Pelosi helping a little bit. She was sounding a little more optimistic on stimulus in the united states, the s p trading down by 0. 9 . Tech is underperforming a little bit, but we saw a lot of call buying yesterday. The pound is recently is reasonably well bid. Big day tomorrow, as Boris Johnson speaks to ursula von der leyen. We are expecting a u. K. Briefing after the eu briefing this afternoon. Crude off of its earlier lows. Now down only 4 . Alix part of that may be, as nancy pelosi speaking earlier, says the trump diagnosis changes the dynamic in the stimulus talk. Stephanie kelly joins us from Aberdeen Standard Life investments, their senior political economist. How does it change the dynamic in stimulus talks . Stephanie it is kind of tricky because if you look at the nature of these negotiations, it hasnt is been republicans debating with the democrats. It is much more around President Trumps desire to get fiscal stimulus, and certainly in light , this diagnosis could shift the focus on to covid, which is what he wanted to shift away from. The challenge is that the Republican Party in Mitch Mcconnell has tend to be more downbeat on significant stimulus. Bear in mind, yesterday the Democratic House past their to trillion dollar deal in the house. Anyway, a lot of the dynamics remain the same in how you square the circle around republicans and democrats. Clearly, for the administration, they are concerned this is now going to be all about covid, which is what they did not want for the campaign. Guy is stimulus a powerful enough message to get off of the new cycle dominated by covid . Stephanie it is really tricky. It is a good news story in ways, particularly for those who were on Unemployment Benefits that were quite generous. They are definitely running out for people who have been able to get them through the state system. Certainly come a stimulus could be helpful come about helpful, but it is hard to say that is helpful just for the republik and. Who it is a political the republicans. Who would is a political win for is less certain. We dont know, in terms of Trumps Health and how he deals with covid, that is one of the big challenges in what all this means in the next couple of weeks, both for his campaign, but also deeper tunes about the election. Alix speaking of, lets tie these two things together. What we did see was Boris Johnson, when he contracted covid and got very ill, he also wound up getting a boost in the polls and in likability after that. Is this comparable . Stephanie i think the challenge youve got his two things. One is timing. Boris johnson got ill quite early in the pandemic, and at a time when everyone was very nervous, and at least in the u. K. , quite on board with issues like luck nouns and having to take this approach with the health crisis. The second is that the u. K. Political environment and u. S. Political environment our very different, and in the trump loader base, there has been a huge amount of skepticism about covid itself. Quite a lot of research has suggested that the administration contributed to some of the uncertainty around the information provided for covid. So it is not the same, and if anything, it is challenging for those swing voters. This is ultimately going to be all about swing voters. Trump voters will vote for trump. Nontrump voters will not vote for trump. It is really those independent voters. Do they look at this and say, hes going to downplay this and now he has got it . Or do they say this isnt that relevant because it was never going to be relevant for me . That is the challenge in such a polarized environment. The trump are nervous about it for sure, but how it actually plays the trump team are nervous about it for sure, but how it actually plays, we will see in the specific graphics in those states. Guy lets talk about what is happening with brexit. Lord frost is currently briefing right now. We had the barnier briefing a few moments ago. Lord frost saying the talks are between himself and michel barnier, constructive and in good spirit. They were encouraged with the progress being made on law enforcement, but very little time ahead at the European Council meeting. The leaders meeting takes place on the 15th, or just ahead of the 15th. We had a whole series of events taking place today around brexit. We now understand theres going to be a call between Boris Johnson and von der leyen tomorrow. Merkel was sounding quite positive, almost talking about the fact that while we are not going to be entering the tunnel, we are getting into a heightened level of negotiation. Frost and barnier, mixed messages. Are we expecting a deal, or is this a new deal scenario . Stephanie i still think all of the incentives aligned to get a deal. It doesnt mean there is not a risk that you failed to. I think it was probably inevitable that johnson and von der leyen were ultimately going to have to get involved to get over that hurdle because if you look at barniers statement, he says it is not too contentious politically. We need to see come for mys over compromise over fisheries. These are big political issues, but i think ultimately have to be decided by political leadership, and that is why johnson and bonder ryan and von der leyen is absolutely crucial. It looks like the eu will not walk away from negotiations as long as there is the conversation to be had. Guy the u. K. Is now saying the gap on fisheries for the eu risks being impossible to bridge. If you cant get a deal on fisheries, do you not get a deal on anything . Stephanie fisheries is one of those issues where it is economically a very small issue, but has become quite a hot button political issue. I think ultimately, the impact of no deal because you couldnt get a deal on fisheries i think is not where the real issues are. Aidreal issues lie on state , and some kind of agreement on state aid. I think fisheries can be worked out one way or another. The big issue is really state aid, but theres always a risk that these things end up becoming the kind of linchpin upon which other things fall. That, wepivot off of johnson and about bonder lion meeting, but will and von der leyen meeting, but will von der leyen be able to trust anything that he says . Stephanie i think that is the real tricky bit here. Theres a lot of focus on the lawsuit. The lawsuit itself just underscores the fact that, as the internal market stands, it does violate part of the Withdrawal Agreement. Lowver, clearly trust is between the partners, even lower now as a result of the moves of the u. K. We should bear in mind, even if we get a deal, the deal is worse than we currently have as investors in terms of Market Access between the u. K. And. And eu. There could be ongoing political ints between the two sides terms of implementation, how the relationship works overtime. Issues around brexit dont go away just because january comes and goes and you get a deal without tariffs. Lion meetingonder 8 the vendor lion the von der leyen meeting a walk in the woods meeting, or is it lower down in the hierarchy . Stephanie it is definitely highprofile. What it is reflecting is the fact that the is keen that any decision made at this point is eu wide. Challenge you had with the Withdrawal Agreement is it was very specific to parts of the Northern Irish good friday agreement. I think you could certainly see this being crucial. However, never say never when it comes to brexit. We know that things can fall apart, and a couple of days later, someone makes a call. Be highprofile politicians, but i dont thing we should ignore this weekends meeting as an opportunity to reach those european whitecaps. Ok. We are going to leave it there. Stephanie, have a great weekend. Thank you very much for your analysis. Stephanie kelly of aberdeen standard. Alix coming up, we are going to break down the impact of trumps positive diagnosis. Plus, the jobs number. Where the weakness would really be without the stimulus. Constance hunter, kpmg chief economist, will join us. This is bloomberg. Alix the recovery is slowing. That is the read from the headline number in the september jobs report, with just 606 to 1000 jobs added last month. , constancewith more hunter, kpmg chief economist. One number that stood out to me was the permanent job losses seems to be increasing. I am wondering how you look at that Going Forward over the next two to three months, as stimulus checks wear down, as schools are starting but not starting, and layoffs inlso the pipeline from delta, disney. Constance normally, temporary ,ob losses peak at about 50 and that is usually after a recession has occurred. So we actually had an opposite pattern in this recession. Obviously, temporary job losses firmsout percent, and as begin to realize that the recovery is going to take much longer than expected, that getting back to normal is going to take longer than expected, that is the virus persists, firms are now faced with choices about laying people off or mentally. We ares ash people off permanently. Offre seeing that people permanently. We are seeing that number fall past what it would normally be in a recessionary environment. Guy i assume we are now seeing the effects of the stimulus package fading out of the system. If we were to see another one, how quickly would it kick in . Constance it really depends on the complexity around how it is deployed. There was a lot of talk about changing it so that it was a percent of income rather than a lump sum. There are some technicalities with regard to how that would distributed. As actually speaking with the other day, and he was mentioning that the white house had worked out a system where the treasury would ascend direct sendnts to people would direct payments to people. That would be hugely beneficial, and would get the money out fast. The great thing about the first stimulus package, while it may not have and has targeted as some people liked, it was very swiftly deployed. Even in that case, it took three to four weeks to get out people. That would be our best case an area. Best case scenario. Alix how do you model the next few jobs report says we had to the end of the year . Constance we have been anticipating a slowing pace of jobs growth. We are, like many other people, looking closely at some Realtime Data indicators, on things like indeed. Obviously, the weekly unemployment, even though there is a lot of noise there, would we triangulate that with some other data, it helps give us signals. We are looking at that from a topdown perspective, and from a bottomup perspective, we are looking at each individual industry. We can see that the most impacted industry is still leisure and hospitality, with 3. 8 million jobs below the prerecessionary level, and we just expect it to be very slow going there because people are concerned about going out. Fear of goinggo, out, is really dominating the economy. Guy do you think the president testing positive may only increase that . Constance i do, actually. I think it is going to make people more concerned, more aware that they might be more vulnerable. Perhaps they thought they were invincible. And at the margin, and all economics happens at the margin, that will impact the willingness people have to go out and do things. Hopefully it will also affect the willingness to wear masks and take other precautions that can really help slow the spread of the virus. Alix i was actually thinking about flipping it. If President Trump continues to have these mild symptoms as reported, if it makes the lockdown conversation just totally off the table again, and people feel more confident on the flipside. Constance because the symptoms are mild and it is not that bad of an illness . True. Think we will have to see how it plays out. To certainly very early we dont really have any data. Certainly there is a risk that that is how it goes as well. Swiftainly hope he has a recovery. Guy we are going to leave it there, but i am hoping you are going to stick around. We will get her thoughts on europe as well. The u. K. Worth talking about, too. We had a very weak inflation print out of the u. K. Today. We will do that next. This is bloomberg. Ritika it is time for the Bloomberg Business flash. Im ritika gupta. Walmart reportedly will sell its british pressure unit to a Consortium Led by tdr capital. The price, about 8. 4 billion. One of the losing bidders was Apollo Global management. Walmart has been looking to sell asda for at least two years. Tesla delivered a little more quarter,000 cars last maintaining its dominance in industry. Last year, tesla had a 16 Global Market share in electric vehicles. Pressure on the European Central bank, which is debating whether to add stimulus to support the recovery. The inflation rate came in at 0. 3 . That is your business flash. Guy thank you indeed. Lets talk about that inflation story. Still with us, Constance Hunter of kpmg. We had negative 0. 2 on the call, which is a record low. Eurozone has a massive output gap right now. Weve got covid to deal with. Edve basically got unanchor Inflation Expectations. The fiscal response is questionable at this point. If the idea of an inflation trade in europe hard to imagine . Constance certainly without more fiscal stimulus. There is a technicality we need to think about, which is germany cut their valueadded tax, so that has reduced inflation and could help consumption. That is also a stimulus measure. We need to see how that plays out. Think the thing you mentioned that is most concerning is whether or not Inflation Expectations have become unanchored and are falling down. I also think it is important to thell that, prior to covid, softness and inflation was marginally in goods and commodities, and was being driven down by global factors, and in a large part, chinas oversupply to the world economy. Now we are seeing covid most impact services, and we are seeing a decline in services prices. That is what has led these prices lower, so it is very much tied to covid and the economic situation, and the lack of demand brought about by covid. ,lix do you think that the ecb seeing the Central Bank Governor talking about how the price has been deflationary, do you think the ecb is going to have to change their inflation targeting like the fed did . We let actually work . Will it actually work . Constance that is a big question. The ecb is very wed to their 2 target. I can still hear mario draghi saying the ecb target is at or below 2 and 2 inflation. I think the fed didnt so much as it clarified what symmetry meant, and said it would be willing to withstand inflation above 2 . The ecb is a long way from that, given their historical stance. They have been inching towards this clarification for several years. Laterk it would be an out an outlier for the ecb to suddenly switch. Certainly the more hawkish numbers of the governing council to move in that direction furthermore, what is really needed at this point in the pandemic is more fiscal assistance. Way to a more durable make sure that the pandemic doesnt cause lasting scars here and in europe. Guy lets pick up on all of that and look at it from another angle. What i am hearing you talk about and the ecb talk about is what the central bank is not going to do on either side of the atlantic if we start to see a pickup in inflation. What i am not hearing is what is going to happen if we continue to see numbers like were posted today. What else can Central Banks do . In anld still be inflationary environment in the united states. These are bad numbers, miles away from the mandate. What do they do if it keeps carrying on like this . What is the other symmetrical side of the policy response . We know what they are not going to do if there is inflation. Do they do if there is more disinflation . Constance unfortunately, i think the reason we are having below inflation, the reason we are having police inflation the disinflation and deflation is because of a downward stock to demand. Central bankers are not doctors. They cant invent a vaccine. They cant necessarily cause the virus to go away. That is really what is needed to get rid of the demand shock and the demand gap. So unfortunately, i think Central Banks hands are tied, and that is why you hear central bankers jumping out of their comfort zone and talking more about the need for fiscal policy. That is not something central bankers used to talk about because that is the only thing that can really help in the face of this demand shock, other than having a cure for covid. A vaccine might certainly help. You wonder whether a vaccine would be inflationary, given the amount of money supply there is in the system. Constance, really appreciate your time today and urinalysis. Constance hunter and your analysis. Constance hunter of kpmg. The ftse is back in positive territory. The dax and the cac 40 mildly negative. The european close is up next. This is bloomberg. Guy the action is coming at the back end of the session. Indicating the deal could be done on stimulus, providing an upsurge of activity in the markets. We saw the same thing over here. Stocks finishing and positive territory. These are the numbers as we have them at the moment here in europe. Ftse positive. Seen a drage have from rollsroyce. Travel stocks as minions in focus as well. Iag, etc. , trading lower. The dax down by. 4 . 40 down almost. 2 . Eurodollar is a bit weaker. The dollar catching a big. Now, the dollar is trading cautiously against things like yen, but it is interesting that we are seeing things like dollar strength. It is ironic that the dollar acts as that safe haven. 117 1. 17 17 is where we are treated. Canceled itself out with a positivenegative story. Progress was being made. Time was short. Is that enough to upset the whole apple card . Trading now below 40, but off of our lows. At one point, it was found by around 5 . The other thing i want to mention, what is happening with the ruble. If you want to see International Markets react to the prospect of en when, look at the russian markets. And the ruble today very soft the sense is what we see is increased prospect of a Biden Administration that could be bad news for moscow. The other thing i want to highlight is what is happening with volatility in europe. We saw a spike higher. Again, we have seen volatility fading as the afternoon has gone on. Understandable you would get kneejerk reaction. Maybe things settling down as the afternoon progresses in europe, the morning in the united states. Zlix alix lets go back to the brexit conversation. Angela merkel did sound optimistic, but said it is up to Boris Johnson. Chancellor merkel we will see if we can make progress over the next two days. We are in a constructive mood. A lot will be determined by what britain wants and what britain does not want. It is up to britain to decide freely freely, but as long as negotiations are ongoing, i remain optimistic, but obviously, i cannot tell you there has been a breakthrough. Guy well alix joining us, jill rutter, u. K. Change in europe changing europe scholar. It is funded by the economic and social Research Council council and is based at Kings College in london. We have the meeting tomorrow. Anythingcome up with actually real . Jill the interesting thing i think that Angela Merkel was saying in that clip you played is whether the Prime Minister is up for moving, and whether the eu will move a bit toward the ek the u. K. U. K. Needs to be prepared to give some ground on this big issue of industrial subsidies, state aid. Such a sticking point, and the eu is also concerned, not the least because the u. K. Government has introduced legislation which suggests it is willing to breach the agreement sound earlier in the signed early in the year. They are also keen to have a robust mechanism for settling the u. K. Sputes because is not exactly trusted to stick to what it signs up to. We will see. What people dont know here is sidesleaders from both feel they are in a good enough space to move. People are saying this is actually crunch time do you want a deal or do you not want to deal you know what terms you could probably get a deal from the eu generally, what we have seen as a lot of the secondary issues seem to be progressing. But the disagreements from the start are still there. Guy do we need to get this to the point in which leaders are talking to each other facetoface . If leaders like the one we saw with we override could be required. Is that the crunch time we are headed to . I dont think there is thinking of a european leader who could get this over the line. The problem with Angela Merkel, the president of the european union, it has a rotating presidency. Britain has on its hopes on a german intervention at the last minute and it has not materialized. I think the eu Member States, for most of whom brexit is pretty low down the entry at the moment, given they are all dealing with coronavirus, etc. They are pretty content to leave this to the commission to say we know what you want, you do that. Some point, the commission will have to go back. This is where we think the deal will be done. Are you prepared to do it . It is not the same as last year. Last year it was very obvious a move could come if there were signals that he was content with the u. K. Prepared to deal with ireland. There are a lot of interest the need to be balanced this time around. Guy could the deal fall over because of fisheries . It is a tiny part of the story economically, but the very strong, emotional part a very , emotional part of how both sides view of how this will ultimately end . Weird. T is very in no rational world what a big deal trade deal between the u. K. And e. U. Be brought down by a wrangle about fish, because as you say, it is a trivial part of u. K. Gdp. It is also a trivial part of eu gdp and it is only relevant to eight Member States of the 27 remaining members. It should not stutter a bigger, important trade deal, but both big deals as a chance to rectify what they see being 40plus years of found it down as the u. K. Lost access to the common fisheries policy p the eu points to the fact that this is the u. K. Trying to take back historic rights and taking back the livelihood of some of those Northern European coastal communitys, and this would be a really big shock they cannot be expected to observe, and there are politics on both sides. President t france, macron is in the home stretch toward the next president ial election. He does not want to have to have appeared to soldout the interest of french fishermen. It should not be a dealbreaker. Both sides dug in at the start. Should. Saying they negotiate every year. E. U. Saying we want the status quo. Sell to be a hard back on both sides wherever they end up. A sillyis may seem like question, but when we know if we have a hard brexit . We have been talking about it for four years already. Jill in the times we are talking about a hard brexit, we are actually deathly getting a hard brexit this is not a soft brexit, even if there is a deal absolutely on the terms the u. K. Said it wanted when it publishes draft treaty early in the year. That is what we always called a hard brexit. The u. K. Is in really quite a distant relationship with a you outside of the single market, outside of the countries union with no particularly special treatment. It is one of those deals the eu has with canada, which has been regarded as a very hard end of a potential pregnant brexit deal. Were not talking about soft brexit. It was arguing with the norway option. It is very hard. Tariffs. Reintroduce hardis an unimaginable brexit compared to what we were talking about even at the time of referendum. Guy we will leave it there. Appreciate your time today. Jill rutter, u. K. , in a change in europe Senior Research fellow. To work. Were closing your. Equity markets are strong thank you. We are closed here in europe. We markets are strong. C 40 into positive territory. I have been promising it all morning, all afternoon, were hoping we will be speaking to larry kudlow from the white house very, very shortly. This is bloomberg. This is bloomberg markets, the european close. Coming up, the Bed Bath Beyond ceo cap at is at 2 30 p. M. In new york, 7 30 p. M. In london. This is bloomberg. Audience worldwide, live on bloomberg tv and radio, i am pleased to say joining us now is National EconomicCouncil Director larry kudlow from the lighthouse. Hello, to you, larry. Thoughts foremost, our for the president and the first lady. Can you update us on monday last spoke to him, when he sounded like, what are you hearing now . Larry i spoke to him last evening. Thisnot spoken to him morning. Achieve meadows have spoken to him several times. We all getting our assignments. Apparently it is a light version of the virus. Lets pray that is the case. As pray for both the president and the first lady, and my pal hope hicks and ronna mcdaniel, for that matter. I was tested this morning. Thankfully it was another negative test. I take i am 86, 87 straight days. We help the president gets well soon. Those hopes. You call that a light version of the virus we have heard it described as mild symptoms and what are the symptoms, larry . Larry i am not in position to tell you. I have not seen them, i have not talked to dr. Kallick that i am at the guy on that particular beat colin. I am not the guy on that particular bit. Jon i understand. The process what we are seen as the most highprofile track and trace that is taken place since the coronavirus started. One were you contacted about larry . Larry contacted about the president . Jon contacted about hope hicks. Larry i just tested every day. People that come in and out of the oval with the president , there are a bunch of us to get tested every day. I heard about hope last evening and i heard about the president as soon as i woke up this morning. Jon what we have learned from white house chief of staff mark meadows is the white house new hope hicks tested positive ahead of leaving for the new jersey fundraiser, and a lot of people are asking questions as to why the president still went to bedminster, new jersey, when the white house was aware that hope hicks tested positive. Can you give us any clarity . Larry i am not sure that i can. I was not on marine one. I did not go on that particular trip. As soon as they realize what happened, they took, certainly, distancing measures. Look him i was not there i am not the doctor. Im here to talk about the betterthanexpected jobs report, and why the economy is doing well. I cannot help you on the medical stuff. If i could, i would, but i was not a participant. Jon i understand. Larry, dont expect us to talk about the medical stuff, but you have voluntarily suggested that americans should engage with whatother and i wonder kind of message this says you are representing the administration what you think this sense, a message to the public in america right now . Larry look, we continue to emphasize the protocols that is to say masking and distancing, and testing where applicable, and good, daily hygiene washing your hands in your face and so forth. We have said this throughout the pandemic, and we will say it again, and i think we all are observing the protocols as best we can, especially the distancing, but also, look, when i go out of the complex i am wearing a mask that i could not go into a store if i did not have a mask on. We are very conscious of this. This is terribly important stuff i understand that. Lives are at stake. It is difficult, but again, or protocols have not changed. Masking, distancing, testing, and good hygiene. That is the best we can do. We have improved on the therapies. The doctors know a lot more than they did. In sean conley is the best the business. The white house medical unit as the best in the business. The president will get absolutely first rate plus treatment, and as i said, we all pray for him and the first lady. Jon why werent those protocols followed yesterday . Larry i dont know that they werent. Jon it is quite clear from the time when we already discussed in the white house chief of staff mark meadows basically confirmed they were if you learned before they before the trip and eight to the president , hope hicks tested positive before leaving, and you thel left and went to fundraiser, there, the protocols have not been followed, larry. Larry i cannot speak to it. I have spoken to the chief on other matters, but we did not go through those timelines. I cannot speak to it. Jon i understand it puts you in an awkward situation, but the American People have to follow the guidance, and it is pretty clear that not some of the president did. So for americans at work today, engaging with a workforce that may have been exposed to coronavirus and may have to return from work without paying going to self isolate, how do you convince them that is the right thing they should do, and that is an economic question . Again, we continue to emphasize the protocols you and i have talked about this. You see virus hotspots, for example. We have medication to control it. Unfortunately, the trends look pretty good right now. Hospitalization, fatalities way down. Cases popped up a little bit earlier in september. They are coming back down. All through this, to the best of my ability and to the best of everybodys ability, we have emphasized these protocols. We must do this. It can be done. It does seem to work, and we have opened businesses. We have 80 of businesses open. We are assisting medically and financially to help people deal with covid issues renovations if necessary. I think we are at one million tests per day now with a capacity to do even better, but, again, proper masking, distancing, proper testing and proper hygiene, that has been a staple of our response from day one. The questionsk again if the president has not followed your advice, why should an american who does not get paid to go home go home and selfisolate if they have been exposed to coronavirus why should they do that if the president didnt . Larry look, my impression here is when the president tested positively, that is exactly what he did. He went home. Quarantine,fect, quarantined himself, working with the doctors. I was not there at the events. Is following is he the guidelines. Been asident has stickler on distancing. He has been a stickler. Jon from an economic perspective, im at work, i know if i have been in contacwith someone that tested positive for covid19, i should go home immediately, get tested, wait 14 days. I am trying to understand why the president didnt do those things if they are the minimum requirements the workforce in america right now, why would the president of the nicest, holding the highest office in america, follow the same guidelines. Larry jonathan, the best i can is to say that as soon as he was tested as a precautionary measure when the news came out six. Hews hicks news did test positive, and he followed the protocols you are describing. He did it. That is the best i can tell you. We can go through this a few more times, but that is my view, that is information i have. He is following the protocols and he acted very quickly. He is in the residence, as he must be. We will see how long it is necessary for him to quarantine. That is up to the doctors and the president and the first lady and so forth. I cannot get involved with that. Out, he wase found tested. As soon as he tested positive, he went into quarantine. One morell only ask time im sorry to keep doing this we have built up a relationship that is not what happened. According to the timeout and according to white house chief of staff mark meadows, he learned the positive about the positive for hope hicks, still went on the trip, and then when he returned he was tested and tested positive and only then did he announced he would be quarantining. Also it was not disclosed to the general public that hope hicks had tested positive until we broke the story and the president went on the Television Show with sean hannity on foxnews. Get i know itme i is sensitive and it puts you in a composition, but for all of us, for everyone operating in this economy right now, the people trying to work and trying to get paid, if they are exposed to coronavirus, they have to go home. They dont wait around to carry on with their normal life for several hours and then go do a fundraiser and get a test. That is the distinction here that is the difference. It is an economic question it is not just a political one. That is why i need you to help me answer it for Everyday Americans who cannot afford to go home after being exposed to the virus, what kind of a message does this send to them . All stay safeo we as best we can. I will repeat, we must follow distancing,ocols testing, good hygiene could i cannot give you the chronology because i was not there, and i will leave that to chief of staff mark meadows, who is an exceedingly capable man. He has a lot more information about it in real time than i do. I am not the guy. Might be listening to this or paying attention to it, we want everyone to be well. We want everyone to follow the protocols. Thing. A good right now businesses are getting back to reopening, so it does help the economy, and right now, we are strongly recommended with many Health Experts and scientists that the school should reopen. Kidsdds suggest that those are the least vulnerable. Again, i am not a scientist, but the schools reopening parental it is a parental question, a child psychology question, and economic question i agree with you, to help the parents. Lets do it. Regarding the opening business, we have found ways and means of reopening businesses and even restaurants on a safe basis, and i would also say the economy is reflecting that improvement. So, i would i still feel that we are in a recovery it is a vshaped recovery. Todays numbers, when properly adjusted, were inline with consensus. We have blowout car Sales Numbers last my door this morning that people that folks are not talking about. In other words, jonathan, i am saying we are moving in the right direction, and we are succeeding in dealing with the pandemic and with the economy is recovering. That is an awfully good thing. The president , when he gets back on his feet, which i hope and pray will be very soon, will continue to make his case that lower taxes and lower regulations and better trade deals and Energy Independence will get us back to the kind of prosperity with family incomes and real wages have gone up for the first time in 20 years. It works. This pandemic protocol is part of our message. Jon only just a little bit of a there, but i forgive you for it, and i share those hopes and prayers and hope the president and the first lady get that appeared you mentioned the vulnerable, the people that cannot afford to go home and selfisolate, lets talk about them. In the last week or so there is the negotiation between republicans and democrats and on wall street it has been difficult to understand if they are posturing or real negotiations be you think we connect to strike a deal in the coming week . Larry i cannot forecast that, jonathan. It is a tough question. It is the right question, but i cannot forecast it. I can tell you, as i said earlier, business is going on in the white house. Secretary mnuchin is expecting to have discussions with Speaker Pelosi today. I spoke to steve and very early this morning about a number of matters. S. Are still apart on our ask they are, in our judgment, asking for a lot of extraneous things that are nothing to do with covid and the economy. The split has narrowed somewhat, but it is still wide enough i would just make this point as i have said before, i dont believe our recovery is dependent on an assistance package. But, there are certain areas that would be enormously helpful. The Airlines Need legislation for additional assistance. They are in big trouble, and they are on the verge of major layoffs, and we would like to prevent that to help the workforce. Secondly, we should be extending the payroll Protection Plan for Small Businesses there is actually 130 some odd billion of money that was unused. We need legislation to put that back to work. I get a million calls on this from ceos of large and small companies. We should help the schools. We have always had a 100 billion to 105 billion ask to help schools reopen with respect renovation, refinancing refurbishing can we should have a backup plan on unemployment assistance. We put out the extra 300. That will not last forever. I dont understand why our friends on the other side of the aisle cannot agree to these five or six basic issues that virtually everybody agrees with. Zero is not going to help. One trillion or 1. 5 trillion would be very helpful, and if we need more later, we could come back later, but you have to have some sense of compromise here to help americans who genuinely need help. This is not extraneous spending. Relief emergency spending. We have been pushing this from day one in these recent talks. Lets just get it done, and other stuff that is out there more political or ideological, fine p i respect that, but lets deal with that in separate pieces of legislation at a different time. Jon when are the next talks . Larry as i said, treasury secretary mnuchin told me early this morning he expects to have significant conversations today. Today. Jon and the distance between the two sides you talked about substance can we put numbers on that the house passed a bill, 2. 2 trillion. Secretary mnuchin said you have come up just to larry the secretary told me this morning, and i will quite him histe position the president is in the neighborhood of 1. 5 trillion. I cannot speak for senator Mitch Mcconnell. They might have a different set of view. I will quote senator hermann duchenne, it is in the neighborhood of si will quote steve mnuchin, it is in the neighborhood of 1. 5 trillion. I am not interested in the aggregate, i am interested in specific targeted programs that help kids in school, help Small Businesses and the unemployed. We had a nice drop in unemployment. Many peoplell too out there, way too much