that changes for the foreseeable future, and surely that changes the business. Talk me through that conversation now and what you are planning for. A season of no fans . Two seasons of no fans . What does that look like . Sam we have our mid case, our low case, disaster scenarios. Again, a credit to our ownership group. They continue to invest on the product on the field. It is critical that we get fans back in the stands at some point, as soon as it is safe and Health Officials say we can do th at the field and at fenway park. Revenueon 50 of our from infield revenue. The country needs sports. The country needs baseball. We need to keep going through a pandemic. Flexibility is the order of the day. Everyone has shown a willingness to be flexible. We will keep reevaluating as we go forward, but what is important is we will be back on the field tonight at fenway park. Lisa readjusting your budgets goes direct to some of the labor negotiations that hampered the beginning of this season. How much do you expect some of the players to accept cuts in their wages based on what we have seen so far this year . The players have accepted the fact that we are the gamesng 37. 5 of of the regular season if we get going, so they are taking less wages. Everyone in the front office is taking less wages. It is a reality across our country, across the world. It is a very difficult time. None of us have been through a pandemic. I hope we dont see it again. If we keep going into 2021, hopefully a vaccine is around the corner. We will keep our fingers crossed. Kennedy, i am standing doinge the better box Nomar Garciaparra. How are you going to speed up the game . Fault. Arciaparras how do you speed up the game . Sam we need to keep working on it with the players. You can add things like a pitch timer, limit mound visits, make rule changes. I agree, it is something we need to do. We are about three hours and eight minutes. Tom not good. Sam it is a priority for the commissioner and his team, and we will work on it. But at this point, i think our fans and all of us are just excited to have baseball back, and we will enjoy having live product on television on radio, on digital platforms. But i agree with you, we do want to speed up the game. It is a priority, especially as we look to connect with that nextn or a fans that generation of fans. Jonathan sam, great to have you. I will whisper it, congratulations to liverpool. [laughter] tom Nomar Garciaparra showed up, the phenomenal shortstop. He would go to the batters box, step out, and take his gloves and do this thing. Ok . It is like what you do with yen. E yen with aussie up, chriscoming harvey, Wells Fargo Securities head of equity strategy. From new york this morning, this is bloomberg. Recoveryk the vshaped is very hard to see with continued virus cases. When we talk about a correction at this point, we are talking about a normal amount of turbulence in the equity market, which would be about a 10 correction. Fiscal stimulus gives us that shot in the arm. It buys us time to get there. That is what the u. S. Economy needs. We are basically right at the edge of a huge fiscal cliff. This is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. Tom good morning, everyone. It is