Worldwide, a number of stories, including 21 days to the election. Both campaigns gearing up and finetuning. We are distracted by Bank Earnings. Jon ferro, jp morgan doing better than good. Citigroupi am getting , on first blush giving us the same enthusiasm we heard from jp morgan. Jonathan jamie dimons jp morgan delivering the beat, and it looks like city group is repeating the action. Figurepoint out, the eps third quarter, 1. 40. A little bit of an upside surprise here. I believe we have sonali basak with us. What are we seeing. Sonali we are seeing a beat on revenue, on fixed income. We are seeing loanloss provisioning higher than what jp morgan put in, but lower than what analysts expected. Perhaps wall street has just gotten it wrong compared with the banks are expecting in terms of loan losses. They are higher than jp morgan, so we are going to want to understand why the divergence, but overall, pretty clean numbers here. Tom as we see the numbers come out, we are getting this now in realtime. Every bank brings them out , i amently, and jp morgan going to be blunt, i just now got the Research Done from citigroup. We will see what that looks like. Bank, orr. Corbats have they moved onto new management . Sonali mr. Corbat will be around to the end of the year, but we will see james fraser takeover next year. Than 46 down more on the year. Theres already been a lot of change at the top, but theres also questions around regulatory issues. Tom weve got the return on equities, 6. 7 . Return on tangible common equities, 7. 9 . These are starkly different from the doubledigit excellence of jp morgan. Lisa but they are still looking money, and making quite a bit of it given their size, and yet they cannot return it to shareholders in the form of buying back shares or paying out dividends based on the feds new rules. What are they going to be doing with all of this money . Sonali they are going to reprove going to improve their return on equity. It is still higher than the Second Quarter, about 3 at that time, but it is low compared to jp morgan, which they are competing with. We continue to navigate the effects of the pandemic extremely well. Costs have stabilized. But i see it with a headline on paragraph two of their release, revenues decreased 7 from the prior year. Theres a real question about bringing it down to the bottom line. What is the greatest distinction between citigroups operational ability to profit versus something as excellent as jp morgan . Sonali one area they are going to have to contend with is there global region. One area neither of you guys have talked about yet is Net Interest Income and how much pressure that is putting on these banks. Citigroup does not have the same have to in investment h the sameeft in Investment Banking the same heft in Investment Banking. Citigroup is seeing the pain there as well. Tom lots of discussion. Sonali basak, thank you so much, our chief wall street correspondent. I look at the press release, and it is very classy how it does mention that 400 million fine, which may be had a lot to do with mr. Corbat retiring a bitterly. What do you stash retiring early retiring a bit early. What do you see . Jonathan you dont hide how you feel about it when these numbers drop. [laughter] tom folks, this used to be easy. Jonathan i agree. Tom this is really important. 20 years ago, this was done by Smoke Signals and semaphore flags, and there was a golden period with Michael Bloomberg and tom secunda on the bloomberg terminal, where this stuff was put out an english, clearly. Earnings to earnings, company to company. All of that changed three years ago with technology, and now you have to be a cyber expert like sonali basak to get anything within two to three minutes of the suppose it release. It is way harder now. Jonathan you can stop. Take a breath. [laughter] lets make it really simple. In a word, stabilized. That was the word mike corbat used. Tom you want me stabilized . Jonathan i would love to see that. [laughter] that word, stabilized, the provisions for loan losses look built, and it looks like the situation has stabilized. The numbers are expected to be a lot bigger than they are this morning. I think that is a positive point and for bankciti, of america later this week, that will be one to watch. The challenge they take on with european banks is quite something. We will keep monitoring this, with nasdaq futures up a solid 92 point. Not like it was an hour ago. Futures at negative four right now. Chris harvey is with wells fargo, head of equity strategy. Let me start with the banks. Lift of financials along with the smallcap lift, or is this still going to be growthiness out there that Reigns Supreme . Chris we have already gotten a lift in small caps and financials. So far, the numbers look pretty good. I would think that this is a positive for financials in the shortterm, but you also have news out of apple, news out of amazon pushing those stocks higher. Longerterm, we are very positive on small caps, positive on cyclicals, and positive on higher covid beta plays, which includes financials. Overall, this is rather positive for your Credit Card Companies when we talk about credit, talk about reserves and provisions. They do not have to deal with the nedras margins that the banks have to the net interest margins that the banks have to. Lisa a lot of people agree with you, that there will be rotation into the more value names. So what is going on with the nasdaq . Christopher again, you have seen some of the uber caps really perform month to date. You have really potentially positive news coming out, whether it is apple or amazon. The other thing is you still have a fair amount of retail money in the market, and those are names that are fairly well known and well loved by the refill names. Lets not forget, yesterday was a holiday, so people may have had a little more time to trade. Jonathan are you saying that the bond guys were away so the equity traders had a little play . [laughter] christopher i wouldnt say it like that. Jonathan are you trying to say the adults were out of the room for a little bit . Is that what you are implying, chris . I am just trying to understand where you were going with that line. Christopher maybe a little, possibly. I was talking to some friends, and i was asking what they were doing. People did have a little bit more time to mess around and maybe push things around a little bit. Jonathan lets talk about messing around, chris. [laughter] the 2 trillion name is apple, up 6 yesterday. Come on, its ridiculous. We are positive again. You are telling me this is about an iphone launch we knew about months ago . Christopher well, theres a lot going on with apple. As we have talked about in the past, apple is one of the most under owned or underweight names in the institutional buy side, and that has something to do with it. We are hearing a lot of positive news. Benign season. We think earnings are going to be better than expected. We think the economy is better than people expected. We think there is a turn in sentiment. Lets not forget, lets start looking at first half numbers. First half numbers, it is a pretty low bar. Maybe in a month, maybe two, maybe three we will have a covid solution. Tom i am thrilled that you are on. This is really important. You talk about apple under owned. What else is on the round, and what is the sweat is under owned, and what is the sweat out there for managers who have maybe outperformed, and the sweat is on to make that perspective document look good . What is the sweat out there to buy these companies . Christopher a lot of active managers actually have had a pretty good year. A lot of the larger cap funds are outperforming somewhere around 100 basis points, and much to our surprise, in the first two weeks of the month, they have actually improved the relative performance. You would not expect that. Part of that is because of their underweights in the apples and the microsofts, and the other is they do have a smaller cap bias. I dont think theres going to be a lot of positioning at this point. I think people are pretty happy where they are, and they are going to be very interested spectators. This talk about a beta chase and people pushing portfolios around, i dont see it just yet. Jonathan chris, always great to catch up, sir. Thank you very much, chris harvey of wells fargo, trying to stay out of trouble on. The latest price action just want to bring you act trouble on the latest price action. Just want to bring you a correction on citi. I believe the original sideline original headline says the is 338 billion. Billional cost is 326 is actually two point when he 6 billion, the total cost of credit. Billion, the2. 26 total cost of credit. Tom that is important. It is amazing, our ratio to ratio. You just see the distinction between these two banks. Jonathan more through the week as q3 earnings season kicks off, three weeks away from a general election in the United States. Weighing in on washington and beyond, chris kruger of Cowan Research group of Cowen Research group. Heard on Bloomberg Radio, seen on bloomberg tv, this is bloomberg surveillance. Heley President Trump says feels so powerful after recovering from coronavirus, he wants to walk into a crowd and kiss everybody. The president spoke at a rally in florida, his first stop after returning to the campaign trail. Socialas little distancing at the event, although some spectators did wear masks. Judge Amy Coney Barrett face her second day of senate questioning. One of the questioners will be ice president ial candidate will be Vice President ial candidate kamala harris. Johnson johnson has temporarily halted its coronavirus study because a trial participant experienced in unexplained illness. The same thing happened last month involving astrazenecas vaccine. That study has resumed in a number of countries, but has remain halted in the u. S. In china, another sign of recovery in trade and domestic demand. Exports rose for the fourth month in a row, where it puts in a row, while inports also increased. Warning from the International Energy agency. It says the oil market will suffer a longlasting blow from the coronavirus. They predict demand will take years to recover, and will peak at a lower level. They say they will return 8 this year before returning to prepend event levels. To prepandemic levels. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im kailey leinz. This is bloomberg. There is nothing unconstitutional about this process. Is a vacancyis that has occurred through the tragic loss of a great woman, and we will fill this vacancy with another great woman. The bottomline is that the senate is doing its duty constitutionally. Jonathan Jonathan Senate judiciary chairman Lindsey Graham there. That is where the focus is in the senate right now, filling the vacancy on the Supreme Court. From new york and london, good morning to you while. Alongside tom keene and Lisa Abramowicz, im Jonathan Ferro. Your price action looks like this this tuesday morning, one hour and 12 minutes away from the opening bell. Your outperformance very clear. Negative. Ightly if you are looking at the Bank Earnings, city morgan citi doing betterthanexpected. We will talk about that through the day right here on bloomberg tv and radio. In foreign exchange, eurodollar, 1. 1790. In the treasury, 10 coming down to 0. 75 . Frankly, it is awful important for the dynamic of the country, looking for an 800,000 plus cpi. The president tweeted this morning, this coming off of his events from yesterday and planned for today as well. Among them is something we have hardly touched on in this political season. We need someone expert in policy to do that. Is withher krueger cowen. Republicans are going to provide far Better Health care than the democrats at a far lower cost, and will always protect people with preexisting conditions. You have been doing this for years. Is there a republican plan that is an alternative to the Affordable Care act that touches upon this third rail, preexisting conditions . Chris no. This reminds us a little bit of the midterms and the weeks before President Trump was talking about a new tax cut that never materialized. When you think about obamacare, the Affordable Care act, what you will see a lot with the Supreme Court hearings beginning today at nine a clock a. M. , the first time judge amy coney a. M. , the at 9 00 first time judge Amy Coney Barrett will face questions him of the week after the election is the court case on the Affordable Care act, whether or constitutional, was 23 constitutional, with 23 million folks that could lose their health care the spring. Health care is obviously top of mind in those hearings and on the ballot november 3. Jonathan how is this playing out on the campaign trail and in the polling you have seen . What democrats would tell you is that they would be love to talk about Health Care Going into november 3. Generally speaking, democrats poll that are on health care. When you look at the historic wins in the midterms, republicans losing 41 seats in the house, that was largely on the argument that republicans were trying to repeal and replace. So republicans dont love talking about this. I think they would much rather make the Closing Argument a choice election between trump and joe biden, but the president seems insistent on making this buzz about health care and a referendum on trump. Polling, will mention and tom keene will say i dont buy any of it. What is your interpretation of where the polls are right now . Act p the Affordable Care olls much better than obamacare, even though they are the same thing. Lisa i mean just generally, for the overall election. Chris i think polling has gotten better than in 2016. We had numerous elections in this country since 2016. Just look at the president s schedule, where he is spending his time. Arguably the most important commodity in the elections is where the candidates spend their time, and trump is going to be in georgia later this week. He is going to be in iowa this week. Joe biden is going to be in ohio. These are not states where, six months ago, would have thought that that is where both biden and trump would be spending their time, which suggests the Trump Campaign is in real trouble. Tom i am fascinated by what the biden response to this is. He doesnt want to be a policy wonk right now, dusty . Right now, does he . Chris i think biden believes that every day this election is a referendum on President Trump, that is a good day for joe biden. Although the election isnt going to end on november 3, we are probably going to have one runoffs in the state of georgia for the senate on january 5, so there is still a long time to go. But all but five states are already in some form of voting. Over 10 million ballots have already been cast. How this unfolds, whether or not we even have another debate, but right now the trajectory is looking pretty good for Vice President biden, and trumps tweets dont seem to be helping. Thing we heard from the Republican Campaign repeatedly is that these polls dont capture how much registration we have seen in the last few months or year for the Republican Party. What is in that argument that you are hearing from the Republican Campaign at the moment . What you hear a lot is that republicans tend to vote the day of the elections. What you have seen already with a number of the ballot requests on both absentee and mailin, overwhelmingly indexing for democrats. What you hear more and more from republican strategists is a real fear that if there are covid spikes in the swing states up to and around november 3, that could decrease sameday voting. You see the president now traveling every day, go into those swing states, holding inperson rallies where social distancing is not being practiced the way the cdc would prefer it to be. A real fear that if you have covid spikes on november 3, that is going to be a problem for republicans because a lot of the democratic vote is already going to be locked in. Jonathan chris, great to catch up. R chrisfe of cowen. Re tom ill be honest, ive got to read up. It has been off of my radar, all of these different states, and the ebb and flow of it. Pennsylvania was considered key. Certainly pennsylvania, behind texas. But north carolina, ive got to get up to speed. I hear it is really tight. Jonathan i love what lisa did a little bit earlier, just the description of this program. Jon says a number, tom says i dont buy it. I will repeat for the next three weeks. [laughter] it was an accurate summary, lisa. Alongside tom keene and Lisa Abramowicz, im Jonathan Ferro. This is bloomberg surveillance. Cpi and america just around the corner cpi in america just around the corner. Jonathan from london and new york, for our audience worldwide , live on bloomberg tv and radio, this is bloomberg surveillance. Alongside tom keene and Lisa Abramowicz, im Jonathan Ferro. Equity futures down. 2 on the s p. The outperformance comes from big tech. A couple of things we need to do. One of these is get you the cpi figure, and then go through some of the headlines, the projections from the imf. Lets start with cpi. 0. 2 , inline with the median estimate. Cpi excluding food and energy also. 2 , inline. Youre on your figure 1. 4 , bang in line with estimates. 1. 7 , in line with the previous read and in line with the estimate as well. , world gdpions shrinking 4. 4 versus 5. 2 estimate they had in june. A rare upgrade to the projection but still nasty, a contraction of global gdp of 4. 4 . Tom i did not know what you see in london, but the european are all about the disinflationary tendencies, and what we have heard from Christine Lagarde in the last number of days. Let me read this in its entirety. Imfmfcs eurozone the sees eurozone gdp drop this year and a gain of only 5. 2 in 2021. That is too much math for me early in the morning. That is a stunning statement. Jonathan the Positive Side of things is the shallower recession they see not just for the Global Economy but the u. S. They complement it with a slower outlook of growth in 2021. The two stories, shallower recession in 2020, Slower Growth in 2021. Tom we have the correct guest to address this. It affects all of our lives. No question about that. Catherine mann is one of our leading international economist, with her academics in america, her work in oecd, and now Citigroup Global chief economist. We are thrilled she could join us. You are so good. You have four sidecar industries. One of them is a deep understanding of how china fits into all of this. China be our international gdp salvation . Could they be the one that props us up and redirects us to growth in 2022 . Catherine there is always a question about who will be the global locomotive and it always seems to be the case the United States was the global locomotive , that was the one importing and supporting the growth in other economies. Even though the China Statistics are the most robust of the economies we have in our projections, they are exporting their way to growth. They are not the global rocha motive the global locomotive at this point. They are taking advantage of the recovery that is very sluggish in the Global Economy. When we look at their statistics , they did come out with new statistics. The u. S. Is the one that is a global locomotive for china. China exports to the u. S. Are very strong. Japan haveeurope and not recovered. Trumpianrro and economics would be it is a zerosum game. Etc. Ina rebalance we lose, do you have any optimism into next year that in a Pandemic Recovery we could see a demand away from the zerosum myth . Catherine it is a zerosum myth , but the challenge is domestic demand in economies, which has been so hardhit by covid, until that is resolved, you will not have additive demand coming from the trade channel. We need to get our consumers back on track, very serious problem with Business Investment continuing to be very weak this year into next year. We have to get those elements back on track. Tom i want to stop the show and say on radio and tv, this incredibly important how a lot of the guests we have push against the zerosum concept, including Prime Minister johnson, and we are going out to where we get additive again. It is out there somewhere. Jonathan the nature of the positive spillover from chinas recovery. Can you walk us through how that has changed now ella took to coming out of the last crisis. Catherine very good question. It was the case in the Global Financial crisis when china implemented a bit of fiscal policy and Monetary Policy to bolster commodity demand as well as other demands throughout the Global Economy. They did it again in 2015 and 2016. They were the part of the slow down and ramped up and were part of the global recovery. This time around the export channel is an important channel for them. The question mark is to what extent their choice of fiscal policy instruments and Monetary Policy instrument are designed to focus on internal demand versus getting exports out the door and through that channel. There has been a pivot. They talk about the dual circulation, meeting the domestic economy and the external economy. They have the language that suggests they are focusing on their domestic economy, trying to bolster that growth. Right now we have strong exports, and that is an important ingredient to the gdp growth. And when the imf comes out brings down their expectations for growth next year, john pointed out the story is it is a shallower downturn. Now it is a slower return to normalcy. What kind of Unemployment Rate can we expect in the new normal given the uncertainty around fiscal support and the lack of growth from the developing world . Catherine let me say our forecast has continued to drift innward for Global Growth 2020. We have continued to write that down. We have also written down 2021. We have a different profile for our forecast than the imf does, but i have to say neither one of them are positive. We also asked our economists when you think your economy will return to the precovid level of gdp. 30 of global gdp continues to move that out in terms of the calendar. None of them have a return to a precovid level of unemployment any time in the near term horizon. , thenemployment part bolstering of domestic demand through consumers, that is a week part of this story of recovery. It is not a recovery. We only get back to where we were in january. Getting out of a hole. Not a recovery. Jonathan live on bloomberg tv and radio with Catherine Mann of citigroup. I want to tease out some of your most recent research. You raise an interesting and important topic. The gap between consumers perception of inflation, statistical measures of inflation, and Financial Market pricing of inflation, and where it leaves central banks. Build on that for us. Catherine even if we look at the data for consumers, they look at food prices, they look at energy prices, at this point they are looking at auto prices. Their perceptions of inflation are well above 2 . Financial markets, up until the change in the Monetary Policy framework by the Federal Reserve , Financial Markets were very low in terms of their expectations for inflation. Whend bump up towards 2 the new monetary framework came out, but the problem with the Federal Reserve, they also have to deal with Financial Market inflation. Inflation s of if we included asset prices, we would have a much higher rate of inflation then we are serving for goods and services. The challenge is to balance Financial Market and asset prices with consumer prices. Right now the two are far apart. A fewan a few tom years ago Catherine Mann put up a small monograph. The first time i heard it was when Lawrence Kudlow yelled shut up and read the monograph. It was a classic immediately. How about this. Is the twin deficit we have created sustainable . Nobody believes it is. Do you believe in a path to a regression we are familiar with or are we in uncharted territory . Catherine in terms of the deficit and debt profile, absolutely we are in uncharted territory. Postworldd war ii type of territory, anyway. We have never had these type of numbers before, never these trajectories, not just for sovereigns but also nonfinancial corporate spirit the only people nonfinancial corporate spirit this is a tetra tech nonfinancial corporate. There are a couple of ways out. The good way out is to have a productivity surge. Support for the capacity of the economy to repay its obligations , same thing for companies. That is a wish at this point. We could imagine something coming through with climate innovation and Climate Adaptation and mitigation. These are ways we could get a productivity surge that will be supportive of being able to repay the debt. The other way is to inflate it away. A little bit of inflation would be a good thing. The fed has made it clear they are willing to have inflation run above 50 for a good period of time. Above 3 . Tom i am just trying to give you a book to write. Is the twin deficit sustainable . Catherine i will write another one. This one will be talking about the capital account. The other question people ask is when does the capital flow into the United States, which is the counterpart to the current deficit, when does that capital account surplus start to erode. That has to do with sustainability of the dollar as a reserve currency. Jonathan great to catch up. Always tremendously smart. Catherine mann of citigroup. Did larry kudlow used to shout at you . Tom we used to go back and forth all the time. This is precnbc for Lawrence Kudlow. We were both reading the same books at the same time. Catherine mann. You had to read it. I used to walk around with that just to be cool. Jonathan i will be nice to larry from now on. I love him even more. Larry kudlow shouted at tom keene. Nice to see it. Tom is the trade deficit sustainable . Jonathan with Lisa Abramowicz, i am Jonathan Ferro. Nasdaq futures flying. Tom s entry point, i am looking, lisa. Lisa i dont know. Jonathan this is bloomberg. Here all week. Monday through friday. The first word news, i am kailey leinz. President trump sliding back into campaigning. He told an audience he felt so powerful after recovering from coronavirus he wanted to kiss everybody. There was no social distancing at the orlando airport. Some spectators did wear masks. Joe biden says he is not a fan of expanding the Supreme Court. It is his clearest answer yet after weeks of dodging the question. He was speaking in her interview in cincinnati. The idea of adding seats to the Supreme Court has gain traction with democrats and great republicans are rushing through the confirmation of Amy Coney Barrett. Coronavirus infections are soaring in several republican strongholds and the key swing state of wisconsin. The hardest hit states are north dakota, south dakota, wisconsin, and utah. Asset management rose to a record 7. 8 trillion in the third quarter. There were inflows to all of blackrocks product lines. That includes everything from etf to alternative investment. 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. I am kailey leinz. This is bloomberg. It has already gotten bad. That is showing up in the numbers and likely to get worse into 2021. One notable part of this global recession is the inequality. Jonathan a sobering conversation with david malpass, the World Bank President ahead of the Imf World Bank meeting. From london and new york, alongside Lisa Abramowicz and tom keene, i am Jonathan Ferro counting you down to the opening bell. Looking forward to catching up with gerard cassidy. We will do that on bloomberg tv in about 15 minutes. Tom a conversation made more interesting with the distinction between jp morgan and citigroup. Always good to catch up with mr. Cassidy. Right now we diverge to kentucky. Tim adams is with the institution of International Finance. President and chief executive auster chief executive officer. He has reinvigorated the institution. He put a spirit in last year on a debate about our economics and the Financial System around it. We are thrilled he can join us. What is it like to pull off a Virtual Conference after the excellence i observed last year. How do you do virtual . Tim i got up early this morning looking forward to being here with you. We got 70 different sessions over five days, 60 hours of programming. Great speakers. Jamie dimon, larry fink, it is all about content, just like you. Jonathan i look at your resume. Out of kentucky, your work with secretary snow, secretary oneill. You have the process and the machinery of fiscal stimulus in you. You have executed that before. Do you have an optimism that if when we get fiscal stimulus we can execute it better this time . Tim i certainly hope so. This town can execute well but it provide it requires leadership at the top where the messages we will have flawless professional execution. The town attracts interesting people and is populated with great people. We need to be given the task to do it well. Right now theisa imf is holding their meetings. Does the developed world care much about the carnage going on in the emerging markets . Tim absolutely. Ive spent the last eight weeks on the phone with finance ministers from emerging markets, especially subsaharan africa. We are incredibly engaged with those companies. We are listening and we want to help. Lisa we have heard about debt relief. Will we be hearing about Debt Forgiveness on a magnitude never before seen . Tim i do not know about never before seen, but certainly countries have an option to reach out to their creditors to find a way forward. Currently it is a liquidity crisis. It is not yet a solvency crisis. We are working toward what he solvency adjustment may mean over the next couple of years. Tom one of the themes we are seeing as we dive into Big Bank Earnings season. The institution of International Finance is about the voice of our larger Financial Institutions globally. Adams, is the export of our banking skills and the major banks can go to europe and compete, they can go to asia and compete. Is our Government Holding them back or can they constructively compete . Point, we had great news out of jp morgan and citigroup and blackrock. They are competing. They are getting access to markets around the world, including china which is a huge opportunity for u. S. Institutions. We need to see more consolidation in the u. S. , more consolidation across europe. Scale is your friend. Institutionspean can compete anywhere. Tom this is important. We have liberty restricted in hong kong. What is the approach to allowing western capitalism to her western capitalism to work in china if china restricts those opportunities, particularly in hong kong . Beijingave an office in , very forthcoming in attracting nonchinese Financial Institutions. They want the technical expertise, they want the foreign capital. Ive been going to china for close to 30 years. There is an open door for u. S. Financial institutions. I think there is a good relationship. Tom the relationship is there but how do we compromise with the new tone from beijing . Tim it will require in greater diplomacy and whoever is in the white house will have to hit the reset button. Look for ways we do have a common theme, and that is climate change. It is about pandemics, financials, energy. There are a host of issues where we need to Work Together for a common outcome. Jonathan we are in the heat tom we are in the heat of the election season. I believe the senator from kentucky has a winning hand. That is what the pulling out of louisville tells me. Give us an update on kentucky politics. Tim they will never bet against mitch mcconnell. He is a great politician. He has been doing this a long time. He is also a good majority leader in the senate. Maybe he will continue being majority leader, we will see, but never bet against mitch mcconnell. Tom if we do get a president joe biden, you are associated with the Republican Party removed from President Trump. Does the Republican Party shift back to the decades of work you represented, or is it trumpism forever . Tim that is a great question. I hope we return to a vision i worked for for Ronald Reagan and george bush and others about building strong institutions, about the rule of law, about engagement globally. I hope that is the case. Workt, i am willing to with the Joe Biden Administration on a range of issues, including sustainable finance. Tom congratulations on the institute of International Finance, this year virtual within the washington meetings as we have Virtual World bank and imf. It is that season of october. On the imf, i need to remind you of francine lacquas Important Panel at the International Monetary fund, including Laurence Fink of blackrock. Themportant interview with managing director of the imf tomorrow. Let me get to a data check. We look at markets that have ebbed away from the nasdaq enthusiasm two hours ago. Nasdaq as iton the exploded yesterday. The apple meeting at 1 00 eastern time. Opinion,ered amateur it is different this time around. This is a meeting that will have to live up to huge expectations of the Technology Crew at the fan boys. Yields in, no question. Gilts. 74 and the 30 year bond 1. 53. 74. E 10 year yield the International Monetary fund out with the report, the 2020 call less grim than what we saw in april, but i will tell you, the 2021 view is cautious. That means it will always be a good time to speak with imf chief economist to go beneath the headlines we saw in the blue book of the imf. You can look for that as well in our 10 00 hour. Stay with us on Bloomberg Radio and on bloomberg television. Good morning. Jonathan from new york and london for our audience worldwide, good morning, good morning. The countdown to the open starts right now. Equity futures slightly negative on the s p. Flying on the nasdaq. Earnings season begins. Close to they record highs. By thistors held back very boring debate on stimulus. Largelyll investors are looking past this earnings season. Driving markets Going Forward will be optimism about earnings. We could see positive earnings yearoveryear protect and health care. Expectations are so low. The big wildcard will be consumers. The low point for Bank Earnings was likely the Second Quarter of this year. Will be stunned by the degree of earnings upgrades we have seen. It