American labor economy will fold into what we hear from that press conference. , howevera longer bid long rates will stay. But then there is this reality of x million of people here with no hope of a job. Jonathan we get the forecast and i think that is important. This Federal Reserve may have to upgrade them and say we are not doing anything for a long time. Tom while you were sleeping, i was saying following this delegate meeting. Saveel mckee is going to me and the 2 00 p. M. Show. Nuancescacies here, the i would suggest would be important. I was up at 1 00 eastern just to throw that out here. 1 00 eastern your time. Lisa, a retail sales late this morning. Lisa 8 30 a. M. Eastern time. To be the first read on Consumer Spending aspect and thats at the extra jobless benefit that did end of the end of july. We will be getting the Housing Market index, more optimism expected. Possibly a new record among homebuilders. Im thinking of transferring the oil out and bringing in lumber instead. That fed Rate Decision followed by the press conference with jay powell. What i am going to be looking for today is how the fed threads the needle between upgrading their forecasts for the economy based on the betterthanexpected data while asserting the case for more fiscal support. There is a conundrum in this credibility gap between economists coming out saying more than ever, fiscal stimulus is required where washington is not seeing the urgency based on the data. Jonathan the dial, for the Federal Reserve may be what happened at the ecb last week as well. This could be tedious at times in this News Conference. We will get questions on inflation targeting. Mckee sits upel over zoom. Question that starts the matter. Nuanceis goes to the that links folks into their dual mandate. They do this through the backdrop of a triple mandrake triple mandate. We can continue this conversation. Great to catch up with you. Lets start there. The Federal Reserve, right now some people are accusing of blowing up an asset bubble. Is facing aight now real big problem. Dataare seeing some surge that comes with the reopening of the economy. 20have something around Million People without jobs. After cuttingthat back unemployment compensation, cutting back ppp, all the things that have ended, youre not going to see major q4 decline in Consumer Spending. ,nd probably a great deal more not just small and Mediumsized Enterprises that fail, but also corporate layoffs. Its important to understand how you will upgrade the economy going into q4. ,ou are seeing spurts of things inflation in areas that had supply disruptions. You are seeing some data coming around manufacturing and some other areas that looks interesting on a monthly basis, but longterm has little impact. You had phenomenal leadership on gauging the quality of unemployed in america. Thats part of Jerome Powells mandate as well. What would you advise him and his governors today on the state of our movement to permanent joblessness . Clearly what we have done is eliminated all of those lowquality jobs. That is what happened during the crisis. Facedhe long term, we are with not a better end of the situation, we have eliminated the jobs, meaning that there is no work. So consequently what we need to do is get people back to work and make sure the employers that previously employed them are able to do so over the next several months. Inarly with the decline support from congress, that will be a tough sell. The fed announced in august its new framework for inflation going forward. That is three quarters from now kind of issue. Right now, what we have got is the potential for renewal of deflation or at least disinflation and eventually deflation in q4. That problem is not going to go away and it is driven by money flowing through the economy. You can look at capital expenditures, you can look at household expenditures going up and then draining out the savings they occurred incurred when they werent spending anything. That is ahe situation complete logjam, the lockdown itself in congress until after the election. This is a really bad situation. The bestve said is thing the fed can do today is the plainspoken with the American People and say we have a problem, we see it happening. There is little we can do in the short term to affect it. We really do need the political establishment to work with us. Indicated that them doing this would essentially likely tank the equity markets and potentially the bond market, admitting they are out of tools and the fiscal effort has to gain steam. What is the political will from the Federal Reserve to do that given their dual mandate to keep monetary conditions easy enough to keep the economy going . Dan i did not say tank the bond market, i said bond yields. So one of the things is that people look at the market as an expression of the economy. The market itself is not the economy, it is in theory, a reflection. Right now all the low yield is pushing people to investments in secondary market. Stocks and itng is blowing up and at the end of the day it is clearly not sustainable. So what is the value of that economy . You have to ask what bank for the buck, getting by keeping the equity markets in the bubble. The answer is very little when you have nearly 30 Million People out of work. The real question at that point is what is the advantage of continuing . Perhaps the answer is to attract the attention of people on the hill with a very plainspoken statement that says we have problems and if that happens to have an adverse effect on the markets, so be it. Lisa it is unlikely they would actually do that . Dan i have no idea. Lisa that to me is a big thing. Where is the will on the part of the Federal Reserve to back off their easy money policies . I struggle to see that happening. Jonathan i think they are communicating clearly they wont be anytime soon. Great to catch up. Tom, a huge problems with the Federal Reserve. At the moment we are experiencing the new economy in the old economy. You have one on fire. Lets imagine the Federal Reserve said policy. If they set for amazon, it wouldnt be where they were. If they are setting for airline stocks, they are on their knees. They have to set policy for the weakest player. The one leveraging here are the strongest ones. And the strongest ones, that is where the money is going. Today, and ieeting agree, we may get an asset bubble. Thats a worry that is out there. Around this strange meeting, are we recalibrating the july 29 meeting or aggressively getting out front of a november 5 meeting where there may not be an election decided and they want to get out of the way . Jonathan they will not know what fiscal policy will look like for the next several years. They will have a decent idea maybe word might go in the next couple of weeks. I wont think they know that answer for many months from now. Lisa this is what i keep wondering about the credibility gap for economists saying things are going to get worse if washington does not pass fiscal support. Yesterday for the day before, several banks came out with some dire warnings. Citigroup saying it was going to build its loanloss reserves because its expecting lowerthanexpected hiring and a second wave of layoffs among whitecollar workers. This type of prediction is not just the economist saying the sky is falling. This is business planning. I wonder at what point that message will come home to washington and how the fed can adequately communicate that . Jonathan it is brutal. The banks had a tough time yesterday. The ftse has been really difficult. Jonathan for the open tom for the opening script yesterday, citigroup is down 91 which is not a big deal except if you compare it to other banks , including many european banks, it is an atrocious relative performance. Jonathan we advance extensive 1 . Coming up on the program, peter often higher might give you one of those points. Joining us very shortly this hour on this day. Retail sales around the corner. This is bloomberg surveillance. Hurricane sally is threatening the gulf coast. One forecaster recording historic amount of rain and a potentially deadly storm surge. It made landfall this morning. Sally is a category two hurricane with a 100 mileperhour wind. President trump is preparing to decide whether to approve oracles alliance with tiktok. Theyve examined the companys proposal. The president demanded tiktok salads u. S. Operations for National Security reasons. Federal reserve policymakers are expecting to say Interest Rates will stay near zero through 2023. Chairman will take questions afterward. In japan, the parliament has elected the first new Prime Minister in almost eight years. He will replace shinzo abe who stepped down for health reasons. He now leads the worlds thirdlargest economy as it tries to recover from the coronavirus pandemic. A quick run to the store. Bloomberg learned the Worlds Largest online retailer will inn 1000 small delivery hubs cities and suburbs all over the u. S. That will help amazon take on more when it comes to sameday deliveries. Global news 24 hours a day on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. Talks aboutinping national rejuvenation, he is not talking about a party or having a good day and a celebration, he is talking about the middle kingdom. The extension of chinese nationalist, the marxistleninist underpinnings and for a long time bwest sat on its hands. Jonathan mike pompeo always outspoken on this issue and continues to be. From new york city in and london, good morning to you. Two hours and 12 minutes out from the opening bell in new york city with equities showing another lift. The euro stronger eurodollar. The chinese currency stronger and the chinese authorities thats the story in the fx market. Geelyhis is an important important deal. The doesnt just happen by market. I wonder what the policy prescription is as they manage to a stronger yuan. Jonathan they are accepting the strength and i think that is the story. Turn, we really care at bloomberg surveillance about the extra leg of research. Joining us now is kevin cirilli. Night, yount last pats cheesesteak as he was in pennsylvania. In, thinking it was pats, it might have been genos. We are in fullfledged battleground state mode for both campaigns. Ive been fascinated to see how these wildfires have really engulfed and upside the campaign. The sunsets in new york are spectacular and all of our thoughts to the horrific damage. The swing states are in the east. How do you get a fire debate in the west over a Core Campaign issue and distraction in the east . Kevin for joe biden it is two words, Climate Change. They are using that to mobilize the farleft caresses progressive base. They want to beat republicans into having a debate about Climate Change. The president is questioning the science but also questioning forest management. This is where i think when i talk privately with republican strategists, they are saying the message has been fumbled. What they want to hear is a Publicprivate Partnership approach for this particular issue. There is no doubt that even though Governor Newsom and President Trump have spoke in pretty moderate tones with one another the other day, that this is an issue that is driving the past 48 hours on the campaign trail. To me. N i explain this Climate Change, if it is something to energize the left who would already vote for joe biden and get them to do that or will Climate Change sway a swing voter . Kevin it is the former. You tap into something interesting. Voteouth vote, the younger really underperformed in the 2016 election. If you look at polls among twentysomethings, their ranking on the issue of gun control and Climate Change was top of their list. With all the pandemics withholding the ability for College Students to go back to school. I couldnt step out of my dorm and 2008 without someone signing me up to register to vote. That is not happening. You are seeing a lot of these issues from the left start to percolate. They need to have a turnout at elections. Lisa i love your connection with cheesesteaks in philadelphia. I want to shift to washington, d. C. And talk about the tiktok sale and what has going on what is going on there. And whats going on between the china hawks and moderates, who is winning . Kevin the hawks. I think there is no question. Even talking with Administration Officials in the past week or so. The language they are using, whether it relates to the uighurs or the president himself using the word decoupling and disentanglement. Two words that have not been brought forward. The rhetoric has sharpened in terms of the tone. A lot of these policies not just in the republican, but the democrat party. Something like threefold the amount of legislation that has been introduced that has a sharper economic and National Security approach to china, versus what we saw in the Previous Congress alone. There are bipartisan areas being worked on. , clearly aon supporter of the president. It will be interesting to see whether or not his support of the president has any reverberations should the deal go through. Now, we still dont have that ruling. The president was asked about this by reporters and what he said was he has heard good things about the deal. Microsoft reportedly walked out on that deal because their application for it, they thought was not pertaining to the logarithm. ,iktok able to hold onto this that raises some questions about how hard this was. This is the pernicious influence of bloomberg surveillance. Kevin has been saying logarithm. You meant to say the algorithm. It was good. He is so focused on the cheesesteaks. What is the Vice President doing . What do the Vice President s do . Kevin senator Kamala Harris wants to be eating cheesesteaks. Anyone who knows her know she is a prolific campaigner. She wants to be on the trail and i think behindthescenes there is frustration that she hasnt been able to get out there is much with the social distancing guidelines. I think you will be seeing her do that more. Great to catch up. Down in d. C. , tom keene, not far away. Not sure what the reviews were on your side, but they werent that good. Tom yeah. I am not going to comment on what abc was doing. John, this debate coming up at the end of the month which is getting close. Its a complete mystery with the body language will be. We are so far from kennedy nixon. Jonathan you were there for it in the audience. Coming up on this program. Raymond james chief fixed income strategist as we discussed the Federal Reserve decision. A chairman powell News Conference. Will they have to upgrade those. Any people anticipate they will particular going into year end. Where they thought unemployment would end the year coming up. We carry you down to the opening bell. We count you down to the opening bell. Up almost 15 points on the session. In the fx market, eurodollar advancing up 2 10 of one percent. A weaker dollar story and take chineseke a look at the currency as authorities tolerate that rally. This is bloomberg surveillance. Jonathan two hours away from the opening bell. From new york city and london, good morning to you, as we count you down to the opening bell, equities drifting higher on the s p 500. We add some weight to the s p 500, futures up 5. 4 . And the fx market, dollar weaker, talking about the stronger chinese renminbi. The bond market, we come in a single basis. That range in treasuries just holding and holding. If 0. 6 7 is youryearold on the u. S. 10year as we count down to that u. S. Fed decision and retail sales in 60 minutes time, tom, and we have done this repeatedly, how much the data has surprised to the upside. Housing, industrial sector, labor market, personal household sector, retail. Services data, tom, throw it all in there. Tom im so glad, jon, you bring up retail. Earlier, such a departure, British Airways with 10,000 layoffs to come, and yet amazon talking about 1000 new stores in neighborhoods around the country. What we like on surveillance is people to go the extra mile to be on with us. Kevin giddis of Raymond James had every reason to cancel today, because he is not in the eye of hurricane sally, he is in that point east where there are truly torrential rains in the slowmotion category 2 hurricane. Kevin giddis, amidst torrential rains down south. Kevin, we are clearly in the eye of the hurricane of a fixedincome market. Which way are we caught when finally yield moves . Kevin [laughs] well, thanks a lot, tom. Has improved,y and jon pointed that out. You guys talk about the numbers and those numbers being stronger, and we are going to see this as we move toward year end and see a 10year that is closer to 1 van it is 50 basis points. We do think we will push it closer to 1 by the end of the year. To gojust going to change right, i guess, in the sense that you are looking for yields to happen in that capacity, and that could happen in the next couple of months. Up does a 1 10year yield, some 30 basis points, which Stanley Fischer would like to mention is a huge move, does that change the fiscal calculus in the nation . Kevin well, probably not buy a whole lot, but at least you are breaking a trendline or a range bound line that we are thinking about, both the economic recovery, jobs, and, potentially, inflation. That is one of the things that the fed will probably address today, hopefully address, their own Forward Guidance on both rates and inflation, because that kind of forecast leads you to believe that we are going to come off the needle on inflation couldl, and i think i change as we get past the end of the week. Year. Jonathan kevin, thanks for giving us your time this morning, we appreciate it. Kevin giddis of Raymond James. Tom, the issue for me, looking forward to the Federal Reserve and policymakers, typically conditioned by previous experience, but many of the individuals are conditioned by the experience of the previous cycle. What did they learn the previous cycle . They all learned that you can keep rates low a lot longer without inflation getting out of control. They also learned unemployment can go a lot lower without inflation lifting, without those inflation pressures building. The conditioning of the previous cycle that is setting them up to approach this one. Tom no question. Jonathan i think we need to get our heads around that, tom. Tom there is no question about that, if you look at the history versus what you learned in the textbook. The oecd made clear today the aggregate demand all in is not there, but what is so important about this is if yields go, there is a published belief they will remain calm and collected, well above 2 . Jon, i do not buy that. There will be real sweat as inflation starts moving outside that comfortable band. Jonathan what do you think is comfortable, tom . What do you think is comfortable for chairman powell, president kaplan, the rest of the . Do you think they have their own different views on that . Tom yes, they have widely different views. After greenspan, they were supposed to be on the same page. Guess what . It is like the bank of england. They are not on the same page. It will be interesting to see. One person i will watch is Charlie Evans of chicago, who has been exceptionally articulate about this gradation higher, if we ever see it, and yields. Jonathan i do not expect to see a governor king, Governor Carney type response to let inflation go to 2 , 3 . Bear in mind that was largely offered currency move. I imagine you are right, tom, two point 5 , 3 , and you are back in the hock. There are less hawks on the 2. 5 , 3 , and you are back on the hawks. There are less hawks on it. Because of the earlier in reasons i mentiond the program, there are two economies mentioned, one absolutely on fire, stocks going through the roof. Those companies, we all know, amazon, microsoft, etc. There are other companies, tom, really struggling. Parts of the economy on its knees. The fed has been set policy for one, and you have to see what happens on the equity market off the back of it. Tom there is no question, the number one thing, jon, in all this mystery as i would not go 2. 5 or 3 , and i defer to Michael Mckee and other experts, percentage. 1 of the point changes the sweat as we break higher. We have not done that, even in a fiveyear break even, look like they are edging up a little bit. Jonathan Michael Mckee joining us right now head of a News Conference with chairman powell. If we look forward to it. Mckeeesque the question. Give us a little hint, a tease. Michael [laughs] winnings to know the lottery number, i guess. You have to ask a question, and one would be how do we know you can get to do percent inflation, let alone over it . And if you do, what is the process . They have not given us any information about how they will decide when and whether to raise rates, and that will certainly get asked. The other questions are going to deal with, you know, what do you do at this point to provide additional stimulus. Is there anything the fed can do, or is it really on the backs of members of congress . Tom mike mckee, i have said this will be a delicate meeting. What will be the delicacy Jerome Powell will not want to speak about . Michael if you put it that way, he does not want to go too far in either direction in terms of what additional stimulus the fed can provide and when they might do that. At this point, he wants to maintain maximum flexibility, so he is going to be careful. He does not want to cause any upset in the markets. I would suggest he is looking for a status quo meeting at this point. They want to keep their powder dry until they know the direction of the economy. A lot of the highfrequency indicators indicate a slowdown at this point. In an hour, we will get retail sales. It may suggest some strength in the economy. As long as they dont know, they dont want to go too far. Lisa why doesnt the fed want to disrupt markets right now . Michael at this point, because they have got a fair amount of stability going, which works to their advantage. Rates stay low. You were talking about it just before i came on. You have got a trading range at this point. They go up a few basis points, they go down a few basis points, and they really dont want to break in any direction at this point, because the economy is getting the stimulus it needs. Lisa but the dan alperts point, they are not going to get the stimulus that fed officials seem to think they need if the market keeps chugging along. It takes the onus off washington to pass a physical support plan, and that could work counter to their efforts. That was dan alperts point. Do you see fed officials doing the same . Michael i think if they dont believe it, they at least understand that view. The question is what happens if they decide to do something about it . [laughs] [laughs] the fed is not going to do ratesng that will raise significantly or lead to an equity market crash that would lead to reaction from washington. They are caught between the two impulses at this point. They need to keep rates low. They need to keep the economy going to the best of their ability and not hope for fiscal help and not try to cause the need for it. I weren mike, tom and talking yesterday, over the last couple of days, actually, about chairman powell and the evil lucian of chairman powell over the last several years. Can you the evolution of chairman powell over the last several years. It, thewalk us through Economic Club of new york talking about financial instability and bubbles . Michael i think a lot of people in the fed have evolved their thinking, and jay powell gets a lot of credit. Basically they decided that they had miscalculated on the phillips curve, that the phillips curve was no longer the driving factor in setting up inflation, which is what the fed is designed to control, or has been at least. That was their policy set up so the chairman has led them into the belief that it is better to balance out inflation concerns with an effort to try to bring down economic inequality by getting more people into work. And we saw a little bit of that reflected in yesterdays the consensusrom bureau that the average income for households last year went up by more than anybody had seen before, and that is largely because more people got jobs, and the Unemployment Rate fell to 3. 5 , without touching off inflation, which is something mr. Powell suggested they try. Jonathan Michael Mckee, great to catch up ahead of the Federal Reserve meeting later today, followed by that News Conference. I think that was a really longwinded way, tom, saying they found out they were wrong, and they were admitting they were wrong, and they made a big mistake in the last cycle. Tom well, i am going to be more kind to them, jon, than that. They have been handed a pandemic, and by all accounts jonathan no, no, i am talking about the last cycle and hiking prematurely. They are basically saying unemployment could have gone a lot lower i am not saying they are to blame for the cycle to end. Of course not. Im tellin saying what they are telling us at the moment is they are admitting they got it wrong last time. Tom look for that at 9 00 a. M. On blumberg television worldwide. It is the degrees of freedom they have and theyre shrinking away, jon, primarily because they are getting no help from the rest of the institutional authorities in washington. Jonathan including the fiscal effort. A conversation with kathy hochul , new york, coming up later on bloomberg surveillance, counting you down to the opening bell stateside. We are off session highs. Still round 12 points, about what one person on the nasdaq, on the s p 500, futures up 15. We advance. 4 . This is bloomberg. This is bloomberg. Ritika for first word news, i am ritika gupta. News the World Economy will shrink 4. 5 this year. In june, the forecast called for a 6 decline. Speed,kdown is losing and it called on governors and Central Banks to provide support for some time. President trump is promising that his longawaited replacement for obamacare is all ready. The president made the statement in a contentious town hall style event on abc last night. He has promised his Health Care Plan would be introduced in a couple of weeks, and admits the deadline will come and go. Joe biden has made a direct appeal to hispanic voters. First trip to florida as the democratic president ial candidate, and he told the rally that President Trump has failed the Hispanic Community time and time again. Are a crucials voting bloc in florida, one of the key battleground states. Advertisers boycotting facebook over hate speech are starting to come back. That is according to facebooks Vice President nicola mendelson. Global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika gupta. This is bloomberg. Jonathan this is bloomberg surveillance, live on bloomberg tv and radio, alongside tom keene lisa abramowicz, i am jonathan ferro, getting you set up on this wednesday, ahead of the fed decision. Your equity markets are doing ok. The s p 500 advancing. 5 . A rough, tough day for the bank yesterday. Weaker, euro up to 11868. Tom talked about the chinese currency doing nicely the last couple of days, last couple of the dollaradding to weakness story today. The bond market, yields in just. Basis point or so, 0. 67 what will it take to break out of this trading range . Bank of america are asking could what would take to get treasury yields higher . The number one answer, a vaccine, tom. I thought that was pretty interesting here for a lot of people, that was the number one answer. Tom we have heard that from a lot of guests, jon, over the last 8, 9 months, here and a vaccine is how you get beyond a 1919 comparison, if you will. Right now, and this has been such a joy for us over the last number of months, the Lieutenant Governor of the empire state. Responsead huge worldwide, kathy hochul and her straight talk, of course surveying with Governor Cuomo as well. Rights,ou had bragging buffalo doing better than good, as the bills are clearly trouncing the jets and the giants, except they are doing it to empty stadiums, and that is a metaphor for the entire state recovery. How urgent is it to fill the restaurants and to fill the bills stadium as they defeat miami next week . Lt. Gov. Hochul well, i am concerned about people from new york, buffalo, traveling to miami, which is a hotspot. Nobody loves the Buffalo Bills more than i do, and the fans are fanatical about it, but i do not recommend anybody travel there and watch it in person. During the pandemic, the safest places to watch it at home. In terms of restaurants and openings, slow progress for that, Indoor Dining would be allowed in new york city starting on november 30, and every restaurant will have to make calculation starting at 25 capacity, if it will make sense for them to start that or wait this out. The fact that they are playing at all, tom, i think that is progress. A few months ago, i was talking to the owners of the bills, and we were not sure we would have anything. Tom right. Lt. Gov. Hochul so lets take these incremental Success Stories as they come, knowing that the pandemic is very much with us. Tom what is the urgency of your and Governor Cuomos need to get salvation from washington . It has rapidly sped up, hasnt it . Lt. Gov. Hochul we spoke a couple of weeks ago, it was intense. Now it is intense on steroids. We have to get that money. We are in a desperate situation where we have to get money out to schools that are spending an inordinate amount of money to make the School Setting safer for kids. We have to get it out to healthcare workers, childcare workers who is watching the kids . We have to get support for that. First responders. There is so much money that has to come to the states, get it out to the localities, get it out to the schools, and if washington does not do that, it will be one of the greatest ever elections of duty in the history of this country. This is our equivalent of storms, hurricanes, tornadoes, flashlights, and fires all at once, flash floods, and fires all at once hitting the state of new york. The time is now cared what are you waiting for . Lisa kathy, you have employers wanted to bring back to the office, jp morgan in particular, yet yesterday, bloomberg was reporting one of jp morgans workers did get diagnosed with covid. They had to send some workers on. This speaks to the concern about a second wave of covid as workers targeting back to the office. What are you expecting, and what is the threshold for another shutdown or Additional Closures dialing back the reopening, with respect to how much the virus cases will be allowed to climb . Lt. Gov. Hochul we are not planning to dial back the reopening, unless the situation becomes very are extreme. We have been managing and 1 or less infection rates the entire state of new york, and that includes new york city, for the last 38 days. That is asked ordinary. If we continue to that is extraordinary. If we continue to engage in the way we have been, wearing masks, and our friends in and why you watch this, stop gathering you are only creating a situation. You are going to be sent home. Dont do that. If people do it smartly, and from the lessons we learned before we did not know masking would be such a big difference, and social distancing would be such a big difference. If there is a second way for individual cases popping up, we are ready for it, we know what to do now, and there are more treatments for people. I do not think we will ever be in such a dire situation. We want to reopen this economy. We want to get it going in a safe, smart way, but people have to get back to work. That is why we are making sure that the mta is safe, people can take public transportation. We encourage people to do it, but follow the particles we have had in march, which is the only reason we have had the lowest infection rate in the nation. Lisa how much are you trying to entice businesses to stay in new york, especially if you do have to raise taxes in order to pay for some of the deficits you are expressing now . Lt. Gov. Hochul well, we have not said we are raising taxes in the state of new york. That is very clear. We think that the federal government is saying that they do not have enough to support us, they can raise taxes, but we do not want to have new york we work very hard to get rid of a high tax state reputation. That was one of our administrations first priorities, because we know that we do not want to drive the employers away, because people need to have good jobs in our city and in our state. It is that simple. So we are not looking to raise taxes, but we are looking to get that assistance from washington, a onetime infusion of money that can help us get back on our feet, because there is no recovery, as i have set on your show before, there is no National Recovery without the recovery of new york state. It is just a statement of fact jonathan Lieutenant Governor, before we let you go, if you do not get that aid, you will make tough decisions. If it is not tax hikes, what is it . Lt. Gov. Hochul well, we are going to have to figure that out. We are still focused on washington right now. And the legislature, the governor will have conversations about what plan b is. I think restarting the economy, the revenues will start coming back. We had a hit of 14 billion in lost revenue. We have to start finding ways to bring back businesses to generate that income, not just for the employees, but also for the state. I was on a call yesterday with the leadership of nyc and company, talking about our Tourism Industry and how hard they have been hit, but i was just reminding everyone there is only one new york city. People will still continue to come back. In the meantime, we are asking new yorkers to come down and explore new york city. The lines are not long. Talk about a staycation. Lets start letting them know this is the lowest infection rate. Come to new york city, have a fabulous vacation, open up your wallets, go see some of the sites, and we will figure this out. As new yorkers, we always figure these things out. We have been down before, and we are coming back. Jonathan Lieutenant Governor can appreciate the sentiment. Thanks for giving it to us. Kathy, new york Lieutenant Governor. Fedre counting down to the decision and News Conference later with chairman powell. We will be catching up with peter oppenheimer, Goldman Sachs international chief equity strategist. Your bond market with the smallest of bids, yields lower. A single basis point, 0. 67 . Together with tom keene lisa abramowicz, i am jonathan ferro, heard on bloomberg radio, seen is bloomberg tv, this is Kevin Bloomberg surveillance. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Good data quality has been to terry rating for several years, but has been really bad during this crisis. We have been on an unsustainable trajectory in terms of continuing the low debt onto the balance sheet. What concerns me right now is the unemployed that remain are not getting as much. The fed is out of ammunition. The dollar is weakening. As much as i appreciate everything the fed is doing, i am not sure they have the tools to do everything right. This is bloomberg keene,lance, with tom jonathan ferro, and lisa abramowicz. Morning, everyone. Lisa abramowicz, jonat