To watch. Plenty of investors telling us they like the story in europe but is that overdone . We have a bit fiscal promised overnight from germany, and extension. Tom let me get right to it. Or can laura in a moment and then we will go to Dennis Gartman. Your first word news in new york. From theing today National Hurricane center, and says that hurricane laura will rapidly strength into a category 4 storm with winds of at least one of the 30 Miles Per Hour. The storm is expected to make landfall late today or early tomorrow morning along the louisianatexas coast. It has already disrupted oil and natural gas operations throughout the region. On the second night of the Republican National convention, speakers try to humanize President Trump and highlight his leadership. First Lady Melania Trump spoke from the white house rose garden. I dont want to use this precious time attacking the other side. Because as we saw last week, that kind of talk only serves to divide the country further. I believe that we need my husbands leadership now more than ever in order to bring us back, once again, to the greatest economy and the strongest country ever known. Secretary of state mike pompeo said the president had made historic progress toward middle east peace. I know wisconsin, the governor has declared a state of emergency. There was a third night a violent protest in kenosha over the Police Shooting of a black man stub businesses were vandalized and buildings were set on fire. Shots were fired in a confrontation between protesters and a group of armed men. One person was killed and two were wounded. The trade deal with china may pay offer farmers in the u. S. Bloomberg has learned that beijing is said to fight a acord amount of to buy record amount of soybeans, around 25 more than in 2017, which is the baseline you for the trade deal will stop chinas taking advantage of a drop in soybean prices. Global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Tom yields higher today. Right now up three basis points. The real yield stable, which means we got nominal yield up, Inflation Expectation up as well. We have a turn in the equity markets. Anna edwards . Anna lets look at what we have happening here on European Equity markets. We are up by. 3 on the stoxx 600. The dax providing some support. That fiscal stingless overnight with the extension the job support scheme, the furlough scheme, essentially, from germany adding to appetite for risk assets here in europe. We are off our highs. Some of these markets just typically to negative territories. Eurodollar down. Tom very good. Right now we what to bring in some when i worked with over a decade. Rob carolan is given me wonderful, wonderful nonhysterical weather coverage with Bloomberg Radio and we are thrilled he could join us for this important hurricane today. Rob carolan, i want you to explain how i storm hits cuba twice just with jamaica, turns rate, and heads up near louisiana and texas and gathers that force, the physics of how it gets so strong so fast. How does it do that . The scary part was the fact that it was able to hold itself together as it moved along the south coast of cuba. Over the week it was of the circulation maintain itself and began to become alarmed because doing the water temperatures are close to 90 degrees in the gulf of mexico and theres a big high over the full. We knew it was probably going to be a dangerous storm. What it is doing is it is moving along the southwestern periphery of the bermuda high. That is the driving force in the Atlantic Ocean during the summer months. It strengthens and brings heat and community to the eastern and Central United states or in the summer. This term is tracking along its periphery and coming around the southwestern side. That has allowed it to make that turn in the call. With water temperatures between 85 and 90 degrees ahead of the system, a big high over the top of the gulf, it is in the right place at the wrong time. It is going to intensify very rapidly. The air force reconnaissance has been showing steady, rapid pressure falls and we do expect it to be a category for big hurricane wind makes landfall tonight, very close to port arthur, texas, on the louisianatexas border. Anna good morning. Tell me a little bit about some of the detail of the damage we would expect to see created here. The National Hurricane center this morning saying it could be lifethreatening, of course, talking about a storm surge , extremewinds, flash flooding. A whole catalog of expected effects, negative effects from this hurricane. Exactly. The storm surge is the greatest threat because the border levels along the southern texas and southwestern louisiana coast are likely to rise 15 to 25 feet with this store. They will see storm surge flooding as part of the west as houston and possibly as far to the east as areas outside of new orleans. Storm surge watches is in effect for those areas. Is, how intense does the storm get by the time it makes landfall right now we expect the winds to be at least 130 Miles Per Hour sustained with gusts at 150 Miles Per Hour. A category 4 goes all the way up to 155 Miles Per Hour. The storm is getting a large circulation. The air force is finding the Hurricane Force winds are about 70 miles out from the center of circulation. The Tropical Storm force winds, 175 miles out in the center. The folks in lake charles are distance, but there is potential damage as far east as lake charles area and potentially some of the cities off to the east of the houston area could see Tropical Storm so it will have a big impact along the texaslouisiana border. And they have the tendency to produce tornadoes so we will probably see tornadoes tonight in the area stop in the rainfall. Several inches likely along the path of the storm as it moves inland overnight along the texaslouisiana border and eventually takes a turn toward the Tennessee River valley over the weekend. Tom i know it is harder than predicting the next red sox win, but what does the rest of Hurricane Season look like . Can you take a crystal ball and estimate what september, october, november look like . We are in the height of the season. It usually occurs around september 11. We are still we still have time to get more storms. The interesting thing about this season, we knew it was going to be active because of a developing lending yet la nina, but the oneandone has been the saharan dust that has been blowing off the sahara and across the atlantic. What it has been doing is keeping the storms from developing far out in the atlantic or when they have been doing so, theyve been developing further south than we normally see. What that may end up meaning is we dont get big storms that we saw with say hugo or marilyn in years past, but we may see storms that develop more in the central or western caribbean or gulf, which means the western caribbean, the coast of mexico, central america, and the entire gulf coast may be more at risk through the remainder at this seas and then say the areas of the east coast. If that saharan dust continues to come off this era, which it is doing, it may mean we are seeing more of an impact further west than the Atlantic Basin rather than the east. Anna really good to speak to you. Rob carolan, bloomberg meteorologist joining us with great detail of this particular hurricane and hurricanes still to come perhaps as well. Later today, Kansas City Fed president Esther George speaks to bloomberg 7 00 a. M. In new york, 12 00 p. M. In london. All of that in the runup to jackson hole. Will we get the same beautiful backdrops we normally get of those interviews that we bring to you from jackson hole . We will have full coverage. This is bloomberg. Tom bloomberg surveillance. Good morning. Were are looking at a turning up, sbx flat this morning. We will see where we are in a few hours. Right now it is simple to say, potential football coach at his North Carolina state, but far more, Dennis Gartman is the mother of all gold calls over the last 20 years. For a while he was a pinata. Gold was not working out. He said own gold in yen and euro and it is been a gartman moonshot, one of the great successful traits of a generation. What are you doing with gold right now, Dennis Gartman . Goldstead of being long on in yen, i am not long in u. S. Dollar terms. As ive said for years, there are times when i want us to be bullish and times when i want us to be bears with gold. Im not a gold bug. I dont think you should always own gold. But i think given the expansionary monetary policies here by the fed, by the bank of england, the ecb, the bank of china, the reserve bank of russia, the bank of canada all of those monetary authorities of consequence have been expansionary and i think that is what is driving gold prices higher. Gold is still unable market. The highest correction in the past two weeks or so. I think you should belong on gold, period. Tom do you have a support level for gold where you load the proverbial gartman grain banks . Is it is there level where dennis says this is support . 19. 25 should be support. I think between 1900 and 1925, there has been, should be, and continued to be supportive. We start to take 1900 on the low side, i will reduce my position just a tad. Not dramatically, just a tad. Anna denis, good morning. I was interested in a story i read this morning called hoarding gold, bitcoin, and whiskey. Are you nervous about inflation . Does that make you want to hoard the other stuff, the bitcoin and whiskey . Yes, and beginning to become quite concerned about inflationary pressures. Take a look at the grain market. The grades have made lives and continue to move higher. Youre seeing strength in copper and tin and aluminum stuck crude oil is a little stronger. Not higheresting is because of what is going on in the goal. Gulf. Livestock prices have been moving higher. Of course, what happened and it of course of the past humans in lumber is something to Pay Attention to. Thought it was interesting he was. Rosenberg, said going to be amenable to and would allow the movement of inflation about 2 for protected period of time as long as the Unemployment Rate remains above 10 stop certainly, that is going to happen. The monetary authorities have been expansionary. [indiscernible] that is interesting, the positioning of inflation relative to unemployment. A lot of people on the other side would suggest if for percent unemployment 4 percent unemployment did not generate inflation, why would 10 . Nobodys paying much attention to the fact we have become very protectionist around the world stuff i think that is going to drive wage rates higher over the course of the next year, to, or three. We are trying to bring employment or production back from china to the United States. Automobile workers in the u. S. An hour. 80 to 10 per hour. As long as trade protectionism is rising in the industrialized nation, i think that will drive wage rates higher. Dennis, one final question and i want to go to the back end of your newsletter, which has been retired. You have been a sharp critic of this president. What would you look for here that mr. Biden needs to do to take suburban votes your North Carolina state . What is the gartman prescription for Vice President biden . He has sent a decent job of taking those votes. I think what really has to happen is the president of the United States and i will vote for him, lets be blunt, i will do it, lb reticent but i will do it if you were adopting more adult posture, a list tweeting posture, a quieter posture, i think it would help him a lot with those voters that he seems to be losing. Mr. Biden, by remaining quiet, has done himself a service. The president , by remaining loud, has had a disservice. I think the president can get those voters loud if you would become a little more adult, little more president ial, little more right ronald reaganesqu e. Tom Dennis Gartman, thank you. Gartman on gold. You heard him say support here, 1900, 1920 five level. Futures are mixed today. Jerome powell tomorrow at the jackson hole conference. Michael mckee on top of that story. Coming up in the 9 00 a. M. Hour, morgan stanley. This is bloomberg. Healtht now our economic is coming back with emergency spending and tax cuts. Americans are going back to work. There is a housing boom, an auto boom, a manufacturing boom, a Consumer Spending boom. Stocks are in record territory. A vshaped recovery is pointing to better than 20 growth in the second half of this year. Anna white house Economic Advisor larry kudlow describing the recovery as vshaped, though many economists see a bumpy road ahead. Still with us is Dennis Gartman. Dennis, one thing that does look vshaped if you squint a little bit is the recovery in the s p. We see new highs there and new highs on the nasdaq. Just how out of kilter come out of your range of possibilities is the positivity we are seeing in equity markets right now . The problem we have or i have in the stock market is how narrow it has been. Everyone is talking about that and they should be. The fact we have five or six stocks that have led the entire market higher, take a look at the broad stock market itself, the s p 500, about 400 of these stocks are lower for the year. Five or six or higher. In higher dramatically. That is bothersome. When you see the narrowing of rotation, yet to be concern. It reminds me of the early 1970s when the nifty 50 took the market higher and the at the market collapsed in september, october, november that year. It bothers me it has become this small, this tight, this narrow, and i think it should be paying attention to that fact. Anna is it all about Retail Investors . I think it is somewhat about Retail Investors. It is bothersome to me as a longtime pro in the market that you have got robinhood taking the lead on some so many things. You have people saying this is a business, buy stocks and they go up. That is not exactly true. If you bought microsoft, apple, any of the yes, they go up. If you bought banks, not so. Energy, not so. If you bought agricultural stocks, not true. Narrowness bothers me a great deal and makes me less enthusiastic about stock prices at these levels. Tom dennis, there seems to be two americas. Mr. Kudlow talking about the prosperity out there. We see that in the equity markets. A lot of valuations. That is all fine and well, but how do we pick up the rest of america right now . Are you in support of immediate stimulus . Physically toat the right of genghis khan when it comes to most circumstances, but given the events that prevailed and given the pandemic that is curtailed Economic Activity around the world and here in the United States, we have no choice but that monetary expansion and fiscal expansion. Get together a pass more legislation. Normally i would never say anything like that but given the circumstances that prevailed, we have no choice. We need it badly. Fangs right buy the now . Ill let someone else who is wiser, more courageous than i am and probably younger than i am do that. God bless them. I wish them well. Is there any value in stocks . Some people talk about a kshaped recovery. Some have gone skyward and others have gone down. Maybe those maybe there are some value stocks that need to pick up. Do you see any of that . If you made me buy something, i would probably like to buy general motors, ford, exxon, chevron, the banks. They seem relatively inexpensive, relatively cheap, and likely to do better over the course of the next 2, 3, 4, 5 years. Will i buy the faang stocks . Not with toms money. I will let someone else do that. Im a believer this will be a w or i like this k version of economic rebound. We are bouncing a bit but will we have the same number of hotels and restaurants come the same number of Small Clothing operators that we had eight months ago . Not for very long period of time in the future, im afraid. Anna what happens to our cities is a big question. Thank you so much for joining us, Dennis Gartman. The gartman. Of elector. , salesforce. Com ceo joins us later. This is bloomberg. Donald will not rest until he has done all he can to take care of everyone impacted by this terrible pandemic. He has in of the unfair trade arrangement with china that punched a hole in our economy. Those jobs are coming back home. Right now our Economic Health is coming back with emergency spending and tax cuts. Americans are going back to work. Looking ahead, more tax cuts and revelatory rollback will be in store. I dont want to use this precious time attacking the other side. Because as we saw last week, that kind of talk only serves to divide the country further. I believe that we need my husbands leadership now more than ever in order to bring us back once again to the greatest economy and the strongest country ever known. Tom the first lady, secretary of state speaking at the original National Republican convention. We have with is the original emily wilkins. Congressional reporter as well. Emily, i am fascinated. I know a few people have spoken from the hill and a supported stagednt trump in this convention. Great. But there seem to be so many people missing. What is the response of Republican House of representatives and senators to this convention . Emily i think so far we have seen most of the lawmakers be supportive of the convention, supportive of trump, supportive of the campaign. You are right, we have seen a number of people already from congress go ahead and speak. Senator tim scott the other night had a big address. We also heard from representative jim jordan from ohio, one of the president s closest allies in the house. There are a lot of people in congress, you cant necessarily fit everyone in, but i think at this point, most republicans are pretty happy with how the convention is going at this point. Tom what is the message here that you see to the key suburban voters . Emily last night there was a lot of appeal to women in particular. I think what you think of suburban voters, you do sometimes tend to think of women, women who are collegeeducated, have grown disenchanted with trump because of his rhetoric even more so than his policies. Trump knows this is a very important demographic for him. He knows the suburbs is highly critical. I think last night you saw a bit of a softening and in the message. He saw an appeal to women, to minorities, and you saw that the cable it with first Lady Melania Trumps speech in which she declined to criticize and instead made a Strong Defense for why her husband deserved four more years. Anna we were talking to one of our colleagues earlier who was saying maybe she should be used more often as she maybe provides a different vision or certainly a different style to President Trump. It is very much a trump affair, a trump family affair. How does that go down with the rest of the Republican Party . Are they happy to see that . Do they believe it will deliver . Emily the Trump Administration has been a family affair. You have seen ivanka and eric and don jr. Take and jared kushner, youve seen them take major roles within the Trump Administration. So i think this convention is a reflection of what we have seen from the last three years. Into thenald trump white house, you get the trump family that comes with him. Look out for we today . I think we are from mike pence today. What will be the highlight, emily . Pence Vice President mike , definitely. I think a lot of people will be watching his speech to see what his ambitions might be if whatever happens in the upcoming election, for 2024. Is he interested in a run, how might he tried to bring in a message to the American People . Emily, id ask about the stimulus. We were on with Dennis Gartman, cardcarrying republican. He is the last guy i would expect to scream stimulus, but there is gartman screaming stimulus. Where are we on stimulus . Emily washington is pretty quiet. The house is not here. We are still waiting to see what ome ofng to bec negotiations was that many are facing tougher elections in november. They need to ratchet up pressure on nancy pelosi saying, look, we need something here. We need some sort of bill. We need some sort of relief. Another thing to keep in mind, government funding expires after september 30, so right before october 1. The government needs to be re funded again. Tom American Airlines gets the headlines come the other airlines, airline incomes, thousands are laid off, fine. Way,all business in any shape, or form actually represented in the marble halls of congress . Emily paid a lot of lip service by lawmakers. I think you see certain things, ppp funding, changes that have been made that finding to cater more toward small businesses. There has been a sense that there is a need of relief for small businesses. But youre right, it is a lot of these bigger industries, too. And what is going happen with the travel industry . What is going to happen with airlines . It seems like to some extent these industries are going to be shaved for years and years to come from what we are seeing right now. Emily,ack to the rnc, the convention seems to be pretty policylight. Watching the dnc last week, that was maybe policylight as well. Will we get any clues around policy as we bring this week to a close . Would notbe honest, i be betting any money on that. Certainly, i think these conventions theyre not so much about policy. They are about appealing to the electorate, emotionally inspiring people to come out about most of it plays on the culture wars a little bit from the topics you have seen discussed, the people youve seen put out there. These are individuals, the couple who became famous for waving guns protesters outside their home. The student was part of the controversy over whether or not he acted appropriately toward an older man in washington, d. C. These are not figures within the party, these are individuals who kind of came with these big controversial stories that a lot of people had deep opinions about. Reporting wilkins, from washington, on a convention being held it seems in washington, as well. We want to take a moment on Apple Computer post of dan eyes has appeared on surveillance, many times. Youve seen him with his optimism on apple. He shocks this morning with a reset to 600 a share. I took the log extrapolation of apple back to the beginning of 2019. In the extrapolation of apple and the0 a share extrapolation of apple, up 100 a share. It gives a sen of where we are going. This is something to see to see ives come out with a new price target as well. It is something to me, uniquely american. There really isnt a european equivalent, is there . Anna absolutely. Often we hear that from some managers they want to allocate more to europe. They see it as a catch of story. There is not the tech exposure its really not the big faang name. This new bull case of 700 a share is interesting. Apple winning in the courtrooms against epic over fortnite. Im sure you are big player. Tom im not, but we had a great conversation on that with Lisa Abramowicz yesterday. This whole minecraft, fortnite thing, you know, what can you say about your kids other than get back to school as fast as you can . Lets go back to politics. Anna we will find a 12yearold expert. Tom he made a big splash the first night of the Republican Convention talking about its madness. Here is mr. Trump jr. If joe biden you how to fix anything, why didnt he do it . D. C. , been in washington, for 47 years. Now hes going to do all these things . For the average american, workingclass americans, joe biden, between nafta and tpp, that should be disqualifying in and of itself. He shipped our american a dream abroad for everyone else to enjoy but our own people. Now hes going to be the main of the people . It is asinine. For anyone to believe this guy could now finally deliver on it, why would they do that . China was a key theme in her speech last night. You really made the case that the Trump Administration is going to continue to draw countries with the communist party of china, yet even as that was happening, Top Administration officials were dealing with their counterparts in beijing on the trade deal. Here we are in the middle of a pandemic where so much of the worlds economy is intertwined. How do you balance that of making sure that business gets done so that farmers in iowa are not hurt while also Holding China mechanical . Trump is the first one to get things done with china. There is no instant gratification in the real world. You do have to feel some shortterm and we did and those farmers were like, well, donald trump got it done. The holy grail of trade practice, he got a deal done with china. All of these things that our politicians have spoken out for decades, donald trump did it. You could be tough on china and if youre to find china, they realized that they need us still more than we need them. That may not be the case in another decade. So if you dont put your foot down now, never will and will never be able to get that again. I dont begin when watching really believes that joe biden, again given his history, given his commentary about china not being a true threat to us, given million, img 1. 5 sure hes going to be tough on china. It is ridiculous. Anald trump got it done with insane amount of incoming, more heat than any president has taken in modern history and still able to get it done. If the democrats see this election as a mandate and we give them back the house, maybe they will do something to work with us to help make that happen. Kevin from a political standpoint, do you think that is winning issue . The mistrust and calmness party, that that is winning issue for swing voters . Or so now than ever before. Honestly, no one believes that china told the truth about the coronavirus. His darted there. They lied to the world health organization. They led to the world about the effects of this. They may shut down travel from wuhan and beijing while allowing travel to milan and everywhere else in the world, new york. They allow this thing to spread. And that is disgusting. If you are not fed up, if you are not upset with china, you should have been for years. Years prior, it was partially our fault. It people like joseph joe biden, if we build up china, maybe they will become a democracy. That isnt going to happen. Teva genocide going on right now. The left is totally silent on the issue. I think we have to wake up to the realities of the world and we have not done that, other than donald trump. Anna that was donald trump, jr. , fairly animated with kevin cirilli. Stay with bloomberg for our continued coverage of the Republican National convention that starts tonight at 10 00 p. M. In new york. Thats get the first word news. Aimurricane laura is taking at the texaslouisiana coastline and the National Hurricane center warns it could rapidly strengthen to become a lifethreatening category 4 storm with winds of 130 Miles Per Hour. It is expected to make landfall late today or early tomorrow. The hurricane has already disrupted oil and Gas Production in the gulf of mexico. You can keep some of americas biggest refineries shut for months. The food and Drug Administration commissioner tells bloomberg i made a mistake. Stephen hahn spoke two days after substantially overstating the benefits of an experimental plasma therapy for coronavirus patients. He says he worries that his mistake will hurt the Public Perception of the fda. He also said the agency would not rubberstamp a vaccine. The united nations, the u. S. Has lost its bid to reimpose sanctions on iran over its new care program. The president of the u. N. Secure to counsel rejected the trumpet administrations demand. All but one of the secured a councilmember said the u. S. Proposal was illegal. The investigation into the behavior former mcdonalds Ceo Steve Easterbrook has expanded. The company now wants to know whether easterbrook covered up improprieties. The fast food chain has sued him for his severance. He is tonight clumsy was involved in affairs with multiple employees. He has denied claims he was involved in affairs with multiple employees. Global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Tom thank you so much. On the pandemic, it is a good and occasional visit, lauren sauer will join us with john hopkins university. I know a mixed market. Nasdaq of 38. That apple lived lift. This is bloomberg. I am anna edwards with tom keene. Lets focus on tracking the covid19 virus, shall we . Bloomberg has developed a unique partnership the leading authority uncovered 19, Johns Hopkins has been at the forefront of the response. Every day we will bring you insight from experts. Today is no different. Joining us today is lauren sauer at Johns HopkinsUniversity Assistant professor of emergency medicine. Really good to speak to you. Let me ask about convalescent plasma. It seems to be something that is creating quite a lot of headlines around just how significant it can be. From your perspective, how much difference will it make, these of plasma in patients . I think we can actually tell you how much difference it is going to make i dont think we can naturally tell you the difference it is going to make, and that is part of the challenge. Convalescent plasmas been around for a really long time and we have tried it in a lot of different infections. In this case, we have data from an observational study that is only ok but with this emergency authorization, we have a potential challenge for not being able to conduct the randomized controlled trials we need as effectively as we could without the emergency authorization. People are potentially less likely to enroll and others trials because they could just get the convalescent plasma. Benefit in a modest an observational study that Gold Standard has not been met yet for whether or not this will be an effective treatment for covid19. Another new development come if you like, seems to be complicating the fight against the virus, the news out of hong kong they found somebody seem to have been reinfected. This sounds alarming, but is it really the only person that has been discovered to be reinfected . It doesnt sound like a very large group of people just yet. We have heard anecdotal reports of reinfection. I believe this is the first person who has genomic data on the virus. So we saw the small changes in the stranger indicate the first infection is truly different than the second infection. Potentially a good sign for immunity because he was asymptomatic when discovered. Were still waiting to see the paper. This is data coming from a press release. It means that he was symptomatic the first time he got infected and then discovered i believe in an airport, a symptomatically infected, which means even if the immunity did not protect him from reinfection, potentially could reinfected from having severe disease or disease protect you from having severe disease or disease at all the second time. Anna what about the rate for a vaccine . , wemany projects currently are tracking many here at bloomberg, taking place all around the world, different scale, different geographical coverage is suppose as well. This is the time to make sure we do the phase three trials effectively. I think theres Something Like seven or eight products in phase three trial right now. There are various types out there. Excitinghe platform is , astrazeneca is exciting. I think any vaccine that produces a result that is going to provide substantial coverage and also the general population trusts and have to take. Those are the two key elements. We want to find in those phase three studies a safe and effective vaccine and hopefully that is message to the public and produced in a way that people really buy into taking that to get that full protection. Where we see a second spike or continuous spike, and we see younger people being increasingly represented in those infection numbers, what does that tell us about the effect this will have on life, about how fatal it is going to be as we work our way through the virus . Rate question. As we get toward the fall, cooler temperatures, people going back to school, people trying to go back to work, and would potentially see either the continuations of first waves or second waves in some spaces, we have to really think about how this is going to impact as for the next couple of years. I think the who director general the other day said this could potentially be around for two years or so. I dont think that is unrealistic. I think the hope is the vaccine is developed in a way that it buys us time and we get to that vaccine point little quicker so we can go back to some semblance of our normal lives. I think normal life as we know it is going to be inherently different. Way weoing to change the interact with people. In our communities and also more broadly as we think about travel and vacations and just going back to office spaces, we will have to think about this differently for quite a few years i think. Lauren, thank you very much. Lauren sauer of Johns Hopkins, thank you for joining us. Stay with bloomberg for our full coverage of the jackson hole posy him. And posy him this is bloomberg. Lets get your business flash. Frontier has broken years of suspense by filing to go public through direct most of that by tech billionaire peter thiel apply to list on the new york stock exchange. And will raise any proceeds doesnt have traditional underwriters. By many Tech Companies that go public, that never actually been profitable. Shares of salesforce are rising today. The Software Maker topped quarterly revenue and profit estimates, considered a sign that mini corporate customers responded to the economic slump by upgrading Critical Technology systems. Salesforce also raised its annual revenue forecast. That is orbit Bloomberg Business flash. Anna thank you. European a goodie markets on the front foot. Futures in the United States look fairly mixed. Deaf futures down. Nasdaq pointing to gains at the start of trade. Next on surveillance, esther bank offederal reserve kansas. This is bloomberg. Lookingovement for improvement in the economy, but the pace will probably slow down now that weve had this rebound. This is a secular downtrend in the dollar that could be 10 , 20 over a twoyear period. The large, industrial behemoths of our time is probably not where cap it wants to flow. This is bloomberg surveillance with tom keene, jonathan ferro, and Lisa Abramowicz. Tom good morning, everyone. Jon ferro on sabbatical this morning. Really upset over lionel messi and barcelona. He was apoplectic when i spoke to him about this whole blowup. Ive got to go to something i got wrong here on radio, on tv, and thank you, i got the hurricane wrong