Bloomberg television. Eight days to the election across the station, and those watching around the world. The confluence here this morning, futures up 33. I get it. At the confluence here of really grim news worldwide on the pandemic, along with major uncertainty on the United States senate elections, makes for an interesting monday. Jonathan i couldnt agree more. The composition of congress all about what happens next with fiscal stimulus for market participants. Playing out for everyone to see, the increase of infections in the United States and europe, and extra restrictions coming down italy and spain at a time when the economy was already losing momentum. Youve got an equity market that gets hammered. The s p down almost 1 . Say full credit, i hate to this because jon is only with us for a brief hour today on bloomberg television, but the basic idea i have is that you were way out front on this. P guess if i am an sa shareholder, im a little surprised off of where it was friday. Lagarde at the European Central bank has got to worry about uncertainty in declining aggregate demand. Jonathan sap, a software company, cutting its outlook. Thats not good, is it . It is not even a Big Industrial name, cutting its outlook because it is uncertain. The outlook for this economy is uncertain. You bring up Christine Lagarde this thursday. For what its worth, i dont think people expect or expect her to do anything this coming thursday. Take a look at the italian bond market. It is solid. It is resilient. That is concerned about the european recovery, not so much about your breakup. Right now, that is the last thing europe needs. Tom three basis points on the 10 year yield. You really dont see that in europe come with swiss 20 year not doing what we see in the United States. Before we do bond talk with greg peters, let me ask you about full faith and credit versus what you read over the weekend on ig and highyield as well. Lisa people are bullish. About the rising virus count, we have a bridge to the other side come up with the other side is getting further away. How much bigger does that bridge have to get, how much longer . If it doesnt, what happens to all of these companies having directed back there profit forecast . Tom tom this is totally idiot tom this is totally idiosyncratic and fits along with our morning drinking game. This is with turkey and erdogan. Turkish president erdogan urges boycott of french goods. It is as simple as that. Lira blows out, eight point 08. This is an unraveling. Is this completely idiosyncratic, where does turkey roll into other challenges with europe as a nato member . Jonathan of course, france recalling its ambassador to ankara over the weekend. This has been boiling up for quite a while with the tension between armenia and elsewhere. In the fx market this morning, i would say it is not just idiosyncratic turkey. I would say youve got a much stronger dollar. The problem turkey has got, the Biggest Issue i think is facing policymakers to do what they believe is the right thing to respond in a crisis. They lost that capital a long time ago, and they have never really been able to back it up. Tom greg from north new jersey emails in and says talk long dollar lira right now. All you need to know is we are out over to standard deviations on that move. Right now to get things started, Gregory Peters joins us. Hes with pgim, with real portfolio management, fixed income head of multisector and strategy. Hes won trophies and awards and all of that over the years as well. I love that you say this is a market assisting bondholders and not stockholders. What do you have to say about that right now . Gregory we are talking about the path of the virus, rolling shutdowns, and pulled back in fiscal stimulus. I think what that really does at its core is Keep Companies conservative. Being conservative benefits bondholders over equity holders. So what you are continuing to see our companies worried about the path of the virus, so they are retrenching. So youre not going to see the same type of activity were bondholders are put to the side and equity holders are put forward. I think that is the environment we are in. Thats bond market investing. Seen some huge bond supply through 2020, from most Investment Grade and highyield. This that play into the argument youre making . Gregory that absolutely plays into the argument. At the surface level, you see the headlines of all the issuance. But then when you look a little deeper, what you see are that companies are actually turning out there existing debt at lower coupons and paying down their higher coupon short bet. In effect, what they are doing is pulling their Balance Sheets in better shape, not worse shape. At the same time, they are preparing for additional liquidity measures. Those two things put together i think put bondholders in a better place, not a worse place. It is really what you are using the proceeds for. It is not like you are using the proceeds like you have in the past to buy back equity. Purposethat intent and really benefits being a bondholder here. Lisa the credit market not a monolith. Youve got Investment Grade corporate issuers doing perhaps what you say. On the highyield side, ive read an increasing number of it on that they just put their balance. Private equity firms having toir portfolios borrow money give them a payout. Gregory i think you will always see that type of transaction, but it is not really happening in mass not really happening en masse. It doesnt really tell you the broader story. The broader story is the one i just described. I think that is the important piece of the puzzle. Dont get drawn in by these idiosyncratic news stories. The broader story is one of Balance Sheet repair, and i think that is the driver. Jonathan lets push the politics of this conversation going forward. What are the kind of permutations you guys are all talking about at pgim as far as the election is concerned . Really, it boils down to what is the new regulatory construct. Is still worthy big examination, but i just say a couple of things. First and foremost, i do think if you have those kind of captured the consumer, it could fuel wage growth and economic growth. The one area that we see differently then maybe the equity market and some other areas is the financials. To me, it is really hard to see a situation where there could be damagede regulation to the ability for financials to operate. So i think it is really a pretty benign environment if there is a leadership change on the financial side. ,inally, on the energy front many investors are looking at. Nergy certainly it was at the center of the last debate. At the Energy Companies havent really benefited either equity holders or bondholders over the last several years. For some kind of change and alteration that makes them may a good profligate is thing. Im excited about opportunities in the space coming forward. Tom the great understanding is that bonds as a hedge dont work anymore, so ive got to go find something else. Is that going to happen . A bond is a bond. It is just what it is. Can there be an alternative . Gregory i think there can come up but it is way too early. I agree with mike swell. I think it is too early to call the death and the bond market, but this is willie picking up steam. Where in an environment real yields are negative. The fact that you are getting 70, 80, 150 basis points depending on where you are in the curve, i think that adds a lot of value to the portfolio, and there is a thing called risk adjustment. You are getting a return for a lot less risk, and i think that matters. Theres this big storyline going on around the death in the bond market. I think it is way too early for that, and bonds do what they are , and i believe you will continue to see it. I am still bullish on the outlook for bonds, and in fact, i think it is going to be somewhat volatile over the nearterm within a confined range, but i think the back of the curve actually has value here. So we are pretty constructive on the level of yields in the u. S. Bond market. Jonathan Jonathan Greg peters come bond specialist. Bonds arent over. Great to catch up with you as always. This coming from Jonathan Swann of axios, catching up with ted cruz. Ted cruz saying the following, i am very worried about the debt. \ on the surface of things, we can poke a lot a holes in that, but it will be interesting to see where the Republican Senate goes and what republicans will sound like when it comes to the issues of debt. Tom theres two things, debt and deficit. All we know is they are both going in the wrong direction. From london and new york this morning, good morning. This is bloomberg. With the first word news, im ritika gupta. House speaker needs pelosi says the house could pass a pandemic relief package this week. Still, a deal with the white house remains elusive, and the Republican Senate me not act before the election. Both sides accuse each other of moving the goal posts on the left side. The president s chief of staff mark meadows says the u. S. Is not going to troll dependent. He said to control the pandemic. Meanwhile, Vice President mike pences chief of staff and to other Staff Members have tested positive. Backslatest test came negative pence s latest test the final vote to confirm Amy Coney Barrett to the u. S. Supreme court will be today. Together, they would raise about 34. 5 billion. That would surpass saudi aramcos record 29 billion share sale last year. 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 ritika gupta. This is bloomberg. The ball is not moving much right now. The two sides are still talking. The clock is ticking, as you know. It will be very difficult, even if you have a deal in the next few days. I dont want to predict anything. I am just saying theres more agreement than there was a while back. Theres still policy disagreements. Jonathan larry kudlow there, National Economic council director, checking in with us to close out last week. No talks about talks this monday morning. Heres the price action on the s p 500, maybe possibly off the back of the fact that there are talks about talks that there are no talks about talks. The bond market with a bid to 0. 81 . On two big issues between the administration and Speaker Pelosi come on Liability Protection come on state aid, doesnt seem like we have moved the dial on that. Tom absolutely not. It is not there for state aid or city aid. It is not a shock. It is political, which is what you get eight days to an election. On a careful analysis of all of these policy decisions, Jacob Parakilas joins us with lse, where he is an associate. I want to talk about the election, and as jon mentions, policy forward. What kind of gridlock is the next gridlock . Define gridlock. Jacob i think you are more likely to see a biden presidency and a Republican Senate. It is hard to imagine an electoral map that would produce reelection for the president but a Democratic Senate majority. I think if you do end up with a biden presidency and Republican Senate, the gridlock is going to , theout personnel Republican Senate is not going to have much interest in choiceing bidens first for a lot of his Economic Policy positions. You will probably be able to get relatively establishment choices for Foreign Policy and defense. I suspect there will be enough republicans acquiescing to the idea that those are fundamentally important for national continuity, that those people will get through. But there will be huge dissension over Economic Policy posts, everything from secretary of treasury down to fed board people in assistant secretary roles at treasury and commerce, and that is before getting to the question of stimulus, which will be a huge gridlock. Tom well described. I bring this up because so much of this is about the gridlock and the anger of all americans that nothing is getting done in washington. Frankly, mr. Trump campaigned on that in 2015. The level of anger in this nation, can a gridlocked washington deal with that . I dont see it. No. B there needs to be a fundamental change in the relationship between congress and the white house to become extraordinarily and the white house. It has become extraordinarily dysfunctional. We saw from 2018 to 20 even that 22019, even that doesnt produce the results. I think a biden institution and Democratic Congress would probably have lesser and certainly different problems than a Republican Administration and Republican Congress we saw, but thats not to say that it would magically fix everything. There would be other issues since the issues circa america 2021 are worse than in 2017, 2018, 2019. Jonathan are you anticipating any parallels to the situation coming out of the last crisis, or something marginally different . Hasb obviously everyone had the experience of the 20082009 crisis, not least of all joe biden. I think everyone has looked at that and tried to come up with a solution to the things that didnt work with the stimulus package and the sort of slow grinding recovery that took place after the 2008 collapse. A lot of this is dependent on biden having relatively friendly Democratic Congress to work with, and congress being willing to go along with the administrations initiatives come up does not a given i any stretch of the imagination. A Democratic Congress, assuming a democratic cinemax year, you will have a much smaller lessity, but also more or ideologically narrow caucus. Movedrty in general has not as far as the republican party, but significantly to the left. The most moderate members are not as conservative as the most moderate members of the Democratic Senate in 2009. So i think you will see a little bit more ideological cadence here, but there will still be debate about the amount of eight going to the entertainment , for instance. It is more referential to issues with state aid. Lisa one of the issues you pointed to was if trump loses, theres no chance of fiscal sed beforeetting pas. Iden it would be targeted to states that supported him and not those that were against him. Can you talk about how that will play out in terms of the economy . Jacob i think what he would seek to do, what he has set up as a possibility, is that state to state would be condition known reforms and states that that state to state that aid to states would be based oned on reforms the administration. It would be an incredibly difficult pill to swallow. The irony is if the state a doesnt come through, those budgets will be slashed anyways because states are going to have to make incredibly different calculations, and theres no way to maintain the same level of spending on everything, including law enforcement, up until now. So i think states have some leverage to push back, but obviously not as much as the federal government. At the end of the day, the federal government just has so much more leverage. Bidenn imagine squeaking through or a biden landslide, but i think it is likely to set the boundaries of what an aid package looks like. Jonathan jacob, fantastic to catch up with use o with you, sir. With you, sir. Dollar lire with an eight handle. Heres a headline from the turkish leader. The french president needs a mental check. From london and new york this morning, coming up next, david page. We used to do that in a commercial break, tom, not live on air. But i think people now. [laughter] jonathan from london and new york, this is bloomberg surveillance for our audience worldwide live on bloomberg tv and radio. Alongside tom keene and lisa abramowicz, im jonathan ferro. A little bit of risk aversion to kickoff the trading week. Down 34, negative about 1 . Losses across the continent as well. Dollar stronger, euro weaker. In the bond market, there is the move. The bid is back, down almost four basis points to. 068 . , the increase in infections of covid19 and the additional restrictions we are starting to see from some of the biggest economies on the continent. This is what Mohamed Elerian had to say. We will see more and more dispersion going on because in the west we are not doing a great job of living with covid, and covid is the great fun equalizer. The strong get stronger, the we can get weaker. That has been the story for the last nine months. Is it going to change into 2021 . Tom there has been a massive change over the weekend in pandemic dynamics. That fulls into gdp estimates. Some of the shops in germany we saw with Software Provider s. A. P. David page joins with the french isurance giant axa where he head of macro economics. What does your Fourth Quarter shape up as . U. S. Gdp, eu gdp, what does the final months of 2020 look like . David we have been spending the last four weeks downgrading the outlook for q4. Q3 still looks good, q4 weve been reducing. In the u. S. We have a quarter on quarter view of just under 1 , about. 8 for the final quarter. Does depend on q3, we will learn that when we get the q3 number. Europe is the epicenter of this reemergence of the virus, and we are seeing restrictions being reimposed. We are seeing growth that could come in close to flat, we are not looking at contraction coming through, theres some relief there, economies are desperately week. We have seen huge drops in output in european economies in the second quarter. We should have been seeing ongoing growth coming through. If we do get something close to zero across european economies, that suggests a soft backdrop for 2021 ended suggest it will be difficult to get people back in jobs. The Unemployment Rate will be trending higher. This is the of great divide between American Finance and economics, versus the level i see an old world economics. Carl weinberg mentioned this earlier this morning. What is the level you see of growth and all of these other trends up 36 months or 48 months . Do we get back to normal or do we level out at a lower range . David i think we are still rising. Our projection is not that we level out to a lower range and are trapped in a Glass Ceiling that stops level getting back. It is just we have dropped so far that even with these large pickups coming through. The level is far short of where we were through 2019. That is not where you have to get back to. Normalcy is not about getting back to the end of the 2019 level. It is about reestablishing the trend growth that has emerged over that period. Hat will take a long time we know the economies will not get there on their own. The Monetary Policy authorities are continuing to provide a lot of stimulus. We are expecting physical movement, we are seeing fiscal stimulus across the euro to be extended. We expect that to come through anyhe u. S. Under th electoral scenario. There is the prospect of a mediumterm boost come through as well. Biden with control over the whole of congress or perhaps President Trump and a second term with complete control over congress will be able to put through mediumterm fiscal stimulus. Thirdly, what markets have been looking for is a vaccine. Looking at next year, one would have to suggest the likelihood is we will see a vaccine start rollout that will have a positive impact on the economy. All of these things will give the economy further impetus, but they have a lot of ground to recover. Jonathan every crisis we have come out of the last 20 years, trend growth has been lower, our tolerance for higher Interest Rates has diminished, the ability of Central Banks to stimulate us out of the mess has been eroded. Bob prince of bridgewater spoke eloquently about this last week. When you look at europe, even before coming into this, trend growth is just about 1 . What is trend growth going to be coming out of this . David there is a fundamental mindset shift that is going on now. We are starting to see european leaders talking about how they will stimulate the economy over the medium term, how they will provide Government Spending into clean energy, and areas where you might see infrastructure boost, a large multiplier come through, and hopefully productivity. That is what we are talking about. Part of the reason we are seeing trend growth wrote lower is because Labor Force Growth has slowed in aging societies. That process is ongoing. The only thing governments can do to address that is boost productivity. That is not happened over the last decade, but going into this decade europe has some hopes it might come and we are starting to see European Commission that is mutual lysing some of its support to the that is mutualizing some of it supports to the economies. There is hope we should not see this ever softening trend growth from europe, and in certain electoral scenarios there is hope in the u. S. As well. The biden proposals are very boostssive and might help longer term trend growth in the u. S. As we know, it is difficult to know exactly whether they will be enacted and over what time frame. There is some hope we may not repeat this continual downward , but in growth population growth, slow down as a key part of that. That will be ongoing in your. Was to build on what jon talking about with the bob prince interview he did. Did notce noted china have to borrow the billions of dollars the u. S. And europe did to plug in economical because china dealt with the virus that much better. That will put china in a better position, less hampered by the debt to move forward. Do you adhere to that idea that people should look more to china because they handle this crisis so much better, that they are in a better shape to go forward at a faster pace . David to some extent that is absently right. Certainly china and much of the far east has handled this in a much better way, and therefore the Economic Impact they swallow is much less, and therefore the debt they rack up to try to account for it is going to be last. We just published a couple of papers that show not only Government Debt outlook, the debt outlook for u. S. And european governments is going to be to pay this debt down, not over years, but over decades. It will take a long time to go through that process. That does not mean we should not be providing fiscal stimulus now , but it does mean there will be a Fiscal Consolidation Program Within two or four year time and it will act as a headwind. That is going to be something that encumbers those economies for some time. We can still see productivity growth within that and clever fiscal management can still see an adjustment come through. Undoubtedly, being able to control the virus in a better manner when it hits will leave economies and a strong position. China is undoubtedly one of those economies. Jonathan a final one for me. Thursday and ecb News Conference with president lagarde, not expected to do anything this time around. Pressure building. What are you looking for in that News Conference this week . David we are just looking for the ecb to pick the nod to the next meeting, the next rendezvous, we expect to ca isen extension of qe. That announcement comes, we think come in december. To be fair to the ecb, theres a question why not just do it now, but i think at the moment the ecb going into this meeting will not know about whether they can ratify it in terms of European National budget, they will not know what the you can eu trade will be, they will not know what the electoral situation will be in the economic background for the u. S. Economy. There is an argument to wait here and then react when theres more information in the bag, and that will be the case in december. We expect to see an extension of qe to the tune of 500 billion euros in december. Jonathan just a hundred billion. , thank youof axa very much. I have no idea where we will be in the december meeting of the ecb. It is a lifetime right now. Tom we have shifted. You brought this up earlier. On radio and television across the nation, remember the certitude. First week of march, i was away and we were framed out. May 15 we are in control, we are watching the news cycle, we are going out six weeks or eight weeks, and then it was a diffuse three months. Where are we now . I would suggest on the edge of nowhere in terms of how we are looking out. Jonathan vaccine watch. Of november. End granted, there is a debate about this which keeps us employed, but the vaccine is there, and then the distribution of the vaccine, knowing the first one will not be as efficacious as the third one. Jonathan totally gray. Lisa, way in totally agree. Ofa, end of november, start december, judging the efficacy of a vaccine, that could be a q1, q2, q3 story. Lisa there are a lot of questions about how much the vaccine will protect people. I go back to what the former head the cdc said. He said the final stage of this coronavirus pandemic is acceptance. It is not going way for a long time, and trying to imagine life in a different way going forward. Kind of sobering. Jonathan that is pretty miserable. Thank you, lisa. Lisa i am here for you. You want to get brought down . Right here. [laughter] thank you,athan lisa. Alongside coming, rebecca green. Anything else . Can i go . Jon. Go ahead, jonathan this is bloomberg. Ritika with the first word. Ews, i am ritika gupta nancy pelosi and the white house accuse each other of doing the same thing when it comes to a pandemic relief plan, and that is moving the goal posts when it comes to what is in the actual legislation. Nancy pelosi says the house could pass a bill this week. An agreement with the white house is uncertain and the Republicanled Senate may not act before the election. Coronavirus cases are surging in the two countries at the center of the initial wave of the pandemic in europe. Italy is introducing its strongest restrictions since the end of the National Lockdown in may. Meanwhile spain will impose new measures including a curfew. Calls republican questions about his son hunters business deals a smear campaign. The democratic president ial candidate also told cbs news the release of documents allegedly belonging to his son may have been part of a russian disinformation campaign. Joe bidens claim has not been substantiated. More deliberate blackouts in northern california. The states largest utility, pg e, cut power to 1. 1 Million People to prevent live wires falling into dry bush and starting wildfires. Wines swept through an area north of san francisco. The blackouts may last until tomorrow. 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. Am ritika gupta. This is bloomberg. President trump the democrats are the shutdown party, they will shut down your jobs, your schools, your businesses, your police departments, your energy. They will shut down your freedom and they will shut down the greatest economic comeback in the history of our country. Willpresident biden you be seen and heard and respected by me. Our campaign is a Broad Coalition that welcomes democrats, republicans, independents. If elected president , there will be no red states or blue states, only the United States. Tom it is that time of every four years, president ial election eight days away. You know it will be interesting what surprises over the next eight days. David westin leading our coverage. Looking forward to his work not only on balance of power but special efforts through the week, and Kevin Cirilli tan andal arrested tanned rested in washington will give us his perspective. If you go to harvard and get a bunch of fancy degrees, if youre ever so lucky you get to go to the founding school, that would be william and mary and their law school of 1779. It was a historic moment for the nation when a number of people, including mr. Jefferson got together and said we have to be different, and they did that at william and mary. Rebecca green is at william and mary, she is the winner of their acclaimed Teaching Award given by graduate students. That is a good and wonderful thing. Foressor green, thank you joining us on election transparency. Can our radio listeners, our television listeners, can they be confident of safety at the voting booth on november 3 . Rebecca first of all, thank you for having me. Second of all, they can. Election officials and local governments have been working hard to ensure we have a safe and secure election. So manyre been elections going back to the founding of william and mary, 1800, 1824, and onto 2020 that are this fractious. Is it normal to be this angry, where there is so much tension about our voting process . Rebecca i would not say it is normal. We do have a long history of problems at the polls, but it is the case we are in a , and wertisan mode certainly have not seen anything like regular comments emanating from the white house that there is a problem with our Election Administration. It certainly is a different tone than any previous election, at least in the modern era. Lisa there is a question about november 3. It will be the last day of voting. Then theres a question about the weeks after that as both sides in the campaign to get their calvary together to fight the Legal Foundation of this boat. What are some of the battles foundation of this vote. What are the battles you expect to see in court based on President Trumps and former Vice President bidens comments so far . Rebecca the first thing to say is postelection litigation is normal, it is part of our system , it is how we resolve disputes, and this country has a long history of resolving postelection disputes in the court. Postelection disputes are generally guided by state law, so it is different in every state, how this will all unfold, if it unfolds. Different ee there are different times, different types of postelection litigation. Everyone is familiar with three counts. When elections are close candidates can call for recounts and that process is governed by state law. There are ways candidates and campaigns can challenge ballots or they can allege misconduct. It is called Different Things in different states, but it is , those are protest the words most often used. Those are the vehicles you can challenge or litigate in election result. We can expect if it is close, we one or both unfold. Lisa there is a high likelihood Amy Coney Barrett will get confirmed to the Supreme Court as early as this evening. What is your expectation about a potential case that would come between the Supreme Court the way we saw back in 2000 . Rebecca i think it is pretty unlikely we see a 2000like event. There would have to be a lot of circumstances that would coincide for that to come about. It is pretty extraordinary that the race came down to florida in the race in florida was 537 votes spread. The chances of lightning striking again seem pretty remote. What is more likely is a case could end up at the Supreme Court that deals with the fundamental powers of state legislatures versus state courts. We have seen a premonition of that with the 44 on that question, and that could reemerge as there are unsettled questions about authority in elections. Brian rosenthal and Michael Rosfeld in New York Times this morning have an absolutely brilliant article about the nepotism involved in this case, it happens to be the city of new york election process and all of that. How are we going to vote five or 10 years from now . Do you have, in your expert view, better way we are going to vote the nepotism and the local politics of this nations electoral process . Rebecca it is pretty extraordinary. When we have foreign visitors, and look at our election system, they are often amazed we have this decentralized and partisan based Election Administration in this country, and many volumes have been written about how problematic it is for a lot of reasons. On the other hand, if you look at 2016, and hopefully in 2020, one of the features of our is it being decentralized is hard to do anything to harm it from the outside. There are essentially 10,000 different elections in this country. That provides protection in terms of the kinds of potential harms we see, so it is a two sided coin. In terms of reform and what changes we might have 10 years from now, you could imagine, after this insane election season, that congress decides to take more of a heavy hand in terms of mandating certain basics in terms of how we run our elections. Tom this has been a joy. The lawseen come at goal of the college of william mary. Lisa, 37. At the law school of the college of william mary. Lisa, 37. Lisa interesting what greg peters was saying. You are seeing a bit into bonds, this understory the corundum this underscoring the conundrum a lot of people have. Tom we heard that with michael swell of Goldman Sachs as well. Enthusiasm on the ownership of bonds. We must bring you uptodate on the turkish lira out new record weakness. 8. 10 on the lira. That is a distressing statistic for mr. Erdogan. Our middle east team will have more coverage on that on turkey, france, and the labonte. Futures at 36. This is Bloomberg Radio and bloomberg television. Hope it doesnt cost too much. I hope my insurance pays for it. Can you tell me how much this will be . [cashier] 67. Sorry. Wait, have you heard about goodrx . Goodrx finds free coupons to help you save up to 80 on your prescriptions. Wow, i had no idea. [announcer] goodrx, stop paying too much for your prescriptions. Jonathan from new york and london for our audience worldwide, good morning. The countdown to the open starts right now. 30 minutes until the opening bell. We are 1 . We begin with the big issue. Infections climbing, restrictions intensifying, and stimulus tops reaching a stalemate. Europe clamping down amid record cases and spain announcing a nationwide curfew in italy introducing its strongest measures since may. The u. S. Facing its own difficulties with increasing cases and installing stimulus talks. Democrats and the Administration Spending the weekend accusing one another of moving the goal post. We do not have the bill yet because nancy pelosi, we continue to make offer after offer and nancy continues to move the goal post. We are waiting for the final they said they would they have not yet. They keeng