Fed will look for. You have retail sales and they are in positive territory, but the rebound is slowing. How do they digest the data . Catherine a lot of people are looking for whether or not the fed will alter the economic rejections. They have been very limited. A downside perspective for the u. S. Economy and some people are saying the data is more positive. Optimistic, is too i think the fed will not upgrade their forecast because the data coming in, everyone expected to be a balance, but there is a loss of momentum, and if we take a broader perspective, it is fragile. Guy so, september we get the summer of Economic Predictions updating us into 2020. Do you think we will see the average. Moving higher quest average dot moving higher and rate heights hikes being priced in . The market is not set up for that. Guy there is no prospect for any rate hikes. That has been clear and put forward in language that is uncontroversial. No rate hikes, at all. The market may have interpreted average being different from symmetric and being more dovish. I think the two are not the same, but the market interpreted it correctly and doubling down on the unemployment component of the dual mandate. No upside risk to rates and i do not think there are upside risks to gdp and i think some people were hoping for that. 2023 doat about the ts if we are expecting rebound in recovery . Catherine i think there is, but rebound is different in recovery, that gets you back to where you were before. Two years later, that is still in a hole. That is what we will see, even if you get back to a growth rate that is above 2 , you are looking at a very extended period of time where there have been duroc Market Direct scars and businesses going out of business. There is an awful lot of room for the fed to continue to keep rate Interest Rates low. Guy let us talk about the average, that everybody is now focused on in terms of inflation. Several members, i have my list in front of me. Bostic, chicago, and others have said that there are in they are in no rush to provide details on how that will work. Is that a good idea to remain a bit ambiguous at this point, or do you need to provide clarity so the policy can work earlier . Atherine there is always question about how specific you need to be when you are talking about Forward Guidance, and there is a balance between a rulebased Forward Guidance which is im going to tell you what to do what i will do and when i will do it, and discretion witches incoming data that will affect my decision and i will have to income discretion, which is incoming data that will affect my decision. This will give the fed more room to be more dovish than the language of symmetric inflation. They tried that one several different times. The average is supposed to indicate for a longer period of time we will go higher than 2 in order to make up for some previous time. It is difficult for them to give a timetable like, it is going to be two years to be our window for an average number or three years or 1. 5 years. They cannot do that and be so specific in part because the market will arbitrage it. They cannot be as specific as the market wants them to be, because then it becomes a new asset class, so to speak. About targeting to say, if Inflation Expectations get here, and you have the ford preferred measure coming in here. Can that do it, can they do that . Again, if you are being specific about inflation and aations at 2 fiveyear inflation swap and then pce coming at 2. 5 for six months, and unemployment coming 4. 5 for how long, that just create something that the market can bet against. Why would the fed do that . They provided an awful lot of opportunities for market reaction, and the other problem is that expectations, actual inflation and unemployment are not fixed together like with tight relationships. There are very loose relationships between those three variables, so they cannot really tie them all three down at the same time. Guy if the fed does not provide details, and i get your argument in terms of providing targets, are we likely to see a steeper curve as a result . Catherine i think you are more likely to see a flatter curve. Because the fed has anchored the low end and they have made it very clear that they will not increase rates. The only reason why you would see a steepening of the curve is if inflation starts to come in and you start to see a pricing in. That would be appropriate. If inflation starts to come in more robust, that means the economy is doing better, which is exactly what you would like to have happen, so speaking of the current so a steepening of the curve would be a good thing. Alix to jump on that, what is to prevent the fed today from talking about spend extending their average maturities . What about a de facto yield curve control, it is like free stimulus . Catherine they have been very sensitive about using the language yield curve control and sensitive about explicitly targeting certain time dimensions and durations. They are doing yield curve control, we have talked about that in terms that they have not used that language or do not want to think that they are doing that, but they are. They played an Important Role in the 10 year range. To the extent that they were going to step back from that, then i think that would be an important indication that there view of the economy was in a good enough shape for them to step back from explicitly targeting a particular majority. To get we are not going more details, and i am sure the press conference will have question after question trying to nail the fed down on this, if we will not get any more details, and we have got what we are going to get, is the fed a nonevent now . And if so for how long . Catherine there are a couple of things, the fed has a lot of different tools and they have deployed them extensively in the context of backstopping different types of asset classes. They have those tools out there and they have the tools of choosing different durations of u. S. Treasuries in terms of maturity and anything that they buy. It is not a nonevent when you think about the granularity within the markets. There still is an awful lot of a way in which they can affect different components of the market, so that means that they have not, they still have lots of ammunition. If you are talking about whether or not the fed has the capability of using that ammunition to get us to the targets in mind with regard to inflation over the longerterm, and unemployment over the longerterm, those are real side variable. Inflation is a real side variable. Have a lot of challenges ahead of them to get past the market and to the real economy. Alix last question. We used to look at jobs friday as the indicator to what the fed would do. What are the indicators you look for . It could be Something Like vaccine studies. What is your real time indicator . Catherine i look at the turbulence in the market, which is an indicator of how much the fed wants to use its tools, especially some of its aftermarket tools, they have been pulling back on those and not playing a big role in the specific asset markets, the corporate asset markets. I look at the turbulence factor as gauging how comfortable the fed is with engaging directly into the markets, not the treasuries, but the other markets. Around, great to hear your analysis thus far. Catherine mann joining us ahead of the fed, and we have great coverage coming up as well. The fed decides starting at 2 00 p. M. In new york. The press conferences 30 minutes later. This is bloomberg. Alix let us check in on the first word let us check in on the first word news. Hurricane sally slams into the category two. Some areas could get as much as 32 inches of rain and they could bring studley two foot storm surges. Some retail sales in the u. S. Were less than forecast and they were up. 6 . Fell. 1 . Oup sales the control Group Includes gap, carb day should car dealers and food services. That is considered a bouncer a better measure. The big 10 football season is back on. The conference which includes ohio state and michigan will review playing games a weekend of ojai of october 23. Big ten officials had postponed in august and now the pac12 which consists of schools in the west is the only power five conference that is sitting out. The European Union is going green with its economic rescue fund. The president spoke today in brussels. Today that wence ofl set a target of 30 nextgeneration e. U. s 750 billion euros to be raised for green bonds. Is 267 billion dollars of green bonds equivalent to roughly all of the Green Securities last year. Global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Guy thank you very much. I want to come back to that story in a moment, just to say that the bbc is reporting that Boris Johnson reached a deal with in his own conservative party. This is around the internal market will. They were concerned that it will break the International Treaty and were not willing to back the Prime Minister. The bbc is reporting that there is a deal. To givehnson is about testimony and we will bring a chunk of that life. Let us gill let us go back to the story of the European Union president. She focused on the rescue plan that is being delivered by the European Union, and accelerated significantly accelerated the switch to a Carbon Neutral economy that europe is going to go for. Still with us, catherine mann. Ursula fonda line she is can thea high target, european economy shipped fast enough and will it be an economic drag or benefit . How will it unfold . What is your view. Catherine we have been writing a lot about the climate affecting inner economic activity. We think the real key question is not just rebound and recovery in europe as well as other economies is to catalyze capitalize private Sector Investment, because Capital Investment collapse. To do that you have to combine spending, tax, and regulatory changes to create an environment where the private sector has to spend money on real stuff or equipment. How do you do that . You have to have a fiscal pivot towards something that will demand private sector response, and climate is it. Money,ing forward the and the regulatory changes as well, she has sat out a target and a vision for europe, which pivot,present a fiscal and not only is it good for private investment, but there is the financing side as well and we know investors want those bonds. We can talk about the ecb may be buying them, but this is a good package for europe. Alix that was my first thought, is that the ecb will buy them, is there going to be back door financing for all of this Green Investment . Catherine i think the ecb will have to fight the private sector, because they want them in the portfolio as well, not just for pensions and so forth, but also we find that the outperformance is advantageous, and the banks want to be part of the action to because of the ssps rich Risk Assessment for climate risk. There are a lot of actors out there who want these kinds of bonds. We have to make sure that the private Sector Investment activity is designed to take advantage of having the financing available, because capex is where it at, and we need to have a private sector and capitalize that investment to get to a better place. Volkswagen getting in on the act and issuing green bonds and daimler is doing the same thing. What impact on the bottom line will this have if we have this crowding in effect from the credit from the private sector. What effect on gdp will we see, and how quickly does that come through . Catherine the key number of weak spots, Capital Investment is the key one. Without Capital Investment we will not have any kind of recovery sufficiently strong to generate Pricing Power for firms and wage growth rage growth wage growth and unemployment. We are talking about a critical component to getting us to a recovery phase. Oecd, weus job at the did work that showed this spend, and of tax, regulatory changes is growth enhancing and it can be in the shortterm and longterm. Why in the shortterm, because firms have to have to get ahead of the game. They want to be the first ones in to get the best price for their purchases and their bonds. Alix what is interesting, the u. S. Has been looked out as the growth play and europe is the value play because they do not have technology companies, is that dynamic shift . Will we talk about europe as a growth driver in the next eight to 12 months . Because of this shift. Catherine i think it is an important question about the outcome of the u. S. Election, frankly. Because that could change the position of the United States visavis the Climate Change agenda. And so, that is a critical question Going Forward right now. Europe has the potential for the growth. We are seeing it play out in the Foreign Exchange markets, somewhat to the detriment of the inflation target, but nevertheless, that is the assessment of the markets, the potential for European Growth coming out of this is more solid than for the United States. And you mentioned the oecd raising forecasts slight quite significantly for the united dates, china, and the eurozone and we have seen solid data out of china. In terms of our understanding of where we are in the process, it was not bad as first thought. We have bounced back sharply in the data is showing that. My question is, where are we now, and has the improvement of the Economic Data reached its peak . Are we going to see a sideways story in terms of how that develops . Catherine what i have to say is that the oecd may have raised our fort their forecast, but i am downgrading ours. The reason we are downgrading ours, what we have been doing is what has happened is more and more countries are putting out into the future when they expect, and then this is from our company economists, when they expect countries to achieve the preview covid level of gdp. The u. S. And china have stuck with their dates but most countries have moved out, and that is why i say it is a very fragile recovery because it is asymmetric in terms of timing, and you know that things cannot do well when you have a couple of countries proposing to be predicting to be coming out sooner but everybody coming out slower. It means trade will not recover. It is a case that they all think that the weakest point is Business Investment. So we get back to the question to the question two how do we capitalize private sector Business Investment . Make businesses use all of this debt. The previous segment talking about m a. M a is a great to do when you are the cac but it has nothing to do and does not benefit growth or employment. Tagline, capexe is where it is at. Great see you as always. Catherine mann. The bloombergatch festival today and i will have a panel with the former secretary to the u. N. Convention on climate out of a group out of the weeklong event that gathers people together to focus on issues on climate actions. We will have more on how the green push will impact the oil demand. Also, how does opec take it all. Alix now is a good time to invest in commodities according to the former golden saying Goldman Sachs ceo. Theade the remarks at briefing. Material sectors are underappreciated, and that is not a bad thing now. Now is francisco blanch, head of Global Commodities research. Where does it make sense to invest in commodities right now. Franciso we think the commodity complex generally is benefiting from inflation from increasing activity, and has been dragging Metals Prices higher, and we have seen a lot of outset pressure on the gold, silver, and Precious Metals complex and a by Central Banks fiscal deficits. And that energy i think remains laggard, mostly because as we a crisis, covid19 is and oil demand is not fully recovering, so we are keeping a close eye on vaccines, treatments, and hoping that in the course of the next few months we see some of those coming online and essentially bringing back a recovery. That is the main thing that energy is missing right now. Guy let us stay with the energy theme. The president of the e. U. Is pushing for more Sustainable Energy services services. We talk about peak demand for oil. What happens next, how big of shift of this from europe, how big your shift will this have on demand and pricing . Francisco i believe that bps report is they are to justify the corporate strategy, all european majors are trying to become a renewal power companies. And they are working hard at it for the last few months. The question mark is whether they can do it, and how quickly this transition will happen. One of the biggest unknowns is the u. S. Election on november 3. I think under President Biden would be a much Faster Energy transition. If we get four more years of president trump, i am not sure we will see a big push towards the socalled energy transition. 3 remainsk november the key dates for that Climate Change fight. Alix definitely when it comes to the u. S. For europe, it feels like the fight is over. The plans that have been laid out, seems like you can see a Combustion Engine being phased out and a total revamp when it comes to aviation, for example. If europe was the sinkhole for a a while, what happens now with the market really shifts much faster do Something Else . Well, i think obviously the emerging markets are the obvious place for fuels to go. Midtermstated in our range view, which we released a couple of weeks ahead of everyone else, that oil demand 105eak around 100 million to barrels a day. Off 3re we shaved Million Barrels from our trajectory. What happens from here to 2030 theery much related to recovery and driving demand and it is no secret that china has seen a big rebound and grinding activity because people want to transport, and the same thing in the u. S. , even though there is a big move to work from home and we are seeing school buses not as active as they should be, we will see a big pickup and driving activity into the next 20 20s. Thereafter, it depends on how evs are pushed out and how subsidy evolve. For the time being, what is happening is that a second secondhand cars are going up in value, and these are not electric secondhand cars, these are internal Combustion Engine, and that is the reality. Guy let us talk about one trade you can make around the shift to a local lower carbon feature, and that is in target. In carbon, do you buy carbon . We saw the European Union suggestion it will tighten up on the ability of carbon permanent permits . Is that just a oneway bet . Francisco so, there are a couple of things and ways to look at this. Carbon is not just a local a global, it should be commodity, but it is a local economy. But, the reality of the matter is that carbon is a local commodity today. Is it going to go higher . Yes. The global average price is about two dollars to three dollars. Most count countries are not taxing carbon emissions. You want to have 20 or 30 euro a ton, but not every country or company is paying that price. Go higher . Be sure, if we want to limit climate increases. Need to see them in the 50 to 100 range. It would primarily impact local prices and force them to double the cost of what they are today and, i would think also, it would Impact Oil Prices and natural gas. You need the price to cover this very high to fully engineer a rotation towards the agreement. Francisco great catching up with you, we appreciate it and i want to point out that the Oil Inventory as up a solid draw. Thank you a lot. Down in westminster we have a significant hearing taking place. Boris johnson appearing before the Parliament Liaison committee, some heavy rate heavyweight questioning happening here. But is partially virtual, mainly in person. Let us take a listen. Have enougho not Testing Capacity now because in an ideal world, i would like to test absolutely everybody that wants a test, immediately. Be in no doubt that, however there has been a massive increase in Testing Capacity. It has gone up from 2000 to 3000. It take place . Pm johnson we will be up to 500,000 by the end of october. The Health Secretary told the select committee it would be within two weeks. What has happened since then . Why has it been put back . The health and social care hecht select committee was told that it would be solved a week from now. What has happened from now until then . 500,000 a day by the end of october. 500,000 a day, will that be enough to meet the demand that you project . Pm johnson we sincerely hope so. But what has happened is that demand has massively accelerated in the last couple of weeks. If you look at the graphs of people either asking for a test and getting on websites and ringing up for a test, they are going up. Thati think the reason for , theyt, for many people are seeking to get a test in the hope that they can thereby be released to get on with their lives in the normal way, and people who have come into contact with someone who has tested positive for instance, they are seeking to get a test to ensure that they are ok to continue on. And that is person perfectly reasonable and i understand why people are doing that. But the advice, and the guidance is that people should take a test not in those circumstances, but when they have symptoms, and what we are setting out today, we are setting out very shortly, groupspriority of the that we think should have tests. Do you know how many will be starting with those who have , i think that in the case of schools, for instance, it is important that people, teachers, parents, should look at the guidance tracings testing and about when to get a test. Schools, if the are sent home to isolate because someone has a cough in the class, if that is going to happen, if we would just be in a rolling system of School Shutdowns that will wreck education for the year. Pm johnson that would be wrong and that should not be happening. The reasons for sending such a class home or a bubble home would be as i said, if somebody test positive. The whole class has to get one . Pm johnson if someone who has tested positive have spent in contact with the rest of their bubble, and the rest of the bubble has to. They have to go while the person is waiting for the test. Injohnson they should go the event of a positive test. Theo they should not vacate school and the class until the person with the symptoms have been tested positive. Pm johnson it will be of great advantage to the committee to consult the guidance finished by Public Health and nhs test and trace. Scientists say that half a Million People a day will have symptoms consistent with covid in a normal winter without covid thanks present. So, if the target is half a million by october, all that would do is deal with the people who have symptoms and coughs and colds that they get anyway. That will not be enough to deal with the additional risk of people with covid symptoms, what it . That with we believe the additional tests that we are laying on by wrapping up test and trace we can make a substantial difference which will make an entire but you make an entirely reasonable point, and you are making a point about the big increase in demand that we are seeing. That is why it is vital that those specifically with covid symptoms should seek a test, and should take steps that those who have been in contact with those who have tested positive should so on the basis of a positive test. We knew at the start of the pandemic everybody agreed on the evidence that my committee was taken is that the virus spread because we did not have Testing Capacity to test asymptomatic people. Six months on, it feels like we have been here before. In april, the secretary of state had to take a personal writ to think to increase capacity. Will you and he do that to sort out the crisis . Pm johnson i can assure you that everything is being done that we possibly can to increase Testing Capacity, and i must remind the committee including automation and batch testing, Security Supplies abroad that to date we are commissioning two new four new labs that we are in ng as you will know across the country. We have another 300 people. Testing capacity in the last two weeks have gone up about 10 . And the 500,000 per day we aim to reach by the end of october. Before people run down the efforts, people are testing more per head of population than france, germany, and spain and conducted more test than any other. Schools start falling over for lack of tests, that will disrupt everything. School, 97 percent of pupils came back. They only have 88 now. They have a staff and they are waiting for tests for their children and they have 13 pupils off waiting for tests. How will we prioritize testing for schools to keep them operating . Pm johnson i made the point to mr. Clark that people should not be sent home unless a member of the class or bubble has tested positive. But the pupils themselves are requiring to be tested, that is the problem, because of something that has happened in their home and not at school. Pm johnson i appreciate the frustrations of parents and people who want more tests and all i can say is that we are doing our level best to supply more tests to speed the process around to turn it faster, and ensure that people get tested as close as possible to where they want them, and i know how frustrated it is that people are being asked to go long distances, and we are doing what we can to bring that down. They have been brought down a bit. Thank you. Good to see you. Of our session focuses entirely on covid and it has been widely welcomed that there will be a public inquiry. Can you tell us when it will be as a response to the pandemic . Pm johnson thank you very much. Course, we will have a Lessons Learned inquiry and look at everything that has gone wrong and all that has done gone right and we will work out what to do to do things better. I do not think that will be a good use of official time, but we just had a long discussion about the very very pressing need to ramp up our testing operation, huge numbers of officials across the government and across the country are involved in that. Pm johnson such inquiry such requiring now would need to start the new year. What sort of background . Pm johnson just the one i mentioned. Any further response for Lessons Learned that you have learned already, could you give us key examples. Tojohnson i would not want anticipate the work of any such inquiry. You said rapid work must have been done. Can you give some specific examples of that . Pm johnson i think we have learned all sorts of things. It was greg who said earlier on that one of the things that has really changed our thinking is the high level of transmission that is now asymptomatic, and that change the way we respond. There all sorts of things that we are learning all the time. Onton i just take you issues about the Civil Service more broadly, because its ability to respond to the pandemic has and will continue to be key. Can you outline what you think the Civil Service requires a form . Pm johnson i think that the Civil Service does an outstanding job. I venerate our civilservice and are i think they fantastic public servants, and i think they deliver extraordinary things every day for the onlical British Public every level of government. I said it in a speech, that perhaps that is one of the lessons we need to draw from and what others have been talking about, maybe there are times were in where we need to move faster. Project speed is of great value to the workings of our civilservice, and we will not be shy of reform where necessary. You are the minister from the Civil Service, so how to use foresee that taking place and when . Pm johnson there are changes and what i hope our improvements going on the whole time, but i waste wish to stress that these are not being done in any theit of disapproval of ethic of service or the performance of our civilservice. They do an outstanding job. What we want to do is to try to make sure that they can respond faster and better to the needs of the public. Any such reform would not alter the fundamental, established relationship between ministers and Civil Servants . Pm johnson i think that the principles are extremely important. Resign should a minister rather than their officials . Pm johnson i believe that ministers should of course be responsible, and as the minister of civilservice and Prime Minister take full responsibility for everything the government does. Can you explain the difference between that and ministerial accountability . Pm johnson ministerial accountability is before parliament and the electorate. Can ministers dismiss Civil Servants . I think a minister is entitled to make clear that ther she believes that operation of department would be better if things were different. So does minister does it require a failure of policy or implementation . Pm johnson i think a minister is accountable for all of the thatres that govern happens in his reign. Thank you. Minister, and antinato bill scans and being induced into labor and struggling to access support and facing postnatal depression alone, why did government reject almost every one of the 23 recommendations by the petitions momsttee on supporting new during this covid19 crisis . Pm johnson to the best of my knowledge, that is not what happened. My information was that there was a very active campaign led by i think conservative female mps who felt very strongly that the separation of mothers from birth partners was wrong, and i completely agree with them. I said as much in the house this morning. I am talking about the report that you personally pledged during peoples questions that you would read it, look at it, and take on board the difficulties faced by many new moms during the covid19 crisis. 23 Petitions Committee made questions and most on the floor the government reject did even basic as putting as putting information to employers so they know how to respond and support pregnant and moms. Why did the government reject them all and could the Prime Minister today pledged to look at it again and genuinely committed to supporting new moms during this covid crisis . Pm johnson i am certainly happy to look at what we can do to support new moms, and we have done a huge amount investing in postnatal care, and supporting the mental health. Moment, minister at the it is easier for a farmer to go to the pub or to go grouse shooting they had to attend his own babys birth scans. The government needs to do more. There was a committee looking at it before, and it will report back to this committee, and i would be grateful. Pm johnson i would be very grateful. Wales, children under 11 are excluded when it comes to covid restrictions, meaning a family could have informal childcare that they rely on to get to work, and avoids a situation in england where a mom and dad can go to the pub with multiple strangers but cannot, if they have three children, see their grandparents at the same time. Will the Prime Minister will inmit to looking that again the light of science and common sense in england . Pm johnson you are making a point that many people are making cross the country who and,us to relax the rules i have just got to tell you that is increasing again. It is not a quest to relax the rules, it is a request to it is important in relation to children under the age of 11. Pm johnson it is a request relax the rules because it is a factor of the disease that is readily transmissible between children and adults. And what we are now seeing is unfortunately, the progression of the disease from younger groups who as Everybody Knows are much less prone to its worst effects up into the older groups, and the committee will be aware that the instance among the 80 plus group is now up to 100,000. A few days ago, it was about half that. It is growing. And, alas, although the number probably fall smaller, and obviously fall is probably far smaller and we must expect those to lead to mortality. I will take that as i know, which brings us to the issue of test sitting. It will be reported that if you italian land in an airport you could get tested for covid. Constituents are reporting to all of us that there is total chaos for them in the testing system. Chaos that will lead to another lockdown and hundreds of thousands of jobs being put at risk and lives. What does the Prime Minister what is the Prime Minister going to do to get to grips on the current situation. Pm johnson we have massively guy you have been listening to the Prime Minister taking questions from the elysee liaison committee. That was chaired by sir bernard jenkins. We will be back a little bit later. There is an expectation that they will move to talk more about brexit. Currently the Prime Minister is being questioned on the testing, and lack of capacity in the united kingdom. The economic and educational effects that will have. We will be back in a moment and provide analysis of what is happening with the testing and with the wide story surrounding the update on vaccines. This is bloomberg. Alix we were just listening to Boris Johnson testifying before the liaison committee. The Trump Administration is releasing a covid next Vaccine Distribution strategy, two different strategies. Leads our is sam who pharma coverage. This started in the let us start in the u. K. , what is the testing problem and why is it so far behind where it should be . Sam honestly, i think that the government does not quite know what the problem is. It seems to be, if you are listening to different sources of conversation that it is to do with i. T. Systems, or booking opportunities for people, that the reality is that, there has been a lot all along the way of running before we can walk kind of situation and that there has been so much pressure from the government and not from companies to get people back to work, but there is no ability and to help them to assess if they have somebody get ak has a case, same as in schools. And then, to be able to trace and contain this. If we want to fully open up you have to give people the confidence that they can know if they are coming in contact with somebody who is infected. Guy which is the bigger problem right now, figuring out how to develop a candidate vaccine, or getting it out to the population . Because that is what the Trump Administration is putting out a plan for . Sam i do not think that any of the steps are simple steps, the point is that you can have as good of an institution as you want, and the best systems for delivering a vaccine, that if you do not have a vaccine that is safe and effective there is no point. You cannot wait until you get the data to figure out your plan for getting this to people. You, i, and the team have been talking a lot about what happens if a vaccine tomorrow reports positive, that would be good. But what do we do with that information, how do we get that to people. When i skimmed through the document that has just been put is ay the u. S. Government, little bit light on detail, because one thing we want to know is who will get it first and it does not tell you that. Guy ok. We are going to leave it there. Thank you very much. Sam bringing us an update on what is happening here in the u. K. And also with the plan being brought out by the u. S. Government. Up next, we carry on our coverage on what is happening as we count you down towards the fed. Randall kroszner, a professor of the university of chicago will be joining us. 11 00 00 p. M. In london, a. M. In new york. Guy johnson in london and alix steel in the United States. We are counting you down to the european close. Let us update you with what is happening in europe. The state of the union, first love underlying hyping the president hyping the target funding massive amounts of green bonds. Boris johnson says that his government showed creativity. Ran as the furlough scheme off. We are expecting that shortly. The Global Economic slump will not be as shut off as feared. Revisions higher for the euro area, the united dates in china. Let us check out the markets and advance of the fed. , andies are a little bit we are trading higher