Election that may lead on for a while. Jimthan joining us now is karen of morgan stanley. Lets start with that question on the election. So many things we have been told to care about have not ended up mattering. Is the election any different . The election will matter, i just dont know when. Going into the election, there will be some risk that needs to be taken off the table, but when we think about both candidates, what is the main driver for the Economic Policy . The pandemic. Do we get a vaccine, second lockdown. That will be the main driver. If you think about a bride and presidency, you have to see growth coming from the fiscal side, expansion. If it is a trump presidency, probably more from the private side. Either way, both politicians have a plan to generate growth. It is up to the voters to decide which is better. I think both are going to matter. The point that another person brought up earlier, if there is a contested election, thats a problem. Markets can deal with uncertainty, that is volatility we can price. Ambiguity is what you get with a contested election. If that is the case, markets do not like ambiguity. They dont like uncertainty but they really dont like ambiguity. Comfort they have the of the Federal Reserve on their side. Function reaction reimagined. Have we processed all of that yet . We are in the process. Many people say that when they buy risky assets that you are put. The fed if the economy turns down, the fed will boost asset prices. What the fed is doing today is allowing you to sell into the money, something with more premium. That is essentially the decline and risk premium. That is going to allow, if there are good things happening in the markets when the economy is growing, they will allow the good times to run, but if things start to turn down, the fed will in policy ineact terms of liquidity. They will try to limit the downside but let upside run. When you look at your distribution of expectations of outcomes for asset prices, it has to be skewed more to the upside. That is why i say the fed is going from allow you to sell [indiscernible] jonathan what is the difference between what you are describing and an asset bubble . Jim the way we have to think about it today, the fed does not want to cut rates into negative territory. They are right up against the zero lower bound. The only way the fed acts on financial conditions is through the financial asset price. The fed does not hire people, start companies, they dont do any of those things. The only way the fed can ease policies at the lower bound is to create Additional Support for asset prices. We can say that is a bubble, maybe a bubble in the making. Is it better than the alternative if the fed has a cautious look to the future . We will find out next week. The feds expectations for growth in june was 6 , that may be upgraded a little bit, but this is still a bad year. We have to recognize the Unemployment Rate is still very high. The fed would rather take the risk of a bubble today then not do enough today and have a bigger downturn later. Jonathan i assume from what you are saying you are embracing risky assets, credit. Jim thats right. If we are at lower rates for longer, which effectively is what the flexible average targeting will tell us, people will move into these Asset Classes credit. When we look at this, look forward into the markets, what the fed is effectively doing is trying to protect solvency. Look at corporate issuance. Sky high, record levels, 1. 4 trillion in Corporate Bonds issued year to date. 900 billion dollars last year. 300 billion dollars in high yield being issued year to date. 290 in all of last year. Inaugust alone, 54 billion august. Thirdlargest high yield supply month historically. What that means is what the central bank is doing, they are embracing and allowing corporations to refinance and find themselves at longer periods at lower interest rates, embracing solvency. What does that mean to a bond investor . Default risk starts to go down. Risky assets like high yield start to look good, lower credit quality starts to look good. By extension, you could say equity, but that is somebody elses business. I am a fixed income manager. Jonathan you make it sound so easy. What is the key risk to this call . Jim it is really the pandemic. If we get another wave of lockdowns, or a big spike in the virus, there is not a lot more that can be done. At this point, the fed has two handed over to the fiscal authorities and say, we need a bigger package. What that means is that puts about downward pressure on the dollar. The big loser in all of this is the dollar. The central bank is expanding its Balance Sheet to almost unlimited levels, fiscal deficits, debt to gdp ratios that continue to go up. At some point, this decline in the dollar should start to lead to inflationary pressure. Down the road, maybe four years away, but anything can happen. If that happens with yields so low and so much being issued, if yields arise, that could be an issue. Me,than final question for you have made it pretty clear what you think will happen to credit. Lets extend the argument further to sovereigns. What are you expecting in treasuries considering how range bound we are, right in the middle of the april range. Jim that says it all. The highyield market since march 23 is up about 26 . 10 year treasury yields are absolutely unchanged. Think about what has happened. The fed is trying to increase Inflation Expectations in the future, but at the same time, doing qe and keeping nominal treasury rates at the same levels. That is pushing real yields lower. At 100real yields are basis points, the lowest almost ever. Effectively what that is doing is creating stimulus, but it is also a signal for a weaker dollar going forward. Jonathan i want to quickly go through the week ahead with the final spread. Next week on a busy week. We start with on monday, eurozone and u. S. Industrial production figures. U. S. Retail sales, the federate decision, chairman powells News Conference on wednesday. Decisions from the boj and boe on thursday. Michigan sentiment of survey closing out on friday. Three quick questions, three quick answers. Lets start with the ecb. Thes 50 basis points on depot rate the end for the ecb, or can they go further . Jim i think it is the end of the road. Jonathan on the united states, will Congress Pass a stimulus package before the election . Jim i think it is a coin flip, and my answer is no. Jonathan the final one for me, and this has come up so much in the past week, will we have an election result on november 4, yes or no . Jim i will say yes. Jonathan great to catch up and see you. Jim caron of morgan stanley. That does it from us. See you next week on friday, 1 00 eastern time. This is bloomberg tv. Vonnie welcome to bloomberg markets. Im vonnie quinn. We are focusing on the bumpy road back in any economic recovery we may see. Restaurants reopening at a quarter capacity. On the other hand, some may never return. Chef, cohen, celebrated the owner of dirt candy, will join us and talk about how restaurants are fighting to survive. The nfl kicked off last night. We will speak to draftkings ceo jason robins. Student entre nurse together from all over the globe. Derosa o Rachel Jarosh about how the pandemic is inspiring a business leaders. Bahrain has joined with United Arab Emirates with normalizing relations with the united states. A joint statement between israel and iran, saying that they will become the second gulf nation to establish diplomatic ties with israel, joining the United Arab Emirates. Prime minister Benjamin Netanyahu will be visiting the white house next week. President trump also telling reporters that leaders from bahrain will also be at the meeting. We will be looking for that next week. Something the president just weeded out as well. Lets take a look at how markets are faring. A bit of a reversal. Flat but, the dow is the nasdaq is down 1. 3 . Move. The quick Inflation Report and others. Hard to call it an Inflation Report, michael. Mike inflation is still running low compared to where we were before the pandemic, where the fed wanted to be ultimately. Going back to work, a lot of people afraid to take mass transit, people trying to save money, so they are buying used cars. We heard Governor Cuomo complaining about extra traffic when people are not on the buses and subway. The biggestd trucks contributor to a. 4 rise in the cpi headline number or the month, pushing the yearoveryear number 21. 3 . Used cars and trucks, 5. 4 higher from july. The core rate coming in. 4. Erthanexpected at only expecting a. 2 rise. 1. 7 on antion is up annual basis. Also seeing strength in a couple of other areas, including apparel. Prices have been falling for some time but they are now getting a lift. We are also seeing some declines in energy this month. Was higher,energy gasoline higher. It looks like we are getting a little bit of inflation, starting to grind higher but still not in danger of a major breakout. Vonnie that is good news to consumers. We saw ppi earlier in the week that showed prices are higher than economist were anticipating. Will that filter through to Consumer Prices . It is absorbed through middlemen and companies, a lot of it has to do with higher commodity prices, Companies Take that into their cost of doing business without necessarily raising prices because of the downward pressure on the consumer side. The question is, do we think all of the stimulus going into the economy will create more inflation . Some think so. Others are saying that it will be very slow, take a couple of months to see which side is correct. Vonnie always illuminating. Thank you, michael mckee. Peloton has given up gains, now 2 lower, along with the other nasdaq stocks. This even after it reported its first ever profit as a public company. Kailey leinz has more. We have seen a bit of a rollover. Was up 12 , and now we see the rollover in the nasdaq. There was a lot of good news already priced into the stock. Rallied more than 200 since the start of the year, investors betting that it would benefit from a stayathome world im a that would boost demand for pelotons products and subscriptions and they were largely right. In the fourth quarter, peloton has almost 1. 1 million subscribers, workouts rose 330 . Revenue climbed 172 . These are remarkable numbers. When it comes to the fiscal First Quarter forecasts, it beat expectations, as well as the fullyear forecast. The street is pretty happy, quickly reacting to the results today. As of the close on wednesday, the average target was 77. Today, 106 a share. That is an increase of 37 . One analyst said the growth is extraordinary. Others say that peloton is poised to continue their success after the pandemic. Muchuestion is how customers they can bring over . Bankrupt benefit from 24 hour fitness, other fitness companies, but will they be able to capture those tens of millions that they say they will . One bearish analyst says the added 300peloton has 80,000 subscribers over the pandemic is impressive but pales in comparison to the 30 million subscribers that netflix has added, so everything is relative. Vonnie thank you. Still ahead, new york City Residents will be able to dine indoors at the end of the month, at quarter capacity for restaurants. We will discuss whether it is enough to save some of them. We will speak with chapa amanda cohen of dirt candy. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Governor andrew cuomo announced earlier this week the state would allow indoor donning in new york city to resume at 25 Capacity Starting september 30. Experts say Indoor Dining at 25 will not be enough to ensure new york citys restaurants survived the pandemic, those that have already survived. Lets bring in amanda cohen, owner of dirt candy. Thank you for joining. I know its been a difficult few months, you are open with Outdoor Dining. Do you plan on bringing back some Indoor Dining at the end of the month . On doing do not plan any indoor donning for a while for a couple of reasons. One, im not convinced it is safe yet. Also because of the 25 occupancy, that means for my restaurant, like a lot of peopleants my size 74 to occupy the restaurant at one time. With 18. At leave me then i have to account for my staff. So that leaves me with 12 guests and six Staff Members. It is not worth the risk for 12 guests, putting myself and putting my Staff Members at risk. I cannot make it work. The numbers do not make any sense. This will not save us. Vonnie what happens when it becomes more difficult to do Outdoor Dining . You are still happy to do outdoor downing dining, but when the weather turns nasty, will you be . Amanda no. I dont think our customers will either. I would like us to embrace takeout and delivery more, and then i could hire back more of my staff. The only way that we will be able to actually save restaurants is through federal and state aid. We need the restaurant act to pass in congress right now. I need to be able to hire back people, i did my restaurant to be here at the end of pandemic to help the economy, and i will not without more aid. Vonnie obviously, there is the restaurant act, restaurant tours in front of congress, including yourself at some point. What are representatives not understanding about this . Amanda two things. If we close, nobody is going to come and take our spot. It is not like there are restauranteurs lining up to take my spot. Im not sure people understand the Ripple Effect of what happens when we all start to close. Not only will i not have staff, we will go back on unemployment, but at firms i support, the linen company, wineries, all of that makes up this ecosystem. When restaurants disappear, so will they. Managed to have you stay afloat in these past six months, have you been able to keep your staff, suppliers, everyone associated, in the hope that maybe next year there will be normality . Ppp didfortunately, the help, and we are still using that, and that will keep me going until just about the end of september. But when that runs out, we will be in a little bit of an issue. I have been able to save a little bit of money, and my staff is smaller, but i have not been able to make any deals with my rent. I dont know how we will survive. I may not be here in two months without more aid. Vonnie phenomenal that you have not been able to make any deals on your rent. We have heard that from other Restaurant Owners as well. It is not like people are lining up to get in behind you, so you wonder what will eventually happen. Do you look to congress, the administration, do you think that we will not see any change until after the election . What do you feel will be the next catalyst . Before thehas to be next election, they will be too many closures. By the end of september, which is when the bulk of the ppp money will run out, youll see massive closures unless there is more aid. That is just the reality. I can hang on for a couple of months if i know that im getting more money at some point. But the unknown is too traumatic for everybody. Vonnie briefly, do you have a plan b . Amanda [laughter] unfortunately, no. My plan b is the one that ive had since this pandemic started, which is day by day figure out how to survive. Vonnie our thoughts are with you and keep us updated on your journey. T has been a tough one. Amanda cohen of dirt candy. Breaking news, reuters is reporting that china would prefer a shutdown of tiktoks u. S. Assets than to have a forced sale. So china will shut down u. S. Tiktok assets before they allow those assets to be sold. I guess this is something that we may have anticipated. Coming up, the nfl returns. We will discuss with draftkings ceo jason robins. This is bloomberg. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Mark im Mark Crumpton with bloomberg first word news. President trump and joe biden paid tribute to the 19th anniversary of the 9 11 attacks in the same place but not at the same time. The president spoke this morning at a Memorial Ceremony near shanksville, pennsylvania, where one of the hijacked planes crashed. Mr. Biden is in shanksville now after attending a memorial event in new york earlier in the day. Pennsylvania is one of the battleground states in the 2020 president ial election. Polls show mr. Biden has a narrow lead there. Russia, chinese, and iranian hackers have stepped up efforts to disrupt the u. S. Election, according to a report from microsoft. The company says hackers have targeted the trump and biden campaigns. It warned that other targets include political parties, advocacy groups, and academics. China denies the allegations and says microsoft should not be making things out of nothing. The chances of another round of stimulus for the u. S. Economy have fallen. Senators headed out washington after a slimmeddown packet opposed by republicans failed to advance. The bill was intended to revive supplemental Unemployment Benefits and extended aid for small business, but it was only a fraction of what the democrats were asking for. At least 10 people have died in that massive noor complex wildfire in northern california. Eckstein others are reported missing. More than 2000 homes and other buildings have been destroyed. Roughly 14,000 firefighters are trying to put out more than two dozen brush fires that are ranging from the oregon border to just north of mexico. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Greg live from toronto, welcome to bloomberg markets. Vonnie im vonnie quinn. We are joined by our bloomberg and Bnn Bloomberg audiences. Here are the top stories we are following from around the world. Americas 20 trillion debt pile is getting cheaper as it grows. By the government is paying less even though it grows more. Estate of Sports Betting. We will discuss with the return of football means for draftkings. Ceo jason robins will join. Nurturing young entrepreneurs from all over the world. Joinss ceo Rachael Jarosh us to talk about how students are building businesses as covid19 ravages the globe. A lot of investors were hoping for a reprieve after the shortened trading week we have had, volatility we have had this week, but selling is resuming. It seems to be centered on the big heavyweight u. S. Tech stocks. The nasdaq is down 1. 75 . Broader markets showing weakness as well. Be the worst week for tech stocks since march. Volatility has not been like this since about march as well. Of drama, take a look at the british pound, down again today. This is the never ending story of brexit. Clearly, the eu and United Kingdom are not seeing eye to eye on a lot of issues. More deadlines being set and some nervousness in the global currency trade. Way as investors and citizens through the pandemic, we know the u. S. Government is borrowing a lot of money, but it is paying less as it borrows more. One reason investors appear more comfortable about funding another round of stimulus. Joining us is liz mccormick. Interesting times for western governments to be borrowing this much cash and paying less in interest. Pretty amazing. We wish we could all do that. Of course, the big debt pile is getting bigger, there are record options, but if you look at what they are paying on interest, they are doing well, paying less than at this time last fiscal year. Vonnie does that mean that nobody will complain, republicans or democrats, if the government keeps borrowing to fund more stimulus . Liz not really. As you just detailed, we are seeing they cannot seem to on more needle stimulus, partly because the republicans made it smaller. They are in clinics that maybe we are inklings that maybe we are spending too much, but we dont have the fiscal hawks like in years past. Costs, ifinterest treasuries secretary mnuchin hester sound so much debt, at least he is not paying for it. That is good for us. For decades, we have had this idea of the bond vigilante, the International Investment community would punish you for going this deep into debt, keeping you in check. With the fed of this active in the bond market, any concerns there . Liz funny you bring that up because we spoke to the guy who coined that term, and he said now there is no vigilantes because there is not that concern. Fiscal spending, we know we are struggling to get inflation. Like you said, the treasury has the fed at their back. The fed is doing this to help the economy, buying a lot of debt. That is helping to keep yields low. Most people think that if yields oor, and treasury started to pay at the auction, the fed does not want that. They want to keep rates low. The fed may come in and do more. We have a meeting next week, not that people are expecting too much to happen, but eventually, the fed will keep doing what it has to do to keep rates low. That helps the Treasury Department and ultimately the taxpayer. Vonnie almost as if those vigilantes are in equity and bond markets. Talk about the election and whether debt will come up as i supposeates more on the republican side of arguments. Liz there has been some bidens team is getting worried, cannot go to the well anymore of deficit funding. It may come up but there is so much concerned now about how we get out of the pandemic, get people back to work. I think it is going to be low wer, but eventually, when get through the worst of all of that, this is something not that nobody is worrying about this but we may have to look at. Course, said to me, of the hardest part about all of this, when things get better, how to return the needle . We spoke to a fund manager who said, the hard part is, this may not go on forever. If we need some fiscal tightening, which may be a have decade away, the fed will need to start risking rates. Then we may pay the piper for all of this debt. For now, it is not coming to roost. Vonnie wonderful story, everyone should read it. Liz mccormick. The latest inflations were out this morning, Consumer Prices rising for the Third Straight month. All of this as the coronavirus pandemic continues across the country and amid ongoing shutdowns. We spoke with stanley fischer, former fed vice chair. The fed is trying to get to 2 and above. They have some catching up to do. We are a little distance from this still. On the other hand, we have considerable unemployment, more than we expect, a couple years down the road. That will bring the inflation rate up somewhat. That is what we are looking at right now. I dont think this number on the inflation rate is a longterm number. It is a number that you get because the economy is in a recession. You believe, because the market has its doubts in the ability of the fed and Central Banks around the world, to get inflation on a more sustained upward trajectory back to target . That also depends on them getting employment backup, getting output up. I think that should be possible if we dont have more viruses, if we are in the world of there are only two instruments, fiscal policy and monetary policy. By whatt is compounded factors,ith other not knowruses, we do quite as well as we use to where we are going. Stanley fischer, former vice chairman of the Federal Reserve. Of thursday night football is back, and so is Sports Betting. We will hear from draftkings ceo jason robins. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn in new york. Greg bendel in toronto. Sports have faced unprecedented challenges this year with the pandemic and everything else. Players boycotting games, protesting police utility, which delayed the beginning of the playoffs in basketball. Int night, football returned kansas city where the champion chiefs hosted the houston texans. 17,000 fans in the stadium. Draftkings ceo jason robins joins us to discuss with the return means for the future of Sports Betting. How many fans you need in the stands in order for Sports Betting to thrive . Better to have fewer . Jason i dont know if it matters. We are a mobile app, so whether you are in the stands or at home, you can always access our app. The important thing is that sports are played, everybody does it in a safe way, and games can continue. Greg what was it like in the early months of the pandemic when people could not bet on sports . Anecdotally, i posted a picture sons playing pingpong, and my friends were asking about the spread. At one point, table tennis was our number one betting sport. Itself betterds to social distancing because you are on opposite sides of the table. At one point, that was our biggest sport. Esports has been huge for us, people can play without having to be near each other. That helps. There were other things, we got creative, things that we did for politics, tv shows. Nothing to wager money but free to enter pools. We did a lot of things. The biggest beneficiary over all was esports. Even though we started to see traditional sports like the pga tour, basketball, nhl, mlb, esports has maintained some of its growth. It was tiny coming into this and now it is a pretty substantial product. Big pac10 oro big ten games coming up, how do you get around that . Jason we were cautious with our forecasting. In emma last Quarterly Earnings call, we didnt include College Sports and our forecast. We feel like if there are games that look like they will hopefully be played, and they can be done safely, that is upside for us, but we are not counting on it. For everybody, the more important thing is just to see sports, whether it is the nfl, college football, anything else, to see them successfully manage through this i believe would give everyone confidence that, as a country, globally, that we have figured out how to live in the world of coronavirus. I think it is a big litmus test. If there is a setback, people will say, we have not figure this out. If it goes well, it will inspire confidence among consumers, not just in sports. Greg the relationship with michael jordan. That . You capitalize on how is that progressing, other than having the most famous athlete in the world connected to your brand . Jason as much as michael has accomplished as an athlete, he has perhaps accomplished even more as a businessman, brand marketer. I dont think anybody would debate that he is one of the preeminent geniuses of our generation, several generations, when it comes to business acumen, brand marketing. A lot of what michael has built in the various brands that he has gotten behind, that has really resonated with us, similar to what we are trying to do when we build our brand and business. We are looking forward to getting advice from him, how it applies to what we are doing. I think he will be a great addition in the board room. Vonnie can you give us anything concrete about plans, will be see him anytime soon . This wase nature of not meant to be marketing or promotion, but really to tap his business mind. Hopefully, we will get some great value behind the scenes that will show up in our product, strategy. Right now, there are no plans or have him do anything beyond that. That is really the focus. Ofg there has been a lot talk, talking about the equity markets, the action we have seen, that people who could not bet in sports, tried their hand in the equity markets, robinhood investors. Are you concerned that some of them got hooked on this equity thing and will not come back to your business . Jason much like we see in our own business where we have different products, fantasy sports, daily betting, there is a lot of overlap when people try new things. I am sure that if there are people that got into the stock market, there is an opportunity for them to do both. It is hard for me to comment because i dont know numbers of people on robinhood, we are not privy to that, but from what we are seeing, the numbers are just skyrocketing nightgown right now. If there is any overlap, it doesnt seem to be cannibalizing but adding incremental body. Incrementality. Right now we are just setting members and beating expectations. Vonnie you were early in getting in on the spac extravaganza. Are you pleased about going public this way, anything that you would change about the process now . I think its been a great start for us as a public company. While it is still early innings, we feel very validated in the decision to go public, and the way we did it. The people that we worked with from that spac, diamond eagle, harry sloan and his team, has been great to work with. Here he is a board member and has contributed in each Board Meeting he attends. Right now, it seems like it was a great decision for us to go public. Hopefully that will continue. Greg thank you for your time. Jason robins, draftkings chairman and ceo. Coming up, the path to progress. Enactus ceo Rachael Jarosh talking about bringing the road together in the age of covid19. This is bloomberg. Greg this is bloomberg markets. Im greg bonnell in toronto. Alongside vonnie quinn in new york. Think about this next topic as the olympics for young entrepreneurs. 2020 is arld cup weeklong International Competition with thousands of over 35 over from countries creating these entrepreneurial ventures in the effort to help United Nations sustainability goals. Lets dig into this further with enactus ceo Rachael Jarosh. I understand some good news for canada . Rachael thanks for having me. Good news for canada, egypt, and countries worldwide. Canada wasity in named our second place winner about one hour ago. The team from the university in egypt was named the winner of the enactus world cup this year. Vonnie pretty stunning, and congratulations to everyone. Rachael, how has the pandemic affected enactus, given that you were a Virtual Organization anyway, and were global . Rachael it has been an interesting time to navigate, as it has been for all organizations. For us, its been particularly fascinating because we have seen a certain interest from students around the world. In the last few months leading up to what we think of as the olympics for social innovation, we have seen a surge in participation with over 400,000 people participating in events that used to happen in person in the countries we operate. This year, took place online as the enactus world cup. The Silver Lining in all of that is that both our national and global ones became far more international in scope, reach, and scale. We welcomed participants from 81 countries over the last four days. We could not be more proud. Talk about the next generation of entrepreneurs, a lot of discussion because of the pandemic about people who have been underrepresented, minorities and women. Ceo is a woman, this must be an inspiration for entrepreneurs. Rachael as someone with a background in finance, i am pleased to see it. A Long Time Coming milestone of women in leadership at a wall street bank. Young leaders that gathered across our Global Network presented amazing work, reaching all communities, and the majority of them are female. More than half of our students around the world are female. Next to jed leaders are watching. Delighted to see jane fraser taking the helm at citi, but for the next Generation Leaders who are making choices, how leadership will be made, this is a momentous day. Vonnie how is funding, fundraising . We heard earlier this week that for some foundations and Charities Fundraising was down by more than half. Enactus,for us at fundraising is always a challenge, because it is hard. We work with partners who invest in our core mission, but also to work to advance their goals as well. Funding has remained fairly steady. We are particularly proud, this past week, some of our deepest funders stood with us and leaned in. Ford onunilever, kpmg, them anymore. They are not only inspired but what our next Generation Leaders are doing but are invested heavily to ensure that they are as wellprepared as possible for the future of work, which we all know is changing more rapidly than ever, and certainly as a result of the pandemic, will change more. What is most interesting about that way we partner with our funders, enactus students, who are perhaps uncertain about their own futures at the moment, are so focused on continuing the work on our collective future. That is why our partners choose enactus. They are invested in the next generation. Vonnie a pleasure to speak with you and congratulations to the teams that participated, and those that placed as well. Rachael jarosh of enactus. We are seeing some deterioration in the markets. In the u. S. , the nasdaq is down 1. 3 . The s p down. 6 . The dow is down about. 1 . A couple of hours left in friday trading. This is bloomberg. House Speaker Nancy Pelosi led members of congress with a moment of silence to observe the 19th anniversary of the 9 11 attacks. Congressional members gathered on the east steps of the u. S. Capitol building at 8 46 a. M. This morning. Following the moment of silence they sang god bless america. The attacks in 2001 kill nearly 3000 people in york city, at the pentagon and in pennsylvania. The secondl become gulf nation to establish formal ties with israel. The kingdom joins the United Arab Emirates in normalizing relations with the jewish state after years of quiet security ties, the white house announced. And israel,hrain, released a joint statement saying this is a historic breakthrough to further peace in the middle east. The u. K. Secured a trade deal with japan, the countries first major postbrexit accord, a boost for Prime Minister orest johnson as negotiations with the eu deteriorated