That you are really good at portage is, so we are going to do a lot of canoeing. Back then, it used to be birchbark canoes. Of course, lisa was totally wired up in the adirondacks. Did you have anything at all . Lisa no communication, no internet. I am glad to be back, though. A pretty active late august, all things considered. Tom it is, lisa, without question, the most odd august since 1998. Mr. Ferro is still off. It has now gone from vacation to sabbatical for jon ferro. Lisa and i will get you through the week. Dow futures up to 70. We will get you to the data in a moment. Yields really havent moved, and that is a key item. Also, Lisa Abramowicz with some of the ideas of the morning. What do you have . Lisa not only do we have the political backdrop in the u. S. And also in europe, with the u. K. And the European Union continuing contentious negotiations this week. Last week, talks broke up friday with Michel Barnier warning that an agreement seems unlikely. New york city tentatively museums, cultural institutions and bowling alleys. And the Republican National convention beginning remotely in charlotte, north carolina. Today, former Ambassador Nikki Haley expected to speak. She is expected to be a republican candidate in 2024, regardless of who wins. Tom i believe that is at 10 00 p. M. Tonight. Again, the data is very up. Rtant, up 28,. 268 what is the significance up 268. What is the significance of a higher yield reviewed . Lisa people are looking for the Jackson Hole Convention that will be held remotely for the First Time Since the 1920s or something insane like that. What it shows two people is that yields are not going to rise, and that is pegging some of the equity valuations, that seem pretty frothy. Tom Lisa Abramowicz back with us today, and that is a beautiful thing. James athey with us as well, of aberdeen standard investment. We still have this continued equity surge, but i dont see yields setting higher, bond prices lower. The relationship, it is not that it is broken, but it is a nontraditional relationship between equities and bonds, isnt it . James absolutely, it really is. It is probably more pronounced at the moment because weve seen such incredible things occurring in the last few months, but it really is the relationship which has existed between bonds and equity for the much less for most of the last 10 to 12 years. It says to me that this is not an equity Market Pricing reflections pricing pricing reflations. That traditional qe trade where everything rallies is very much what we are seeing at the moment. Tom what are you doing at aberdeen standard . What is your actual plan for reallocation into september and october . James sure thing. From an Asset Allocation perspective, we would certainly be looking further into the future than one or two months. I think from my perspective, from a bond market perspective, the return of supply after summer is definitely going to be a theme. I also think u. S. Politics is increasingly going to be a theme, and possibly u. K. And european politics as well. Much of that is in the negative side of the ledger for risk. I think supply is probably in the negative side of the ledger for bond yields. The assetback to allocation, what are we doing, it is very difficult to find value anywhere globally. It is difficult to get a huge amount of diversification. So it behooves you to really be can,versified as you but make sure you have risk off protection in the portfolio. Lisa what does diversification mean at a time of such low bond yields . James that is a valid observation and a good question gettingreally are you any diversification with bond yield. I would argue the best kind of diversification because what i see is asymmetry. I love asymmetries. I want to be putting risk work where either nothing happens or something good happens. Moneyyou dont make some you dont lose some money or you make some money. Markets take aty dive, you can bet your Bottom Dollar that the treasury yields will dive with, and therefore youve got some protection there. You might have to put more risk to work, depending on how much risk you own, but to me that is still a very attractive asymmetry, so i think the ration definitely has a part to play in the diversified portfolio. Lisa 10 year treasury yields, 0. 368 . Ood Value Proposition 0. 638 . How loaded yields go . James i dont think there are any good prepositions out there globally. What we have seen is this Central Bank Policy which operates through markets that creates this world of incredibly , andfinancial asset prices as weve already talked about, it has already had an impact on correlations as well. Whereas normally assets to be correlated, they dont seem to be at the moment. So it is not a Value Proposition. It is very much about the exposure you are attaching yourself to. Central banks are telling you they are not going to hike rates anytime soon. They are certainly not going to hike rates at the sign of any nascent inflationary pressures. Central banks have shown that they react quite clear and with an asymmetrically dove us reaction function, so you should still feel comfortable that Central Banks are going to be distorting first and foremost the Government Bond market. Thats where their actions are most mechanical, and that creates an attractive asymmetry. How look at they go . How low could they go . People have been saying that for some time. I dont necessarily expect them to go negative, but if the fed doesnt go negative, and growth and inflation dont take a hit, then you might expect the 10 year to rally further and you could get an inverted yield curve. Tom if you are on Bloomberg Radio and bloomberg television, good morning. We speak worldwide with james athey of aberdeen standard. What will issuance do . Theres not enough talk here about corporate issuance right now. I see the government, the 30 year german bond piece was bid hugely the other day. Oft is the temperament corporations put on paper . James that does have an impact in the sovereign bond market, certainly via swaps market. You find at the moment that corporates swap a lot of their issuance. In general where there is a lot of supply tends to pressure yields and spreads and swap rates as well. Seeing thiswe are year for Corporate Bond supply are truly eye watering. The sixmonth pace beat any 12 month pace for any previous year, is essentially what we are seeing. From a bond market perspective, you might expect that to have some technical shortterm influence on yields end on spreads, but i dont think the secular yield higher story is purely because of supply because the other side of that picture is demand, and i do believe there is demand for these product. Theres investor demand for these yields, and therefore, while you may have some noise in and around supplied, i dont expect it to push yields higher or spreads wider. To me, what is interesting is what our corporates doing with this cash, and how sustainable is that, and how much more whether i have to come back to the market to keep refunding because they are burning cash just to keep the doors open, not as not because they are investing in a profitable business. Tom james athey, thank you so much to get us started on the global simulcast this morning. The dynamics of the bond market, what i find absolutely extraordinary is the acceptance of these low nominal rates. Mean corporate as well. The mood here is here to stay. Lisa this idea that any income is better than no income, just looking at money market funds, you are seeing blackrock and other Money Managers waiving fees at this point in order to not give a negative effect of yield to their customers. Tom this is brilliant. This is the distinction between us and europe. Our money market funds, that is the big difference, right . Lisa the idea that people have relied on cash to produce more cash. I do wonder what are companies doing with all of this cash, and will it end up, all of this borrowing now, prolonging the downturn and slowing any potential recovery, bringing us zombification . An ongoing concern. Tom we got a followup today was futures up 28, dow futures up 268. His s ppurves raising 3650, by almost 7 this morning. Some of the enthusiasm that you see out there. Coming up in our next hour, leon cooperman from omega. I really want to quiz him on the future of new york wall street. Stay with us. This is bloomberg. Ritika with the first word news, im ritika gupta. Republicans are ready to formally nominate President Trump for reelection. A scaleddown convention will kickoff in charlotte, north carolina. It is a crucial moment for trump, who is trailing joe biden in national and battleground state polls, and under intense pressure to turn the race around. Most of the Gop Convention will take place in washington, d. C. At and around the white house, as well as by video. New zealands Prime Minister says the new lockdown of auckland will last an extra four days as authorities try to stamp out an outbreak of coronavirus. Jacinda ardern says authorities need to find the perimeter of the outbreak, and they are not seeing too many new cases emerge. New zealand wins 100 todays without any Community Transition andnew zealand went 100 two days without any Community Transmission before the outbreak. The european commission, which ultimately will but the call on hogans future, issued a state of support for him last week, but the executive arm has asked for a full report, and a dictation he is not yet in the clear. Back to back storms will deliberate ever blow will deliver a double blow to the u. S. Gulf coast this weekend. Residents from texas to florida are bracing for severe weather. Tropical storm marco is rushing towards landfall in louisiana, and the larger Tropical Storm nora is concerning meteorologists because of its potential to strengthen into a hurricane as it crosses warm gulf waters. 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. Gupta. Ika this is bloomberg. From a safety perspective, we tested everybody before they came to charlotte. We have been testing people on site. We are doing the things allowing people to live their lives, have a convention, and do it in a healthy and safe way. Rnc that is mcdaniel of the , with face the nation sunday afternoon. We welcome all of you on simulcast. Kevin cirilli right now, as he switches democrat to republican, like question, what is it for guys like you in the industry to switch from team a oneweek to team b the next week . However up disease which however up is the switch how ab wrapped is the switch . Kevin it is quite easy. Its my job. , i gete opening script that, but what is the backstory that we need to know . Kevin first and foremost, this is an opportunity for republicans to come out and make their case about the economy, as well as to tell their narrative as it relates to combating covid19. But the second point i would make is that there is a new wall street journal poll out over the weekend. The swing states are much closer than the national averages. This is also reflective of the dynamic we saw play out in 2016, and on the issue of the economy, prison trump is still beating President Trump is still beating joe biden. Lisa i will say, because jon is not here, i have to do this to kevin, but that was so politically correct to say we switch hats all the time. Well done. [laughter] as far as which speeches are most anticipated, today we are hearing from former Ambassador Nikki Haley, widely expected to be a 2020 republican candidate for president , regardless of who aash a 2024 republican 2024 republican candidate for president , regardless of who wins. Kevin it is a week where we are just a couple of days removed from the United States, again forcing the Un Security Council as it relates to iran and snapback sanctions. It is an opportunity for someone like nikki haley, who behind the scenes has been somewhat able to go head to head with the president on issues pertaining to policy that she disagrees with. Contrast that with someone like former senators jeff flake, who recently just joined the republicans for biden coalition. She has stuck with the Republican Party, so it is an opportunity for her to look to the political future. I would also note that secretary of state mike pompeo is going to be making his address from israel, another opportunity for the river party to talk about Foreign Policy the Republican Party to talk about Foreign Policy in the middle east. Broadly speaking, it is a study in contrast in terms of the strategy both sides have utilized. Last week it was about the soul of the nation, as joe biden put it. Thos appeal to swing voters. This week is you might not like what the president tweets, but do you like his stance on the economy . Lisa you talked about Ambassador Nikki Haley being one of the people who stuck by President Trump. That said, a lot of the people speaking at the rnc this year are his family. We will hear from don jr. Today. Some people are saying this represent an abdication by some of the stalwarts in washington, d. C. Is that accurate . Kevin i dont think it is because you could also argue that grandchildren of joe biden spoke at the convention, and hunter biden spoke at the convention. It is very typical for family members to make Public Comments for the respective parents, and i would even go one step further than that. Chelsea clinton spoken 2016 in a very memorable speech ahead of hillary clinton. I think we are looking at this in this modern era through Different Social Media strings. Tom is the Republican Party at this convention you mentioned a whole bunch of names. Just for beginners, it is unimaginable that george bush the junior is not showing up, and he is not. If the trump party at the convention . Kevin the trump Republican Party is at the convention. The old guard establishment is not at this convention. This is President Trumps Republican Party. So i think when you look down the list, whether it is senator joni ernst, republican from iowa, she will be speaking. She is in a tough reelection fight in iowa. Senator tim scott, a republican from south carolina, he will be making an address. I think there are individuals. Rick grenell will be speaking. It willre will be be fascinating to watch the contrast of the voice is speaking. Someone not speaking, Senate Majority leader mitch mcconnell. That caught my attention because he is in a fight for reelection in kentucky, and one of the most influential republicans in the beltway. Tom what happens on saturday . Kevin now we are focusing on the debates. It is going to be interesting to see whether or not these conventions hold the same weight as back in the era of ricky davis, when he was managing john mccains president of rick davis, when he was managing john mccains president ial campaign. Tom i dont know how you do it. David westin leading our coverage tonight at 10 00 p. M. As well. Futures to new highs, up 29. Dow futures up 287. The vix, 22. 52. This,ack to this, back to the yield to four digits, 0. 6380 on the 10 year. Yields dont move. Lisa is this the fed suppressing yields . Is this pushing it down by buying up bonds . Or is this a matter of Market Participants seeing that there is no inflation, very little growth, a very sluggish recovery that is getting hit again and again by resurgence is environs cases, and this is the actual yield . This is something we will hear from Jerome Powell from jackson hole on. I think this is an important to stiction to make. Tom to me come of the yield market is totally out of whack. While you were gone, you are swatting deer flies [laughter] youre not looking at yield curve control, argue . Control, are you . Lisa i was not looking at yield curve control, although it did look like yield curve control with yields coming in last week. The Gravitational Force is lower, and that has been accepted by markets. It is underpinning valuations here. Tom turkish lira backs up. Lisa, you were so out of touch. Lisa of thank you. Tom we really had a constrictive week on turkish lira. We have a weaker turkish lira this morning, 7. 36. Earlier on thel tensions of turkey and all of the levant. On the Interest Rate market from pgim, Michael Collins will be joining us next. It is a simulcast on bloomberg television, on Bloomberg Radio. Fsa abramowicz and mr. And mr. Ferro. Hes on sabbatical in tuscany. Whats that about . 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. 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. Tom bloomberg surveillance. Good morning, everyone. Jon ferro off this week. Theres a number of things i want to talk about. One of them clearly will come up at jackson hole, and that is an economy flat on her back. Zandiyou were gone, mark told us the Unemployment Rate wasnt 10 , but was 14 . I am seeing it in new york as well. While you were gone, i was seeing the deterioration of new york. It is very tangible in new york city right now, this slow down we are coming up against in september. Lisa people are saying major employers arent bringing people back to the office as quickly as they expected because of the resurgence in cases. How long are you going to do this when you were gone . When you were gone, lisa. When you both were on sabbatical. I will say people are all looking ahead to how quickly this resurgence will occur. Sees checking in, and i did that the unemployment filings last week came in above one million it again. I think that was really telling about how this slowdown in , there is a pause in the economy. Tom before we get to our wonderful fixed income guest to frame this discussion, i want to the jpchael feroli and Morgan Research note, which was on friday. They parsed out the huge inflation debate we are in right now, and against it, the dearth of employment in parts of the American Economy doing well, but other parts flat on their back. An clearly came out on the side of a recovery that is going to be tentative at best. Lisa we are going to be hearing more on inflation thursday when he speaks at jackson hole. Michael collins joins us now, pgim senior fixed Income Portfolio manager. How much is a low inflationary backdrop underpinning yields right now relative to any fed intervention or qe that is ongoing . Michael good morning. It is a combination of both of those factors. It is the lower trajectory for economic growth, and we are certainly in that same camp that we have seen the v already. We had that 80 recovering economy, and now it flattens out from here. The next part of the recovery is going to be much harder. You will see that in the Unemployment Rate that has dropped from 9 to whatever it is from 19 to whatever it is. That next 5 or so is going to be much more challenging, but also on the rates side, powell will certainly come out with it, you will talk about the new Monetary Policy framework for the next decade. They are going to talk about inflation and outcomebased forward guidance, which means basically, they are going to keep rates at zero for a long time, maybe forever. The inflation outlook we think is actually more on the benign side than on the concerning side. All of that leaves this yield curve stuck where it is for now. Lisa are we measuring inflation right . Michael if you look at all of the different components, people look at the headline and say i am paying more the Grocery Store , i am paying more for a couple of things, Commodity Prices are going up, but they are still generally down your to date. You look at almost any other factors, the costs are coming down. Look at amc theaters. They opened up. They are charging a whole zero dollars 15 since per ticket. Whole 0. 15t a per ticket. If that isnt deflation, i dont know what is. At reckitt river outfitters, worms were just through the roof. Lisa we are not going to live this down are we . Tom we are not going to live this down. Michael collins, it is real simple. We are seeing inflation, but so much of that component is real estate. How do you see that dynamic folding through inflation into what fixed income does . Michael well, the real estate markets are seeing the exact same thing as a microcosm of the broader economy, were you are seeing more of a shift in the demand and supply of different goods. Maybe it is difficult to find a bicycle or a fishing pole, and difficult to find a suburban home these days because there is so much demand, but the real estate markets in general, if you look at commercial real estate in almost any sector other than warehouses and logistic based, it is brutal. Tom let me ask you a really important money question, which is where is the shadow economy right now. Where are the shadows of 2007 or even 2006 out here in 2020 . Yourel i think if you put longterm hat on, you look at the trajectory of the u. S. And global economy, the whole developed world has been on a slowing trend for decades now, and it is driven by this huge secular forces, demographics primarily, of this debt overhang that is actually a negative for Global Growth over the long term. It weighs on growth, having all of this publicsector debt. That is the big picture. What is happening here and there isnt that important. I heard your prior guest talking about rates and stocks usually dont move like they are today. Ive been doing this for almost four decades, and rates have gone straight down from 40 years and stocks have gone straight up, so i dont know if there is anything unusual about the relationship we are seeing today lisa to toms seeing today. Lisa to toms point we are seeing today. Lisa to toms point, we are seeing stocks at record highs. That doesnt indicate the pain that we are talking about with an Unemployment Rate at 13 . Where are the blowups going to be . Where are some of the defaults in the losses . Michael we are going through one of the greatest market share shifts we have seen in our lives. It is not a rising tide lifting all boats here. There are a lot of winners in this. There are a lot of sectors, a lot of companies, a lot of industries. We talked about online businesses. Those things are booming. Online businesses are booming. Walmarts and targets are booming. Department stores are getting crushed. It is all about the shift underlying the economy here. You cant really look at the whole picture. You have to look stuck by stock, bond by bond. Set is the name of the game because it is a big market share shift. Lisa i am glad you brought that up because Cornerstone Macro came out with some data showing were1 5 of S P Companies more than 50 below their alltime highs as of friday. Even though we are seeing record highs on the index as a whole, underneath it is a very different picture, driven by the United States of apple. How much does this indicate to you that it is time to go into some of the less loved areas versus the apples and the amazons of the world, or does that indicate that there is discretion in the world and that the markets are accurately pricing risk . Michael you have to agree, the big winners in this are some of the big tech companies, and the stocks are reflecting that, but certainly the leadership is really getting up at the top there is really giddy up at the top there. I am a diehard contrarian, and i am always looking for the value opportunity, and my sense is that once we get more optimism on the economy, and i feel like we are going through a little bit of a lull here, but ultimately we will be on much better footing, and you want to make that shift sometime between now and then into the value sectors. Tom then how are you positioned on fixed income . Are you positioned for total return, a coupon . Or are you scared stiff in three month libor . Michael we are all in on total return. The way you are doing it is to get out of cash and out of treasuries, which have these brutally negative real yields, possibly permanently, and into credit, but into creditors that arent in that losing cohort of the market. Creditse a lot of safe that had spreads that are still going to compress. Credit spreads on the safer bonds will compress, and when they compress, you get a capital gain or a total return. That is the name of the game for the next few years. Tom Michael Collins, thank you so much. He is with pgim, with a nice briefing there on fixed income. You get some real nuances here about the battle that is out there. Lisa, i was just saying the battle right now is absolutely fascinating coming off of the inflation guess forward. I looked at a lumber truck today, and it is truly a moonshot. I really a lumber chart today, and it is truly a moonshot. I rarely use that phrase. Iron ore as well. Lisa you are getting this really pockmarked inflation backdrop. I do wonder when you look at stocks, that is where you are seeing the inflation. At what point will be Federal Reserve address that exacerbating of any body exacerbating of any quality . Michael had grown and some covid facial hair. It is a new look. You had done that. Why did you shave your facial hair . Tom it was a huge debate, but it was pushed at home to not grow in the hair. Al from new jersey said, i dont think so. It was sort of elements of wolf blitzer. Lisa it definitely worked. I will say it is curious to me how people are going to run in the office when they do. This survey that came out showing that more than half of all major employers are delaying due toack to work plans the resurgence in virus cases. Tom im so glad you brought this up. While you were out in long lake making your stretch out to saranac, we had a wonderful interview with empire state realty. We needed to that see a return of executives from their cushy summer places, just like where you were, to get them back into the cities. He was just heated about the leadership needed from executives to get the troops back into the cities, whether london or new york. I am not saying i agree with that, but that was the thesis brought forward into an empty new york in september. Lisa how do you do that safely, and how much money do some of these Companies Want to invest in making sure that air circulation is good . Just for the record, no internet, cushy . Really . Tom i would be great. Comments as well, jon ferro is doing fine. He is off on a very needed vacation. I mean, hes fluent in italian. He is killing it. Coming up next, lawrence gostin, georgetown university. Its a simulcast. This is bloomberg. Ritika with the first word news, im riddick a good. Democrat im ritika gupta. Democratic president ial nominee backiden is heading at the president on age. Biden tells abc it is a legitimate question, but scoffed at trumps characterization. If elected, biden would be 78 on election day, picking him the oldest president ever deserve. , hep is 74, and if he wins would surpass that mark. One of President Trumps longestserving aides is even the is leaving the white house at the end of the month. Kellyanne conway says she is quitting to focus on her family. Her husband is also leading a Campaign Group committed to defeating President Trump. Conway says that you may disagree, but they are united on what matters most, their kids. An explosion at a major natural gas pipeline near the syrian capital of them ask us of damascus triggered outages across the nation today. No deaths or injuries have been reported. The indonesian island of bali will remain closed to foreign visitors for the rest of 2020. Authorities have planned to welcome back International Tourists next month, but Officials Say indonesia remains a socalled red zone as the coronavirus continues to spread. More than 6 Million Foreign Tourists visited last year, ofounting for more than 1 3 indonesians total. 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 riddick a group to. Im riddick a koopa im riddick a group to im ritika gupta. This is bloomberg. Pres. Trump through this study, over 140,000 americans have already enrolled to receive this treatment, and it has proven to reduce mortality by 35 . Tom the president over the weekend, once, twice, even three times talking about his definition of science and his advocacy to begin treatment. A themey it will be of his Republican Convention as well. We addressed this earlier this morning, but lets touch on it again. Lawrence gostin is with us, truly one of the nations leaders on health policy. Theres is a debt economy here, which i know will not matter at the voting box in november, but professor, there is a science candidate, and i guess a nonscience candidate. Do you consider President Trump to be nonscience, or is he just hugely impatient . Lawrence i think it is a combination of both, really. He is certainly on the , with thingside like hydroxychloroquine on his hiske hydroxychloroquine or comment on disinfectants. He certainly is impatient, and i think some of that is justified. Ine of us want to sit here our homes doing remote and not being able to get out and get on with our lives. We dont want to see people sick and die. So we do want a vaccine as soon as we can. We do want drugs as soon as we can. But we want them to be safe and effective, and we want the public to actually have ethicalce that a proper scientific process was used, and right now i think everyone is just as he and lee confused. S just dizzyingly confused lisa i am wondering whether you think that perhaps the u. S. Moves too slowly when it comes to approving some of these therapies, given the fact that there are tens of thousands of people dying and the entire economy is shut down. Lawrence it is a balance. This isnt the first time this has been an issue. Time weple, the first really worried about speeding up therapeutics was with aids. During that time, the fda was given enormous flexibility with emergency youth off emergency use authorization, compassionate use, other things. We have been able to speed up our approval process, but i will tell you this. The fda is the envy of the world. I actually just served on a National Academy of sciences committee, talking about regulatory approvals. We are the gold standard. The European Agency is very good as well. There are a couple of really good ones. Many people in your audience wont remember it, but the early on inproblem my childhood, the fda saved americans while people around the world were really having birth defects terribly, so safety is important. Tom you have the definitive book on that. I brought up the thalidomide case and the wonderful courage of the director of the fda at that time to say no, america is not doing thalidomides. Why is the fda capitulating to the president of the United States on unproven science . Lawrence i dont think the president ever should just remember, four days ago francis collins, the head of the National Institutes of health, tony fauci, who everyone knows, said the science was not there on convalescent plasma. And we needed to get there. I think it is biologically plausible that it will eventually work, and it will be helpful. But we need to know these things. We need to have the data, and the public does have the right to disclosure, transparency, and to understand whether the fda is truly defending science. In my world, there are some people that i really respect, including former senior officials at the fda, who think that the fda commissioner should never be appearing next to the president , appearing to capitulate. Of yourare right or any viewers say that there hasnt on thelitical pressure agency to perhaps cut corners . Of georgetownin university speaking with us right now. Which of these therapies that we are coming up with right now are Game Changers that can actually allow us to go back to work more safely, more effectively . Or are these basically just and aids on a gaping wound just bandaids on a gaping wound before we get a vaccine . Dr. Gostin i am hopeful that one day, we will get a series of effective treatment. Maybe not as effective as antivirals for hiv, but really good treatment. At the moment, all of the treatments that we have been discussing, all of the ones that have been approved for emergency use authorization, they are helpful, but they are still bandaids. Still marginally helpful for survival, but they are not a miracle cure. They dont get you better. I think we really do need a highly effective vaccine. If we dont do that, we are just going to have to look to manage. Tom thank you so much. Our commitment here from the beginning of this in february and into march, the science on surveillance. This is our data check on the move. We aredoesnt color what seeing with gold, now up 11. I am noticing some real currency market meant as well. This of thedxy week dollar dxy weakness of the dollar giving back a little bit. Lisa talking about the incredible flows of money into gold and silver etfs, this sort of hot money creating concern about pretty big ups and downs in an already boom and bust prone area of this commodity market. I do wonder how much that was underpinning gold, surging above 2000. Two drumsnded up with of oil you went long on. That is why you went away for two weeks. I would expect you to have a couple of bars of gold in the living room when we are all done. [laughter] lisa well, i wasnt the one who went to tiffany to pick some up. Tom fortunately they are closed, under construction. That is a beautiful thing. Turkish lira, 7. 36. We are watching that carefully. It will be really interesting to see if it gets up through 7. 38 as well. Sterling,on again, one dollar 32 cents. If you are just joining us on radio and tv, what you need to know is simple. Equities surge again. Tech leading the way. Futures up 29. Coming up, mr. Armstrong from plurimi. On radio, on television, its a simulcast. This is bloomberg. You are seeing a lot of divergence in terms of valuation. There is a disconnect between what is happening in public equity markets and what is happening on the ground. This market does not reflect the real economy. Main street is dragging. The pace will probably slow down now that weve had this quick rebound. Weve got less supply. Weve got demand being stimulated. That imbalance should lead to higher prices. This is bloomberg surveillance with tom keene, jonathan ferro, and Lisa Abramowicz. Tom good morning, everyone. Bloomberg surveillance. Lisa abramowicz back fr
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