211,000 cases and 5400 deaths. It is Prime MinisterBoris Johnson is facing a battle in the house of lords over his controversial plan to break International Law over brexit. Prime minister johnson has agreed to give the house of commons a veto over whether the government can exercise its proposed powers to override parts of the brexit agreement. He made a after meeting conservative mps who were threatening to rebel against him. The house of lords is expected to reject a bill by a large margin. 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. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories from around the world we are following. Investors reacting to the feds signal it will leave rates near zero through at least 2023. Chairman powell striking a cautious tone on the recovery. We will speak with mona maha jon hood a few moments. If new jersey is less appealing following the governors millionaire tax announcement this morning, there is plenty to rent in manhattan. Apartments are piling on the market and it is getting harder to fill them. Insight from Jonathan Miller. And see spot run. Robot dogs coming for your job . The impact of automation on the workforce, and how spot can help in the fight against covid19. Lets take a look at the markets. We are seeing a risk off tone across the markets. Gathering steam, the nasdaq is down 2 . The dollar index is still above 93 but just a bit lower. The s p 500, just three groups higher. 1. 5 . Dex down the 10year yield, 50 basis points. Crude oil hanging on to most of yesterdays gains. Up . 89. Vix higher now as well at 27. More on the volatility in market post fomc. Mahajan,ng in mona with all global. What was the most important thing for investors to pool from yesterdays News Conference . Mona i think generally speaking, it is lower for longer four years now. If you look at the feds projection, they have rates at the zero bound through 2023. Also notable from yesterday, their upgrade of 2020 forecasts. Unemploymentgdp, projections, and even brought up inflation projections as well. Finally, i would point to 2021, the fed looks at a rebound year. Gdp growing to 4 next year. If you are looking at a backdrop where both is accelerating in 2021 and rates are still near the zero bound, to us, that is still pretty good backdrop for risk assets. Keep in mind the phrase that comes into mind, there is no alternative. When rates are the slow, liquidity is flooding the system. You will see investors have very little choice but to move out the risk spectrum. ,reas like equity more broadly areas like gold, even parts of the credit market, still remain attractive. Vonnie this is where moral hazard becomes a question for investors. If the fed is so involved, promised so much effectively, is their moral hazard there, do investors need to be weary . You have totely think about valuations to some degree. We are starting to see that in assets over the last few weeks. 75 offaq had moved up of that march 23 low. In that environment, you could say there was a level of excess frothiness, but markets are savvy and will correct when they see the opportunity. I think you have to think about valuations now a little bit more so as part of your toolkit. That being said, we could get valuations that have been higher than precovid levels. When you get these corrections, you have to think about tactical opportunities as well. Vonnie how does the market deal with skittish investors . If anything, we will only get more skittish between now and the election, every time a poll comes out, some headline. We have seen bouts of volatility. Our investors in a robust enough position to withstand volatility between now and november . That thatview is volatility is likely to happen. This has historically been a more volatile time in the market. This year you are dealing with not only the uncertainty around election but back to school, higher cold and flu season, especially on the east coast. Virus trends come into focus as well. Certainly a recipe for volatility. There are some, things on the horizon that may offset that. Vaccineooking at the inclusion at some point, rebound of Earnings Growth next year. There could be a global participation as well. Tactical periods of volatility to position yourself into that next period. Vonnie how are investors supposed to price assets these days given the pandemic . That when model for we dont know when there will be a generalized vaccine, even if there is something before the end of the year, we dont know when enough of the population will be vaccinated successfully enough, we dont know longterm consequences, we dont know business consequences even. Mona it is a fair point. Markets are pretty forwardlooking. For example, while we dont know the exact timing around the vaccine, we know it will be a process. Once we get approval, it will take time to manufacture, take time to distribute. It will also take time for consumers to change their behavior back toward prepandemic economic activity. All that being said, markets will start to discount that entire period pretty quickly, if they can see six month from now normalize activity, they will start to think about what works in that environment. Our theme over the next 18 months may be a broadening of participation. Not only here in the u. S. From a cyclical value perspective, which may gain momentum, but also globally. U. S. Has been the primary performer former through this crisis. Broadeningsome across the world. We dont know the exact timing, but markets can be savvy in discounting these factors pretty quickly. Vonnie certainly, some companies have been decimated or hurt badly by the coronavirus, their stocks are reflecting that. After that bout of turmoil in march, industries are doing pretty well. Say suggesthat you that we will continue to see that. Are there any risks on the horizon that make us worry about an actual correction . Mona the biggest nearterm risk is the election cycle itself. Not only getting through the election period where there is increased uncertainty from the more elevated levels of mailin ballots, which do take longer to count, confirmed, there may be uncertainty in that nearterm period, but then more broadly, what does policy look like in the four years following the election . Depending on who the next president is, i think we could see a shift in policy. That being said, on both sides of the aisle, there are also opportunities. Under a biden administration, you could have a new area of growth in clean technology, clean energy, renewables. Both candidates have put forth infrastructure. I think there are opportunities there. Infrastructure already was opportunistic, and we have some great value there, some opportunity yet to be had. President ial elections and policy are clearly the biggest risk, potential for risk off him about there are offsets to that in terms of other opportunities. Vonnie our thanks to you, mona mahajan. Bring one troubling headline to you. France reporting 10,593 coronavirus cases in the last 24 hours, the most since the lockdown began. 10,500 93 cases in france. We know that cases have been going up there. Markets are closed in europe. The cac 40 had a down day today. From aup, we hear portfolio manager. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Markets trading lower since the fed decision and News Conference 24 hours ago, but it is not just Monetary Policy and fundamental driving price action. The rise of the Retail Investors has brought more momandpop traders into the markets. Kailey leinz has been looking into it. 2020 has been the year of lots of things, including the year of what may have been, including mega cap tech stocks. But we2 at this point have to consider the role of mom and pop in all of this. Because we are in the middle of the pandemic and people are at home, maybe entertaining themselves by betting on the stock market. We have evidence that proves this. If you look at the daily average trades, each reach, charles schwab, they have picked up in a large way this year, notably for schwab, the white line on the chart. When you look at it through an account linens, sites like robin hood have added 3 million accounts this year and post over 13 million active retail accounts. To 14. 3schwab now up million. According to bloomberg intelligence, retail traders make up 20 of equity trading, up from 15 . We know that retail has been favoring in large part these highflying mega cap tech stocks, apple, amazon, tesla meant that we have seen rally so far this year, retailers are credited of playing a role in that, not just because they have been buying the stock outright, but also being active in the options market, buying short dated bullish call options. That was what drove these stocks higher. Summer has come to an end, there are signs this is slowing down in terms of accounts added. Our analyst have been tracking that closely. They also point out retail Trading Volume is likely to stay elevated above pretim back most until we see a more sustained correction in highgrowth stocks like the fangs and tesla, which we are starting to see. It will be interesting to see how they react to the selloff. Vonnie tomorrow again, it is trout just quadruple witching. What do we expect . Retail is not as heavily involved, but expect a lot of volume, volatility. You have options and futures on indexes and individual stocks expiring the same day. Usually these are some of the busiest trading days of the year. I looked at data from the almanac and found that septembers option expiration week, usually the s p 500 is up every year since 1980 260 of the time. Not every year but a bulk of the year has ended the week higher. At this point we are roughly flat on the week. When it comes to fridays expiration quadruple witching day, usually the s p 500 and seven of the past eight years has ended lower. That could mean we are more for downside and then minimum. Vonnie thank you. Staying on the retail traders isme, delegate contra fund seeing outflows. Notially because gen z is interested in mutual funds. Will danoff is frustrated. Here he is eking with erik schatzker. Etfs have certain Tax Advantages that fidelity perhaps did not appreciate at the time. There is a demographic issue. We need to appeal to the Younger Generation as well. App is goodhink our not bepical gen zer may as interested in owning a mutual fund. Over time, i think we will continue to generate. Performance is important. Continue to generate good performance. Hopefully, introduce new products, leverage our expertise, leverage our technology. Fidelity is a great organization. I am pretty sure we will be able to get through that. Yes, that has been a personal frustration. You are a public ceo and fidelity cells your stock, elon musk is going to do his thing, and hopefully fidelity or contra fund will get back in. I cannot argue if somebody wants to leave my fund. I am telling them exactly what im trying to do. If they want to invest with me, great. If they want to do it themselves, that is fine, too. I can only do what i can control. I am trying to do a good job with a large fund. Billion pool, 230 of assets is hard to manage. Im working hard with my team. Im also playing to my strengths. Say we the ability to can be your largest shareholder, or we are your largest , therefore, we can afford a lot of research. That was will danoff at fidelity contra fund. An exclusive conservation with erik schatzker. You can see the whole thing on the bloomberg or online. Time for the latest Bloomberg Business flash. Walmart rolling out sweeping changes to staff structure in the u. S. Specifically a new team based model. It will mean pay raises for about 100 62 5000 hourly workers, but it will also eradicate some managerial levels at walmart, which employs more than one half million people. Southwest has temporarily grounded 115 boeing 737s. The airline discovered discrepancies in aircraft weight data. Southwest expect the impact on operations to be minimal. Model affected is different to the 737 max grounded after two fatal crashes. That is the latest Bloomberg Business flash. It is a renters market for apartments in manhattan. We will discuss with Jonathan Miller of Miller Samuel. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Suddenly lessis appealing after governor murphys million euro tax announcement, there is plenty to rent in manhattan. Apartments are piling up and it is getting harder to fill them. Miller samuels latest report showing double the inventory from a year earlier. In terms of sales, while august was great in number rose, not so much in manhattan. Pending sales are even worse. Lets bring in somebody who knows all about it, Jonathan Miller, Miller Samuel ceo. Begin with new jersey, which saw a boom once the pandemic started and people were moving out of the urban centers, densely populated areas. Does this millionaires tax increase reverse some of that . Jonathan it certainly will cause damage to the upper end of the market. It is not just a millionaires tax. What that ends up doing is softened prices in the upper end, which melt into the lower end, which is what we have been seeing in new york since 2019, where we had a series of taxes, policy changes that have melted thestor interest, softened Housing Market substantially. Vonnie so what is the situation in manhattan right now . The burros are doing pretty well, phenomenally in some cases. Not so much in the center of the city. Of urban a narrative to suburban right now right now seems to be more manhattan to suburban. Brooklyn is booming. We have had a tremendous surge and contract activity yearoveryear consistently during and especially after the lockdown ended in june. A very softseeing rental market across all of the boroughs, with one of the outliers being brooklyn. While softer, it is nowhere near seeing the weakness that we are seeing for example in manhattan, parts of queens. Vonnie the Condo Developers come in some case continuing to develop. Do they find people to live in them . Seeingn we are actually contract activity in new developments. When we start looking at the upper end of the market, new Development Im not saying there is a boom of activity, but relative to resale activity, it is holding its own, which is somewhat surprising. Pointsly, all price specifically. Part of it, just like the rental market, the demand for these products, some of it has been redirected to the surrounding suburbs. Areie these condos continuing to get developed but it doesnt mean that there will be trouble at the end of the day. A report yesterday about four buildings that are looking for debt. Ors for mezzanine do you anticipate a day of reckoning with all of this inventory, sales market, and continuing development . The things that changes or helps us get out of this is what we are seeing right now, which is prices soften. , property inkdown general, overview, property that sells today, the same property a year ago would have sold for somewhere between 5 and 10 more. That would be the covid discount, as you will. There is clearly an uptick in activity but we are still way beyond, as far as manhattan goes, activity that would have occurred last year. Vonnie give us your forecast for where you think prices will go in manhattan. Is 10 the floor, do we have more to go for that . In the boroughs, will they be more of a premium . Stillan in manhattan, we have additional softness coming up in the fall. Our Research Shows that every federal election cycle, whether midterms or the fouryear, that we see a real positive activity which tends to soften prices a bit. Election, nohe matter the party or the candidate, beginning in november, there is a release of pentup demand that has been building since summer. I see no reason why we wouldnt see the same thing. I think the way to think of this market is a lot of volatility ahead. Until there is a vaccine. Vonnie all the more excuse to get you back on. Jonathan miller, thank you for joining. Coming up, the latest developments in the oracletiktok saga. This is bloomberg. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Mark im Mark Crumpton with bloomberg first word news. Global Health Officials are warning of what they call alarming rates of transmission of the coronavirus in parts of europe. The european head of the World Health Organization says the biggest jump has been in adults age 29 to 45. He called for region two worked together in their vibes response plans. Covid19 has killed more than two hunted 26,000 people across europe. Mexicos president is bowing to repay the countrys water debt to the united states. Even if it means asking farmers and mexican states along the u. S. Border to pitch in. Many farmers in texas are angry that mexico has fallen so far behind in crossborder water sharing agreed to under a 1944 treaty. With just over five weeks to go, mexico still has to transfer almost a years worth of water to meet next month deadline. United nations secretary general is calling on governments to not throwaway economic stimulus funds by supporting fossil fuel industries that contribute to global warming. Conference on Climate Change, Antonio Guterres said advancing Renewable Energy and Green Technologies is the only rational path as countries stabilize trillions of dollars for economic recovery in the wake of the coronavirus pandemic. Tropical storm sally could drive up to one foot of rain in parts of alabama and georgia. The storm came ashore yesterday as a hurricane near the floridaalabama line. At least one person was killed, hundreds more were rescued. To reach were flooded throughout the region. 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. Live from toronto, im amanda lang. Vonnie im vonnie quinn in new york. We are joined by our bloomberg and Bnn Bloomberg audiences. Here are the top stories we are following from around the world. Reaching a deal for tiktok in the u. S. The treasury department, bytedance, and oracle agree to terms for the u. S. Operations of tiktok. We will discuss what hurdles remain. Raising cash with green bonds. Sell 270ecision to billion of green bonds as part of this Pandemic Recovery fund, in this works green special. And automation. How investing in more technology during the pandemic is creating more jobs intentionally instead of replacing them. Boston dynamics. We will be speaking with them. We have seen equities negative in tone today despite the Federal Reserve said it would keep its easy money policy in place for at least a couple of years. We see acrosstheboard negativity although there are some subgroups moving in positive territory today. Tech is leading by the tune of two or 3 . The nasdaq is the biggest decline or. Just to give us some sense, it is not a broadbased incline in the s p 500. The tier girls and industrials are managing some gains. There is a look at the 10year yield. 68 on the day. In toronto, similarly some negative reaction. Energy is one place to watch. We are still seeing week forecast for demand for the price of oil, but it is bouncing higher today for west texas, above 41. A little bit of a bright spot for energy producers. Equities themselves are soft on the day. Appear, a, it would tentative agreement between the u. S. Treasury department, bytedance, and oracle. Bidng to terms on oracles for u. S. Operations of tiktok. What might those terms be . Daniel elman is with nucleus research. Great to have you with us. Terms revolve around issues of National Security. What is your expectation of what oracle will have to agree to in order to get this by donald trump . I think the biggest thing so far is that the u. S. Data on u. S. Users needs to stay in the united states. There were terms in the agreement between tiktok and bytedance, that data could be shared, and that we need to be addressed so that and they any u. S. Data could not be transferred back to china. Vonnie there is also a question of whether a fee would be involved, and with the president agree if there was no fee involved . Pretty he has talked extensively about how he feels the u. S. Should be compensated financially for its part in facilitating this, allowing tiktok to continue to operate in the u. S. Amanda is this a good transaction for oracle . Whatever terms it has to agree to, it is a worthwhile exercise . Daniel i think a big thing as well is it is a strong endorsement of oracles cloud infrastructure. Other companies that may be considering alternatives to aws or azure, they can say this is a viable alternative for a lower price in a lot of cases. Vonnie how accretive would it be to oracle . In the short term, possibly not so much. In the long term, because they can use their experience with marketing technology, attribution, i think they would be able to monetize that effectively, given their experience in the Digital Marketing space. Jumping back to the National Security concerns, user data, will any of that likely hamper oracle or anybody elses ability to exploit the ownership of tiktok to their full advantage . Is this just about creating a cyber wall, if you will, between user data and other countries, especially china . Daniel i think so. This mirrors pretty quickly the tech partnerships that the u. S. Has with china, such that the data stays in china, only able to be processed there, used for analytics there. Likewise, oracle in the u. S. Will be able to use the data for its own ends as it wants to, just cannot transfer out of the country to chinese entities where that is a hard no. Vonnie do you see other possibilities for the u. S. Getting involved in some way with chinese companies, companies not from china but other countries, too . Daniel i think so. Up until now, the u. S. Has been fairly handsoff as far as user data and consumer data with applications and what kind of data they transfer. This is a step where they are saying this is a security concern and needs to be regulated more. With,ld see it happening for example, tencent, we chat. There will likely need to be some steps taken to resolve those National Security concerns for them to continue operating here. That could follow what other firms as well, where the u. S. Will take a more active role, regulating what happens to that user data in the u. S. Vonnie we expect a decision pretty soon. I was just going to ask, on that front, this was an unprecedented interference by the u. S. Government and the forced sale of a company. Do you think that creates a bit of a chill atmosphere, or is tiktok such a unique entity that it is a oneoff . Shortterm, it is a oneoff, i dont think there will be a spur of forced sales to u. S. Entities. In the future, it will certainly affect the Business Models of applications, how they hope to operate. Wanted to asky, i about the ipo of snow, what you make of it. Daniel it is tremendous. One of the first modern cloud native Data Warehouse technologies out there. The investable market for them is really infinite. That is a service that Companies Large and small are using. For anyone looking to move on from there legacy database servers and explore a cheaper cloud option, snowflake is there. Vonnie a ringing endorsement for the company there. Daniel elman of nucleus research. Speaking of deals, i want to bring you a headline. Oaktree explored a 2 billion sale of its cold storage unit agro, which is something it acquired as a private equity play. This will be an exit for oaktree capital. We know that cold storage has been a huge business recently with problems in the food supply chain, so possibly a good time for them to monetize that investment they had made. Oaktree capital exploring the sale of agro merchants group. It could fetch as much as 2 billion including debt. It is the bond market finally finding its conscious . Ceos are tapping the market, having 30 of the funds raised through green bonds. This is bloomberg. Ignoring Climate Change is a gigantic mistake. It is a very tough problem to solve, one that you have to start many decades ahead of when you want that solution deployed. You are talking about changing most of the physical economy of the world. Transport, industry, buildings, electricity. All of those things. And agriculture. Contribute to those emissions. Gates speaking at our bloomberg green festival. Meanwhile this week, the European Union announcing it will sell 260 billion worth of green bonds as part of its Pandemic Recovery fund. Lets take a closer look at this watershed moment in todays bloomberg green, a series focusing on the developments of green solutions. Alastair march joins us from london now. This is a watershed moment, for sure, but at the same time, the definition of green bonds is something on a spectrum, and that is huge. Can you explain a little bit about that . Announcement from the European Union ascends a very big signal. One, it says the green bond market, which is only 10 years old, has only started gaining steam in the last couple of years, says this is a significant thing that we are putting on my to behind. This is the direction of income markets henceforth. Also this is part of a Bigger Picture from the European Union trying to put green of the top of their agenda. This money will be used for part of their pandemic stimulus. There has been a whole initiative in europe and other places, too, to build back better, so to speak, to create, finance a new kind of economic model that is more sustainable, more equitable, and so on. Having the green bond market come from a niche corner of fixed income into a central prong of european policy is a big moment. There is, along with general confusion about the definition of what makes a green bonds, some criticism, a suggestion that a green bond helps to reduce carbon output, or at least that you are contributing to a company for carbon reduction, and that is not the case. They could be tied to projects and not a specific company as a whole. Is there confusion in the marketplace as to what you are getting when you invest in a green bond . Alastair theres a lot of confusion around green finance in general. That is why a key part of the European Initiative ive been talking about is this socalled taxonomy. Descriptionsf labeling what is green, what constitutes green. That definition is important. In a world where Everyone Wants to say they are green, what they , sodoing is green determining what is green or not , is important. As to your comment you made earlier about, do green bonds contribute to emissions reduction . The bank of international sediment put out a report over the weekend saying green bonds may be useful in financing specific green projects but they dont actually overall reduce the emissions of companies. This comes back to a bigger point, that green bonds are great in financing green initiatives, but then you have this whole spectrum of other companies, other instruments that would be labeled as brown. There is a label now of how you transition all the brown stuff toward green. Finance rainnly projects, but you also need to get all of the other industries toward green. It sounds like a job for a regulator. Is there Anyone Around . Alastair the european commission, the taxonomy is a part of that. We could deal with more clarity. That is a real issue when it comes to green finance, esg, equity market, and fixed income when it comes to green bonds, a lack of central standards for what these are. The green initiatives from the european commission, the taxonomy will be a big first step in that, but that is just a european project. We need the u. S. Do more on this, too, for there to be global standards. Great to have you with us, alastair. That is alastair march. You can catch the full conversation with bill gates, coming up at 2 00 eastern, plus more of the conversations taking place at the bloomberg green festival. Ahead, we arell continuing to watch automation change the way we live and work. One company at the center of the automation process is boston dynamics. He will speak with them after this. This is bloomberg. Rg. Amanda this is bloomberg markets. Im amanda lang in toronto alongside vonnie quinn in new york. Automation has been one of the concerns that jobs only turned over to the robot for some time. Mary that with ai at the concern only grows. Those are two things that may be picking up steam in this covid19 pandemic. Boston dynamics has been on the leading edge of the development of some of these technologies for more than 20 years. Michael perry is the Vice President for this is development at boston dynamics. There is a big fear factor about the robots coming. In the past, we have heard people like jeff bezos and bill gates talk about a robot tax. If they are going to take our jobs, they should pay their share. Talk about how the pandemic has changed our lens on robots. Are they doing some of the things that we dont want to . Michael people are starting to understand that there are physical advantages to be able to remotely control a robot in an environment where you dont want to go. At the outbreak of the pandemic, we worked with hospitals in the boston region to allow them to do telemedicine with robots in triage so they could reduce the exposure of their Health Care Providers to patients. Patients andled the providers, would you rather do this intake, diagnostics in person or by a robot, unanimously, all of them preferred a robot. The fears and barriers are starting to decrease as people are better understanding what are the benefits of the technology. Vonnie there is the ability to protect yourself by sending a robot to do a job that is dangerous and potentially doing things like take temperatures. We are seeing robots do that these days. At the disadvantages what point do robots take over human work . Michael not for a long time. One of the things that is not very clear unless you spend a lot of time working together with robots is what is the fundamental difference between a understand,ility to creative problemsolving versus a person. A person is so far advanced to anything that is robotic or ai driven. Ai and robots are good at repetitive tax that are dangerous, but anywhere you need creative problemsolving or analysis, that is where you need a person in the loop. We dont think of it as replacement, but more augmentation, giving a person superhuman ability to go into a nuclear mediated environment without having to put themselves at risk. Obviously, one of the components of this that will keep these robots meaningful is the Artificial Intelligence component. How well do those things work together, in the sense that a robot requires a lot of soft where to keep it functioning, how easy is it to layer in Additional Software capacity that has to do with Data Analytics as well . Michael good question. We created the capability to expand on the robot, but what we are seeing increasingly is that the data sets the robots are collecting is being pushed onto a Cloud Service. We have partners that want robots going around their facility, taking pictures of gauges, looking for methane gas leaks, and all of that information goes into a Cloud Service that is above or below threshold. If it is above, that cues a work order for someone to go into that environment and figure out the problem. Without having a robot going around and doing that task, it would not be able to catch that problem until once a year when that person goes out to the facility to check if there is a problem. So there is a really strong ability to change the locomotion and keep ability of the robot to walk through a space with a Cloud Analytics service that is interpreting the data that the robot is collecting. Sector are you focusing on first and foremost . What do you think has the most promise for this early combination of factors . Michael the electric utility market. We just completed a project where he went into a highvoltage environment, where the only way to inspect that environment is to turn it off. Every time you turn off this environment, it costs a few Million Dollars per day, at the facility is turned off. Spot was able to go into the space, do a lot of the inspection work that a person would otherwise have to do in this space, at a cost of millions per day. We are doing something familiar in Nuclear Powered generation, Nuclear Decontamination work. We are going into these spaces that are too dangerous for people, collecting data that is really important for understanding what the actual performance is. Else save money, and more importantly, reduces risks to peoples lives. Competition . S your at some point, does this ip consulting that amazon can copy, make its own versions of what you do . Michael we are starting to see a lot of interest in this space, which is exciting. A few years ago, we were sort of the bluebirds out there by ourselves pushing into the market. I think people are starting to understand the benefits of having automation going into environments. We thinkl years, youll see other players entering the space. Our focus has been in making the robots incredibly easy to use, so you dont have to be a robotics expert to drive the robot and create value. And they are flexible to programs. Of our customers are programming and building applications on the robots themselves without having to require phds from boston dynamics to solve the problem. The two of those together are giving us a leg up. Vonnie cannot wait to hear more about it. Michael perry joining us there. Our thanks to you. For myself in new york and amanda lang in toronto, this is bloomberg. Mark im Mark Crumpton with brooms first word news. A warning today from f. B. I. Christopher wray. He told a house hearing that joe a is seeking to heard bidens president ial campaign through social media and influence operations. Wray outlined threats for the nation during his house ny before the Homeland Security committee. Divisiveness and discord and you can tell until this community assessed this to primarily to denigrate Vice President biden kindat the russians see as of an antirussian establishment. Mark director wray added, in addition to russia, china are trying to saries interfere in the president ial ampaign primarily for disinformation. President trump would support narrow legislation to provide or financial help to airlines as they try to recover from the coronavirus pandemic, thats according to white house chief staff mark meadows after a meeting with industry executives today. Needs 25 billion and that 30,000 to