Earlier bonds had been higher, as was the case yesterday. Yesterday i was speaking as that is one side of uncertainty. Even though stocks have been higher, bonds higher. On this news around President Trump said to have approved a broader stimulus plan, bonds are now lower. This tells you investors have some confidence a deal may get done sooner rather than later. We have heard so much back and forth on this narrative you will have to believe it once you see it, one something is agreed to and signed if that happens. David it is a little like lucy in the football. It feels like that right now. Thanks to Abigail Doolittle for a report on the markets. We have been looking not just at the polls but at Market Metrics showing how investors are pricing the outcome of the election. We welcome david hunt, president and ceo of pgim. Lets start with the breaking news. We just heard abigail say investors are getting their hopes up, maybe there will be a stimulus bill. Does this get your hopes up . There are a lot of steps to go between here and stimulus . David h. i think you are right. It is a bit of a fools game to try to project the outcome of a lot of these negotiations. We are very longterm investors, and as such we are looking over the next couple of years to the thing we feel most strongly about a major stimulus bill is absolutely needed. The economy needs to get more money into the hands of small businesses. We need to support a series of people in our Services Economy who will be out of work for longer than originally anticipated, and last, we need an infrastructure plan, we need to start investing in our cities and our fundamental infrastructure in order for productivity to rise. Now is the time to push these through. David if we need stimulus and infrastructure, that takes you into politics. We have an election coming up. Does it make a difference whether it is President Trump or a President Biden with respect to the stimulus. Some say either way it goes we will get stimulus, it will just take longer. David h. it is interesting. I would say in a sign of the times nothing is as it was in the past. If you were to look at previous years of elections you would say caredn general the market about tax policy and generally favored republican and you could say the market likes a split between the white house and the senate because gridlock is more stable. I will say neither of those is true now. I think the market is pretty clear they would see a Joe Biden Administration as more favorable from a stimulus point of view. Whether we get a deal done in the next two weeks or not. The longterm nature of a big deal is much more likely under a Joe Biden Administration. With a blue sweep looking like it might be more possible, the markets have use that favor. Both of these are completely different than we have seen in the past. If we do have more spending under a Joe Biden Administration, it will also mean more borrowing. Are the markets worried about the amount of money being borrowed by the United States government, or the do they just count on the fed to keep them down . David h. it is remarkable how we have so much focus on tax policy and overall spending limits. That seems to have gone out the window. My own view is for the next couple of months, those will stay underground. In the First Quarter of next year, if we did get a new administration and pushed through the stimulus, we will come back to the question of how in the world will we pay for all of this. A lot of the secondorder effects on tax policy, on the amount of government deficit, will come to the fore and at that point you will see volatility in the market as the reality of the situation begins to sink in. David youve mentioned tax policy. Youve not mentioned trade policy. There was a time when longterm investors were concerned about globalization. Whether we are cutting back under globalization under President Trump, is that not a concern or so thought President Biden would look like President Trump when it comes to trade . David h. i think it has dropped below the radar screen. The debate of globalization is still to be had. Most people believe a Joe Biden Administration would take a more strategic view of trade negotiations and would probably use our allies more rather than tariff policy. That does not mean he would be any less tough on our partners either. Ishink what we would see globalization will continue, but will actually change its course over the next couple of years. For one thing, one of the biggest changes is much of the funding of globalization has come from banks. That is no longer true. Most of the funding for globalization is now coming through the securities market, and that is one reason you see the huge level of global bond deals happening. I would say supply chains will become much more diversified. People discovered they had too much single country risk, particularly in china, and you will see that shift as people move out. Last is the service sector. Services have remained , and yety domestic with a huge change in digital have,logy, i would say we four years and seven months on digital change. All of a sudden having your xrays read by a doctor in poland looks a lot more likely. Will treat you as a oneperson realtime focus group of a major investor, because there is news crossing the headline as we are speaking. Apparently the proposal the president has approved for secretary mnuchin to propose to Nancy Pelosis 1. 8 trillion. As we know, the president was thought to be 1. 5 trillion, the nancy pelosi was at 2. 2 trillion. Does that change her attitude on the likelihood of a stimulus sooner rather than later . David h. i dont. We react to these headlines all day and i think we will have a few more turns of this before anything gets resolved. We will need a stimulus package in that realm. I think it would be interesting to know a lot more about what is in it and whether or not the money is being channeled to where we need it most. ,s you and i have talked about one of my greatest fears is we come out of the pandemic more unequal then we went into it. I think we have done a great job of supporting the markets, and hats off to the Federal Reserve and central banks. What we need to make sure we are getting cash in the hands of main street, and that is really important the sense of social justice in this country as we respond to the pandemic. David how do into Investment Decisions the question of social justice, and the flipside is potential unrest at we have seen since the killing of george floyd. Howdy factor that in as an investor . David h. it absolutely could. We have focused a lot on making sure we are carefully considering all aspects of esg as we make decisions. We look at governance, we care equally about the climate and bake those into our Investment Decisions, and we absolutely do look at the degree to which companies are reinvesting back to their own communities. We know companies over the longterm who take a broader view of their stakeholders rather than just shareholders tend to do better for their shareholders. That is an important longterm point. David another thing you and i have talked about is the concern about longterm investment for the purpose of retirement, for pensions, for money to have when you retire. Now we have Interest Rates at close to the zero bound. It looks like they will be there for a long time. How does that affect your longerterm investment thesis, both in respect returns on government bonds and on hedging against risk. There is not much hedge left because the bonds do not go much higher in their value or lower in their yield. David h. you are so right. There is no question one of the detrimental effects on society at large of the low Interest Rates is on labor and there is no bigger group that need savings than those headed into retirement. We remain extremely focused on making sure there are a wide range of higheryielding fixed Income Strategies available for prevention plans. I would say one of the biggest moves we are seeing among our Pension Plans is out of government bonds, with their negative yield, and into a broad range of real estate, real estate debt, private equity, private credit, where they can continue to get attractive returns. That search for yield will only continue. David finally, you cannot get something for nothing, in my experience. If youre going to get higher yields on these alternative investments such as real estate, do you necessarily have to increase your risk portfolio . You cannot get more yield without more risk, can you . David h. it is a very good point. I would say the structure of the markets are very different than they were before. If you go back 10 years, many of these markets, real estate is an example but so is private credit , really dominated by bank lending. Bank lending has been pulling back out of a lot of those markets and is allowing private investors different structures into those markets they cannot compete in before. I think that is good. I think we will get higher returns in some of those areas. I also think is good we do have a credit cycle so those losses will not be on the Balance Sheet of banks but will be shared amongst those who much better to take that and will not affect the rest of the economy. David always a treat to have you. That is david hunt, pgim president and ceo. Tonight at 9 30, a bloomberg special will take a look at three of the states covered in our swing state series. Arizona, north carolina, and ohio. It will also be available online. Power onalance of Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turn to Mark Crumpton for bloomberg first word news. Mark President Trump has authorized a 1. 8 trillion stimulus package that Steven Mnuchin can offer to House Speaker nancy pelosi. Bloomberg has learned the deal expands assistance to children. Earlier, trump advisor larry kudlow had said the president had approved a revised economic stimulus plan. The Trump Administration sounding optimistic about reaching an understanding with russia on Nuclear Weapons. Bloomberg has learned President Trump and russian president Vladimir Putin have tentatively agreed to a Nuclear Weapons freeze. The two nations would declare the number of warheads they hold and commit to not going beyond that. The freeze would be accompanied by an extension of the new start treaty, which is set to expire in february. A slowmoving typhoon off japans Southern Coast could bring heavy rain to the tokyo region through early next week. Forecasters say the typhoon may not make landfall, but disaster officials are urging residents to prepare just in case. Domestic flights have been canceled and residents are preparing for high waves and flooding. The typhoon is packing winds of up to 78 miles per hour. The Nobel Peace Prize has been awarded to the World Food Program. The United Nations agency was honored for its efforts to combat hunger and Food Insecurity around the globe, especially in conflict zones. Last year the World Food Program helped nearly one million 100 Million People in 88 countries. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . ,avid as mark just reported President Trump has reportedly approved a 1. 8 trillion stimulus offered to nancy pelosi. The question is what does it all mean. For part of the answer we turn to courtney rosenberger, strategas Public Policy director. Give us your perspective on what this means. I must emphasize their a lot of steps to go before we get to a deal. Courtney thank you for having me. It is good to point out there are a number of steps. Just because the president has agreed to do a broader deal does not mean this deal will pass. There are questions what is in the deal and where will the senate take this. A stimulus would certainly be a win for the president. His Approval Rating went up three points immediately before the cares act passage. The highest level of his presidency since his inauguration. Democrats know the signing ceremony ahead of the election probably benefits the president. Checks going out before the election probably benefits the election. The president. Ion whether they could do that quickly enough. Theres a push from nancy pelosi to make sure their priorities are and whatever gets past. What is the level of Unemployment Benefits they are giving, is it 400 per week or is it 600 per week . On the republican side, a one . 6 trillion stimulus bill the white house have been offering was already a pretty heavy lift for Mitch Mcconnell to get the majority of his 53 republican members to support. A 1. 8 trillion bill is even harder for him to get the support. There is no guarantee 1. 8 trillion will pass. It is obviously a continuation of negotiations is promising, but we are still putting some degree of skepticism on it. We are optimistic there will be stimulus eventually, it may have to come after the election. David you put your finger on it. It is not just the white house and nancy pelosi. We have no idea nancy pelosi will say i will take 1. 8 trillion. We also have Mitch Mcconnell about to appear at an event in kentucky, and we will see whether he says something about this. He said he would not put up with 1. 6 joint dollars. They said they would not go as well as high as 1 trillion at one point. The president can turn Mitch Mcconnell and his caucus around . Courtney he certainly could and i think he certainly will do that. It depends on what senator mcconnell thinks he has to do to keep his majority in the senate. If he thinks voting on a 1. 8 trillion bill, it will not help him keep the senate majority, it will be a tougher asked. He has to get 53 republican members. To have a respectful showing he needs at least 27 of them voting in support. That is a hard asked when youve had 2. 5 trillion past and when Speaker Pelosi is putting her foot down on 600 per week in Unemployment Insurance benefits when previously with the executive order we were at 400 per week, and her ask for state and local government aid, which is not anywhere near where the republicans are. David you just said we will get the stimulus sooner or later in some amount or the other no matter what happens in the election. Does it matter who we get as the president when it comes to the stimulus bill . Courtney i think it does in terms of scale and size and also in terms of timing. If the president wins reelection and republicans maintain the senate, we would expect to deal in the lameduck session, probably shaped more like what the senate gop has been wanting. Therell be less pressure from the administration on sitting on Senate Republicans to do a huge bill, so they can shape it without the pressure of the democrats. If the president loses the election and we have former vice President Biden as president , and particularly if democrats were to sweep, we could see targeted measures to get us through until the inauguration. It would depend on what we are looking at in terms of the economic data. We would expect a much larger, multi trillion dollar bill, as a big win for the democrats early on in january and february. David if it does matter who the president is, how are you discounting the possibility of President Biden rather than President Trump at this point . The polls seem to be putting in one direction. Are you believing them . Courtney we use a number of indicators, the polls, the economy, the equity market, which are all indicating something different. The stimulus has certainly given the president and economic buffer that president s with recessions past have not had. We use a couple different indicators, we look at per capita disposable income growth, we look at the average of q2 and q3 gop gdp growth and those are showing us the president could do better than in 2016 going up economic indicators. I think direction is important. We have seen the reopening trade start to stall out. If we do not have initial stimulus, that is a negative. If covid19, if we have a research in cases, if we ever resurgent in cases, that is a negative. We have swing state polls that favorite vice President Biden. Predebaterending up , we thought the president was in the game. Those are moving in the wrong direction. What we are watching is michigan, wisconsin, and pennsylvania, which were the key states in 2016. Those are the polls where joe biden is starting to move outside the margin of error. Certainly a concern. We are taking those polls at face value at this point because we have seen improvement in the polling done at the state level. There is the third indicator we look at, which is how the equity markets are responding. We look at how the s p 500 does in the three months leading up through election day close and historically if the s p 500 is positive the incumbent party has historically one. That has been true for every election since 1984, 87 of the time since 928. The s p 500 is positive, but is it positive because of stimulus . I think that is a good question. We also look at the dollar, if the dollar is negative in that threemonth period. The incumbent party if the dollars positive, that is favoring joe biden. There is a ton of indicators. David uncertain environment. Thank you so much to courtney rosenberger, director of policy research at strategas. This is bloomberg. David we want to take a look at the markets. Election is moving different stops in different elections in Different Directions and scarlet fu is here with the report. Scarlet earlier this hour, twitter says it is adding extra steps when users retweet. If you are trying to retweet something twitter has already posted as false, basically twitter will show you a prompt that takes you to more credible information on the topic. It will also be harder to blindly retweet posts. Youll be prompted to add your own comments at the top. Some of the best performing sectors are infrastructure related names. Kpop of the democratic sweep are leading to bets of more stimulus talk of the democratic sweep are leading to bets of more stimulus. In this weeks Vice President ial debate, Kamala Harris mentioned decriminalizing marijuana and expunging criminal records. Fitzgerald says these are bullish comments and see significant upside for the sector in a democratic sweep. We could see Canopy Growth up 30 . Gaining inaurora doubledigit percentage. David thank you so much to scarlet fu. Coming up next, we have more from michigan. We will talk with the former head of the Republican Party in the state of michigan about the prospects for donald trump in michigan. Coming up on balance of power on Bloomberg Television and radio. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Power. This is balance of bloomberg has learned the white house is increasing its fiscal stimulus offer to 1. 8 trillion. This is three days after President Trump pulled his team from negotiations. Larry kudlow said the president had approved a revised stimulus offer and that Steven Mnuchin would be discussing it with nancy pelosi later today. Its unclear whether democrats who passed a 2. 2 trillion package last week will accept the new offer. The u. K. Is announcing new plans to support businesses and coronavirus hotspots as it prepares to impose stricter restrictions. Government says it will pay two thirds of the wages of workers at companies forced to close as a result of restrictions and will off also offer increased cash grants while they are closed. Involve closing bars and restaurants in england where officials describe the pandemic as out of control. President trump will go on fox news tonight and get a medical evaluation. The doctor will be dr. Mark siegel, a fox contributor. He has previously articulated that joe biden is using drugs before debates. Siegel has said that nancy pelosi should stop pontificating about the president s health. Hurricane delta is turning toward the gulf coast backing a lifethreatening storm surge and wins of up to 115 miles per hour. The storm is targeting an area of louisiana still recovering from hurricane laura. It could make landfall late today. Forecasters worn it could bring flooding and storm surge as high as 11 feet. Global news 24 hours a day on air and on quicktake by bloomberg. Powered by more than 2700 journalists and analysts in more than 120 countries. Im Mark Crumpton. This is bloomberg. David we have been looking at the state of michigan. Our principal and managing partner from a Financial Firm and thank you so much for being here. Give us your take on whats going on in the state of michigan during this election particularly with respect to President Trump. Michigan is up purple state. Time by aent one last closed position and he has probably improved since then. If thingsistic that held out with what the president had done for the coronavirus, i think the president will win michigan bigger than last time. Flawed, but can be the polls tell a different story nationwide and with respect michigan. Where is the flaw . Pollrtually every public the internal polling that the party in candidates are doing are showing a competitiveness can race in michigan. Can race in michigan. It points to the fact that michigan is a battleground state, a swing state that can go either way. At this stage given the way the race is going and the economy and what people are looking at, President Trump has a good chance to win michigan and nationwide because of that. Say, an important issue was manufacturing jobs in 2016. President trump says he will get the job spec for you. Do you think the people of michigan think he agreed delivered on that promise . Administrationa clearly announced that these jobs are gone for good. Took on nafta and the chinese and brought manufacturing jobs back to michigan. Autoworkers, auto suppliers, you have to remember the huge supply network throughout michigan that is affected by this and retirees who benefit from the health care plans. Donald trump delivered for the state of michigan. He delivered for the manufacturers of the state of michigan and those who are looking for a job and have a job or worried about their retirement are looking at donald trump and saying he did well for us. Give us a sense of what she we should be looking at on election night. Time, a county just outside of detroit was instrumental. Its a combination. Macomb county is the home of the reagan democrat. Note workers are necessarily partisan, but they vote for the individual and they are culturally conservative. The places to look are going to be Downriver Michigan where the manufacture and supply jobs are. The Upper Peninsula and Northern Michigan will play a big part. Then grand rapids and west michigan which is the base of the republicans, that will be critical to make sure they turn out. The one thing we have to remember is there are not a lot of undecided voters. It is really a function of which side it gets there voters out. One thing that benefits the president is that once this becomes a choice between trump and biden, then the president is going to stand on much stronger legs. The response has loomed large for the president contracted the disease. How the voters might be concerned about how the president handled covid19 and the manufacturing jobs. President lity is the reacted quickly in shutting down travel from china and europe. He took the steps necessary and formed a task force and looked about how to get ppe and masks and insulin out to the people. The democrats has done a good job of playing politics to try to make it sound as if someone wasnt doing what they could do. The reality is President Trump did everything you could do to get the equipment needed to the hospitals. Cut a deal with General Motors to produce ventilators for the entire country. We have a surplus of ventilators now. We are trying to have a vaccine ready by the end of the year. This president has delivered and the democrats should stop playing politics with peoples lives. This is a chinese caused pandemic and we had to react the best way we possibly could. The problem is that the Obama Administration did not restock the ppe necessary with regards to masks, gloves, and other requirements that were needed. We are still suffering from that. There is still a supply shortage. That is just the reality of the Manufacturing Capabilities from around the world because we are importing from all over the world to make sure the public is taken care of. I think the president has done everything he can. David did he do everything he could to encourage americans to social distance and wear masks . Everybody was questioning the ability of what masks do. We know that they are helpful in preventing the spread of the disease. It doesnt have any effect with regard to you getting the disease. They are saying 80 of the contagiousness is airborne. The masks obviously play a role. When you are outside, when you have proper distancing, i think you are ok. The president has talked about the need for masks. He doesnt play it up like joe biden does who wears a mask everywhere he goes then he takes it off. Hes been caught saying one thing than taking up his mask. It is hypocritical and its a political move on the democrats to the medical reality of how people need to have a mask on their face all the time. Guest is a former chair of the Republican National party. Check out our special tonight on the swing states. Zone at, north carolina, and ohio. On the state of michigan. We will talk to former governor rick snyder. This is bloomberg. Ford rick snyder served two terms as the governor of michigan after he started to firms. You are a republican, a successful businessman. Bidencided to back joe. Why . Its the right thing to do. Everyone is entitled to their opinion. From day one, President Trump went down a path that i didnt think was appropriate. I was at the inaugural. Once he gave his speech which i thought should be talking about , i was americans extremely disappointed. He talked about what he was going to do for his supporters. He didnt mention the rest of the country. , you have aer responsibility to represent everyone. He has not done that. Hes been looking out for himself and the support base he has and that has not been helpful. Then you look at the covid crisis. He has done a terrible job during this entire process. From masks to ppe to the lack of equipment. The next question is how to bring back the economy. Millions of people are struggling. Things to do a lot of get a rebound happening faster and better. Talk about the economy as it hits michigan. President trump had a victory last time because of manufacturing jobs. Do the people of michigan feel he has delivered on his promise . We brought those jobs back. We had that pipeline. I was governor years before he came into office. I dont want to criticize, he had the benefit of a strong hand but we already put it in place. We were creating manufacturing jobs long before he came to office. Manufacturings of back in the 60s and 70s not the high tech of today. I am concerned about his manufacturing. Peopleconcerned with making ends meet. I believe he won because he got the benefit of the doubt from undecided voters. Hillary clinton had turnout. , iyou do the math on those dont think thats going to happen this time. You about thisk extraordinary story about the people accused of a plot to kidnap your successor and try her for treason. Talk to us about that. There is a history of michigan with alyssas. Militia. Yes thank goodness for law enforcement. That shouldnt happen to anyone whether they are a political official or not. I feel terrible about people in our state being charged with Something Like that. These are scary people. David those are extremists but there has been dissension about the decision to shut down in michigan. Is there a groundswell that could cut against joe biden and in favor of President Trump . I dont see that. I think its more localized issues with the governor. Biden,u think about joe people just want things to get better. I hear from older people and the seniors. Trumpre concerned about and his lack of ability. Supported joeand biden, the feedback that i got i was pleased with the feedback from young people. They thought it was great to have a voice stepping up on the republican side saying its not about being on one side or the other, we are all americans and we should have confidence to share our views even when it talks about diversion from the party. Proud republican, but in this case, the best choice for our country is joe biden. David whats the future of your party . It needs to be reborn. We need a fresh start. It has been a party of trump and negativism. I am a business person that went into politics. President trump did not have political experience. I think the answer is being negative is easy. Governing his heart. It involves putting your feelings aside to do whats best for your citizens and representing everyone whether they voted for you are not and coming up with solutions, solving problems. I have not seen any of that from President Trump. Its about attacking people and making stuff up. He makes up stuff about masks and drugs every day. I think this has cost us lives. Thats not appropriate. Joe biden is a good solid person with a long track record of experience crossing the aisle and working with people. I know i wont agree with him on all issues. But do i have someone that we can have a dialogue and discussion and hopefully people are listening to one another and come up with better answers. That i have a note says the facts are the numbers indicate that there were a lot of manufacturing jobs created under President Trump. You confident of the numbers, because i am getting pushback. I know the numbers kept on going up. But i am saying the core of that was built for he became president. He had the benefit of having good things going on already and the momentum continued to carry on. But he did not start the thing that brought manufacturing back. We did that long ago by changing the tax code and doing other things before he became president. To say he created those jobs, government doesnt create those jobs. That environment was in place before he became president. David i am delighted to say we will have more with former governor rick snyder. This is bloomberg. David this is balance of power. Authorized amp has 1. 8 trillion stimulus package. For a view from the white house, we welcome special assistant to the president. Thank you for being with us. What can you tell us about this report that there will be an offer for a broader stimulus package later this afternoon . It is certainly good news. We had a package initially at 1 trillion. Now, the president has given secretary mnuchin to go up to 1. 8 trillion. We were hoping our counterparts would move, but that is the hope. Good things have been bipartisan. Airline relief of 25 billion. There was upwards of 105 billion for schools and vaccines and ppe. That was more than democrats wanted. We want to give more money to small businesses. The payroll protection plan, we think that is going to be very successful. Assistant, people can certainly use it. Those were things that had been in the package and it looks like more has been added. One thing i want to add is that wem an economic perspective, were keen on this notion of a vshaped recovery. To me, that is still very much in place. There are some forecasters looking for extraordinary gains in gdp in the third quarter. This selfsustaining recovery. The democrats and meet us midway, that will ensure that the economy will perform better this quarter and beyond. You are an economist, not a politician. Is there a challenge in getting Senate Republicans to go along with this . Im not sure as far as who likes what and how much. I know from following it on the private side, we have to guess what was going to happen with the debt ceiling. What i can tell you is that i know we are negotiating in good faith. The president wants a deal. We are proud of the accomplishments made in getting the economy back as fast as possible. We have created we have rehired 11. 4 million jobs which is more than half of the job losses that we experienced in the pandemic contraction. We did that in five months. The Prior Administration took 30 months. We will see where it goes. I am hopeful we will get something. I can tell you the economy is chugging along and doing well. That is the good news regardless of what happens. Jobs i started to come back. You still have 11 Million People unemployed. Jobless claims are down but they are still over eight doesnt 800,000 per week. The street the fed has done an excellent job so i dont want to be critical. The street forecast, the Unemployment Rate is lower than what it supposed to be. And people were talking about the slowdown, you have to put it into the context of significant progress we have made already. You are going to generate 7 million per month as we did early on. The reason why i expect there to be continued acceleration to the point where its going to go lower is if you look at things like the survey Manufacturing Services they are back [indiscernible] Housing Construction and home sales are above their previous readings. We have seen manufacturing production plans and surveys all of the very deep cyclical areas of the economy have shown a remarkable recovery. Productivity is going up. Natural to we accelerate the hiring. Yesterday, the continuing claims. Umber was very important that tells me the rate is going to go down. David our guest was at chief economist. Coming up bloomberg real yield starts right now. We start with the big issue playing fiscal headline. This is all about fiscal policy. Everyone is expecting any day now. Fiscal stimulus. If we want the market to stay at these levels theres a view in the market that whatever happens, we will get massive additional fiscal support. It pricing in that we will get is called accommodation. Every day we dont know whether there is going to be a stimulus bill or not. There is no urgency of any kind and no momentum to build off of. I dont think