You might say better late than never. Adam that is exactly what i would say. Better late than never but also powell and Richard Clara for the process. There is a reality going back to well before the Global Financial crisis that the phillips curve has been flat. This is a fancy way of saying you can have deviations in inflation deviations in employment to the upside and you do not get that much inflation for it. Then you combine that with the reality we have seen in japan for a long time and in the u. S. And europe for the last 12 to 15 years that when youre too close to zero on your Interest Rate balance, you cannot react as well as you should to policy and adjust policy. Fomc powell and the they unanimously adopted the statement before he spoke what jay powell and the fomc are saying is they are catching up with reality. And jay powell was framing this as we have to be realistic and pragmatic. This is how the economy has changed in our process must reflect the way the economy has changed. David youve been a central banker on the Monetary Policy committee and the bank of england. As we look at changing fund mental policy, we have talked repeatedly about the fact we cannot figure why unemployment could go solo. Did we figure that out . Did we figure out the mechanism, and if we did not do we want to change the policy without knowing how it works . Adam is a really good question. Years ago, trying to say you cannot not follow patterns in the data, you have to know why. I think we know part of why but not all of it. One part is economists and central bankers have blinders on. There was an assumption that once people dropped out of the workforce were out of work for a long time or went on disability, they cannot easily come back in. If women moved out for reasons of childcare or looking after people, they could come back in. That turns out not to be true. As early as 2014, Danny Blanchflower and i were talking about looking at Labor Force Participation across the u. S. States as the main way to predict inflation. That was part of a Broader Movement of people. You should not focus on the narrow unemployment. Wet of what we understand is were mismeasuring the actual amount of slack in the labor market. I think the fed has caught up with that. The other thing going on that is powellrtant is chair made a lot of references to things call the real economy, which sounds ironic. Meeting not just money supplier inflation expectations, but real factors like productivity growth, our demographics, what is the effect of the pandemics, and pointing out that when real trend rate goes down it has impacts on the Interest Rate. These are not things the fed can control. I think this is very reasonable. There is not a great theory behind it, but the theory took us to the long to the wrong place. The fed can determine inflation a matter what. Sorry to go on so long, but i think this is genuinely important good david clearly it is important. At the same time, you have any concern the coronavirus pandemic may affect some of the mechanisms which is kept inflation down, particularly things like globalization and trade . Adam i think it is fair to raise that. The pandemic is having longlasting effects on the productivity growth rate, on demographics, and those of facts of the kind the chair was already talking about will be on balance or disinflationary than inflationary. We will have shortages. People suddenly decide they want to buy free weights or meet for their freezer. Those goods go up in value. At the same time we are having a fundamental shift akin to what we had after the Global Financial crisis. Young people will be more reluctant to take on debt, more scared about losing their jobs. They will not demand as much wages as a result. They will wait to form families and by housing. These kinds of factors, and the lack of competition that comes out of lack of trade, was was mentioned later at the jackson hole conference and the academic papers, that pushes down and our productivity and are trend growth rate. The pandemic matters hugely, but i think it reinforces the trend that makes you less worried about inflation. David you said this is a constructive step, maybe overdue. At the same time, is this the medicine for what ails us . You mentioned productivity. We need to get productivity increase or more people. We are not getting more people. Is this pushing on a string . Adam i think you are right. I think youve understood the right economists correctly in this case. Chair powell was pretty blunt about that, especially in his responses to the questions this morning, that there is only so much Monetary Policy can do. Pushing on a string is the classic keynesian image and we saw that in the last Global Financial crisis. You can provide liquidity and put a floor under credit markets , you can alleviate immediate stress in asset markets, but that can be a precondition recovery, keep things from getting worse, but it does not create the recovery itself. Households will still be scared. Investors may not see things to invest in. , muchut it yesterday better at playing defense than offense. It cannot advance the ball on the offensive side that much. If there is Something Real going on, low Interest Rates will not be enough to kickstart. David let me put you on the spot. We have a president ial election going on. I will oversimplify, but i think it may be fair we are seeing two different economic approaches for the economy. On the one hand we have more Government Spending from the bided campaign, on the other hand cut taxes more from President Trump at the same time. If you had to choose, not as a political matter, but as an economist, is one better than the other for the economy . Adam absolutely. It is clear that investment like making sure state and local governments are open, keeping open our educational institutions, Public Health as well as energy will have much higher returns than privatesector investment. It is clear from all of the evidence that tax cuts do not have the benefits for the economy as a whole people have reported they would. This is not about politics. This is reality. You can go back to 1979 1980 you can make those claims and they have some justification because the tax rates were high and the evidence was not clear. At this point, looking back at the trump tax cuts before the pandemic, it is a bad way to go. David in fairness to President Trump, he would say does not just tax cuts, but also deregulation, and claim deregulation has already increased productivity. Some people try to put numbers against it. Is that a fair claim . Adam it is a fair claim if the evidence supports it and that is in dispute. The basic theory there can be overregulation and that when you in the end is a question out of more regulation or less, but which regulations. There are regulations cut by executive order by President Trump that have led to shortterm growth, right like deregulation of the fracking industry, downplaying inspections and Safety Standards and production networker safety, which immediately lead to growth but, athort term, various peoples expense and do not add to productivity in the longterm. It is not enough to say we will deregulate. The trump approach kept talking about things in quantity terms. Here is this number of federal register will set on fire, here is how tall the list of regulations will get. What matters is how good are the regulations, that is something people should be looking at. David as is so often economics, it depends. Adam posen, president of the Peterson Institute for international economics. Coming up, jeff blau. He has been pushing to get workers back into offices in new york. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Radio and television. We turn to Mark Crumpton for bloomberg first word news. Mark hurricane laura is using is losing steam. The National Hurricane center says laura has been downgraded to a 1 hurricane and is likely to become a Tropical Storm later today. Louisiana landfall in with winds of up to 150 miles per hour. The biggest storm to ever hit the state and because billions of dollars in damage. Laura is now headed towards arkansas. President trump will accept the Republican Party nomination for president tonight and make his case for another four years. He will make his remarks from the south lawn of the white house. Aids say the president will defend his attempt to manage the Coronavirus Crisis and argue he is the best choice to lead the country through an economic recovery. The advisors have indicated he will also look to outline his second term agenda. The World Health Organizations top european official says the coronavirus outbreak is not going away anytime soon. Doctor described the virus as a tornado with a long tail. Speaking at the who headquarters, the doctor warned rising infections among young people could spread to more vulnerable older people and cause an uptick in deaths. The nba playoffs are back on, theyre not right away. Espn is reporting that had a meeting today, players voted to continue the remainder of the playoffs. The decision comes after a night in which they set out in protests over Police Shootings and racial inequality. Today three playoff games will be postponed. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. Is bloomberg. David thanks so much. Low Interest Rates and federal subsidies can help the economy tied itself over, but sooner or later we need to get back to consumer demand, that will require people coming back to the office. Jeff blau is the ceo of related companies, the Company Behind hudson yard. He has been speaking out about the need to return to work in new york. We welcome him back to bloomberg. I know youre on a campaign to try to persuade ceos and leaders to bring their people back. How much success are you having an who are you talking to . Jeff thanks for having me. Good to be here. I am on a campaign in trying to recruit others as well. Basically reaching out to businesses across the city, whether it is our tenants or others, we noted talk about bringing employees back to new york city. This is not a real estate campaign. It has nothing to do with the office buildings. It is about the impact of Office Workers on the new york city. Conomy weve been back in our offices since june 22. Every day i ride around the city and see what is going on. The city is very quiet. The residential neighborhoods have picked up. If you go to the west village of the upper eastside, they are active, there is life. If you go to the business district, midtown, it is deserted. If you think about Office Workers, they fill those areas each and every day. When they come to work they stop at the coffee shop, they stop at the deli, they spend money and they enable the Small Businesses to survive. The concern is of Office Workers are not back in the city, those businesses will not survive. There are only two things. If you think about people today in the city, either they are staying with their parents or in the hamptons or westchester, the only thing that will bring them back is two things. One is school, which were all hopeful will open next week or the week after, and their jobs. If employers tell their employees they do not need to come back, they will decide to hang out at their parents and. Ound it in and phone it in david are there some employers are businesses that are especially crucial. Are the big banks important . Who do you need to get . Jeff they are critical by sheer numbers. Those are the biggest employers and they have the most number of employees. Interesting this morning, jamie dimon came out and said all of their new recruits in london and new york have to report to the office. That is a critical statement and an important statement. It also reinforces that you cannot run business you cannot bring new people into culture and training online. I talked to another ceo of one of the banks yesterday. He has 2500 new employees starting september 15. How are those people going to know what that bank is all about, what the culture is all about, how do they even do their job . It is important for business to operate properly, and two, the real message, we want new york to recover, the only way it will recover his of people returned back to the city. One of the main ways to get back to the city is for them to go back to work. David what longerterm effects are you seeing in the real estate market, both commercial and residential . I know youre converting Neiman Marcus, the large Neiman Marcus to offices. Is there an appetite for that . Jeff that is interesting. There is quite a bit of demand for class a office space, maybe now more than ever. I think there will be a differentiation between class a and the older class b buildings. Primarily these buildings if you think about hudson yards, we design these buildings for anything that might happen. Super resilient, the latest sustainability initiative. We do not know there was going to be a pandemic, but we were very prepared. These buildings have the latest hvac systems, fresh air circulation, large lobbies and big elevators and lots of employees to do cleaning. He do not find that in the b buildings. There is demand for a shift to the class a buildings from the b buildings. People can go through without touching, touchless access. The nieman space presents a unique opportunity. We started that retails 10 years ago. Just what is happened in the Retail Sector in a decade is unbelievable. Obviously the demand for retail space has declined. We do not need as much space. The demand for office space has been incredible. The ability to take our best floors at retail and create 400,000 square feet of class a office space, decrease the size of the retail, move some of the stores down into the remaining retail, presents an Incredible Opportunity and we are talking to several people about that space. David both as an employer and the things you can do for your employees as a landlord and investor, a lot of people will not have the resources, the Financial Resources to do that in your b buildings. Can we get back in new york if we only have the big guys, jp morgan and the like . Jeff no. The office people, everyone has to come back. It is not that expensive. We have an incredible protocol package, and that is another thing we have been doing it sharing all of the work we did as safety protocols to bring people back. We are not suggesting anyone come back in an unsafe manner. Our protocol standards are high. In the morning you get any mail at 5 00 a. M. Asking you to take her temperature answer five questions. At the office there is thermal scanning, everyone is wearing masks, lots of social distancing , Conference Room capacity is reduced, oneway directions and all of that. We are doing all of those things. They do not cost much money but they take a lot of initiative to get them done. We have a package of materials, sending them out to companies, and anyone it and anyone that needs the knowhow, we are providing that. I talked to our employees the first couple of days. People are nervous, they are scared. After that, the idea of being back together, socialize, collaborate, create innovation, people are happy to be back. David why we are talking we have had a viewer right in with the question. As you talk, are there concerns about legal responsibility, that you might get sued . Jeff it has come up quite a bit people are concerned. The general consensus in the Business Community is that congress it does seem to have bipartisan support. It is an issue people talk about. There is no case law. Nobody knows who would ultimately be responsible. I do not know how you would say someone contracted covid in a certain location. I do think congress will pass a bill on that. David jeff, great talking to you. That is jeff blau, related companies cfo. Still ahead, part of my interview with the home depot cofounder kenneth langone. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Ken langone, cofounder of home depot spans the range from business, economy, and health care, and investor and big pharma and chama of the nyu langone center. I started with the subject of the coronavirus. Virus is rapidly receding in impact and importance. Results in newe york City Hospitals this day are dramatically lower than they were in april. Whether it is herd immunity, whether it is compliance. Mask, 90 ofwore a the problem would go away. That is the easiest way to convey infection. I am very optimistic about how we are learning to deal with that. One of the points we have learned at nyus we had patients who had it lying on their bellies. Believe it or not, it had a significant effect on their dependence on a ventilator. If you do not have to put somebody on a ventilator, please do not. I think the pharmaceutical industry deserves a lot of credit. Collectively,made not with the profit motive. I believe, based upon hearing people smarter than me, that we will have at least one successful vaccine by christmas, and maybe four. Maybe more. Maybe multiples. There is the anybody therapy, which looks very , now that does not prevent you from getting it, but god for bid if you get it it will be helpful to treat you. If you have not had it, it might give you immunity for a couple of months, the vaccine is meant to have a longer duration. Issue, i think the president made some good decisions, i think he made some unwise decisions. The good decision was jumping on regarding flights in from china. I wish he had a different stand on masks. Masks are very critical part of defense against the pandemic. Embraced masks sooner and more enthusiastically. I would feel better if he had higher regard for the pharmaceutical industry. Major investor in the health care industry. My biggest position in the industry being eli lilly. I give the industry straight as for coming together the last four months to do what they need to do to help the country. I think the effort they are making on a vaccine is very good. To alleviate the tragedy it has had on humanity around the world. That is one of the redeeming features of the pharmaceutical industry. I would say he has done a lot of great things, and i wish you wouldve done other things. His passion for the hydrochloric for the hydrochloric queen, i do not think it was merited. It has purposes. It has been around a long time. In different conditions it might. Elp a few people what i am saying is i like some of the things he did, i like the werethat because they arguing with each other last couple of weeks, he issued an executive order to help out. I am thrilled with his compassion and his sensitivity to the Health Care Delivery system we have in america. At nyu we lost 500 million in one month. There hospitals in new york that lost even more than we did. Thank god they got the first bill through. Nominally it is a loan. If it is alone, we have to pay it back. In that period of time except dealing with covid patients. We were overwhelmed by the number of people that came in. We could do nothing but focus on dealing with epidemic, pandemic. That is the best answer i can give you. David that is part of my interview with ken langone, home depot founder. You will hear more of that tonight starting at 9 00. Being the ceo of a major Public Traded Company has never been easy but particularly hard in that time of coronavirus, and to boot, a recession. As we saw with bob iger yesterday, when he tweeted out about the cdc decision to say maybe you dont need to take a test if you are a some thematic. As bob put it, this is more debt beyond disappointing. It is horrifying. We welcome someone who has sat in that chair, Carly Fiorina was ceo of hewlettpackard. Im sure you can empathize with bob. Tens of thousands of employees, im sure that he is testing them, and then the cdc says maybe you dont need to test them if they dont have symptoms. What do you do as a ceo to manage the business but you also have to understand Something Like immunology . Harley this is a difficult set of choices. What ceos want from the federal government more than anything else is predictability and stability. Just tell me what the rules are so that i can follow the rules and do what i need to do to run our business. When the rules keep changing a majorce it, this is change in how the cdc is talking about testing. It used to be that we wanted to do trace testing, contact tracing, and now maybe you dont. The income see on mask wearing. Ceos jobat makes a more difficult, particularly if they are trying, as your previous guest is, trying to bring their workforce back to the office to return to some sense of normalcy. David it is impossible to generalize across the country but if you are running a Major Company today, how would you strike the balance . You want to take care of your employees, make sure they feel they are taken care of, but at some point, we have to get back to business, back together, dont we . Carly yes. I run a much smaller operation now, but what were doing in my organization, i would go the extra mile in terms of safety. I would go the extra mile in terms of testing. Go the extra mile in terms of social distancing. Go the extra mile in terms of mask wearing. One of the things we have learned about this pandemic is we dont understand it completely. And we have failed to predict it accurately. I am concerned, as i think most Health Professionals are, that we are coming into the fall where we may start to see waves again. As an employer, you never want to put your employees at risk, and you dont want them to feel at risk because if they feel that way they are not going to do their best work, or they will not do their work at work at all, they will stay home. David this is particularly complicated in a lot of places because parents may have children staying home with remote learning. How do you try to accommodate that and still keep the business going . Carly it is very difficult. I am concerned about this aspect of it as an executive, employer, and as a woman. I think theres an opportunity here for employers to take a leap forward in terms of recognizing childcare duties of their employees, particularly women. Carry most of those childcare responsibilities. But i also think its possible employers will take a step back. I have read about certain employers basically saying, if you are taking children or helping them be educated at home, you cannot be working for us. I think that is foolish. We have enough technology now, there is enough recognition that the workday, your athome day have learned together in this. I would urge employers to be incredibly creative in how to accommodate childcare duties, ask my employees who are struggling with childcare, how can we make it most productive for you to continue your work . Virtually Everyone Wants to be at work, contributing, to be a part of the team. If you make it doubly difficult for people with children at home, i think we are going to set women back in the workforce, and i think that will set our economy back, and the company back. David as you know, we have an election coming up. We are on the people of the last day of the Republican Convention. You are a republican and you have said that you expect to vote for joe biden. Putting your ceo hat back on, and if i told her you had a true economic choice on the one hand with the democrats and joe biden who says we will invest a lot of money and we will have to increase taxes to get it done. On the other hand, President Trump says we will keep cutting taxes and we will not spend money. Which would you choose, as a ceo . As a ceo, you have to think both about the shortterm and the longterm. Shortterm, cutting taxes is great, wonderful. But in the long term, we have issues holding our economy back. Education system is holding this economy back over the long term. Racial injustice is holding this economy back in the longterm. Communities that cannot participate, low income workers who barely can make enough to survive, all of that actually does hold the economy back. Trumpy wish that donald and his first three months as president of the United States would have reached his hand across the aisle and said we are going to do a big infrastructure build. It is going to cost money to do modernized lack of infrastructure in this country is also holding the economy back. I hope joe biden says we will do an infrastructure bill and we are actually going to get Internet Access to all of these schools no matter where you are and tackle once and for all communities that have left behind in racial injustice, because those things impact the economy as well. David in your experience, which is substantial, do the markets get what you just said . Will they give a ceo credit for looking at the longterm, even if it means taxes are higher . Carly [laughter] honestly, i dont know anymore. There was a time when investors were investing in a company and its longerterm prospects. As a ceo, i believe your job is to create sustainable longterm shareholder value. But when you have a stock market where the average holding of a ,tock is a couple weeks at best a couple minutes more likely, it is hard to see people focused on the longterm. Nevertheless, it remains the case. Pdss also true, with the announcement today, it is even more true. The fed will keep feeding this market. Investors may not care. It is up and away to the moon, alice. No question our economy is underperforming its potential. It has been for the last several years despite a lot of job growth, and there is no question economy will continue to underperform its potential if too many people are not able to participate fully. David thank you so much. We always benefit from hearing from you. Carly fiorina, chairman and counsel for Carly Fiorina enterprises. Coming up, an exclusive interview with wilbur ross. His thoughts on china, trade, ad the possibility of President Trump second term. This is balance of power on Bloomberg Television and radio. Where we fought for free and fair trade and this president stood up to china and ended the era of economic surrender, joe biden has been a cheerleader for communist china. He wants to repeal all of the tariffs leveling the Playing Field for american workers. And he actually criticized President Trump for suspending all travel to china. At the outset of the pandemic. David that was mike pence addressing the Republican Convention last night. We welcome now the man implementing President Trumps trade policies, wilbur ross, u. S. Secretary of commerce. Lets get a sense of what President Trump accomplished in the first four years. I want to turn to what you think he will accomplish in trade in the next four years. Are several, there very, very important things. Most important of which is the revision of a very bad agreement fta, into a very good agreement called usmca. Andmost states, canada mexico are two of the three most important export destinations. That is a very important event. Was mostdone this time importantly to correct the grievous error in nafta. Nafta had what it thought were good rules of origin. These were meant to limit the amount of material that could come in from outside the nafta countries, and yet, be counted within it. However, the rule was poorly drafted. The way it was written, it listed specific Automotive Parts that were subject to the rule. Many of those parts are no longer even used in cars. There are many parts, especially electronics, that were not on the list. That was the second problem of the list that said any part not listed would automatically be deemed to be made in the u. S. In nafta, regardless of where it was actually made. Fort was an open invitation Southeast Asian countries to dump material in, and that is what they did. This has been corrected by the much better rules in usmca. David something the president promised to do was to reform nafta. He also promised to deal with china in a different way. Take us through what you think was accomplished in the first four years . Wilbur in terms of china, a lot has been accomplished. Havee enforcement side, we really been enforcing quite vigorously. You are familiar with the actions we have taken on huawei, actions we have taken on cte, zte, two Major Telecom companies. Most recently weve been working hard on the Semiconductor Part of things. While china does have technology, we still have the best Software Design and the best fabrication equipment for semiconductors. Them are trying to avoid taking unfair advantage of our technologies. Important is really because, while protecting things like steel and aluminum, help take care of todays world, technology is tomorrows world. Recently, we put on the list 500 Companies Since 2017. An awful lot of those are chinese companies. That is because they are the ones that seem to be doing the sanctions, toe violate human rights, and most recently to also create problems in hong kong. That has been a big series. Then, of course, you have the ustr imposed on china. The cumulative effects of this are a normal sleep greater then the longterm curative effect of everything that had been done pretrump. David speaking of china and technology, we have the tiktok issue pending. Various companies have expressed an issue. Microsoft, walmart, oracle expressed an interest. As you look at these possible alternatives, which criteria do you use to make sure that it makes sense from a u. S. Point of view . Wilbur the fundamental idea is we dont want detailed, personal information and all of our teenage children who are the main users of tiktok, we dont want that information to become part of a big chinese database to use to infiltrate our country. That is the principal objective. Microsoft should be or oracle or someone else, that is for the private sector to decide. People are essentially operating in the u. S. And the couple of other nonchinese countries. Doesk, as i understand it, not really operate in china, so there will be no particular as at on chinese apps result of what we do with tiktok. My own personal preference would be to have tiktok acquired by one of these american companies. I think that would have the fringe benefit not only of helping from a National Security point of view but creating more the areas ofn facebook, social media. That is a healthy thing. Competition is a good thing. Kind of what makes american industry thrive. David as you think about a second fouryear term for President Trump, a lot of concern that we may be entering what some call a tech cold war with china. Do you think at the end of four more years with President Trump, we would be more disengaged when it comes to technology . Wilbur the cold war in technology started long before President Trump. It was not only under President Trump that the chinese were stealing intellectual property. It was not only under President Trump that the chinese were requiring joint ventures and, low and behold, joint Venture Partners required technology transfers. Technology, which you have called the Technology Cold war, really has its origins many years before. The difference is, President Trump is mounting the ramparts and starting to defend us against the technology war. He is doing it with a variety of measures that i described, but he is doing it also in another way, in terms of the Big Initiative that was just about one billion dollars for further Artificial Intelligence research and quantum computing research. Those are two of the most significant technological advances yet to come. So putting money here, helping our companies go further, is a very good thing. There are two edges to what we are doing. One is clamping down on their abuses. The other is fostering u. S. Technology. That we havenow been helping to propagate in the congress senator cornyns legislation relating to semiconductor funding, so that back toring more fabs the u. S. I Hope Congress goes along with that when they go back into session. If they do, that would be a good thing for america. U. S. we are talking with commerce secretary wilbur ross. One of the things that we have heard a good deal of out of the Trump Administration is that the coronavirus originated in china, concern that they were not forthcoming with disclosure, fingerpointing and blame. Is there possible sanctions coming out of the coronavirus and how we have seen them handle it . Believe they did not handle the coronavirus very well. Now whether right the original outburst was deliberate, leakage from a laboratory that was inadvertent, or how it exactly started. What we do know is that at the same time that they blocked air travel from wuhan to beijing, shanghai, other chinese cities, they did not block travel to the u. S. , europe, and africa. ,hat was a deliberate decision and obviously, that contributed mightily to the spread of coronavirus to the United States. Veryd, they have not been forthcoming to our Health Authorities about what was going on. As i understand it, they have their beer all at ulogists from doing studies with american scientists. Severe questions about how serious they were in their relations with the wto. So there is a lot to worry about in their handling of coronavirus. But be that as it may, it is pretty clear on a National Basis that incidents of new cases are coming down quite a bit. 76,000 onbeen around a sevenday average. Now it is down to 40,000. It is still too many but the direction of change is a very good one. Every day we are having announcements about a potential cure. Every day we are having announcements about a potential vaccine. We are going to get there pretty quickly. We will get this ugly monster under control. The Decisive Action taken by the president , both cutting of travel to china early on, despite the objections of nancy pelosi and the joe biden, was a very wise thing. That undoubtedly saved hundreds of thousands, if not millions of american lives. Also, his idea of frontloading contracts to the people working on vaccines so that they would have production ready if and when their particular , wasdology cleared the fda a very good and effective measure. Did that thing that he is also consistent with his deregulation policy is that he greatly shortened the amount of time it takes fda to approve new protocols. That is a very big deal. One of the reasons drug prices are so high is that it takes so many years and so much investment to get a drug approved. Appreciate your time today, mr. Wilbur david coming up tonight, complete coverage of the final night of the Republican National convention, starting at 9 00 eastern time. Also coming up at 1 00, we will have an interview with james bullard, the st. Louis fed president. He will be talking to michael mckee, that is after jay powells announcement this morning. This is balance of power on Bloomberg Television and radio. Hike 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. Expect anything different . The big events are back and xfinity is your home for the return of live sports. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Mark im Mark Crumpton with bloomberg first word news. Hurricane laura is losing steam. The National Hurricane center says laura has been downgraded to a category one hurricane and is likely to become a Tropical Storm later today. Laura made landfall in louisiana later to earlier today with wind up to 150 miles per hour. It was one of the biggest storms to hit the state and caused billions in damage. Laura is now heading toward arkansas. The World Health Organization top european official says the coronavirus outbreak is not going away anytime soon. At the who reporters European Headquarters in copenhagen. Long is a tornado with a two, and it is a multi organ disease, so the virus is heartsng lungs, but also and other organs, and young people, particularly with the winter coming, will be in closer contact with the elder population. Says 32 out of 55 states and territories in the region have