Buying longer on that curve . If so, that will keep rates lower. The path we are leading down is not a good one. What the fed is trying to do is what every central bank is trying to do, which is engineer growth. Tyler george bory is with us now. Talk to me about what you have been noticing, your take on the big reflationary trade yesterday but then a little bit of a comedown in yields again today. George thank you for having me on, always great to be on the show. Powelll question is, is seismic shift, or more of the same . The reality is there are some significant factors here. The biggest is the acknowledgment that there has been a Material Change in the economy. Unemployment can go lower than policy makers expect without causing inflation. They have issue is, also kind of acknowledged there is a limitation of Monetary Policy. Those two factors we view as material. Shift,terms of a policy what they are likely to do going forward, it feels like it is very much same game. The way we are interpreting yesterdays announcement, how the markets are reacting, it is Forward Guidance in the extreme. What they have told the markets is that we dont want to breach the zero Interest Rate bound but we believed on the same tools we have been leaning onto date, but we are going to do more of it and for longer. Big exercise be a in pushing out expectations and using the inflation targeting as very, verytion for extreme Forward Guidance. Tyler what does that mean for the steepness of the yield curve . Seen, as youu have go out the curve, it means the fed will allow inflation to move higher, or it will not respond as aggressively as it may be would have, if inflation moves higher. Now there is more of a term premium in the yield curve. 10, 20, 30year bonds have sold off. However, there is still a big question as to whether or not the fed can create inflation. We would argue that the fed cannot create inflation. They can create the conditions that lead to inflation but at the end of the day the velocity of money is determined by the economy and how people are spending their money. Forill be very difficult inflation to suddenly materialize. Seen supply push inflation. We are still waiting on that demand pull in inflation. Do we need good inflation . What is the difference . George excellent point. If you look at the two components of inflation, Services Inflation for services have been going up at roughly 3 for the better part of the last decade. When you need to get something done, it is costing you an increasing amount of money. However, when it comes time to buy a hard we see actual deflation. Your point about is their supplyside shock working its way through the system on the backside of covid, there is some evidence that may be occurring, but it would have to be global in nature, sustainable over time , and very broadbased. To really create the backdrop of a material increase in inflation. We are hopeful that better growth is going to lose policy will lead to inflation, but we are not expecting this runaway inflation, or this kind of consistent pattern of running above the feds target for an extended period of time. That still remains to be seen. You are seeing that already today in the bond market. You have seen bonds selloff, the curve has steepened nicely, but already today we are seeing bonds recover, the curve flattening. As you mentioned before, people are starting to reach for yield again. Low yield at the front and will be with us for a long period of time. It is probably premature to assume rates will run away from us at the longer end. Now if im a fixed income investor, i need to think about how am i generate income in this very low yield environment. Do that,d how do you sliding down the credit scale . George there are a few levers you can push, the curve is steeper, so extending out the curve helps a little bit, not tremendously, but a little bit. Been pretty strongly advocating going down the ratings spectrum, whether Corporate Bonds or municipal bonds, or even parts of the structured credit market. We do like to go down in quality, where we can. It is very over simplified you say just reach for yield. That is not what our strategy is built on. However, when we look at a recovering economy and a very loose monetary system, then you asrt to see pockets of value individual companies and individual sectors start to recoup, recover, and then ultimately, we think we will start to perform. Aergy is a good example of sector that got hit pretty hard earlier this year, bounced back nicely, but still has a lot of challenges as we see consolidation, production shutdown, a meaningful number of restructurings. But that is where we think you can find good value as a bond investor willing to hold lower rated bonds. Tyler we have two points to make, you mentioned munis, which is where i started my career, so any time a guest mentioned that, they are welcome back to come on the program. My second point, we were talking about this rotation underway in the equity markets. Youking of the bond market, mentioned energy, with an Investment Grade and high yield, what cyclical or value or growth sectors you mentioned energy are you looking to outperform . George as you know, as many of the viewers would know, the Corporate Bond market, the structure is slightly different from the equity market. Growth is very hard to achieve in the cohort of basically the entire Corporate Bond market. Not impossible but challenging. What we need to look for our recovering sectors, rather than simply growth sectors. These are sectors that may be have bad Balance Sheets, heavy debt load, but are still in a functioning sector where you are likely to see improvement going forward. Energy is one. Industrials, that is the value trade on the equities side. When we look at both investmentgrade and highyield, we see industrials as kind of a core opportunity set. Companies may have bad Balance Sheets but in good sectors. Those other types of strategies that we like to work into our portfolios. There is a fine tuning message there. Our market gets very segmented quickly, so High Quality Companies get priced up, and low Quality Companies stay cheap or an extended period of time. We are in that phase but we are optimistic that growth will do better this year and certainly next. So we are starting to look further down the ratings bactrim spectrum. Tyler time for the final spread. I want to look at the week ahead and get your take on it. A slew of said officials speaking throughout the week. Richard on monday. Pmis from the u. S. , china, eurozone. U. S. Auto sales for august. Another round of additional jobless claims. And then on friday, the u. S. Payrolls report. Any extrapolation you can make next week about that payrolls report, what it means for yield . George consumer demand in the payroll report will be critical. Transitionalas a economy. We are adapting to a new way of life. Covid has not been cured, we are still in the midst of a pandemic, it has shifted the way people behave, the way they consume, and importantly, a substantial number of people are still unemployed. These are meaningful factors. But the economy is adjusting. To the extent the consumer remains robust and active, and we see a recovering job market, admittedly up of a low base, that is a positive signal to us. That is kind of our central case as we go into the end of the year. Expectd investors, we yields to stay relatively low. We could see more steepening but the spread markets are where you get the extra yield, where you will get outperformance. Tyler time for our rapid fire. Three quick questions, three quick answers. High yield spreads, 400 or 6 . George 400. Tyler 10, 50, or 1 . George good one. I would say we touch 1 . Tyler real yield, negative real yields. Further negative or less negative . George i think become more negative. Tyler george boric, thank you as always. From new york, we will see you next friday at 1 00. This is bloomberg real yield. This is bloomberg. Lisa this is bloomberg markets. Im Lisa Abramowicz. Over the next hour, we are focusing on the feds new framework to the unrest in this world. We will do to Kristin Forbes as she weighs in on the feds new program. And i was picked to Patrick Rishe of sportsimpacts about the walkouts that called the cancellations of events this week. And you will hear from canadas highest ranked tennis player, milos raonic, who will talk about what it is like playing to an empty court. Lets get up check on the markets. Fedsf quiet after the announcement yesterday about the change in their inflation approach. The s p and nasdaq creeping back to their alltime highs. Yields rising on the 30year after people started to price in perhaps more longterm inflation. Really the standout of the day is the dollar, falling to the weakest since may 2018, if you look at the bloomberg thought index, with the expectation of very easy policy for a very long time. Speaking of which, japanese Prime Minister shinzo abe is resigning. Countrys longestserving premier, undergoing treatment for a chronic illness. He spoke earlier today. I am not ready to respond to the mandate from the public. I made a judgment. I should not continue my job as Prime Minister. I decided to step down as Prime Minister. Will stay on until his party picks a successor. With more insight into the future of monetary and fiscal policy is our own michael mckee, who has been all over today doing phenomenal interviews. Thank you for being with us. Does this change anything, given the fact that the real focus has been on Monetary Policy . He will be there until 2023 if he serves on his time, so it will not mark any significant change in the boj policy, in the idea that they are continuing to buy and a normas number of financial assets. They continue to keep Interest Rates slightly negative. However, the relationship corona shinzo abe and was a strong one, and they worked closely together, so some are wondering if a new leader would have the same relationship and if the bank work as smoothly with the fiscal authorities as it has over the past several years. Lisa since abenomics is coming to a close, what is his legacy . Mike you have to lop off the last couple of months. When you look at the totality of the abe term from when he took over, it looks like he is ending up where he started with growth and inflation very low or negative, but that is because of covid. If you look just before that, he had gotten the economy going again, but not very much. He had gotten inflation but not very much. By the standards of japan and the many Prime Ministers they had before him, several lost decades, it was an improvement. He had a three aero strategy of fiscal policy, Monetary Policy and deregulatory efforts. The combination of merck to little bit. Lisa it is interesting when people talk about the u. S. Policy of holding rates low for a long time, possibly indefinitely for the foreseeable future after jay powell spoke, is it a bad word to say that the ,. S. Is entering japanification if what you say is accurate . That if is also true you look at per capita gdp, because the japanese population is shrinking, has been going up at a more rapid rate than many other western countries. The average person may not notice a long period of stagnation, but Living Standards cannot rise as much over the longterm if you dont have a growing population. Japan is becoming more and more insular. That is the thing that people worry about here. If we are cutting off immigration and our potential growth rate has fallen and we cannot generate inflation, we could see the same sort of problems that japan has run into with no growth. Whether that is a terrible thing if you economy is going up, but remember there is a huge personal savings rate in japan that we dont have here. Lisa the hardest working man at bloomberg. Thank you for taking the time, michael mckee. Those low rates that are expected for a long time are helping homebuyers. Yet, it is commercial real estate that is currently getting pummeled in some areas by the covid19 pandemic. The sector in some ways faces a moment of reckoning with rents and Property Values plunging, the sees rising, especially in urban centers. I took a deep dive into real estate. The commercial Real Estate Market faces its biggest moment in recent memory. In the near term, it was tough to Value Properties during a pandemic upheaval. Delinquencies among hotels and retailers kicked up. Real estate values began to drop. In some areas, the most since the last recession. There are pockets of resilience, and even price gains, particularly among industrial properties, with investors rushing to embrace physical infrastructure of a nor online economy. But in the longer run, there is concern about bigger losses ahead. And uncertainty has effectively paralyzed market. It is hard for investors to know whether they are getting a bargain or catching a falling knife. Buyers are demanding steep discounts and Property Owners are reluctant to sell. Transaction volumes generally sell 60 in the Second Quarter but the sharpest declines coming in retail and hospitality. Retail, Global Investment volumes talk to their lowest level since 2010. Theres a lot of money still out there. How it gets deployed will determine the fate of trillions of dollars worth of property. Tonight at 7 00 eastern time for that bloomberg special, the real estate reckoning, where we speak to experts on what they expect ahead in the uncertain future of commercial real estate. Still ahead, professional athletes take a stand. Players sit out games in response to police retaliate and to stomach racism. We will discuss, next. This is bloomberg. Lisa this is bloomberg markets. Im Lisa Abramowicz. Weeks,ional sports including the wnba, major league baseball, major league soccer, and the United States Tennis Association all halted events yesterday as athletes took a stand against systemic racism and police talent he. This after the Milwaukee Bucks used to play the Orlando Magic following the shooting of jacob blake in wisconsin. For more, we are joined by Patrick Rishe, founder of sportsimpacts. With yourets start take on the decision to get back to business, get back to playing now, and how this whole turmoil has been received in general by the fans, the viewers. Wasick well, i believe it the correct decision for the nba to come back to play, not just i am a fan but they would have lost millions in media revenue, corporate sponsorship dollars, and the networks are breathing a sigh of relief because of the ad revenue they would have potentially lost. We are talking collectively in the billions. But being in this bubble, there is maximum exposure. Season,had ended the they would not have received the same exposure with the kind of messaging they are continuing to do. Look no further than the fact that the golden state warriors, you have not heard much from any of their players because they are not in this bubble. Bubble maximizes exposure, and brings in those billions of dollars. Lisa this comes at a tenuous time for these teams. Money less of an issue because of the covid pandemic. Can you give us a sense of how much that has pressured some of these leagues, some of their political responses that make them more willing to engage on that level, or less willing, based on the financial pressures. Beautifulne of the things from a player perspective and the activism, you are right. There are many times in history of sport where athletes steer away from activism because they are worried about the impact on their brand, their endorsements, potential in terms of income. But these players have been willing to potentially take a hit with respect to their brand. Because there are some folks out there in the community, across the country, world that may not agree with some of the messaging. But that is why i think you have to give players credit for standing their ground, being willing to risk millions and billions more the right cause. Lisa the idea of the sports world still reeling in the face of the pandemic. As the founding director of the Sports Business Program at Washington University in st. Louis, you expect to see a pretty big consolidation among teams and the ecosystem around them, be it stadiums, news channels that cover sports . Patrick i think the biggest change that you will see we already saw sports tech was having a huge impact on the industry but now that will increase tenfold. That will impact solely different aspects of the sports experience, when fans can finally go back to stadiums and arenas. You will have a more seamless experience, more touchless, to increase safety. Onterms of consuming sports programming, there has already been advancements in virtual, augmented reality to make the at home more dynamic, in case there is a prolonged stay away from these arenas because of covid. I think sports tech has taken center stage in getting us through and making a better experience when we get to the other end of this pandemic. Lisa perhaps we will get some better artificial crowd noises as well. Patrick rishe, founder and president of sportsimpacts. Coming up, we turn our attention to the fed and its new framework. We speak to Kristin Forbes, m. I. T. Professor p. This is bloomberg. Mark i am Mark Crumpton with bloombergs first word news. Coast areacosta gulf cleaning up. Across the gulf coast are cleaning up. Laura will result in as much as 12 billion in damage to real estate according to estimates from corelogic. Laura has been downgraded to a tropical depression and moved through arkansas overnight. President trump heads to New Hampshire tonight one day after accepting the republican nomination for president. He narrowly lost New Hampshire to Hillary Clinton into 2016. In newrailing joe biden hampshire in opinion polls and nationwide. He plans to travel in the coming months to boost momentum for his reelection. The french president Emmanuel Macron is asking his european neighbors to reconsider their crossborder coronavirus restrictions. Multiple countries imposed quarantines on french visitors. Infections are on the rise in france, and there are worries it could get a hotspot. President macron defended the governments push to restart the economy and his handling of the postlockdown period. German doctors treating the russian Opposition Leader nvalny says he is still in a coma but he is stillut says in a, but improving. Doctors in germanys essay tests show he was deliberately poisoned. Russia denied any involvement. Several countries, including the United States, demand answers. Global news, 24 hours a day onair on tictoc and twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am Mark Crumpton. This is bloomberg. Welcome to bloomberg markets. Lisa i am Lisa Abramowicz. We are joined by our bloomberg and bloomberg audiences. Here are the top stories we are following from around the world. The feds new approach to Monetary Policy will speak with Kristin Forbes of m. I. T. About the decision to let inflation and unemployment and higher as the fed seeks to offset the economic damage done by the pandemic. Capital one and card limits. They cut our wing limits for customers as stimulus talks remained deadlocked. Liens of unemployed americans are losing overman a. The return of grand slam tennis after months of uncertainty in the tennis world. The u. S. Open is set to begin on monday. Canadianear from a tennis player, milos raonic. Track to s p 500 on another record day, setting new highs all week. It was interesting yesterday afternoon after we heard from jay powell and the idea that they are going to let inflation run higher. Investors did not know what to make of it. At the end of the day, they decided it is a reason to buy stocks and they are in that mood today. At a huge day, the s p 500 3491 is up. 5. The dow doing better and the nasdaq interesting. Tech stocks have so often led the rally and today they are doing their part but not far and away. Lets look at the yen. This is the u. S. Dollaryen cross. Shinzo abe having to say he is resigning. The japanese Prime Minister after treatment of chronic illness, says he can no longer run the country. You saw japanese stocks pulled back but strength on that news for the end. So much attention of that has been on the Federal Reserve at jackson hole, unveiling that policy shift. We would like to see the jobs market firm up and an indication of Stronger Economic growth before they think about touching rates. Robert kaplan spoke to bloomberg earlier today and gave us his view on the future of inflation. Robert it is possible it will take a while to get to 2 . Technology enabled disruption in particular are limiting the Pricing Power of his this is, and inflation has been muted for close to 10 years. Joining us for more insight is professor of management and Global Economics from m. I. T. , Kristin Forbes. Lets start with mr. Kaplan and what he said about the fact that the fed has given themselves a lot of wiggle room in terms of how long they can average inflation. It seems it could take time. Keytin it could, but a point that came through the jackson hole Conference Today and yesterday was we just dont know. There are scenarios where if we find a vaccine and it is widely distributed, the economy could come back quickly. There are also scenarios that it could take a substantial amount of time, especially if people lose their jobs, and the way businesses operate could change. So this is an incentive to wait. If inflation picks up, they do not need to act prematurely. Banksionally, central should adjust Interest Rates before inflation got to 2 because it can take six months to nine months for the full effect to come through. It makes more sense to see if inflation is coming back before they act. Lisa i love when people talk about inflation as a model but look at stock rises at record highs. Inflation, lumber prices more than tripling since the beginning of april. How are we certain we are not seeing dad ration that the fed is fueling and not necessarily the good inflation the fed has no control over and is in the hands of fiscal policy makers in washington . Kristin that is a good question. We had discussion at jackson hole on the disconnect between wall street and main street. Market prices, equity prices are doing quite well and that suggests things will do fine. But when you talk to companies and look at forecast for inflation, it suggests inflation could be there for a long time and we just do not know which scenario is right. There are interesting patterns were even some households think and nation will pick up faster than businesses do or forecasters do. What the fed has announced will give them more time to see when it makes sense to raise Interest Rates without undermining the recovery and to make sure people can get back to work. Greg along the lines of what they talked about how the public is not believing in inflation targets and numbers because they dont see it. He thinks he can be appointed great problem going ahead. Kristin he brought an interesting point yesterday where some of the disconnect may be what people are spending money on. Consumers like us are more sensitive to what happens to the price of gas and what happens to food. And what happens to those types of prices may be different than what is happening to other prices in other businesses. So there are some interesting issues about how you measure inflation in terms of what you should worry about. The bottom line and part of what motivated the feds framework change is it is not just about inflation but Sustainable Growth getting as many people back to work as you can before the crisis picks up. Nobody knows what that Unemployment Rate is where you hit that dynamic where rages go up too quickly wages go up too quickly. So the economy structure is changing. Now we have more time to figure out where that point is when it is not just about prices and different baskets people buy, but when you hit the point where you have gotten as many people back to work as you can before people go back to work. Lisa i see you are in cambridge, but are those pictures of jackson hole to make you feel like you are more there . [laughter] kristin at the jackson hole conference, you gather on the neck and you discuss Economic Issues in the chile on the deck and you discuss Economic Issues in the mountain air, so i try to recreate the mood as much as i could. Lisa just to wrap up, jay powell talked about additional tools and the toolbox they are ready to deploy. What are they . Kristin jay powell focus more on adjusting inflation targeting. The most interesting discussions about other tools came more from other central bankers. For example, governor bailey, bank of england, made comments on how the Balance Sheet can be very powerful. She talked about how to do rapid qe and how it can be powerful in times of market disruption. It is nice to comment on how in the past, we focused on Interest Rates as a possible tool, but she talked about the Balance Sheet tools and the pace at which you do some actions and use your Balance Sheet and how it can be important as well as not just how much you buy. Economists have been talking about being out of tools for years, and the conversation left me optimistic that there are other tools, although, they will be different from the past. Lisa Kristin Forbes, thank you so much, m. I. T. Institute m. I. T. Management. I hope you enjoy the painting of emulation of the jackson hole conference. Coming up, by capital one is pulling back on borrowing limits for customers, and a time when many need the money line most. This is bloomberg. Lisa this is bloomberg markets. I am Lisa Abramowicz in new york along greg burnell in toronto. Shares of the Software Company are soaring for the best day since march 2016. Lets explain the story behind this. Abigail doolittle joins us. Abigail it has everything to do with the cloud. Workday is a cloudbased company having to do with human capital, Financial Management and the like. They put up an impressive quarter. A piece of debt topline growth, they put up more than 20 topline growth despite the pandemic or perhaps being helped by the pandemic. While we are looking at a sequential decline, it is impressive they were able to put up double digit growth for the quarter. Relative to the pandemic, it is not Just Software doing great during the pandemic, other industries are also doing well. On top we have hardware and in terms of that performance, much of that has to do with apple. Nearly double and apple off of their march low. We also have consumer durables, auto transportation, retailers, and transportation and software. Over the last five months, software is up 66 . Workday a piece of that with today being the best day since march 2016. If we hopped into the bloomberg terminal, analysts, not surprisingly, are very encouraged on the report. Typically you see a gap between the white and blue lines in the bloomberg terminal. The white line is the price of workday and blue is the analyst price target. Analysts were so inspired by the quarter that they raised their price target 245, where the stock is. It seems investors, traders and analysts all agree where workday should be trading. Greg pretty telling chart, abigail. So what other companies have seen the same benefits . Abigail we have had so many good reports. We had dell and hp this morning putting out strong quarters. Vmware also a possible spin out from dell, so they are climbing area the stock that is down today is salesforce. Com, also really winning off the cloud and their acquisitions over the year, but down a little and up 26 for the quarter. It seems like the common factor between crm, salesforce. Com and workday, the on the fact that they are soaring after the great corridors, are the cloud. Lisa the cloud is what rules us all. Thank you. Meanwhile, looking at the haves and havenots, capital one one is cutting borrowing limits on prepares to. S. Report more unemployment workers. Have x borrowers only amount, which is half as much as a credit limit, because why . What is there concern . Our understanding is this is part of a periodic review the company does. This time around, they went to borrowers who maybe were not as active or were just using a small portion of their credit line and told him, look, we will keep your woman where you have used it past two years, but we are going to bring your limit down. Some cases it was down by one third or two thirds, so it depends on the size of the decreases. Move fromnteresting this institution, capital one, but what could it mean for the other banks . Will they follow suit . Jennifer it will be interesting to see if others follow suit. Cap one is unique in the way they have made their name using data and technology to underwrite for customers who are of prime versus subprime. We will see if chase, amex and citi, who have slightly more prime portfolios, so they may not feel the pressure yet. It is likely they will have to start raining in their exposure at some point. We will see if they go this route or they take another step to shore up their balances. Lisa there is a narrative out that the best capitalized companies, as well as individuals, have easy access to the cheapest credit ever, and the ones who need to borrow cannot get it. Is that consistent with what we see now what capital one . Is it getting more expensive for borrowers who are smaller and perhaps havent used their credit lines as much . Or is that an inaccurate narrative . Jennifer no, i think that is probably a little bit of the bigger context. Past are folks who for the six months had a lot of federal stimulus and the big banks have talked about how that has helped keep delinquencies low and presented in them taking steps like the one we see this week. Now that stimulus is running out, a lot of the banks or balance programs are coming to an end. I think you are probably going to see thanks trying to take these steps to limit their credit risk and shore up what they have going on in their books. Go, before i let you lowering credit card limits is one thing, but we have an addiction in this country to area credits. What areas will they tighten up on . Kristin we have seen home equity lines of credit and a lot of the banks say we are not going to keep getting those out to new customers. We have already seen some steps. With credit portfolios, we have seen a pullback on your accounts. Board, bankss the for looking at their acquisition of new customers and scaling the process back, but the news of capital one this week shows they are now looking at their existing portfolio and trying to figure out the risks hidden. Thanks for breaking that down. Coming up, our interview with milos round edge on how tennis aonic on how tennis will survive the coronavirus pandemic. This is bloomberg. Hi from toronto, i am greg burnell, aside Lisa Abramowicz and new york. This is bloomberg markets. Teams have been playing in front of empty stadiums for pro sports and so, too, for the tennis world. Vonnie quinn caught up with raos were on its milos onic. Milos isolation is something i have gotten used to, but the hardest part is being distant from my family. Vonnie how have you been able to practice being quarantined . Milos i have practiced the whole time through. There were various parts of the world i was in, earlier in florida and the bahamas, and there were different rules and regulations to be followed and in some places, you need to go and find a private court because the public ones were closed. Made an effort, made the most of it and found something in a safe manner where me, my team, and the people around us were safe. Vonnie you are an eight time atp tour winner, number three in the world at your peak, and i am so sure you would like to get the u. S. Open a great run, but you would not have had too many major tournaments leading up to it. Is it viable to get in the game and you have had no majors before the u. S. Open . Milos i think it is, but one thing about tennis is everyone is on the same terms. Nobody has played abilene since sincemarch, so played early march, so i believe all the players coming in to the u. S. Open are looking for matches and trying to find their form early on. Vonnie a lot of players decided they did not want to play during the time. Djokovic was one to beats, and there are other names, but what made you decide to play . Milos for me, once i realized the Safety Measures were being taken to the extreme that they are, i think having the bubble was the main priority, constant testing for the players, their staff, the people working around the venue was another, and i think also the u. S. Open was supposed to be one tournament at one venue. They also brought another tournament from cincinnati to the u. S. Open venue, and that made it more appealing that they were using a site for a few events rather th having us commute week by week from one event to the other. Vonnie have your sponsors try to renegotiate deals because of covid . Milos i think there have been extensions. There were some sponsorships that would have been ending through other tournaments, and i think everybody sort of came with good faith and extensions that would fill up the months that we did not play, and i relationshipgreat with all my partners, so it has been an easy transition. Vonnie a little bird told me you are interested in investing, so we wonder what do sports players do with their winnings and how you manage your money, so can you tell us what you make of market . Milos it has been a little hard for me to understand. I have sitting on a lot of investment calls, especially early through march, trying to get an understanding or understand how there could be so many people without work at this moment and the economy pretty much having rebound already. Vonnie how much are you handson . What have you told them to do for your nonhandson . Milos the thing for me is tennis is going to be my number one source of income. It is a thing that takes a psychological and physical discipline, so for me, most of the time i am pretty handsoff and i have people i trust that i can check in on it and make sure everything is the right path, but this time i have been a little more active and sitting in on more calls than they normally would biweekly as normally i would only attend them probably quarterly. Learningen a good experience for me, and something i would like to pursue after my tennis career, as well. Lisa that was vonnie quinn with tennis pro milos raonic. One notable aspect of this era are the artificial crowd noises or otherwise would be silent. I have to put out with tom keene in the morning faking that crowd noise, so i dont expect the same for you but hopefully someday we get real noises back. Meanwhile, enjoy your weekend from new york. Take care. This is bloomberg. It is 7 00 p. M. In london, 2 00 p. M. New york i am caroline hyde. Roman i am romaine bostick. Kayla i am taylor riggs. Caroline the s p 500 up almost. 7 on the month. Investors say easy money is here to stay. Abe steps shinzo aside, resigning due to ill health. Surprising members of his own party. What will his exit mean as the race to find his successor starts . And sidestepping the virus, President Trump makes his pitch for a second term with the selected retelling of his first four years in office, painting joe biden as a portrait of socialism. We discussed areas he focused on and those he ignored her at that coming up. Roman a lot of focus on. We may need to do a couple of costume changes, caroline. Caroline i have at least three. Ro