Steve engle at Standard Chartered with a blistering note about the fed minutes being reinterpreted. Weve got some breaking news. I dont know if you see it there i home in london, but this is critical. Alone,leaves the rate and we get turkish weakness of that headline. Mr. Erdogan simply doesnt want to raise rates, does he . Anna absolutely. They are leaving their oneweek repo rate. The big picture here is that many economists saw this coming, but also thought the Turkish Central Bank should hike rates because the Interest Rate in turkey is well below inflation, and that kind of makes turkey stand out on a number of measures. They are also spending fx reserves to try and prop up that lira. We were talking about a turkish crisis back in 2018. The lira is weaker now than it was then. We will talk more about emerging markets later in the program. Lira has been stronger the last one he for hours. It weakens demonstrably off of this leaving of rates. Right now, i can do the data check right now, futures negative six. Yields come in again, higher off the fed minutes, and then come right back in. 10 year yield, 0. 65 . Why dont you give us a morning brief . Anna i will do, and also tell you that european equities are off their lows of the session. I turn first to europe. Ecb accounts coming hot on the heels of the fed minutes which we got yesterday. Ofse accounts for the month july, 7 30. Will it give us clues about the next piece of action that we see from the ecb in the recovery to the euro zone . They will have more data to play with. Eight 30, initial jobless claims. Will we continue to see a drop of people coming forward to claim that benefit . And 9 00 p. M. , it is the final right of the dnc. Joe biden, of course, will make his proper appearance. Weve seen him fleetingly through the week, but he takes the stage tonight. Anna that is the can but tom that is the convention tradition. The Convention Continues with mrs. Biden and, harris and Kamala Harriss husband as well. A gentle and that looks at fixed Income Opportunities at blackrock, bob miller has decades of experience in fixed income. Youve got a strategic opportunities fund, mr. Miller. Where is the opportunity right now . Good morning, tom and anna. Thanks for the opportunity to be here with you this morning. One interesting implication of the Federal Reserve having so aggressively positioned Monetary Policy in a way that supports the recovery from the covid virus is that they have rendered large parts of the fixed income markets relatively unattractive. Torefore, i think in order find income, you have to go to the places where the fed is not directly intervening, so think about places like in the securitized market, commercial mortgages or cielo nonagency clo nonagency mortgages. Credithave the proper ,election analytical skill sets platforms that can do that should do quite well. That is where the opportunity set exists today. ,om is Dividend GrowthDividend Income growth, is that an income substitute . A yield substitute . Bob i think it is. It is a very fair question. We have been leaning toward less simple duration in your portfolios and more equity like a variety ofss different portfolios, regardless of what your constraints are. Good morning to you from london. Let me ask you about a little more of your response to what we heard from the fed yesterday. Clearly, some people expecting or want to get to hear or want to hear more about average inflation targeting. Do you expect that to come . If so come on what sort of time horizon . The expectation via the minutes was a bit misguided, in my opinion. I have no doubt we are going to hear from the fed on that topic. I think we may hear from them on that topic as soon as next week, during the virtual Kansas City Fed come of typical jackson hole conference late next week. It is important to mention the title of that conference or symposium is navigating the decade ahead, implications for Monetary Policy. I think average inflation targeting and the framework review fits perfectly with that title of that symposium, and i would expect we will get more information about this late next atk, and then a full review the september fomc. An importantis is evolution in Monetary Policy. Anna looking ahead to that symposium and the fact it will be taking on stock of the 10 years to come, do you think that allowing inflation to run hot could be a theme of the next 10 years if we work our way towards that important symposium . Bob the important mechanical implication of average inflation targeting versus a framework does not use average inflation targeting is that inflation shortfalls in the future are no longer considered by guns, which is the weight considered bygones, which is the way policy has been managed over the decades. Any shortfall relative to the 2 core pce will absolutely need to be made up. Od of will, for a peri time, assuming the leadership they willange, embrace average inflation targeting, which will allow inflation to run above the 2 , for example,hat over a twoyear horizon, inflation is averaging 2 . Tom weve been doing the last couple of days the mathematics of the nominal yield minus the Inflation Expectation equals the real yield. Theres a lot of debate on this, but the focus is on the real yield. How do you interpret such a large negative real yield . Bob i think it is interesting that so much of the market is focused on whether the fed is going to adopt negative Interest Rate policy through the ecb or the boj, and kind of microscopically focus on the nominal shortterm overnight Interest Rates. The fed has engineered negative Interest Rate policy in the u. S. It has done that by compressing the nominal yield market down to very low levels, at the same time that Inflation Expectations have come back from very low levels earlier this spring, and are now back at levels that existed precovid. So they are not high, but with the 1. 50 to 1. 75 normally and nominally 65 basis points for the 10year note, you got a real rate that is slightly in excess of 100 basis points. The term structure of rates is very low. The fedprecisely what was trying to engineer in terms of stimulative and accommodative domestic financial conditions. I think they have done a very good job of doing that. Tom thank you so much. A briefing there on the dynamics , giving backme much of the excitement we saw yesterday. It is reallira, simple. Last 24 lira over the hours, 40 eight hours, whatever. Then weve given it back, and the spike up. For those of you on radio, there is an abrupt spike. They do not change the physical Interest Rate. But anna edwards, theyve got lots of other things they can do , or that is the theory in ankara. Anna yes, some of our colleagues in turkey writing about the turkish market. Interesting news from turkey overnight as well. We heard about a possible Energy Discovery in the black sea. Some of our colleagues suggesting this gives the central bank the confidence to not hike rates because already, the currency had been rallying a little bit. We will wait for more details on what that is, how easy it is to access. Tom i can do some fancy technical allowances technical analysis. I havent done it yet. If we go to 7. 37 come but that really signals. We will keep our eye on that through the morning. Right now, dollars pretty much flat. A little bit of fractional dollar strength. 1. 32ish as well. All in all, futures and negative seven, dow futures at 58, and the vix a full stick as well. We just heard from bob biller of blackrock on fixed income. Good to hear from Lori Calvasina of rbc Capital Markets, head of their u. S. Equity strategy. Really want to focus with her on that courage to be in the market , that courage to participate, to buy the next chair of a 2 trillion the next share of a 2 trillion company. This is bloomberg. Ritika with the first word news, im ritika gupta. Senator Kamala Harris has accepted the democratic nomination to run for Vice President. She told the convention that President Trumps failure of leadership has cost lives and livelihoods. She called on the country to fight for change. Sen. Harris lets fight with conviction. Lets fight with hope. Lets fight with confidence in ourselves and a commitment to america we to the know is possible. Love. Erica we ritika former president obama told the convention that President Trump hasnt grown into the job because he cant. The political fight over the post office make clear the way for congress to resume talks on a virus relief bill. Both democratic and Republican Leaders are hinting at potential compromises. The white house says it is open emand toemocrats d increase funding for the postal service. On thent trump will call United NationsSecurity Council to renew all sanctions on iran. Key u. S. Allies have said they wont go along with any plan to reimpose sanctions. China says trade talks with the u. S. Will take place soon. The two sides have been expected to talk last weekend about phase i of the trade agreement. President trump says he called off those agreements, saying, i dont want to talk with china right now. 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. Im ritika gupta. This is bloomberg. Mr. Obama this president and those in power, those who benefit from keeping things the way they are, they are counting on you. They kicked dirt in the face of everyone else, but we can build a thriving economy by investing in families and fixing what is broken. I know something about the slings and arrows she will face, and believe me, this former District Attorney and attorney general can handle them all. Sen. Harris lets fight with conviction. Lets fight with hope. I accept your nomination for Vice President of the United States of america. That kevin accept cirilli will work 15 hours a day. Our chief washington correspondent here with prospective on those voices we heard last night. Our convention coverage, 9 00 to 11 00 tonight with david westin and Kevin Cirilli participating. The theme to me right now is a negative vote. Not so much, i want to vote for trump, i want to vote for biden. But i will not vote for trump, i will not vote for biden. Tell me about the dynamics of the negative vote when the two soirees are over. Kevin i think tonight, joe biden is going to speak to those individuals, especially in the republican party, who are apprehensive of President Trump, but didnt show up for Hillary Clinton 2016. Hes going to be looking at ,arts of the country like ohio southwestern pennsylvania. These are the parts of the country he really needs to address if he wants to make inroads, and to defeat President Trump and the electoral college, not just in the popular vote. Tom that is part of the culture wars. Is this election about culture wars, or about policy . Kevin first and foremost, i think as we have been reporting, the democrats and senior members of the democratic president ial nominees campaign would like to make the sabr for make this a referendum on President Trump. In stark contrast, President Trumps Reelection Campaign would really like to make this about economic policy, which, according to the polls, is still where he leads, especially among swing voters. It is a complete clash and a reversal, albeit a significant one, when candidate trump ran against Hillary Clinton as a complete outsider who wanted to defeat the swamp, as he labeled it in 2016. Anna good morning. Do younk that speak to democrats who think it is going well in terms of tack for the centerline, but not lose the rest of the party . Kevin yes, they are. I spoke with sources yesterday who noted that senator Bernie Sanders really did not make a democraticsocialist speech when he addressed the convention. Thectually made it about democrats defeating fascism. Senator Elizabeth Warren speaking in a childcare facility , making it about childcare and really going so far as to say that she believes that joe biden has the plans and the policies that are better than President Trump. But beyond that, i think youve got to look at these viewership numbers because the viewership for the virtual democratic convention, they have been declining by double digits. I think that trend will only continue, especially as a lot of the theaters, so to speak, of these conventions has dissipated , and we dont know whether or not they are going to have a Lasting Impact and parts of the country like youngstown, ohio. Anna im sure there are many people in the u. S. Who feel they know joe bidens life story very well, and i wonder what we are going to hear from him that will be new later on today. These things are not usually heavy on policy, are they . Im sure there will be plenty of attacks on the president , and maybe some reflections on his life journey. Kevin from what i am gathering, i can tell you first and foremost, they want to make sure that he delivers a speech that doesnt hurt him, that there is no major gas, no major flop, so to speak, that would be a ,efining trait of this speech and encapsulate and make an impression on swing voters minds. The second point is they are also aware that they dont necessarily need to hit a homerun. They just really dont want to do anything that would significantly hurt him. I dont think you are going to hear policy specifics. I think the Biden Campaign really has adopted the strategy it as close toep vast in terms of the Coalition Building he would do on november 3. Tom no doubt President Trump and his team will be listening as well. What do you expect will be the response as they go to their effort . Kevin i think what you saw yesterday from the president in his press conference and remarks as it related to iran and he secretary of state headed to the United Nations tomorrow, i think you will see the president at top a much more commanderinchief tone over the next couple of weeks, based upon the conversations ive had. We just had out that cnn poll, and despite the summer, to see president only trailing by 4 is quite remarkable. I think that, based upon my reporting and sources at the Reelection Campaign, they are looking at swing state internal polling that has this race incredibly close at the county by county level. Tom Kevin Cirilli, thank you so much. Of course, look for his effort on radio out of washington every day. Weve got the coverage of the Democratic National convention. David westin doing that tonight, 9 00 p. M. , getting out front of the biden speech. Of course, we will bring you the speech in its entirety. Good conversation there as well, with david westin. The politics goes back and forth. I really cant convey to our global audience how disruptive the pandemic has been here. To be honest, the democratic politics, the republican politics is completely overshadowed by so much of america on the backtoschool politics. One of the things we havent talked about his teachers have really been overt in the last two days about really questioning if it is safe to go back. This is a huge debate in america. Anna theres been a lot of that here as well. I think the polling shows a slightly different take on things. In the u. S. , i think the population shows to be slightly more nervous about backtoschool than they are in the u. K. , but certainly it has been a big talking point. Tom a look at the per capita statistics in the United Kingdom, doing way better in the covid death statistics then the United States. Just remarkable. Almost new york state like of good news for the United Kingdom in terms of statistical trends that they see. Futures, negative nine. We welcome all of you on Bloomberg Radio and Bloomberg Television. I am watching yield more than anything, and turkish lira deteriorates off of their rate nondecision. This is important. We now have a print of 7. 35 on turkish lira. That is the sign of a weaker minutes, 47last 25 seconds. Schwab on the markets, next. Stay with us. This is bloomberg. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Tom its an simulcast. Bloomberg radio, Bloomberg Television worldwide. Thank you for all of your notes, your emails. The signals have been great about this experiment. Jon ferro, Lisa Abramowicz and myself, the simulcast. Ferro is in tuscany or someplace. I have no clue where lisa is. Edwards d are anyways, anna edwards has really been strong for us. The idea is all of europe takes off august. Is that happening this year . [laughter] anna well, and a sense, yes. Samee still have the patterns when they are taking vacations. They just cant go very far. The stake patient is the new vacation this dictation the staycation is the new vacation. Tom i see the travails of ryanair and all of that. How will the other airports of europe fare, particularly in london . Anna the airports have specialized in stretching the definition of london over the recent years. So maybe we see some of that pulling back to the center. But certainly, this is a sector knocked. Businessvel in travel, and Leisure Travel as well. Debatertainly a raging into q3, q4. I read very carefully the minutes. You can do that when you have Michael MckeeMichael Mckee joining us on claims at the bottom of the hour in one hour, i should say. Greats a really indecision about where we are heading on inflation, and particularly on the general economy. Kathy jones has the great joy of working with Liz Ann Sonders at charles schwab, arguably the best flow team on the street. Schwab sees the flow of money like nobody. What are you seeing right now among schwab clients . Are they in the markets . Kathy absolutely. I think our clients have learned the lesson of hanging in there after the ups and downs of the market. Theres a lot of different clients, so each has a different kind of view, but in general, our clients have stayed in. We didnt see a big exit us we didnt see a big exodus. Tom what is your general yield prediction, given the worries this morning over future aggregate demand . Kathy weve been saying since the beginning of the year, actually since the pandemic hit, that we copy 10year yield would stay in that 50 to 100 basis point range this year. We are looking for continued improvement in the economy, but the pace will probably slow down now that weve had this quick rebound, and we think that put the lid on the upper end of yields. But with the improvement in the economy, even to a small extent or if we continue to roll along here, shows 10 year yields around 50 basis points. Of course, the short end is completely anchored by the fed near zero, so theres not going e. Be a lot of play ther anna let me go into the minutes from the ecb, just dropping across the bloomberg now. They talk about positive Market Development not being fully backed by data. Remember, this is july. But something catches my eye, and that is what they are saying pp, t plan put in place to buy a bassetts. Some said that the envelope should be a ceiling, not a target. I wonder if that will lead some to conclude that maybe the ecb is about to increase the amount of money it puts in in the future. What are you expecting to see . Kathy i think that is still going to be somewhat flecks of a. In the ecb, you have different factions. Probably that statement off the top of my head sounds like they are trying to satisfy different factions within the ecb, but i do think still under christine lagarde, the draghi whatever it takes philosophy. So if they have to increase, they will increase. But in the short run, that probably sends a little bit of a signal that will firm up the euro if people believe there is a ceiling on it. They they are also saying expect more clarity about inflation and the outlook in september. They were left plenty of more data to play with in september. When it comes to the global conversation around inflation, if we can talk globally about inflation, i know these things are much more nuanced and geographical, but in general terms, we spent many years with Central Banks struggling to get Central Banks to meet their targets in developed markets. This is going to be even more difficult now, isnt it . Where do you see the inflation narrative going . Kathy i think it is going to be a real struggle. Weve got several years before we close output gaps, we get. Nemployment rates down you have enough money in peoples pockets to fuel some inflation. It is going to take a couple of years, but i am not in the doom and gloom from deflation camp. I think the abundant liquidity and the efforts of the Central Banks will mean we will gradually see a little bit better inflation, but it is going to take time because with doubledigit unemployment and all of the damage that has been done to the major developed economies around the world, it is going to take some time. Tom this is an incredibly important story, and i will get it out. Estate and the emptiness of our big cities. The article focuses on new york city, but to be honest, i saw an article a couple of weeks ago as well. Assume thatjust they will be a lower gdp number, and that the level we get back gdpould even be sub 2 real . Lisa kathy no kathy no, i dont think we are assuming that at all. We do know there are structural changes taking place. Commercial real estate is an area where there are lots of questions as to how that is going to evolve, but i take a more optimistic view of things. If you look at how anxious people are to get back to their normal lives, they are willing to risk health and wellbeing in order to just go to a bar or have a party or go to the gym. I am actually fairly optimistic about the resilience of the Major Economies on siu get further down the road. Obviously, a vaccine would be a huge game changer, but i dont assume that we necessarily go to a lower level of Economic Activity below 2 going forward. I think we can get back to that area. I dont know that we can go beyond it. Tom at some point, that is yield up, price down. How do you protect on price erosion on fixed income . Kathy right now, we are keeping duration a little bit short of average. So if you take the benchmark, it is around six or seven right now. We would keep it a little bit shorter because the riskreward at the long end isnt that great , unless you have a very deflationary outlook, which we dont have. So we are keeping duration a little bit short. We like highquality credit. Investmentgrade credit. You can actually take some duration there and get a bit more yield, and you can venture out into some of the riskier segments of the markets if you have the Risk Appetite for a little bit, and get some duration plus yield to their yield there. Anna what is appetite like for some of the new issuance we have seen from the corporate world in the u. S. . I was looking at a chart that showed issuance set a record for the year on monday, so midway through the august, we have already reached a full year record on issuance. Kathy if you look at the issue that apple did a little while ago, i think investmentgrade will find very strong appetite. You have the support programs from the fed. We know the fed has been buying some investmentgrade. We cant get a lot of yield anywhere, and when you are up in credit quality, theres this tremendous demand for some sort of yield out there, and ig definitely satisfies that. Tom kathy, thank you so much. I think what is so important here are the street calls in august. Deutsche bank has eight big figures on eurodollar, 1. 18. We are seeing a lot of activity in august. Morning . Ou see this the think everyone current presumption i think everyone is looking at ecb this morning. The current assumption that the will behat the pepp used in full to buy assets around europe. By all settling into kinds of assets recently. Tom we heard about the tips breakevens. They have come up, but ive got to be honest, i was surprised how many Inflation Expectations really havent come back, have they. Have they . Anna indeed. We are having some any conversations about inflation, but people who point to the way tips have moved or the way we seen upticks in Inflation Expectations recently, they are always talking really at the margin, arent they . We are not talking about flyaway inflation, and that comes up in the longer term conversations we have with guests. Tom let me do a data check right now. Off the fireworks of the fed minutes release yesterday and i claim exclaim about yield curve control, theres been a reversal of many of those trends we saw yesterday in the markets. Futures 10, dow futures 80. Yields come in after the explosion yesterday. 30 year bond and four basis points, 10 year yield and three basis points. Have curve flattening with that move. The 10 year tips again below a 1 , 1. 01 . Ons will be very interesting the emptiness of our cities under this pandemic. Tony melton, Empire State Realty trust. We will do that in the next hour. This is bloomberg. Good morning. Ritika with the first word news, im ritika gupta. Kamala harris embraced her place in history as the first black on andianamerican woman major president ial ticket. At her speech, harris focused on her upbringing and what she learned from her mother. Sen. Harris i accept your nomination for Vice President of the United States of america. I do so committed to the values she taught me, to the word that teaches me to walk by faith and not by sight. Ritika harris largely stayed clear of attacks on President Trump, although she did say, the incompetence makes us feel afraid. President trump refused to criticize the far right Theory Movement q and on movement q anon. Notaid its supporters do like seeing what is going on in democrat run cities. The Supreme Court has set a showdown over obamacare for the week after the president ial election. Justices will hear arguments over the constitutionality of the Affordable Care act. Democrats want to make health care central issue in the campaign. Filed confidentially for an ipo. Airbnb originally planned to five foot to file for the listing in march. Then the coronavirus hammered the travel industry. 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. We are in new territory. The pandemic is new. The severity of eight is new. It is coming at a time when many developing countries had too much debt. Tom David Malpass of the world bank. This is the best interview ive ever done with him area was done withpermitted him. He was really informative. Weve got the perfect person to drive forward the conversation, Damian Sassower ou with his love of histo Damian Sassower, with his love of history of global wall street in previous crises. Thrilled to have you with us on bloomberg surveillance. David malpass was adamant that we dont have the commercial banking relationship that we had in the time of the rose. What is the relationship with em in 2020 . Damian i think we must respect the directional nature of developed versus emerging markets, at least over the short term. We have record u. S. Dollar valuations, the s p at alltime highs. We got the upcoming u. S. Election season. If you were to rank the 25,000 most liquid companies in the market today, i think you would find more attractive relative value opportunities in emerging markets, and i think that is what malpass and a lot of other investors are referring to. Tom stan fischer in 1998, on the watch of the imf, wrote about the surprise shadows of the crisis of 1998. What are the shadows you observe now . Damian we are card counters at the end of the day. We are counting monetary basis, liquidity injections by Central Banks. What you cant count is the black market that exists at the periphery. Black market currencies in places like nigeria and argentina, such as you might find in places like turkey. Ignored,hat cant be and that is at the margin for emergingmarket valuations. Anna you mentioned turkey. We had a Rate Decision from turkey earlier on. I was reading some of our colleagues writing about how turkey stands out from the crowd , not necessarily the way you want to. Rate is so far below inflation. How do you expect this to crack, to turn out at the end as we witness this ongoing depreciation of the currency . Damian turkey is already engaged in what we like to call a defect at 150 basis point tightening. You can see another stealth hike , so i expect that to happen in the nottoodistant future. Simply put, a rate hike today is an admission that the current policy just doesnt work, and the current policy is one of policy capital controls, fx intervention. It just isnt working. What you found is that turkish local assets are a historical reserve. The risk facing turkey, youve got 100 billion in the next 12 months alone. We talked in 2018 how this was a crisis in turkey. Now the lira is weaker than that, and some other measures on the economy deteriorate. It is still a crisis, i suppose. It just has more company. Dollarliraainly, volatility is in crisis territory. Fx intervention has really been a regular feature of this regime. I think households have become quick to do with it over the immediate term, but you are absolutely right. You take all that is going on and add on the geopolitical risk , the geopolitical risk is northern syria, the sanctions related to gas expiration in and around cyprus. Then you talk about moving those large ships in istanbul over the last year, and you can see very clearly white or is in the hot zone today. Tom to mr. Malpasss caution yesterday on debt, he continued to bring in china as assisting em. Is china helping em with finance management, or are they harming em with finance management . Damian that is a great question. It depends. I think if china is transparent about how it is helping emergingmarket, i. E. Exactly what they are lending too much of these countries, there really isnt any harm there. People dont understand what the fiscal situation of an emerging market is. The problem is, we really just dont know. Many have borrowed from china and we just dont know what the debt stack looks like. That transparency is critical so that these countries can return to the global pop the Global Capital markets and get the lending they need to get their economy sorted. Tom how can the imf, how can the world bank assist if they dont have that critical transparency . I just dont see it. Damian it takes a lot of negotiating. This is what the big boys get paid to do, to negotiate it is they need and really what the differential is. I think our friends at the world bank have their work cut out for imf, but no doubting that issuers, they have really come from an investment standpoint, a lot of their stuff is very attractive. That is one thing i am looking at in the current environment. Tom i am taking notes right now. What is the hedge fund lovefest in em right now . What is the trade everyone is on board to make big money before the end of the year . Emian i just mentioned debt, but i like being intel year paying in twoyear. Pause. That is going to crisismerge from the h covid, persico with covid, procyclical fx is probably going to outperform. Anna i asked that question tom i ask that question because mr. Ve no idea what to sassower just said. I did that to you could get a window of the sophistication. Come on, and. It is greek debt come on, anna. Its greek come on, anna. Its greek. Anna really interesting conversation. Really interesting to talk about the way turkey is going right now, and where he Sees Opportunities in emerging markets. Tom we are following this on an idiosyncratic basis, and some of remembery too young to how all of a sudden, it is not idiosyncratic. It is everybody moving at the same time. To be clear, we are not there, at least this morning. 30 year bond in four full basis points. All of that fun and games off the fed minutes yesterday, we are reversing it. Futures 12, dow futures negative 104. 23. 81 on the vix. Been having a lot of good conversations today. Lori calvasina, rbc Capital Markets come on your need to buy a 2 trillion company. This is bloomberg, a simulcast. We are seeing a lot of divergence in terms of valuation. Theres a disconnect between what is happening in public equity markets and what is happening on the ground. Any regime is one where you have a partnership, a monetaryphysical partnership. Monetaryfiscal partnership. That should lead to higher prices, otherwise known as inflation. If you have a ton of cash, youve got to step up and put some in. This is bloomberg surveillance with tom keene, jonathan ferro, and Lisa Abramowicz. Tom good