Have a relatively dormant market starting to see a little more activity. We will see how that folds in with the general Risk Appetite we have seen over the past couple of weeks in equities. Taylor record treasury issuance, the 10 year up 15 basis points for the week, the most weekly increase you have seen going back in two months. And the 30 year, that curve really starting to steepen, up 20 basis points. Remember when the 30 year was below 1 and now we are coming up on 1. 5 . Caroline so juicy. Romaine thats one way to describe it. What see how jason katz describes it. To go off treasuries for a second and back to equities because i want to get your general sense of where the opportunities are right now as you see them in the equity markets given the s p 500 is flirting with that record high, the nasdaq also right near its record high as well and you are starting to see a rebound in the dow jones in the russell as well. I think you dont want to abandon what has taken us to the party. Technology may not necessarily take us home but beyond looking toward value and cyclicality, i think 5g is definitively a place you want to have money. The stayathome and future Digital Economy is going to require higher speeds and lower latency and greater capacity and greater bandwidth. All these investors have been focusing on the goldmine instead of the picks and the shovels. Infrastructure behind 5g is definitively a place you want to have capital. Tethered to 5g is ai, big data, so theres a big opportunity set for their with a bigger outlook. Just thinking broader term as we go into the weekend with no stimulus deal, its going to take another big market move, maybe not to the magnitude we saw on the bottoming out of march 23, but a significant drop in the equity market to wake up the attention of congress and give them the impetus to create a deal on stimulus. Do you see that as well . I do. Its like watch what you wish for and a double edged sword. The improving economic numbers and improving the stock market has given Legislature Given legislators pause in terms of doling out more money. Perhaps its going to take a pullback in the market. I also think people are handicapping the election and what that means for a stimulus package, what it means for the reaction in the stock market. I know two months is an attorney away, but its definitely becoming more focused for us as we are thinking about constructing a rebalance and portfolios. Caroline feels like only yesterday it was march. We wish you a safe and well weekend. Jason katz, great to have him on the show. That does it for the closing bell. Up next, whats you miss . Extending childcare payments to the end of the year. This is bloomberg. Caroline from bloomberg world york. Arters in new what you missed was a pretty boring close. Feeling flat, just half a point on the s p, but it closed higher on week. U. S. Retail sales back above prepandemic levels. Further gains may be threatened by a stalemate in washington over additional stimulus. Childcare challenges one of wall streets largest banks sending backup childcare payments through the end of the year. We will speak with sherry bronstein. Some breaking news to spice up our friday spacex set to increase its latest funding round to 2 billion. Why go for 1 billion when you spacex . Much interest in finalizing 2 billion after they increased their round, saying theys fidelity increased their funding. Got to be weve talking about whats been happening in terms of the reaction to the ecodata today. Pretty retail sales, strong for july. Many economists saying that they think this is due to the 600 a month in extra stimulus checks that you got if you are unemployed. Like thegust, it looks skies may darken once again, given the wave of shutdowns and the federal government has stopped sending those 600 in weekly checks. All making the outlook for august a little more cloudy. For this outlook, we want to welcome the director of retail studies and adjunct fester at Columbia School of business. He held multiple executive sessions, most recently serving as chairman and ceo of sears canada. Its great to have you. Talk to us about what you make of the data this morning and if you think the consumer is as healthy as it may look on the top line. The consumer is nowhere. The june numbers had us jazzed that recovery was upon us. Thats principally because the stores open their doors, the customers who had been cooped up for several months and were still relatively solid because of their government subsidy and unemployment checks of course it was not all that appealing to wait an hour and half online to get into nike store, so the halo june represented seemed to dim contender bully considerably in july and i think the party is over. The government subsidies are nowhere. Anybodys guess when they will resume, if they will resume, to what extent they will resume. Back to school is upon us and there is no clarity as to what that is going to bring to millions of households. When all is said and done, if disposable income remains as inherently curtailed as it really is, the shutdown is going to be upon us as if those doors are still locked. Romaine can you talk about some of the underlying trends revealed and that retail sales report. Once you get beyond the topline number, you saw a lot of spending on Consumer Staples and kind of the things we need, even some of the bright spots in electronics seems to be tied to the fact that a lot of us are buying computer monitors and things we need to work from home. Is there a longer term structural shift in the way we are going to be shopping and the things as consumers we are going to care about versus what we were looking for precovid19 . Crisishe onset of the brought the essential business right up to floor. Groceries, home supplies, Home Furnishings became very important relative to all the principal, clothing and accessories, which fell off a cliff. Apparel and accessory doors opened, but that has abated significantly. The back to School Season is all about laptops and tablets. Its not about johnny and mary getting new outfits with which to go to school and backpacks to stuff their books in. Is the crisis is very much out there in terms of the infection rate continuing and the death rate continuing. Anhink we are going to see enormous Health Crises which havent already been evident in the last month or so throughout the south and southwest. Crisis is going to continue, but the trends that were evident before covid appeared are completely apparent. There was an enormous multiyear shift from brickandmortar retail over to ecommerce. This has accelerated at an extraordinary rate and that accelerated show and is going to abate a bit once the crisis is over, but its not going to disappear. Its especially evident in things like grocery where everyone was chasing amazons tail trying to avoid being hurt by them. Now, they are getting tremendous value for the fact they made investment and infrastructure. Im speaking specifically about walmart and target for example. I think essentials will continue in importance while the crisis rains and i believe its going to be with us right through next year. I think this is discretionary products, typically fashion, are going to take a backseat no matter how we feel about them. Caroline if you are a fashion Business Leader at the moment and you have to first and foremost weather the storm and get to where we have some sort of immune when there is a vaccine. You are hoping upon washington to get some stimulus, but what to do in the right here, right now, having led sears and now from your Academic Work . Mark i think you have to take a future view and adopt a point of view with regard to a point in time on the calendar when you has either been conquered or is under control. For me, thats the first or second half of 2022. Pick a point in the future, as uncomfortable as that may be, and begin working backwards to the reality of today. You need a fortresslike balance sheet. You need to adjust your assortments to reflect in 2022 what you believe customers will be shopping and looking for. You need to retain the embedded talent in your organization. You need to shut down any and all discretionary activities to protect and preserve your cash and cash capacity. You have to reflect on the fact that wishing the ball in the hole is not going to happen. The noise we hear from washington about a vaccine on election day is nonsense. If a vaccine were to surface as effective today, it would be well into next year before it could be reasonably distributed and of value. So, we are looking at the future and i think you lock in the future as best you can and work back to the reality of the present. Romaine great to have you and great insights. Mark cohen is the director of retail studies and adjunct professor at the Columbia University school of business. Some breaking news filings coming Archer Hathaway filings are out, reducing its takes in quite a few of the big banks including jp morgan, wells fargo, pnc, and bank of new york. It exited its Goldman Sachs steak again. These are the filings for the Second Quarter. We should point out it appears berkshire exited several airlines, delta, southwest, united and american. One interesting thing here is that they did add gold. Caroline how are those coins going . Romaine very well. Make sure you tune in tonight at 6 00 for bloomberg wall street week with david westin. David is not going to be here, but scarlet fu will dive into biden harris ticket. As tonight at 6 00 eastern time. We will be back in a moment. This is bloomberg. Electing biden and harris, as much as it will be great for the country will not be great for the market. Aside from that taxation, it doesnt do much by way of financial policy. People eat people will be feching closely for the chair. What are your expectations and the types of moves they would make to regulate the industry in a different way . The biden camp and the people i have spoke to are quite centrist and to be fair, more conservative than the trump camp. These guys are keynesian, but they are fiscal conservatives and that they know you cant keep spending forever without having some offset. So i think you will see tax hikes on the wealthy to fund some programs. Listen, the country is skewed on distribution of income and its as wide as it has been ever when you have guys like jeff bezos worth 180 billion dollars and the average american not doing as well. The democrats feel like theres some time for change and i think most people in america agree with that. Its a question of how it done. If its done fairly and transparently and that has been the problem with many, many tax regimes is nobody feels like they have been fair and transparent and that will be the big test. Our markets prepared for that accurately . Our markets prepared for that accurately mark we are in a liquidity driven frenzy. Tesla stocks up 20 because they announced the 521 stock split. In some ways, that makes zero cents. It makes lots of sense in this environment because everything is literally trading like bitcoin and 2017 into a speculative frenzy. Frenzies, bubbles normally and with policy response. Usually it is fed action. It could be action on raising taxes that could and the froth we have. Amazon is an Amazing Company and is doing amazing through covid but its trading on 100 times earnings on a gigantics earnings base. I think we are in bubble territory and the election might be what ends up at least stopping it for a while. A few volatiled stocks there tesla for one, bitcoin for another and i want to go there with you on bitcoin. Is it an appropriate store of value in these volatile times . I think it is. I think bitcoin crossed the rubicon in the last year for being something that well maybe to something that people think is. You have institutions joining, you have banks looking into how they get involved, and i think here asdownhill from opposed to uphill. From my five years in the crypto space, i was always pushing the ball uphill and it feels like its rolling downhill all of a sudden. I like bitcoin better than gold because bitcoin has been hard to buy. Its got a 220 billion market gap where gold is over 10 trillion. Bitcoin has a long way to go to catch gold in adoption. Where do you think gold should be ending up by the end of the year . Those are hard predictions. We have taken out the old high to so could it be 2500 3000 . It could be. Once you take out the old highs and markets, its hard to figure out where they end. I dont think anything changes between now and yearend in the offligacy of the fiscal side the fed printing more and more money. I think the fed is going to go even more dovish at the next meeting and that could be the next juice that accelerates gold bitcoin. And ceo ofe founder galaxy investment partners. Interesting. Lets talk about those retail Sales Numbers we got in the u. S. Earlier. Rebounding above that prepandemic level, but its the competence the composition of those retail sales at telling interesting story about whats going on with consumer spending. Joining us right now is Brooke Sutherland who we have not heard from in quite some time. Welcome back to the number one show on this network at this hour. Talk to us about what people are spending money on. We have seen a lot of Consumer Staples, but weve seen some discretionary items like Swimming Pools. Have, which is interesting. When you think back to the 2008, 2009 recession, everything got hit. Come upd be hard to with any beneficiaries, but thats not the case this go around. Swimming pools is one area where you see a lot of demand and so its showing up at the distributor level, the company there is pool corp. They had record sales in their Second Quarter and it was mostly burning off existing inventory. Thats going to work its way to a Company Called pent air. They work in new construction and remodels. A Swimming Pool is not an easy investment. It takes several quarters to build. To see people willing to spend on Something Like this is really telling. It shows how much time we are spending in our homes and the desire to make them a little more comfortable, but some americans are feeling good about their finances and are willing to put their money to work on these bigger investments which should help some degree soften downturn. F the anything that helps us paint a picture of what the recovery eventually looks like weston mckay dont imagine retail go thick and furious on everyone loading up on Swimming Pools ad infinitum. A willingness in this category, its not just pools, its not the its also homes. Zillow saw strong results in part of that is people shopping for bigger spaces in less urban areas. Onthly users were up 12 autos is another big one and that has farreaching ramifications. You see autos bouncing back much more significantly and that impacts automakers like gm and ford. That filters its way to a lot of companies that have big businesses supplying parts and that sort of thing. Think about the categories are holding up, and ,e have to see if it lasts thats a big part of the economy. But having that being relatively robust is encouraging. Some of these other categories, whether they hold up once we get through the pandemic, we will have to see. Another one his rvs. People are trying to get out there, leave their protective bubble and take some sort of trip, but they dont want to get out an airplane. Sellers. Ig another one is Rosetta Stone which saw a 90 increase in demand for its consumer language offerings as people brush up on. Heir spanish i feel i know someone on this set who will be doing that as taylor continues to out when us all in terms of her self learning. Brooke sullivan, a great piece and really interesting all the things people are spending on. Now a quick check on the business headlines movie industry takes another step on its come back cinemark starts a broad reopening of its u. S. Locations today. The rollout will continue the next two weeks. They will show classic films at five dollars for adults. The Russell Crowe thriller unhinged opens next friday. The ceo of Incredible Health says a practical reason for country for companies to build by themselves. Theres a concept called diversity depths. As faster and easy to build homogenous team come but you are going to pay for it later. When you want to hire that star black engineer, they are not going to join an allwhite team. Starting early is critical. Catch blacku can Leadership Matters at 7 p. M. New york time. Coming up, the postponement of the latest round of u. S. China trade talks. This is bloomberg. Are expecting to see strength coming through at the start of trade. Experience the ultimate sports hub. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. China arethe u. S. And postponing plan talks over the weekend that was reviewing phase one of the trade agreement. For more, we want to welcome an and northeastina practice had for the china eurasia group. Does this signal anything about any future trade agreement . Michael i dont think the postponement is a danger sign in and of itself. Willnk the meeting generally be cordial and these two officials very much support the deal. But i think the deal in broader geopoliticaloader terms is on thin ice. It will be important to see what the messaging is out of this meeting and if there reason for the delay is the chinese have been recalibrating their approach to the u. S. After several weeks of a very intensive barrage of u. S. Policy actions. Theine when we talk about phase one portion of this deal, it was basically a purchase deal that hasnt been fulfilled. Beneath the surface and looking at what phase two or three would have been, those seemed to be the real issues and the u. S. And china seem to have moved further apart on those issues in the last year, particularly when it comes to now what is the political football, tiktok. Michael thats right. If you think about a phase two deal, this was designed to make progress on these Underlying Technology issues which in both countries have become completely infused with National Security issues. Progresshard to see for a phase two deal anytime soon, even next year. In the meantime, the phased deal one has become something of a zombie trade deal, by which i mean neither side has much of an incentive to formally pull out of the deal but has much less political relevance and it is not acting as a restraint, particularly on the u. S. Side. Taylor when are we going to get to the real meat and potatoes of this, which is i. T. Theft, forced tech transfer, not with just the u. S. But having a multilateral approach to get tough on china with these issues . Michael partial progress on phase one, but very partial. The tougher sledding is ahead. Much of this will depend on the u. S. Election, particularly the multilateral part. If we were to see a biden administration, a key departure from the Trump Administration would be working with allies like the European Union to make progress on these issues if we have a second term for President Trump it will continue to be more of a unilateral approach and i dont see that united front as likely. Caroline on the flipside, what are you hearing or feeling china makes of the latest flashpoint, whether it be tiktok or tencent, how much they feel they can carry on without integrating in the u. S. . We can see a bifurcated world built up and they are ok with that . Michael i think thats increasingly the conclusion china has been drawing. You see that increasingly in some of the chinese policy announcements, where they are talking about a dual circulation economy, which is a mouthful. It really only has relevance and how china has been framing these issues, but what it gets down to is china feeling like it needs to be more of a domestically focused economy, and thats because of the conclusion that on technology, its going to be hard to stay integrated with the United States. Beaine the idea seems to china does want to maintain some force ipresence as a guess a lot of countries have to rely on for some good while building up its own domestic economy. This seems to be a model we have seen before from other well established, developed nations. Is there a reason china cant pull it off . Right. i think you are it also echoes what china has been talking about for a long time, having the domestic economy be the engine of growth. What is different is china is looking around the world, seeing a Global Economy in which china is much stronger than any other economy and likely to be so for the next several years. From the chinese perspective, they have to rely on domestic demand in a way that they didnt before. I think theres probably a part of this looking at domestic demand as something that will increasingly be driven by important substitution policies. If you think about an area like semi conductors, if you are a policymaker in beijing, it doesnt look like a safe idea to have china continue to rely on imports from the United States given how much this has become wrapped up in National Security issues. The chinese will be looking not just to stimulate domestic demand, but making more of these products at home to reduce critical vulnerabilities. Romaine always great to hear from you. China and northeast Asia Practice had with the eurasia group. Whats good to Mark Crumpton his standing by with the first word news. Ark joe biden n, harris are step closer to officially becoming the democratic ticket for the 2020 president ial election. The two signed their required documents in wilmington, delaware today and the documents confirm they are seeking the offices of president and Vice President and that they are qualified to do so and accept being placed on the ballot. We will continue to follow that story and have more just a little later. In other news, another round of fiscal really from the pandemic talks are stock are stuck on about a trillion dollars in aid. Democrats offered to cut their original demand for 3. 5 trillion by one third, but are insisting on the government aid. The white house has offered no more than 150 billion for that. Negotiations already stand still heading into two weeks in which both mcgrath and republicans will hold their national nominating conventions. Mexicos richest man is putting his money behind a covid19 vaccine. Billionaire carlos slim says his business will pay for mexico and argentina to produce up to 250 million doses of astrazeneca candidate for latin america. Mexico has more than 500,000 cases of coronavirus, more than 54,000 people have died. Jimmy lai accuses china of arresting him on trumped up charges. In an interview, he pushed back against the sweeping National Security legislation. Evidence, it is presumed i am guilty. The law is. The way i should be presumed innocent. Is one thing i can say from the statement they made is we have never supported independence of hong kong. Mark he says the new law curtailed the prodemocracy movement but supporters would find new ways to back the cause. 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. I Mark Crumpton. This is bloomberg. Primary netanyahu is a visionary leader. He understands what it means to lead the israeli people, but he understands what is critical to israels security and economy. Right now, he believes it is much more important to strengthen their relationship with the United Arab Emirates and other regional arab countries to figure out how we can create that cross pollination between the population and by doing that, i think you will make his real safer. I was speaking with a Previous Administration official here at the white house and he noted there had been some optimism, some hopes as far as how palestinians and israelis were working together on covid19. Areas, the way, but some especially how the Economic Situation because of the pandemic and medical situation in israel and palestine has forced them to look at thing regarding water, cybersecurity and technology. Really, the palestinians denounce this deal. At what point do you have to put additional pressure on palestine to get them to broker that israel palestine deal . We dont want to pressure the Palestinian People. People have seen a lot of the approaches havent worked. They want better lives for their children. They want security and economic opportunity. People are tired of conflict, tired of the middle east that has had problem after problem and President Trump has recognize the realities on the ground and tried to short them out tried to sort them out. We got israel to agree to a palestinian state. We got israel to agree to potential borders and we created a conference where the International Community came together and endorsed our plan to provide 50 billion and create a million new jobs and help have a better quality of life. So when you see the announcement and disagreement, the israeli people and Palestinian People are closer together than the Palestinian Leader is. Our hope is the Palestinian Leadership will see they have so much more to gain by engaging and resolving these longstanding conflicts than putting out the statements that quite frankly has not brought progress to their people. From a geopolitical sense, emma kratz have been campaigning saying they would rejoin the iran deal. Senator, let harris who is the running mate for the assumptive nominee says she wants to rejoin the iran deal. Emma kratz a Coalition Building is a contrast to the Foreign Policy strategy of this administration. How important of a role did iran play and what is your response to that the iran deal would restore some allies . I think americans are smart and one of the reasons people elected donald trump was people were tired of their politicians making stupid deals. Iran on a glide path to Nuclear Weapons and they use the money to fund terror. The day they signed the agreements, they were chanting death to america and death to israel. Im not sure what that caused other than antagonizing everyone all over the world. America made terrible trade deals. Resident trump has changed all that. President trump has tried to end the war in afghanistan. He wants to rebuild american cities. He doesnt want to rebuild other nations and i think president he as you have seen, they have said hes going to cause war and isolate and that has not been the case. Theas done things administration before has not been able to accomplish. You have to separate the media and political job links. Say what heaid to thinks and he brings result and thats what the American People want. Ray the iran deal on the old terms would be catastrophic for america, catastrophic for israel, catastrophic for the whole region. The vision of what iran wants to see is not consistent with americas interest. Romaine that was Senior Advisor to President Trump, jared kushner. Lets get back to whats going on in the markets because today is the blind for those big hedge funds to get their filings in, where we get a peek as to what they bought and what they sold in the Second Quarter. Abigail doolittle standing by. It was a pretty busy quarter for berkshire and appaloosa. The big headlines typically do go to Warren Buffett. What we are looking at is Berkshire Hathaway greatly pairing their stakes in the financial company. Theyve exited Goldman Sachs, perhaps more interesting for gold bugs, they have taken out a 406 he 3 million stake in barrick gold. After golds worst week in five months, it will be interesting to see if that stake in barrick gold pops, that gold miner perhaps a tell for the gold bowls that Warren Buffett is seeing something he likes. Typically, that will rely on the price of bullion. Viking global america, they are carrying tests. Theyve boosted their stayathome stocks. , this year is all about the robinhood trader and if we go to the terminal, the robinhood trader is still getting the professional since the march lows. A little more than 60 and the s p 500 really unbelievable as the march lows up 50 . Thatr it is interesting their new proposals raise the threshold that you have to report your holdings from 100 million to 3. 5 billion. It is going to be interesting. The sec proposed this in july. From 100on up million. This is the first this is i should say the three point 5 billion is equivalent to the 100 million, but it targets the larger investors out there. We are going to lose a lot of visibility into what some of the smaller investors are doing, health care, tech is in the middle, utilities, those Largecap Companies the least affected and relative to invest in style alternative, thats where we are going to lose the greatest amount of visibility and it will be interesting to see where that goes and it could time. A new filing but they will clearly be above that threshold and still be in the headlines. Caroline abigail doolittle, we thank you. From new york, this is bloomberg. Caroline the pandemic is causing an unprecedented childcare cross crisis in the night states. As daycare shut their doors, parents are left to figure out how to do their jobs with their kids literally underfoot. Bank of america says it has a plan to help its employees. Joining us is the head of hr at the bank. Talk to us about what you are extending. It caught my eye, the amount you are giving your workers at the moment to try and find some sort of balance. Thank you for having me. Just like you said, as we go through this health crisis, we are trying to ensure we dont have a childcare crisis and our employees need support so they can serve our customers and clients everyday. A millionovided over days of care so far, accounting for more than 100 Million Dollars in reimbursements to our employees. That program was scheduled to end on august 15. So starting next week, we made the decision under brians leadership to extend to eligible employees, daily childcare reimbursements of 75 or 100 depending on their compensation threshold. That is so teammates can continue to hire their own childcare, they can hire friends or trusted caregivers, may be someone who worked at a Childcare Center that isnt open right now while they are working at home or in the office. Is for children up to 12 as well as if you have a child with special needs, up to 21. We thought that was important to extend that monetary benefit to the majority of our teammates so they can do what they need to do to help us meet our customers needs. Romaine obviously theres a lot of concern. Tell us about how long this may drag on andy and balance that exists for the parents are now trying to juggle childcare needs with their own careers. What are you hearing from your employees with regards to what they are asking you and your company to do to help them bridge the gap to whenever the gap finally closes. Extended the benefit until the end of the year. Phases. Aking this in we think the fall is going to be pretty chaotic and so weve extended that monetary benefit, our parent talked to and caregiver network, which is about 10,000 of our teammates and said what else do you need . Outside of the monetary support, it fell into three categories. One was access to child care and supervision, so working with right horizons, we secured priority access to care where it is available. But for schoolaged children, accessing learning hubs, whether it is sylvan learning, distance learning, we are trying to bridge the gap we know is going to be challenging. The second thing is just continuing to provide resources for children knowing its going to be a varied environment. For schoolaged children, just providing additional educational resources. We have a partnership with khan academy and we are going to expand some of our own training and Development Opportunities we do for our own team. We are going to call it bank of america junior academy. We will be providing afterschool content as well. The last thing was education. I had one of my own team say i need a phd to figure out when my kids are going to school in the fall. Weve been running seminars and working with education experts to help our working parents understand exactly what they are dealing with and knowing its going to be a fluid situation. Bank of america its great you have these resources and flexibility. Given your experience with hr and you mentioned con academy for one, how do you recommend smaller firms who dont have the resources to give 75 or 100, what are some ideas to navigate this crisis . I think really being creative, thinking about what are the online resources that are available that can help with tutoring, thinking about how to organize care. While we would love to go back to more formal ways and in center care, thats going to be possible in some parts of our country and its not going to be possible in other ways. Inking about ways to Hire College Students that are taking a gap year. Really trying to get creative. You have to think about how you help to the best of your ability. Whats the access and how do you get creative there . Help yourou do to parents in the education component. No matter how big or small you can really help support your teammates with. Thanks for taking a moment out of your dizzy day. Now, a reminder to subscribe to our podcast. You will find it the best content to enjoy over the weekend. Its available wherever you listen and we urge you to listen. Take a time out. Us. Or and stay with you are hosting bloomberg technology. What is your key theme for the next hour . Caroline we are going to be talking all things china, tiktok and the new unveiling of a facebook product where you can do yoga and pay the instructor shouldnt pay the instructor online. Romaine are you moonlighting on us again . Everyone is moonlighting. Have a great evening. Have a great weekend. This is bloomberg. Caroline welcome to bloomberg. Welcome to bloomberg technology. Note stimulus top breaks our insight. Brace systems in the u. S. For backtoschool like never before. Many states depending on Virtual Learning like california which today became the